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The
1
Oniintta3
financial
rantrie
INCLUDING
Public Utility Compendium
Railway &Industrial Compendium
Railway Earnings Section
Compendium
State & Municipal
VOL. 124.
SATURDAY, APRIL 9 1927.
NO. 3224.
were inconsequential, and though the maximum of
the surtaxes was reduced from 40% to 20% the
PUBLISHED WEEKLY
maximum is now reached at incomes of $100,000
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the supposition that it would be merely the equivaPublished every Saturday morning by WILLIAM B. DANA
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all.
Co.
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Seibert.
Sec..
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Seibert;
Herbert
Dana
lent of the capital stock tax on corporations, which
Treas.,William
was now abolished. Even if that had been the case
The Financial Situation.
it would still have left business conducted in the
The overburdened taxpayer appears to have few corporate form without any relief whatever, while
friends now-a-days, at least of the zealous kind who the normal personal taxes, which apply to partnerare active in providing relief for him, and as a con- ships and all business not conducted through corsequence he has fared badly the present year at the porate entities, were being radically scaled down.
hands of legislative bodies, State and national. It We pointed out at the time, however, that while the
seems to have escaped notice that the New York extra 1% might mean smaller tax payments than
State Legislature adjourned two weeks ago without the capital stock tax for the large and prosperous
enacting a law providing for the customary rebate corporations, those with huge tangible assets, it
of 25% in the personal income tax. This is the first would work in precisely the opposite way in the case
time that this has happened in some years. Gover- of the vast number of private corporations, which
nor Smith in characteristic fashion has been berat- constitute the lifeblood of the country's business acing the New York Legislature for its shortcomings, tivities, where tangible assets are scant and where
but in the enumeration of its deficiencies and dere- good-will counts as the main item of value. This is
lictions we cannot find that he has made any men- just the way this tax change has worked, and as
tion of the omission of the Legislature to grant the a consequence most of the small private corporations
usual 25% reduction in the personal income find they are obliged to pay more taxes than before,
tax. In the manoeuvring in the political arena the following a tax revision which was supposed, and
poor taxpayer counts apparently for little. As a probably intended, to reduce taxes.
consequence, these deluded individuals, when they
So much has this been the case and so enormously
come to pay their State income taxes next Friday, have cdrporate income tax collections been swollen
will find that this item of their taxes is on a basis as the result, that President Coolidge last Novem33 1-3% higher than in other recent years.
ber, on the eve of the assembling of Congress felt it
The State income tax is not as heavy as other incumbent upon him to announce that a flat rebate
forms of the income taxes, running from 1% to 3%, of 12 to 15% could be made if Congress would enact
but it is in addition to these other taxes, and alto- the necessary legislation. When Congress balked,
gether the load is very hard to bear nine years after and the general public as well, and insisted that the
the close of the war. It is in addition, for example, new legislation suggested should provide for a perto Federal surtaxes ranging from 1% to 20%, a manent rather than a temporary cut, the whole
2% and a Federal corpo- matter was dropped. It was contended that general
1
State corporation tax of 4/
ration tax of 13/
revision could not be accomplished at the short ses2%.
1
Congress in turn has failed to provide the relief sion of Congress ending on March 4.
so much needed. The tax revision under the ReveBut general revision was not needed or called for.
nue Act of 1926 was not of a kind to lessen taxes An Act of Congress, containing a few short parawhere they press most heavily. In the so-called graphs, could have been drawn which would have
lower brackets of the surtax schedules the reductions given relief at just the points and in just the direc-
%he Throntelet
1-
Bank and Quotation Section
Bankers' Convention Section
2030
PH 111 CHRONICLE
[VOL. 124.
tion where the taxes are bearing so heavily and so levels. Among
these were New York Central, New
unevenly. That such a short measure could have York New
Haven & Hartford, Pennsylvania, Southbeen pushed through Congress at the instance of the ern Pacific,
Missouri Pacific and Erie, the conAdministration, if the purpose and the will to do so
vertible bonds of the latter attracting wide attenhad existed, is apparent from the success the Admin- tion as
well as the stocks. These bonds, which have
istration forces had in getting the House of Reprerecently sold in the 80s, and not so long ago in the
sentatives to reverse itself on the Hull amendment 60s
and 70s, have advanced to 110, indicating the
to the McFadden branch banking bill and the fa- probabilit
y of conversion. Among the most concility with which this same bill was forced through spicuous
industrial isues of the week were du Pont,
the Senate by the application of closure against ob- which
advanced to a level above 240, a gain of nearly
struction in that body and the equal success with
23 points since the close of last week. The conwhich closure was applied to secure the passage of
spicuous advances and the heavy turnovers of these
the McNary-Haugen farm relief bill.
numerous market leaders, have given the appearance
In the meantime surplus in the United States
of a very strong bull market, which, however,is quite
Treasury keeps piling up at an astonishing rate, inbelied by the comparatively small movement in the
dicating not alone a continuance of trade activity,
averages, these latter being held back by numerous
but also that the tax revision of 1926 did not acsmall declines.
tually involve any reduction in taxes for the tax
The most interesting dividend action of the week
paying body as a whole, though undoubtedly operatwas a proposal by the Pere Marquette directors to
ing to the advantage of some special classes. From
issue a 20% stock dividend, subject to approval by
the revenue returns given out the present week, covtheir own stockholders and the Inter-State Commerce
ering the nine months to March 31 of the current
Commission. The most conspicuous issue of the
fiscal year ending on June 30, it appears that a surweek was $100,000,000 Federal Land Bank 43s,
plus of about $500,000,000 will remain at the end of
1957, offered by a syndicate headed by Alex. Brown
the fiscal year over and above the large sinking fund
& Sons, Brown Brothers & Co., the National City
and other payments in reduction of the principal of
Co., Harris, Forbes & Co., Inc., Lee, Higginson &
the debt. What a cause for thanksgiving the taxCo. and the Guaranty Co. of New York. These
payers would have, particularly those in enjoyment
bonds were offered at 1013.I, yielding about 4.10%
of moderately large incomes, if Congress, speeded on
to the date of redemption and 431% thereafter. On
by the Administration, had before adjournment
Thursday a syndicate headed by Blair & Co., Inc.,
given them the benefit of this surplus of half a
offered $30,000,000 Kingdom of Serbs, Croats and
billion dollars.
Slovenes external 7s, series B, 1962, at 923/i to
yield 7.60%.
The week has been characterized by heavy investAfter being at 43/2% practically all of last week,
ment and speculative purchases and advancing
money dropped to 4% on Monday, but touched
call
prices. The Dow-Jones average of 40 investment
43/2% again Thursday, this tightening said to be
bonds has been continuing to advance rapidly into
because of large withdrawals from the demand loan
new ground, and is now higher than the previous
market for interior banks. This lifting of the money
high point reached in the early part of 1917. On
rates brought hesitation and some declines in a marMarch 23 this average reached 97, and is now around
ket which was otherwise tending to be buoyant.
97%. The railroad average has also continued to Brokers'
loans were reported during the month both
climb, reaching on Friday 132.54, comparing with
by the New York Stock Exchange and the Federal
the previous high of 134.46 registered on Aug. 14 Reserve
Board. The latter showed a comparatively
1909, and with the post-war low of 65.52 recorded on
slight increase for the week ended March 30, namely,
June 20 1921. The industrial average also has shown
$1,125,000, following a decline of nearly $40,000,000
strength, but is still at very much the same altitude
in the previous week. Stock Exchange figures renear which it has been hovering for a number of
ported for March 31 showed a gain during the month
weeks, and some four or five points below the high
of $33,321,795, a figure not quite in alignment with
point recorded in August last year.
those of the Federal Reserve Board, which showed
Except, however, for high grade bonds and stocks,
a decline of $9,733,000 between March 2 and March
the movement of which is governed principally by
30. However, in view of the fact that the loans
the price of money, the action of the averages has covered
are identical only in large part and the two
been controlled not by a concerted upward shift, but periods
are not exactly identical, the difference, a
by a combination of individual movements, some up relatively
small figure, is not significant.
and others down, but with the balance on the up side.
Car loadings continud relatively heavy, 1,008,888
In other words, the market continues to be highly having been
reported for the week ended March 26,
discriminating, investment and speculative funds
this being the third successive week with more than
shifting more and more into established or prospec- 1,000,000
cars and in a period of the year earlier than
tive earning power. Among the most notable move- the million-share
mark has been reached in any prements of the week has been that of American Tele- vious year.
Loadings for the week were 40,943 cars
phone, representing perhaps the largest corporation in excess of those
for the corresponding week in 1926,
in the world, and almost certainly the most widely an increase accounted for almost entirely
by increase
distributed security issue. This stock is now selling in coal loadings,
due perhaps in large part to prepaabove 170, an advance of more than 30 points from ration for the strike in the bituminous
mines which
the low of this year, and is now not very far above began on April 1.
a 5% basis for its $9 dividend. United States Steel
Commodity prices are being very.carefully watched,
also attracted great attention, advancing to new but as yet there is no definite evidence that the
long
high ground above 170. Many railroad stocks were continued decline has come to an end. The
Irving
conspicuous in the week's trading, reaching new high Fisher index of wholesale commodit
y prices which
Ara. 91927.]
THE CHRONICLE
2031
has occurred at any time in the present conflict, the
wave of anti-foreignism is running high, Canton reporting on April 4 a general exodus of Americans to
the British isle of Hong Kong. The Japanese had
hitherto been less molested by the Chinese than
most other nationals, but on Sunday last their Concession at Hankow was invaded by a mob of Chinese
and looted. A majority of the Japanese in the conWinter wheat has made quite satisfactory prog- cession took refuge on warships in the Yangtze
ress during the past winter, according to the spring Only the Germans, who had their special privileges
report on that crop issued by the Department of stripped from them by the Powers, are now comAgriculture at Washington late yesterday afternoon. paratively unmolested.
In Shanghai, the capture by the Southerners of
The condition on April 1 at 84.5% of normal, as indicated by the Department, is the highest for that the northern capital is now looked upon as a foredate since 1921, in which year 600,316,000 bushels gone conclusion, says a report to the New York
were harvested. The April 1 condition is 2.7 points "Times" of April 4. The dispatch adds: "Indeed,
higher than the December condition last year, just it is reported that Marshal Shang Tso-lin personally
after the planting of the crop. The ten-year average has already retired to Manchuria, beyond the Great
of the winter wheat crop shows a decline from De- Wall. While this report is regarded as premature,
cember to April of 4.6 points. The estimate of area its circulation indicates the Chinese belief that the
planted last fall was 41,807,000 acres, which com- Nationalists will be victorious. Foreigners who have
pares with the revised figures of the area planted in had an opportunity to observe the immature and unthe fall of 1925 of 39,799,000 acres and of 39,956,000 disciplined character of the Southern armies have
acres in 1924. The Department reports that the crop wondered at the Northern forces' unwillingness to
shows improvement in all of the important Eastern resist them. The explanation lies in the propaganda
Central and North Central States since December which precedes the Nationalist advance. Plainlast. Moisture and temperature conditions have clothes agents circulate reports that the Northern
armies are militarists and in league with the forbeen favorable.
In western Kansas and northwestern Oklahoma eign imperialists, while the Nationalists are the peothe weather has been too dry, though late rains have ple's army. Such arguments invariably appeal to
occurred in this section. Further east in Kansas, the people and the soldiers because of the long sufrainfall has been ample and in portions of the soft fering to which the militarists have subjected them."
wheat area in the southwestern part of the State, The Southern armies are themselves, it is pointed
excessive. Acreage was curtailed on that account in out, made up very largely of the brigand-like soldiers
this area last fall and the grain has an unhealthy taken over from defeated Northern troops. "Anappearance. In the greater part of Nebraska, away other damaging factor is the result of the propaganda
from the dry area, conditions are excellent and win- against the foreigners and favoring Communism,
ter killing low. Conditions in general throughout making the ignorant type of soldiers uncontrollable
the belt are reported good to excellent, though some in their activities against both foreigners and Chicomplaint is heard about the late sown crop, espe- nese. In treaty ports everywhere the Chinese with
cially in Pennsylvania, Maryland and northern Illi- wealth have deposited it in the foreign banks or asked
nois. The area abandoned on account of winter the foreigners to take over and protect it for them."
killing will not be announced until the May report. Reports persist, meanwhile, of dissension within the
A year ago it was only 5.6% of the area planted, or ranks of both the opposing factions. Marshal Chang
2,216,000 acres, in contrast with a ten-year average Kai-chek, the military leader of the Southerners, is
of 13%. Rye shows a condition April 1 this year of said to be opposed to the Red advisers who are aid86.4% of normal, a gain of 0.1 point since December ing the Kuomintang, or People's Party movement.
last. This contrasts with an average loss during In the north, Dr. Wellington Koo,Premier at Peking,
the interval of 2.2 points for the preceding ten years. resigned on April 7.
showed a gain in the week ended March 25 of eighttenths of one point, recorded a decline for the week
ended April 1 of one-tenth of one point, to 140.3.
The best that can be said at present is that prices
appear to be stabilizing at the present comparatively
low level. Gratifying but slight advances have been
noted during the past few days in corn and cotton.
Evacuation of foreigners from China continued at
a hurried pace during the week. The armies of the
Southern , Nationalists, having occupied the entire
lower Yangtze Valley, are sweeping northward toward Peking, with the sentiment of the Northern
Chinese people apparently much in their favor. They
were reported in a Shanghai dispatch of April 3 to
the New York "Times" to be advancing by three
routes, without opposition, moving with comparative rapidity. One army is going by the Grand
Canal; another is said to be moving along the Pukow-Tientsin Railway, and a third is advancing
above Anking. As the armies advance, Americans
and other foreigners afe leaving their homes and
mission posts by the score, making their way to the
zones of safety along the seaboard. Many foreign
women and children are even leaving Peking, though
that city is.still far above the advancing Nationalist
armies. Even in Southern China, where no fighting
Though the Nanking incident, in which eight foreigners were killed, has not been followed by the
dreaded attacks on foreigners everywhere in China
which were at first expected, minor disturbances
continue to be reported daily. An armed clash between American bluejackets and Chinese who attacked an American merchant vessel at Chun-king,
was reported to Washington April 4. Three Chinese
were wounded, one probably fatally. In the attack
on the Japanese concession at Hankow on Sunday,
it was reported that at least ten or twelve Chinese
were killed. Such incidents are widely exploited by
the anti-foreign elements in China, and the foreign
Governments are doing all possible to avoid them.
In Hankow only a few Americans remained ashore
after the trouble in the Japanese concession, Admiral Williams reporting to Washington that "trouble was expected to develop" from the incident. Such
incidents occur, says a Washington dispatch to the
2032
THE CHRONICLE
[VOL. 124.
New York "Times," notwithstanding pledges and ap- confining their search to what Minister MacMurray
parent efforts of Cantonese generals to protect for- described as the private properties of the Soviet
eigners. With the entire Yangtze Valley practically Bank and the Chinese Eastern Railway, the raiders
emptied of Americans, officials in Washington are trespassed on the compound of the former Russian
giving deepest concern to the situation in the north, Legation guard. In Shanghai, the Soviet Consulate
adds this report. Anti-American strikes and boy- was surrounded Thursday by police assisted by
cotts were also mentioned in official dispatches from White Russian volunteers, no one being allowed to
interior China.
enter or leave the premises.
In Shanghai, now definitely out of the fighting
In Moscow the Foreign Office and high Governzone, normal quiet is apparently still far off. Be- ment and Communist circles were reported by the
cause of the French refusal to participate in the New York "Times" correspondent to be seething
defense measures of the other Powers,lines of barbed with activity as a result of these incidents. No word,
wire were stretched between the French and the inter- however, has appeared in Russian newspapers on
national concessions. From a business point of view the matter. In official circles, this report adds, "it
the problem of "liquidating" the Shanghai situation is considered that the raid on the Embassy comhas become a pressing one, according to a dispatch pound is more ominous than the already long-standof April 2 to the Chicago "Tribune.." "That the pres- ing and serious quarrel between the Soviet and Marent situation cannot continue indefinitely is gen- shal Chang Tao-lin, who it was thought would never
erally realized, due to the fact that business is para- have dared such a bold stroke unless assured of the
lyzed and the foreign firms are going broke owing open or tacit support of England and other foreign
to the almost complete cessation of business inter- Powers. This impression is reinforced by news recourse with the Chinese. Due to the refusal of the ceived this afternoon of the Shanghai volunteers
banks to extend credit, many small foreign firms, forming a cordon around the Soviet Consulate there,
chiefly agencies of American manufacturers, will be which appears an illuminating aftermath of the
bound to close their doors shortly owing to a short- Peking raid."
age of capital, while the larger firms are cutting
their staffs to a minimum. Firms exporting Chinese
United action by the Powers in China seems unraw products to America also are experiencing dif- likely unless further serious events make such a
ficulties owing to their inability to obtain cargoes course imperative. In Washington it was made
from the interior. The silk business is particularly known April 5 that instructions have been sent to
affected, according to a circular issued this week by John Van A. MacMurray, the American Minister at
the Silk Guild explaining the practical impossibility Peking, on the basis of which he has arranged to
of obtaining cocoons from the interior, which is caus- draft a note on the Nanking incident for presentaing the forecast of a disastrous year." The Ameri- tion simultaneously to Eugene Chen, the Cantonese
can Chamber of Commerce appealed on April 3 for Foreign Minister, now at Hankow, and to General
concerted action by the Powers to protect foreign Chang Kai-shek, •the Cantonese military leader, at
lives and property and to save China.
Shanghai. It is understood that no ultimatum is involved, but that the note will probably include deIn Peking great excitement was caused on April 6 mands for reparations and future guarantees. The
by a raid on Russian premises adjoining the Soviet British note of protest was also forwarded April 5,
Embassy. Some 300 armed military Chinese and according to a London dispatch to the New York
native police surrounded the premises and com- "Times." It was stated in official quarters there
pletely surprised the occupants, many of whom were that its terms are practically the same as those of the
alleged to be engaged in Communist propaganda. United States and Japan. If the demands are reThe Embassy itself was not entered, but the Soviet fused, it is understood that the three Governments
Bank and other Russian quarters were. A Peking will confer further as regards the action to be taken
dispatch to the New York "Times," describing the to enforce them. In other respects no change is apincident, said: "The Ankouchun (Northern Allies parent in the attitude of the respective foreign GovArmy) authorities, acting on information that nu- ernments. In a debate on Wednesday in London,
merous agitators had arrived in Peking and were Sir Austen Chamberlain, the British Foreign Secrebeing quartered on Soviet property with the object tary, declared: "We shall pursue as and when we
of stirring mobs to action, requested permission of can the policy of the adjustment of old treaty posithe diplomatic corps to make the search. The An- tions to new aspirations and new conditions, but we
kouchan is assuming responsibility for order in the are not prepared to be hustled out of China. It is
city and the request was granted. M. Cherniks, the only if the Nationalist Government recognizes the
Soviet Charge d'Affaires, had lodged a vigorous pro- ordinary obligations of a Government that they can
test with the Foreign Office." Similar action was expect we can pursue the policy laid down in the
taken by the Chinese police at Tientsin April 7, the memorandum of December." In Tokio the Cabinet
Soviet Bank and other Soviet offices located in the discussed the situation on Tuesday, and heard the
French concession being raided and documents latest reports from Foreign Minister Shidehara. No
seized. The sanction of the French Consul was se- decisions involving any departure from the present
cured by the raiders. These incidents were prompted policy were taken and it was decided not to send
by the Northern leader Chang Tso-lin, who is the more troops. The Japanese view is that the South.
chief antagonist of the Soviet doctrines in China. ern authorities are responsible for the security of life
American Minister MacMurray, reporting the inci- and property in the districts they control and that as
dent in Peking to Washington on Thursday, said long as disorders can be regarded as unpremeditated
that the soldiers and police exceeded the authoriza- incidents it is better to support the Nationalist aution given to them to enter the area by diplomatic thorities than to embark on the impossible task of tryofficers of the Boxer Protocol Powers. Instead of ing to guard all the Japanese nationals in China-
APR. 9 1927.]
THE CHRONICLE
Regarding the French, a Paris report of April 1 to
the New York "Times" said: "The French apparently have no intention at all of joining with the
British or with Washington or Tokio in any concerted action. That is, at least, not until they have
had more difficulties in China. Not only do they
hold a hope that when the present storm blows over
they will remain in quite good standing with whoever the victors may be, but also they are thinking
of Indo-China and what troubles might come there
from the triumphant Cantonese."
A budget deficit which "made the British taxpayer shiver in his shoes," was revealed at the close
of the British fiscal year March 31. The deficit is
£36,694,000, which is declared to be the largest in
British peacetime financial annals. A shortage was
expected in Britain, even though Winston Churchill,
as Chancellor of the Exchequer, had budgeted for a
surplus of E4,000,000, but the actual figure far exceeds even the worst prognostications. The excess
expenditure of the last twelve months amounts,
therefore, to over £40,000,000, and Mr. Churchill
will have to make provision for the amount in his
new estimates for the coming year to be placed before Parliament April 11. That the Chancellor of
the Exchequer will find it imperative to levy new
taxes is obvious, says the London correspondent of
the New York "Times." "Even by the aid of such
expedients as raids on the sinking fund and the road
funds he cannot balance his books without fresh
taxation." Where the burden of this additional
taxation will fall is the question uppermost in British minds.
The heaviest drop in receipts from Mr. Churchill's
budget estimates a year ago occurred in the income
and property taxes. The shortage in these items
alone was E20,000,000 and was only slightly offset
by an increase of £1,500,000 in the yield of the supertax on incomes. In further explanation of the unprecedented deficit, a New York "Times" report of
April 3 from London said: "The great industrial
depression, due to the coal strike, not only affected
revenue seriously, but involved the Treasury in heavy
expenditures. The disturbed state of China has
thrown another unexpected liability on the Treasury
and contributed to trade depression. Moreover, the
current year's revenue will suffer from trade depression perhaps even more than last year because of a
different system recently introduced of assessing
income. It is a foregone conclusion that we shall
escape additional direct taxation in the form of an
income tax, but it will need all the ingenuity of the
Treasury to devise other means of producing a sound
budget."
A law intended to limit drastically trade union
activities in Great Britain was given its first reading in the House of Commons Monday. The measure, sponsored by the Government, embodies the
legislative reaction to the general strike of last May
and, in pursuance of a widespread demand for the
prevention of a similar recurrence in the future,
makes a general strike illegal. A general strike is
not specifically mentioned in the bill, but it is obviously included by the terms of the first clause,
which outlaws "any strike having any object besides
the furtherance of a trade dispute within a trade or
industry in which the strikers are engaged if the
2033
strike is designed to coerce• the Government or intimidate a substantial portion of the community."
The bill, says a dispatch from London to the New
York •"Herald Tribune," "has aroused misgivings
even in Conservative Party circles, where it is feared
that the Labor Party will be unified by the fight to
be made against it and thatindustrial conditions will
be made worse rather than improved." The Labor
Party made clear immediately that they will fight the
bill line by line. They asserted the bill was a mistake, that it went far beyond the necessities of the
situation, would bring about a great campaign in the
country and would mean the gain of a hundred seats
to them in the next election. An Associated Press
dispatch of Wednesday says the Labor Party has
adopted a resolution characterizing the bill as "a
deliberate attack, inspired by motives of class and
partisan hostility, upon workers' organizations."
The same report adds: "Nothing the Government
could have proposed apparently could have stiffened
to united resistance every section of the labor movement so thoroughly as the Government's trade union
bill. Two chief criticisms are heard in all labor
headquarters, first that a Government, repiesenting
a minority of electors, is not justified in proposing
such a measure without a mandate from the country, and, second, that the word 'lockout' is not mentioned in the bill. In connection with this latter
criticism it is declared that a concerted lockout
might be just as injurious to the community as a
general strike."
French finances are rapidly gaining strength under the ministrations of M. Raymond Poincare, Premier and Finance Minister. At a meeting of the
sinking fund board in Paris, April 1, M. Poineare
announced that he proposed to issue in the next few
months a gigantic interior consolidation loan of 21,500,000,000 francs, or $860,000,000. This would
erase all maturities coming in 1928 and 1929,
amounting to more than 21,000,000,Q00 francs. As
this year's obligations already are provided for by
the Premier and Finance Minister, M. Poincare
thereby expects to give the Government a free hand
for the next four years to devote itself to stabilization, internal financial restoration and foreign obligations. The actual total of maturities faced by
France in the next two years is 21,860,000,000 francs,
made up of the following items: July 1 1928, reimbursement of 1,560,000,000 francs in Credit Nationale bonds; Dec.8 1928, 6,600,000,000 francs in Treasury bonds; May 16 1929 7,500,000,000 francs in tenyear bonds; May 20 1929, 6,200,000,000 francs in
Treasury bonds.
It was further announced in Paris April 5 that
the Bank of England had agreed to the financial
arrangement recently proposed by M. Moreau of the
Bank of France for the settlement of the war loan
made to the French Bank. By this deal, says the
Paris correspondent of the New York "Herald Tribune," the Bank of France will pay to the Bank of
England £37,000,000 in paper in return for which
the English Bank will release £18,560,000 in gold held
by it as security. This augmentation of the French
gold reserve is regarded as of pronounced significance by financial experts, adds the report. The experts affirm it is entirely possible that this big addition to France's gold reserve will allow M. Poincare
to stabilize the franc much sooner (Ulan has been
2034
THE CHRONICLE
[Vol.. 124.
deemed possible, perhaps even within the present offered ports. Before Fiume can be used by Hunmonth.
gary, however, a convention will have to be signed
between that country and Jugoslavia, as the port is
After considerable delay, the French Government accessible to Hungary only over Jugoslav territory.
replied on Monday to the invitation of President "From all appearances, Jugoslavia is being jockeyed
Coolidge to be represented informally at the new into a position where she cannot gracefully refuse to
three-Power naval conference which the American sign such a convention with the Budapest Govern,Government has called at Geneva early in June. ment," says the Rome correspondent of the New
Though not a direct refusal, the reply nevertheless York "Herald Tribune" in a report of April 4.
In Budapest, Government spokesmen expressed
reiterates the stand taken by France in reply to the
first invitation sent by President Coolidge, namely, the greatest satisfaction over the signing of the Italo-"that po. itive participation in the conference pro- Hungarian treaty, says a dispatch to the New York
jected between the United States, Great Britain and "Times." The Rome correspondent of the same pa;Japan, cannot be envisaged." The conclusion of the per remarks: "It is looked upon here as the sixth
• notecis to the effect that the French Government, milestone in Signor Mussolini's thus far successful
Ander, existing circumstances, finds it necessary to struggle to supplant the French influence in the
defer "its decision regarding participation in the Balkans and the countries of the former Austrian
disarmament discussions, even to the extent of a Empire and as Signor Mussolini's sixth successive
• simple observer."
victory over the French Foreign Office in that part
In Washington disappointment was expressed at of the world. First in the chronological order came
the French reply, but it was said President Coolidge Italy's treaty of cordial collaboration with Czechodoes not expect the refusal will in any way impede slovakia in July 1921; then the treaty of friendship
the.holding of the conference. The United States, and arbitration with Rumania in September 1926;
said a dispatch of Tuesday to the New York "Times," then the treaty of friendship and security with Alwill naturally go ahead with the British and Japan- bania in November 1926; then the recognition by
ese,- and, if they should conclude to enter, with the Italy of the union of Bessarabia with Rumania; then
Italians. The reaction in England is indicated by a the forestalling of the alleged nipping in the bud of
report from the London correspondent of the New Jugoslavian schemes to foment revolution against
York "Times": "As London sees it, the French Ahmet Zogu in Albania, and, finally, the treaty of
refusal to have anything to do with the naval confer- friendship with Hungary." rn Paris, naturally,
ence proposed by President Coolidge lessens its according to the correspondent of the New York
chances of extensive limitation of existing sea forces. "Times," Premier Mussolini's treaty of friendship
British diplomatists along with other observers have and arbitration with Hungary is not regarded with
expected the French action, but its becoming official much favor. French observers declare there may be
throws into relief the fact that French absence from excellent reasons for the conclusion of the treaty,
the meeting would immensely increase the difficul- and in so far as it provides an outlet for Hungary to
ties of Britain in obtaining from the negotiations the Mediterranean and eases commercial relations,
that which she has sought ever since she failed to get it is a good treaty. But there is another side to it,
it at the Washington Conference, namely, abolition they assert. Relations between Italy and Jugoslavia
of the submarine as a weapon of war. Coupled with are still strained as a result of the Albanian incithe French.attitude in the Geneva discussions now dents and the treaty of Tirana. Jugoslavia is a
going on the new Paris note makes it quite plain that neighbor of both Italy and Hungary, and therefore
the French do not now intend either to agree to ban- there exists in French minds a suspicion that somening undersea craft or to any reduction of the sub- how or other this entente is directed against Jugomarine forces they have afloat and building. On the slavia. It assures Hungary's neutrality at least in
other hand, this certainty of the French position will case of a conflict, French observers add.
increase the opposition of the British Admiralty to
Frantic efforts continue to be made in Soviet Busany decrease in British cruiser strength, it being the
English position that auxiliary naval craft are real ria for reductions in the prices of industrial prodweapons against submarines."
ucts. Such reductions are becoming more and more
imperative from the Soviet standpoint, in order to
A treaty of friendship and arbitration was signed satisfy the hugely preponderant agricultural populaApril.5 in Rome by Premier Mussolini and Count tion. The peasants, dreaming for centuries of the
Bethlen, Premier of Hungary. This marks the tenth great "white division" of the land, finally secured it
treaty of this character concluded by Italy since 1923 as an incidental of the Bolshevik revolution, and
when the first of its kind was signed in London. The their tacit acceptance of the present Government is
treaty states specifically that Italy and Hungary are based upon that fact. A continuance of the friendly
friendly countries and provides that all disputes tolerance of the peasants is indispensable for the
which cannot be settled by ordinary diplomatic Soviet, if it is to remain in power, but under the
means shall be submitted for conciliation to a spe- double burden of low prices for their own products
cial court composed of members nominated by the and high prices for the industrial goods which they
contracting parties. Official notes were also signed buy, their tolerance is apparently wavering. In conby Premiers Mussolini and Bethlen approving the sequence, a dispatch of April 5 to the New York
conclusions of the Italian and Hungarian experts "Times" describes in romantic terms the "battle of
who are studying means of affording Hungary a prices" in Russia. Joseph Stalin, the outstanding
trade outlet to the sea through the port of Fiume. figure in Russia, and the standard bearer of the
This is regarded in.Rome, says a dispatch of April 3 Communist world revolution, is accredited in this
to the New York "Times," as a victory for Italy over dispatch with these words: "Without a reduction in
Jugoslavia, Greece and Rumania, which also had the prices of manufactured goods we cannot main-
APR. 9 1927.]
THE CHRONICLE
tamn the connection between the proletariat and the
peasants, between industry and agriculture, which
forms the basis of the proletarian dictatorship in
our country." This means clearly enough, adds the
correspondent, that the success or failure of the
Socialist experiment in Russia hangs upon the issue
of the present battle. The Bolsheviki know this well
and, like Stalin, admit it. They admit also that the
battle is far, far from won. If you have the eyes to
see beyond the crowded stage and the picturesque
facade,each phase of the battle becomes passionately.
interesting, each report from the economic front
brings a thrill like the old communiques in the days
of the Marne, Verdun or the Argonne. The "Isvestia" in a statement to-day says: "In the first quarter of the present year the cost of manufactured
1
2% as
goods to the peasants was augmented by 11/
compared with a year ago." This means no less an
admission of defeat than the once familiar phrase:
"Under the pressure of heavy attacks our troops
were withdrawn to prepared positions of defense."
The German budget for the fiscal year beginning
in April, the heaviest in Germany's history, was
passed by the Reichstag in Berlin April 6. The vote
was 238 to 166, Socialists, Communists and Economic Unionists voting against the Government.
Germany enters upon this new fiscal year with heavy
burdens, says the Berlin correspondent of the New
• York "Times," who remarks further: "Her economic position, however, offers every possible guarantee that they will be borne without undue difficulty. There is no reason whatever to doubt her
ability to balance the .budget entailing an expenditure of more than 8,000,000,000 marks, of which less
than one-eighth will consist of reparations payments
under the Dawes plan. Indeed, there are excellent
grounds for predicting for the German nation a more
prosperous year than that which has just ended and
which has been economically her best year since the
war."
Including State and municipal taxes, the German
taxpayer will have to raise about 11,000,000,000
marks, according to Finance Minister Koehler. On
a per capita basis this is about double the 1913 taxation, but is said to be still less than the present
British taxes. Of the Reich's revenues some 2,600,000,000 marks will be allocated to the Federal States,
this being 500,000,000 marks more than they received last year. Other large items of expenditures
are 1,300,000,000 marks for war pensions and 700,000,000 for the army and navy. This last is considered very high and was severely criticized, but no
cut was made from the estimate. The taxes designed
to yield the revenue of 8,000,000,000 marks consist
chiefly of customs duties, income and corporation
levies, and indirect imposts on tobacco, sugar, beer
and spirits. Though Finance Minister Koehler has
been grimly pessimistic about the country's financial outlook, all the evidence available tends to controvert his professional pessimism, says the "Times"
reporter. "Everything points to a business boom in
Germany. The stock markets are firm, having followed a gently ascending curve since the first of the
year. The wholesale trade index points to the encouraging figure of 135, or 35 above the pre-war index. In the third week of March railroad car loadings—a sure sign of commercial activity—increased
to a daily average of 144,000, as against 117,000 a
2035
year ago. Virtually every important industry is
booming. The iron, steel, machine and textile trades
are functioning full blast, many textile factories employing double shifts. There has been a slight slump
in coal mining due to the resumption of English production, but the collieries are doing comparatively
well nevertheless. A mild winter and the absence of
floods prevalent early last spring have inspired
marked optimism among the farmers, whose harvests
last year were none too plentiful."
The established Conservative Government in Nicaragua made progress against the Liberal revolutionists in the past week, the recapture ef Tierra Azul
and Muy Muy having been announced April 6. The
Conservative Commander, General Viquez, assured
President Diaz that the advance would continue.
American marines, meanwhile, continue to hold the
railway and points contiguous to foreign holdings in
the country as a measure of protection. In an attempt to find a solution ,for the impasse, President
:loolidge announced through the Department of State
on Thursday that "the Hon. Henry L. Stimson of
New York, farmer Secretary of War, has consented
to make a trip to Nicaragua as a representative of
the President at the suggestion of the Secretary of
State in order to take to our Minister, Mr. Eberhardt, and Admiral Latimer certain views of the
Administration which cannot conveniently be taken
up by correspondence, and in order to get information from them as to the entire situation-in that country to bring back for the use of this Government
which they cannot very well give to us through correspondence. This suggestion has been presented to
both Mr. Eberhardt and Admiral Latimer, who concur in it as a method that might be helpful in securing information on which this Government can more
intelligently base its future action. The strife and
bloodshed that is going on in that country is a matter of great regret, and the necessity for protecting
the interests of our citizens there and the large
interests of the United States Government is very
great."
Trouble is again being occasioned by revolting
tribesmen in the Riff, the Spanish Protectorate alone
being involved. Since the surrender of Abd-el-Krim
the French have attempted to conciliate the tribesmen, but the Spanish have persisted in a repressive
policy which has resulted in a new revolt of the
tribes comprising the Shinhaja group. This, says a
dispatch of April 3 to the New York "Times" from
Rabat, Morocco, follows the revolt of about ten days
ago of Shereef Sultan Kamlighi. The situation is
disquieting, adds the report, "but the Spaniards
should be able to quell the insurrection since the
tribes were mostly disarmed following the defeat of
Abd-el-Krim. The French and Spanish authorities
are conferring at Rabat and Tetuan. The French
outposts have been reinforced." Italian North
Africa also is affected, a Rome dispatch of April 5
to the "Times" advising: "An official communique
issued only to-day tells of the resumption of fighting
in Cyrenaica and of a slight setback suffered more
than a week ago by Italian arms in an encounter
with rebel Arab tribes, which succeeded in luring
the Italian force into an ambush and attacking it
with the advantage of great numerical superiority."
2036
THE CHRONICLE
No change has been noted in official discount
rates at leading European centres from 7% in Italy;
6% in Belgium and Austria;51/
2% in Paris and Denmark;
in London, Berlin and Madrid; 41/2% in
Sweden and Norway, and 31/
2% in Holland and
Switzerland. The open market discount rates in
London were easier and closed lower for short bills,
4%, against 41/
at 4 3-16@41/
4@4 5-16%, with three
months' bills finishing at • 41/
4(:)4 5-16%, against
4 5-16@4 7-16% last week. Call money at the British centre was firm and ruled at 43
/
8%,then reacted
and closed at 35
/
8%, which compares with 33
/
8% a
week ago. In Paris and Switzerland open market
discounts continue to be quoted at 3% and 3%, respectively, the same as heretofore.
The Bank of England gold holdings gained £752,210 for the week ended April 6. Gold now stands at
£151,300,457. For the corresponding week last year
It stood at £146,655,218 and in 1925 (before the transfer to the Bank of England of the £27,000,000 gold
formerly held by the redemption account of the Currency Note Issue) at £128,707,976. Notes in circulation fell off £93,000, bringing the total down to
£137,859,000. As a result, reserve in gold and notes
in the banking department increased £845,000. The
proportion of reserve to liability advanced to 26.70%,
coming up from 24.97% last week. Public deposits
declined £11,946,000, while"other"deposits increased
£5,784,000. Loans on Government securities decreased £1,686,000, and loans on "other" securities
£5,959,000. Total notes in circulation now stand at
£137,859,000, compared with £141,891,810 in 1926
and £122,484,845 the previous year. The Bank maintains its official discount rate of 5%. We furnish
below a statement of the various items in the Bank
of England return for a series of years:
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924
1923
1926
1925
1927
April 11.
April 6.
April 7.
Apr09.
April 8.
137,859.000
Cfrculation_b
21,036.000
Public deposits
103,251.000
Other deposits
30.982,000
Gov't securities_ 77.766.000
Other securities
Reserve notes & coln 33,192.000
_151.300.457
Coin and bulion_ a _
Proportion of reserve
26.70%
to liabilities
5%
Bank rate
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
12.975,966
108.908,860
41,517.736
75,931,740
22,123.461
128.115,856
122,910,595
16,116,448
107.872,316
48,444.325
68.884.287
24.356,462
127.517,057
20.40%
5%
2134%
5%
1834%
4%
19.64%
3%
a Includes, beginning with April 29 1025. £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 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.
The important feature in the Bank of France return for the week ending April 6 was the increase
of 965,734,375 francs in note circulation, evidently
In connection with the 1st of the month trade requirements. This carried the total of notes in circulation up to 53,350,830,415 francs, as compared
with 52,851,086,535 francs in 1926 and 43,004,762,185
francs the previous year. Advances to the State remained unchanged,standing at 28,150,000,000 francs,
against 36,250,000,000 francs in 1926. In 1925 the
item stood at 22,000,000,000 francs. Gold holdings
also continued unchanged at- 3,683,507,443 francs.
In 1926 they stood at 3,684,014,640 francs, and in
1925 at 3,681,798,757 francs. Other items changed
were: Silver increased 49,549 francs, while bills
discounted declined 1,158,992,272 francs. Trade advances expanded 41,375,253 francs, Treasury depos77,178,535
its 8,331,198 francs, and general deposits
[VOL. 124.
francs. Comparisons of the various items in this
week's return with the statement of last week and
the corresponding dates in 1926 and 1925 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
April 6 1927. April 7 1926. April 8 1925.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Unchanged 3.683,507.443 3,684.014,640 3,681.798.757
Abroad
Unchanged 1,864.320,907 1,864.320,907 1,864,320,907
Total
Unchanged 5,547,828.350 5,548,335.547 5,546.119.665
Silver
Inc.
314,936.612
49,549
332.175.079
342,254,877
Bills discounted_ _Dec.1,158,992.272 2,239.233.855 3,343.990.431 6,179.156.072
Trade advances_ Inc. 41,375,253 1,894,886.929 2,537.921,220 3.138,630.491
Note circulation Inc. 965.734,375 53,350,830,415 52,851,086,535 43,004.762.185
Treasur deposits_Inc.
8,331,198
13,377.611
36,204.026
3,601.001
General deposits—Inc. 77,178.535 3,885,884,061 2,822,381,760 1,952.034.771
Advances to StateUnchanged 8.150.000,000 36.250,000,000 22,000,000,000
The Imperial Bank of Germany in its statement
for the final week in March showed a big expansion
in note circulation (as is always the case in that
week), namely 585,326,000 marks. Daily maturing
obligations showed a decline of 123,625,000 marks,
while "other" liabilities were reduced 9,866,000
marks. For the same time last year they amounted
to 3,159,643,000 marks and in 1925 to 2,314,623,000
marks. The asset side of the account contained for
the most part decreases. Gold and bullion declined
525,000 marks, reserve in foreign currencies 20,704,000 marks, silver and other coins 13,293,000 marks,
notes on other banks 16,680,000 marks, investments
12,000 marks and "other" assets 67,319,000 marks.
Bills of exchange and checks, however, increased
508,186,000 marks, and advances 68,290,000 marks.
Gold holdings stand at 1,851,669,000 marks, comparing with 1,491,089,000 marks last year, and 1,003,377,000 marks the previous year. The comparisons
of the different items for three years appear below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Mar.31 1927. Mar.311926. Mar.31 1925.
Assets—
Heichstnarks.
Reichstnarks. Reichstnarks. Reichunarks.
Gold and bullion
Dec.
525,000 1,851,669.000 1,491.089.000 1.003,377.000
101.388.000 262.620.000 205.307,000
Of which depos. abr'd.
Unchanged
Res've in for. c r'cy Dec. 20.704.000 203.002.000 481.164.000 334.459.000
Bills of exc .& checks Inc. 508,186.000 1,962.733.000 1,215.877.000 1,578.199.000
Silver & other coin_ _.Dec. 13,293.000 131,768.000
90,160.000
64,767,000
6,276.000
Notes on oth. Ger.bks.Dec. 16,680.000
8,641.000
7.195.000
Inc. 68,290.000
Advances
81.064.000
77.532.000
27.079.000
Investments
Dec.
12.000
57.947.000 244.452.000 205.334,000
Dec. 67.319,000 425,507,000 922,920,000 1,217,355,000
Other assets
Liabilities—
Notes in cIrcula'n—Inc:585,326,000 3,588.706,000 3,159,643,000 2,314,623,000
Other dell maturing obligation(
Des. 123,625.000 616,629.000 625,400,000 742.894,000
Other liabllities
Dee. 9,866,000 183,605,000 386,919.000 984,922.000
Important changes in nearly all of the principal
items featured the Federal Reserve Banks' weekly
statements issued at the close of business on Thursday. For the System, rediscounting of all classes of
paper fell $54,000,000, and total bills discounted
now stand at $401,948,000, as compared with $578,552,000 at this time last year. Holdings of bills
bought in the open market increased slightly—
$1,800,000. Holdings of Government securities fell
$11,200,000. Total bills and securities (earning
assets) decreased 63,400,000 and deposits shrank
$62,000,000. Member bank reserve accounts were
reduced $42,500,000, but Federal Reserve notes in
actual circulation expanded $16,100,000. A small
addition to gold holdings occurred, namely, $1,100,000. At New York gold holdings diminished $88,300,000. Aside from this, however, quite similar changes
were shown as for the twelve banks combined. Rediscounts of paper secured by Government obligations were reduced $24,900,000. In "other" bills an
increase of $7,900,000 was indicated, with the net result contraction in total bills discounted of $17,000,-
APR. 91927.]
THE CHRONICLE
000. Bill buying in the open market was smaller—
$400,000. Total bills and securities diminished $32,200,000. Declines also took place in the following
items: Member bank reserve accounts 108,200,000
and deposits $121,500,000. The amount of Federal
Reserve notes in actual circulation increased $3,900,000. As to reserve ratios, the lowering in deposits
was more than sufficient to offset gold movements
and the ratio for the combined System advanced
0.9%, to 79.7%, while at New York the ratio went
up to 84.5%, which is likewise an addition of 0.9%.
2037
of the New York Stock Exchange as of March 31
showed an increase as compared with Feb. 28 of
$33,321,795 in the borrowing by members of the
Exchange. Gold movements for the week were
practically negligible.
Referring to money rates in detail, call loans again
ranged between 4 and 43/2%, the same as a week ago.
Monday the high was 43/2%, the low 4% and 43'%
the renewal basis. On the two days following,
Tuesday and Wednesday, the single figure of 4% was
quoted, at which all funds on call were negotiated.
Last Saturday's statement of the New York Clear- Thursday a slightly firmer tone developed and while
ing House banks and trust companies reflected the renewals were still at 4%, there was an advance to
strain of meeting April 1 payments, and showed 432%; the low was still at 4%. Friday the range
1@,4% with the renewal basis advanced to
/
another heavy deficit in reserve. The week's loss was 43
in surplus amounted to well over $94,000,000. Among 43%.
For fixed-date maturities little or no increase in
the important changes were an increase in loans of
was noted. The market was listless and the
activity
of
demand
deposits
$134,058,000; expansion in net
business transacted small. 'lime money
of
volume
time
to
of
$16,287,000
$163,870,000, and an addition
supply but the inquiry was indifferent;
larger
in
was
total
$686,229,000.
to
latter
the
deposits, bringing
rates remain at 4%% for sixty and
consequently
exclud$4,645,830,000,
aggregate
Demand deposits
and 4M@43/2% for four, five and six
money
nine-day
increase
of
$76,056,000—an
deposits
Government
ing
for the week in the last mentioned item of $55,216,- months, unchanged. As-far as could tie learned no
000. Cash in own vaults of members of the Federal large individual loans were placed.
Mercantile paper rates continue to be quoted at
Reserve Bank declined $3,545,000, to $40,205,000;
for four to six months' names of choice character,
4%
this, however, does not count as reserve. State
434.% still required for names less well known.
with
bank and trust company reserves in own vault were
England mill paper and the shorter choice
New
reduced $53,000, while reserves kept in other deare being dealt in at 4%, the same as heretonames
Mempositories by these institutions fell $186,000.
paper was in good demand on the part
Prime
fore.
Federal
the
in
reserves
ber banks drew down their
and out of town banks, but offerings
local
both
of
in
which,
combina$72,828,000,
Bank to the extent of
tion with the large accessions to deposits, was re- were restricted; hence trading continues of moderate
sponsible for the wiping out of surplus reserves of proportions.
Banks' and bankers' acceptances were a trifle
$63,078,320 held last week, and the substitution of
longer periods in the open
a deficit in reserve of $31,714,740. The above fig- easier, at least on the
were absorbed to a
acceptances
Prime
market.
ures for surplus are on the basis of 13% reserves
banks, but the
country
by
chiefly
extent,
moderate
against demand deposits for member banks of the
active and the
time
could
called
be
no
at
market
Federal System, but not including the $40,205,000
loans against
was
call
small.
For
turnover
week's
cash in vault held by these members on Saturday
acceptances the posted rate of the American
bankers'
last.
4%. The AcAcceptance Council remains at 33
rate on
the
makes
discount
Council
ceptance
somewhat
The money market for the week was
purchase
for
eligible
erratic, upsetting the calculations of many traders prime bankers' acceptances
bid and
34%
banks
Federal
Reserve
who had looked for a steady and easy market. The by the
bid and
34%
days;
bills
for
running
30
asked
2%, 3%
1
renewal rate for demand loans on Monday was 4/
bid and
%
A
37
60
for
days;
days
90
and
asked
%
4
35
but the rate was lowered in the course of the day to
4%
37
and
120
bid
for
4%
and
days
asked
4% despite a large deficit revealed in the weekly 3%
quotamarket
and
Open
150
180
days.
for
asked
Clearing House statement for last Saturday. Thereafter an easy tone prevailed until Thursday morn- tions follow:
SPOT DELIVERY.
2%.
1
ing, when the renewal rate was again fixed at 4/
30 Dam
90 Dais.
60 Days.
bills
31MIN
(9.34
eliebte
of
3%48%
calling
Prime
$10,000,000 on
This was probably due to
DELIVERY wrnint THIRTY DAYS.
Wednesday afternoon. On Thursday about $20,000,- Eligible member FOR
3,4 bid
banks
3)g tad
as
it
closiag
banks
rate
at
non-member
Eligible
opened,
the
000 was called,
There have been no changes this week in Federal
2%. It remained at this figure on Friday also,
1
4/
4%. Reserve Bank rates.
excepting that renewals were arranged at 41/
The fluctuations were not, however, looked upon as
very important, bankers saying there was no basic
Sterling exchange values this week have been somechange in the situation. The changes in the rate for what irregular, but though trading showed little or no
call money were considered generally t6 be due to indication of increased activity, a general underadjustments following the heavy Government financ- current of firmness has prevailed practically throughing of March, the income tax collections and the dis- out. As a matter of fact, sterling bills in the early
bursements of record amounts of dividends and dealings touched a new high for the year, namely
interest around the first of the month. Time loans 4.85 5-16 for demand. In view of the narrowness of
2%. In the market this was regarded as something of an
1
remained dull and unchanged at 4% to 4/
the statement of the member banks of the Federal achievement and attracted considerable attention.
Reserve bank for March 30 loans by New York re- Light offerings, of course, played a part in the mainporting members to brokers and dealers showed a tenance of rates. It is noteworthy, too, that many
further rise, but only of $1,125,000. The statement bankers are giving evidence of decided, if guarded,
2038
THE CHRONICLE
[voL. 124.
optimism regarding the future of sterling. It is caused a recession to 4.75, with the close at 4.82.
pointed out that the heavy volume of foreign finan- Departure of the Hungarian Premier to Rome
cing that has been done in recent weeks and is still for the purpose of concluding negotiations for
going on at the present time, can only mean the Hungary's use of the Port of Fiume, will weld
transference of large sums abroad. In addition to still another link in the long chain of arbitration
the recently announced loans to Italian interests, a treaties which Italy is building up with surrounding
loan of substantial proportions is being arranged, it is countries. These treaties are expected to prove of
understood, for Czechoslovakia, while it is believed peculiar advantage to Italy, not only from a business
some more South American loans are being arranged. viewpoint but also as a means of still further cementAll this means that there will be a large and active ing international trade relations between Italy and
inquiry for sterling, since many interests find it ad- the turbulent neighboring Balkan States and, it is
visable to do the bulk of their banking in London, and hoped, serve to prevent recurrence of incidents such
simply transfer their funds to the British centre until as the recent Albanian trouble.
such time as they may be needed. Gold continues to
Aside from the activity in lire, there was very little
drift with more or less steadiness, though in small doing in the major European currencies. French
amounts, to Spain, additional shipments being re- francs remain quiescent at practically unchanged
corded this week. In the late dealings quotations levels on restricted dealings. Reichsmarks were
eased off 1-16, to 4.85 3-16, though the tone of the inactive but steady, though closing
point off.
market remained steady.
Greek currency continued fixed at or near 1.28
Referring to the day-to-day rates, sterling exchange up till the latter part of the week, when better
on Saturday last was a trifle firmer and demand bills buying induced an advance of 1.3434. Probably
ranged between 4.853i and 4.85 5-16 and cable the only other movement of any importance was
transfers at 4.85%@4.86 13-16; trading was not in what is usually designated as the leso active
active. On Monday firmness continued to prevail, list, namely the minor Central European countries,
and demand did not go below 4.85 5-16 (one rate) where Rumanian lei again took the centre of the stage
nor cable transfers below 4.85 13-16; offerings were and attracted attention because of the widespread
light. A reactionary tendency developed on Tuesday speculative operations that have been carried on of
and there was a fractional decline to 4.853 for de- late in that currency. In the initial transactions lei
mand and to 4.85% for cable transfers; the volume ruled strong on heavy buying, at 0.60. This moveof business passing was small. Wednesday the mar- ment was said to be based on the belief that stabiliket was quiet but firm, and prices continued un- zation was contemplated and that the Rumanian
changed, with demand at 4.853 and cable transfers officials were negotiating for a foreign loan. News,
at 4.85%. Dulness was the chief characteristic of however, of the serious turn in the condition of King
dealings on Thursday; prices were maintained, with Ferdinand pricked the speculative bubble and there
the result that demand remained at 4.8534. and cable was a sharp drop to 0.56, which is 11 points under the
transfers at 4.859. On Friday the market was high point touched last week. Selling was upon an
intermittently active, though irregularity in tone was extensive scale, since it is fully recognized that
apparent; the day's range was lower, at 4.85 3-16@ political affairs in Rumania are likely to be deeply
4.853j for demand and 4.85 11-16@4.85% for cable involved in the event of the death of the ruling montransfers. Closing quotations were 4.85 3-16 for de- arch. In the final dealings there was a rally to 0.61.
mand and 4.85 11-16 for cable transfers. CommerThe London check rate on Paris finished at 124.03,
cial sight bills finished at 4.85 1-16, sixty days at against 125.01 last week. In New York sight bills
4.81 1-16, ninety days at 4.78 15-16, documents for on the French centre closed at 3.90% (unchanged);
payment (sixty days) at 4.81 5-16, and seven-day cable transfers at 3.913 (unchanged), and comgrain bills at 4.84 13-16. Cotton and grain for pay- mercial sight bills at 3.80% (unchanged) Closing
ment closed at 4.85 1-16.
rates for Antwerp belgas were 13.90 for checks
So far as could be learned the only gold moving and 13.91 for cable transfers (unchanged). Reichsthis week was toward this country from Japan, a marks finished at 23.693/ for checks and at 23.7034
shipment of another $2,000,000 being reported as for cable transfers, the same as the previous week.
leaving Yokohama via the Nippon Yusen Kaisha for Austrian schillings continue to be quoted at 141
/,the
American ports. The Bank of England reported pur- same as heretofore. Italian lire closed at 4.82 for
chases of the precious metal of about £600,000, while bankers' sight bills and at 4.83 for cable transfers.
exports of small amounts to Spain and Holland were This compares with 4.71 and 4.72 a week ago. Exannounced.
change on Czechoslovakia finished at 2.963
4 (unchanged); on Poland at 11.50 (unchanged), and on
As to the Continental exchanges, the most note- Finland at 2.523/b (unchanged). Rumanian lei
worthy feature of another dull week was the sharp closed the week at 0.61, against 0.62 the week
rise in Italian lire, which carried quotations up to previous. Greek drachmae closed strong at 1.343/i
4.833/2, an advance for the week of about 12 points. for checks and at 1.35% for cable transfers, as against
This was predicated mainly on improvement in the 1.28h and 1.293 a week ago.
political outlook and favorable loan developments
As to the neutral exchanges, formerly so-called,
which stimulated buying. Trading was very active
for a while and the rise above noted constituted a trading was dull and featureless, the only movements
new high record for the current year. Announce- of note again occurring in Spanish pesetas which conment that the city of Milan had been authorized to tinue to move erratically with numerous and rather
borrow $30,000,000 abroad, which issue would in erratic price changes. Pesetas sold lower, to 17.61,
all probability be floated by J. P. Morgan & Co., which contrasts sharply with the recent high level
was regarded as an important piece of news. This of 18.13, then closed at 17.69. There was nothing of
high point was not maintained and later profit taking a tangible nature to account for the weakness, other
Ara. 9 1927.]
TEE CEEBONICLE
than selling for profit-taking, which was said to be
very heavy. The movement, however, occasioned
little surprise to bankers, who have been expecting
something of the sort for some time, for the reason
that the peseta has been advancing, with practically
no setback, for nearly six months; hence the reaction
is regarded as purely natural. Dutch'guilders were
inactive and fairly steady but unchanged. Swiss
francs were virtually stationary at 19.223/
2, while
the Scandinavians were steady within a point or so
of the levels recently prevailing, excepting Norwegian
crowns, which slipped off several points, on profittaking sales.
1
Bankers' sight on Amsterdam closed at 39.99%
(unchanged); cable transfers at 40.003' (unchanged),
and commercial sight at 39.983/ (unchanged). Final
quotations on Swiss francs were 19.223/
2 for bankers
sight bills and 19.233/2 for cable transfers. Copenhagen checks closed at 26,67 (unchanged) and cable
transfers at 26.68, against 26.653/ and 26.6634 the
previous Friday. Checks on Sweden finished at
26.78 and cable transfers at 26.79, against 26.78
and 26.79, while checks on Norway closed at 25.82
and cable transfers at 25.83, against 26.00 and 26.01
a week earlier. Spanish pesetas finished the week
at 17.69 for checks and at 17.70 for cable transfers.
Last week the close was at 18.00 and 18.01.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 2 1927 TO APRIL 8 1927, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
Apr. 2.
EUROPEri
Austria. schillIng -- .14072
Belgium, belga
I .1390
Bulgaria. lev
I .007264
Czechoslovakia, kron .029615
Denmark, krone
I .2666
England, pound II
ling
4 8572
Finland, markka
025197
France,franc
0392
Germany, reichamark .2371
Greece, drachma
.012919
Holland, guilder
.4000
Hungary, pengo ------1749
Italy, lira
.0470
Norway, krone
2596
Poland, zloty
1141
Portugal, escudo
0511
Rumania,leu
005893
Spain, peseta
1789
Sweden,krona
2679
Switzerland, franc__ .1923
Yugoslavia, dLnar____ .017581
ASIAChinaChef00, tael
.6550
Hankow.tael
.6433
Shanghai. tael
.6243
Tientsin, tael
.6592
Hong Kong, dollar- .4968
Mexican dollar
.4575
Tientsin or Pelyang
dollar
4446
Yuan, dollar
.4417
India, rupee
.3622
Japan, yen
.4908
Elingapore(S.S.),do
.5596
NORTH AMER.
Canada, dollar
1.000435
Cuba, peso
1.000125
Mexico, peso
469833
Newfoundland. dol
.997906
SOUTH AMER.Argentina. peso (gold) .9615
Brazil, milrels
Chile, pees
12
18
06
1
Uruguay, peso
1.0153
Apr. 4.
Apr. 5.
Apr. 6. Apr. 7.
Apr. 8.
.14080
.1390
.007240
.029619
.2667
.14067
.1390
.007280
.029616
.2667
.14074
.1390
.007259
.029616
.2667
.14074
.1390
.007264
.029619
.2667
4.8576
.025205
.0392
.2371
.012923
.4001
.1749
.0478
.2600
.1145
.0511
.006028
.1776
.2679
.1924
.017582
.8571
4.8568
.025201 .025210
.0392
.0392
.2370
.2370
.013118 .013234
.4001
.4001
.1748
.1749
.0481
.0478
.2600
.2599
.1146
.1143
.0511
.0512
.005818 .005847
.1782
.1768
.2679
.2678
.1923
.1923
.017578 .017582
.19071
.1390
.007245
.029615
.2667
4.8566
4.8567
.025207 .025212
.0392
.0392
.2370
.2370
.013441 .013420
.4001
.4000
.1749
.1749
.0478
.0482
.2586
.2581
.1141
.1140
.0511
.0511
.006024 .006094
.1767
.1772
.2678
.2678
.1923
.1923
.017590 .017590
.6525
.6425
.6223
.6567
.4980
.4569
.6542
.6450
.6263
.6613
.5005
.4584
.8596
.6496
.6296
.6638
.5020
.4606
.6619
.6525
.6310
.6660
.5041
.4625
.6550
.6450
.6236
.6588
.5000
.4566
.4438
.4408
.3623
.4902
.5596
.4563
.4519
.3622
.4894
.5596
.4492
.4467
.3622
.4879
.5596
.4513
.4483
.3623
.4889
.5596
.4442
.4417
.3618
.4896
.5596
1.000473 1.001071 1.000974 1.001048 1.000988
1.000125 1.000188 1.000188 1.000125 .000188
.489800 .469833 .469833 .469833 .470067
.998156 .998375 .998750 .998844 .998844
.9614
.9617
.9619
.9624
.9622
.1182
.1184
.1176
.1170
.1176
.1204
.1205
.1204
.1203
.1203
1.0175
1.0158
1.0178
1.0197
1.0184
South American exchange was dull with a tendency toward lower levels. Argentine pesos opened
weak, with a decline to 42.26 for checks, and finiihed
at that figure and at 42.31 for cable transfers,
against 42.30 and 42.37 last week. But Brazilian
milreis broke sharply, declining from the recently
prevailing level of 11.80 to 11.67 for checks and to
11.72 for cable transfers, but closing higher, at 11.75
and 11.80, as compared with 11.80 and 11.85 at
the close on Friday of last week. Chilean exchange
was firm and closed at 12.05, against 11.97, but
Peru was not changed from 3.63.
Far Eastern exchange moved unevenly. Japanese
yen sustained a setback, mainly on liquidation of long
2039
accounts, and some selling incidental to uneasiness
over recent difficulties of certain Japanese banks.
The quotation dropped from 49.20 to 48.80, though
recovering later to 49.05. The silver currencies
gained ground as a result of activity and strength
in the silver market. Hong Kong closed at 503®
50 9-16, against 49 15-16®5031.; Shanghai at 625
%
og633/2, against 62%®623
%; Yokohama at 49.00®
49.05, against 49.20®49.25; Manila at 49%®493'
(unchanged); Singapore at 561
%®563
%, against 56A
®56%; Bombay at 363i®363i, against 36%®3632,
and Calcutta at 36/3®3614, against 36%®363/
2.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,831,200 net in cash as a result of the
currency movements for the week ended April 7.
Their receipts from the interior have aggregated
$5,920,200, while the shipments have reached $1,089,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended April 7.
Banks' interior movement
$1.089,0001
Out of
Gala or Lass
Banks.
to Banks.
$5,920,200
Gain
4.831,260
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, .it is no longer
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. 4.
Apr.2.
Tuesday, Wednesd'y, Thursday, Friday.
Apr. 5.
Apr.6.
Apr.7.
Apr.8.
Agrema
for Week.
8
8
128 000000 117 000 000 83.000.000 100.000 000 99.000,000 107.000000 Cr.634.000.000
Note -The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented in
the dally balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
April 7 1927.
April 8 1926.
Banks of
Gold.
Silver.
I
Total.
Gold.
Silver.
Total.
2
I151,300,457 196.655.218
England 151.300.457
146.655.218
France --- 147,340,268 13,680,000 161,020,268 147,360.586 13,280.000 160.640.586
Germay
87,514.050 c994,600 88.508.650 56.775.350
994,600 57,789,950
103,537.000 27.903,000 131,440.000 101,475.000 26,674,000 128,149,000
Spain
45,767.000
Italy
, .
3,413,000 39.107.000
. .
.
Netherl'ds. 34,939,000 2,290.000 37,229.000 35.765.000 2,154,000 37,919.000
Nat. Brig 18,077.000 1,145,000 19,222,000 10,954.000 3,674,000 14.628,000
Switzerlyd_ 18.327.000 2,890,000 21,217.000 18,703.000 3,678,000 20,381,000
Sweden __ 12.353.000
I 12,353,000 12,757,000
12,757.000
Denmark 11,202,000
834,000 12,036,000 11,623.000
842,000 12,465.000
Norway __ 8,180,000
I 8.180,000 8,180.000
8,180,000
Totll week638.536,775 53,975,600692,512,375 583,942,154 54.709,600638.651,7U
P1ey. week637.368,815 53,884,600691.253,415 584,081,883 54,582,000638,664,483
aGold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year 18 £5.069,400.
c All of Oct. 7 1924.
The O'Fallon Case and the Theory of Railway
Valuation.
The decision of the Inter-State Commerce Commission in the case of the St. Louis & O'Fallon Railroad,
extended extracts from which were given in our
issue of last week, raises questions of the utmost
importance for the future of Federal railway regulation in the United States. The Commission is at
pains to point out that the proceedings before it
can "in no sense . . . properly be treated as lawsuits," that "there is no controversy between disputants,each contending for protection of its rights,"
but that they are "purely administrative proceed-
2040
THE CHRONICLE
[VOL. 124.
It was objected by counsel for the O'Fallon road
jugs wherein we are following the direction of Conin general by the representatives of other roads
and
furin
used
be
fund
to
contingent
a
gress to -create
who
argued their claims before the Commission, that
transporrailway
the
of
in
public
interest
therance
tation." The disclaimer is valid enough, and there the method adopted by the Commission was erroneseems little reason to doubt that the decision made ous and unjust, and that the "fair value" of a railby the Commission will in due course be reviewed by way, upon which it is by law allowed to earn a "fair
the courts, and ultimately by the Supreme Court; return," was to be determined by current cost of
but the power which is conferred upon the Commis- reproduction. The majority of the Commission, in
sion by law, and which it has exercised in what ap- their decision, offer an elaborate refutation of this
pears to us a debatable way in the O'Fallon case, contention. The variation in wages and prices from
together with the finality which attaches to its rul- year to year, in comparison with the basic levels of
ings unless the rulings are set aside by the courts, 1914, would, it is urged, if applied to an annual
make the precedent which the Commission has estab- valuation of the roads for the purpose of determining
lished one of which every railway corporation in the rates and the amount of net operating revenue to be
recaptured, result in impossible disparities. "Wide
country must take notice.
The specific question before the Commission was and frequent fluctuations both up and down," the
the determination of the amount of net operating Commission declares,"are inevitable" if current cost
income of the O'Fallon road for March-December of production is to be used as the basic measure.
1920, and the full years 1921, 1922 and 1923, which Applied to the railways of the country as a whole,
should be subject to the recapture provisions of the an assumed value of $18,000,000,000 at 1914 unit
Transportation Act of 1920. Section 15a, subsection prices of structures existing June 30 1919 would
(6) of the Act provides that if any carrier "receives have become, under the ratios employed,4L4 billions
for any year a net railway operating income in ex- in 1920, 35.1 billions in 1921, 28.3 billions in 1922
cess of 6% of the value of the railway property held and 31.3 billions in 1923, "without change in the
for and used by it in the service of transportation, railroad property used in the public service other
one-half of such excess shall be placed in a reserve than the theoretical and speculative change derived
fund established and maintained by such carrier, from a shifting of general price levels."
The Commission had no difficulty in demonstratand the remaining one-half thereof shall, within the
first four months following the close of the period ing that the application of the "current reproduction
for which such computation is made, be recoverable cost doctrine," as they call it, for the purpose of
by and paid to the Commission for the purpose of determining valuation as a basis of rate making, if
establishing and maintaining a general railroad con- based upon a varying ratio of prices in comparison
tingent fund as hereinafter described." The reason with the 1924 basic unit of 100, might, and in many
for the recapture of excess earnings is declared in cases doubtless would, result in changes of valuasubsection (5) to be because "it is impossible (with- tion from year to year so extreme as to be almost
out regulation and control in the interest of the com- fantastic. It does not by any means follow, howmerce of the United States considered as a whole) ever, that because the theory which the Commission
to establish uniform rates upon competitive traffic has rejected is impracticable, the one which they
which will adequately sustain all the carriers which have adopted is sound. A reading of the majority
are engaged in such traffic and which are indispen- decision suggests that the members of the Commissable to the communities to which they render the sion who concurred in it were at least as much conservice of transportation, without enabling some of cerned in determining the amount of net operating
such carriers to receive a net railway operating in- income subject to recapture as they were in fixing
come substantially and unreasonably in excess of a a proper valuation of the O'Fallon road. Both subfair return upon the value of their railway property jects, to be sure, are devolved upon the Commission,
but the primary purpose of valuation, as indicated
held and used in the service of transportation."
The method followed by the Commission, in inter- by the statute, is to afford a basis for rates which
preting and applying these provisions of the Act, should allow of a fair return on the property of the
was, in substance, to estimate the reproduction cost railway actually used in transportation. The objecof the railway property as of June 30 1919, on the tions, which are weighty, to the method followed by
basis of the 1914 level of prices, and to add to that the majority are presented with clearness and force
amount, for each of the succeeding valuation years, in the opinions of the four members of the Commisthe amount of subsequent investments in the prop- sion who dissented, and as those dissenting opinions
erty less depreciation. The determination of repro- were omitted, from lack of space, in the extracts
duction value as of 1919 was made by means of an from the decision which we printed last week, they
inventory of the property by the Commission's en- may appropriately be summarized here.
Commissioner Eastman, while concurring in the
gineers, together with resort to such records as
would throw light upon actual expenditures or other results reached in the O'Fallon case, reaffirmed the
elements of cost. For the period subsequent to 1919 position which he had already taken in the San Pedro
reliance was placed primarily upon the returns made case, that the "best and fairest" value for rateby the carriers under valuation orders of the Com- making purposes "is the honest and prudent investmission, with due regard to the element of deprecia- ment in existing property." As far as structures
tion. The present value of the carrier lands, on the are concerned, "the report in this case adopts much
other hand, was based upon "the fair average of the the same principle," but "in view of the fact that the
normal market value of lands adjoining and adja- trend of the price level was on the whole continually
cent to the rights of way, yards and terminals of the upward from about 1896 to 1920," Mr. Eastman was
carriers as of valuation date," such discrepancies as "not convinced that the use of 1914 unit prices in
resulted being left for adjustment when the final estimating cost of reproduction will produce a result approximating the reasonable money outlay in
valuation was fixed.
APR. 9 1927.]
THE CHRONICLE
2041
the property, where much of it was constructed or if, by the legal metho of valuat
d
ion, value and rate
installed long before 1914." The use of "present of return can be
so reciprocally adjusted as to provalue" of lands, on the other hand, while not impor- duce the result descri
bed correctly by the majority
tant in the O'Fallon case, produces very different as the goal of regula
tion, what becomes of the maresults in the case of a railway with "extensive land jority's lurid pictur
e of the distressing consequences
holdings in the heart of great cities." "There has which it thinks are
inherent in the application of the
never been any proof," Mr. Eastman declares, "that valuation principles declar
ed by the Supreme Court
if a carrier were able to sell the land which it uses as the law of the land
?"
for railroad purposes, it could command prices apThe Inter-State Commerce Commission has taken
proaching the values which adjoining land enjoys about thirteen years
to arrive at a tentative valuawith the railroad in operation. . . . The land- tion of the railways of the
country, and has spent
value doctrine followed in this case apparently some $120,000,000
on the undertaking. The anmeans that when land has been donated by the State nouncement
which it has just made of the principles
or by individuals to a railroad in aid of construc- upon which it
has proceeded appears, however, to
tion, the'carrier from the moment it begins opera- have added confus
to
ion and apprehension instead of
tion is entitled to exact from the public served a full clearing the air.
Whether it will be practicable, on
return upon the value of that land based on the then the principles which
the Commission has adopted,
market value of adjoining lands. I am unwilling to to base rates
upon the valuations as finally deterbelieve that the Constitution is an instrument of mined, withou reinst
t
ating the gross inequalities
public oppression."
which it has been one of the tasks of the Commission
Commissioner Hall, speaking for himself and for to remove, is not clear,
but it is hard to see how the
Commissioners Aitchison, Woodlock and Taylor, lines which the
Commission has followed can lead to,
while not objecting to the use of 1914 unit figures in an equitable fixing
of charges for transportation serascertaining the 1914 reproduction cost of carrier vice. The Supre
me Court, in the Los Angeles & Salt
structures then in service, dissented from "the use Lake case,
was able to defer its own entry into the
made of them in determining values in 1923 without controversy
until such time as the Commission
application of corrective factors or cure of recog- should
undertake to enforce rates based upon its
nized discrepancies in the adjustment, of values valuation.
In the meantime the whole matter of
which we should now make to the later date, the date investment
in railway securities is clouded by the
of inquiry or recapture." "The rate-making value impending
application of a scale of values which few,
arrived at for the successive recapture periods, as if any, of
the railways will recognize as correspondfor example the year 1923, rests upon 1923 marke ing to
t
actual fact, and by the segregation of millions
value of lands; costs of other property instal
led in earnings for problematical recapture.
since June 30 1919; unit prices of 1914, enhanced
by
allowance for increased cost of units installed durThe Tyranny of Majorities.
ing June 30 1914-1919; and, for the units instal
led
We who proclaim the nature of individualism as
prior to June 30 1914, constituting by far the major
the law of life and the basis of government must
part of the property, unit prices of 1914 without any
continue to give reasons for our faith, in the face
enhancement whatever. As to this major part of the
of ever-increasing organization and standardization.
carrier's property devoted to carrier purposes
in Macaulay, likening democracy to the shifting
sands
1923, no consideration is given to costs and prices
of the seashore, is not without justification in the
then obtaining or to increase therein since 1914."
number of autocracies that have followed the war,
Finally, Commissioner Woodlock, who found himwhich was to establish the principle of self-deterself in "fundamental disagreement" with
the main mination and make the world safe for
republics. Popeconomic arguments of the majority,
pointed out ulation, under the three forms of
government, monthat "the investment theory of value urged
by the archical, autocratic and republican,
continues to inmajority equates railroad property with the
dollar," crease and congest. There are no
new continents
whereas "the only real and effective
stabilization" is. to conquer. The temperate zones,
north and south,
in the principle of valuation set forth in the
decisions are destined for ages to come to hold
the bulk of the
of the Supreme Court, which "equates
railroad prop- people. And in some form
and to a certain extent,
erty with all other forms of property." Until
the dol- organization and standardization,
in life and governlar is stabilized, it should not be used as
a standard ment, seem an inevit
able part of the advance. But
of stabilizing the value of property. In
asserting, Governments are made for
men according to our
as the majority of the Commission do,
that "what- democratic creed. In a
recent article by former
ever the rate base, we are enjoined and
required to Solicitor-General James M.
Beck, he shows very
so adjust the fair return that investment
in railroad clearly that the Found
ers, turning away from feudfacilities will be encouraged and promoted
and the alism, instituted a limited Gover
nment, which not
companies maintained in good credit," a
correct in- only was based upon the
inalienable rights of the
terpretation is given of "the true principle
of rate individual, on his natura
l rights, but so declared the
regulation for public utility corporations."
"Why," preponderance of majori
ties, two-thirds and threeMr. Woodlock pertinently inquires, "cannot
that fourths, that even majority rule
was restricted in
adjustment be made with values found as
the Su- favor of guaranteeing
and protecting these inalienpreme, Court indicates that they should be
found? able rights in the intere
st of the freedom of the inThe majority lays stress upon the
difficulty and dividual and
the sovereignty of the people. And we
inconvenience of ascertaining values accord
ing to may carry this thought
into our economic and social
that method, and upon the simplicity
and ease of life.
application of the method which it
advocates. A
Someone has lately unearthed an old letter from
thing is not impossible merely because it
is difficult, Governor Morris
to Senator Tracy in which the folnor is the easiest way necessarily the right
way; and lowing statement occurs: "The idea
that two-thirds
2042
THF CHRONICLE
of the whole number of Senators and of the whole
number of Representatives are required by the Constitution to propose an amendment, is certainly correct." Since the Eighteenth Amendment was "proposed by two-thirds of a majority of both houses,
but not by two-thirds of the full membership" it is
argued that its submission was unconstitutional and
should not now stand. We cite this, however, only
to show that the whole spirit, and if this fifth
article stands, the letter, of the framers of the Constitution was against our current acceptance of the
right of sovereignty and rule of majorities in a truly
democratic form of government when the natural
rights of the individual are invaded or threatened.
In other words, there are some things which even a
gSvereign people cannot do, by means of government
by mere majority, without turning the rule into an
autocracy. How much less, then, can society and
business be required to submit to commissions and
bureaus set up by majority vote in legislative bodies
themselves bound to follow the Constitution in all
that they do! Yet even as fundamental a natural
law as that of supply and demand is recently attacked in a proposed farm relief bill that would collectivize farmers and standardize the sale of their
products.
• However, we pursue this line of thought for another purpose. We can enervate and destroy this
individual by regarding him only in the mass. When
the individual no longer exists, individualism as a
principle and factor in life will cease. It is an old
and somewhat discredited and disregarded statement that men follow their leaders, the manners and
customs of life, like a flock of sheep. It is said that
the masses of the people do not think for themselves
and do not want to think. It is charged that even the
press is commercialized and follows self-interest in
its policies, appealing to popular taste, and catering
to numbers. There is a modicum of truth in all these
• sayings. And if it be true that wealth, place and
power are the objects of life, society is crowded with
candidates for success. But every time a natural
individual right to be and to do is taken away by a
frenzied rush to accomplish the atandard set by those
who attain these three things, power, wealth and
position, then the individual becomes that much less
an independent factor in affairs. Society can become as great a tyrant as the State. But who now
actively resists the trend of affairs, the insatiate desire for pleasure, a so-called equality, and a riotous
eagerness to possess the best and most of everything?
On the contrary, there has been so much laudation of standardization and collectivism in education, religion and business, in the theory of power
through union, that the freedom of thought is perishing with the freedom of initiative and enterprise. A
man who pleads for contentment, humility and avoidance of the loud canons of customs is regarded as a
Jeremiah—an enemy of progress and a stumbling
block to the people. Preach personal economy and
you are held to be an enemy of trade. Predict that
spending more than is earned is a sure road to bankruptcy and you are derided as a scarecrow. Promise a better life by simple living and you are called
"tightwad" and a "slow-poke.", And the result of
this attitude of mind is the creation of a host of promotion clubs and associations for overcoming the
natural growth in the good things of life and the sub-
[VOL. 124.
stitution of artificialities that glitter and charm and
confuse—to the end that no life can be lived according to the rights and privileges of the individual.
Men are not naturally drones. But talk to men you
casually meet in life of the seriousness of living and
note how soon they will turn away, believing you are
the crank.
Scientists talk to us of mob psychology, of the
vagaries of the crowd, of the impetuosity of the herd,
and we indulge ourselves with the belief that individually we are not of these. Yet we rush into section, class and bloc, to accomplish some asserted
form of political power, to reach some method of material gain, to wrest by law some means of vaunted
"equality." The people are overborne by government. Paternalism is authorized by the tyranny of
parties, and we are constantly counting noses to see
where we stand, not as persons but as a compact
body. We may be Democrats or Republicans, modernists or fundamentalists, capitalists or workingmen,farmers or manufacturers, reactionaries or progressives, but whatever we are we are no longer individuals. We have almost ceased to think of ourselves as such.
The "independent" is a lonely and isolated figure.
Every day, month and year, of varying magnitude,
some association is formed to take control, by the
weight of numbers and opinion, of those who think
differently and dare to live according to their own
lights. "Liberty under law" is fast disappearing.
Can we live, as individuals, without law? .By no
means. But we cannot live as individuals when law
instead of protecting our natural freedom confines
and circumscribes it in those phases of existence, in
the exercise of natural rights, that concern us in our
thought and energies, and concern ourselves alone.
We wonder why only about half the people vote.
There are many reasons. But one reason is that
there is such a clamor for rule by majorities, such a
fever for associated effort, that serious-minded citizens see themselves rushing into the crowd that disregards them for the mere triumph of the mass.
Why try to stem the tide? Why try to oppose the
fever and fanaticism of the force of numbers? We
cannot even be for peace without incurring the censure of those who foresee war. We cannot worship
God according to the dictates of conscience without
being called agnostics or infidels because we do not
conform to some one sect or ritual. And yet in all
these things, in every mind and heart, there is a reservation. We do think and love and toil as individuals. We say it is not according to my oton desire,
opinion,reasoning, but what would you? Majorities
rule, and that is the end of it. A lost principle is
that which declares "minorities have rights which
majorities are bound to respect." Who now respects
a minority? Get out of the way, or be run over!
And not wishing to be trampled to death, we turn
the highways of life ino the private preserves of majorities. And nothing loth, majorities vote upon us
their wills and their ways.
There is a saying "as well to be out of the world
as to be out of the fashion." Tolerance? We preach
it, but who practices it? We are so enervated by the
turmoil that we strive for quietude by retiring from
the scene. To assert individuality is almost equal
to being called an egotist. Congress passes a McNary-Haugen monstrosity and the President shatters it with logic and vetoes it. Thereupon the corn-
APR. 9 1927.]
TrIA
CHRONICLE
placent looker-on, who took no trouble to think it out
for himself, says: "Senators and Representatives,
after deliberation passed the bill; they are capable
men; why should I follow the President? Does he
know more than a majority of the members of Congress combined?" Too listless, or weak, or indolent,
to think, he is willing to follow those who come nearest to his idle wishes. Government, as embodied in
a Constitution, fast passing into a bureaucracy, and
well, "what can I do—majorities rule"! Sands of
the seashore, rather irresponsible numbers "running
with the hounds" and "crashing the gate" in order to
win. If only we can pass the law, the law will be
right! And so the whirl continues; "on with the
dance." Borrow and spend, mortgage and enjoy,
dream, desire and progress, the majority of to-day
owes nothing to minorities or future generations!
What pessimism! If each waited upon the other
what would be accomplished? The person who elbows his way, though it discomfits his fellows, at
least gets on. If we wait upon the needs and rights
of an unborn generation we will die in poverty and
despair. Optimism, that is the force which moves
the world. "Onward, Christian soldier"—that is
the battle cry! But the twelve disciples chosen were
humble men, and never thought of organizing an
army or even marched in a crusade. "The simple
life"—what a quick-vanishing dream that was! Sitting under one's own vine and fig tree, what frightful inertia, in a land of skyscraping apartments, flying machines and whispering world galleries! And
since minorities once aroused may become dangerous, may get in the way of the "consensus of opinion," let us denominate it in the bond, let us foster it
in the law, incorporate it in the Constitution, that
we may punish those who interfere. Tyrants have
been beheaded, but who can guillotine a majority
opinion fixed in the Federal statutes? Even the individuality of States is passing away.
Dean Inge's England.
Dean Inge's England as the latest issue in the
series on "The Modern World," which Scribner's
publishes, is not to. be overlooked. The British Empire as an Imperial Dominion embracing over 400,000,000 people, with its roots in the ancient past, its
grasp upon the future and its commanding position
to-day is examined by a man of exceptional intelligence writing with a grave sense of responsibility.
The report is compressed into a half dozen weighty
chapters, each of which would command separate
notice. The heart of the book will be found in the
chapter on the Empire. England's chief danger is
in the anti-social, unpatriotic sectionalism which is
the curse of industrial civilization, and appears in
all the phases through which western civilization
to-day is passing. The "Soul:of England," to which
he 'gives large place, has its home in the rural life
of England now rapidly constricted, but which suddenly found voice in the poetry of the war. The
nation may well brace itself against the pressure of
the new world which is here, whether we like it or
not, but.it can remain free only as it is true to itself
and is one at heart. England has produced a fine
type of manhood which has taken various forms
since it gained expre. sion in the spacious days of
Queen Elizabeth, and which Dean Inge thinks was
never so strong or decided as it is to-day. The Englishman is governed by a certain inner atmosphere and
2043
by home loyalties which are rarely outgrown. Despite
the present surrender of a mass of the workingmen
of England to the orders of a revolutionary junta
which commands and taxes them, no other class of
Englishmen has been led to submit to this sort of
discipline in support of its own Interests, and when
the challenge was issued the people of every class
arose and crushed it.
Pointing out that the Commonwealth of self-governing States which now compose the British Empire and the United States with its Federal Constitution are the two most important successful political experiments since the great days of Rome, he
reviews its history. It may well concern us.
England's Empire is largely a result of her geographical position. This shielded her freedom from
continental entanglements which handicapped
France, Holland and Spain, and enabled her to take
full advantage of the trade routes of the Atlantic
opened to her in the sixteenth century. Drake circumnavigated the globe in 1579, proclaiming the sovereignty of his country; the great group of merchant
adventurers and chartered companies sprang up,
and the imagination of the peoples was fired. Discovery, enterprise and colonization followed in the
seventeenth century. By 1700 British settlements
extended for 1,000 miles along the Atlantic coast of
North America. England possessed 13 colonies when
she added Georgia in 1732 and then lost the greater
part of them in the American Revolution, largely
through restriction of trade, which was universal in
the seventeenth and eighteenth centuries, and the
quarrel over taxation, coupled with the long hostility
between England and France.
Canada became a new experiment in Colonial history. Her English-speaking population grew in 50
years,from 1791 to 1841,from 10,000 to 400,000; and
there has been no question as to her loyalty to Britain since then. Ceylon, the Cape of Good Hope,
Guiana, Trinidad, Australia, Tasmania, Sierra
Leone, India, the Malay Peninsula, have one by one
been acquired. There is much evidence adduced
that independence for them was in mind from the
first, and they have been variously administered.
The first Colonial Conference was held in 1867. At
the second, in Ottawa, a Federation League was
formed; and at the third, in 1906 in London, the
title of Imperial Conference was adopted and -regular sessions agreed upon. Imperialism culminated
in the Boer War in 1899 with self-government as the
result.
With the opening of the nineteenth century Humanitarianism became a new and definite motive in
the hearts of men and nowhere in Europe has it been
more evident than in England. It led to the abolition of slavery and opened the way for a new spirit
and a new policy among the nations. This developed
slowly until since the Great War it has become a
recognized power.
Colonization meanwhile was the definite policy of
England and her greater colonies grew rapidly. The
Australian Federation, the Dominion of Canada and
the Union of South Africa are the result. The problems of Central Africa and of India are in the way
of Solution, and the Empire has every evidence of
both wisdom and permanence. Despite the tares,
persistently sown among the nations in Europe, that
produced the war, the British Empire, whatever is'to
be her future, hag-maintained her prestige and unity,
2044
THE CHRONICLE
and there is_abundant evidence that in view of Germany's ambitions America was saved from what
would have been a situation of gravest difficulty bad
Britain's course been different. It has long been the
comforting hope of the English-speaking nations that
in the advent of mad militarism threatening civilization they would unite in a common defense. That
hope is reinforced by the experience of the war.
Without the sea power of the Allies Russia would
have been helpless and would have had to surrender
before the end of 1915. The sea power made the war
one of attrition and this prevented Germany from
winning. The peace and deliverance that were won
at last will long be imeparable from the memory of
the methods of savagery that characterized the first
attack and make the very thought of a recurring war
intolerable.
The cult of nationality has been the parent of
national aggression as human passion is of individual crime. To-day it is apparent that if war should
occur civilization is in immediate peril and the capitals of the nations and the chief centres of population and of industry would inevitably be destroyed.
War defeats the plans of Socialism, but it destroys
humanity.. Instead of breaking up the Dominion, as
was the confident hostile expectation, it solidified it.
Nevertheless, the weakness in all lines of effective
united action of the Imperial Government is set forth
by Dean Inge in surprising but calm and positive
terms which may well be kept in mind by all who
would face future,events with intelligence. Membership in the Empire carries no equality of sacrifice.
The Empire would go to pieces under such a demand
once more, as it did when it lost the American colonies under the pressure of taxation without representation and the application for a contribution to
relieve England's war debt. The Empire holds together because of good-will, not because it could bear
any strain.
All this is set over against the world-wide demand
for Democracy, and the danger is that the decision
will not be that the world is safe for democracy but
that the war has made democracy an unsafe form of
government for the world. England with her patient
toleration of all forms of anti-social combinations
is still "a going concern," but it is far from clear
how long it will continue or what will be the next
step.
Meanwhile Italy is the leading instance of a Government free from the necessity of conciliating, bribing or consulting turbulent and dissatisfied elements, and with all power in the hands of a dictator
governing with absolute miltary force a people who
are for the time content to accept abundant material
prosperity at the price of the loss of freedom and
deliverance from the chaos of Syndicalism and industrial strikes. This form of social democracy is
what threatens Europe. The fear of it was one of
thrmotives that led Germany to draw the sword in
1914. The desertion of three Socialistic regiments
at Caporeto nearly involved the entire Italian army
in destruction. Spain suffers from constant class
warfare. It acts in every land as a contagion in industrialism, arising among.the poor, spreading in
the higher class of workingmen and most violent
among the young. The leaders count upon the docile
obedience of the crowd without debate and do not
pretend to be democratic. Instead they jeer at democracy. Its gospel is definitely of hate and Fas-
[Vol.. 124.
cism is its expression. The fever burns fiercely in
its early stages, but there is evidence that it slowly
passes, following the law of infectious diseases.
Meanwhile our author holds that there is enormous improvement in the condition of the working
rdan; his home is a far more civilized habitation, cleaner and more comfortable. His selfrespect is marked and his moral condition has risen
with it. Among the higher classes of society there
is a reversion to the looseness of conduct which prevailed a century and more ago, but which had largely
passed. Still drunkenness is much less prevalent than
formerly. The spread of education now on all sides
demanded is promotive of better conditions. The
Anglo-Saxon love of liberty and capacity for organizing social life on the basis of freedom and respect
for individual rights, and recognition of the fact
that the ultimate test of a civilization is the kind of
men and women it produces, support the conviction
that the moral soundness of a people is the condition
of their permanent progress and their power to
weather a storm.
Education is not in itself an adequate remedy for
barbarism, but it is the ladder by which those who
will may rise out of it. It needs always to be adjusted to the fitness of men for their truest life and
best work, and this is what Christianity holds up
as a possibility and ideal of belief and conduct for
all. Over against evil in every form it is a salt and
a leaven. It makes the individual in many ways a
new man and for society it is a "transvaluation of
all values," a new truth as to man's relation to the
universe and to God. It is more than a promise and
a hope. To humanity it is an assured advance in
the face of every obstacle, and to every Man the open
door to the realization of a new life.
Mercantile Insolvencies in March and the First
Quarter—The Bank Failures.
Insolvencies continue more numerous than in the
past two years and liabilities this year are heavier,
but the statement for March, which was issued this
week, is slightly better as to the number of defaults
than that of the two earlier months of 1927. There
were 2,143 commercial failures in the United States
last month, according to figures compiled from the
records of R. G. Dun & Co., on which our comments
are based, with total indebtedness of $57,890,905.
The number for the much shorter month of February
was 2,035 and for January, the high point of the
year, 2,465. For March 1926 1,984 commercial defaults were reported, with liabilities of $30,622,547.
The ratio of these defaults for March this year to
each 10,000 business firms is 113.8, while for February it was 133.8 and for January 141.9. These
figures are in each instance from seven to 14 points
higher than for the corresponding months of last
year, and are likewise above the average for the
five-year period, 1921-25, inclusive. In the first
quarter of 1927 there were 6,643 commercial failures
in the United States for $156,121,853, as against
6,081 defaults in the same period of last year, involving $108,460,339. There have been only two years,
1922 and 1915, in which the number of mercantile
failures in the United States during the first three
months of the year have exceeded those of 1927.
Defaults last month were more numerous and the
liabilities much heavier, for each of the three classes
into which the report is divided than for March 1926.
APR. 9 1927.]
•
THE CHRONICLE
The March figures this year show 569 insolvencies
in the manufacturing division for $22,367,655; 1,468
trading defaults involving $28,191,482, and 106 failures of agents and brokers with $7,331,768 of indebtedness. The corresponding figures for March last
year were 469 manufacturing insolvencies for $9,861,821; 1,424 trading defaults with liabilities of $18,622,793 and 91 failures of agents and brokers for
$2,137,933. Unlike the two preceding months this
year, manufacturing lines make the least satisfactory showing; earlier in the year it was the trading
division that was so distinguished. Ten or the fourteen leading branches of business into which the
manufacturing group is divided reported more defaults last month than a year ago. The noteworthy
increases included lumber, clothing manufacturing,
bakers, machinery and tools and leather lines, the
latter including manufacturers of footwear. There
was heavy augmentation of liabilities in manufactures of cotton goods, due mainly to one very large
insolvency; in manufactures of lumber; of leather
goods, and in the class embracing printing and engraving.
In the large trading division six of fourteen
classes into which the March reportis separated show
fewer defaults than a year ago, among them general stores, dealers in hardware, in jewelry, dealers
in hats and furs, and hotels and restaurants. On
the other hand, more defaults occurred last month
than in March last year, among grocers, dealers in
clothing, in dry goods, shoes, drugs and furniture.
The heavy liabilities in the trading division last
month were among grocers, dealers in clothing, dry
goods and furniture, only one of the fourten important groups showing smaller losses this year than
last, and that one general stores. As in both preceding months, this year's failures among agents and
brokers were much more numerous and for a much
larger amount than a year ago.
The statement of large failures for March this year
will explain the heavy increase in indebtedness reported for that month, 76 defaults, where the liabilities in each instance exceeded $100,000, accounting for 31,853,900 of the total indebtedness. A year
ago there were 45 similar defaults for only $9,393,189. Omitting the large insolvencies from the March
figures this year, the number remaining is 2,067,
with total indebtedness of $26,037,000, an average
for each failure of $12,597. Similar figures for
March 1926 show the defaults under $100,000 each
in amount to number 1,939 for $21,229,358, the average for each being $10,949. There were twice as
many large failures for three times the amount of
indebtedness in the manufacturing division last
month as in March of last year; in the trading division this year the number of large defaults also exceeded those of a year ago, and the liabilities increased nearly three times, while for agents and
brokers the increase in number was three times and
in indebtedness ten times the amount shown in
March 1926.
With the completion of the statement of insolvencies in the United States for March, the report by
States for the first quarter of the year is available.
The increase in the number of commercial failures
this year to date is relatively greater in the South
than in the other divisions of the country. There
was a larger number of defaults in the New England
States and in the Central West this year than dur-
2045
ing the corresponding period of last year. A small
decline, however, from the number reported a year
ago, appears for the Middle Atlantic States, for the
Far Western States, and for those of the Pacific
Coast. Furthermore, the total liabilities reported
for the first quarter this year are 44% higher than
for the first quarter of 1926, and the group embracing the Far Western States is the only section in
which there is a decline in indebtedness. There are
notable increases in the eight other sections into
which the United States is separated, the augmentation to a considerable degree being caused by the
large failures. In the first quarter this year there
were 1,481 manufacturing defaults, with liabilities
of $52,882,307, against 1,426 similar insolvencies a
year ago for $36,778,090; 4,818 trading failures involving $76,127,549, against 4,402 in the first quarter
of 1926 for $60,451,940, while for agents and brokers
there were 344 defaults involving $27,111,997, compared with 253 a year ago for $11,230,309.
In the New England States more failures occurred in Massachusetts this year and the gain in
liabilities was largely in the manufacturing division. Defaults in Connecticut were also more numerous this year, although the manufacturing indebtedness in that State is considerably less than
it was a year ago. Some increase also appears for
New Hampshire and Rhode Island. There were
fewer commercial defaults this year in New York
State than last year and the same is true of Pennsylvania, but for New Jersey the number shows a
gain. All three States report much larger liabilities
this year than last. The increase at the South is
quite general as to most of the States. Florida
makes a particularly unfavorable showing; commercial defaulfs for that State numbered 167 this year,
against only six a year ago, with liabilities of $3,923,844 in contrast with $397,700 for the first quarter of
1926. Fewer failures this year are reported for
West Virginia, North Carolina and Georgia. In
Texas there are 260 for the first quarter this year,
with $5,184,875 of indebtedness, against 200 a year
ago for $2,300,717. The number and liabilities were
also much larger this year in Tennessee, Arkansas,
Oklahoma, Mississippi and Alabama. The increase
in the South is mainly in the trading division, although a large manufacturing default in Tennessee
and some heavy failures among agents and brokers
in Florida and Georgia added to the liabilities for
those States.
In the Central and Western States there are a few
declines. Ohio and Michigan exhibit increases this
year both in number and liabilities, but Illinois and
Indiana show a slight reduction in the number,
though a larger indebtedness for each State. There
are fewer failures this year than last in Minnesota,
Montana and Colorado, but the liabilities continue
heavier except for Iowa, Nebraska, Montana and
Colorado. Quite an increase appears for Missouri,
the indebtedness being particularly heavy for the
classes embracing manufactures and agents and
brokers. The decrease in the number of defaults in
the three Pacific Coast States is wholly in California and Oregon. Defaults reported for Washington
this year to date are more numerous than a year ago.
Liabilities are also much heavier this year than last,
particularly in California and Washington, and especially in the division embracing manufacturers. Total liabilities for the class embracing agents and
2046
Dill CHRONICLE
brokers are nearly two and one-half times greater
than in the same period last year, owing to the large
failures reported in New York, Pennsylvania, Georgia, Florida, Illinois and Missouri. For these six
States, the amount of indebtedness in this division
is nearly 90% of the total for all States.
Banking defaults in the United States for the first
quarter of 1927 are again somewhat more numerous.
They number this year to date 174, with liabilities of
$65,801,527, these figures comparing with 94 similar
defaults for the first three months of 1926, with V5,893,778 of indebtedness. The six Central Western
States, embracing Minnesota, Iowa, Missouri, the
Dakotas and Kansas again show the largest number
of bank failures, 81 for that section comparing with
62 for the first three months of last year and $15,282,470 of liabilities with $19,278,000 a year ago.
In the South Atlantic States there were 22 banking
defaults in the first quarter of this year with V9,405,000 of indebtedness, ten of this number being
located in Florida, for $27,260,000 and eleven in the
Carolinas owing $1,360,000. There was also one
small bank failure in Georgia. In the Central Southern States 41 banking defaults occurred during the
three months this year, 20 of them in Texas, while
the others were scattered throughout the States of
that section. The Central West shows 18 bank failures, nearly one-half in Indiana, with four each in
Ohio and Wisconsin. In the Far West nine banking
defaults occurred, while the three Pacific Coast
States report 12, only one of which, a small institution, being accredited to California. Nearly 90%
of the bank failures this year, both as to the number
and the total liabilities, occurred in the Central
States and in the South.
The Railways in Jugoslavia—Criticism and
Reply.
New York, March 30 1927.
To the Editor of the Commercial cf Financial Chronicle:
Dear Sir: Having recently returned from a trip to the
Balkans I naturally was much interested in an article on
the Jugoslav railways written by Captain Cordon-Smith,
vide your issue of March 12.
However, I think the article is very much biased and in
some respects inaccurate. In column 2, paragraph 3, he
blames the Austro-Hungarian monarchy for a "policy" of
keeping the Serb-Croat provinces in a "separate watertight"
railroad compartment. This is very doubtful, to say the
least. The monarchy did, it is true, centralize its railway
communications at the two capitals, but for manufacturing
reasons, most of the factories of Austria and Hungary being
situated in Vienna and Budapest. The proof is that both
these countries to-day suffer from the same lack of transversal communications of which Captain Gordon-Smith
complains. And it is worthy of interest that the "most
important line"—that between Ogulin and Kin (p. 1423,
[VOL. 124.
col. 2, last paragraph) was surveyed and building was
started by the Austro-Hungarian Governments.
Reference p. 143, col. 1, par. 1. Captain Gordon-Smith
states that Hungary was obliged by treaty to send 3,000
skilled laborers to aid in the work of railway reconstruction.
I happen to know the peace treaty pretty well and there are
certainly no provisions for sending laborers from Hungary
to Serbia.
In p. 1423, col. 2, par. 7, the figures quoted seem to be
misleading, as the 1913 figures refer only to Serbia, while
the 1924 figures (next paragraph) include Croatia, Bosnia,
Slovenia, Dalmatia, Montenegro, etc. But the writer makes
no mention of the fact.
Finally (p. 1424, col. 1, par. 4), Captain Gordon-Smith
states that "all these lines have been constructed out of
current revenue." In paragraph 10 he says: "For the
achievement of a work so enormous in value and extent only
one internal loan of 500,000,000 dinars was issued in 1921,
while 359,041,000 dinars was contributed from the $10,000,000 of the Blair loan floated in New York." There seems to
be an error somewhere here, and I should like to know
which of these conflicting statements is true. •
In most other respects I agree with the writer, and I
merely draw your attention to his misstatements for the
benefit of the public.
Yours Faithfully,
T. T. C. MARTYN.
We have referred the above letter to Captain GordonSmith, and he replies as follows:
Legation of the Kingdom of the Serbs, Croats and Slovenes.
Washington, D. C., April 1 1927.
To the Editor of the Commercial d Financial Chronicle:
Sir: I have read with interest Mr. T. T. C. Martyn's
letter regarding my articles on the railways of Jugoslavia.
Mr. Martyn evidently does not believe that Austria-Hungary deliberately, and as a matter of policy, tried to keep the
Serbo-Croat provinces of the empire from inter-communication. This, of course, is a matter of opinion. As I read
history, the rule of Austria-Hungary in the Serbo-Croat
provinces was one long series of high-handed and oppressive
acts. Their whole economic life was sacrificed to what were
regarded as the superior interests, political and economic,
of Austria and Hungary.
I cannot say, offhand, if the sending of 3,000 Hungarian
workmen to restore the railway lines the German and Austrian troops had utterly destroyed, was provided for in the
text of the peace treaty, but the agreement to do so undoubtedly resulted from the decisions arrived at by the Peace
Conference at Paris. This is proved by the fact that Hungary did send 2,700 so-called workers, mostly old men and
boys, who had later to be sent back as useless. Will any
one pretend that the Budapest Government ,of its own free
will, and without the compulsion of an international agreement, would have generously sent 2,700 Hungarians to work
on the repairing of the devastation the Central Powers had
caused in Serbia?
Mr. Martyn further points out that I give figures from
the year 1913 and others from the year 1924 and that I fail
to state that the former refer only to Serbia while the latter
cover the whole of Jugoslavia. Between these dates there
had been a world war and the collapse of the Austro-Hungarian Empire. I was of opinion that these events were
Important enough to have attracted quite a little attention
In the United States and that I had therefore no need to
make direct mention of the changed territorial divisions
resulting from them.
In regard to the last criticism of Mr. Martyn I plead
guilty. I should have said "all these lines have been constructed mainly out of current revenue." Mr. Martyn is
kind enough to say "in other respects I agree with the
writer," a statement which I value, as he says he has just
returned from the Balkans and has therefore had the privilege of studying the railway situation on the spot.
Yours very sincerely,
GORDON GORDON-SMITH.
Land Gambles and Investments—Security Speculation
Contrasted with That in Land.
By HARTLEY WITHERS, formerly Editor of "The Economist" of London.
[Copyrighted by the William E. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
It is pleasant to read on the authority of the New York
correspondent of "The Times," that owing to the generosity
of two wealthy American ladies, several hundreds of American and English "investors" in Florida real estate have
been spared the financial ruin suffered by thousands of
over-sanguine persons following the collapse of the boom
there, and one can only hope that the sufferers thus charitably relieved will have learned a lesson that they will
remember. Which is that real estate is a dangerous medium
for speculation, and for two very good reasons—it has not
a free market and it has not a regularly published quotation,
Land booms are not quite as regular and frequent as outbursts of speculation in various groups of securities, but
every now and then the public gets a fevered enthusiasm
for purchasing promising lots in or near towns or localities
which are believed to be expanding rapidly. Before the war
a large number of people in England and elsewhere bought
Canadian town plots, and those who turned round quickly
enough and took their.profits did very well out of them.
Those who treated the operation as a speculative lock-up
and waited for the expected development to multiply the
value of their title deeds by many figures, missed their
APR. 9 1927.]
THE CHRONICLE
opportunity and most of them are still waiting with an unsalable asset eating its head off.
The particular case in Florida appears to have been a
plan for an "exclusive residential colony," and no doubt it
was quite an attractive project which might have justified
its capitalization if the boom had proceeded according to the
hopes of the organizers. When deals in real property do
come right, they are apt to come very right indeed, and this
is doubtless why they have so much attraction for certain
members of the public who look on speculation in stocks
and shares as rather wicked, but are quite prepared to lock
up money in land or land projects. It seems so nice and
simple! The land cannot run away, and if only enough
people want it to build on or otherwise develop, the law of
supply and demand can be counted to put the price up.
And yet for purposes both of speculation and investment,
real estate has disadvantages which seem to me to be quite
fatal, as compared with quoted securities or commodities,
especially those to which the wise speculator and investor
will confine himself and which have a really free market
and are actively dealt in. If one holds land or house prop.mortgage, one can only know
erty or lends money on it on
that it is keeping its value by constant observation, either
personally if one has the necessary knowledge and skill, or
through an agent if one can find one possessing the necessary qualifications. Such property is but rarely tested by
the only trustworthy test of value, namely a sale, and even
then bits of real property, unlike shares and bonds, are not
all exactly on a par with their fellows, but have their little
peculiarities. If one owns a house or a shop in a certain
street and an apparently exactly similar one changes hands
at a price that seems to make one's holding quite secure, it
is always possible that the purchaser has been attracted by
some peculiarity of aspect or position or had some private
reason for wanting the house, and that in a week's time
another house in the same street may change hands at a
very different figure. Nobody knows what the price of land
or houses may be and there is always the possibility of a
queer surprise for the owner who wants to sell. Sometimes,
2047
of course, the surprise is agreeable, as in the famous historical case—surely the most wonderful example of a steady
market on record—when Hannibal was encamped outside
the walls of Rome, and the piece of ground on which his tent
was pitched was put up at auction in the threatened city,
and was sold at the full normal price.
With securities, on the other hand, that are actively dealt
in, the owner can and should keep a constant eye on fluctuations which will warn him if anything is going wrong
with the fortunes of his holdings. It is easy enough to lose
money in securities, but their value does not dwindle without the owner being aware of it, if he will take the trouble
to watch their quotations in the newspapers.
A minor point which is of some importance in these times
Is the easy-going deliberation with which the interest is
paid on mortgages, at any rate in England and probably
elsewhere also, as compared with the punctual promptitude
with which the interest on company and public debts is paid
to bond and debenture holders. If one has lent money on
mortgage one is lucky if the interest drops in within a
month of the due date, while company debt holders get their
Interest as long as the concern is solvent, to the minute.
It may be objected that the insurance companies, which
are skilled and successful investors, habitually lend a considerable part of their funds on mortgages on real property
and do so with great advantage to themselves. This is quite
true, but it does not follow that the ordinary investor would
be well advised to follow their example, unless he can follow
it completely, by employing highly skillful professional supervisors to select and watch the properties. If the investor can afford to do this, or if he invests in property which
is in his own neighborhood under his own eye, he may do
very nicely by his investment, though whether he will do
well enough to compensate him for all the trouble and
attention that he will have to give to it is by no means certain. But in any case, those who put money, whether for
speculation or investment, into real property which they•
cannot watch, personally or vicariously, are asking for
trouble from Fortune, who is generally ready to oblige.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 8 1927.
Business has been hampered to some extent this week by
cold weather and rains as well as the soft coal strike in
some parts of the country. There is a further cut of 5 to 15
cents in crude petroleum by the Magnolia Co., reflecting
over-production. The Seminole output is up to 340,000 barrels daily. The lumber production has been reduced on
the Pacific Coast. The textile trades have been quiet, especially woolens and worsteds. The auction sales of rugs and
carpets here have attracted general attention from their
high record size and the satisfactory result on the whole
as to prices. Fall River has been quiet and several New
England mills, it is said, are being sold, or their affairs
liquidated. At New Bedford cotton mill shares have declined somewhat. Worth Street has done a moderate business, with unfinished goods firm, being none too freely
offered. Manchester, England, has been quiet, partly owing
to the Chinese news and the continued lack of a demand
from East India. On the other hand, it has had some increase of business with the Continent of Europe and South
America. Raw cotton has advanced here somewhat, although the trading has been light. But the weather at the
South has been rainy, especially west of the Mississippi
River, and also at times in the central belt. Oklahoma
rivers are bank full and in some cases overflowing. And
there may be some trouble with the weevil this year in Texas
and Louisiana, though as far as may be judged at this time
there is no special menace from the pest in other parts of
the belt. Meanwhile there is a large cotton consumption
at home and abroad. The figures to be given out on the
14th inst. as to the domestic consumption are expected to be
large. Europe is still buying American cotton, partly to the
exclusion of East Indian, which is relatively high, by reason
of a shortage in the last crop of 1,000,000 bales. There is
seemingly going to be a world-wide reduction in the cotton
acreage this year. Coffee has latterly advanced on reports
that a loan of $100,000,000 to Brazil will be financed by one
of the large Wall Street firms. If the currency of Brazil
can be stabilized it will be a long step towards the rehabilitation of its trade in more ways than one. May coffee has
continued at a very noticeable premium over the later
months, owing to covering of shorts and what looked a little
like an oversold market. Still, there was pressure to sell
for a time early in the week and prices are lower than they
were last Friday.
Sugar has declined under an increased pressure to sell,
partly for foreign account coincident with rumors of some
heavy selling in London for Japanese. It is said that some
large Japanese interests which had bought Java sugar
heavily were hard hit by the repudiation by Chinese merchants of contracts made with them. The civil war in
China is supposed to be the explanation. Large Japanese
Interests are said to have been long of sugar in all the
world's markets, not excepting New York, where its interest in futures is said to have been large. Certainly there
has been heavy foreign selling here during the week. Now
that foreign liquidation has been to all appearances largely
completed, the tone here is considered better, especially as
the period of big seasonal consumption is not far off. At
some decline in prompt sugar there has latterly been a considerable increase in business. The grain markets on the
whole have acted very well. The outlook for the winter
wheat crop in this country is in the main favorable. The
Government condition is nearly 3 points higher than last
September. The spring wheat crop is not faring as well as
2048
THE CHRONICLE
[VoL. 124.
could be hoped for the reason that the weather has been Colony Co. are also running. The Standish Worsted Co.'s
unfavorable. Meanwhile there is a steady demand from mills at Pennacook will close in a few weeks, it is said, unthe Continent of Europe for American red and hard winter less trade brightens up. At Concord, N. H., the New Hampas well as durum. In other words, not all the export busi- shire Spinning Co.'s mills are operating, it is said, at 25%
ness is being done in Manitoba wheat; it was some months capacity. At Franklin, N. H., the M. T. Stevens Co.'s woolen
ago. The Continent is disposed to buy new American wheat mill Is running at about 60%. At Suncook, N. H., the
even now for shipment as far ahead as November. Corn large Suncook mills, employing over 1,000 operatives, are
has advanced in spite of reports that the acreage is likely to now operating full days and part nights, manufacturing
Co.'s
be increased in some parts of the belt. But the market has cotton and rayon fabrics. At Fall River, the Ancona
become oversold and there was a quick rally to-day in spite 44,000-spindle cotton mill is to be offered for sale as a unit
company's
of dulness of the cash trade and prices are a cent or more at public auction on April 20 by holders of the
higher than a week ago. The tendency is to overdo the bonds to the amount of $200,000. The bondholders took
short side in the corn market, because of large stocks and possession of the property about two months ago, since
I.,
the slowness with which they decrease. Rye has been in which time the mill has been idle. At Woonsocket, R.
steady demand for export and it is said that Germany will the Globe mill of the Manville-Jenckes Co., textile manuhave to import American rye on a considerable scale, as its facturers, which closed a month ago when the 450 employees
stocks are badly depleted. The stock of rye at Duluth will struck with the strikers at the company's Social mill, was
be sharply reduced on the opening of navigation. Prices for reopened on April 1 and nearly 300 workers returned. A
rye are about the same as a week ago. Rubber has been large number of non-union employees wished to resume
Irregular, but on the whole less active, though it was firmer •work. Many Social mill strikers gathered near the Globe
At Ellento-day. Some look for a diminishing supply and an increas- mill did not interfere with the returning workers.
Just been
ing demand with higher prices. The tire output at Akron boro, N. C., the Ellenboro cotton mill, which has
is said to have increased noticeably. Iron has been in the completed, will begin operations this week, making table
that
main quiet, without much change in prices. The output cloths and bedspreads. Spartanburg, S. C., reported
2% as compared the dyeing of cotton piece goods-is to be begun at the Lyman
/
shows a decrease for the first quarter of 11
preparations are comwith the same period last year, though an increase of 1.2 plant of the Pacific mills as soon as
looms are being
additional
40
C.,
S.
At
Greenville,
pleted.
the
for
for March compared with March 1926. The output
Corporation,
first quarter is said to have been at a new high record. installed in the plant of the Southern Worsted
looms wilt
new
The
output
331.3%.
its
increase
will
brisk
which
A
and
quiet
unchanged.
Steel has been in the main
yards of cloth, or
business has been done in oil tank plates, though oil pipe give a weekly output of around 30,000
suits. The
has sold less freely, as prices of oil begin to decline as the enough to make from eight to nine thousand
Dalone-third.
increased
also
be
will
employees
busiof
number
Inevitable consequence of over-production. Mail order
ness in March increased in the case of two houses some 17% las, Texas, is planning industrial expansion.
Sales at Alexander Smith & Sons Carpet Co. auction went
over that for February, but the increase over that of March
last year was only 2%. Chain store sales in March were to new high records on Thursday with a total of $1,450,000,
nearly 13% larger than in the same month last year. For bringing the aggregate for six days to $6,486,264, the highest
the first three months the sales are close to 14% larger than for a six-day period on record. There is a noteworthy increase in failures shown in the first quarter. The total of
in a like period last year.
is 9.2% higher than 1926, the largest, says R. G. Dun,
Lon6,643
in
and
here
to-day
The stock markets were higher
don. Investment stocks are in steady demand and bonds since the 1922 period.
F. W. Woolworth & Co.'s sales for March were $19,601,
are distinctly firm, though money was rather stronger at
2%. New high record prices have been made for bonds. 553, an increase of 7.06% over March 1926. Sales for the
1
4/
The stock market reactions recently are considered merely first three months of this year were $53,095,090, an increase
a natural setback after an extended period of rising prices. of 8.47% over the corresponding period last year. The S. S.
an
The trading during the week has shown the broadest market Kresge Co.'s sales for March amounted to $9,183,218,
in years if not in the history of the Stock Exchange. A increase of 8.3% over March 1926. Sales for the first three
of 8.6%
straw showing which way the wind blows is that on some months of this year were $25,447,777, an increase
store ordays the ticker has been 10 to 15 minutes behind transac- over the corresponding week of 1926. Six chain
showing a steady
tions. Trading in 65 issues on the 7th inst. broke the mar- ganizations report record sales for March,
this year and for the
ket record for activity. It carried the average price to a increase maintained for each month
new high. Many individual new highs were reached. Busi- first quarter over last year.
The weather here was cloudy early in the week with some
ness is on a sound basis. There is no overstocking of merrains at the West. At New York
chandise. The call for prompt deliveries is one indication showers at times and light
3 p. m., but with an east wind
at
44
was
it
inst.
the
on
4th
Recredits.
of
of that fact. There is no undue expansion
Sunday was 40 to
tail sales are larger than a year ago, in spite of the reduced that made it seem colder; Chicago over
40; Kansas City
to
36
Cleveland
48;
to
38
46;
Cincinnati
explanathe
States,
cotton
and
the
of
grain
buying power
to
New
48;
38
York
35 to 46; Boston
Philadelphia
56
74;
to
than
tion being that prices of goods in many cases are lower
The weather has latterly been
at this time in 1926. For the past week there was a slight 32 to 40; St. Paul 40 to 46.
cool, windy and generally "Marchy." Early in the week
decline in the index price.
Advices from Boston say stockholders of the Manomet there was some rain. Latterly there have been very heavy
mills, the largest cotton yarn manufacturing concern in rains in the Southwest, with cloudbursts in Oklahoma and
New England, voted to liquidate the $8,000,000 corporation. the Mississippi and its tributaries rising. On the 7th inst.
Manchester, N. H., wired April 6: "Agent Straw of the it was 39 to 50 degrees here, 32 to 38 at Chicago, 30 to 36 at
Amoskeag Manufacturing Co. was in conference to-day with Cleveland, 38 to 48 at Cincinnati, 30 to 38 at Milwaukee, 28
nine operatives representing 10,000 employees in regard to to 44 at St. Paul and 50 to 54 at Kansas City.
Today,(Friday) it was 35 to 47 here: 38 to 48 at Cinthe wage agreement in the mills which expired April 1 and
which was not renewed. The management will meet with cinnati; 34 to 38 at Milwaukee and 34 to 44 at St. Paul.
the operatives again next Wednesday. One of the delegates
Dun's Report of Failures for the First Quarter.
stated that he was of the opinion that a satisfactory wage
agreement would be drawn up." Manchester, N. H., wired
With the month longer, it was not unnatural that March
that the Amoskeag Company, a holding company, is trying should bring a larger number of commercial failures in the
to sell Mill B of the Parkhill division of the Amoskeag at United States than was reported to R. G. Dun & Co. for
Fitchburg, Mass. The Amoskeag Co. bought the Parkhill February. The increase is 5.3%, yet the latest statement
Manufacturing Co. 18 months ago. At Newport and Keene, is more favorable than that for February, if allowance is
N. H., woolen and worsted mills are operating at a satis- made for the difference in number of business days. Totalfactory rate with one or two exceptions. At Newport, N. H., ing 2,143, the March defaults compare with 2,035 in the
the Gordon woolen mills are now operating at 100%; also immediately preceding month, but are about 13% below the
the woolen mills of the Dorr Woolen Co. at Guild, near New- 2,465 failures of January, which month, however,invariably
port. The Brampton Woolen Co. at Newport is operating marks the high point of a year. When the present returns
only part time, but the woolen mills of the Harris, Emery are compared with the 1,984 defaults of March 1926, an
Co. at Pennacook are busy, running on a 54-hour-week increase of 8% is shown, but in that year the rise in the
schedule. This company's mills at Newport, Vt., are now March failures over those for February exceeded 10%,
running day and night. The Wassookeag woolen mills at which is a larger increase than occurred last month. For the
Keene are doing well and the woolen mills of the Faulkner first quarter of 1927, commercial failures numbering 6,643
APR. 9 1927.]
THE CHRONICLE
are a little more than 9% above the 6,081 defaults of the
corresponding period of 1926, and are, in fact, the largest
on record for the first quarter, excepting only the years of
depression, 1922 and 1915. In considering this exhibit,
however, it is to be remembered that the larger number of
firms and individuals now in business obviously augment
the possibilities of financial embarrassment.
The increase in the liabilities of commercial defaults during
March was much more marked than the increase in number,
several failures of unusual size having swelled the aggregate
indebtedness to $57,890,905. This is nearly 24% more than
the $46,940,716 reported to R. G. Dun & Co. for Februar
y,
it is 14% above the amount for January,and is nearly double
the $30,622,247 of March 1926. Last month's liabilitie
s
are, indeed, the largest shown for a single month
isnce
March 1924. At $159,121,853, the indebtedness for
the
first quarter of the present year is materially in excess
of the
$108,450,339 of the corresponding period of 1926; it
is
larger; in fact, than the amounts for the first quarter of
all
years excepting 1924, 1922 and 1921.
Monthly and quarterly reports of business failures, showing number and liabilities, are compared below
for the
periods mentioned:
March
February
January
-Number-1927. 1926. 1925.
2 143 1.984 1,859
2 035 1,801 1.793
2,465 2,296 2,317
Liabilities
1927.
1926.
1925.
*57,890.905 $30,622,547 $34,004,731
46,940,716
34,176,348
40,123,017
51,290,232
43,661,444
54,354,032
First quarter--6.643 6,081 5.969 3156,121,853 $108,460,3
39 $128,481,780
The increase in the number of commercial failures in the
United States during March over the total for the corresponding period of 1926 extended to manufacturing, trading
and other commercial occupations. Numbering 569, last
month's manufacturing defaults compare with 469 in
March
1926, and only three of the fifteen separate manufac
turing
classifications show fewer failures than in the earlier
year.
These are hats, gloves and furs, paints and oils, and
printing
and engraving, while no change appears in the
group embracing tobacco, &c. Among traders, the number
of failures
increased to 1,468 from 1,424 in March last year,
but seven
of the fifteen classifications in this division disclose
decreases.
Thus, favorable comparisons are made by general
stores,
hotels and restaurants, tobacco, &c., hardware,
stoves and
tools, jewelry and clocks, hats, furs and gloves,
and miscellaneous. In the class designated as "other
commercial,'
which includes agents, brokers, &c., the number
of failures
rose to 106 last month from 91 during the correspo
nding
period of 1926.
When the record of liabilities is examined, it is seen
that
sharp increases occurred last month in every instance
. At
$22,367,655, the amount for the manufacturing division
compares with $9,861,821 in March last year, and the
amounts
last month decreased in only four groups, namely,
hats,
gloves and furs, chemicals and drugs, paints and
oils and
tobacco, &c. Among traders, the indebtedness last
month
increased to $28,191,482 from $18,622,793 for
the corresponding period of 1926,and only five classifications
show reductions. These are general stores, tobacco, &c.,
dry goods
and carpets, jewelry and clocks, and hats, furs
and gloves.
The other commercial failures had liabilities of
last month, against $2,137,933 in March 1926. $7,331,768
FAILURES BY BRANCHES OF BUSINESS
-MARCH 1927.
-Number-LiaMlities
Manufacturers1927. 1926. 1925.
1927.
1926.
1925.
Iron, foundries and nails__
11
4
6
$483,763
2156,591
Machinery and tools
$347,300
28
24
43
1,094,705
881.812
Woolens, carpets and knit
3,001,739
goods
5
2
3
535,030
40,912
Cottons,lace and hosiery
19,000
2
__
__, 2,450,048
Lumber, carpenters and
coopers
78
60
31
4,750,447
1,566,837
Clothing and millinery
552,000
50
46
65
925,130
607.016
Hats, gloves and furs
1,340.573
11
21
3
318.256
421.295
Chemicals and drugs
132,741
7
6
9
46,840
372,600
90.000
Paints and oils
1
2
3
8,000
65,000
42,000
Printing and engraving
19
25
15
1,394,212
331,331
Milling and bakers
450
303.400
52
45
756,082
319.839
Leather, shoes & harness- 16
533,454
13
9
1,885,219
509,500
347.800
Liquors and tobacco
5
5
15,960
7
159,000
199,408
Glass, earthenware & brick 13
9
3
1,00.485
275,000
29,900
All other
271 207 187
7.203.478
4,155,088
6,435,269
Total inaindantuMng._.
TradersGeneral stores
Groceries, meat and fish_
Hotels and restaurants- -Liquors and tobacco
Clothing and furnishings
Dry goods and carpets-Shoes, rubbers and trunks_
Furniture and crockery- _ Hardware, stoves and tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
AU other
Trading
Other commercial
Total
660
469
429 $22,367.655 *9,861,821 $13,374,584
106
332
81
22
208
123
28
69
39
69
8
35
18
10
290
133
314
85
24
182
90
52
53
45
58
5
68
11
12
302
128 $1,904.121 $2,258.549 $2,113,364
252 5,897,088
2,454,697
1,686,044
1,067,062
87
751,996
673,007
295.338
39
371.189
187,199
168
3,189.745
1,978,737
2.731,457
2,054,555
91
2,279,458
1,797,578
819,351
76
633.606
740,595
1,134,647
71
761,565
854,485
624,420
45
605,222
766,976
672.411
38
495,072
401,962
93.545
5
45.900
99,619
39
734.432
1,518,441
452,234
8
882.384
349.039
35,300
80,316
14
156,821
171,405
8.742,067
284
3.962,501
4,883.769
1 468 1,424 1,345 528,191,482 $18,622,793 $17,594,994
106
91
7,331,768
85
2,137.933
3,035,153
2 143 1,984 1.859 $57,890,905 $30,622,547 $34,004,731
2049
Loading of Railroad Revenue FreightStill Heavy.
Loading of revenue freight for the week March 26 exceeded
the million-car mark for the third consecutive week this year,
the American Railway Association announces. Total loading for the week of March 26 amounted to 1,008,88 ears.
8
This was an increase of 2,027 cars over the preceding week,
the increase being due almost entirely to the heavier movement of miscellaneous freight. Small increases over the
week before were also reported in the loading of ore and coal.
Compared with the corresponding week last year, the total
for the week of March 26 was an increase of 40,943 cars,
while it also was an increase of 76,119 cars over the corresponding week in 1925.
Loading of revenue freight for the first thirteen weeks this
year (Jan. 1 to March 26 inclusive) has amounted to 12,365,075 cars, the largest number ever loaded during any corresponding period at this season of the year. This was an increase of 382,090 cars over the corresponding period in 1926
and an increase of 582,666 cars oven the corresponding period
in 1925. Proceeding, the report says:
Miscellaneous freight loading totaled 375,939 cars, an increase
of 5,008
cars over the week before and an Increase of 14,361 cars above the same
week
last year. Compared with the corresponding week two years ago it was an
increase of 16,989 cars.
Coal loading for the week of March 26 totaled 206.990 cars, an
of
35,564 cars over the same week last year and 64.841 cars over increase
the corresponding week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 267,445 cars, an increase of 479 cars over the corresponding week
last year and 4,546 cars above the same week two.years ago.
Grain and grain products loading totaled 37.365 cars, a decrease of 915
cars under the corresponding week last year but 2,350 cars above the same
Week in 1925. In the Western districts alone, grain and grain products
loading totaled 23,220 cars, an increase of 541 cars over the same week last
year.
Livestock loading amounted to 26,918 cars, a decrease of 386 cars below
the same week last year but 233 cars above the corresponding week in 1925.
In the Western districts alone, livestock loading totaled 20.149 cars, a decrease of 945 cars under the same week last year.
Forest products loading totaled 70,867 cars, 7,262 cars below the same
week last year and 11.075 cars under the same week in 1925.
Ore loading amounted to 11.267 cars, 288 cars above the corresponding
week in 1926 but 1,608 cars below the same week two years ago.
Coke loading totaled 12,097 cars, a decrease of 1,186 cars under the same
week last year and 157 cars below the same week two years ago.
All districts except the Northwestern reported increases in the total loading of all commodities compared with the corresponding week in 1926, while
all showed increases over the same week in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
Five weeks in January
Four weeks in February
Four weeks in March
Total
1927.
4.524,749
3.823.931
4,016,395
1926.
1925.
4.428,256
3,677.332
3,877,397
4.456,949
3.623,047
3.702,413
12,365,075 11.982,985 11.782.409
First Quarter Chain StorelSales Break all Records.
Total sales of 12 of the leading chain store companies
for the quarter ended March 31 1927 established a new
high record. The figures indicate that business continued
at a high level throughout the country as the chain store
systems extend to all sections of the country. Total sales
for the quarter aggregated $138,136,951, according to a
compilation made by George H. Burr & Co., specialists in
chain store company securities. This total represents an
increase of $16,050,854, or 13.1%, compared with total
sales of $122,086,097 reported for the first quarter,of 1926.
March sales aggregated $52,098,819, against $46,493,305,
an increase of $5,605,513, or 12%. An interesting feature of the March sales is the large increase reported by the J. C.
Penney Co., which passed S. S. Kresge & Co for the first
time. From a dollar standpoint the Penney company showed
a larger gain than reported by any other company, not
excluding F. W. Woolworth & Co., and from a percentage
standpoint Neisner Bros., Inc., reported the largest gain of
any company included in the group.
liff, - -- '..; PM.
March Sales1927.
Increase.
F. W. Woolworth
5,8, Kresge Co
J. C. Penney Co
S. H. Kress & Co
McCrory Stores
W.T. Grant & Co
F. & W. Grand
Metropolitan Stores
.1. J. Newberry Co
McLellan Stores
Neisner Bros., Inc
Isaac Silver & Bros
$19,601,553
9,183,218
9,796,182
3,929,538
2,860,075
2,789,091
878,532
801,000
778,180
701,229
391,828
388,393
Total
Quarter Ended March 31 1927F. W. Woolworth
S. S. Kresge
.1. C.Penney Co
S. H. Kress & Co
McCrory Stores
W.T. Grant & Co
F. & W. Grand
Metropolitan Stores
3.3. Newberry Co
McLellan Stores
Neisner Bros., Inc
Isaac Sliver & Bros
$53,095,090
25,447,777
23,412,708
10.756,422
7,912,197
7,243,030
2,248,334
2,148,571
1,993,692
1,820,434
1,078,938
979.758
$4,146,154
2.028,624
4,991,209
586.383
1.033.893
920,134
207,844
313,466
685,630
420.693
489,935
226.829
$138,136,951
516.050,854
Total
$52,098,819
Gain.
7.06
8.3
22.7
22
12.6
20.7
14.9
17.0
46.1
28.2
78.7
30.1
$1,293,203
711,255
1,818,118
85,693
321.731
482,180
113,902
116.618
245,797
154,510
172,569
89,935
.5,605,513 r
t
12.0
.
8.47
8.6
27.1
5.8
15.0
14.49
10.1
17.0
52.4
30.0
83.1
30.1
13.1
THE CHRONICLE
2050
Record Contract Volume in March—F. W. Dodge
Corporation's Review of Building and
Engineering Activity.
Construction contracts to the amount of $620,738,200
were awarded last month in the 37 States east of the Rocky
Mountains, according to F. W. Dodge Corporation. This
tops the previous high record of August 1925 by 9 million
dollars. The increase over March 1926 was nearly 4% and
the increase over February of this year was 57%. The
March record brought the contract total for the first quarter
of this year up to $1,398,776,100, which is only about 43%
below the figure for the corresponding period of last year.
At the end of January this year was 16% behind last year;
at the end of February, 10% behind; at the end of March,
only 434% behind. This shows that there was in March a
quite considerable recovery from the low contract volumes
of the preceding two months. Last month's record included
the following important items: $250,078,300, or 40% of
all construction, for residential buildings; $113,766,000, or
18% for commercial buildings; $106,826,900, or 17% for
public works and utilities; $48,076,600, or 8%,for industrial
buildings; and $36,521,800 or 6% for educational buildings.
Contemplated new construction. A as reported in March to
the amount of $1,198,090,900, an increase of 16% over
March 1926. This record total of contemplated work indicates an upturn in construction demand. Further particulars follow:
New York State and Northern New Jersey.
Building and engineering contracts awarded during the month of March in
New York State and northern New Jersey amounted to $153,890,200.
This was a 49% increase over February and a 2% decrease from March of
last year. Analysis of last month's record showed the following items of
note: $74.630,400, or 48% of all construction, for residential buildings:
$32,540,500, or 21%, for commercial buildings: $18,950,900, or 12%, for
public works and utilities; and $9,025.300, or 6%,for industrial projects.
Total building contracts for the first quarter of this year, amounting to
1376,218.400. show a decrease of 18% from the first quarter of 1926.
Contemplated new work reported in this district last month amounted to
1204,542,300. This figure shows a gain of 58% over February and a loss
of 15% from March of last year.
Record March Total in the New England States.
The „March total for building contracts in the New England States,
amounting to $44.990,000. was the highest March figure yet recorded for
this district. It was more than double the amount for the preceding month,
and 30% ahead of the corresponding month of last year. Included in last
month's construction record were the following important classes of work:
$19.724,000, or 44% of all construction,for residential buildings:16,328,000.
or 14%, for educational buildings; $5,796,500, or 13%,for industrial buildings: and $5,675,700, or 13%, for commercial projects.
New construction work started in this district during the first quarter of
the
this year reached a total of $84,588,400. being an increase of 6% over
corresponding period of last year.
Contemplated new work reported in the New England States in March
amounted to $42.195,200. This figure shows an increase of 30% over
February and a decrease of 13% from March 1926.
Largest March on Record in the Middle Atlantic States.
Construction started in March in the Middle Atlantic States (eastern
Pennsylvania, southern New Jersey, Maryland, Delaware, District of
Columbia and Virginia) amounted to $80,814.900. This was the largest
March contract total on record for this district. It was 96% over February
and 17% over March of last year. The principal items in last month's
record were: $36,016,100, or 45% of all construction, for residential buildings: $13,124,600, or 13%, for commercial buildings; $13,060,600. or 13%.
buildfor public works and utilities; and $6.691,300, or 8%. for industrial
ings.
has
year
this
of
Total work started in this district during the first quarter
amounted to $175,405,200, an increase of 18% over the first quarter of 1926.
Contemplated construction projects were reported in the Middle Atlantic
over
States in March to the amount of $191.619,000, which increased 96%
February and 17% over March of last year.
prou 124.
Contemplated new work reported in this district last month amounted
to $424,104,100, which was more than double the amount reported in
February and 55% dyer the amount reported in March of last year.
The Northwest.
March building contracts in Minnesota, the Dakotas and northern
Michigan amounted to 110,472,900. This figure shows the considerable
increase of 265% over February, but declined from March of last year
by 13%. Included in last months' record were the following imporatnt
classes of work: $3,299.900, or 32% of all construction, for residential
buildings:$2.406,800,or 23%,for commercial buildings; 51,132.200, or 11%.
for public works and utilities, and $916,800, or 9%,for educational projects.
The total amount of work started during the first quarter of this year
is $15,835,100, a decrease of 26% from the corresponding period of last year.
Contemplated new work reported in this district during March amounted
to $13,377,200. There was an increase of 72% over February, and a
loss of 19% from March 1926.
Southeastern States.
The Southeastern States (the Carolinas. Georgia, Florida, Tennessee,
Alabama. Mississippi, Arkansas and Louisiana) had $73,544,800 in contracts for new construction work during March. The above figure represents an increase of 59% over February and a loss of 15% from March of
last year. The more important items in last month's record were: $23,870,100, or 32% of all construction, for public works and utilities; $17.262.100. or 23% for residential buildings; 513.812.500, or 19% for industrial
buildings: and $7,863,000 or 11% for commercial projects.
During the first quarter of this year there was $161,981,700 worth of
new construction work started in this district. which is a decrease of 32%
from the corresponding period of last year.
Contemplated new work planned for the Southeastern States as reported
in March amounted to 5177,844.300. This figure is more than double the
amount•roported in February and 8% over the amount reported in March
1926.
Record March Total in Texas.
Construction started last month in Texas amounted to $24,863,800.
This figure is the largest March contract total on record for this district.
It was 102% ahead of February and 18% ahead of March 1926. Last
month's building record included the following important items: 59.766.700.
or 39% of all construction, for residential buildings; $6,841,200. or 28%
for commercial buildings: $5,109,500, or 21% for public works and utilities:
and $1,109,200, or 4% for educational buildings.
New construction started in Texas during the first quarter of this year
reached a total of $52,685,300. This figure shows an increase of 3% over
the first quarter of last year.
Contemplated construction projects were reported in Texas in March
to the amount of $60.981.400, which increased 93% over the preceding
month, and 40% ahead of the corresponding month of 1926.
F. W. Dodge Corp. Says Rapid Growth of New York
City Building Has Produced Short-time Swing
of Peaks and Minor Recessions.
Building operations in New York City have developed a
two-year cycle of ups and downs, according to F. W. Dodge
Corp. Studies by economists have developed a theory
that cycles of unusually short duration occur in certain
localities during periods of rapid growth. The period from
1919 through 1926 saw just such rapid growth in New
York City's construction volume. The steady year-by-year
increase in contract-volume is shown by the growth from a
total of $279,478,200 in 1919 to $1,157,041,800 in 1926.
These figures cover operations in the five boroughs.
The short-swing cycle started in 1919 with small amounts
of contract-letting ear y in the year and big increases in
the second half. The following year, 1920, started off with
a rush and operations tapered off in the latter part of the
year. This procedure has been repeated regularly up to
this year, the odd-numbered years starting with large
volumes of contracts which tapered off in the second half
of the year. No one can be certain, it is stated, that this
kind of shortened cycle will be repeated indefinitely, with
continuous year-by-year growth in contract-volume, but
it is a matter of considerable interest to watch current
developments with the previous behavior of the building
cycle in mind. Here are the figures for the first quarters of
three years:
Pittsburgh District.
March building and engineering contracts reached a total of $63.716.700
This
NEW YORK CITY CONTRACT VOLUME.
In western Pennsylvania, West Virginia, Ohio and Kentucky.
last year
$165,283,000
figure exceeded February by 12%. but declined from March of
First quarter 1925
record
construction
342,872,200
First quarter 1926
by 27%. The more important items in last month's
buildings:
residential
for
construction,
all
of
41%
231,398,400
were: 526.047,200. or
First quarter 1927
or
10%,
$6,413,000,
and
works
utilities;
public
for
23%.
or
114,637,700.
projects.
The statement goes on to say:
for industrial buildings, and $5,384,100, or 8%,for educational
thLs year,
The year 1925 was ore of the years that started slowly with a big inNew construction started during the first three months of
quarter
1169,183.500 in amount, show a decrease of 2% from the first
crease later; last year started strong ard then tapered off. This year
opened with construction at one of its periodic low-points. It should
of 1926.
Contemplated now work reported in March for this territory amounted be noted that Its start, as represented by the first-quarter total, is 40%
February
over
34%
of
an increase
better than the start mace in 1925, although running 33% behind the
to $83.427,400. This flgurs shows
year.
flmt quarter of last year.
and a decease of 32% from March of last
This year's recerd to date makes it appear quite rossible that the period
Record March Total in the Central West.
of continuous I. rowth, Ith 24-month cycles of high peaks and minor
West (Illinois, recessions. Is not yet o cer. Present credit and financial conditions are
Building and engineering contracts let in the Central
Missouri, Kansas, Okla- favorable to continued ex,ar SIOD while the current situation as to demand
Indiana, Iowa, Wisconsin, southern Michigan,
of March reached a total of $168.- and sum ly of building s- ace has been acting in the direction of slowing
homa and Nebraska) during the month
contract total on record for this down the volume of building o eratior s. J1 at a cw the situation seems
March
highest
the
was
This
444,900.
29% ahead of March 1926. to be in a state of balance, when a strong i fl, ence in either direction
district. It was 54% ahead of February and
record showed the following items might arise and become the determining factcr in the coorse of construction
Analysis of last month's construction
of all construction, for residential buildings: activity during the rest of 1927.
of amte: 563.331.900, or 38%
March contracts in the the boroughs reached a total of 589,947,800.
or 16%.
140,009.700. or 24%, for commercial buildings; $27,420,000.social and which was an increase of 32% over February. Last month ran 19%
and 518.636,500. or 11%, for
utilities;
and
works
public
for
under March of last year, but 85% over March 1925. Last month's
recreational projects.
of this year has amounted to record included $47,713.400. or 53% of all construction, for residential
Total work started in the first quarter
buildings.
quarter of last year being 23%.
1362,878,500, the increase over the first
APR. 9 1927]
THE CHRONICLE
Building Labor Adopting More Conciliatory Attitude,
According to Secretary of National Association of
Building Trades Employers—Upward Tendency
in Wages Apparently Checked.
Building labor is adopting a more conciliatory attitude
and it would appear that the upward tendency in wages
has been definitely checked in the opinion of A. W.Dickson,
Executive Secretary of the National Association of Building
Trades Employers. Mr. Dickson, writing in the April
issue of the "American Builder-Economist," published by
the American Bond & Mortgage Co., says that there "may
be a few minor upward adjustments made later this tear,
but in the main the wage level of 1926 will be maintained
throughout 1927." He adds:
2051
week ended April 2 was abreast or ahead of the preceding
week in production, shipments and orders. The totals of
the reporting mills are a little less than those of the preceding week, but the difference of 23 in the number of mills indicates that actually there was probably an increase. In
comparison with the same period a year ago there were,
however, considerable actual decreases in all three factors,
after making due allowances for the fact that 54 fewer mills
reported this year than last. The hardwood operations,
124 in number as compared with 143 the week before, indicate slight decreases in production and shipments,and a pronounced falling off in new business. When compared with
reports for the same week last year, however, there is a slight
decline in production, shipments were about the same, with
considerable increase in new business, reports the National
Association, adding the following details:
The demand for the five-day week, which the building trades led their
employers to believe would be the major issue this year, seems to have
been abandoned for the time being at least. Contractors are of the opinion .
The unfilled orders of 183 Southern Pine and West Coast mills at the
that the nation-wide opposition to the short week movement crystallized
end of last week amounted to 514.016,828 it., as against 526,860,948 ft.
in the Pittsburgh conference of the National Association of Building
for 185 mills the previous week. The 111 identical Southern Pine mills
Trades Employers last year played no small part in the abandonment of in
the group showed unfilled orders of 214,054,568 ft. last week, as against
the effort to put the 40-hour week into effect in the construction industry
221,902,154 ft. for the week before. For the 72 West Coast mills the unthis year. There are two major reasons why contractors do not anticipate filled orders were 299,962,260 ft., as against
304.958,794 ft. for 74 mills a .
any general wage increase this year.
week earlier.
1. The building shortage which accumulated during the war has been
Altogether, the 298 comparably reporting softwood mills had shipments
met and there is not the pressing demand for new construction of former 110% and orders 108% of actual production. For
the Southern Pine mills
years.
these percentages were respectively 104 and 88: and for the West Coast mills
2. The building public believes that wage rates in the building trades 112 and 118.
are already too high and any attempt to boost them still further would
Of the reporting mills, the 279 with an established normal production for
be met with a disposition to postpone work which will go ahead if present the week of 187,027,570 ft.,
gave actual production 90%, shipments 98%
construction costs are rrevented from increasing.
and orders 96% thereof.
Mr. Dickson said that there was comparative peace
The following table compares the lumber movement, as reflected by the
throughout the building industry and "generally speaking reporting mills of seven softwood and two hardwood regional•associations„
for the three weeks indicated:
the labor outlook this spring is much better than a year
-Past Week- Corresponding Week
Preceding Week
ago." He said that the recent collgase of the structural
SoftHard1928.
1927 (Revised).
(000s omitted.)
wood.
wood. Softwood. Herded. Softwood. Hurdled.
iron workers, steamfitters and cement finishers strike in
*Mills__
349
124
298
123
318
143
Pittsburgh and the adoption of the American plan in San
Production
177,062 17,050
236,652 20,695
181,984 20.279
Francisco is indicative of the "changing attitude of labor Shipments
194,811
18,153
237.146 18,643
198,059 22,949
on the question of wage increases." In addition he stated: Orders(new business) 190,939 18,283 240,329 15,830 200,857 25.577
Up until this year when wage increases were refused by employers,
* Fewer West Coast mills are reporting this year: to make allowance for this, add
labor struck and in most instances the demands were met in whole or 22,000,000
to production. 24,000.000 to shipments and 25.000,000 to orders in comin part. But 1927 has witnessed an entirely different situation and labor paring softwood with last year.
has adopted a more conciliatory attitude than was the case in the past.
The following revised figures compare the lumber movement of the same
It is true that a number of demands in certain trades whose agreements
regional associations for the first thirteen weeks of 1927 with the same
expired or will expire in the next 30 or 60 days, but the demands were
period of 1926:
not accompanied with the same spirit of take it or leave it as before.
-Shipments
Orders-E. H. Temple Jr., General Manager of the Aberthaw Co. ' (000s omitted.) -ProductionSoftwood. Herded. Softwood. Hardwd, Softwood. Herded.
of Boston, writing in the American Bond & Mortgage 1927
2,394.978 374,495 2,444,578 370,473 2,603,095 384,927
2,815,169 333,075 2,939,990 324,144 3,030,520 332,275
"Builder-Economist," said that a careful study of the 1926
The mills of the California White & Sugar Pine Association make weekly
building situation justified the opinion that 1927 "will see
but not being comparable, are net included in the foregoing tables.
a volume of construction that will closely approach, if not reports,
Eighteen of these mills, representing 62% of the cut of the Califoinia
equal, the volume of 1926 with the probability of variation pine region, gave their production for the week as 9,131.000 ft., shipments
in the proportion of each class of construction." "In my 20,541,000 and new business 20.164,000. Lust week's report from.'21
mills, representing 63% of the cut was: Production, 10,658,000 ft., shipopinion he added, "an appreciable falling off in construction ments 22,023,000 and new
business 17.441,000.
will occur only in connection with a sharp recession in business, which is not likely to occur this year." He said that
building costs were at the lowest point in three years and
"there still may be a slight mid-season decline in prices of
building materials, but that these will be partially offset by
minor increases in labor rates and that the cost level of 1927
will be slightly lower than for the last year."
Building Shortage in Certain Types of Construction
Indicated in Reports to Indiana Limestone
Co. as Still Existing.
A building shortgage in certain types of construction
still exists, according to reports to the Indiana Limestone
Co. "Activity in the construction field in the last two or
three years has steadily decreased the shortgage that followed the world war," it is said. "This year's shortage has
not diminished at the same rate as in the past three years,"
the company says, adding:
A survey of several hundred communities indicates an existing shortage
of three types of construction. Twenty-nine per cent of the cities report
a shortage of single-family dwellings; 33% show an apartment shortage,
while 19% show a shortage of business buildings. According to
reports
of six months ago, this shortage indicates an increase of more than 100%
for apartments. An increased shortage of 75% is shown
for single-family
dwellings and approximately 50% for business buildings. The largest
shortage of homes exists in the Pacific States section. The southeastern
and south-central sections show the greatest shortage of apartments.
The south-central section also shows the greatest shortage of business
buildings.
Cities under 25,000 population are in greatest need of apartments as
well as business buildings. Cities of over 500,000 show no acute shortage
in apartments or business structures, while about 33% report a shortage
of single-family dwellings. Construction activity in the eastern-central
section reported the greatest increase as compared with a year ago. The
north Atlantic and southeastern sections indicate the greatest decline.
If construction activity keeps pace with demand, building volume this
year should reach a new high figure.
Lumber Industry Running Behind Last Year.
The National Lumber Manufacturers' Association, reviewing reports received by telegraph from 316 of the chief softwood lumber mills of the United States, concludes that the
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 72 mills reporting for the week ended April 2 was
18% above production and shipments were 12% above production. Of
all new business taken during the week 34% was for future water delivery,
amounting to 25,864.386 ft., of which 19.006.958 ft. was for domestic
cargo delivery and 6,857.428 ft. export. New business by rail amounted
to 45,477,767 ft., or 60% of the week's new business. Thirty-four per cent
of the week's shipments moved by water, amounting to 24,510,852 ft., of
which 17,696.137 ft. moved coastwise and inter-coastal, and 6,814,715 ft.
export. Rail shipments totaled 43,243,648 ft., or 60% of the week's
shipments, and local deliveries 4,708,538 ft. Unshipped domestic cargo
orders totaled 105,803.408 ft., foreign 76,587,797 ft. and rail trade 117,
571,055 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
111 mills reporting, shipments were 3.67% above production and orders
9.16% below production and 12.38% below shipments. New business
business taken during the week amounted to 35,541,442 ft. (previous
week 61,523,452), shipments 63,389,028 ft. (previous week 65,092,380),
and production 61,143,599 ft. (previous Week 63.287.473). The normal
production ofthese mills is 70.944,662 ft. Of the 110 mills reporting
running
time, 81 operated full time, 14 of the latter overtime. Five mills were
shut down, and the rest operated from three to 53i days.
The Western Pine Manufacturers Association of Portland, Ore., reports
slight increases in production and shipments, and a substantial Increase
in new business.
The California Redwood Association of San Francisco. Calif. with one
more mill reporting, shows a marked increase in production, a nominal increase in shipments and a fair increase in new business.
The North Carolina Pine Association of Norfolk, Va., reports a slight
increase in production, shipments about the same, with new business considerably below that reported for the week earlier.
The Northern Pine Manufacturers Association of Minneapolis. Minn,
reports a substantial increase in production, a slight increase in shipments
and an appreciable decrease in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with four fewer mills reporting,
shows a small decrease in production, a nominal increase in shipments and
a marked increase in new business.
•
Hardwood Reports.
The Northern Hemlock and HardwoodManufacturezbs Association re
ported from 16 mills (four fewer mills than for the previous week).heavdecreases in production and shipments and a slight increase in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 127 units (15 more mills than reported last weekinotable decreases in
production and shipments, and 4beavyldecrease in newSbusiness. The
nornaaliproduction of these:units 1418,816,000 ft.
2052
THE CHRONICLE
West Coast Lumberments Association Weekly Report.
Seventy-four mills reporting to the West Coast Lumbermen's Association for the week ended March 26 manufactured 73,406,888 feet, sold 81,822,926 feet and shipped
76,194,383 feet. New business waa 8,416,038 feet more than
production, and shipments 2,787,495 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week SndedMarch 26.
March 19.
March 12.
March 5.
Number of mills reporting
74
73
74
74
Productionf
73,406,888
76,198,402
74,059,515
72,418.047
New business (feet)
81,822.926
82.505,284
74,110,118
78,320.286
Shipments (feet)
76,194,383
81,057,048
63,662,892
75.932.546
Unshipped balances:
Rails(feet)
125,662,127 123,191,945 127,887,303 125.268,433
Domestic cargo (feet)._ 102.422,119 101,821.370 103,299.332 103,692.423
Exports (feet)
Y6,874,548
70,610,802
61,445,371
75,445,066
Total (feet)
First 12 Weeks ofAverage number of mills_
Production (feet)
New boiltness (feet)
Ship ents (feet)
•
304,958,794
1927.
295,624,117 306.631,701 290,406,227
1924.
1926.
1925.
102
119
130
896,786,016 1,155,269,409 1,207,380,694 1,240,102:160
951,039,490 1,244,818,713 1,178,883,090 1,181,352.405
872,107,902 1,174,880,528 1,187,959,720 1,231,265,382
so
Automobile Models and Price Changes.
The awaited announcement by W. C. Durant on April 7
failed to arouse the great amount of interest v hich might
have occurred if his plans had not been foreshadowed by
.the statement given out on March 21. Beyond his retirement from other interests in order to devote all his time to
motors, the announcement disclosed that a new company,
Consolidated Motors, Inc., had been formed to bring together independent motor companies, with the Star car as
the nucleus of the producing organization. The announcement in full appears to-day under the heading of Durant
Motors, Inc. in the General Investment News section of this
paper.
On April 4 the Chandler Cleveland Motor Car Co. added
a five-passenger standard six sedan to the Chandler Standard
Six series, now consisting of seven models.
Dodge Brothers has completed its new plant for production of the six-cylinder cars, which will be introduced early
this summer, according to advices from Detroit on April 4.
A price reduction of $300 on all Diana eight-cylinder
models, effective at once, was announced on April 7.
The Pierce-Arrow Motor Car Co. on April 5 reduced
prices on the Series 80 models $355 to $500. The fivepassenger sedan is reduced from $3,250 to $2,895; fivepassenger two-door brougham from $2,995 to $2,495; fourpassenger coupe from $3,695 to $3,250; runabout from
$2,895 to $2,495. No changes are made in the prices of
the Series 36 dual valve six, which was introduced several
months ago at prices substantially lower than those on the
preceding type. In connecton with the announcement,
President Myron P. Forbes is quoted as saying:
This action brings Pierce-Arrow prices to the lowest in history and
Is the result of the successful expansion which hos been in the company's
production and sales during the last three years.
The history of Pierce-Arrow has been singularly free from price reduction. Our policy is to pass manufacturing econmies or lowered cost
on to the public in the form of added improvements or values *which we
are continually incorporating into the car.
We have carried this policy to a point where the possibility of immediate
further refinement in the Series 80 is remote, and therefore, are now passing
owered cost to the public in the form of reduced prices.
Further rumors concerning the Ford Motor Co. were
reported in the New York "Times" of April 7 as follows:
A Ford rumor backed by several facts appears to be aoove the usual
run of reports. It is known that department heads and engineers have
been notified that no more vacations will be allowed after this week.
This is understood to fit in with an announcement of Importance which
it is said will be made public "about April 15."
The prediction is that there will be three models-a four-cylinder gear
car at $400 to $425; a "six gear at about $700 and an "eight" gear-shift
to be known as the Ethel at $1,150. The "six" is said to be slightly larger
than the Chevrolet. It is said that the Murray Body Corp. is rushing
work on bodies for the new lines.
Active Demand at Carpet Auction of Alexander Smith
& Sons.
Sales on Thursday, the sixth of the rug auction held by
the Alexander Smith & Sons Carpet Co., reached $1,450,000,
the turnover being 20,276 bales, bringing the total up to
$6,486,264. The sale concluded yesterday when only 365
lots of the offering of 3,218 remained unsold. It had been
expected that the sale would continue through to-day, but
the heavy buying in the last few days made this unnecessary.
The six-day total of the previous auction was $5,503,500.
According to the New York "Journal of Commerce" prices
on high grade rugs suffered on Thursday as a result of the
high speed turnover, but on the Ardsley axminster and the
Katonah velvets, the popular priced grades of these weaves,
levels made at the opening were easily maintained. The
"Journal of Commerce" goes on to say:
[VOL. 124.
A wide range of lines was covered in yesterday's sale. The price levels on
the 9 by 12 sizes, as announced by the company, were: Potomas axminsters, $31 75 to $30 85; Smith axminsters, $34 to $32 45; Katonah velvets,
$15 25 to $14 80; Meadowbrooks, $39 25 to 536 10; Ardsley axminsters,
522 25 to 521 50; Colonial velvets, $25 50 to $23 90; Yonkers axminsters,
$30 75 to $28 65.
Wholesalers and mail order houses carried off the bulk of the stock by
heavy balance purchases. The showing of the Ardsley rug, which is most
closely followed by the trade as an indication of the country's buying power
continues to be exceptionally good in view of the low prices being made on
the more expensive goods. Interest in getting Ardsleys appeared as keen
yesterday as on the opening day; thegreat majority of lots drew a number
of "balance" orders and the bidding was unquestionably the liveliest of the
day, notwithstanding the fact that the catalogue listed more than 30.000
bales of these rugs for auction.
Yesterday's totals leave Wednesday's record of 22,393 bales standing.
The•higher sales volume is explained by the preponderance of top grade
lines in yesterday's offerings. The present auction already exceeds in
baleage the total made at last October's auction and it is certain that the
$7,000,000 mark will be passed for the first time ever today. This record
will give an average of more than 51,000.000 a day since last Friday. The
figures are all the more unusual since no night sessions have been held and
selling has been limited to morning and afternoon sessions of four hours
each.
Buyers Operate Quietly.
The character of the selling yesterday was deceptive, as on Wednesday
When the first record was established. Bidding was lethargic as compared
with the opening days and only during the sale of the Ardsleys early in the
afternoon did it become excited.
The attendance was as good as on previous days with the exception of
Monday. Small retailers at this auction for the first time were tlashing new
placards for single-bale lots and it was their enthusiasm that bolstered prices
somewhat.
Besides the Ardsley, the Katonah And the Potomac lines, especially in the
9 x 12 sizes, made good showings. Prices weaker ed on the Yonkers late in
the afternoon and during the morning buyer indifference hammered down
the levels on Meadowbrooks and Smith rugs.
Bidding at the morning session was similar to yesterday's. Although
buyers were reluctant to set figures, once levels were established substantial
ordering ensued. Prices on all lines declined in comparison with those paid
earlier in the week. The trend was more or less exrected, as many of the
lots were on the Smith. the Meadowbrook and other high-priced linesailll
High Grade Lines Lag.
Unquestionably the demand of wholesalers and retailers has been for the
lower-priced goods, rugs on which they can make an attractive sales price.
As an instance of this, the afternoon session opened with 9x12 Ardsleys,
and notwithstanding the large amount of rugs in this line that had been
already sold, bidding enlivened from the outset, and the $21.50 price
favored the first day was repeatedly made. Moreover,the large distributers
were competing vigorously for the goods, and conflicting "balance" shouts
were made on many orders.
The smaller Carlton began the session. Attendance was about the same
as yesterday and reached its peak with the offering of Ardsleys in the early
afternoon. The 8-4 Carlton opened at $13.25 and closed at from Si to $1.30
less. The 6-4 size ranged between $7 and $6.75. Potomac axminsters,
9x12 were steadier and kept between a range of $31.75 and $31; the 11-4
brought $26.25 on single bales.
On its second auction showing the Smith axminster 9x12 began at $33.75.
Prices went lower, but there were only a few lots. Buyers were also hesitant
on the other Smith sizes, and factors said unfamiliarity with the line which
was introduced only last fall, was handicapping it.
Katonah Demand Better.
The Katonah, popular-priced line in the velvets, drew much stronger
bidding, the 9x12 getting $15.25, the 11-4 513.25 to $12.75, the 10-4 59.50:
and the 8-4 $8.50 to $8.25.
Meadowbrooks opened at $38 in the 9x12, and prices varied sharply with
colors and patterns. This offering was one of the weakest of the morning.
Among those concerns which bought actively were: Renard Linoleum &
Rug Co., Empire Carpet Co., Alms & Doepke, Clawson & Wilson, Benjamin
McCable & Bro., Rosenfeld-Kent Co., American Rug & Carpet Co., J.
Kennard & Sons Carpet Co., J. J. Weber. Walker's, Carson, Pine, Scott &
Co., Montgomery Ward & Co., Marshall Field & Co., Janes H. Dunham
& Co., James A. Hearn & Son, J. J. Haines, Broadway Department Store,
Capital Furniture Co., H.Waldman, Rosenfield & Co., S. Rabhan, Syracuse
Floor Coverings Co., Alexander & Co., George Geffner, Mayer & Frank,
W. R. Moore & Co.. Schultz Bros., Columbia Furniture Co., Wheeler &
MOtter Mercantile Co.
Price levels, as aanounced by the Smith company, were:
,
High. Low. I
High. Low.
8-4 Carlton Axminster__ $13.25 $12.05 12-4 Meadowbrook Wor'd 39.25 36.10
6-4 do
7.00 6.75 11-4 do
33.50 29.75
12-4 Potomac Axminster_ 31.75 30.85 10-4 .do
21.60 18.65
11-4 do
26.25 25.70 8-4 do
18.25 17.35
10-4 do
19.25 17.351 6.4 do
12.25 11.15
14.50 13.901 E do
8-4 do
3.95 3.55
6-4 do
7.25 ___ _112-4 Ardsley Axminster
22.25 21.50
E do
2.70 2.55 11-4 do
18.25 16.15
J do
3.65 3.15 , 8-4 do
11.25 10.76
12-4 Smith Axminster_.... 34.00 32.45' 6-4 do
7.00 6.45
11-4 do
28.25 27.10 12-4 Colonial Velvet
25.50 23.90
10-4 do
20.50 19.15 11-4 do
22.00 20.35
8-4 do
15.00 14.50 12-4 Yonkers AxminIster_ 30.75 28.65
E do
2.65 2.45 12-4 do
28.50 28.00
J do
5,00 4.15 , 11-4 do
25.75 24.65
_ I 11-4 do*
Mat do
27.75 26.25
12-4 Katonah Velvet
15.25 14.80 10-4 do
16.75 15.90
11 4 do
13.25 12.70 10-4 do*
19.00 18.15
10-4 do
9.00 8.35 1 8-4 do
15.00 13.95
8-4 do
8-4
do*
8.50 8.00
15.50 15.10
6-4 do
8.00 7.60
special.
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on March
•25 issued its monthly report on the domestic exports of
cotton, cotton cloths, yarns, thread, and hosiery for the
month of February, and the two months ending with February, with comparisons for the corresponding periods a year
ago. The exports of raw cotton were very much larger this
year in quantity both for the month of February and the
two months' period ending with February than In the corre-
APR. 9 1927.]
THE CHRONICLE
2053
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR MARCH 1927.
("Short" side of contracts only, there being an equal volume open on "long" side.)
Wheat.
Corn.
Oats.
Total.
Rye.
March, 1927Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
1
88,750.000 82.830.000 49,199.000 *15,797.000 236.576.000
2
89,264,000 83.317.000 49,375,000 15,685,000 237.641.000
3
89.548,000 84.164.000 49,347.000' 15.668.000 238,727.000
4
90,350.000 84,904.000 48,994.000 15.661.000 239,909.000
5
90,320,000 86,014,000 48,959.000 15,608,000 240.901.000
6 Sunday
7
90,468.000 87,768.000 48,863,000 15,679.000 242,778.000
8
90,179,000 88.553.000 48,734.000 15.562.000 243.028.000
9
90,469.000 89.295.000 48.679.000 15.565 000 244.008.000
10
*90,639,000 *89,554.000 49.074.000 15,564.000°244,831.000
11
89,512.000 89,525.000 49,471.000 15.611.000 244,119.000
12
90,136.000 88,811,000 *49,669.000 15,636,000 244,252,000
13 Sunday
14
90.413.000 87.985,000 49.299.000 15,695,000 243.392.000
15
90.353.000 88.033.000 49.217.000 15.514.000 243,117.000
16
89,225.000 88,070.000 49.253.000 15,393.000 241,941.000
17
87,481.000 87,211,000 49.022 000 15.443.000 239,157.000
18
86.426.000 85,125.000 48.463 000 15,314.000 235.328.000
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS,YARNS.THREADS 19
86,546,000 84,518.000 48,544,000 15.208.000 234,816,000 ,
AND HOSIERY.
20 Sunday
21
84.699.000 84,163.000 47.984.000 14.589,000 231,435,000
84,469.000 81,765.000 47.462.000 14.575.000 228,271.000
Month of February. 2 Months Ended February. 22
23
82,554.000 080,154.000 46.996.000 14.267.0000823,971.000
24
82,579,000 81,306.000 47.026.000 14,195.000 225.106.000
1926.
1927.
1926.
1927.
82,678.000 81,581.000 046.993.000 14.139 000 225,391.000
25
26
81,445,000
81,580,000 47.088,000 014,034,000 224.147,000
Raw cotton, incl. linters_ _bales
556,185 1,010,507
1,306,152
2,126.299
Value
$60,433,154 $71,295,723 $142,944,205 $149,042,687 27 Sunday
a81.153.000 82,563.000 47,397.000 14,049.000 225.162.000
Cotton manufactures, total_ _ _ $10,788,115 $8,743,471 $21,639,314 $18,152,678 28
82,318.000 82.226.000 47,400.000 14,264.000 226.208,000
Cotton cloths, total---sq. yds. 37,748,285 36,110,353 78,899,778 76.031,464 29
81.941,000 81,446.000 47,05.5.000 14.440.000 224.882,000
Value
$5,907,485 $4,772,249 112,202,132 $10,003,214 30
31
82.265.000 81,455,000 47,118,000 14.508,000 225,346,000
Tire fabrics
sq. yds.
165,726
251,012
263,972
337,835
$59,473
$75,565
$100,564
Value
$98,318
AverageCotton duck
973,537 1,182,005
1.636,447
2,178,566
Sq. Yd.,.
1927
86,896.000 *84.959.000 48.396.000 15.099.000 235,350.000
$386,226
$646,210
Value
$401,089
$705,922 March
March 1926
95,431.000 59,434.000 *50.350 000 14,875,000 220.090.000
Other cotton cloths87.976,000 77,933.000 49,714 000 •15,683.000 231,306.000
sq. yds. 9,374,686 9,384,994 18,570,796 19,692.310 February 1927
Unbleached
January
1927
90,024.000 68,526.000 48.960 000 13.488.000 220.978.000
$1,105,550
$805,932 $2,127,618 $1,727,069
Value
sq. yds. 6,385.035 5,978,949 14,745,970 12,788,018 December 1926_ 94,547,000 60,192.000. 78 000 13.099.000 214,116,000
Bleached
November
1926..
63.758.000 50.015.000 15.144.000°237.850.000
_*108.933.000
638,847
883,538
2,038,395
Valtie
1,387,558
October 1926
100,156.000 54.427.000 49.162.000 13.823.000 217.568.000
Printed
sq • Yds. 7,434,521 6,459,178 15,006,154 13,850,623 September
1926
102,235.000 a46,780.000 46.899 000 12.814.000 208.728.000
11.053.060
1907,578 $2,176,393 $1.905,337
Value
13.014.000 208,516.000
99,118,000 53,654.000.
Sq. Yds. 7.616,681 7,878,459 15,095,586 15,820,565 August 1926
Piece dyed
87,023.000 52,196.000 031.397.000 12.393.000a183.009.000
$1,412,047 $1,214,977 $2,828,143 $2,542,017 July 1926
Value
June 1926
9.751.000 191,851,000
60,624.000
36.631.000
084.845.000
5,798,101
4,975,756
13,580,853
Yarn dyed
11,363,542
Sq• Yds.
85,808.000 53,831.000 37,618.000 a8,359 000 185,616.000
$992,728
$743,124 $2,284,809 $1,658.993 May 1926
Value
April 1926
96,935.000 57,876,000 46,132,000 13,177,000 214,120,000
Cotton yarn, thread,&o.
lbs.
967.608 1,282,981
2,279,626
3,011,209
Carded yarn
•High.
a Low.
$397,296
$377,815
$924,011
Value
$906,356
sq. yds.
789,828
869,683
1,469,291
Combed yarn
1,590,267
8617,780
$598,004 $1,149,272 $1,078,055
Value
101,649
113,989
181,215
Sewing, croched, darning lbs.
225,610 Crude Oil Prices Again Reduced-Gasoline Prices Also
and embroidery cotton
$113,717
$106.623
$205,647
$213,717
Show Declines.
doz. prs.
448.911
Cotton hosiery
391,916
868.889
740,414
Value
$824,613
$713,327 $1.617.931 $1.316.082
sponding periods a year ago, 1,010,507 bales having been
shipped out in February 1927 as compared with but 556,185
bales in February 1926 and for the two months' period
2,126,199 bales, against 1,306,152 bales. The value of these
raw cotton exports was also larger but not in the same proportion, due to the lower price of cotton in 1927. The value
of these exports In February 1927 was $71,295,723, against
;60,433,154 in February 1926 and for the two months of 1927
$149,047,687, against $142,944,208. The exports of cotton
cloths and cotton manufactures decreased in quantity and
value both for the month of February and the two months'
period ending with February as compared with the same
periods a year ago. Below is the report in full:
Transactions in Grain Futures During March on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of March, together with monthly
totals for all "Contract Markets" as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public April 6 by L. A. Fitz, Grain
Exchange Supervisor at Chicago. The total transactions
for March on all markets are shown as 1,506,375,000 bushels,
compared with 2,323,900,000 bushels in March 1926. On
the Chicago Board of Trade during March of this year the
transactions reached 1,313,746,000 bushels, against 2,055,145,000 bushels in the same month last year. We give
below the details, the figure listed representing sales only,
there being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousand Bushels, i.e., (000) Omitted.
Date-March 1927Oats,
Wheat.
Corn.
Rye. Barley. Flax. Total.
1
34,995 28,164 6,534
1,582
_______
71,275
2
21,348 11,091
3,023
771 --------36,233
3
12,971 12.244
2,213."
691
--__
28,119
4
36,710 12,329
4.226
1,028
54,293
5
12,924 11,947
2,002
556 --------27,429
6 Sunday.
7
22.674 14,288
1.057
838
38,857
20,415 16.806
3,791
767
41,779
15,704 15,497 4.180
506
35.887
10
31,567 11.848
4,952
856
49,223
11
31,192 12,946
3.605
1.020
48,763
12
16.197 11.202
2,249
628
30,276
13 Sunday,
15,864
8,263
14
1.182
826
26.135
23,707
6,845
1,848
2,272
15
34,672
19,710
9.612
16
1.170
1.196
31.688
17
37,226 12.598
1.375
2,094
53,293
18
36,432 26,059
5.813
2.309
70.613
19
4,365
2,583
59,205 21,909
88,062
20 Sunday.
21
2,827
2.412
35,821 14,827
55.887
22
5,886
2.367
50.861 23.731
82,845
23
7,532
3.159
49.436 25,836
85,963
24
3,303 2.140
28,170 19,195
52,808
25
2.237
2.692
28.594 17.671
51,194
1,652
26
25,091 12,223 2.568
41.534
27 Sunday.
2.459
28
36,474 14,063 2,735
55,731
1,424
1,558
29
36,581 12,138
51.701
1,353
1.340
9,126
30
29.562
41,381
1,341
1.118
18,895
6,751
31
28,105
Chic.Bd.of Trade,total 788,326 399,209 85.380 40.831
1,313,746
276 --------49,593
Chicago Open Board_
1.446
33.030 14,841
Minneapolis C. of
3.725 1,
44,958
64,408
---- 13.731
T.
_
B.
of
22
Kansas City
23,995 12,090
36,107
7-,iii
Duluth Board of Tr
9 1-iii
7.798* ---16
St. Louis Mere's. Ex
3,568a 1,287
4:6
82
59
5
439
Milwaukee C. of C_
1,004
1,179
1,336
3,958
New York Prod. Exch. 15,388
30
15,418
--Seattle Merril. EXCII- _
1,340
1,340
---Los Angeles Cr. Each.
13
13
San Fran. C. of C_
8
8
Baltimore C. of C.
Total all mkts.Mar.'27 919.582 428,763 101,613
Total all mkts.yr. ago.1.862.062 316,607 95.207
Chic. B.of T. year ago1,647,196 294,824 76,094
* Durum wheat with exception of 125 wheat.
416 red wheat.
52,499 1,482 2,436
44.830 2,210 2,984
37.031
---2.055.145
a Hard wheat with exception of
1:g21:g8
The most important development in the crude oil situation
throughout the week just brought to a close was the announcement on April 7 by the Magnolia Petroleum Co., subsidiary to the Standard Oil Co. of New York, of a reduction
in the price of Mid-Continent grades of crude ranging from
50. to 15c. per barrel according to gravity. This reduction
brings the average grade of Mid-Continent crude oil to within
15c. a barrel of the absolute low in 1923. It is the fifth price
cut since November and the fourth in six weeks. Overproduction in the Seminole, Okla., field continues to be the
underlying cause. After reaching 336,000 barrles a day on
March 27, production of oil in the Seminole area has dropped
slightly during the last ten days, owing to a natural decline
in yield of the older wells in the field. According to available information, however, increased output is expected by
the industry in the next thirty days, when many new wells
will be completed in the newer areas of the field. Under
the new schedule of prices, Seminole oil, which averages about
40 degrees gravity, is now $1.21 a barrel, a cut of $1.40 a
barrel since last fall, when the same grade was priced at
$2.62 a barrel. The entire new price list posted by Magnolia, comparing previous price and price one year ago, is as
follows:
Grade-
Below 28 gravity
28 to 28.9
29 to 29.9
30 to 30.9
31 10 31.9
32 to 32.9
33 to 33.9
34 to 34.9
35 to 35.9
36 to 36.9
37 to 37.9
38 to 38.9
39 to 39.9
4010 40.9
41 to 41.9
42 to 42.9
43 10 43.9
44 to 44.9
45 to 45.9
46 to 46.9
47 10 47.9
48 to 48.9
49 to 49.9
5010 50.9
51 10 51.9
52 and above
Apr. 7'27. Mar. 5 '27. Apr. 7 '26.
$1.07
$1.05
i1.10
1.05
1.12•
1.05
1.14
1.48
1.05
1.56
1.16
1.05
1.64
1.18
1.05
1.72
1.20
1.07
1.22
1.80
1.09
1.88
1.24
1.11
1.96
1.26
2.04
1.13
1.28
2.12
1.15
1.30
2.20
1.17
1.32
2.28
1.19
1.34
2.36
1.21
1.36
2.44
1.38
1.23
2.52
1.40
1.25
2.60
1.27
1.42
2.68
1.29
1.44
2.76
1.46
1.31
2.84
1.33
1.48
2.92
1.50
1.35
3.00
1.52
1.37
3.08
1.54
1.39
3.16
1.56
1.41
3.24
1.58
1.43
3.32
1.60
1.45
Earlier in the week, a change in the method of quoting
Saginaw, Mich. crude from an Oklahoma to a I'
resulted in an increase of 25c. per barrel for oil of t
bringing the new price up to $1.71 per barrel.
Gasoline prices were also reduced in certain s
country, most of the changes taking place in t
on April 5, the Atlantic Refining Co. re
one cent a gallon, making tank-wagon p
Philadelphia, 17 cents in Pennsylvania ou'
and 17 cents in Delaware. On the same
Oil Co. of New Jersey reduced expor
THE CHRONICLE
2054
cent a gallon, making the new price 16.65 cents a gallon in
cases. Water white kerosene for export was also cut one-half
cent a gallon to 17.65 cents, in cases. On April 6, the
Standard Oil Co. of New Jersey announced a cut in the price
of gasoline throughout its territory. A general reduction
of 1 cent a gallon to 16 cents on tank wagons was made.
The price of gasoline in South Carolina was reduced 2 cents
a gallon with a tank wagon price of 15 cents a gallon.
The Texas Co., the Sinclair Co. and the Gulf Refining Co.
met the reduction.
An increase in the price of gasoline was reported April 2
when the Standard Oil Co. of New Jersey advanced the
2c. in the State of Maryland to cover the
price of gasoline 1j/
2c. per gallon.
State tax increase. The State tax is now 33/
Wholesale prices at Chicago on April 8 were reported as
follows: United States motor grade gasoline 69/s@63/sc. a
1c. for 41-43 water white; fuel oil,
gallon; kerosene 43- @,4y
24-26 gravity $1.15®1.17.
Crude Oil Production Shows Substantial Increase.
An increase of 15,950 barrels per day brought the estimated output of crude oil up to beyond the level of two
weeks ago, according to statistics compiled by the American
Petroleum Institute. These figures show that the estimated
daily average gross crude oil production in the United States
for the week ended April 2 was 2,477,000 barrels, as compared with 2,461,950 barrels for the preceding week and
with 1,947,450 barrels for the corresponding week of 1926.
The current daily average production east of California was
1,840,600 barrels, as compared with 1,823,250 barrels, an
increase of 17,350 barrels. The following are estimates of
daily average gross production by districts for the weeks
Indicated:
(hz Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Apr. 2 1927. liar. 261927. Mar.191927. Apr.31926.
724,650
711,600
478,800
706,900
116.150
115.700
101,050
116,000
122,450
124,150
7,200
125,800
90.600
91,300
79,450
91,400
181,150
180,900
174,250
77,350
42.700
42,250
57.600
42,600
37,450
37,700
40,050
37,100
51,800
51,100
49,150
49.750
123,900
124,000
167,800
124,950
140,550
137,600
75,200
141,000
16,750
16.050
13,400
11,500
104,500
103,000
99,000
104.000
62,500
60,700
73,100
64,250
14,550
14,600
17.300
14,550
7,350
7,650
6,700
7,950
3,550
4,950
3,700
4,950
637,300
638,700
602,500
644,600
[Von. 124.
New York Trust Co. under date of March 22. Considering
the petroleum situation throughout the world, "The Index"
points out that while Mexican production has sharply declined, there has been a significant increase in the output of
South America. Excluding the United States and Mexico,
the share of other countries in the world total has risen from
14% to 21% in the four years 1923-1926. World production
last year increased a little less than 2% over 1925. We quote
as follows whatthe trust company has to say:
A further slight increase In the petroleum output throughout the world
indicates that world production has not yet reached its peak. An estimate
by the Bureau of Mines for the United States and by British authorities for
other countries sets the 1926 production at 1,086,255,000 barrels, as com-
pared with 1,065,769,000 barrels in 1925.
The increase is, however, the lowest in 14 years with the exception of
1924. In the period 1912-1919 the average annual increase in world
petroleum production was nearly 7%; in 1919-1923 there was a remarkable
advance, with an average increase of 16%. In 1924 the trend changed,
and production was 0.6% lass than the year before. In 1925 the increase
was 5% and in 1926 only 1.9%. The output of the chief producing countries has been as follows:
1923.
United States
732,407,000
Mexico
149,585,000
Russia
39,156,000
Persia
28,793,000
Dutch East Indies_ __
19,868,000
Venezuela
4,059.000
Rumania
10,867,000
Peru
6,699,000
British India
8,320,000
Argentina
3,400,000
Poland
5,373,000
Colombia
424,000
Others
10,949,000
1924.
713,940,000
139,497,000
45,312,000
32,373,000
20,473,000
8,754,000
13,303.000
7,812,000
8,150,000
4,669,000
5,657,000
445,000
12,542,000
1.018,900,000 1,012,927,000
1925.
763.743,000
114,827,000
51,019,000
34,665,000
21,400,000
20,913.000
16,216,000
9,115,000
8,000.000
5,618,000
5,673,000
900,000
13,480,000
1926.
773,000,000
90,000,000
58,750,000
35,000,000
21,400.000
35.500,000
22,500,000
10.800,000
7.200,000
7,000,000
5,700,000
5,400,000
14,005.000
1,065,769,000 1,086,255.000
Although Mexico stands easily second in the list, there has been a marked
decline in Mexican production during the past five years. The drop from
180,000,000 barrels in 1921 to under 100,000,000 in 1926 is due, however,
more to political difficulties than to oil exhaustion. The Mexican Government recently estimated that 57.5% of the $400,000,000 invested in its
petroleum industry was American,26% British, 11.5% Dutch,3% Mexican
and 2% other nationalities.
Increase in South America.
There is some indication in the table that South America will eventually
supplant Mexico in importance in petroleum production. Excluding the
United States and Mexico,there has been a significant increase in the output
of all other countries. The share of these other countries in the world
total has risen from 14% to 21% in the fcur years 1923-1926-an increase
greater than the percentage growth of United States production.
This Increase has been particularly noticeable in South America. In the
past year Venezuela rose from sixth to fourth place in the international
ranking, and Colombia from sixteenth to twelfth place. A report given
before the American Institute of Mining and Metallurgical Engineers states
that the present controversy over oil rights in Mexico will effect a reduction
in output of from 15.000.000 to 20,000,000 barrels; and that this decline
will be offset to a Considerable extent by the production in South America.
In the meantime American production continues in record-breaking
volume. The daily average last January was 2,312,500 barrels, as compared
2.477,900
with 1,924,900 barrels in January 1926, according to the Bureau of Mines.
Total
2,461,950
2,463,450
1,947,450
The estimated daily average gross production of the Mid-Continent field, With the extraordinary output from the Seminole district continuing,
including Oklahoma Kansas, Panhandle, north, west central, east central and there has been some fear of an oversupply with a consequent depressing
southwest Texas, north Louisiana and Arkansas, for the week ended April 2 effect upon prices.
The last report of the Bureau of Mines stated that there was an increase
was 1,490,850 barrels, as compared with 1,478,700 barrels for the preceding
week, an increase of 12,150 barrels. The Mid-Continent production, exclud- of 294,000,000 gallons in gasoline stocks in January. which is almost double
ing Smackover, Arkansas heavy oil, was 1,392,600 barrels, as compared with the quantity ever added to storage in a single month. Total gasoline stocks
on Jan. 31 had reached the enormous figure of 2,000.000,000 gallons. Even
1,380,450 barrels, an increase of 12,150 barrels.
allowing for a normal increase in gasoline consumption this year over 1926
In Oklahoma, production of North Braman is reported at 6,100 barrels,
a continuation of production at the present rate will apparently create a
against 6,300 barrels; South Braman 3,850 barrels, against 4,100 barrels;
Tonkawa 23,050 barrels, against 24,250 barrels; Garber 17,400 barrels, supply greater than the market can consume.
This very large production of petroleum and gasoline has already had a
'against 17,600 barrels; Burbank 45,550 barrels, against 45,950 barrels;
marked influence upon prices. There have been four price reductions in
Bristow-Slick 27,300 barrels, no change; Cromwell 13,400 barrels, against
the Mid-continent crude market since Nov. 11926,the last cut taking place
13,500 barrels; Papoose 7,350 barrels, against 7,450 barrels; Wewoka,
a few days ago. Present prices for crude petroleum are now below cost of
18,500 barrels, against 17,750 barrels; Seminole 294,700 barrels, against
production, except in flush pools like the Seminole. In view of the fact
281,850 barrels, and Earlsboro 36,350 barrels, against 36,300 barrels.
that there is no sign of abatement in production, a further price cut is
In Panhandle Texas, Hutchinson County is reported at 104,100 barrels, possible, although
the damage has already been done. The oil industry
against 106,400 barrels, and balance Panhandle 18,350 barrels, against as a whole,
with its proverbial optimism, very greatly expanded its opera17,750 barrels. In east central Texas, Corsicana Powell 19,650 barrels, tions and commitments
during the past year, and as a result It faces to-day
against 19,750 barrels; Nigger Creek 5,950 barrels, against 5,900 barrels; a
situation which may be more difficult than any in the past.
Reagan County, west central Texas, 26,300 barrels, against 27,600 barrels;
Brown County 35,550 barrels, against 35,100 barrels; Crane and Upton
counties 50,500 barrels, against 48,600 barrels, and in the southwest Texas Pig Iron Output Makes Large Gain During Month of
field, Luling 18,150 barrels, against 18,350 barrels; Laredo District 15,100
March.
barrels, against 15,050 barrels; Lytton Springs 2,300 barrels, against 2,350
barrels. In north Louisiana, Ilaynesville is reported at 7,900 barrels,
March pig iron production was the largest since April
no change; Urania 11,000 barrels, against 10,600 barrels, and in Arkansas, 1926
and easily exceeded the same month last year, declares
Smackover light 11,650 barrels, against 11,700 barrels; heavy 98,250 barrels, no change. In the Gulf Coast field, Hull is reported at 16,000 barrels, the "Iron Age" in its monthly estimate of output, pubagainst 16,250 barrels; West Columbia 10,300 barrels, against 10,050 bar- lished April 7. Complete returns from all furnaces show
rels; Spindletop 60,950 barrels, against 58,750 barrels; Orange County
the daily rate last month to have been 112,366 gross tons
5,000 barrels, against 5,100 barrels, and South Liberty 3,750 barrels, against
per day. This is an increase of 7,342 tons per day or about
3,550 barrels.
In Wyoming, Salt Creek is reported at 44,200 barrels, against 42,900 7% over the 105,024 tons per day in February. The
barrels, and Sunburst, Mont., 12,000 barrels, no change.
March rate in 1926 was 111,032 tons per day and the next
In California, Santa Fe Springs is reported at 44,500 barrels, against
44,000 barrels; Long Beach 92,000 barrels, against 92,500 barrels; Hunt- largest was 115,004 tons per day in April last year. March
ington Beach, 75,000 barrels, against 76,000 barrels; Torrance 24,000 bar- records of 1925 and 1923 exceeded this, however.
rels, against 24,500 barrels; Dominguez 17,500 barrels, against 18,000
The production of coke pig iron for the 31 days of March
barrels; Rosecrans 10,500 barrels, no change; Inglewood 37,500 barrels,
against 37,000 barrels; Midway-Sunset 89,000 barrels, no change; Ven- was 3,483,362 tons or 112,366 tons per day, as compared
tura Avenue 53,300 barrels, against 51,000 barrels, and Seal Beach 26,300 with 2,940,679 tons, or 105,024 tons per day, for the 28
barrels, against 26,500 barrels.
days of February. In March last year 3,441,986 tons was
made, the daily rate having been 111,032 tons. Thus
Rate of Increase in World Production of Petroleum in March this year was about 1.2% larger, the "Age" reports,
1926 Lowest in Fourteen Years with Exception of
adding:
The net gain in furnaces last month was six, with nide blown in and
1924-Review by New York Trust Company.
three shut down. In February the net gain was nine and in January it
Large petroleum stocks on hand and the continuation of a was five making the net gain for the first quarter 20 furnaces.
,
On April 1 there were 223 furnaces active, as compared with 217 furnaces
'73high rate of production have created a serious situation in the
daily capacity of the 223 furnaces blowing
'oil industry, according to "The Index," published by the on March 1. The estimated
APR. 9 1927.]
T-FrE CHRONICLE
on the first day of April was 113.435 tons, as compared with 106,135
tons per day for the 217 furnaces active on March 1. The large excess
in the daily capacities on April 1 over March 1, with a net gain of six
furnaces, is explained by the unusually rapid rate of operations in March.
The Gary furnaces established a record for all time for March, the previous
best achievement having been in March last year. Of the nine furnaces
blown in six were independent steel company stacks, two were Steel Corp.
units and one was a merchant furnace. One Steel Corp. and two independent steel company furnaces were blown out.
Total Number.of Furnaces Reduced.
The total number of possibly active furnaces has been reduced from
365 to 364. the Covington furnace of the Low Moor Iron Co. in Virginia
having been scrapped.
DAILY RATE OF PIG TRON PRODUCTION BY MONTHS-GROSS TONS
Steel Weeks.
Merchant.*
Total
85,841
25.191
1928 March
111.032
89.236
April
115.004
25.768
88.682
25,622
112,304
May..
82,186
25.658
June
107.844
79.392
24,586
July
103,97S
78.216
25,025
August
103,241
81.224
September
23,319
104,543
October
83.188
24,385
107,553
November
82.820
25,070
107.890
December
74,909
24,803
99.712
75.509
927-January
24,514
100,123
February
24.429
80.595
105.024
March
86.304
26,062
112,366
•Includes pig Iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES
Total Iron,
Spiegel as Petro.
1926.
1927.
January
2,599.876 2.343.881
February
2.272,150 2,256.651
March
2,661,092 2,675,417
April
2,677,094
May
2,687,138
June
2.465,583
FOR OWN USE-GROSS TONS
Syiegeleisen and Ferromanganese.*
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO FEB. 1927.
Reported for 1926 by companies which made 94.50% of the steel ingot Production in 1925.
Months.
1928.
Calculated
)
Approx. Per
Monthly Monthly No.oilyPro.
Da
Cent
Production ProductionWorki duction
of
OpenAll Companies
All
ing I all Co.,., OperaHearth. Bessemer. Other. Reporting.Companies.Days.GrouT
Kan.
I
January.. 3,326.846 581,683 13.664 3.922.193 4,150 469; 26
February. 3.023.829 556,031 12,818 3,592.678 3.801 778 24
March__ 3,590.791 635.680 15,031 4,241,502 4.488,362 27
601.037
516.676
498,764
526.500
627.273
612.588
630,526
592,239
493,172
159.633 88.90
158.407 88.22
166.236 92.58
1
77
161.566 89.98
13,652 3.897.124 4.123.941
10.437 3.728.343 3.945.338
9.441 3.544.367 3.750.653
12.372 3.450.247 3.651.055
12.003 3,784.331 4.004.583
12 660 3.714.488 3.930 675
12,348 3.867.458 4 092.548
9,605 3.517,402 3,722,119
8,919°3,290,570'3,482,085
158,613 88.33
151.744 84.51
144,256 80.34
140.425 78.20
154.022 85.78
151.1:1 84.19
157,406 87.66
143,168 79.78
°l33,926'74.58
3 moo.. 9.941.466 1,773,394 41.513 11,756,373 12,440,607
April -_ 3,282,435
3.201.230
May
3.036.162
June
2,911.375
July
August _ 3.145.055
3.089.240
Septem
October.. 3.224.584
2.915.558
Nevem
Decembe *2,788.471
_I
Furnac,s Blowin In and Out.
Furnaces which were blown in during March were No. 2 Donner furnace in the Baffalo district; No. 2 Clairton furnace and No. 1 Lucy furnace
of the Carnegie Steel Co. and No 2 Monessen furnace of the Pittabt rgh
Steel Co. in the Pittsburgh district; two furnaces at the Cambria plant
of the Bethlehem Steel Corp. in western Pennsylvania; No. 1 farnace
of the Weirton Steel Co. In the Wheeling district, and No. 9 Gary furnace
and one Federal furnace in the Chicago district.
Furnaces blown out or banked during March Include No. 3 Isabella
furnace in the Pittsburgh district: one furnace at the Cambria plant of
the Bethlehem Steel Corp. In western Pennsylvania and one Mayville
furnace in Wisconsin.
active days. In March last year the production was
166,236 tons per day. In the following we give the monthly
production back to January 1926:
1 0000000200
OINC,INCICINCVN
Managanese Allays Produced.
March production of ferromanganese was 27,834 tons, as compared with
31,844 tons in January. also a 31-day month. It was larger than the
monthly average of 26,319 tons in 1926 and brings the' output for the
first coarter to 28,079 tons per month, an increase over last year's rate.
Speigeleieen production last month was 7.650 tons, or the largest this year.
2055
Total.. *37535 5848,872,169 142,950 044550 703047143802 311 .151,587 *84.42
1927.
January._ 3,041,233 545,690 10.586 3.597,509 3,806,888 26
146,415 81.54
February_ *3,042,232 565,201 13,237'3,620.670'3.831,397 24 *159,642 *88.91
3,701,418 590,716 16,499 4,308,633 4.559,400 27 168,887 94.04
March
3 mos.. 9,784,883 1,701,607 40,322 11,526,812 12,197,885 77 158,411 88.25
• Revised.
The figures of "per cent of operation" are based on the "theoretical capacity"
as of Dec. 31 1925 of 55,844,033 gross tons of ingots.
Steel Operations Show Little Change-Pig Iron Output
is High.
Production of pig iron in March was at a rate exceeded
only in one month last year as disclosed by the "Iron Age"
monthly estimates given in detail this week under another
heading.
April in steel gives promise of continued heavy operations, chiefly on the momentum of March business. New
buying and specifications have let down moderately in the
past week, but only a few companies have as yet revised
steel making schedules and these represent less than a 5%
reduction, says the "Age" on April 7, adding:
Bars, plates and shapes are not noticeably firmer, irregularities still
obtain in sheets and in cold finished bars, and while higher prices obtained
on bolts, nuts and rivets, they are accepted on contracts on which specifications will come later. What the steel makers are facing is the virtual
end of realizing further economies of manufacture, and leaders among them
express the hope of a wider recognition that selling prices are now practically
the sole measure of profits.
Threatened importation of European steel by water through the Welland
Canal to the Central West is recognized as a likely unsettling price factor,
Half year
15.362.933
148,173 42,083
if it should assume measurable proportions. Early efforts in this direction
July
2,461,161
26.877
3,699
failed partly because of the freight charges, partly because of the diffiAugust
2,424,687
23,557
4,372
culty of meeting American requirements and partly because of damage
September
2.436,733
25,218
2.925
October
in handling.
2,578,830
28.473
6,295
The coal strike is still without effect as a market factor, save that reduced
November
2.484.620
31.903
7.565
haulage does not leave expectations high for much railroad car business.
December
2,322.180
31,827
7,157
The shutting down of union mines has produced a slightly stronger tone
Year
30,071.144
315,828 74.096
in the coal market, but non-union coal is to be had in good volume.
•Includes output of merchant furnaces.
Automobile makers have ordered a large amount of steel for this month,
but new business will be governed by current automobile sales. Some
TOTAL PRODUCTION OF PIG IRON.
failing off in common sheets is balanced in part by demand for auto-body
BY Months. Beybushey Jan. 1 1925-Gross Tons.
material, and strip steel mills are operating at a high rate. Bookings
1927.
January
3,370.336
3,316.201
of sheets by Chicago district mills are equal to shipments, with opreations
3.103,820
February
3,214.143
2,923,415
2,940.679 at an 85% rate.
March
3.564.247
3,441.986
3,483,362
April
New structural steel inquiries total about 54,000 tons, including 16,000
3,258,958
3,450,122
May
2,930.807
tens for a bridge at Cleveland, 9,000 tons for subway work in New York,
3,481,428
June
2.673,457
3,235,309
7,500 tons for a locomotive shop at Eddystone, Pa., and 5,000 tons for a
municipal viaduct in New York.
Half year
19,011,948
19,848,461
July
The Illinois Cenral will inquire for 4.500 freight cars probably this
2.664.024
3.223,338
August
2.704,476
3,200,479
Week. The New York Central plans to buy 66 locomotives and the Erie 50.
September
2.726,198
3,136,293
Oil well casing and drive pipe is waiting on a correction of the present
October
3.023,370
3.334,132
everproductoin of oil, but meanwhile urgent orders for tanks and gas
November
3.023,006
3,236,707
December
3,250,448
lines are absorbing large tonnages of places. Chicago reperts three com3,091,060
panies taking ever 13,000 tons and inquiries for 20,000 tons. Two 20-in.
Year*
36,403,470
39.070.470
gas line contracts, 250 miles in all, will require 44.000 tons of steel. Yet
•These totals do not include charcoal pig iron. The 1926 production of
this
Iron
Pittsburgh district producer of seamless oil well material had to shut
a
Was 163.880 tons.
down last week.
Early spring weather has brought a demand for wire products heavier
than a year ago, particularly from manufacturing consumers, but it is
Further Increase in Steel Output.
not taxing mill capacity.
According to the American Iron & Steel Institute in its
In pig iron, buying by steel plants sod pipe foundries is a feature along
usual monthly statement as of April 8 1927, steel pro- the Eastern seaboard. A Steel Corp. plant in eastern Pennsylvania,
duction in March, compiled from companies which make usually supplied by other subsidiaries, has bought upward of 18.000 tons
of basic iron. An independent Eastern steel company has purchased
94.5% of the output in 1925, amounted to 4,308,633 tons. 15,000 tons of the same grade. while a locomotive
company steel works
This is an increase of 687,963 tons over the production in has closed for 5,000 tons of copper-bearing low-phosphorus iron. A round
February, but when considering the total working days tonnage of low-phosphorus iron will also be bought by a New England
plant of the Steel Corp. An Eastern pipe foundry purchased 5,000 tons
in the respective months, the increase is less striking. Of from an eastern Pennsylvania furnace and a pipe plant in Virginia placed
the above-mentioned amount, 3,701,418 tons were open- 10,000 tons with a Virginia producer.
The Ford Motor Co.'s purchase of 385.000 tons of Minnesota ore is
hearth, 590,716 tons Bessemer and 16,499 tons all other expected
to be closed this week. Opinion is general that for 1927 last
grades. The production for the same companies in March year's prices will be established. Bethlehem's purchase of upward of
1926 was 4,241,602 tons. The calculated monthly pro- 150,000 tons of Swedish low-phosphorus ore is for its Sparrows Point
where its output of Bessemer steel products is increasing.
duction of all companies on this basis was 4,559,400 tons in plant
An unusual order of the week was for 35,000 steel fence posts for Ohio
March, 3,831,397 tons in February and 3,806,888 tons in State for road markers.
Foreign fluorspar has declined to $16.50 per net ton, duty paid, Atlantic
January. The approximate daily output of all companies
seaboard, on a German offering for early shipment.
in March, with 27 working days, was 168,867 tons, as comThe "Iron Age" pier= composite price advanced to $19.21 from $19.13
pared with the daily average in February with 24 working last week and a low of $18.96 a month ago. The finished steel composite
price remains at 2.367c. a pound for the seventh week, as shown in the
days of 159,642 tons, and 146,419 tons in January with 26 following
composite price table.
Pe-Mn. Spiegel. Fe-Mn.
29.129
7.746
31.844
22.309
7,084 24.560
24.064
7,339
27.834
24.134
7,051
23.159
6,999
25.378
5.864
Spiegel.
7,486
7,045
7,650
2056
[VOL. 124.
THE CHRONICLE
Pig Iron.
With union operations throughout the central competitive field generally
April5 1927, 819.21 per Gross Ton.
One week ago
$19.13 closed, the non-union mines now have the opportunity to demonstrate
their
ability. However, they are more or less handicapped at the start by
One month ago
18.96
21.04 at least two-months supply ofstorage coal now in possession of the principal
One year ago
10-year pre-war average
15.72 consumers, in which storage supply they have participated to the extent
Based on average of basic iron at Valley furnace and foundry Irons at Chicago, of 65 to 70% of the total. So the wheels of these onerations may revolve
Philadelphia, Buffalo, Valley and Bir- more slowly at the start and increase their momentum as the supply on
mingham.
hand is consumed, thus delaying a maximum demonstration of their effort.
Low.
High.
In the western portion of the eastern territory, where former union
1927_-$19.71, Jan. 4 $18.96, Feb. 15
1926_ 21.54, Jan. 5 19.46, July 13 operations have changed to non-union, is found the real battleground.
Friday
was the anniversary of eight-hour day; and in honor of their harmer
1925._ 22.50, Jan. 13 18.96, July 7
1924_ 22.88, Feb. 26 19.21, Nov. 3 leader, Jobs Mitchell.revered by the miners and respected by the operators,
1923_ 30.86. Mar.20 20.77, Nov.20 it was celebrated. So with a Saturday and Sunday
following, it may take
Pig iron production during March forged ahead of February several days of the present week to determine how many men are working.
In Ohio an almost general cessation of work is reported. The operators
by 7%, nosed out last March by not quite 1%, and proved have not as yet made their next move; but as Ohio has fallen from second to
the third best March in history, states the "Iron Trade fifth State in the order of production, the fight in that territory promises
Review" in its April 7 resume of the industry. Daily to be akin to that in the Pittsburgh district, if not greater, because of the
larger territory affected.
average rate last month was 112,330 tons, compared with
In Indiana and Illinois—for as one goes so generally goes the other—but
105,021 tons in February and 111,534 tons in March a a very small percentage of mines are working, and those mostly strippings.
The stock of coal in hands of consumers there is as large, if not larger, than
year ago. The best March on record—that of 1925— in
the East. The operators are not worrying, for they would not know
attained the height of 115,207 tons. In point of total pro- where to ship the coal if mines continued in operation.
Iowa is well closed down, as is a large percentage of the mines in the
duction, March tonnage was 3,482,223 tons, against 2,940,territory. More are working in the Rocky Mountain section,
604 tons in February and 3,458,171 tons in March 1926. southwestern
pending an agreement. In the Northwest shipments from Lake Erie ports
The month closed with 223 blast furnaces active, a net gain of anthracite and bituminous from the non-union mines, which have
of five, continues the "Review," which then goes onto say: largely supplied the territory tributary to the head of the lakes, is taking
good care of requirements. So on the whole there are no immediate worries
No major threat to this high rate of production has appeared. Colorless about supply.
iron and steel markets the past week were characteristic of the early days
In Canada wholesale dealers in bituminous coal are unanimous in their
of a new quarter. The slight shrinkage in steel making bears out the statement that sales records just now require the utmost effort. Some
seasonal trend of the past three years. Some March production records orders are being secured, and in some cases fair tonnages are being placed;
were made, as usual, at the expense of April specifications, and a sequel but there is no pronounced buying movement by industrial and other
is the slight easing up. Steel Corp. subsdiaries are down two points consumers, despite the fact that very few of them are carrying stocks of
from their recent capacity rate, and for the entire industry, steel making any size.
rate of 90.91% is apt.
Many firms in the Niagara Peninsula adjacent to Toronto are users of
At this time the bituminous coal strike is a negligible market factor. hydro power, and with them coal purchases are pretty much a heating
One coal-carrying road deferred action on track material. Some Eastern proposition; many of them believe they will have enough fuel to keep them
blast furnaces are not quoting third quarter business. An occasional going over the summer. On the whole, bituminous prices are a trifle
trip order has been held up. but considering the wide sweep of markets, firmer, but they have not materially changed.
there is no real disturbance. The Connellsville coke region is not affected
In Great Britain about 90% of the men employed previous to the strike
and coke deliveries are normal.
are now at work and producing slightly in excess of pre-strike tonnage.
Bids on second quarter requirements for the Pennsylvania and New The principal mines in Wales which are favored with export are reported
York Central railroads for prices to these carriers developed widespread to be doing fairly well; but in other localities, demand is not equal to
With a tendency toward weakness. Low bids to the New York Central Production, and prices generally have lowered. If a seesaw of British and
were 2.25c. tonnage base, Youngstown, on blue annealed, 2.75e. on black United States strikes should continue, the American Doughboy and the
and 3.60c. on galvanized. Three makers bid 2.20c., base, mill, for the British Tommy may really grow to like each other.
blue annealed business of Pennsylvania.
Production in French mines now exceeds the pre-war output. A strike
Pig iron is between two buying seasons and is consequemly dull. Con- is threatened, but with so much low-priced coal offered by both Englands
sumers generally are protected well through the second quarter and pro- and Germany, the French are not worrying, and the miners may think
ducers are not aggressive, preferring to watch the progrses of the coal twice before they strike.
strike.
The mines in Germany are also suffering from over production and a more
March freight car awards, totaling 4,630, are scarcely more than half of or less contracted marka. It is reported that British coal can be delivered
8,995 placed last March. The first quarter car orders amount to 24,975 at German seaports for less than from German mines by rail, due to high
and compare with 30,720 in the corresponding period of 1926.
rail freights. It is hoped to offset this by construction of canals.
The "Iron Trade Review's" compsite price on 14 leading iron and steel
What has become of the late vaunted one hundred million tons world
products this week is $36.81. This compares with $36.89 last week and shortage of coal.. We no longer hear of it. Verily, the coal trade can
$36.87 the previous week.
produce five hundred and ninety-three million tons to March 26, with four
days to go to make it a six-hundred million ton year.
Finished Steel.
April 5 1927,2.367 Cents per Pound.
2.3670.
One week ago
2.367c.
One month ago
2.439c.
One year ago
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 87% of
the United States output.
High.
Low.
1927_2.453c., Jan. 4 2.3670., Feb. 21
1926_2.453c., Jan. 5 2.4030.. May 18
1925_2.560c.. Jan. 6 2.396c.,,Aug. 18
1924_2.789s., Jan. 15 2.4600.. Oct. 14
1923_2.824c., Apr. 24 2.446c., Jan. 2
Bituminous Coal Markets Remain Undisturbed as
Strike Becomes Effective April 1—Anthracite
Trade Dull.
The bituminous markets of the country remained calm
despite the suspension of almost all operations in the central
competitive field on April 1. Prices rose slightly in a few
instances, but for the most part schedules remained unchanged. Huge stock piles in the hands of consumers and
increased car loadings have combined with a steady output
of the non-union mines to avert any signs of a panic.
In its weekly survey of the conditions in the industry the
"Coal Age" on April 6 reported the following:
A moderate increase in car loadings at the opening of the week and a
slight increase in prices in a few districts marked the reaction of the bituminous markets of the United States to the suspension of production
at the majority of operations in the cental competitive field, Iowa, and
the unionized sections of the Southwest on April 1. Nowhere was there
any evidence of consumer panic. There is no feeling in the trade that
any real advance in quotations is in the cards. To begin with, nothing
approaching any heavy buying movement is expected before the end of
June and there are some who put the date still farther in the distance.
Output of bituminous for the first 51 weeks of the coal year aggregated
592,836,000 net tons—a record never before attained in the history of
American coal mining. The total output for the banner calendar year
of 1918 was only 579,386,000 tons. In the week immediately preceding
the strike, production approximated 13,375,000 net tons, according to
the Bureau of Mines.
The "Coal Age" index of spot bituminous prices on April 4 was 172
and the corresponding weighted average price was $2.09. Compared
with the figures on March 28 this was an increase of one point and two cents.
Stock piles in the hands of consumers and tonnage still seeking a market
were an effective check upon any sharp upward swing. Some shippers
were willing to sell coal for lake delivery after July 1 without demanding
any advance over the current figures.
"Marking time" is the best that can be said of the anthracite side of the
market. There is, of course, some advance buying, but the trade as a
whole lags far behind that of a year ago. Production has been decreasing
week by week.
In the eastern territory the heads of the large non-union
mine organizations are on the qui vive, toeing the mark as
't were; ready to jump at the crack of the pistol and make
good the repeated statements of the past few months, that
non-union production can supply the demands of our
country with the assistance of the railroads, declares the
"Coal and Coal Trade Journal" on April 7 in reviewing
conditions affecting the markets. The "Journal" then adds:
Production of Coke During February.
Production of by-product coke during February declined
from a total of 3,700,000 net tons in January to 3,435,000
tons, according to statistics issued this week by the U. S.
Bureau of Mines. This apparent decline was, however,
entirely due to the shorter month, the daily rate rising from
119,347 tons for the 31 days of January to 122,682 tons for
the 28 days in February, a gain of 2.8%. There were 76
active plants and one idle one, the same as in January, and
these plants produced about 88% of their capacity.
The "Iron Age" states that the output of pig iron during
February made a sharp gain over that for January. The
daily rate was 104,934 tons, as compared with 100,123 tons
per day for January. This is an increase of 4,811 tons per
day, or 4.8%. The estimated production for February was
2,938,164 gross tons for the 28 days,as compared with 3,103,820 tons for the 31 days of January.
Beehive coke output also declined during February, the
estimated total being 754,000 net tons. The daily rate was,
however, more than 1,000 toss in excess of that of January.
Output of all coke was 4,189,000 tons, of which 82% was
contributed by by-product ovens and 18% by beehive ovens,
adds the Bureau's report, from which we append the following tables:
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN TEE
UNITED STATES (NET TONS).a
1924 monthly average
1925 monthly average
1926 monthly average
By-Product
Coke.
Beehive
Coke.
2.833,000
3,326.000
3.712,000
806,000
946.000
957,000
Total.
8,639,000
4,272,000
4,669,000
3,743,000
November 1926
860,000
4,603,000
3,706,000
December 1926
4,486,000
780.000
3,700,000
January 1927
4,487,000
787,000
3,435,000
February, 1927
754,000
4,189,000
a Excludes screenings and breeze.
Coal used for the manufacture of coke amounted to 6,124,000 net tons
during February, 4,935,000 tons being consumed in by-product ovens and
1,189,000 tons in beehive ovens.
The total quantity of coal consumed at coke plants in January was about
6,557,000 tons, of which 5,316,000 tons were consumed in by-product ovens.
and 1,241.000 tons in beehive ovens.
APR. 9 1927.]
THE CHRONICLE
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
By-Product
Ovens.
Consumed in
Beehive
Ovens. •
Total
Coal
Consumed
1924 monthly average
1925 monthly average
1926 monthly average
4.060,000
4.759.000
5,334.000
1.272,000
1,452.000
1,509,000
5,332,000
6,211.000
6,843,000
November 1926
December 1926
January 1927
Frhrtmry 1027
5,379,000
5,325,000
5,316,000
4.935.000
1,356,000
1,230,000
1,241.000
1.189.000
6,735,000
6,555,000
6,557,000
6.124.000
Of the total production of by-product coke during February,
tons, or
was made in plants associated with iron furnaces, and
634.000 tons, or
was made at merchant or other plants.
2,801,000
81.5%,
18.5%,
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS 1922-1927.
Analysis of Imports and Exports of the United States
for February.
The Department of Commerce at Washington, March 26,
issued its analysis of the foreign trade of the United States
for the month of February and the two months ending with
February. This statement indicates how much of the merchandise imports and exports for the two years consisted of
crude materials, and how much of manufactures, and in
what State, and how much of the foodstuffs and whether
crude or partly or wholly manufactured. The following is
the report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS
INTO THE UNITED
STATES FOR THE MONTH OF FEBRUARY 1927.
(Value in 1.000 dollars.)
Group.
1922.
Month.
1924.
1925.
1926,
FurFurFurFurFurFurnace. Other mace. Other nace. Other nate. Other flare. Other nace. Other
17.6 82.8 17.2 82.8 17.2 84.8 15.2 82.9 17.1 81.1 18.9
16.7 82.3 17.7 83.6 16.4 83.7 16.3 81.7 18.3 81.5 18.5
16.7 82.6 17.4 84.0 16.0 83.7 16.3 82.5 17.5
16.3 82.6 17.4 83.6 16.4 83.7 16.3 82.6 17.4
14.5 82.7 17.3 80.0 20.0 83.2 16.8 82.5 17.5
14.3 83.1 16.9 80.8 19.2 83.1 16.9 82.5 17.5
14.0 83.3 16.7 80.8 19.2 82.6 17.4 83.2 16.8
19.7 82.7 17.3 79.5 20.5 82.1 17.9 83.0 17.0
17.3 82.2 17.8 82.0 18.0 82.2 17.8 82.7 17.3
16.7 82.2 17.8 82.9 17.1 82.3 17.7 82.6 17.4
16.9 82.2 17.8 83.4 16.6 83.0 17.0 82.5 17.5
17.1 82.6 17.4 84.6 15.4 82.9 17.1 81.8 18.2
sac 1R4 595 174 521 177 RIO IR A 525 174
q.
"
.
1
Co 0,
WWWWWWWWWWWW
Bituminous Coal Output Again Rises-Anthracite and
Coke Show Further Declines.
Recovery of the output of bituminous coal to very nearly
the level of two weeks ago occurred during the week ended
March 26, according to the weekly estimates compiled by the
United States Bureau of Mines. These show an output of
13,375,000 net tons for the week, or a gain of 366,000
net
tons over the week of March 19. On the other hand,
the
production of anthracite declined from 1,432,000
tons to
1,172,000 tons, and of coke from 205,000 tons to 200,000
tons,
declares the Bureau, from which we quote the followin
g
details:
Production of soft coal during the week ended March
26, including lignite and coal coked at the mines, is estimated at
13,375,000 net tons. Compared with the revised estimate for the preceding
week, this shows an
Increase of 866,000 tons, or 2.8%.
Estimated United States Production of Bituminous Coal (Net
Tons) Includiny• Coo
Coked.
1926-1927
1925-1926
Coal Year
Coal Year
Week.
to Date.
Week.
to Date
March 12
13,778,000
556,452,000
10,690,000
512,256,000
Daily average.___ 2,296,000
1,943,000
1,782,000
1,757,000
March 19_6
13,009,000
579,461,000
10,263,000
522,519,000
Daily average_ _ _ 2,168,000
1,945,000
1,711,000
1,758,000
March 26.c
13,375,000
592,836,000
9,626,000
532,145,000
Daily average_ ___ 2,229,000
1,953,000
1,604,000
1,755,000
a Minus one day's production first week in April to equalize
number of days
in the two years. b Revised since last report. c
Subject to revision.
The total production of bituminous coal during the
present coal year to
March 3 (approximately 304 working days) amounts
to 592,836,000 net
tons, as against 532,145,000 tons during the correspondi
ng period in 19251926-a gain in the present year of 60,691,000
tons, or 11.4%. Figures
for other recent years are given below:
1919-20
487,472,000 net tons 1923-24
554,543,000 net tone
1929-21
527,881,000 no ttons 1924-25
464,855,000 net tons
1921-22
440,812,000 net tons 1925-26
532,145,000 Oct tons
ANTHRACITE.
The total production of anthracite during the week
ended March 26 is
estimated at 1,172,000 net tons, a decrease, compared
with the output in
the preceding week, of 260,000 tons, or 18.2%.
Estimated United States Production of Anthracite (Net
Tons).
1926-19271925-1926-Coal Year
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
March 12
1,488,000
88,881,000
1,966,000
46.407.000
March 19
1,432,000
90,313,000
1.963,000
48,370,000
March 26
1,172,000
91,485,000
1,991,000
50,361,000
a Minus one days' production first week in April to equalize
number of days in
the two years.
BEEHIVE COKE.
The total production of beehive coke during the week
ended March 26
Is estimated at 200,000 net tons, a decrease of 5,000 tons,
or 2.4%, from
the output in the preceding week. Compared with the rate
in the corresponding week of 1926, when coke production had been
stimulated by the
anthracite strike, there is a decrease of 20.3%.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927.
1926.
Mar.26 Mar.19 Mar.27
to
to
1926.
1927.b 1927.c
Date.
Date.a
Pennsylvania and Ohio
163,000 164,000 201.000 1,833,000 3,076,000
West Virginia
16,000 18,000 16,000
205,000
207,000
Ala., Ky., Tenn. & Georgia...._ 5,000
6,000 17,000
72,000
249,000
Virginia
8,000
7,000
7,000
87,000
126.000
Colorado & New Mexico
4,000
6,000
4,000
49,000
70,000
Washington and Utah
3,000
6,000
5,000
52,000
46,000
United States total
200.000 205,000 251,000 2,298,000 3,774,000
Daily average
33,000 34,000 42,000
31,000
52,000
a Minus one day's production first week in January to equalize
number of days
n the two years. b Subject to revision. c Revised since last report.
Month of February.
1926.
Two Months Ended February.
1927.
1926.
1927.
Value. P. C. Value. P. C. Value. P. C. Value.
P. C.
1927.
s"i'li
January
February _
March.._
April
May
June
July
August.-September
October
November
December_
1923.
2057
Domestic ExportsCrude materials
889,316 25.8 $102,806
Crude foodstuffs and
food animals
12,172 3.5 18,760
Manufac'd foodstuffs 41,837 12.1 38,523
Semi-manufactures
47,914 13.9 53,196
Finished manufac's
154,552 44.7 151,340
28.2 $203,240 27.7 3225,307 29.0
5.1 28,017 3.8 43,166 5.6
10.6 89,629 12.2 79,659 10.3
14.6 99,766 13.6 114,553 14.7
41.5 312,901 42.7 314,188 40.4
Tot,domestic exports $345,791 100.0 8364,625 100.0 8733,553
100.0 5776.873 100.0
Foreign exports
7,114
8.054
16,188
15,813
$352,905
ImportsCrude materials
$172,808
Crude foodstuffs and
food animals
42.111
Manufac'd foodstuffs 36,026
Semi-manufactures
72,809
Finished manufac's
63,552
Total
$372,679
$749,741
$792,686
44.6 $114,815 36.9 8373,900 46.5 $267,910 40.1
10.9
9.3
18.8
16.4
42.804
39,794
52,131
61,322
13.8 90,744 11.3 86,889 13.0
12.8 64,851 8.1 66,732 10.0
16.8 143,960 17.9 118.118 17.7
19.7 130,603 16.2 128,196 19.2
$387,306 100.0 $310,866 100.0 $804.058 100.0 $667,845 100.6
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
March 24 its monthly report on the exports of principal
grains and grain products for February and the eight
months ending with February. The total value of these
exports shows a very substantial increase over the same
month of 1926, the amounts being $18,987,000 in February
1927, against but $12,598,000 in February 1926. Wheat exports in February this year were 4,889,000 bushels, as
against only 1,700,000 bushels a year ago; exports of wheat
flour amounted to 874,000 barrels, against 647,000 barrels;
barley exports, 1,257,000 bushels, against only 311,000 bushels; rice exports, 41,408,000 pounds, against but 2,423,000
pounds, and rye exports, 588,000 bushels, against 182,000
bushels. Corn, malt and oats, however, went out in smaller
quantities in February 1927 than in February 1926. The
details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS
.
February.
Barley
Value
Malt
Corn
Value
Cornmeal
Hominy
Oats
Value
Oatmeal
Rice
Value
Rye
Value
Wheat
Value
Flour
Value
Biscuits-Unsweetened
Sweetened
Macaroni
Total value
bush
bush.
bush.
bbls.
lbs.
bush.
lbs.
lbs.
bush.
bush.
bbls.
1926.
19h7.
311,000
$270,000
284,000
2,779,000
82,546,000
35,000
2,116,000
392,000
$192,000
9,232,000
2,423,000
8146,000
182,000
$223,000
1,700,000
$2,828,000
647,000
$4,937,000
794.000
443,000
669,000
1,257,000
81,023,000
135,000
1,899,000
$1,475,000
31,000
2,772,000
167,000
$89.000
2,962,000
41,408,000
$1,524,000
588,000
8669,000
4,889,000
$7,138,000
874,000
$5,857,000
861,000
475.000
884,000
8 Months Ended February.
1926.
1927.
23,663,000 11,217,000
$21,127,000 $8,616.000
2,293,000
1,861.000
15,503,000 11,610,000
814,897,000 $9,367,000
275,000
432.000
17,421,000 23,089,000
23,422,000
3,330,000
$12,380,000 $1,619,000
118,756,000 85,978,000
19,126,000 126,878,000
$1,147,000 $5,162,000
6,459,000
6.905,000
$7,236,000 $7,264,000
39,443,000 123,274,000
$61,888,000 8177,732,000
6.667.000
9,536,000
$48,628,000 $65,126,000
10,037,000
5,276,000
4,252,000
5.300,000
5,851,000
$12,598,000 818,987,000 3180.715.000 8287,857.000
National Industrial Conference Board
on Rising
Tendency of Wage Levels and Plant Activity
in January.
Wage levels and plant activity in the manufacturing industries of the United States, in contrast to the feeling of
uncertainty which prevailed in many quarters
at the beginning of the year, showed a firm and perceptibly rising tendency during January, according to the National Industrial
Conference Board, 247 Park Avenue, New York. In stating
this on March 27 the Board added:
Evidence of the soundness of underlying
conditions is seen by the Conference Board in the unprecedented stability
of wage and employment
trends during the entire past two years, in
the very gradual increase in the
purchasing value of the dollar as measured
by living costs, and in the
increasing industrial activity during a period
which on the whole has been
one of declining commodity prices.
Changes in wage earnings and employment from December
of last year to
January, as computed by the Board for more
than 2,000 manufacturing
2058
THE CHRONICLE
establishments in 25 industries, were slight, but afford no basis for pessimistic forecasts. Average weekly earnings per worker showed a slight
Increase, indicating increased plant activity, while average hourly earnings, quickly reflecting changes in wage rates, remained stable at 56.5
cents. Employment remained practically unchanged at 81% of the peak
figures of June 1920 and was still above the level of January the preceding year. Average hours of work per wage earner, the most sensitive
Index of plant activity, increased from 47.9 in December to 48.2 in
January.
Especially significant is the increase of the average number of hours
worked per wage earner in the automobile industry, which increased from
42.8 hours in December to 48.5 hours per worker in January, while employment in this industry increased more than 8%. These gains, while partly
(VOL. 124.
seasonal in character, are considered as satisfactory. Increases in employment were noted also in 10 other industries out of the 25 represented in
the Board's computations.
The extraordinary stability of employment conditions is manifested in
the Board's monthly records of wage earnings for the past two years,
average hourly-earnings having changed less than 3% and average weekly
earnings less than 5% since January 1925. Both, average hourly and
weekly earnings per worker at the beginning of this year stood at almost
exactly the same level as in January of both preceding years. "Real
weekly earnings," that is the purchasing power of the factory worker's
weekly pay at the beginning of 1927 were 30% greater than they had been
in July 1914.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reset-ye Banks on April 6, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows declines for the
week of $63,400,000 in bill and security holdings, of $42,500,000 in member bank reserve deposits, and of $18,300,000
in Government deposits, an increase of $16,100,000 in Federal
Reserve note circulation and a relatively small increase
in cash reserves. Holdings of discounted bills and of
Government securities were $54,100,000 and $11,200,000,
respectively, below the preceding week's totals, while
holdings of acceptances purchased in open market increased
$1,800,000. Alter noting these facts, the Federal Reserve
Board proceeds as follows:
Discount holdings of the Federal Reserve Bank of Boston declined
$26.300,000 during the week. of New York $17,100,000, Philadelphia
$14,200,000, Chicago $13,900,000. and St. Louis 37,100,000. The San
Francisco bank reports an increase of $12,500.000 in discount holdings
and Cleveland an increase of $10,900,000. Decreases of 314.800.000
In the System's holdings of Treasury certificates and of $3,000,000 in
Treasury notes were partly offset by an increase of $6,600,000 in holdings
of United States bonds.
The principal changes in Federal Reserve note circulation during the
week comprise increases of 35.800,000 reported by the Federal Reserve
Bank of Chicago and 33.900.000 each by New York and San Francisco.
000,000 above the March 23 total loans for their own account
having increased $60,000,000, while loans for out-of-town
banks and for others declined $42,000,000 and $17,000,000,
respectively. As previously explained, the figures for these
member banks are always a week behind those for the
Reserve banks themselves. The statement goes on to say:
Holdings of United States Government securities were $40.000.000 below
the total reported a week ago,the principal reduction. Including $25,000.000
In the Chicago district and $13.000,000 and $12.000.000 in the Now York
and Boston districts. respectively. Holdings of other bonds, stocks, and
securities increased $8,000.000, increases of 311,000.000 In the Boston
district and $6.000.000 in the San Francisco district being partly offset by
a reduction of $6.000,000 in the Chicago district..
Net demand deposits were $.57.000.000 lower than on March 23, declines of $48,000,000 being reported by member banks in the Chicago
district, $7,000,000 in the Philadelphia district and 36,000,000 in the
Dallas district, and an increase of $15.000,000 by reporting member banks
In the Cleveland district. Time deposits increased 314.000.000 and
$12,000.000 in the New York and San Francisco districts, respectively, and
declined $23,00.000 In the Chicago district.
Borrowings from the Federal Reserve banks were $13,000,000 less than
the previous week's total, reductions of $23,000.000 in the New York
district and $14,000.000 in the San Francisco district being largely offset
by increases of $15.000,000 and 312,000.000 in the Boston and Chicago
districts, respectively.
On a subsequent page—this, on page 2087—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished asummary of the changes in the principal items as
preceding
with
comparison
the
in
in
full,
The statement
compared with a week ago and with last year:.
week and with the corresponding date last year, will be
Increase (1-) or Decrease (—)
During
found on subsequent pages—namely, pages 20S6 and 2087.
Year.
Week.
A summary of changes in the principal assets and liabilities
—$3.000.000 +3307.000.000
Loans and discounts. total
of the Reserve banks during the week and the year ending
obligations
—12.000.000
+1.000.000
Secured by U. S. Government
+119,000.000
—12,000.000
April 6 1927 is as follows:
Secured by stocks and bonds
Increases (+) or Decreases (—)
During
Week.
Year.
+3700.000
+$249.000,000
Total reserves
+239,600.000
+1,000,000
reserves
Gold
—178,700.000
—63.400,000
Total bills and securities
—176.600,000
—54.100,000
Bills discounted. total
obligations_
—76.900.000
—45,800,000
Secured by U. S. Govt.
—99.700,000
—8,300,000
Other bills discounted
+9,400.000
+1.800.000
Bills bought in open market
—100.000
—11,200.000
U. S. Government securities, total_
—100.000
+6,600.000
Bonds
—49,500,000
—3,000,000
notes
Treasury
+49.500,000
—14.800,000
Certificates of indebtedness
+74,600,000
+16.100.000
Federal Reserve notes in circulation_
—13,000.000
—62.000,000
Total deposits
deposits
+40,300.000
—42.500.000
reserve
Members'
—47,100.000
—18,300,000
Government deposits
All other
Investments, total
U. S. securities
Other bonds,stocks and securities
Reserve balances with Fed. Reserve banks__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from Fed. Reserve Banks_
+8.000.000
—32.000.000
—40.000.000
+8.000.000
—26,000,000
+3,000.000
—57.000,000
+8,000.000
—10.000.000
—13,000,000
+200.000.000
+419.000.000
+63,000,000
+356,000.000
+30,000,000
—8.000,000
+105,000,000
+532,000,000
+7,000.000
—124.000.000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (April 9) the following summary of conditions abroad, based on advices by cable and other means of
The Member Banks of the Federal Reserve System communication:
CANADA.
Reports for Preceding Week—Brokers' Loans
The volume of business in Canada during the first quarter of this year was
in New York City.
larger than in the corresponding period of 1926. Building permits totaled
$208,000,000 advancing $93,000,000 over last year. March employment
The Federal Reserve Board's condition statement of 674 figures
show a substantial gain owing to increasing manufacturing and
reporting member banks in leading cities as of March 30 construction activity. The wholesale price level continuos to decline. The
shows reductions for the week of $3,000,000 in loans and Industrial outlook is promising. Cape Breton collieries are working near
Metal markets are stronger. The Temiskaming and Northern
discounts, $32,000,000 in investments, $57,000,000 in net capacity.
Railway will be extended to the Rouyn mining district, according to the
demand deposits and $13,000,000 in borrowings from the announcement of Premier Freguson of Ontario. Paper companies are
in order to maintain newsFederal Reserve banks. Member banks in New York City endeavoring to consolidate their sales efforts for
the season now closing is
print prices. The New Brunswick timber cut
reported a decline of $2,000,000 in loans and discounts, estimated
for the previous season.
than
smaller
at 360,000.000 ft., 10%
$11,000,000 in investments, and $22,000,000 in borrowings Automotive imports are increasing steadily. Imports of Cuban refined
have caused a price reduction of ten cents per hundred-weight by
frcrm the Federal Reserve Bank, and increases of $8,- sugar
Canadian refiners. April dividend payments on Canadian securities will.
000,000 and $15,000,000 in net demand and time deposits, It is reported, exceed $25,000,000. Wheat prices are high,flour unchanged.
respectively.
GREAT BRITAIN
Loans on stocks and bonds, including United States GovDue to accumulating orders and seasonal spring demand there was a
ernment obligations, were $11,000,000 below the previous continued expansion of production in the principal British industries during
March. As yet, however, there are no signs of a definite trade revival
week's total, the principal changes in this item including such as would make for production during the autumn even at the present
$9,000,000
in
the
Chicago
and
reductions of $13,000,000
levels. The coal trade has been irregular and production is being mainrespectively, and an increase of tained at a rate slightly below that of last year. Retail prices of coal were
and New York districts,
reduced on April 1. In London and in some other centers the reduction
$9,000,000 in the Boston district. "All other" loans and averages 5 shillings
a ton. Employment in the industry is increasing slowly
discounts increased $8,000,000, the larger increase of $19,- but there is considerable part time working. Ten more blast furnaces
production during March and the total output of iron and steel
000,000 in the Cleveland district being partly offset by resumed
within the past 12 months. Busidistricts. Loans to for that month was the highest recorded
other
the
of
some
in
reductions
small
ness already booked is sufficient to allow for large production through the
and
bonds,
stocks
made
by
orders. In the engineering trade
secured
new
for
dealers,
anxious
but
are
summer
makers
brokers and
in New York City, were $1,- the largest degree of improvement has been experienced bYboiler and the
banks
member
reporting
by
APR. 9 1927.1
TUE
CHRONICLE
2059
marine equipment makers who are profiting from the greatly increased ship 1 certainty of the threatening labor situation. The outlook does not promise
building operations. The machine tool trade and locomotive makers are an early improvement, although it is expected in Norv ay that seasonal
moderately employed but textile and agricultural machinery lines are quiet factors will ameliorate the crisis somewhat. The firmness which the crown
Steel fabricating shops are fairly busy. The index of heavy electrical has shown during the last few months was maintained throughout March
apparatus production for February shows a further increase in the output and the exchange rate remained stable. The money market continues
easy, but conversion loan activities are declining somewhat. The note
for export.
The demand for chemicals is moderate and the trade is steady. Auto- circulation increased slightly during the period from Feb. 15 to March 15,
mobile and motor cycle production and sales increased during March and but loans and discounts registered a further decrease. Marked activity
exports were well maintained. The export trade in cotton piece goods has on the bourse has accompanied the firm and rising quotations. The wholebeen adversely affected by the recent falling tendency in prices of American sale index dropped 4.5 points during February, thus maintaining the
raw cotton and production of both yarn and cloth in the Lancashire mills recent marked downward trend in prices. Unemployment remains high,
spinning American cotton is about 80% of full time output. The sections being estimated at 27.000. Conflicts are still existent in several important
spinning Egyptian cotton continues to operate at about 90 to 95% of industries and in general the labor situation remains unchanged. A conflict
in the paper industry is reported to be a strong possibility, even though it
capacity.
The leather trade continues unsatisfactory. The foodstuffs markets are has been temporarily postponed. Owing to the uncertainty in the labor
generally unchanged.
market and low consumer demand, activity in practically all industries
primarily engaged in supplying the domestic market is very low. Export
FRANCE
The Government is planting to consolidate the short term debt maturing industries are more favorably situated. Quantitatively, the returns of the
up to and including 1929, totaling 21.800,000,000 francs. Details of the fisheries are heavy, but low prices prevail. Shipping is relatively well
emission have not yet been decided, but the operation will, it is said, be occupied. Commercial activity is below normal and collections are slow
one of voluntary conversion, without cash subscriptions. The decree and difficult.
SWEDEN.
authorizing the issue of the first section of the consolidation loan is not
expected in France before May. A Franco-German agreement laying down
The Grangesberg Company of Stockholm and Muller & 0o., the Hague,
the basesofa definite treaty and provisionally adjtrsting the regime regarding have purchased large ore mines in North Africa. The purchase will be
wines was signed on March 31. A permanent treaty is to be arranged before financed by the former company through a new issue of shares. It has been
the expiration of the present agreement on June 30. A threatened strike asserted that the iron content of these deposits is about 55%. Sales of
in the coal mines of the departments of Nord and Pas de Calais has been wood goods are progressing satisfactorily and it has been estimated in Sweden
averted by the miners' acceptance of a reduction in wages. Coal prices that the manufacture of chemical and mechanical woodpulp during 1927 will
were reduced on April 1 by from 8 to 12 per cent for various grades, the exceed that of 1926 by about 250.000 metric tons. French wood importers
measure applying to all shipments since March 16. There was a further have been buying in relatively small quantities, owing to the appreciation
decrease in unemployment during the week of March 26, total unemploy- of the currency. Plans for the tenth annual Swedish Fair, to be held at
Gothenburg from May 14-22, have been practically completed. A large
ment amounting to 85,000 of which 75,000 were receiving doles.
variety of manufactures, inventions, patents and an advertising and pubGERMANY.
exhibition will be the features.
licity
Despite the fact that there was an unfavorable trade balance both for
DENMARK.
January and February. it is the general opinion in German industrial circles
that the economic position of the country is growing more satisfactory. The
The very slight improvement in Denmark's economic situation during
is
industrial revival reflected, to some degree, in the further decline in the March shown by declining unemployment and firmer bourse quotations on
number of uriemployed, workers receiving Government assistance, as of industrial shares was largely seasonal. Notwithstanding this development,
March 15, totaled 1.660,000, as against 1,761,000 at the middle of February. fundamental conditions remained practically unchanged and the uncertain
The quarterly settlements did not cause much disturbance on the money legislative and labor situation clouds the business outlook. Although the
market, notwithstanding large demands for cash, day money remained passage of the legislative economy measures is believed in Denmark to be
plentiful. Long term interest rates were slightly lower than the month probable. their fate is as yet uncertain. The Conservatives have introbefore,at between 7% and 8%. Private discountr atesremained unchanged duced crisis relief measures providing for drastic increases in the import
at 444% for long terms and 4.Ti% for short terms.
duty on clothing, footwear, rubber footwear, leather and hides, and also
measures for the control of dumping by means of a flexible duty. The
CZECHOSLOVAKIA.
'7P-better tone in industry and business is becoming manifest, although money market remains very tight and an early improvement is not expected
there is no outstanding individual improvement. Seasonal building has locally. The exchange rate continued stable, there being no apparent
resumed, as a result money is stiffening under greater credit demands and strain on the crown. Consolidated bank loans dropped appreciably durimports of raw materials are increasing. The March reduction of the dis- irg February. Stability characterizes prices, but a slow downward movecount rate, pending tax reductions to be retroactive as of January 1 1927, ment is in evidence. Industrial activity continues very low. The textile
extension of Government building subsides and conclusion of commercial Industry is working at only 50% of capacity; the footwear branch is likewise
treaties are expected to strengthen the trend A reciprocal tariff concession very poorly employed,and building is slack. Unemployment totals 81.000,
treaty with Hungary is waitmg for signature, and negotiations with Ger- as against 92,000 in February. Wage negotiations in the building industry
many and Yugoslavia are proceeding. Tariff negotiations with Austria are are said to be approaching a crisis, employers threatening the lockout of
at a standstill. The Prague Spring Samples Fair, held from March 20 to 2,000 men. The production of agricultural products, especially bacon.
27, had a record attendance of 400,000, with large sales reported in house- remains high but prices are low. An agricultural financial crisis is defihold, office, hotel ard store equipment, kitchen utensils, paper, footwear nitely felt. Commercial activity remains considerably below normal, but
leather goods, and carpets. The American pavilion, representing 60 it is reported that there has been a general, although slight, improvement
manufacturers and opened by the Minister of Commerce, showed good In demand. A greater decrease in imports than in exports dining January
reduced the import surplus.
returns.
LATVIA.
ITALY.
The State railways completed a satisfactory year, with the total revenues
Further appreciation of currency during March aggravated the difficulties of the Italian situation by increasing prices to foreign buyers and showing an increase of about 13% over 1925. The passenger traffic totaled
encouraging domestic buyers to withhold orders hoping that price reduc- 11,140.581 persons tinting 1020, an increase of about 9% over 1925. The
tions will be realized. Par time is general in many industries. Credit total freight traffic, which includes baggage, service shipments and general
stringency still prevails, notwithstanding the fact that the banks have freight, totaled 4,643,745 metric tons, which was 42% higher than in 1926.
now considerable funds at their disposal. Certain tax receipts show a The passenger traffic returned a gross revenue of 14,416,000 late, which was
tendency to decline on account of business depression. Government about 3% higher than during the previous year. Freight revenues,totaling
revenues, however, contniue their favorable showing. The strength of 23.046.000 lats, were nearly 20% above those of 1925. The total revenues
the lira exchange is attributable to the large number of American loans, of the Latvian State railways were 37.462.000 lats, while the expenditures
although the Italian Treasury is taking dollar p roceeds and paying lira totaled 33.921.000 lats, leaving a net profit of 3,541,000 lats. Construction
equivalents in installments. With few exceptions, industrial activity work on several lines progressed during the year and with the completion
has been materially reduced and unemployment is growing,
of the one hundred mile broad gauge Gluda-Libau line, the total mileage
especially
in the textile industry and building trade. The further decline in uhoesale will be 1,631 miles.
prices is very slow as is also the case as regards the cost of living
POLAND.
index.
January pig iron and steel production shows slight im rovement
The budget for the fiscal year of 1927-28 (April 1-March 31) as finally
over
the figures for December, but due to the fact that the volume
of new repassed by the Diet on March 22, after its passage by the Senate with a
- orders has fallen off and stocks are accumulating, it is reported
that subse- few amendments, carries a total of anticipated revenues of 1,990,540,000
quent production has been reduced. Fiat reports larger
production zlotys(present rate of exchange $0.115) and proposed expenditures of 1.973.during the first two months of 1927 and Lancia is stated to be
working 427,217 zlotys, this leaving a tentative surplus of 17,112,725 zlotys. These
normally. The smaller automobile manufacturers are facing
serious figures show increases of 91.287,000 zlotys in revenues. 74,747,000 zlotys in
difficulties. Conditions in the cotton industry are unimproved and
wool expenditures and 16,539,725 zlotys in the anticipated surplus, over the
manufacturers are now operating on a reduced scale. The rayon
respective figures of the budget originally submitted by the Minister of
has succeeded in maintaining its production. The chemical, industry Finance to the Legislature on November
tanning,
29 1926. Foreign trade for Janshoo, paper and ceramic industries are all adversely affected
by lower uary closed with a favorable balance of 7,095,000 gold zlotys (1 zloty—
demand and money stringency. The former activity in the building $0.193), imports amounting to
107,698.000 and exports to 114.793.000 gold
and construction trades is reduced.
zlotys. This compares with a surplus of 27,822,000 gold zlotys in December, 1926-90.924.000 gold zlotys of imports and 118.746,000 gold zlotys
FINLAND.
Trade in Finland during February continued fairly active, although of exports. The increase in imports in January occurred chiefly in foodthe volume was below that of January. A period of mild spring weather stuffs, hides, wool and machinery, and the decrease in exports are shown in
during the month somewhat eased the' ce conditions in the Gulf of Fin- coal, foodstuffs and petroleum products.
land, bat cutting and logging operations which had been greatly facilitated
TURKEY.
by the early winter were interrupted by this thaw. Lumber sales have
The general economic situation remains unchanged, with little activity in
declined considerably and the market Was quiet during February. Prices the money
market. Unfavorable reports have been received of the agriculare somewhat higher than last year and remain firm. Some anxiety tural situation in the interior of
Anatolia, but these are somewhat counteris felt among the producers, as the prices of raw materials have shown a balanced by the completion of the negotiations
for railroad construction by
tendency to rise more rapidly than the prices of sawn goods. Shipments Swedish and Belgian
firms. It is reported also that the proposal for the
were somewhat lower than during January but were about normal. The organization of the Free Zone for transit
trade at Constantinople has been
plywood industry continued somewhat unsatisfactory on account of the presented to the Grand National Assembly
in the form of a bill. The
competition with Russian producers. The pulp and paper market showed discussion oftaxation changes bythe Budget
Committee has been postponed.
no changes over the previous month and were characterized by the usual The explosives Monopoly formerly granted to a Turkish company
has been
seasonal quietness. Prices showed no changes. Seasonal demands for transferred to a French and English
group. The estaolishment of a monopcredit resulted in customary stringency in the money market in Frbruary. oly for the importation of moving picture films
has been proposed to the
Foreign exchange holdings showed a rise during the month to a total of Assembly, and the Constantinople municipal
monopoly for outdoor adver1,165,000,000 marks. The note circulation was increased slightly to tising has been granted to a Turkish firm. The
export movement of Smyrna
1.146,000,000 marks. Both imports and exports showed a further decline figs and raisins is reported as comparatively
slow.
during February, but the volume was slightly above normal. The import
UNION
OF
SOUTH
AFRICA.
surplus was considerably above the normal total, being nearly double
General trade conditions during March were appreciably
that of 1924. Trade in Febraary showed the usual seasonal quietness.
better than
during the first two months of the year, and the volume of
business transNORWAY.
acted compares favorably with the figrres for March of 1926.
The building
March brought no relief from the industrial and commercial depression boom continual unabated. Annual
reports of the mining companies are
which prevails in Norway as a result of the deflation process and the un- very satisfactory and reports for the
first quarter et the current year are
2060
THE CHRONICLE
[VOL. 124.
expected to indicate a continuance of the improved position. Extension April 1 ranged between
$3.62 and $3.64 to the Peruvian pound, as against
of mining areas is improving the demand for mining and plant materials. an average of$3.64
to the Peruvian pound during the week ended March 25.
The Steel Bill has been reported out of committee with only minor amend- Merchants report that the
quantity of goods sold in the interior as well as
ments and its passage is confidently expected in South Arfica. Budget collections have been
reduced considerably. The reports of the new cotton
estimates anticipate revenue. of £27,448,000 and expenditures of E27.- crop and prices,
however, are good, and these tend to prevent discourage438,000; f1.150,000 of a surplus in the accounts for last year becomes ment. The Peruvian
Congress, which has been in continuous sepdal sesavailable for the redemption of the public debt. Exports of agricultural sion since Dec.
6, adjourned on March 30.
products in 1926 registered a decline in value from the level of 1225. The
radio broadcasting station at Johannesburg will be operated by a private
YUCATAN.
The economic depression from which Yucatan has been suffering during
company, with two Government directors on the board of directors.
the past year seems to be increasing. Unemployment has increased and
JAPAN.
many of the small industrial establishments are finding it difficult to conThe month of March closed with general financial conditoins in Japan tinue operations. Merchants report a falling
off in sales and difficult colsteadier. Recent bank failures have not disturbed the fundamental lections. The unfavorable situation is said in
Yucatan to be primarily the
conditions of the country. March * sales of silk were smaller than in result of the failure of the Co-operative
Society to effect any large sales of
February and prices are still quite low. Activity of the cotton textile the rapidly accumulating stock of
henequen. A decree was signed recently
market has been retarded somewhat by the conditions in China, but trade limiting the production of henequen to
170,000 bales during the period from
in the domestic market has revived on account of the low prices.
March 26 to July 31. In 1926, 206,567 bales were produced in this period.
so that the above represents a decrease of over 36,000 bales. The price of
CHINA.
Trade in the Yangtze Valley is seriously curtailed by the military opera- henequen has declined steadily from 8% cents last year to 6% cents at
tions in that region. Although agitators are vigorously advocating general the present time, with sales showing a decrease.
strikes and disturbances, no large numbers of laborers are striking. HowMEXICO.
Mexican business has shown a slight recovery from the disorganization
ever, the situation generally continues tense. All foreign banks and
several business houses closed in Hankow, with no prospects of re-opening caused by the changes in taxes and duties during February and the first
until the situation clears. The Shanghai-Nanking and Shanghai-Hanchow part of March. However, since the purchasing power of the country rerailways resumed operations on a limited schedule on March 31. Opera- mains at a low level no fundamental improvement in the situation is noted.
tion over these lines had been suspended since the capture of Shanghai
PANAMA.
by the Cantonese forces on March 20. Full war risk insurance rates at
Business conditions in Panama continue dull. The presence of the
Shanghai were reported at 1% per month for ordinary property located
American fleet and large numbers of tourists have temporarily stimulated
inside the defense areas, and 2% on outside property. The minimum retail
sales in luxury goods. The sugar grinding season is progressing in
rate for industrial property located inside the defense areas was placed
the Province of Agua Dulce and the trend in business there is more favorat 2%, with 3% placed on industrial property located outside. Business able.
Coffee picking in the Boquete region is practically finished and an
in North China has been dealt a heavy blow. Trouble is feared in the
average crop is reported. Work on the now municipal building at Colon
Peking and Tientsin areas, and credits are being restricted with interest
has commenced. The Chiriqui railroad extension is progressing slowly,
rates hardening. In all lines, extreme conservatism is being shown toward
owing to a shortage of labor. The Government has announced that it will
the placing of orders for future delivery.
practice a program of greater economy.
NETHERLANDS EAST INDIES.
Because of the unsettled conditions in China, trade representatives are
Gold and Silver Imported into and Exported from the
pushing sales in Netherlands India. As a result, the larger importers of
United States by Countries in February.
Java are facing increased competition, with smaller business profits.
The Mohammedan, or native, New Year holidays of the week ended
The Bureau of Foreign and Domestic Commerce of the
Apirl 2 have caused a temporary curtailment in retail trade.
Department of Commerce at Washington has made public
PHILIPPINE ISLANDS.
its monthly report, showing the imports and exports of gold
General quiet continues to characterize business. In view of the summer
holiday season, however, prevailing conditions equal expectations of the and silver into and from the United States during the month
trade. The Copra market is quiet but steady. Continued light arrivals at of February 1927. The gold exports were only $2,413,870.
Manila have caused one oil mill to operate part time only and another to The imports
were $22,301,803, the greater part of which,
close down for about two weeks. The provincial equivalent of rosocado
(dried copra) at Manila is now 12,50 pesos per picul of 139 pounds (one namely, $7,308,444, came from the United Kingdom,with
peso equals $0.50). Abaca trade strengthened to firm during the past $6,300,615 from France, $6,000,000 from Japan, and
week, following an advance on the New York market. Production is nor$1,355,301 from Canada. Of the exports of the metal,
mal. Grade F is quoted at 37 pesos per picul; I, 32; jUS, 23; JUN. 21.50.
and L. 19.50. The office of the Insular Collector of Customs has advocated $1,065,559 went to Germany and $498,130 to Mexico.
a general revision of the Philippine Tariff Act.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
BRITISH INDIA.
The new Steel Bill embodying all duty changes became effective on April
GOLD.
SILVER.
1. The export duty on hides and excise on salt, reported as abolished some
Total.
Refined Bullion. Total(IncludesColn)
time ago, have been restored to last year's status. Due in great measure
to reduced shipments of raw cotton to Japan, the foreign trade of India for
Exports. Imparts. Exports. Imports. Exports. Imports.
the month of February showed a decline in exports from 344,267,000
Countriesrupees in February of last year to 253,600,000 rupees; but imports remained
$
Ounces. Ounces.
5
$
$
6,300,615
2,214
at close to 180.000,000 rupees. All principal exports declined except raw France
Germany
1,065,559
230,780
1,000
133,265
jute, which increased from 43,670 tons to 86,000 tons. The principal export Norway
1,198
700
loss was noted in shipments of raw cotton, which declined from 112,432 Portugal
400
7,308,444 866,334
tons to 71.000 tons in February, 1927, and was due largely to the disparity United Kingdom508,162
14,230
61,847 1,355,301
96,330 153,027 127,558 362,045
of Indian cotton with the world price level for this product. Among cther Canada
Costa Rica
44,455
1,708
3,663
commodities showing losses were hides skins,fwheat,flour, and gunny bags Guatemala
15,884
and cloth. In imports, sugar, white and colored piece goods, aniline dyes Honduras
11,673
199,570
110,758
34,126
1,592
and electrical equipment showed increases, while automobiles, motorcycles, Nicaragua
3,861
1,475
47
25
motor trucks, gray piece goods and machinery other than electrical, declined, Panama
Salvador
1,650
Mexico
498,130 415,872
2,208,470 86,505 2,070,385
AUSTRALIA.
Trinidad & Tobago_
20,000
15,350
1,305
The wheat and wool situation remains unchanged. Fair quantities of Other Br. West Ind.
723
217
wheat are being moved to overseas markets, but the bulk of it is being held Cuba
4,279
207
5,548
Dutch
West
Indies_
9,000
for higher prices, while wool continues firm. The strike at Yallourn has
400
Haiti
15,000
been settled, and prospects of an early settlement of trouble in the northern Argentina
6,432
154
3,835
4,176
coal fields are bright. The Labor Government of South Australia has been Bolivia
1,174
76,010
defeated by the Liberal country party. The splendid wool-selling season Brazil
Chile
6,034
81,778
has made money more plentiful and a noticeable increase has occurred in Colombia
117,062
294
8,163
sales of automobiles and other lines of imported goods.
Ecuador
77,326
2,911
Peru
234,003
2,555
1,045,184
NEW ZEALAND.
Venezuela
100,000
25,085
-,_.
The last wool sale at Wellington which closed March 28 was satisfactory, British India
65,000
5,081,933
2,943,351
andrall lines sold well. Representatives of all the principal wool-consuming British Malaya_ _ _. 199,165
China
4,170,822
2,427,984
countries were present and competition was animated. Unemployment in Java & Madura____
110,000
171,279
107,783
New Zealand particularly in the Auckland district,is increasing as the winter Japan
218,159 6,000,000
Philippine Islands..
months approach.
116,840
1,489
Australia
2,536
11
ARGENTINA.
New Zealand
24,129
44
Exports in general continue to be heavy and particularly shipments of Mozambique
7,982
7,411
potatoes to Rio de Janeiro. The demand for cereals is firm, for wool and
Total
2.413.970 22.301.803 10.453.909 2.567.263 6.232.872 3.849.346
hides good, but for cattle weak. Imports are still relatively light and orders
placed for foreign goods, which about two weeks ago showed some signs of
Improvement, have again declined, especially in foodstuffs, despite the fact Thomas W. Lamont Denies Break in Mexican
Debt
that stocks are low. The cessation of buying is ascribed to the high exPayments.
change value of the peso and to the belief among leading importers that it
Thomas W. Lamont, of J.P .Morgan & Co., Chairman of
will register further appreciation, making it seem advantageous to postpone
purchases for the time being, as well as to the tightness of the money mar- the International Committee of Bankers on Mexico,formally
ket, which is the result of the large amount of money used to move the denied on
Monday that there had been any break in the
crops. The total liabilities of commercial houses which failed during the
month of March amounted to 19,000.000 paper pesos, as against 14,131,000 payments of Mexico on her external debt and also repudiated
paper pesos in January.
a report that Dwight W. Morrow, of J. P. Morgan & Co.,
BRAZIL.
had conferred with President Coolidge or Secretary Kellogg
somewhat
been
have
stocks
reduced
owing
increasing
to
Santos coffee
on the subject.
exports, while the authorized daily entries at that port have been raised from
"Mr. Morrow is in Washington to attend a conference in
30,000 to 36,000 bags. The contract has been awarded to an American
company for printing 500.000 contos (approximately $59,850,000) of con- connection with the Smithsonian Institution,"
said Mr.
reserve
gold
held
the
by the Bank
vertible notes, to be guaranteed in part by
Lamont, "and he has not had any conversations with any
of Brazil. An appropriation of $9,000,000 has been made for bonuses to
all Government employees as an adjustment to meet the unusual cost of one on the Mexican situation. He is not even a member of
living during the year.
the International Committee. According to the latest word
PERU.
we have received from representatives in Mexico, the
The Peruvian protective tariff continues to have a depressing effect
po trade conditions of that country. Exchange during the week ended Finance Minister has given assurance that there is no
Am. 91927.]
intention to abrogate the debt agreement, and certainly we
have received no word of any plan for abrogation. Revenues
are being received from Mexico strictly according to schedule
and we are confident that they will continue." The New
York "Times" said further with regard to the matter;:
The report of friction arose from information received from Mexico City
that under a change of policy oil royalty revenues were not to be devoted
specifically to foreign obligations, but were to go to the Government. A
change in the system of allocation of funds, however, even if one is decided
on, will have little bearing on the debt situation, according to bankers here.
The Government's royalties on oil are understood to have declined because
of a reduction in production, but there are still ample revenues available
to meet debt payments. It is understood that the Mexican Government
now desires to have some of the oil taxes paid in New York rather than in
Mexico because of present exchange conditions, which are favorable for
such methods.
The Mexican Government continues to send revenues to the Bankers'
Committee under the modified agreement effected in the Autumn of 1925,
which calls for payments increasing on a sliding scale each year. The
bankers made semi-annual disbursements to bondholders out of these
funds in July 1926, and Jan. 1927.
TABLE II-PAYMENTS TO EACH POWER CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE.
Third Annuity
Year, Curt:IdaMonth of
nee Total to
Feb. 1927.
Feb. 28 1927.
Gold Marks.
Gold Marks. '
Payments to or for the Account of1. France2,497.994.11 13,010,031.09
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arta. 8-12 of
2,358,890.83 10,640.153.24
Rhineland Agreement
6,023,775.47 33.800,621.26
(c) Reparation Recovery Act
17,371,507.21 80.026,902.15
(d) Deliveries of coal, coke and lignite
421,623.76 13,139.887.19
(e) Transport of coal, coke and lignite
(f) Deliveries of dyestuffs & pharmaceutical
142,094.39 1,438,048.61
products
(g) Deliveries of chemical fertilizers & nitro4,004,906.00 25.111,618.35
genous products
121,292.28
1,487,617.01
(h) Deliveries of coal by-products
9,082.60
75,063.63
(I) Deliveries of refractory earths
232,345.70 3,953,461.89
(I) Deliveries of agricultural products
2,813.837.75 11,766.393.37
(k) Deliveries of timber
194,588.32
1,574,331.21
(I) Deliveries of sugar
4,373,559.00 35,714,487.80
(m) Miscellaneous deliveries
75,000.00
478,033.07
(n) Miscellaneous payments
(o) Cash Transfer: Settlement of balances
owing for deliveries made or services
rendered by the German Government
286,584.56
prior to Sept. 1 1924
Total France
German Reparation Receipts and Payments in
February.
German reparation receipts of 94,909,578 gold marks
during February are indicated in the report for the month
issued under date of March 9 by the office of the AgentGeneral for Reparation Payments. The payments during
the month amounted to 89,947,215 gold marks. The
statement in detail follows:
OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD ANNUITY
YEAR TO FEB. 28 1927.
(On cash basis, reduced to gold mark equivalents.)
Third Annuity
Month of
Year-Cumulatire Total to
February
Feb. 28 1927.
1927.
Gold Marks.
Gold Marks.
A. Receipts in Third Annuity Year1. In Completion of Second Annuity8,095,425.61
(a) Transport Tax
45,000,000.00
(b) Interest on Railway Reparation Bonds
2. On Account of Third Annuity9,166,666.67 55,000,000.00
(a) Normal Budgetary Contribution
18,000,000.00 90,000,000 00
(b) Supplementary Budgetary Contribution
22,500,000.00 135.000,000.00
(c) Transport tax
45,000,000.00 22$,000,000.00
(d) Interest on Railway Reparation Bonds
242,912.21
893,794.26
3. Interest received
Total Receipts
B. Balance of Cash at Aug. 31 1926
Total Cash Available
C. Payments in Third Annuity Year-1. Payments to or for the account ofFrance
British Empire
Italy
Belgium
Serb-Croat-Slovene State
United States of America
Rumania
Japan
Portugal
Greece
Poland
94,909,578.88 558,989,Z19.87
93,626,074.81
652,615,294.68
40,640,497.42 232,503,034.43
20,162,784.99 110,155,666.04
4,401,261.91 33,197,760.88
4,404,492.91 25,666.854.51
2,269,680.29 18,752,478.26
5,396,280.77 40,474,720.50
714,903.14 4,367,384.91
1,686,557.19 5,516,178.00
459,691.94 2,053,822.87
260,877.88 1,608,016.27
121,528.74
36,397.38
81.033,425.82 474,417,445.41
Total Payments to Powers•
7,704,560.26 43,715,551.29
2. For Service of German External Loan 1924
3. For Expenses of1,782,975.12
299,825.21
Reparation Commission
1,705,780.72
308.569.14
Office for Reparation Payments
252,314.05
1,460,030.75
Inter-Allied Rhineland High Commission
1,300,000.00
Millitary Inter-Allied Commission of Control
68,729.14
4. Costs of Arbitral Bodies
5. Discount on amounts received from Deutsche
Reichsbahn Gesellschaft in advance of due
206,174.32 3,254,899.83
date
142,347.06
6. Exchange differences
564,789104
Total Payments
D. Balance of Cash at Feb. 28 1927
2061
THE CHRONICLE
89,947,215.86 528,288,201.30
124,347,093.38
40,640,497.42 232,503,034.43
2. British Empire998,512.67 6,457,819.09
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts. 8-12 of
835,702.40 2.959,567.55
Rhineland Agreement
18,328,569.92 100,687,407.23
(c) Reparation Recovery Act
15,849.41
(d) Miscellaneous payments
(e) Cash Transfer: Settlement of balances owing
for deliveries made or services rendered by
the German Government prior to Sept. 1
35,022.76
1924
Total British Empire
20,162,784.99 110.155.668.04
3. Italy3,003,881.58 19.779,305.47
(a) Deliveries of coal and coke
838,896.02 5,891,827.82
(b) Transport of coal and coke
(c) Deliveries of dyestuffs and pharmaceutical
248,434.14
1,821,672.35
products
309,051.95 5,660,222.90
(d) Miscellaneous deliveries
998.22
44,732.34
(e) Miscellaneous payments
Total Italy
4,401,261.91 33.197.760.88
4. Belgium
(a) Furnishings to Army under Arts. 8-12 of
1,653.690.57
322,486.78
Rhineland Agreement
902,933.61
(b) Deliveries of coal, coke and lignite
433,719.54
lignite
and
coke
coal,
of
Transport
(c)
(d) Deliveries of dyestuffs and pharmaceutical
469,373.75 2,713,132.29
products
(e) Deliveries of chemical fertilizers and nitro1.333,298.33 2,888,932.14
genous products
224,472.68
(f) Deliveries of coal by-products
1,743,721.03
232,688.87
(g) Deliveries of timber
2,046,646.18 14,979,516.18
(h) Miscellaneous deliveries
11,252.68
(I) Miscellaneous payments
(I) Cash Transfer-Settlement of balances owing
for deliveries made or services rendered by
the German Government prior to Sept. 1
115,483.79
1924_ ,.
Total Belgium
5. Serb-Croat-Slovene State(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(e) Miscellaneous payments
Total Serb-Croat-Slovene State
6. United States of America(a) Deliveries under agreement
(b) Cash Transfers in foreign currencies
Total United States of America
7. Rumania(a) Miscellaneous deliveries
(b) Miscellaneous payments
4,404,492.91 25.666,854.51
50,072.90
2,250,712.27 18,588,197.01
18,968.02
114,208.35
2,269,680.29 18,752.478.26
2,555,447.98 22.700,087.71
3,440,832.79 17,774,632.79
5,996,280.77 40.474,720.50
714,903.14
4,363,550.05
3,834.86
714,903.14
4.367,384.91
8. Japan(a) Deliveries of chemical fertilizers and nitro1,619,197.73
genous products
67,359.46
(b) Miscellaneous deliveries
2,744,673.51
2,771,504.49
Total Rumania
1,686,557.19
5,516.178.00
652,615,294.68
9. Portugal-Miscellaneous deliveries
459,691.94
2,053.822.87
•See Tables I and II for analysis of payments by category of expenditure and
by Powers.
TABLE 1-TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Third Annuity
Year-CumulaMonth of
live Total to
February 1927. Feb. 28 1927.
Gold Marks,
Gold Marks.
1. Occupation Costs(a) Marks supplied to Armies of Occupation__ 3,496,506.78 19,467,850.18
(b) Furnishings to Armies under Arts. 8-12 of
3,517.080.01 15,253,411.36
Rhineland Agreement
10. Greece-Miscellaneous deliveries
260,877.88
1,608,016.27
32,942.81
958.90
101,351.47
7,662.46
Total Japan
11. Poland(a) Deliveries of agricultural products
(b) Miscellaneous payments
(c) Cash Transfers:-Settlement of balances owing for deliveries made or services rendered
by the German Government prior to
Sept. 1 1924
Total Poland
Grand Total
2,495.67
12.514.81
38,397.38
121,528.74
81,033,425.82 474,417,445.41
7.013.586.79 34,721.261.54
2. Deliveries in Kind20,375,388.79 100,709,141.23
(a) Coal, coke and lignite
1,260.519.78 19,465.234.55
(b) Transport of coal, coke and lignite
859,901.28 6.022.926.15
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers and nitrogenous products 6,957,402.06 30.745.224.00
121,292.28
1,712,089.69
(e) Coal by-products
9,082.60
(f) Refractory earths
265,288.51 4.05214
(g) Agricultural products
7 13:3g
3,046,526.62 13,510,114.40
(h) Timber
194,588.32
1.574,331.21
(I) Sugar
10,482.801.82 85,739,317.57
(J) Miscellaneous deliveries
43,572.792.08 263.608,255.79
2.555,447.98 22.700.087.71
3. Deliveries under Agreement
24.352,345.39 134.488.028.49
4. Reparation Recovery Acts
95,925.14
675,573.17
Miscellaneous
5.
Payments
6. Cash Transfers(a) Settlement of balances owing for deliveries
made or services rendered by the German
2,495 67
449,605.92
Government prior to Sept. 1 1924
(b) In foreign currencies
3,440,832.79 17,774,632.79
3,443,328.46
Total payments to Powers
18,224,238.71
81,033.425.82 474,417,445.41
Japanese Firm Closes Owing 250 Million-Suzuki Co.
Announces Temporary Suspension, Shaking
Tokio Market.
An Associated Press dispatch from Tokio on April 6
stated that with liabilities of approximately 500,000,000
yen (about $250,000,000), the well-known Suzuki firm
announced a temporary suspension on that day. It announced also there Would be no payment of bills for the
present.
The temporary suspension of the firm, which controls
from sixty to seventy large subsidiaries, affected the stock
market and caused the yen to drop on the Exchange. The
dispatch went on to say:
The head of Suzuki & Co. is a woman, Mme. Yone Suzuki. She is
sixty years old and during the World War is credited with making profits
of $50.000.000.
2062
THE CHRONICLE
Officials of Suzuki & Co., Ltd., local branch of Suzuki & Co. of
Kobe, Japan, were without definite advices yesterday that the home company had suspended. The New York branch, which does a large export
and import business, is making banking arrangements to meet the situation
and hopes to weather the storm which has beset the parent organization.
"If our creditors do not press us," said E. Terasalci, Manager of the
local company, "we will be able to meet all our obligations and continue
our business."
Suzuki & Co. is a holding concern and owns shares in many important
companies engaged in all lines of business and manufacture, including
rayon, coal mining, machinery, brewing, wireless and hydro-electric
power. Its capitalization is 50,000,000 yen.
Suzuki & Co. were in financial difficulties in 1902 when Japan and the
world suffered from a general deflation, and again in 1923 after the great
Japanese earthquake.
France Replies to Second American Invitation to Attend
Naval Conference.
The French Government, after successive delays occasioned by opposition within the Cabinet, replied on April
4 to President Coolidge's second invitation to be represented at the new three-power naval conference to be held
at Geneva in June. The reply was handed to Ambassador
Herrick in Paris for transmission to Washington. After
recalling the terms of the invitation of March 14, the note
continues:
On this occasion the American Government expressed the hope that
the French Government would find no obstacles in the way of participation of some kind in the projected Geneva conversation to the end
that France might be put in direct touch with the progress of negotiations and results obtained. At the same time the American Government
emphasized the particular importance which it placed on having present
delegates of the French Republic.
Furthermore the American Government made clear that it had no
preconceived ideas as to the formula which ought to be followed with a
view to limitation of French naval tonnage, and furthermore indicated
that in the progress of conversation each nation should have the right
to make known as base of negotiations the attitude which it believed
to be best suited to serve its interests.
The French Government indicated in response to the first note of Feb.
15 decisive reasons why it could not participate in the new naval conference proposed by the American Government. It could neither abandon nor weaken the authority of the League of Nations, which was
already considering the question of disarmament, in which it was impossible to separate naval from land and air disarmament and to in
any way harm the principle of equality of the powers-a principle to
which France it profoundly attached.
France also made it known that she could not consent to having
excluded from the discussions other States without whose collaboration
no real results could be expected. Nor could she abandon the technical
principles on which the French delegates are convinced it is alone
possible to base productive general disarmament discussions.
Despite the assurances which the American Government gives in regard to its purpose and aims in calling the new conference and the
idea which will guide it, the French Government finds it impossible to
modify the views which it has already expressed. It continues to feel
that positive participation in the conference projected between the
United States, Great Britain and Japan cannot be envisaged.
Since the receipt of the American memorandum a new element has intervened. The Preparatory Commission for the Disarmament Conference has met in Geneva.
At the very beginning the French delegate stated the French thesis
and deposited a project for a convention based upon the principle of
global disarmament. The great majority of members of the commission indicated an attitude favorable to this theory and the debates which
succeeded lead to the conclusion that in the final disarmament proposals
the French thesis will largely be taken into account.
Hence the French Government naturally feels great reserve when it
considers a request from the American Government to participate in,
disarmament discussions the promoter of which is inspired by totally
different principles.
For us it is a question of honesty to the League of Nations to do
nothing which might give rise to doubt among the delegates who are
supporting the French thesis that France is not sincere in her efforts.
The French Government is very sensible to the importance which the
American Government attached to being directly informed of the forthcoming conversations between the three powers and retains the greatest sympathy for the American efforts toward disarmament and peace.
The French Government would very much like to be able to decide
definitely concerning the cordial invitations it has received from the
American Government.
The French Government, nevertheless, likes to feel that the American
Government will appreciate the reasons which make necessary under
existing circumstances the deferring of its decision regarding participation in the disarmament discussions, even to the extent of a simple
observer.
New Offering of $100,000,000 Federal Land Bank Bonds.
Public offering was made on Monday of a new issue of
$100,000,000 ten to thirty year Federal Land Bank 4%%
bonds at 101% and interest, to yield about 4.10% to the
redeemable date 1937, and 4Y4% thereafter to redemption
or maturity. The issue was quickly over-subscribed. It
was by a country-wide group, composed of the twelve
Federal Land banks, investment houses, institutions and
upward of 1,000 dealers. The banking group was headed
by Alex. Brown & Sons, of Baltimore; Harris, Forbes &
Co., Brown Bros. & Co., Lee, Higinson & Co., the National
City Company and the Guaranty Company of New York.
Approximately $92,800,000 of the proceeds of this issue of
bonds are to be used to redeem all outstanding Federal
Land Bank 4%%• bonds due 1937, 1938 and 1939. The
vi/1g In interest to the Federal Land banks resulting
[VoL. 124.
from this transaction will be about $232,000 per annum.
The bonds are exempt from Federal, State, municipal and
local taxation, are dated May 1, 1927, and are due May 1,
1957. They are not redeemable before May 1, 1937, but
are redeemable at par and interest at any time after ten
years from date of issue. They are in coupon and registered form, interchangeable, in denominations of $10,000,
$5,000, $1,000, $500, $100 and $40. Interest is payable May
1 and November 1 at any Federal Land Bank or Federal
Reserve Bank. The public offering said:
Issuing Banks.-The Twelve Federal Land Banks were organized by
the United States Government with an original $9,000,000 capital stock
which has since increased through the operation of the system to over
$58,000,000.
Security.-These Bonds, in addition to being obligations of the
Federal Land Banks, all twelve of which are primarily liable for interest
and ultimately liable for the principal on each bond, are secured by
collateral consisting of an equal amount of United States Government
Bonds, or mortgages on farm lands which must be: (a) first mortgages,
to an amount not exceding 50% of the value of the land and 20% of
the value of the permanent, insured improvements as aPpraised by
United States appraisers; (b) limited to $25,000 on any one mortgage;
(c) guaranteed by the local National Farm Loan association whose
stock, which carries a double liability, is owned by the borrower and
member; and (d) reduced each year by payment of part of the mortgage debt.
Values.-The conservatism of appraisals made for the Federal Land
Banks is indicated by the fact that, for the year ended November 30,
1926, 9,330 farms against which the banks had made loans totaling
$27,446,141 were sold by their owners at private sale for $62,991,327.
Operation.-In eight and one-half years of active operation, the 12
Federal Land Banks have been built up until on February 28, 1927,
their capital was $58,682,220; reserve, $9,203,600; undivided Profits,
$3,687,594; and total assets, $1,181,931,853. Every bank shows a surplus
earned from its operations.
Acceptable by Treasury.-These bonds are acceptable by the United
States Treasury as security for Government deposits, including Postal
Savings Funds.
Legal for Trust Funds.-The Federal Farm Loan Act provides that
the bonds shall be lawful investments for all fiduciary and trust funds
under the jurisdiction of the United States Government. They are
eligible under the laws of many of the States for investment of all
public and private funds and have been held eligible for investment by
savings banks in 37 States.
The holdings of the United States Government in the capital stock
of the Federal Land Banks have been reduced from $9,000,000, at the
time of the inauguration of the System, to about $800,000, as of
February 28;1927. During the same period the Farm Loan associations
acquired over $57,000,000 capital stock, part of the proceeds of which
was used to retire stock owned by the Government as required by the
Farm Loan Act. Approximately $92,800,000 of the proceeds of this
issue of bonds are to be used to redeem an equal principal amount of
bonds bearing 4%% interest. The saving in interest to the Federal
Land Banks resulting from this transaction will be about $232,000
per annum. The United States Treasury Department has purchased
for the United States Government Life Insurance Fund over $100,,000,000 Federal Land Bank Bonds. While these bonds are not Government obligations, and are not guaranteed by the Government, they are
the secured obligations of Banks operating under Federal charter with
Governmental supervision, on whose boards of direction the Government
is represented.
Notice of "Call" for Redemption of Federal Land Bank
Bonds on May 1, 1927,
The Farm Loan Board has announced a "call" by the
Federal Land Banks for redemption at Par on May 1, 1927,
the entire amount outstanding of their issues described:
(1) 454s, dated May 1, and November 1, 1917; maturing May 1, and
November 1, 1937; redeemable May 1, and November 1, 1922. (2) 4%9,
dated November 1, 1918; maturing November 1, 1938; redeemable
November 1, 1923. (3) 4%3, dated May 1, and November 1, 1919;
maturing May 1, and November 1, 1939; Redeemable May 1, and
November 1, 1924.
Bonds must be surrendered for payment with the May
1, 1927, coupon and all subsequent coupons attached, on
May 1, 1927, and will be redeemed at the Bank of Issue
or by any Federal Reserve Bank or Branch, at Par with
accrued interest to May 1, 1927 (or we will redeem them)
after which date interest will cease.
Oversubscription for Offering of $30,000,000 Bonds of
The Kingdomrof The Serbs, Croats and Slovenes
(Yugo-Slavia).
A nationwide banking syndicate headed by Blair & Co.,
Inc., and Chase Securities Corporation offered on Thursday
a new issue of $30,000,000 Kingdom of Serbs, Croats and
Slovenes (Yugo-Slavia) 7% external gold bonds, Series B.
The bonds were priced at 92M and interest to yield over
7.60%. The subscription books were closed at 9:50 a. m.
on the day of the offering, the issue having been oversubscribed. This is the first long-term Yugo-Slavia financing
arranged in this country since 1922. Thiesyndicate offering the new issue of bonds included E. H. Rollins & Sons,
Cassatt & Co., Blyth, Witter & Co., Stone & Webster and
Blodget, Inc., Redmond & Co., Ames, Emerich & Co., In.,
J. Henry Schroder Banking Corp., J. G. White & Co., In..,
and West & Co.
Am. 91927.)
THE CHRONICLE
This offering was one of the largest foreign Government
bond issues offered in the American market since the flotation of the $50,000,000 Kingdom of Belgium loan last
October. Half of the proceeds from the sale of the bonds
are to be used for the purpose of constructing a new railroad
from Belgrade to the Adriatic, while the remaining $15,000,000 will be applied to the general purposes of the Government. The construction of the new railroad is expected
to further strengthen the growing importance of YugoSlavia among exporting countries as it will thus obtain a
new outlet to the sea.
In addition to being a direct obligation of the Government,
and a first charge upon all net receipts of the State monopolies (tobacco, cigarette papers, kerosene, salt, stamp duties
and matches) and customs of the Kingdom,subject to certain
pre-war obligations, the bonds also are a first charge upon
the total gross receipts from 3,842 miles of State railroad of
the Kingdom (owned May 1 1922) which the Government
declares are free from any mortgages, as well as of the railroad from Belgrade to the Adriatic Sea and its terminal, to
be constructed.
The revenues from the above security for the bonds, at
the average rate of exchange for each year, aggregated $102,000,000 in 1926, 8106,000,000 in 1925 and $68,000,000 in
1924. The above figures for 1926, after deducting maximum
prior charges of the pre-war debt, were equivalent at the average rate of exchange for the year to approximately $93,000,000, or more than 28 times the annual interest charges on the
outstanding bonds of the external gold loan of 1922,including
the $30,000,000 Series B bonds now offered.
The semi-annual sinking fund provisions, which take effect
on and after May 1 1932, are calculated to be sufficient to
retire the entire issue of bonds at or prior to maturity. The
issue is redeemable as a whole only (except for sinking fund)
on May 1 1937 and thereafter on May 1 each year at 105%
and accrued interest less 1% for each five-year period elapsed
after May 1 1937. The bonds are redeemable for sinking
fund at 100 and interest. From the public offering we take
the following:
Coupon bonds in denominations of $1,000. $500 and $100, registerable
as to principal only. Principal and interest May 1 and Nov. 1 payable
in U. S. gold coin at the principal office either of the Chase National Bank
of the City of New York or Blair & Co., New York, without deduction
for any present or future taxes or charges imposed by the Kingdom of the
Serbs, Croats and Slovenes.
Total authorized issue external gold loan of 1922. $100,000,000, of
Which $25,000,000 constitute the first series and $45,000,000 are to be
known as series B. Of these amounts $15,250,000 8% bonds of the first
series are now outstanding in the hands of hte public and $30,000.000
7% series B bonds (this issue) are to be presently issued and outstanding
in the hands of the public. Redeemable as a whole only (except for sinking
fund) on May 1 1937 and thereafter on May 1 in any year at 105% and
accrued interest less 1% for each five-year period elapsed after May 1
1937. Redeemable for sinking fund at 100 and interest.
The following infcrmation has been furnished by Dr. Bogsan Markovic,
Minister of Finance of the Kingdom of the Serbs, Croats and Slovenes:
Securily.—The bonds are the direct ooligation of the kingdom, which,
by virtue of the law of 1922, grants as special security for the service
of the authorized loan:
(1) A first charge upon all of the net receipts of the State monopolies
(tobacco, cigarette papes, kerosene, salt, stamp duties and matches) znd
customs of the kingdom, subject, as to the receipts serving as security
for the debt of the pre-war kingdoms of Serbia and Montenegro, to the
service of such debt. The Autonomous Administration of Monopolies
is required to pay the sums necessary for the annual interest and amoritzation of the bonds, directly to the fiscal agents of the loan in New York; and
(2) A first charge upon the 'total gross receipts from 3,482 miles of
State railroads of the Kingdom (owned as of May 1 1922), which the
Government declares are free from any mortgage, encumbrance or charge
Whatsoever, as well as of the railroad from Belgrade to the Adriatic Sea
and its terminal port, to be constructed.
The revenues from the above security have been as follows:
1924.
1923.
1925.
1926.
(Dinars)
(Dinars)
(Dinars)
(Dinars)
Gross receipts of Government railroads*
1 295,000,000 1,570,000,000 1,590,000,000 1,279,000,000
Net revenues of Board of
Monopolies, including
customs
3 197.000.000 3.762,000,000 4,624,000.000 4,538,000,000
Total
4 492,000,000 5,332.000,000 6,214,000,000 5.817,000.000
Equivalent at rate of exchange for each year to_ $48,500,000 368,200.000 8106,000,000 3102,000,000
Gross receipts of the 3.482 miles of Government railroads as shown above have
been apportioned on the basis of mileage, as separate accounts are not kept for the
various Government operated lines, now aggregating 5,650 miles. The amounts
shown, however, are extremely conservative. inasmuch as the older lines are the largest revenue producers.
The above revenues as reported for the year 1926, after deducting
maximum prior charges of the pre-war debt, were equivalent at the average
rate of exchange for the year to approximately $93,000,000 or over 28 times
the annual interest charges on the outstanding bonds of the external gold
loan of 1922, including the $30,000,000 series "B" bonds to be presently
Issued.
Purpose.—The proceeds of $15,000,000 of the present issue of the series
"B" bonds are to be expended for the construction of the Belgrade Adriatio
:Railway and appurtenant port and until so applied will remain on deposit
It lithe fiscal agents in New York; the proceeds of the remaining $15.000.000 bonds are to be applied to the general purposes of the Government.
Revenue and Expendifttre.—The budget of the Kingdom has been balanced
since 1922, and in each year since that time actual receipts have exceeded
budgeted expenditures. This surplus in 1925-1926 amounted to about
15.100,000. the bulk of which was expended for railroad construction and
2063
for other productive purposes. The estimated budget for 1926-1927 was
balanced at 12,504,000,000 dinars and the new budget for 1927-1928 Just
passed by Parliament at 11,477,000,000 dinars.
Currency.—Since early in 1925, the quotation of the dinar has remained
stable at about 1.76 cents while the amount of currency in circulation has
fluctuated since 1923 in accordnace with seasonal variations in trade. The
reserves of the National Bank consisting of gold and silver in the Bank
together with available holdings of foreign currencies on a gold basis
amounted as of Dec. 31 1926. to 25.7% of the value of the notes in circulation converted to a gold basis at the current rate of exchange.
Debt.—Including the pre-war and post-war debts of the Kindgom and its
share of the pre-war debt of Austria-Hungary assumed under the terms of
the peace treaty, together with war debt to the United States recently
funded, the Public Debt of the Kingdom including these $30,000,000 series
"B" bonds totals about $562,000,000 (external debt being converted at par
of exchange) or approximately $43 per capita. In addition there exist
certain war debt claims of Great Britain and France amounting to £33,000,000 and Frs. 1,700.000,000 respectively. The latter have not as yet
been funded, but are expected to be shortly favorably funded.
Genera—The State is a constitutional Monarchy goverened by a National
Assembly and a King acting through Ministers. Deputies are elected directly
by the citizens. The estimated population is approximately 13.000.000.
The area is about 100,000 square miles. The country is primarily agricultural, the Kingdom being a large producer of corn and wheat. The State
owns about 8,000,000 acres out of 18,000,000 acres of timber lands in the
Kingdom.
In announcing oversubscription of the $30,000,000 bond
Issue the bankers stated that subscriptions received from
foreign sources exceeded all expectations and it was intimated
that allotments might be made to take care of the demand.
The domestic demand also was unusually heavy, coming
from all sections of the country.
Province of Mendoza Anticipates Sinking Fund
Requirements.
Senor Antonio Soriano, Minister of Finance for the Province of Mendoza, Argentina, has cabled a request to anticipate sinking fund requirements of its $6,500,000 external
7.50% secured sinking fund gold bonds, due April 15. The
Province of Mendoza recently sold an issue of $6,500,000
external 7.50% secured sinking fund gold bonds, due June 1
1951, to a syndicate of New York bankers, composed of
P. W. Chapman & Co., Inc., A. M. Lamport & Co., Inc.,
and the Chatham-Phenix National Bank & Trust Co. The
bonds are direct and unconditional obligations of the Province
of Mendoza and are secured by pledge of revenues from
•
specific taxes.
Stock Increase Gives Rights to Hungarian General
Savings Bank Holders.
According to cable advices received by G. V. Grace &
Co., stockholders of the Hungarian General Savings Bank
at the annual meeting held in Budapest approved an increase
in the bank's share capitalization. Under this plan, stockholders of record April 4 1927 have the right to subscribe
to new stock at $2.40 a share in an amount equivalent to
40% of their present holdings. The right to subscribe
expires April 14 1927.
G. V. Grace & Co. announce that the Hungarian General
Savings Bank has declared its 45th annual dividend, covering the year 1g26, amounting to 163
4 cents a share. This
dividend is payable on and after April 4 1927, at the office
of G. V. Grace & Co., 34 Pine St., New York, and represents an increase of 20% over the amount paid a year ago.
New $25,000,000 Loan for State of New South Wales.
The Equitable Trust Company of this city confirms minors
of a new issue of New South Wales bonds which will be offered
in this market within the next few days. The bonds will be
brought out by the same group which issued the previous
loan, the Equitable Trust Company of New York; Harris,
Forbes & Co.; the First National Corporation of Boston, and
Estabrook & Company. The amount of the issue will be
$25,000,000. The bonds will be 31-year 5% sinking fund
dollar bonds of the same general description as the previous
issue and the proceeds will be used for various productive
public works, principally construction and electrification of
railway and tramway lines, including the new underground
system in Sydney, the Sydney bridge and other harbor
works. This issue completes the new money requirements
of the State for the current year.
While the debt of New South Wales is large when compared
with the debts of American States and Canadian Provinces,
it should be realized, it is pointed out, that the State has
financed so many activities which are usually municipal
functions that the debts of the municipalities within the
State, with the exception of the City of Sydney,are unusually
smal4 The total State and municipal debt per capita of
New South Wales, it is stated, compares very favorably with
similar per capita totals of the United States and Canada.
2064
THE CHRONICLE
The following municipal functions are maintained entirely
by the State: Hospitals, insane asylums, educational institutions, police departments, water works and sewerage systems. In addition to these, the State owns and operates all
railroads and city tramways within the State and the very
extensive harbor works of Sydney. The bonded debt of
Sydney, which is one of the largest cities of the British Empire, is but a little more than $60,000,000, of which approximately $25,000,000 represents debt incurred for building and
development of electric light supply system of the city and
its environs, and over $20,000,000 represents expenditures
by the city to acquire private property used for the widening
of streets and for parks, markets, &c. The debt of the other
cities and counties of New South Wales is said to be so small
as to be negligible. Hon. W.J. McKell, Minister of Justice
and Assistant Colonial Treasurer, during his visit to New
York observed that such important State enterprises as
railways, tramways, waterworks, sewerage, harbor works,
&c., are entirely removed by Acts of Parliament from political control and their management is entrusted to independent
commissions or boards. Mr. McKell states the actual financial results of these properties for the 20-year period ended
June 30 1926 showed net profits of over $28,000,000, after
covering all working expenses, including ample provisions for
maintenance and renewals and interest on capital invested.
The policy of the State is to operate these properties not for
profit but in such a manner that they are self-supporting.
The success of the first dollar issue of Now South Wales in
the American market has been reflected in renewed interest
in the sterling bonds on the London market. Since the
New York issue was offered the London issue comparable with
it has appreciated in price almost to the same level as the
New York market.
Reports to New York Stock Exchange Show Increase
of $33,321,795 in Brokers' Loans on March 31
as Compared with Feb. 28.
Figures of brokers' loans outstanding made public by the
New York Stock Exchange on April 5, reveal a further
increase of $33,321,795 in thtse loans during the period from
Feb. 28 to March 31. On the latter date time and demand
loans totaled $3,289,781,174, compared with $3,256,459,379
at the end of the previous month. Of the March 31 total,
$2,504,687,674 represents demand loans and $785,093,500
time loans. The following is the statement issued by the
Stock Exchange on April 5:
[VOL. 124.
such action were requested by the American Congress,
would be disturbing to good relations.
This is the first time an American President has vetoed
any act of the Philippine Legislature, and the President's
message is regarded as intended not only to point out
clearly, and rather frankly, to the Filipinos the attitude
of the American Government in opposition to immediate
independence but in a manner that would carry to them a
full appreciation of all that American withdrawal from
the islands would involve. The plebiscite act was submitted to the President in compliance with Section 19 of
the organic law of the Philippines, which vests the President with the right of veto over acts of the native Legislature. President Coolidge declares that the Government of
the United States would not feel that it had performed its
"full duty" by the Filipinos or discharged all of its obligations to civilization if it should yield to the Philippine
aspiration for national independence. The text o the
President's message follows:
The White House,
Washington, April 6, 1927.
My dear Governor:
In compliance with Section 19 of the Organic Law of the Philippine
Islands, I return without my approval, "An Act to Hold a Plebiscite
of the People of the Philippine Islands on the Question of Philippine
Independence." This bill reached me as provided by law and has
received my careful consideration.
The stated object of the bill is to put an end to frequent assertions in
the United States that the people of the Philippine Islands do not want
immediate, absolute and complete independence. To accomplish this it
is proposed to hold a plebiscite of the people of the Islands in which the
question to be voted on will Ve:
Do you desire the immediate, absolute and complete independence of
the Philippine Islands?
The voter must vote categorically Yes or No. Any other reply
invalidates the ballot.
The result of the vote having been ascertained, the Governor General
is to transmit it to the President and Congress of the United States for
their information.
It should be noted that the object is to register a desire. There is
no petition, and no change in status is contemplated.
There are undoubtedly many Filipinos who desire the immediate
independence of their country but who also realize the necessity for
the protection of the American Government for several years, if not
indefinitely. Such persons must vote for independence under the
formula prescribed or against independence. They are without means
of expressing their views under the proposed plebiscite.
There are other Filipinos who treasure the hope of absolute independence of their country yet believe that the present system should
continue until, in their opinion, they are able to take over the full
control of their aaffirs and the consequent responsibilities, internal and
external.
Views of Many Shut Off.
Obviously such persons would hesitate to vote "no" on the proposed
ballot, and yet qualification would invalidate the vote.
There are many Filipinos who believe that the United States is the
best judge of the appropriate relations of the islands to the United
States. Such persons have no means of expressing their views in the
proposed plebiscite.
Independence is a very appealing word. Few people will vote against
independence for themselves or against independence for anybody else.
To submit to a man the question whether he desired to be independent,
32.504,687,674 3785,093,500 or not, is really trifling with the sacred feelings innate in humankind,
Combined total of time and demand loans
83,289,781,174 and to submit it in a way which would forbid the possibility of other
The scope of the above compilation is exa ct.y the same as in the loan than a "yes" or "no" answer is obviously not the way to secure a
convincing reply,
report issued by the Exchange a month 0,.
kits
Not unnaturally, no adequate provision is made to obtain an expresExchange
The monthly figures of the Stock
since the issu- sion of the desires of the non-Christian population.
No conclusive reason is given why the result of this vote would be
ance of the monthly figures by it, 1, ; inning in January.of a
more convincing than that of the elected representatives of the people
year ago, follow:
in the Legislature.
1926—
Demand Loans. Or— Loans.
Mai Loans,
It may
Jan. 30
32,516,960,599
91.213,555 33,513,174.154 convincingfairly be stated then that the result of the vote would not be
and would not put an end to the assertions frequently made
Feb. 27
2394.846,264
1...744,057 3,535,590.321
Mar.31
2,033,483,760
• .612,407 3,000,096,167 that the people of the Philippine Islands do not want immediate, absoApril 30
1,969,869.852
• 848.657 2.835.718,509 lute and complete independence.
May 28
. 084.111 2,767,400.1.14
1,987,316,403
The holding of a plebiscite might raise expectations or excite appreJune 30
2,225,453.833
844.512 2.926,298.345
July 31
782.807 2,996.759.527 hension in the Philippines, if the vote is favorable to complete and
2,282.976.720
Aug. 31
2,363,861,382
286.686 3,142,148.068 immediate independence, that appropriate steps will be taken to
grant
Sept.30
2,419,206,724
. 730,286 3,218,937.011' it. It is
not desirable needlessly to create such apprehension or raise
Oct. 31
746,475 3,111,176.925
2,289.430.450
Nov.30
625,125 3,129.161.675 such expectations. Submitting to the vote of the people the question
2.329,538.550
Dec. 31
• .178,370 3,292,860,255 of independence unless such action is requested by the Congress of the
2,541,681,885
1927—
Jan. 31
-0.446,000 3.138,786,338 United States, can be hut disturbing to good relations.
2,328,340,338
Feb. 28
2,475.498.129
1,0,961,250 3,256,459.379
Mar.31
P.85,093,500 3,289,781,174
2,504,687,674
Bill Result of Agitation.
The holding of the plebiscite would involve a considerable expenditure
on the part of the Philippine Government, its provinces and municiPresident Coolidge Vetoes Filipino Plebiscite on
palities.
I have heretofore had occasion to say that the disapproval of a bill of
Independence.
the Philippine Legislature by the President of the United States is a
President Coolidge on Wednesday night vetoed the bill serious matter and should be determined on after
serious consideraof the Philippine Legislature to let the people of the tion. It, therefore, seems fitting that, in addition to pointing out the
Philippine Islands hold a plebiscite on the question of defects of the proposed legislation in its form and present intent, I
should go somewhat into the underlying reasons and explain why I
Independence. In a message addressed 'to Major Gen. believe
the entire discussion of the question of immediate or proximate
Leonard Wood, Governor General of the Philippines, the absolute independence is untimely, because surely one cannot avoid the
thought
that the passage of this bill was the result of the agitation on
President returned without approval an act of the Philipsubject.
pine Legislature proposing such a plebiscite, on the ground this
In a letter dated Feb. 21, 1924, to the speaker of your House of
that the result of such a vote by the Filipino people would Representatives I set forth, with a frankness which I believed justified
be unconvincing, that discussion of the question of imme- by the then existing conditions, why the Government of the United
States would not feel that it had performed its full duty by the people
diate or proximate absolute independence is untimely and of
the islands or discharged all of its obligations to civilization if it
submitting independence to a vote of the Filipinos, unless should yield to the Philippine aspiration for national independence.
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
1927. aggregated $3,289,781,174. The detailed tabulation follows:
Demand Loans. Time Loans.
1. Net borrowings on collateral from New York banks
or trust companies
32,111,565,152 3678,515,000
2. Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City
of New York
393,122,522 106,578,500
riA
APR. 9 1927.]
THE CHRONICLE
In that letter, while recognizing the progress of the people of the
Philippines in education, in cultural advancement, in political conceptions and institutional development, I did not point out—it was not
pertinent to the subject then under consideration—the extent to which
this progress has been made possible by the material assistance given
to the islands by the United States.
Unless and until the people and their leaders are thoroughly informed
of this material assistance and have a fair appreciation of what its
withdrawal means, a vote on the abstract question of independence would
be not only futile but absolutely unfair to them, and the acceptance of
the result as an informed judgment would be dangerous to their future
welfare.
This phase of the question has not received careful consideration in
the islands because of the misapprehension which seems to be quite
general there that America, even though she granted full autonomy to
the islands, would still assume the heavy responsibility of guaranteeing
the security, sovereignty and independence of the islands. In my
opinion this is wholly erroneous. Responsibility without authority
would be unthinkable.
Stresses Our Protection.
American defense is 4 correlate of American sovereignty, not of
foreign sovereignty. Where there is no sovereignty there is no obligation of protection. The best security to the Philippine Islands is the
protection of and by the United States.
The people of the Philippines should not consider this momentous
question with the mental reservation that the present advantage of
American sovereignty could be secured by convention or through sympathy, though the sovereignty were relinquished.
Freed from this illusion, the people and their leaders should thoroughly ponder the advantages which they have received from their
connection with America and attempt to depict the situation which
would result from the withdrawal of the benefits which they are now
receiving from the United States.
While these material advantages are by no means the most important
consideration which should influence our judgment, yet they must be
always kept in mind, as government is a practical business which depends largely for its success on sound common sense rather than highsounding phrases.
By far the greatest advantage in an economic way of their present
relation to the United States comes to the islands through the present
trade relations. Congress has provided that taxes and customs duties
collected in the United States on Philippine products be turned into the
Philippine Treasury.
This has meant in the past ten years a direct gift of approximately
$800,000 per annum. The admission of their products, free of duty, into
the American market is, however, a far more valuable privilege. There
is no reciprocal measure which the islands could give that would compensate for this privilege.
The advantages accrue directly to the people of the islands and,
indirectly, to the Government in the increased revenues. The advantages
are constantly increasing and will continue to increase with the
development of their productive capacity.
2065
siderable when compared with the industries of the islands—the very
existence of which is the result of the open market of the United States.
In 1926 there was imported into the United States from the Philippines cocoanut oil to the value of $22,000,000. The duties waived on
the entry of this oil amountcd to $4,900,000.
During the same year desiccated cocoanut to the value of $2,682,000
was imported into the United States from the islands, on which a duty
of $1,010,000 was waived.
Cotton wearing apparel to the value of $5,400,000 was admitted during the year on which a duty cn $4,000,000 was waived, and laces to
the value of $368,000, on which duty amounting to $276,000 was waived.
Briefly, there was waived on Philippine yroductp entering the United
States duty amounting to $42,000,000.
The total exports of the United States to the Philippine Islands for
the year being considered amounted to $71,500,000, and on those products
entering the islands duty of approximately $12,800,000 was waived. In
other words, the duties waived by the United States exceeded the duties waived by the Philippines by nearly $30,000,000.
Do the people of the Philippines realize the effect of these economic
facts, and do they appreciate what would be the effect of their progress, their standard of living, their general welfare, of the abolition of
the present trade relations?
—.—
Trade Compacts Inadequate.
Reference is sometimes made to the possibility of overcoming these
losses by trade conventions or other methods, but no independent country has ever secured similar advantages. No other territory subject to
our jurisdiction as the free entry to our markets and at the same time
the rights, under certain ovAditions, to lay its own tariff on goods
imported from countries other than the United tSates.
It is argued that the Unites States would also lose by any change in
trade relations. It should be remembered, however, that the United
States exports to the Philippines constitute less than 2 per cent of her
total exports, while Philippine exports to the United States are 70 per
cent of the total exports.
The Philippines must sell its products abroad. It is by no means
independent of foreign goods. It must meet its obligations abroad.
The United States has endeavored to create in the islands a situation
profitable alike to capital and labor. This is essential if the present
'progress of the islands is to be kept up.
It also holds out that the reasonable hope for a day when the agriculture and industries of the islands may produce so efficiently as to
compete in the markets of the world without the sacrifice of standards
of living which have been created by the present great aid extended by
the United States. There is no reasonable doubt that the coming of this
hoped for day is is delayed more by agitation for a curtailment of the
period of preparation than by any other single factor.
The public works, marking outwardly the development of the islands,
were in a great degree, as is customary, built with borrowed money.
The bonds of the Philippine Government have been made tax-exempt
in the United States and have been given certain other advantages as
the result of which the Philippine Government has borrowed its money
at a rate of interest at least 3% lower than money could have been
borrowed by an independent government in the Philippines, if indeed
it could have borrowed these sums at all.
Effect of the Tariff.
In the calendar year 1926 over 70 per cent of the exports of the
Philippine Islands were sold in the United 'States. If the tariff advanSaves $2,000,000 Interest.
tages were removed, as undoubtedly they would be if the Philippines
This means, conservatively, that the Philippine Islands is paying
were granted independence, but a small part of these exports could
$2,000,000 annually less interest on its present indebtedness than it
enter the American market paying full duty.
would pay but for its independence on the United States and the credit
Foreign markets are now open to the Philippines, but less than 30
per cent of their export products go to foreign markets and these are, that that relation gives to the islands.
In 1926 the United States spent in the Philippines in the upkeep
in general, raw products which have required but a minimum employof the army, navy and other services, the sum of $14,500,000 or over
ment of labor and that the cheapest labor in the islands.
Unless produced under conditions which would mean a material 10% of the value of all Philippine products sold abroad. This amount
lowering of wages and the standard of living, many of the products would also be lost to the Philippines if independence were granted.
Under American sovereignty there has been steady progress in the
now exported to the United States could not be absorbed by any foreign
introduction of a common language throughout the archipelago. There
market.
Until production in the Philippines is on a more assured basis and has been a continuous development and extension of highways, and,
until ample capital is available in the various agricultural and indus- to the degree justified by business, an increase in interisland means of
communication. There has been, in short, a gradual but persistent
trial fields, it is not conceivable that the Philippine products now
enter- effort to bring the peoples
of the islands together. This effort has
ing the American market and commanding consequent high prices
could
not as yet attained its object.
compete on an equal footing with foreign products in the
foreign
The peoples are still in a marked degree isolated from each other.
markets.
A common language is still a hope rather than an existing fact. There
It should be observed that under existing conditions,
with the advantages of the American market, capital is attracted but
is still resentment at the employment of officials not native to the
slowly, with
the consequent slowness in use and development of labor.
community, a resentment which, in certain cases, intensified by difference of religion and lack of free communication, becomes open hosDetails Trade Figures.
tility. This situation has created difficulties for the present GovernIt is believed that it is well worth being somewhat
detailed to bring ment and conceivably might lead to the destruction of a government
out exactly what the loss of the American market would
mean to the of the islands left to its own resources.
Philippines.
In the calendar year 1926, 761,000,000 pounds of
Problem of Immigration.
sugar were imported into the United States from the Philippine Islands.
The resources of the islands are still in great number undeveloped.
The duty
waived on this sugar was slightly less than $17,000,000.
Of this, The land, however fertile, is idle.
Surrounded by large countries
$13,000,000, approximately, accrued to the producers of sugar
in the with pressing problems of overpopulation, can it be hoped that the
Philippine Islands in the increased price thereof. The large producers present immigration control could be maintained
by an independent
of sugar appreciate this. In September, 1926, at a
meeting of the Government?
Philippine Sugar Association, its President, Rafel Alunan, is
I have dwelt at length on the economic difficulties which would be
quoted
as saying:
encountered by an independent Government in the Philippines, not
It can be said that due to the adverse local conditions
and to the because there are necessarily the greatest difficulties but because they
enormous world production, our industry only exists because of the
tariff are those that may be most readily appreciated and about which there
protection of the United States. If for some reason that
protection can be the least controversy. Furthermore, I have heretofore referred
disappears, the sugar industry of the country will perish,
unless from to the other difficulties of an internal and external political character.
now on we prepare ourselves to compete with Java, which
Such a government, crippled by the direct loss of revenue, by inwith her
cheap labor and intensive methods of cultivation, can produce
sugar creased interest rates on loans, and by the paralyzation of its indusat an incredibly low cost.
tries, would be called on to incur the added cost of keeping up a
In the calendar year 1926 Philippine cigars to the value of $5,047,000 diplomatic service, army, navy
and other features of sovereignty. It
were admitted to the United States free of duty. The granting of
obvious that the revenues of the islands would be totally inadequate
is
this
privilege meant the waving of $14,857,000 customs duties.
to maintain a separate Government.
It is well known that no Philippine cigars could enter the United
These are but a few of the problems which would arise from a
States market paying the customs duty imposed on foreign cigars.
Ap- status of independence and which should be seriously considered by
proximately 80 per cent in value of the Philippines cigars exported
came the people of the Philippines. In noting the constructive advance
to the United States. This problem which would be presented, on the which they have made on the road
of progress under the American
ending of the present trade relations with the islands, of finding a flag,
the blessings of peace, security, hospitality, liberty and oppormarket for these cigars would be solved only at a great sacrifice
to tunity that they have enjoyed, they should not lose sight of the fact
the tobacco industry.
that without the material aid extended to them and which they still
need these conditions could not have existed.
Our Market Vital to Some.
While due to lack of capital and to natural conservatism, the PhilipOther Advantages Enforced.
pines have by no means taken full advantage of the opportunity offered
The standards of living have been raised, a splendid educational
by the American market, yet there are a few industries—not incon- system established, the fundamental
rights of the people preserved,
2066
THF
CHRONICLE
They have the rights and privileges of American citizens without the
obligations. They pay no Federal taxes, are exempt from the exclusion provisions of our immigration laws, do not pay for the defence
or diplomatic services.
They are represented in the United States by their own chosen
representatives, who are paid by the United States. In the islands
the officials of the municipalities are exclusively Filipinos, as are the
officials of the fully organized provinces. In the central Government
the Legislature is made up entirely of Filipinos and possesses powers
which no Legislature has in this. country. The lower judicial officers
are all Filipinos.
The Judges of first instance, with but few exceptions, are Filipinos,
and of the Justice of the Supreme Court four of the nine are Filipinos.
The Chief Justice is a Filipino. Of the heads of the executive departments, six in number, five are Filipinos. The Attorney General is a
Filipino. Prosecuting attorneys throughout the islands are Filipinos.
The personnel of the bureaus of civil service, treasury and commerce
and industry is entirely Filipino, and of the Bureau of Customs and
Bureau of Posts is more than 99% To Filipino. The American offi0 of the total in the Government.
cials are but 1%7'
Dangers Beset Independence.
With a condition of peace, progress and prosperity hitherto unknown
in their history, with self-government largely attained, with advantages
enjoyed in many cases greater than those of American citizens, the
people of the Philippines may well reflect seriously before wishing to
embark on the unchartered stormy sea of independence, surrounded
by unknown dangers, in a craft ill fitted for the difficulties to be met.
Independence is an intangible ideal which has often brought disillusionment and disaster in its train.
Peace, progress, prosperity, security, liberty and freedom are tangible
benefits not lightly to be cast aside. The foundation of our policy has
ever been the welfare of the people of the Philippines. That is today
our constant goal.
The United States assumed its burden of responsibilities in the
Philippine Islands, not in a spirit of aggression, of avarice, of exploitation, but with a sincere desire to promote the best interests of
the people of the islands. In that spirit it has guided them on the
road of progress. It cannot, if it would, avoid the obligation of
deciding the degree of self-government which the people of the Philip.
pine Islands are capable of sustaining at any given time. The responsibility, both to the Philippine people and to civilization, is there.
It cannot be shifted.
Not Ready for Self-Rule.
The ability of a people to govern themselves is not easily attained.
History is filled with failures of popular government. It cannot be
learned from books; it is not a matter of eloquent phrases. Liberty,
freedom, independence are not mere words the repetition of which
brings fulfillment. They demand long, arduous, self-sacrificing preparation.
Education, knowledge, experience, sound public opinion, intelligent
participation by the great body of the people, high ideals—these things
are essential. The degree in which they are possessed determines the
capability of a people to govern themselves.
In frankness and with the utmost friendliness, I must state my sincere conviction that the people of the Philippine Islands have not as
yet attained the capability of full self-government.
How can this ultimate goal best be obtained? Certainly not by
constant agitation and opposition. That policy but stands in the way
of progress. In government as in social relationships "liberty exists
Demonstration of the
in proportion to wholesome self-restraint."
ability to carry on successfully the large powers of government already
possessed would be far more convincing than continued agitation for
complete independence.
Power brings responsibility to the people of the Philippines as well
as to the people of the United States. Friendly cooperation in promoting the welfare of the Philippine Islands should be our constant
aim. Along that road alone lies progress.
Veto Reasons Summed Up.
I am forced to return this bill without my approval, for the following reasons:
The plebiscite, under conditions provided or, in fact, now possible,
would not accomplish the stated purpose. The result of the vote
would be unconvincing.
It might create friction and disturb business, slowing down progress.
It might be taken to mean its approval by the United States or as
an act likely to influence the United States.
Finally, I feel that it should be disapproved because it is a part in
the agitation in the islands which, by discouraging capital and labor,
is delaying the arival of the day when the Philippines will have to
overcome the most obvious present difficulty in the way of its maintenance of an unaided government.
The people should realize that political activity is not the end of
life, but ether a means to obtain those economic, industrial and social
conditions essential to a stable existence. A plebiscite on the question of the immediate independence would tend to divert the attention
of the people toward the pursuit of more political power rather than
to the consideration of the essential steps necessary for the maintenance
of a stable, prosperous, well-governed community.
I therefore return the bill without my approval.
CALVIN COOLIDGE.
President Coolidge Revokes Interior Bureau's Oil Lease
Powers—Control Over Teapot Dome and Elk Hills
Returned to Navy Department.
The executive order of the late President Harding, committing to the Secretary of the Interior the administration
of all oil and gas bearing lands In the Teapot Dome and
Elk Hills and the naval shale reserves in Colorado and
Utah, was revoked on April 2 by President Coolidge. By
this order, control over all of the oil and shale reserves,
with the exception of Teapot Dome in Wyoming, now the
subject of legal proceedings in the Supreme Court of the
United States on an appeal by Harry F. Sinclair from a
[VOL. 124.
decision of the lower court revoking his lease to the property, reverts to the Navy Department. The New York
Journal of Commerce in a dispatch from Washington under
date of April 3 discussed the matter as follows:
She order revoked by President Coolidge was one made by his predecessor on. May 31 1921, under which the then Secretary of Interior
Albert B. Fall negotiated with Edward L. Doheny and Sinclair the
leases which were the center of the so-called oil fraud cases the final
echoes of which are about to be heard in the action in the courts in the
Sinclair case. It has been charged that the Harding order transferring authority over the oil lands from the Navy to the Interior Department violated an act of Congress which had specified the former to
control the reserves, and that it was, therefore, illegal. The courts
have not passed on this.
Following the completion of the taking of testimony in the Government s suit, under the Sherman Anti-Trust Act, against forty-six oil
refining companies, including the Standard Oil Company (Indiana),
Standard Oil Company (New Jersey), the Texas Company, Gasoline
Products Company (a licensing corporation)), designated "primary defendants," and a large number ,of so-called independent refining companies, designated "secondary defendants," the Department of Justice
will tomorrow file a brief of nearly six hundred pages, which includes
a comprehensive summary of the entire case and a memorandum of the
law which the Government contends applies to the unlawful acts which
it seeks to enjoin. The brief will be filed with the Special Master in
Chancery at Indianapolis, Indiana, to whom the case was referred, by
the United States District Court for the Northern District of Illinois,
Eastern Division, where the suit is pending.
Monopoly Charged.
The taking of testimony in the suit commenced in April, 1925, in
Chicago, and was concluded last December in New York. The printed
record of the testimony and exhibits introduced covers more than 9,000
printed pages.
In its petition the Government prays for a decree of the court
adjudging that the system of cross-licenses among more than fifty defendants is an unlawful monopoly and an attempt to monoplize interstate
and foreign trade and commerce in gasoline and hydrocarbon products.
The system of license agreements attacked by the Government includes
some 200 alleged patents, owned by the large refining companies and
Gasoline Products Company. The patents purport to sever processes
and apparatus for the production of gasoline by breaking up or "cracking" the more volatile hydro-carbon compounds. The Government also
contends that the license agreements restrict the territory in which
gasoline may be manufactured and sold and limit the quantity of gasoline that may be produced by licensed refiners.
The oil companies' position is that the combination is justified under
the patents issued to them by the Patent Office, and that the crosslicensing system was necessary to avoid possible infringement litigation.
Patents Questioned.
To meet this defense the Government introduced considerable expert
testimony to determine the scope and validity of the patents. Witnesses
for the Government also testified that the so-called "Adams patents,"
owned by the Texas Company, were obtained by fraudulent statements
and affidavits, which the inventor, Adams, and the Texas Company
urged upon the Patent Office to induce the isuance of patents. Later
these patents were used by the Texas Company to form part of the
licensing system which, the Government alleges, violates the Sherman
Act.
In its brief the department points out that heavy royalty charges are
imposed on independent refiners by the primary defendants, the amount
of which is determined by mutual agreement. This, it is contended,
constitutes an agreement to fix prices, a practice which has been condemned in a recent decision of the Supreme Court.
It is expected that oral argument in this suit will be had before the
Special Master during May in Indianapolis.
Operating Results for United States Railroads During
February and the First Two Months.
Class I railroads in February had a net railway operating
income of $70,045,386, which for that month was at the
annual rate of return of 4.93% on their property investment,
according to reports just filed by the carriers with the
Bureau of Railway Economics. In February 1926 their
net railway operating income was $63,377,761, or 4.58%
on their property investment. Property investment is the
value of road and equipment as shown by the books of the
railways, including materials, supplies and cash. The net
railway operating income is what is left after the payment of
operating expenses, taxes and equipment rentals but before
interest and other fixed charges are paid. This compilation
as to earnings in February is based on report from 189
Class I railroads representing a total mileage of 238,118 miles.
Gross operating revenues for the month of February
amounted to $468,994,433, compared with $460,673,256 in
February 1926, or an increase of 1.8%. Operating expenses
in February totaled $361,472,855, compared with $360,899,940 in the same month in 1926, or an increase of two-tenths
of 1%. Class I railroads in February paid $28,684,908 in
taxes, an increase of $384,131, or 1.4% over the same
month in 1926. This brought the total tax bill of the
Class I railroads for the first two months in 1927 to $58,023,140, an increase of $1,060,034, or nearly 2% above the
corresponding period in 1926. Thirty-three Class I railroads
operated at a loss in February, of which 13 were in the
Eastern District, 3 in the Southern and 17 in the Western
District.
Class I railroads for the first two months in 1927 had a
net railway operating income amounting to $131,624,080
A.m. 91927.]
THE CHRONICLE
which was at the annual rate of return of 4.56% on their
property investment. During the corresponding period of
the preceding year, their net railway operating income
amounted to $129,166,711, or 4.59% on their property
investment. The following additional details are furnished:
•-•
Gross operating revenues for the first two months in 1927 amounted to
$955,998,770, compared with $942.175,286 during the corresponding period
In 1926, or an increase of 1.5%. Operating expenses for the first two
months period of 1927 totaled $748,962,217, compared with $739,880,413
during the corresponding period the year before, or an increase of 1.2%.
Net railway operating income by districts for the first two months with
the percentage of return based on property investment on an annual basis
follows:
New England Region
$4,683.312
5.38%
Great Lakes Region
21.631,947
4.86
Central Eastern Region
27,700.445
5.20
Pocahontas Region
12,082,086
8.25
Total Eastern District
66,097.790
5.46
Total Southern District
21.610,697
4.52
Northwestern Region
5,120,141
1.60
Central Western Region
24,741,079
4.42
South Western Region
14.054,373
4.44
Total Western District
43.915,596
3.67
United States
$131,624.080
4.56%
In view of the fact that railway business and earnings fluctuate from
year to year, only the showing of results over a period of years can indicate
the real trend of railway returns. The rate of return on property investment for the five years ending with the month of February 1927 has averaged
4.53% per year.
Eastern District.
The net railway operating income for the Class I railroads in the Eastern
District during the first two months In 1927 totaled $66,097.790, which
was at the annual rate of return of 5.46% on their property investment.
For the same period in 1926 their net railway operating income was 858.724.787. or 4.96% on their property investment. Gross operating revenues of
the Class I railroads for the first two months in 1927 totaled $483,685,957.
an increase of 4.3% over the corresponding period the year before, while
operating expenses totaled $383,302,556. an increase of 2.6% over the
same period in 1926.
Class I railroads in the Eastern District for the month of February had
a net railway operating incomo of $35,952,917, compared with $28.559,312
in February 1926.
Southern District.
Class I railroads in the Southern District for the first two months in
1927 had a net railway operliting income of $21,610,697, which was at the
annual rate of return of 4.52% on their property investment. For the
same period in 1926 the net railway operating income amounted to $26,606,681, which was at the annual rate of return of 5.82%. Gross operating
revenues of the Class I railroads in the Southern District for the first two
months in 1927 amounted to $134,912,627, a decrease of 8.4% under the
same period the year before, while operating expenses totaled $103.401,642,
a decrease of 4.4%•
The net railway operating income of the Class I railroads in the Southern
District in February amounted to $11,759,595. while in the same month in
1926.it was $13,665,639.
Western District.
Class I railroads in the Western Distritt for the first two months in 1927
had a net railway operating income of $43,915,596, which was at the annual
rate of return of 3.67% on their property Investment. For the first two
months in 1926 the railroads in that District had a net railway operating
income of $43,835,243. which was at the annual rate of return of 3.73%
on their property investment. Gross operating revenues of the Class I
railroads in the Western District for the first two months this year amounted
to $337,400.186, an increase of 1.9% over the same period last year, while
operating expenses totaled $262,258.019, an increase of 1.6% compared
with the first two months the year before.
For the month of February, the net railway operating income of the
Class I railroads in the Western District amounted to $22.832,874. The
net railway operating income of the same roads in February 1926 totaled
$21,157,810.
CLASS I RAILROADS—UNITED STATES.
Month of February—
1927.
1926.
Total operating revenues
$468.994,433 $460,673,256
Total operating expenses
361.472.855 360,899,940
Taxes
28,684,908
28,300,777
Net railway operating income
70,045,386
63,377,761
Operating ratio—per cent
77.07%
78.34%
Rate of return on property investment
4.93%
4.58%
Two Months Ended Feb. 28—
Total operating revenues
$955,998,770 $942,175,286
Total operating expenses
748,962,217 739,880,413
Taxes
58,023,140
56,963,106
Net railway operating income
131.624,080 129,166,711
Operating ratio—per cent
78.34%
78.53%
Rate of return on property investment
4.56%
4.59%
Railroads Lose Heavily in Passenger Traffic.
"The complete passenger statistics of the Inter-State Commerce Commission for 1926 show more strikingly than ever
before the losses of passenger business that the railroads have
sustained and are still sustaining, owing to the increasing use
of the private automobile and the motor bus," says the "Railway Age." "Passenger business on the railways reached
its maximum in 1920. The number of passengers carried by
rail has declined since then from as little as 15% in the Great
Lakes region to as much as 68% in the Southwestern region.
The railways in the Southwest in 1920 carried about 67,500,000 passengers, and in 1926 only about 21,550,000, a decline
of more than two-thirds. The decline in the number of
passengers carried in the entire Eastern district has been 22%;
in the Southern district 42%, and in the Western district
47%, or almost one-half.
"Of course, the losses have been mainly in short-haul business, and therefore the declines in the number of passengers
carried one mile have been smaller. The decline in passengers carried one mile in 'Eastern territory has been 15%, in
Southern territory 21%, and in Western territory 38%. In
the entire country it has been 25%. Computed on the basis
2067
of the average rates received in 1926, these losses of passenger
business caused the following losses in earnings last year to
the railways of the three large groups: Eastern, $91,400,000;
Southern, $46,400,000; Western, $207,000,000, a total of
about $345,000,000. Meantime, competition and the attitude of the public and public authorities have prevented compensating reductions in train service, the reduction in train
service in the country as a whole having been less than 10%
and even in the Western district less than 4%."
Senator Carter Glass Describes "The Battle for the
McFadden Banking Bill"—Contends There Was
No Trading of Votes with Farm Bill Advocates.
The McFadden banking bill and the controversy which
centred around the Hull amendments is discussed by Senator
Carter Class in the April number of the "Nation's Business,"
published by the Chamber of Commerce of the United
States. In what he has to say regarding "the battle" for
the bill Senator Glass declares that "there is not one semblance of truth in the repeatedly published statement that
there was any 'bargain' between the proponents of the bank
bill and the so-called 'farm relief' bill that involved an agreement of a single Senator to vote for either bill in return for
a vote for the other." The article as given in the "Nation's
Business" follows:
What is called the McFadden-Pepper bank bill, passed in the closing days
of the 69th Congress, while an extremely important piece of legislation, is
not in any sense a -self-contained banking measure. In short, it does not
pretend to provide a new scheme of banking or greatly alter the existing
system. On the contrary, it fragmentarily makes certain desirable amendments of the National Bank Act so as to enable national banks to compete
more effectively with State institutions upon a plane of greater equality.
There is serious question whether these changes in all respects are conducive
to sound banking or rather intended to popularize the national system by
expanding its scone and multiplying its activities.
The bill as it passed Congress and became law was notable in greater
degree for what was added by the Senate to its original form and what
was stricken from it by the Senate than for anything the measure contained at the start of its eventful career.
The Battle Issues.
The two provisions around which the memorable legislative fight raged
were: The Hull branch banking scheme embraced in the House bill, which
the Senate positively refused to accept and which the House finally
abandoned, and the indeterminate charter grant to Federal Reserve banks,
which the Senate inserted in the bill and which the House conferees obdurately resisted, but which the House finally agreed to. On both the
bitterly controverted questions which stirred banking and business circles,
and which staged one of the hardest and most prolonged parliamentary
contests in the history of Congress the Senate completely prevailed.
The genesis of the bill may easily and briefly be traced. The national
banks of the country were becoming so insistent and persistent in their
complaints of inequality of opportunities to do business in competition
with State banks as to disturb the Comptroller of the Currency at Washington. The number and importance of national banks surrendering their
charters and transforming themselves into State institutions was becoming
progressively apparent. From Oct. 31 1924 to Feb. 3 1927 State banks had
acquired 275 national banks with resources aggregating $1,140,778,793.
In some quarters actual fears were entertained for the continued
strength
and efficiency of the Federal Reserve System being thus gradually
weakened by withdrawals; but this aspect of the problem was either unconsciously exaggerated or else, for purposes of relief, accentuated by propagandists, who failed to take into account the establishment of new national
banks. At all events, the Comptroller 'of the Currency, having vainly in
his annual reports recommended various alterations of the National Bank
Act to relieve the situation, finally ventured to have prepared in his
office
a measure proposing to make certain amendments to the existing
statutes,
the design of which was to place national banks on a parity with State
banks in the field of competition.
The measure thus drafted in the Comptroller's office, with the
aid of
Deputy Comptroller Collins, was transmitted to the Chairman of the Banking and Currency Ccmmittee of the House of Representatives, by whom
it
was introduced and became known as the McFadden bank bill. The
chief
provisions of the bill may thus be summarized:
An amendment to the National Bank Act to facilitate the consolidation
of State and national banks and the conversion of State into national banks,
eliminating certain intermediate processes which theretofore had prolonged
such transactions.
Amending the National Bank Act so as to give national banks indeterminate charters instead of charters for 99 years.
Amending the revised statutes so as to authorize national banks to buy
and sell "investment securities" in a limited amount and under definitions
to be prescribed by the Comptroller of the Currency.
This latter proposed amendment provoked antagonistic criticism to the
effect that it was a new departure, proposing to launch national banks
into
a dangerous speculative field. The answer to this was that national
banks
were already doing such business on an enormous scale under
existing law
and had been for many years, under the provision of the statutes
authorizing national banks to discount and negotiate promissory notes, drafts,
bills
of exchange "and other evidences of debt."
The Comptroller's office advised the Congressional banking
committee
that the business of national banks in this particular line
aggregated
$6,000,000,000. Hence the amendment to this statute made by the
under consideration was restrictive rather than expansive, in that measure
it placed
a limitation of 25% of the unimpaired capital stock and
25% of the
unimpaired surplus of national banks as the total permissible
investment
and likewise for the first time authorized the Comptroller
of the Currency
to make regulations and to prescribe definitions of the term
"investment
securities."
1Vhen Experts Disagreed.
Other proposals, in summary, were:
An amendment to the revised statutes authorizing the
declaration of stock
dividends by national banks.
An amendment to Section 5200 of the revised statutes,
restrictive in one
sense and expansive in another. In its restrictive aspects
the modification
2068
THE CHRONICLE
touched the 10% limitation on bank loans to individuals, concerns and
corporations, so as to bring certain endorsers who are also owners of discounted paper within the limitatiou prescribed. This proposed amendment
was expansive in that it authorized bank loans to individuals, corporations,
concerns and persons to a very much greater extent in the matter of live
stock and certain staple products of the farm.
This provision being regarded by its proponents as one of the incidental
and inevitable attempts at "farm relief." There were other alterations in
this revision of Section 5200, as to the exact meaning of which experts
were disagreed and Congressmen could not understand, nor anybody else
for that matter.
An amendment to the Federal Reserve Act proposing to make eligible for
rediscount at Federal Reserve banks pretty much all paper made eligible
by the National Bank Act for discount by member banks of the Federal
Reserve.
An amendment to the National Bank Act extending the period for authorized loans on improved urban real estate from one to five years. This proposed alteration provoked wide and pronounced antagonism among some of
the experts in banking practices, who protested that such an authorization
had no proper place in commercial banking. The answer which seemed
sufficient to the committees of Congress, as given by some experienced
bankers and by the office of the Comptroller of the Currency, was that
five-year real estate mortgages were more liquid than one-year mortgages
authorized by existing law.
The Final Amendment.
And finally, an amendment to the National Bank Act authorizing national
banks to establish a limited number of branches, confined to the city,
town or county of the parent bank, in such States only as permitted branch
banking to State institutions.
Various minor amendments were proposed, but the foregoing enumartion
embraces the salient features of the measure prepared in the Comptroller's
office and known afterwards as the McFadden bill.
When the bill came up for discussion in the House, after being favorably
reported from the Banking and Currency Committee, certain amendments
were proposed to the branch banking feature of the measure by Representative Morton D. Hull of Illinois, which proposals thereafter became famous
or infamous, considered from different points of view, as the "Hull amendments."
These proposed amendments not only prohibited national banks from
establishing branches, subsequent to the passage of the Act, in States
authorizing branch banking; but prohibited forever the establishment of
branches by national banks in the 26 States which do not now authorize
branch banking. Moreover, these amendments were designed to prohibit
branch banking among State banks in the 26-non-branch banking States by
excluding from the Federal Reserve System for all time, regardless of
future action by State Legislatures, State banks establihsing branches after
the passage of the pending bank bill.
"To Stop Branch Banking."
In a sentence the Hull amendments were deliberately designed to "stop
branch banking in its tracks," and to prohibit a national bank not now
having a branch from ever establishing one.. They were also designed to
prohibit the extension of branch banking among State institutions except
under penalty of exclusion from the Federal Reserve System.
It has repeatedly been asserted and never denied that the Hull amendments were prepared by a group of bankers in Cook County, Illinois, largely
engaged in what is known as the "chain banking" business. But, by whomsoever designed, when these amendments were introduced on the floor of
the House, Mr. McFadden, Chairman of the Banking Committee, made the
fatal mistake of assenting to and accepting the amendments; and they were
embodied in the measure as it passed the House.
Meanwhile the proponents of this vicious legislation got it approved,
without a word of dissent, by the American Bankers Association in the
closing hours of its annual convention at Chicago. There was not a word
of discussion by the members of the association—only a plausible explanation by the hired propagandist of the Cook County group, whose appearance before the Bankers Association in such circumstances was unprecedented.
The American Bankers Association having thus unanimously approved the
Hull amendments, it was not difficult to enlist the sympathetic action of
certain trade bodies and credit associations, naturally not skilled in banking technique. This approving action, generally speaking, was taken in
utter ignorance of the real meaning and intent of the Hull amendments
and upon the bare assumption that something unanimously approved by the
American Bankers Association must be desirable, since it was not then
apparent that the Bankers Association as little understood the real problem
as those who blindly followed in its trail.
A Senate Committee Acts.
When the McFadden bank bill, in this menacing shape, went from the
House to the Senate its progress was immediately arrested In the Senate
Banking and Currency Committee to which it was referred. Protracted
hearings were had, chiefly of banking groups, although a few representatives of trade bodies appeared before the committee. As a result of this
consideration, Section 9 of the House bill, relating to branch banking,
was on my motion stricken out altogether and quite a number of other
alterations were made. The bill thus changed was reported to the Senate
by Mr. Pepper, but the session ended before action was taken and the
measure died on the calendar.
Early in the first session of the 69th Congress this bank bill as it
originally passed the House was introduced as II. R. 2 and a few days thereSenator
after was for the sake of convenience introduced in the Senate by
Pepper, the measure thereafter becoming known as the McFadden-Pepper
bill.
although vigIt was promptly reported from the House Committee and,
York
orously fought by Congressman Beedy of Maine, Ogden Mills of New
that body
passed
it
House,
the
of
members
and others of the more discerning
intact.
held
amendments
Hull
the
with
by a large majority,
when it was
Progress of the bill was again checked on the Senate side
and Currency Committee comreferred to a sub-committee of the Banking
and myself.
Jersey,
Edge of New
posed of Senators Pepper of Pennsylvania,
throughout
Thorough hearings were again had before this committee,
be in an attitude rather favorable to legiswhich Senator Pepper seemed to
amendments, if such legislation might
lation without the Hull branch bank
his intention to vote for the bill even with
be obtained, but he signified
legislation might not be obtained without them.
the Hull amendments if
committee, held back until he could
Senator Edge, a new member of the
was not long in reaching the conlearn something of the problem. He
were atrocious and from that moment
clusion that the Hull amendments
opposition to the Hull amendments.
he stood with me in belligerent
"Going to Work" CM Congress.
not having altered its attitude taken
The American Bankers Association,
its official representatives in favor of the
at Chicago, was heard through
trade bodies, not having further considered
Hull amendments; and certain
[VoL. 124.
the matter, again followed in the wake of the bankers in advocacy of the
amendments.
In the last analysis, however, when driven point-blank to the necessity
of having to assert the soundness of this branch banking scheme or to
admit its incredible injustices, every person heard, with a single exception, was compelled to confess that the Hull amendments could not be
defended in logic or equity, but must be advocated only on the ground that
the House of Representatives would pass no banking legislation at all on
the subject of branch banking unless it should embrace these Hull amendments, designed and pertinaciously pressed by the Cook County group and
such straggling bankers as had been beguiled by this group and its agents
through marvelously organized propaganda.
As a result of these hearings and further consideration of the bill, the
sub-committee authorized Senator Pepper to redraft its branch banking
features, and to reassemble them and, specifically, to extirpate the so-called
Hull amendments which sought to "stop branch banking in its tracks."
Senator Pepper Rewrites.
This Senator Pepper did with rare skill. As reorganized, the branch
banking provision of the bill authorized, in brief, the establishment of
branches by national banks in all States now permitting or which may hereafter permit branch banking among State institutions. It limited branch
banking hereafter among national banks to one branch in towns of not less
than 25,000 population, two branches in towns of not less than 50,000
population, and in towns of 100,000 population'and more such a number
of branches as the Comptroller of the Currency in his discretion may
sanction.
In addition to this vital change in the branch banking feature of the bill
the sub-committee on my motion provided for an indeterminate charter for
the Federal Reserve banks. The purpose of this was to avert a passionate
and disastrous political controversy over the banking problem at some
succeeding election of such a protracted nature as to extend beyond the
time appointed for charter expiration.
The Senate also eliminated that provision of the House bill which sought
to require Federal Reserve banks to classify as eligible for rediscount all
paper which might be lawfully discounted at member banks.
The Senate sub-committee likewise attached a provision to the bill
authorizing national banks to issue shares of stock in less denominations
than $100 each with a view to effecting a wider distribution of bank stocks
and authorized the Federal Reserve Board to discontinue as well as to
establish branch Federal Reserve banks. Other additions and alterations
were made by the Senate sub-committee in the bill as it came from the
House.
However, the two chief things done were (1) to eliminate the Hull
branch banking amendments with their consequent evil effect of using the
Federal Reserve System as an instrument of coercion of the States, and
(2) to give indeterminate charter rights to Federal Reserve banks, thus
stabilizing financial and business conditions by insuring the perpetuity of
this great banking system.
The country is familiar with the ensuing events concerning the progress
of this bill. The Senate sustained the action of its Banking Committee by
overwhelmingly approving its work and sent the reconstructed bill to conference. Singularly enough, the provision of the measure, as redrafted and
passed by the Senate, which drew instant fire from the House side, was
the provision to make sure the perpetuation of the Federal Reserve Banking
System.
Mr. McFadden, Chairman of the House Banking and Currency Committee,
immediately gave out a public statement to the newspapers, under date of
March 17, protesting against this extension of charter rights as calculated
to endanger passage of the McFadden bill. He desired to defer action on
this question until he and his committee might have an opportunity to
revise the Federal Reserve Act in certain other respects, by eliminating
the so-called "war emergency amendments" and by putting an end to certain alleged "encroachments upon the banking territory by member banks."
An Ambush Foiled.
Mr. McFadden insisted that the Federal Reserve banks had gone "far
afield" from their original functions and must be curbed before consideration should be given to charter extension. One House conferee refused to
sign any conference report or to agree to any extension of charter privileges of Federal Reserve banks unless a provision should be embodied for a
sweeping Congressional investigation of the entire Reserve System.
In the conference of the committee of the representatives of the two
Houses to reconcile disagreeing votes the House conferees persistently refused every overture made by the Senate on the outstanding controvrsial
questions. They insisted on the Hull amendments and on either limiting
or eliminating the charter extension for Federal Reserve banks. In fact,
they would agree to nothing; at least they would not "stay hitched" long
enough even to sign a report
Until one of the obdurate House conferees got too ill to function and
another conferee was substituted, the conference committee was totally
unable to report even a disagreement to the respective Houses. When such
a report was finally brought about by the pressure of House leaders and the
expert management of House parliamentarians the contention of the Senate
conferees was confirmed. The House, by 66 majority on a recorded vote,
eliminated the atrocious Hull branch banking amendments from the bill
and by a separate vote, insistently demanded, approved indeterminate charters for the Federal Reserve banks 298 to 22. The opponents of this provision in the House could not begin to muster enough votes to order a roll
call. And yet, House conferees had assured Senate conferees that there was
bitter opposition in the House to charter extension for Federal Reserve
banks I
Enemies Hold War Dance.
When the bank bill, radically modified by the Senate and approved in
this form by the House, went back to the Senate for concurrence in certain
inconsequential alterations, the enemies of the Federal Reserve System
seized upon every conceivable objection to the bill to delay the passage
and ultimately to kill it.
One Senator who had twice voted against the Hull amendments last June
made a speech of an hour for them in February. It is safe to assert that
he did not know anything more about the bill after his speech of an hour
in February than he did when he went on record against the Hull amendments in June. He simply found in February that his little bloc wanted
to kill the bill and it seems never to have occurred to him that it made
any difference how he had voted in June.
The purpose, through sheer dislike of the Federal Reserve System and its
administration, to filibuster the bill to the death was so transparent that,
for the first time on a domestic question, the Senate agreed to apply
cloture. This was done and the bank bill, as reconstructed by the Senate
committee and slightly modified by the House, became a law by a vote of
71 to 17.
Finally, in this connection, it may be added that there is not one semblance of truth in the repeatedly published statement that there was any
"bargain" between the proponents of the bank bill and the so-called "farm
relief" bill that involved an agreement of a single Senator to vote for
APR. 9 1927.]
T-FrF CHRONICLE
either bill in return for a vote for the other. On the contrary, every bank
bill Senator alleged to have been party to the "bargain" voted against the
farm bill and every farm bill Senator alleged to have participated in the
"bargain" voted against the bank bill.
The simple truth of the episode is that Mr. McNary, having charge of the
"farm relief" bill, had apparently outmaneuvered those having charge of
the bank bill in the matter of precedence, whereupon I served notice that
there would be no consideration of farm relief legislation unless and until
a definite time should be fixed for a final vote on the bank bill.
2069
tion negotiating the same shall not be subject under this section to any
limitation based upon such capital and surplus.
"(3) Obligations drawn in good faith against actually existing values and
secured by goods or commodities in process of shipment shall not be subject
under this section to any limitation based upon such capital and surplus.
"(4) Obligations as indorser or guarantor of notes, other than commercial
or business paper excepted under (2) hereof, having a maturity of not more
than six months, and owned by the person, corporation, association, or
co-partnership indorsing and negotiating the same, shall be subject under
this section to a limitation of 15 per centum of such capital and surplus in
No "Trading."
addition to such 10 per centum of such capital and surplus.
This alarmed the farm bill advocates and compelled them to agree to
Bankers' Acceptances Excepted.
cloture, insuring a vote on the bank bill. The managers of the latter
"(5) Obligations in the form of banker's acceptances of other banks of
measure at the same time, as far as they individually were concerned, agreed the kind described in Section 13 of the Federal Reserve Act shall not be
to cloture for a vote on the farm bill. But in neither case was there the subject under this section to any limitation based upon such capital and
remotest suggestion that when these respective votes should be had any surplus.
Senator was under any obligation implied or expressed to vote for either
"(6) Obligations of any person, co-partnership, association or corporathe bank bill or the farm bill. As a matter of record the bank bill got tion, in the form of notes or drafts secured by shipping documents, warenearly twice as many votes as the farm relief bill.
house receipts or other such documents transferring or securing title covering
Aside from whatever advantage to the banking community this McFadden- readily marketable non-perishable staples when such property is fully covPepper Act may prove to be, its consideration and enactment by Congress ered by insurance, if it is customary to insure such staples, shall be subject
furnishes an unprecedented example of the danger of precipitate and un- under this section to a limitation of 15% of such capital and surplus in
enlightened action en masse. The American Bankers Association, with addition to such 10% of such capital and surplus when the market value
absolute unanimity, formally approved this bank bill with the Hull branch of such staples securing such obligation is not at any time less than 115%
bank amendments upon an ex parte and totally selfish statement of its of the face amount of such obligation and to an additional increase of
contents and without any real conception of its meaning.
limitation of 5% of such capital and surplus in addition to such 25% of
Through the influence of this association's legislative committee other such capital and surplus when the market value of such staples securing
bodies did the same thing. The Secretary of the Treasury, the Comptroller such additional obligation is not at any time less than 120% of the face
of the Currency and his predecessor and the Federal Reserve Board by one amount of such additional obligation, and to a further additional increase
majority gave their sanction to this proposed legislation upon varying con- of limitation of 5% of such capital and surplus in addition to such 30%
siderations.
of such capital and surplus when the market value of such staples securing
Even after they had learned more definitely about the nature of the bill such additional obligation is not at any time less than 125% of the face
.additional increase
they persisted for a while in their advocacy of it apparently upon the amount of such additional obligation, and to a further
theory that Congress might not be relied on to pass a better bill; and, of limitation of 5% of such capital and surplus in addition to such 35%
inasmuch as legislation of some kind was badly needed, it were better to of such capital and surplus when the market value of such staples securing
have a bill half bad and half good than no legislation at all!
such additional obligation is not at any time less than 130% of the face
amount of such additional obligation, and to a further additional increase
Barriers Disappear.
of limitation of 5% of such capital and surplus in addition to such 40%
Thus the obstacles and forces in the way of proper and effective legisla- of such capital and surplus when the market value of such staples securing
tion seemed all powerful and insuperable when the Senate Banking Committee such additional obligation is not at any time less than 135% of the face
first checked the precipitate progress of this McFadden bill. Nevertheless, amount of such additional obligation, and to a further additional increase
a fight was made by those who believed in sound legislation only. The of limitation of 5% of such capital and surplus in addition to such 45%
American Bankers Association in national convention at Los Angeles, by a of such capital and surplus when the market value of such staples securing
vote of nearly two to one, reversed itself. The United States Chamber of such additional obligation is not at any time less than 140 per centum of the
Commerce readjusted itself. The National Association of Credit Men, upon face amount of such additional obligation, but this exception shall not apply
a better understanding, reversed itself. The Federal Reserve Board reversed to obligations of any one person, co-partnership, association or corporation
itself. The Comptroller and the ex-Comptroller readjusted themselves as arising from the same transactions and-or secured upon the identical staples
did also the Secretary of the Treasury.
for more than 10 months.
So did the House of Representatives reverse its previous action on the
Security Required on Loans.
Hull amendments; and there is convincing reason to believe that it would
"(7) Obligation of any person, co-partnership, association or corporation
have done so months sooner had not its conferees maneuvered themselves into
drafts
secured by shipping documents or instruments
of
notes
or
form
the
in
an almost inextricable parliamentary tangle.
transferring or securing title covering livestock or giving a lien on livestock
It should not be said that any of these associations or officials were ardent
when the market value of the livestock securing the obligation is not at any
advocates of the Hull branch bank amendments to the McFadden bill. They
time less than 115 per centum of the face amount of the notes covered by
were simply induced to believe that no measure of relief could be gotten
such documents shall be subject under this section to a limitation of 15 per
through Congress that did not contain these amendments. When they had centum of such capital and surplus in addition to such 10 per centum of
gotten their true bearings, these associations and important public officials such capital and surplus.
fought as hard in the final stages against the Hull amendments as they
"(8) Obligations of any person, co-partnership, association or corporation
had theretofore fought for them. And the service of Senator McLean, in the form of notes secured by not less than a like amount of bonds or notes
Chairman of the Senate Banking and Currency Committee, and Senators ofthe United States issued since April 24 1917,or certificates ofindebtedness
Pepper and Edge of the Senate sub-committee, could not well be exag- of the United States, shall (except to the extent permitted by rules and regugerated. Vice-President Dawes likewise contributed prodigiously to the lations prescribed by the Comptroller of the Currency, with the approval
strategy of this event.
ofthe Secretary of the Treasury) be subject under thi ssection to a limitation
of 15 per centum of such capital and surplus in addition to such 10 per
and surplus."
Regulations of Comptroller of Currency Defining centum of such capital
Obligations.
Accounts Loanable.
Loaning Powers of National Banks Under
(A) Accommodation or straight loans, whether
or not single name, including liability as Maximum limit, 10%
McFadden Banking Act.
bank's paid-up and unendorser (not accommodation endorser)
impaired capital and
or guarantor of paper not coming within
A ruling defining the loaning powers of national banks
surplus.
the exceptions hereinafter set forth.
Loans secured by stocks, bonds, and
under the amendment to Section 5200, United States Reauthorized real estate mortgages.
vised Statutes, which became effective Feb. 25 when the (1) Drafts or "bills of exchange" drawn in
goodfaithagainst actuallyexisting values. No limit imposed by law.
McFadden banking law became operative, has been issued
(2) Commercial or business paper (of other
from the office of the Comptroller of the Currency, it is
makers) actually owned by the person, No limit imposed by law.
company, corporation, or firm negotiatreported in the "United States Daily," which notes that the
ing the same.
by goods or commodinew law permits of certain exceptions to the provision in (3) Obligations securedshipment.
No limit imposed by law.
ties in process of
the previous law that a national banking association may (4) Obligations
endorser
or guarantor of
as
notes (other than commercial or business 15% in addition to 10%
not lend to any person, co-partnership, association, or
(A).
paper) maturing within six months,
corporation an amount in excess of 10% of the capital stock
owned by endorser.
acceptances
of
the
kinds
described
of such bank. These exceptions provide for loans in excess (5) Bankers'
in Section 13 of the Federal Reserve Act. No limit imposed by law.
of that limitation under certain conditions.
(6) Obligations secured by shipping documents,
warehouse receipts or other such docuWe are reprinting from the "Daily" the text of the sections
ments, conveying or securing title covering readily marketable non-perishable 15% secured by 115%.
of the new law governing loaning powers of national banks,
staples.
5% secured by 120%.
and the regulations which apply; it is proper to state that
(a) When the actual market value of the 5% secured by 125%.
property is not at any time less than
5% secured by 130%.
these provisions were previously published by us in our issue
shown in table herewith.
(1) When the property is fully covered by 5% secured by 135%.
of Feb. 26, when the full text of the new Banking Act was
insurance (if customary to insure such
5% secured by 135%.
commodity) and in no event shall this
5% secured by 140%.
given on pages 1162-1164. The extract from the "Daily"
exception apply to obligations of any 40% in addition to regufollows:
one customer arising from the same
lar 10% loan. (A).
transactions and or secured upon the
The full text of the new sections of the law and regulations thereunder
staples
for
identical
more
than
10
follow:
months.
"Section 5200. The total obligations to any national banking association (7) Obligations secured by shipping documents 15% in addition to reguof any person, co-partnership, association, or corporation shall at no time
lar 10% loan. • (A).
or instruments covering livestock or
giving a lien thereon.
exceed 10 per centum of the amount of the capital stock of such association
of bank's capital
10%
actually paid in and unimpaired and 10 per centum of its unimpaired surplus
and surplus,in addition
fund. The term 'obligations' shall mean the direct liability of the maker
to the amount allowed
under (A), or if the full
or acceptor of paper discounted with or sold to such association and the
amount allowed under
liability of the indorser, drawer, or guarantor who obtains a loan from or
(A)
is not loaned, then
discounts paper with or sells paper under his guaranty to such association
the amount which may
and shall include in the case of obligations of a co-partnership or association (8) Notes secured by not less than a like face
be loaned in the manner described under (8)
amount of bonds or notes of the United
the obligations of the several members thereof. Such limitation of 10 per
is increased by the
States issued since April 24 1917, or by
centum shall be subject to the following exceptions:
loanable amount not
United
of
the
certificates
indebtedness
of
"(1) Obligations in the form of drafts or bills of exchange drawn in good
used under (A). In
States.
other words, amount
faith against actually existing values shall not be subject under this section
loaned
under (A) must.
surplus.
and
limitation
capital
based upon such
to any
never be more than.
10%,but the aggregate
Exception Made on Discounting.
of (A) and (8) may
"(2) Obligations arising out of the discount of commercial or business
equal, but not (lamed.
25%.
paper actually owned by the person, co-partnership, association, or corpora-
070
THE
IftRONICLE
124
Funds Released for First Mortgage Real Estate Loan the national banking system by the new McFadden Act
which became a law on Feb. 25. Further commenting on
by McFadden Bank Act Estimated at $1,181,000,the subject, it says:
000—Bankers and Economists Opinions on
Agricultural producers, or their co-operative marketing associations, can
Effect of Act.
obtain the largest line of credit from national banks permitted by the Jew
law.
An addition of $1,181,000,000 may be calculated as made
the McFadden Act,loans by a national bank to individual borrowto the funds of national banks legally loanable on real estate ersUnder
are limited to 10% of the bank's paid-in capital and surplus. But an
by provision of Section 15 of the new McFadden Banking exception is made in the case of loans by national banks upon the ecurity
Act. Whatever further increase may be made by the Act in of marketable non-perishable commodities. Through this exception a
borrower may increase by gradation the amount of his loan by an additional
volume of funds released for loaning on real estate security 6%
each time he puts up an additional 5% of staple collateral to cover
the
through
provisions of Section 2(b), permitting the buying his increased loan.
Additional,Loans.
and selling of marketable investment securities, is as yet
For instance, a borrower from a national bank having a $300,000 capital
impossible to appraise, according to the coneensus of opinion and
surplus can in addition to the $30,000 borrow upon the security of
of leading banking economists given in answer to an inquiry readily marketable non-perishable staples the following amounts against
by the National Association of Real Estate Boards. Heads the additional percentage of capital and surplus.
Value of Security Put Up.
of Federal Reserve banks are as yetloath to predict the extent 15%Amount Borrowed.
$45,000
$51.750
115%
to which national banks will avail themselves of the new 5
15,000
120
18,000
15,000
125
18,750
mortgage loan provision, the Association's inquiry indicates. 5
5
15,000
130
19.300
Announcement to this effect is made March8 by the Associa- 5
11,000
135
20,250
tion, which at the same time states:
5
15,000
140
21.000
.7. W. McIntosh, Comptroller of the Currency, confirms the general
Interpretation of the new Act as affecting the powers of national banks not 40
$120,000
12431
$149,250
The new law, however, does not permit a national bank to aid a customer
only with reference to long-term first mortgage city estate loans but also
with reference to the purchase of bonds for investment. It will be ths In holding staples indefinitely for speculative purposes. The exception
province of the Comptroller of the Currency, under the Act, to define what to the 10% loan limitation which provides for an additional 15% and 5%
investment securities may be considered eligible for national bank purchase gradations can not operate in favor of a borrower making a loan where
the loan arises from the same transaction or is secured by the same staples.
and sale.
While bankers and economists vary widely in their views as to the degree Each time a borrower obtains additional credit under this exception, which
to which the effect of the new provisions may come to be felt, those replying is Section 10 (6) of the Act, he must offer as security for his loan a proper
are united in foreseeing changes in banking practice the total effect of which amount of staples upon which the banks have not at some time previous
may be expected to be measured primarily by the derma to which the made him a loan under the same exception.
individual real estate investment meets the loan appetite of the individual
Extend Maturity Time.
banking institution.
Another change made in the national banking laws for the benefit of the
Expeci Increase in Loans to Be Gradual.
farmers is the provision of the McFadden Act extending the time of the
"As the provisions of the new banking law are better understood doubtless maturity of the notes made under the exception covering staples by proa gradual increase in the amount of mortgage loans in the portfolios of viding that such a loan may run for a period not exceeding ten months.
national banks will be noted," E. R. Fancher, Governor of the Federal The old law under which such a note could run for a period not In excess
of six months was liberalized considerably by Congress.
Reserve Bank of Cleveland, predicts.
The additional time was designed to permit a farmer's note to run from
The effect of the new Act is going to be largely a matter of the policy of
each individual bank. Mr. Fancher points out, and it is as'yet impossible one crop period to another. The McFadden Act, therefore, enables the
customer to make as many loans as he could secure by staples in the manner
to make any accurate evaluation of results.
"The McFadden bill will increase the power of national banks to lend provided, and each loan would run for a period of ten months. But a
money on real estate mortgages and will undoubtedly result in considerable customer having obtained a loan from a national bank upon a certain
expansion of such investments," Charles J. Bullock, director of the Harvard number of bales of cotton, for instance, could not at any time in the future
Economic Service and chairman of the Committee on Economic Research again borrow from the same national bank upon the security of that parcotton,
of Harvard University, states;
How Far will Time Deposits Be Available?
National Wealth of United States Estimated by
"I have an opinion from Federal Reserve authorities that time deposits
National Industrial Conference Board at
can be invested in mortgages under the conditions stated by the law:
355 Billion Dollars.
but that a considerable proportions of the so-called 'time deposits' are not
really savings deposits and that well-managed banks will not treat them
The
national
wealth
of the United States, as estimated
so. Moreover, Federal Reserve authorities may discourage excessive
by the National Industrial Conference Board, 247 Park Aveinvestment of time deposit money in real estate mortgages.
"The so-called 'time deposits' of member banks undoubtedly include nue, New York, in 1925 amounted to 355.3 billion dollars.
some money that can fairly be considered savings, and can be invested in
The Board, in a statement March 26, goes on to say:
real estate loans as safely by member banks as the savings deposits of
This is the first estimate of national wealth published since the census
ordinary savings banks can be similarly invested. Upon the other hand,
a considerable and increasing proportion of the time deposit represents estimate of 1922, which was 320.8 billion dollars for that year. For 1912
money which formerly was carried as commercial deposits, and cannot the census estimate of the national wealth was 186.3 billion dollars.
Stating the amounts for 1912 and 1925 in terms of 1918 dollar pursafely be treated as real savings deposits."
A computation of the volume of funds in national banks released for chasing value so as to eliminate the difference In purchasing values of the
real estate loans as made in answer to an inquiry from the National Associa- dollar in the pre-war and post-war periods and to make the two figures
tion of Real Estate Boards by R. G. Rodkey of the University of Michigan, comparable, the Conference Board places the national wealth in 1912 at 188
billion dollars and in 1925 at 223.9 billion dollars of 1913 purchasing value.
School of Business Administration, is as follows:
The nominal increase in wealth of 90.7% during the 13-year period thus
"Section 24 of the Federal Reserve Act provided that for national banks
becomes
a real increase of 19.1%, or nearly one-fifth.
not located in central reserve cities loans on farm lands might be made
The term "national wealth" as used in this estimate represents tangible,
with maturities not exceeding five years and loans on improved urban
real estate with maturities not exceeding one year. The total of all such physical objects only, and therefore excludes credits and currency. It
loans could not exceed 25% of the capital and surplus or to one-third or specifically includes land and the structures and other improvements
thereon, the equipment of industrial enterprises and farms, live stock, railthe aggregate time deposits," Mr. Rodkey points out.
"F.ection 15 of the new Act does not exclude banks located in central road and public utility land and equipment, personal property, motor and
reserve cities and increases the total amount which can be loaned to 25% other vehicles and gold and silver coin and bullion. Of all of these, real
property, that Is land and improvements, constitutes more than half, or
of capital and surplus or to one-half the time deposits.
172.7 billion dollars worth. Approximately three-fourths of the total wealth
Here is the Estimate of Volume of Funds Now Legally Loanable.
of the nation is in the nature of fixed assets, devoted to use as dwellings
"On June 30 1926 total time deposits of national banks amounted to or to industrial and transportation enterprises.
Of the 172.7 billion dollars in land and improvements, about 22.7 billion
about $6,300,000,000. Prior to the passage of this new Act one-third
of this, or $2,100,000, could be loaned legally on real estate. The new dollars worth is tax-exempt property, including the land, buildings and
public
works of the Federal, State and local Governments, municipal enterincreases
this
to
one-half,
or
makes
an
Increase
Act
$3,150,000,000. This
of approximately $1,050,000,000. To this should be added about $131.- prises and the land and improvements belonging to religious, charitable,
000,000 for central reserve city banks, making a total of $1,181,000,000 educational organizations and other property exempted by State laws.
Railroad and public utilities, according to the Conference Board's esti• additional funds now legally loanable on real estate security.
"The effect of Section 2(b) is impossible to appraise until the Comptroller mate, represent a total investment of 39.2 billion dollars of physical propof the Currency defines the meaning of the term 'marketability.' The erty. Of this total value, land represents only 13.3%, or 6.2 billion dolAct provides that national banks may buy and sell 'marketable' invest- lars; improvements, 66.4%, or 22.2 trillions, and equipment 30.3%, or 11.8
ment securities. If the Comptroller rules that the ordinary issues of bonds billions.
The total value of the equipment of farms, including live stock, and of
secured by office buildings, hotels, apartment houses, &c.. are 'marketable'
there would appear to be no legal limit for national banks in purchasing factories, is placed at 26.8 billion dollars, lands and buildings belonging to
such securities except that the bonds of no one issuer shall be held in an them being included under the general national asset of land and improveamount exceeding 25% of the bank's capital and surplus. Under the ments. All merchandise and industrial products on hand were valued at
law as it previously existed such bonds were considered real estate loans, 40 billion dollars. Personal property, consisting of such objects as furnibut the new Act provides that nothing shall be considered as a real estate ture, clothing, jewelry and the like, amounted to 44.1 billions, or more
than the physical value of all our railroads and public utilities, and conloan except where a ainle bank holds the entire obligation."
Statements appearing in economic journals of high standing estimating siderably more than the entire equipment of all the farms and factories.
in
additional
funds
would
be
released
for
real
Automobiles are classed with gold and silver coin and bullion as "miscelthat three billion dollars
estate loans by the new Act Mr. Rodkey holds to be not warranted under laneous." But the total value represented by our entire stock of gold and
conditions.
silver
bullion and coins plus all the nation's automobiles, numbering nearly
present
20,000,000, together make up by far the smallest item a total of 9.8 billions,
McFadden Act as an Aid to Credit of Farmers—Agricul- or less than 2%% of our total national wealth.
turists Can Obtain, It Is Claimed, Largest Line of
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Loans Permitted by New Law.
"Wall
Street
of
the
The
Journal"
in
New York Stock Exchange membership of RalphWl.
bureau
Washington
The
the issue of that publication for March 18, states that farmers Stuart-Wortley, deceased, was reported posted for transfer
have been offered the lion's share of the credit resources of this week to Eli B. Springs, 2nd., the consideration being
APR. 9 1927.]
THE CHRONICLE
preceding
stated at $170,000. This is the same as the last
transaction.
-Irving Trust Co. announced
The American Exchange
April 5 the election of William H. Vanderbilt to the Advisory
Boards of the company's Lincoln and Pershing Square
offices. Mr. Vanderbilt, who is a on of the late Alfred G.
Vanderbilt, is President of the Automotive Transportation
Co., and of the Newport & Providence Railroad Co.; a
director of the Rochester Gas & Electric Co., the Mohawk
Valley Co., and the Aquidnick National Exchange Bank and
Savings Co. of Newport, Rhode Island.
The Harriman National Ban- k held a reception on April 5th
from three o'clock until eight, in celebration of the formal
opening of its offices in its new building at Fifth Ave. and
Forty-fourth Street and in honor of its birthday. A throng
of visitors, including many out-of-town bankers, inspected
the equipment of the institution, and the appointments and
decoration of the offices enlisted highly favorable comment.
The directors, members of the Advisory Board and officers of
the bank were present during the afternoon and evening.
of the Bowery Savings Bank
President V. A. Lersner
trustees had elected Henry
the
that
week
announced this
Bruere First Vice-President to fill the vacancy occasioned
goes
by Mr. Lersner being made President. Mr. Bruere
of
Co.,
Insurance
Life
n
Metropolita
to the bank from the
his
which he is Third Vice-President. He will take up
meeting
duties at the 42d Street office May 1. At the same
resident
Orrin L. Lester was promoted to the office of Vice-P
from that of Assistant Vice-President. He will be in charge
of the department of public relations, which, in accordance
with the progressive plans of President Lersner, will broaden
the field of activity and usefulness of the bank and give it
the widest possible contact with the public besides that of
affording safety and interest upon their savings. Former
Assistant Vice-President J. Watson MacDowell was also
elected Vice-President and will be in charge of the office at
130 Bowery. This office has always held a unique position
in the estimation of old New Yorkers and the thrifty classes
of the East Side where for over ninety years it has been
looked upon as a landmark and beacon to the saving masses.
On April 1 the assets of the Bowery Savings Bank exceeded
$308,000,000. Its deposits totaled $273,549,002, being the
savings of 213,960 depositors. The amount invested in
bonds and mortgages was $193,967,000.
2071
board; Philip Pearlman, President; John J. Leugers (also
Cashier) and James Cunnion, Vice-Presidents.
According to the Hartford "Courant" of March 25 the
City National Bank of Bridgeport, Conn., will erect a new
bank building at the corner of Main and John Streets at a
The structure will be
cost of aproximately $1,500,000.
ten stories high, it is said, and contain offices to be rented.
That stockholders of the Un- ited States Security Trust Co.
of Hartford and the Hartford-Aetna National Bank would be
called together for a special meeting in the course of the
month to act on a plan then to be outlined for the consolidation of these institutions, was stated in the Hartford
"Courant" of April 1. John 0. Enders, Chairman of the
Board of the United States Security Trust Co., was reported
as saying on March 31 that calling the meeting would depend
on the expeditiousness of the lawyers who are preparing the
forms setting forth the terms of the proposed merger. The
"Courant" furthermore stated that a report of progress was
sent out to the stockholders of both banks on March 31,
following meetings of the respective directorates, at which
the tentative plan for the consolidation of the two corporations was agreed upon. Continuing the paper mentioned
said in part:
It is expected that the banks, when and if merged, will be operated as a
State bank. The Hartford-Aetna comes under a provision of the Connecticut general statutes of 1864 permitting banks then nationalizing to
resume their State charters.
Those interested in the proposed merger favor the location of
the merged bank in the United States Security Trust Company
building at the corner of Main and Pearl Sts., which structure is of
such great proporxions that it admits of expansion. It is also argued that
the Hartford-Aetna location is best adapted for commercial purposes and
the structure would be easily adapted for that use. The Hartford-Aetna
several months ago indicated that it was considering expansion and erecting
a building on the Hills property adjoining. Selection of the United States
Security site would obviate a building program.
The merging of the United States Security and the Hartford-Aetna will
establish this institution as the largest in resources in Hartford. The
assets of the Hartford-Aetna, amount to $24,674.160, according to the last
statement and those of the United States Security amounted to $16,324.083.
In its issue of March 31 t-he Hartford "Courant" stated
that effective April 1, George S. Stevenson would retire as
Treasurer of the Society for Savings of Hartford to become a
partner in the firm of Thomas, Fenn & Co. and would be
succeeded by Robert C. Glazier, who would retire on the
same date (April 1) as a Vice-President and Trust Officer of
the Hartford-Aetna National Bank. After stating that the
affairs of the trust department of the Aetna-Hartford
National Bank would be in charge of Thomas L. Bestor,
Secretary of the trust department, the "Courant" furtherThe condensed statement of the Manufacturers Trust Com- more went on to say:
decision has yet been made in regard to the naming of a trust officer
pany as of April 1 1927 shows that for the first quarter this to No
succeed Mr. Glazier. The negotiations for the merging of the Hartfordcapital.
its
on
48%
institution earned at the annual rate of
Aetna and United States Security Trust Co. are progressing and if this is
The company is paying dividneds at the current rate of $20 brought about at a fairly early date It Is probable that office will remain
vacant until then.
per share. In 1921 the capital of the Manufacturers Trust
The
.
Company was $2,500,000 and its deposits $41,350,000
Directors of the Federal National Bank of Boston on April
April 1 statement shows a capital of $10,000,000, surplus, 5 elected Alex. W. Chisholm and Arthur Brady, Assistant
undivided profits and reserves in excess of $18,400,000, and Vice-President of the institution, and made Michael T
deposits of more than $204,000,000. A substantial block of Kelleher an Assistant Cashier, according to the Boston
Manufacturers Trust Company stock is owned by Financial "Transcript" of that date.
& Industrial Securities Corporation, an investment company
formed about a year ago to hold and deal in bank and insurAt a meeting of the director- s of the Textile National Bank
ance company securities.
of Philadelphia on March 30, E. B. Gregory, an !Assistant
Cashier of the institution, was given the additional office
The representative's office of Barclays Bank Limited of
Trust Officer, while Paul J. Maiser was appoi.nted Assistant
of
London has moved from 60 Wall Street to new quarters at Trust Officer.
44 Beaver Street.
The doubling of the capital and surplus of Bankers Truit
The United States Mortgage & Trust Company has just Co. of Philadelphia on March 31 to $2,500,000, by issue of
reissued its book, "Bankruptcy Law and Court Rules." 20,000 shares of new stock, par $50, at $62.50 a share, proved
The volume contains the Bankruptcy Act, general orders a great success. Applications from those not shareholders
and forms, together with general, common law, equity, for allotments of stock were made by 154 individuals for
bankruptcy and admiralty rules. Credit for assistance in 9,597 shares. With such applications they made advance
the compilation is given in the foreword to Alexander Gil- payments to the company of $183,755, all subject, of course,
christ Jr., Charles Weiser and George J. H. Follmer, Deputy to such allotment as might be made out of the stock which
Clerks of the United States District Court for the Southern shareholders did not take up on their rights. Additional
District of New York. The United States Mortgage & Trust applications were made without advance payments, and
Company was one of the first to be designated as an official including these and what the stockholders took, the total
depository of funds of bankrupt estates and has long made a subscription reached 30,971 shares. With certain exercised
specialty of this class of business.
warrants which some of our larger stockholders relinquished,
having thought for the general good of the company, there
Formal opening of the new Claremont National Bank at was available for outside distribution 2,080 shares. This
174th St. and Boston Road, this city, will take place to-day was alloted to 64 subscribers, leaving 90 applicants to whom
(April 9) from 9 a. m. to 10 p. m., according to the New no allotments were possible, and to them $107,780, being
York "Times" of April 4. The new bank is capitalized at the aggregate amount of their advance payments, was
$400,000, with surplus of $120,000. The officers, as given returned.
.n the "Times," are: Joseph B. Portnoy, Chairman of the
2072
THE CHRONICLE
Consummation of the proposed merger of the four Scranton
(Pa.) banks (referred to in our issues of Jan. 22 and Feb. 19,
pages 466 and 1007, respectively)—namely the First National
Bank and County Savings Bank and their respective affiliated
institutions of these banks, the Lackawanna Trust Co. and
the Scranton Trust Co.—became effective on Monday of
this week, April 4. The resulting institutions are the
First National Bank and the Scranton-Lackawanna Trust
Co. The new First National Bank, according to the Scranton "Republican" starts with a combined capital and surplus
of over $6,000,000, deposits of more than $46,000,000 and
total resources in excess of $53,000,000. Wallace M. Ruth
for many years Cashier of the County Savings Bank, has
been elected a Vice-President of the enlarged bank, while
H. S. Kirkpatrick and Miss Louella Warren, formerly
Assistant Cashiers of the County Savings Bank, have been
appointed Assistant Cashiers of the First National Bank.
The personnel of the First National Bank, as given in the
paper mentioned, is as follows: Charles S. Weston, President; Frank Hummler, R. 0. Deubler, Alfred T. Hunt,
A. G. Ives, George C. Nye (and Cashier), W. B. Oliver
and Wallace M. Ruth, Vice-Presidents; A. R. MacKay,
Assistant Vice-President; MacDonald Heebner, George F.
Hoffman, Walter B. Kramer, H. S. Kirkpatrick and (Miss)
Louella Warren, Assistant Cashiers; John T. Walters, Auditor; William T. Lindsay, Assistant Manager of the Bond
Department, and George Perlin, Manager of the Foreign
Department.
The directorate of the First National Bank (according
to the "Republican") is composed of the following members:
D.d'Andelot Belin,1President E.I.duPont de Nemours & Co.,of Penna.;
Pm
-773
:
. Belin, President, Scranton Lace Co.; E.P. Benjamin, attorney and
Treasurer of Benjamin Home & Rhondda Coal Companies; George G.
Brooks of J. H.Brooks & Co., bankers; A. J. Casey,former President Merchants & Mechanics Bank. and President of City Planning Commission;
P.J. Casey,President Hotel Casey Co.; J. M.Davis, President D. L.& W.
RR. Co.; R.0. Deubler, Vice-President First National Bank; A. M. Fine.
Vice-President Hudson Coal Co.; Charles S. Goldsborough,former President
Pennsylvania Coal Co., and former President Hillside Coal & Iron Co.;
F. H. Hemelright, director Glen Alden Coal Co. and director of Temple
Coal Co.; Frank Htimmler, Vice-President First National Bank; William
W.Inglis, President Glen Alden Coal Co.; Joseph Jeffrey, Treasurer Scranton Gas & Water Co.; Henry A. Knapp of Knapp O'Malley, Hill & Harris.
Attorneys; William R. Lewis of Taylor & Lewis, atorneys; M. J. Martin,
attorney; Joseph O'Brien of O'Brien & Kelly, attorneys; F. J. Platt,
President Scranton Electric Construction Co.; E. M. Rine, Vice-President and
General Manager D. L. & W. RR. Co.; Wallace M. Ruth, Vice-Pr
esident
First National Bank; Ralph W. Rymer, attorney; Worthington Scranton,
President Scranton Gas & Water Co.; George B. Smith,
retired railroad
official; Edward W.Warren of Knapp, O'Malley, Hill & Harris, attorneys
L. A. Watres, former President of County Savings Bank, President the
Scranton Lackawanna Trust Co. and President Spring Brook Water Supply
Co., Laurence H. Watres, member of Congerss; Ralph E. Weeks,
President
International Textbook Co., President International Corresponden
ce
Schools and President of Ralph E. Weeks Co.; Charles H. Welles Jr. of
Welles, Leach & Davis, attorneys; Charles S. Weston,
President First
National Bank and Vice-President of Scranton Lackawanna
Trust Co.;
C. S. Woolworth, Chairman Board of Directors, F. W. Woolworth
Co.
and Vice-President United States Lumber Co.; and F. H. Wright, Treasurer
Pennsylvania Coal Co.
The Scranton "Times" of April 4 gave the capital of the
new Scranton-Lackawanna Trust Co. as $1,350,000 with
surplus and undivided profits of more than $1,000,000.
L. A. Watres,former President of the County Savings Bank,
heads this institution. In commenting on the merger of the
four institutions, the "Times" said in part:
The First National was chartered within a few weeks after the national
banking act was passed back in the 60's. From that day to this it has
held
the proud position of having the greatest resources and largest deposits
of any bank in Scranton. Into It has been merged three other banks
—the Lackawanna Savings & Trust Co., Merchants & Mechanics,and now
the County Savings Bank. With its increased capital, greater resources
wonderful organization, the First National is in a position to serve
Scranton
better than ever before in its long history.
Ralph S. Todd, President of the Studebaker Bank of
Bluffton, Ind., committed suicide on April 1 following the
closing of the bank on March 28 pending an examination of
its affairs by State bank examiners, according to a special
dispatch from Bluffton on April 2to the Indianapolis"News."
It appears from the dispatch that Mr.Todd shot himself in a
barn on afarm nearBluffton. In a letter found when his act
was discovered, the deceased banker, after stating that he
had fought for months to keep the bank open "but the
insidious rumors circulated by the enemy were too much,"
said: "Please be assured that my records at the bank are in
entire balance, the audit now under way will bear that out.
But when I think of the many depositors, who have been
my friends, it is too much. I will lose my reason if I try to
live on." Mr. Todd, the dispatch furthermore stated, after
being graduated from the DePauw University in 1901,
entered the Studebaker Bank as a bookkeeper. Later he
was made Cashier and in 1909 was chosen President. He
[You Mt.
was 46 years of age. The closed Studebaker Bank was
capitalized at $200,000.
At a meeting of the stockholders of Greenebaum Sons
Bank & Trust Co. of Chicago, thercapital:stock of the bank
wasincreased from 81,500,000212,500,000. It was'dolTdel
to change the corporate namela the institution 1777,
Bank of America, effective May 1. The GreenebaurnIBM
was founded in 1855 and is one of Chicago's oldest bankiu
institutions. The name of Greenebaum Sons-Investment Co.
will remain unchanged, also Greenebaum Sons Securities
Corporation, New York.
Advices by the Associated
-Press from Coffey-yule, Kan.,
on March 31, appearing in the Topeka "Capital" of April 1,
reported the closing by its directors, in order to effect a
reorganization, of the American State Bank of that place.
The bank, it was stated, had been unable to stand the strain
of a "run" which had been in progress for the past six months
and which had become much heavier during the two weeks
previous to the closing. The institution is capitalized at
850,000. P. V. Miller, Chief Bank Examiner, and Dale
R. Ainsworth, Deputy Bank Commissioners, the dispatch
said, were placed in charge of the institution.
Sale of the Portland Bank
of Louisville, Ky., to the First
National Bank of Louisville, for a consideration not made
public, was announced on the night of March 29 by F. H.
Locher, a Vice-President of the Portland Bank and one of its
organizers, according to the Louisville "Courier-Journal" of
March 31. The announcement followed a meeting of the
bank's directorate. The institution was established, it is
stated, four years ago. The Louisville paper furthermore
said:
Negotiations for the sale were opened two months ago, Mr. Locher said.
The bank has a capitalization of $100,000. The growth has been phenomenal, Mr. Locher said. The First National will take over the Portland
institution Thursday (Mrach 31). and for the present its employees
will
remain and its locacion will not be changed. The bank will become
the
first branch of the older institution. A second will be opened soon
at
Shelby St. and Broadway, it was announced.
The directorate of the two new Nashville banks resulting
from the recent consolidation of the Fourth & First National
Bank, the Central National Bank, the Fourth & First Bank
& Trust Co. and the Nashville Trust Co.—namely the First
& Fourth National Bank and the Nashville Trust Co.—
met on April 1 and elected officers for the institutions, according to the Nashville "Banner" of that date. James E. Caldwell was elected President of both banks. Other officers
chosen for the Fourth & First National Bank were as follows:
T. D. Webb, J. S. McHenry, Randal Curell (and Trust
Officer), Harry. L. Williamson, Watkins Crockett, and
J. W. Brown, Vice-Presidents; William P. Smith, Cashier;
George E. Farmer, John F. Joyner, Joe C. Wilkerson, and
George R. Knox, Jr., Assistant Vice-Presidents; H. S.
Reynolds, J. T. Hester, W. J. Allen, M. J. Kingins, and
James R. Kellam, Jr., Assistant Cashiers; W:W. McNeilly,
Auditor; F. W. Williams, Assistant Auditor, and P. D.
Maddin,Attorney.
Officers named for the Nashville Trust Co., in addition
to Mr. Caldwell, the President were: Charles Nelson, A.
B.
Benedict, T.D.Webb,C.H.Litterer, W.C.Houston,
J. W.
Brown, J. W. Miller (and Treasurer) and Walter H.
Gill
(and Trust Officer) Vice-Presidents; C. B. Hearn,
Assistant
Treasurer; M.S. Webb,Secretary; J. M.Vaughan and A.
G.
Halloway, Assistant Secretaries, and W. W. McNeilly,
Auditor. The proposed consolidation of these institution
,
with resources of approximately $66,000,000 was ratified
by the stockholders of the two National banks on March
23,
as noted in last week's issue of the "Chronicle," page
1933.
Announcement was made
in Savannah, Ga., on April 1
by Mills B. Lane, President of the Citizens & Southern
Bank of Atlanta of the forthcoming nationalization of
the
institution under the provisions of the recently enacted
McFadden Act, according to the Atlanta "Constitution"
of April 2. In his statement Mr. Lane said that at a recent
meeting of the directors of the institution it was unanimousl
y
decided to ask the stockholders' permission to make the
change and a special meeting for that purpose has been
called for April 20. H. Lane Young, Executive Manager
of the Citizens & Southern Bank at Atlanta in confirming
President Lane's announcement was reported in
the
"Constitution" as saying:
The directors have had this action in mind six months. We
were await/02g
the outcome of the McFadden bill before congress. Now
that It has been
enacted, the new law will permit our bank to accomplish
those things
91927.]
THE CHRONICLE
which we desired. It will enable us to retain the same officers and simultaneously to take over the trust business, which latter is one of the most
Important branches of the business.
The proposal was placed before the directors and permission was given
to hold a special meeting. This was done and the move was adopted.
There is scarcely any doubt but that the stockholders will approve the
nationalization.
The Atlanta paper futhermore stated that the Comptroller
of the Currency has already given the institution permission
to make the change and it was expected that a national
charter would be granted as soon as the stockholders have
given their approval.
The Citizens & Southern Bank has its head office in
Savannah and maintains branches in Atlanta, AthensValdosta, Columbus and Macon. It is capitalized at $3„
000,000 with surplus and undivided profits in excess of that
amount, and has total deposits of more than $61,000,000.
The Waxahachie National Bank, Waxahachie, Texas,
capitalized at $200,000, has been taken over by the Citizens'
National Bank of that place, the institution going into
voluntary liquidation on March 7.
With regard to the taking over on Mar. 29 of the Northwestern National Bank of Portland, Ore., by the United
States National Bank and the First National Bank of that
city, following a "run" precipitated by telephone rumors in
regard to the bank's condition (noted on page 1934 of last
week's paper), the "Oregonian" of Mar. 30 stated that
depositors of the acquired bank are being paid 100 cents on
the dollar and that this was being done without the depositors
being subjected to any annoyance or delays in getting their
money, except such as are necessarily involved in verifying
their accounts. It appears from the above-mentioned paper
that after the Northwestern National had paid out $2,000,000
in the "run" on Monday (March 28), the directors of the
institution entered into an agreement with the Portland
Clearing House Association, the United States National
Bank and the First National Bank, who in turn were backed
by the United States Federal Reserve Bank, "for the payment of all deposits on demand, without red tape and without requiring the stipulated notice in the case of savings accounts."
The following excerpt is from the "Oregonian":
In their turn the H. L. Pittock estate, together with other stockholders
in the bank, pledged adequate financial guarantees that the assets of the
bank shall be liquidated without loss to the banks constituting the Portland
Clearing House Association.
The situation developed by Monday's run called for drastic action. The
time was short—too short for more than a cursory examination of the value
of more than $21.000,000 worth of assets.
Examiners for the Clearing House Association, however, worked tirelessly throughout the night, appraising values cautiously and resolving all
doubts in favor of the Association in order to protect the depositors of their
banks.
That the assets of the bank, however, are in such shape that they will
liquidate 100% was the prediction made yesterday by J. Ir. Daly, President
of the Portland Clearing House Association: J. C. Ainsworth, President
of the United States National, and A. L. Mills, Prescient of the First National Bank.
"The action taken in the present situation is evidence of the confidence
of the Clearing House banks in the soundness of the assets of the Northwestern National Bank," declared J. F. Daly, President of the Portland
Clearing House Association.
"After an investigation covering all of Monday night and Tuesday,
we have every confidence that the securities held by the Northwestern
National will pay out in full, and we are most regretful that this unholy
attack on their business made the liquidation of the Northwestern advisable." Such was the assertion yesterday of J. C. Ainsworth. President of
the United States National Bank.
A. I.. Mills, President of the First National, said last night: "I am absolutely confident that the Northwestern will liquidate in full. The more I
investigate their assets the more faith I have in their soundness, and I believe that the assets of the bank will be able in due course to liquidate all
liabilities in full."
Payment of depositors is not contingent, as already said, on a 100%
realization on the assets. The arrangement and guarantees provide for
full payment of all deposits.
Throughout Monday night bank officials and examiners of the Clearing
House banks pressed their examination of the assets of the Northwestern
National with all possible speed.
With them was William C. Crawley, national bank examiner who,
had just recently completed a thorough examination of the affairs of the
institution and who had passed upon the condition of thelbanklas sound and
satisfactory.
During the night T. E. Harris, chief national bank examiner for the
Twelfth Federal Reserve District, telephoned Mr. Ainsworth from San
Francisco urging the Portland banks to stand squarely behind the Northwestern National and advising that at daybreak he would leave for Portland by airplane.
The chief examiner assured the full support of the Federal Reserve System and the support of the United States Comptroller of the Currency
in meeting any situation that might arise from the Portland banks' support
idioms Agimorigi
ing the Northwestern.
According to the same paper, the last financial statement
of condition of the Northwestern National Bank, issued in
response to the call of the Comptroller of the Currency on
Mar. 23 1927, showed the bank's resources to be $21,437,497;
deposits, $18,317,390, and surplus and undivided profits,
2073
$521,676. 0. L. Price, who succeeded Emery Olmstead as
President of the Northwestern National Bank a few weeks
previous to the "run" on the institution, expressed his appreciation (according to the paper mentioned) of the loyalty of
the friends of the institution, who, in spite of the disquieting
rumors, stood staunchly by the bank. He said:
When the run assumed the proportions it did on Monday, it was obvious
that no ordinary banking methods would suffice to meet the situation. No
banking institution, standing alone, could long withstand such an attack.
Realizing the state of mind many of our depositors were in, aroused as
they were by the wildest kind of rumors,there was nothing for us to do but
to make provisions for the safeguarding of our depositors.
We wanted not only to safeguard the customers who had intrusted
their funds to us, but we did not want them to experience any delay or
difficulty in getting their money.
This was our first thought in working rapidly, without regard of our own
interests, in arranging for the liquidation of the bank's affairs on a basis
that would give depositors their money any time they wanted it—whether
or not the run continued.
The Clearing House banks of Portland have co-operated with us splendidly, and we wish to express our gratification to them for their a-csistance
in this emergency.
I also want to thank T. E. Harris, chief national bank examiner for the
Federal Reserve District, and also William C. Crawley, national bank examiner, for the confidence they have shown in our stability, and for their
co-operation in handling the situation that developed Monday.
The crisis we have gone through as the result of widespread circulation
of these rumors has shown us that we have many sincere friends, and in
behalf of the Pittock estate, my associates in the bank and myself, I assure
them that we are deeply appreciative of their expressions of confidence.
••••••=40....•1
MM.
The Banque Nationale de Credit, Paris, France, announces that the dividend proposed at the annual meeting of
stockholders will be 10% for the year 1926 (9% for
1925). The net profits for 1926 amount to 34,531,927
francs, against 32,092,927 francs for 1925. Albert Aupetit,
who was General Secretary of the Banque de France, is now
a member of the board of the Banque Nationale de Credit.
THE WEEK ON THE:NEW YORK STOCK EXCHANGE.
The stock market has been active and fairly buoyant the
present week and except for an occasional downward reaction of moderate proportions has shown marked improvement all along the line. Railroad shares have again been
the dominating feature, though industrial securities have
also held a prominent place in the trading throughout the
week. New high records have been established by many
of the more active stocks, particularly in the railroad group,
the steel stocks and many of the specialties. Price movements continued somewhat mixed in the two-hour session on
Saturday, some of the more active market leaders showing
losses of 2 to 3 points, while others moved to new high levels
or the highest peak for several years. Railroad shares moved
into the foreground in the early trading and a number of
representative issues displayed decided strength. Texas &
Pacific moved into new high ground on an advance of 3 points
to 71 and Western Maryland crossed 31. Rock Island
4, but later yielded over a point and
reached a new top at 933
closed with a net loss. Erie common reached a new high
for recent years. Lago Oil & Transport continued its remarkable advance and improved its previous high record.
Speculative activity again - centered around the railroad
stocks on Monday, Erie common shooting forward 3 points
or more and selling at the highest price reached in over 20
years. Erie convertible "D" also reached a new high leve
at 109. Bangor & Aroostook and Rock Island both made
further advances to new high ground and Missouri Pacifie
shot forward nearly 3 points. As the day advanced there
was a brisk run up in the industrial group, Baldwin leading
the upswing with a spectacular advance of nearly 9 points,
followed by Du Pont, Mack Truck, Colorado Fuel & Iron,
American Smelting and United States Industrial Alcohol,
all of which recorded substantial gains. Oil stocks were
weak, Pan-American B closing with a net loss of 3 points
and recording a new low for the year. Except for one or two
brief periods of irregularity the stock market continued its
forward swing on Tuesday, and sensational advances were
recorded in some of the railroad shares and industrial issues,
particularly in the high priced dividend shares. Du Pont
4. General Motors
bounded forward 103 points to 2303
was also in active demand and shot upward to a new high
level at 1844, followed by Hudson with a gain of 4 points.
United States Steel continued strong and made a further
%. In the specialties stocks
advance to a new high at 1703
% and
Baldwin made a new high for recent trading at 1903
gains of 2 to 3 points were made by Allis-Chalmers, United
States Cast Iron Pipe & Foundry and United Cigar Stores Co.
Under the guidance of United States Steel common and
General Motors, the market continued to move forward
during the greater[part of the day onriVednesday, the best
2074
[voL. 124.
THE CHRONICLE
,prices coming near the close of the session. In the morning
trading General Motors reached new high ground at 184,
but later in the session yielded about 2 points. United States
Steel common lifted its record high to 1723
/
8, and the new
stock "when issued" reached a new peak at 1243
4. Railroad
stocks were in strong demand at improving prices, Pere
Marquette responding to the declaration of the stock dividend
with an advance of over 4 points. Western Maryland was
up three points at its high for the day, though it lost most of
its gain in the later reaction. One of the outstanding
features of the early trading was the spectacular advance of
General Railway Signal, which bounded upward over 5
points, only to lose most of its gain when the Secretary of the
company issued a statement to the effect that the earnings
for the first quarter were below the same period a year ago.
Continental Baking A was also a noteworthy feature and
made a vigorous advance of 5 points following the statement
of the Chairman which indicated confidence in the maintenance of the 4% dividend rate. Houston Oil made one of
its violent moves and closed with a net gain of 2'% points
and Phillips Petroleum which has been under constant pres_
sure for a long period had a brisk rally of over a point.
Railroad issues gave an impressive demonstration of
strength on Thursday, New York Central starting with an
advance of 2 points and continuing its upward swing until
it crossed 150, the highest figure since 1906. As the day
advanced this stock was in large supply and slipped back to
1483' at the closing hour. New Haven was also exceptionally
strong and moved briskly upward to higher ground,followed
by St. Louis-San Francisco and Southern Pacific, which
rose clear to the previous high levels of the year. General
Motors moved up to 1823, but slipped back over a point,
and Du Pont, which gained 4 points in the early trading,
lost all of its advance later in the day. Some of the most
important gains were made by American Telep. & Teleg.,
% points to 1713
% and reached its
which bounded forward 23
best since 1903.
Railroad shares, public utility issues and motor stocks
continued in the foreground on Friday, many of the leaders
plowing through an avalanche of profit-taking to new high
levels on the current movement. General Motors was the
outstanding strong feature of the industrial list and advanced
into new territory for the present upswing at 1843/2. Rail-
road stocks continued their spectacular advance under the
leadership of New York Central which spurted forward 25
%
points to 151%, followed by Baltimore & Ohio, Louisville
& Nashville and Reading. One of the widest movements
of the day was in Du Pont, which shot forward more than
10 points to 242. Renewed strength in public utilities was
the feature of the afternoon trading, American Water Works
advancing 3% points to a new top for the year at 81•
Columbia Gas gained 13z points to 89% and Montana Power
closed with a net gain of 13/2 points to 95. Some of the industrial specialties were weak, notably Electric Refrigeration, International Nickel, American Woolen and Wilson
preferred, all of which slipped back to new lows. United
States Steel common was well supported and sold as high
as 1719/
8, but in the closing hour dropped back to 1709/
8.
The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
1,097,393
1,889,320
2,607,170
2,410,720
12,282,080
12,113,400
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
rr...1
State,
lifunicipaland
Foreign Bonds.
19 400 058
SAR 520580
1927.
Stocks-No. of shares_
Bonds.
Government bonds..
Stateand foreigmbonds
Railroad Sr misc. bonds
1926.
United
States
Bonds.
32,417,000
2,915,200
2,955.000
2,974,000
2,855.500
1,896,000
5428,000
860,750
428,750
948,100
1,695,400
1,025,000
145,812_700
9.5.RAann0
$4,775,500'
10,016,000
11,327,000
8,741,500
9,156.500
9,813,000
Jan. I to April 8.
Week Ended April 8.
Sales at
New York Stock
Exchange.
Total bonds
Railroad,
&c.,
Bonds.
Stocks,
Number of
Shares.
Week Ended April 8.
1926.
1927.
12,400083
6,081,2711
142,180,233
135,363,488
$5,386,000
15.812,700
53,829,500
34,667,300
12,253,50
43,666,40
591,611,700
275,284900
679,554,700
$81,929,100
17,1434,850
622.978,450
$1,046,451,300
$876,3422,400
$75,028,200 360,587,20
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 8 1927.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
13,823
24,311
29,851
27.348
36,111
11,664
520.000
23,050
61,050
23.000
11,800
16,000
24,521
66,283
45,761
44,594
37,295
18,134
$13,500
89,100
66,600
17,500
43,500
20,000
143,108
5154,900
230,588
Prey, week revisedl 147.238
3126,250
177,346
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
678
1,942
2,013
3,161
1,716
2,098
318,800
58.000
33,800
44,300
48,000
41,500
$260,200
11,605
5244,400
$117.100
13.530
3348.500
Course of Lank Clearings
Bank clearings the present week will again show a decrease
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, April 9), bank exchanges for all the cities of the
'United States from which it is possible to obtain weekly
;returns will fall 7.4% below those for the corresponding
week last year. The total stands at $9,042,659,406, against
$9,769,252,708 for the same week in 1926. At this centre
there is a loss for the five days of 7.4%. Our comparative
summary for the week is as follows:
.
Clearings-Returns by Telegraph.
Week Ended April 9.
New York
Chicago
Philadelphia
Boston
Kansas City
et. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1927.
1926.
Per
Cent.
34,018,000,000
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
$4,588,000,000
538,549,292
506,000,000
406,000,000
101,337,417
122,800,000
152,821,000
133,288,000
144,345,448
125,018,182
90,236,355
102,670,717
54,038,406
-12.4
+0.6
-11.2
+1.5
+11.5
-5.4
-2.6
+60.5
+2.6
-1.7
+14.6
-17.4
-10.6
Thirteen cities, five days
Other cities, five days
$6,531,336,175
1,004,213,330
$7,065,104,817
1,093,769,160
-7.6
-8.2
Total all cities, five days
All cities, one day
37,535,549,505
1,507,109,901
38,158,873,977
1,610,378,731
-7.7
-7.6
10049 ARQ4AA
10700 22 7nR
-74
0
of clearings being $10,743,324,913, and the 1926. aggregate
$11,096,923,939. Outside of New York City there is an
increase of 1.1%, the bank exchanges at this centre having
decreased 5.8%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District
there is a loss of 3.5% in the New York Reserve District
(including this city) of 5.7% and in the Cleveland ReserveDistrict of 0.9%. In the Philadelphia Reserve District
there is a gain of 15.3% and in the Richmond Reserve District of 7.1%, but in the Atlanta Reserve District there is a
decrease of 33.8%, due mainly to the falling off at the Florida
points, Miami having suffered a shrinkage of 48.8% and
Jacksonville of 27.1%. In the Chicago Reserve District the
totals are larger by 1.4% and in the Minneapolis Reserve
District by 0.9%, but the St. Louis Reserve District shows
a loss of 6.0%. In the Kansas City Reserve District there
is a gain of 8.7%; in the Dallas Reserve District of 8.6%,
and in the San Francisco Reserve District of 4.7%. In the
following we furnish a summary by Federal Reserv districts:
SUMMARY OF BANK CLEARINGS.
Week End. April 2 1927.
Federal Reserve Diets.
1st Boston- .
_ _12 c111136
Ind New York _11 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ _ __13 "
7th Chicago ___20 "
8th St. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
11th Dallas
5 "
12th San FranI7 "
1927.
$
597,708,717
8,581,119,416
651,539,447
389,789,093
335,649,503
157,445,998
962,334,298
213,371,473
101,605.197
246,306,951
72,781,528
563,673,292
1926.
$
619,592,427
6,980,507,932
665,258,861
393,468,855
191,996,824
237,630,859
948,869.590
227,057,138
100,690,988
226,470,503
67,014,083
538,365.879
lne.or
Dec.
1925.
%
$
-3.5
528.014,875
-5.7 6,153,810,416
+15.3
639,219,313
-0.9
401,643,260
+7.1
212,293,653
-33.8
219,386,891
+1.4
992,669,356
-6.0
216,559,438
+0.9
125,149,800
8.7
249,851,372
8.8
69,375,863
4.7
481,817,098
1924.
$
507,791,169
6,150,775,158
657,390,824
368,562,680
184,630,599
192,030,639
891,663,619
205,968,330
109,008448
211,059,005
66,685,008
468,418,828
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be availble
until noon to-day. Accordingly, in the above the last day
Total
129 Cities 10,743,324,913 11,096,923,939 -3.2 10,289,721,235 8,912.974,206
of the week has in all cases had to be estimated,
4,293,686,681 4,247,826,940 +1.1 4,263,306,989 3,878,868,303
Outside N.Y.City
In the elaborate detailed statement, however, which we Canada
290,185,292 +8.5
314.813.114
29
oltles
323.794.472
295.807.349
present further below, we are able to give final and complete
a
summary
ended
April
2.
For
We
by
Reserve
week
also
furnish
to-day
Federal
previous-the
results for the week
that week there is a decrease of 3.2%, the 1927 aggregate districts of the clearings for the month of March. For that
APE. 9 1927.]
TH 1.41
2075
CHRONICLE
MONTHLY CLEARINGS.
month there is an increase for the whole country of 1.0%,
$48,947,281,418
clearings
being
the
the 1927 aggregate of
Clearings Outside New Yew*.
Clearings', Total All.
and the 1926 aggregate $48,460,993,827. Although the Month.
1926.
1927.
1926.
1927.
Increase in ratio is only 1.0%, the present year's total
$
monthly
clearings,
not
establishes a new high record for
Jan_ -- 45,209,424,033 47.611,459,198 -5.1 19,647,510.562 20.510.360,932 --4.2
_ 40,361,508,749 38,758,757,643 +4.1 17,302,381,426 17.305,400,168 -9.03
alone for March but for any month of any year. The gain, Feb.
Mar _ _ 48,947,281.418 48.460,993,827 +1.0 20,219,526,569 20,369,120,885 -0.7
increase
at
New
York
City.
mainly
to
the
due
however, is
1st nu_ 134 518 304 200 134 831 210668 -0.2 57.169,418,557 58,184,881.985 -1.8
Outside of New York City there is a decrease for the month
The course of bank clearings at leading cities of the country
of 0.7%, while the bank exchanges at this centre registered
a gain of 2.3%. The Boston Reserve District for the month for the month of March and since Jan. 1 in each of the last
shows a gain of 8.8%, the New York Reserve District (in- four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
cluding this city) of 2.2%, and the Cleveland Reserve
Jan. 1 to March 31March
District of 3.1%. The Philadelphia Reserve District has
1925.
1924.
1926.
1927. 1926. 1925. 1924. 1927.
(000,000s
$
$
$
$
$
$
$
$
a loss of 7.5%, the Richmond Reserve District of 4.8% and New omitted.)
28,728 28,092 23,349 19,650 77,349 76,646 71,127 58,459
York
7,584
8,624
8,897 8,631
3,099 3,050 2,984 2,576
the Atlanta Reserve District of 21.0%, the latter following Chicago
5,959
5,515 5,327
2,292 2,078 1,764 1,814 6,402
from the falling off at the Florida points, Miami having Boston
7,097
7,522 6,927 6,163
Philadelphia
2.504 2,727 2,420 2,095
1,870
1,806
632
594
1,975
1,889
677
St. Louts
657
a decrease of 57.6%, Tampa of 50.4% and Jacksonville of Pittsburgh
2,023
729
682
2.391
2,270
2,177
791
827
2,497
2,238
2,061
758
673
2,442
867
870
36.2%. In the St. Louis Reserve District the totals show San Francisco
1,379
1,421
1,275
1,240
452
432
485
502
Baltimore
291
940
981
896
845
311
a diminution of 1.1% and in the Minneapolis Reserve Dis- Cincinnati
338
327
1,526
598
516
1,827
1,685
1,688
597
Kansas City
649
District
has
a
small
Reserve
the
Chicago
7.7%,
but
of
trict
1,342
464
458
1,523
1,464
1,373
502
Cleveland
528
367
289
862
1,037
818
973
345
Minneapolis
308
increase, it being only 0.7%. In the Kansas City Reserve New
782
264
237
761
780
793
262
Orleans
257
1,802
658
2,057
2,100
1,868
742
769
657
District the totals are larger by 13.6%, in the Dallas Reserve Detroit
397
151
138
468
459
447
159
Louisville
167
Francisco
Reserve District Omaha
District by 4.0% and in the San
478
178
510
540
551
207
194
208
180
175
155
47
173
55
56
Providence
58
by 2.0%.
513
479
563
544
193
186
171
198
Milwaukee
Federal Reserve Dias.
la Boston ____14 cities
.2nd New York _14 "
3rd Phila6lelphial4 "
4th Cleveland__15 "
6th Richmond _10 "
• 6th Atlanta_ __ _18 "
7th Chicago ___29 "
8th St. Louis_ _ _10 "
•,.
9th Minneapolls13
10th Kansas City16
12
11th Dallas
12th;Elan Fran-28
I at.or
Dec.
March
1926.
March
1927.
2,537,330,539 2,331,607,475 +8.8
29,398,707,967 28,751,275,204 +2.2
2.685,213,724 2,903,531,413 --7.5
1,878,586,316 1,821,326,297 +3.1
935,022,304 --4.8
890,300.929
969,301,616 1,226,830,992 --21.0
4,542,020,286 4,510,180,979 +0.7
1,037,298.391 1,048,891,797 -1.1
520,984,992
564,474,265 --7.7
1,316,221,416 1,270,752,175 +13.6
549,726,270
571,867,777
2,599,447,465 2,547,371,656 +2.0
March
1925.
March
1924.
$
1,997,874,819 2,002,774,239
23,909,700,118 20,196,221,036
2,621,813,433 2,285,292,906
1,677,404,159 1,614,400,456
816,810,886
881,956,562
861,541,142
1,065,259,498
4,293,402,139 3,849,826,897
905,215,585
977,279,634
590,357,352
507,574,635
1,242,865,216 1,086,587,105
449,996,917
2,193,737,778 2,059,898,440
193 cities 48,947,281,418 48,460,993,827 +1.0 42,009,334,406 36,656,140,245
Total
20,219,526,569 20,369,120.885 -0.7 18,660,323,657 17,005,913,083
Outside N. Y. City
Canada
(29 cities)
1,500,092,591
1,171,526,606
1,192,647,370
1,343,977,26.31 +11.6
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City._ __
Hartford
1926.
Inc.or
Dec.
Federal Reserve Dists.
let Boston ____14 cities 7,135,587,911 6,723,532,160 +6.1
2nd New York _14 " 79,302,029,523 78,578,517,834 +0.9
7,634.278,696 8,039,735,532 -5.1
3rd Philadelphial4 "
5,422,590,335 5,269,193,813 +2.9
4th Cleveland..15 "
2,538,096,671, 2,661,362,330 -4.6
6th Richmond _10 "
2,812,928,534' 3,593,458,563 -21.7
6th Atlanta .18 "
12,661,307,314' 12,939,798,457 -2.2
7th Chicago ___29 •1
2,935,618,9541 3,073,535,894 -4.5
8th St. Louis_ _ _10
1,449,106,955, 1,589,339,983 -8.8
9th Minneapolls13 ••
3,619,889,118, 3,544,147,684 +2.1
10th Kansas City16
12
1,709,960,680 1,674,731,633 +2.1
11th Dallas
7,296,909,509, 7,143,859,794 +2.1
12th Ban Fran_ _28
Total
193 OitiCa 134,518,304,200 134,631,210,668
Outside N Y. Clty
57,169,418,557, 58,184,881,985
Canada
29 citIve
1
3,929,890,961
1924.
1925.
644
182
151
134
79
217
85
185
61
52
2,459
642
370
348
301
616
283
557
212
187
2,207
683
397
394
278
678
324
571
215
215
1,951
554
420
389
251
683
274
520
183
168
1,925
617
392
408
217
688
307
504
198
179
Total all
48,947 48,461 42,009 36.656 134,518 134,831 125,661 108,808
Outside New York_20,219 20.369 18,660 17,006 57,169 58,185 54,534 50,348.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
March and the three months of 1927 and 1926 are given below:
Month of March.
Three Months.
Description.
1927.
Total bonds
1
6,238,469,779 5,990,963,865
72,817,998,103 60,136,733,038
7,540,801,780 6,764,723,330
5,001,143,577 4,757,588,338
2,516,388,769 2,443,327,074
3,015,261,850 2,638,355,152
12,333,784,523 11,137,279,078
2,946,432,789 2,745,739,656
1,661,237,464 1,434,692,351
3,521,139,115 3,173,629,191
1,670,190,020' 1,384,132,746
6,368,594,696 6,200,747,452
1926.
1927.
1926.
3,708,303,982
$310,759,100 $269,540,850 $956,741,400 $806,315,000
The volume of transactions in share properties on the
New York Stock Exchange for the month of March in
1924 to 1927 is indicated in the following:
1927.
1926.
1925.
1924.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
-0.2 125,661,412,465 108,807,911,271
-1.8 54,534,648,477 50,348,445,791
+9.6
672
296
141
141
67
236
96
182
60
55
Stock, number of shares. __. 49,211,663 52,271,691 127,649,569 126,985,566.
Railroad and misc. bonds_ _ _ $193,214,000 2185,100,050 $614,176,200 $571,726,050'
73,760,000 54,530,000 256,962,200 156,235,850State, foreign, &e., bonds_ _ _
43,785,100 29,910,800 85,603,000 78,353,100
U.S. Government bonds__ __
Three Months.
I
805
230
139
142
96
232
104
211
73
74
45,025 44,322 38,204 33,289 123,213 122,855 114,555 98,689
3,922 4,139 3,805 3,367 11,305 11,976 11,106 10,119
Total
Other cities
We append another table showing the clearings by Federal
Reserve districts for the thief:, months back to 1924:
1927.
878
220
136
140
102
215
102
210
72
63
34,275,410
44,162,496
49,211,663
First auarter
41,570,543
32,794,456
38.294,393
26,857.380
20,721,562
18.315,911
87.649.569 126.985.565 112.659.392
65.894,859
38,987,885
35,725,989
52,271,691
We now add our detailed statement showing the figures
The following compilation covers the clearings by months for each city separately for March and since Jan. 1 for
since Jan. 1 in 1927 and 1926:
two years and for the week ending April 2 for four years:
4,306,639,570
3,634,897,304
CLEARINGS FOR MARCH, SINCE JANU ARY 1, AND FOR WEEK ENDING APRIL 2.
Month of March.
1927.
1926.
Week Ending April 2.
Three Months.
Clearings atInc. or
Dec.
1927.
%
$
1926.
Inc. or
Dec.
1927.
1926.
i Inc. or
Dec.
1925.
1924.
$
%
$
$
%
$
$
$
$
First Federal Rese rve District- Boston3,390,298
Malne-Bangor..._ 3,000.048
14,852,741
Portland
15,174,972
Mass.-Boston
2,291.528,658 2,078,537,997
6 Fall River
8,419,728
8,915,584
Holyoke
3,483,144
3,671,407
i Lowell
4,405,717
5,388,186
Lynn
a
a
r New Bedford
5,465,978
5,152,646
Springfield
23,530,374
24,876,900
Worcester
14,935,398
16.274,983
Conn.- Hartford
73,567,374
62,907.415
New Haven
31,488,105
32.961,848
Waterbury
9,338,600
9,942,500
R. 1,-Providence.
55,565,700
57,550,600
N. 11.-Manchester,,.
2,663,695
2,947,418
+13.0
-2.4
+10.2
-5.6
-5.1
+22.3
a
-5.7
-5.4
+9.0
-14.5
+4.7
+6.5
+3.6
+10.6
10,396,019
46,020.690
6,402,087.210
24,792,573
11,209,204
15.553,300
a
15,180,300
69,569,996
45,803,475
187,199,497
96,062,270
29,955,100
172,886,400
8,871,877
8,944,157 +16.2
+7.5
42,788,191
5,958,537,997 +7.4
26,830,493 -7.6
11,545,532 -3.0
13,086,821 +18.8
a
a
16.520,687 -8.1
74,476,579 -6.6
45,727,989 +0.2
215,390,799 -13.1
91,222,673 +5.3
29,542,400 +1.4
179,957,600 -3.9
8,960,242 -1.0
864,127
3,434,757
539,000,000
2,095,222
a
1,232,129
a
1,244,116
6,385,846
4,693,214
16,398,303
7,411,540
'rota 1(14 cities),. 2,537.330,539 2,331,607,475
+8.8
7,135,587,911
6,723,532,160
597,708,718
Second Federal Re serve District -New YorkN. Y.-Albany
27,638.340
27,575,290
Binghamton
4.401.700
4,866.700
Buffalo
230.107,718
219,604,003
Elmira
4.018,893
4,713,864
Jamestown
6,539,140
6,151,570
New York
28.727,754,849 28,091,872,942
Niagara Falls
4,277,800
4,296,663
Rochester
52,853.060
58.943,712
Syracuse
23,511.302
21.432,787
Conn.-Stamford_
16,363,571
16,367,464
N. J.-Montclair
2,963,997
3.540.961
Newark
108,181,995
117,932,061
Northern N. J
172,398,684
179,293.490
Oranges
6,146,062
6,234,553
Total (14 cities)_ 29.398.707 067 28.751.275.204
+6.1
14,201,100
748,364
+12.9
-18.1
-4.4
-3.3
a
+15.4
a
-3.7
-3.7
+20.3
+13.2
+16.6
840,631
4,312,520
468,000,000
2,379,260
a
1,184,100
1,550,364
6,873,509
4,496,627
15,582,875
8,307,053
942,73r
3,478,236
448,000,000'
2,405,368
a
1,296,210'
a
1,631,889
5,924,291
4,306,810
15,882,403
8,920,625
13,837,500 +2.6
894,941 -16.4
13,610,700
907,236
14,090,100
912,514
-3.5
528,044,875
507,791.169
765,503
4,194,325
564,000,000
2,167,236
a
1,067,160
a
1,291,640
6,628,993
3,899,402
14,487,445
6,358,282
619,592,427
a
7,821,248
8,934,730
-0.2
80,414,036
6,869,103 +1.2
79,265,252
+1.4
6,949,258
1,426,100
1,429,500
+10.6
15,888,393
14,819,000 +7.2
1,280,600 -4.0
1,229,000
45,405,991
51,144,698
-4.6
+6.7
641,595,014
47,463,123
683,472,445 -6.1
50,633,289
1,071,852
+17.3
894,693
13.712,505
934,570 +17.4
12,573,526
+9.1
1,097,522
1,208,547
1,199,763
-5.9
18,774,914
1,315,013 +6.3
19,784,841 -5.1
1,397,528
+2.3 77,348,885,6 2 76,646.328,683 +0.9 6,449,738,232 6,849,096,999 -5.8 6,026,414,246 5,034,106,002
+0.4
13,001,195
12,505,834
+4.0
16,435,665
13,921,952
+11.5
15,497,750 -8.5
172,528,661
169,898,827
14,180,491
+1.5
7,385,96:
6,368,731
-8.8
7,029,845 -3.3
74,854,506
74,677,140 +0.2
6,795,118
+0.02
3.007,715
3,076,761
3,072,725 -1.8
45,272,058
43,101,628
+5.0
c3,016,792
567,294
+19.5
539.800
+1.6
644,994
10,485,928
+25.0
8,387,750
655,429
+9.0
+2.4
324,437,390
316,724.239
+4.0
36.387,360
47,303,210 -4.0
35,836,956
523,920,984
478,999,558 +9.4
45.426,758
+1.4
19,258,297
17,979,111
+7.1
+2.2 79.302 029 a23 79.578 517 53.•
4-0.9 6.491 110 417 Ft 080 507.932
-5.78.153,810.416 5.150.775.156
2076
THE CHRONICLE
[VOL. 124.
CLEARINGS-(Continued).
Month of March.
1927.
111
Three Months.
Clearings atInc. or
Dec.
1926.
1927.
Third Federal Res erve District -PhIladelph inPa.-Altoona
7.150,138
6,616,433 +8.1
Bethlehem
18,766.338
16,817,623 +11.6
Chester
6,592,716
6.394,068 +aa
Harrisburg
20.130,339
20,483,683 -1.7
Lancaster
10,117,502
11,168.628 -9.4
Lebanon
2.734,741
2,466,208 +10.9
Norristown
3,919,213
3,758,494 +4.3
Philadelphia
2,504,000,000 2,727,000.000 -8.1
Reading
18,246,152
16,823,297 +8.4
Scranton
29.544,397
27,603,574
+7.0
Wilkes-Barre
17,315,659
15,373,975 +12.6
York
7,613,061
7,946,074 -4.2
N.1.-Camden
11.451.853
15,050,624 -23.9
Trenton
27,631.615
26,028.732 +6.1
Del.-Wilmington
a
a
Total (14 cities)- 2,685.213,724 2.903.531,413
-7.5
Fourth Federal Re serve District -ClevelandOhio-Akron
26,631,000
27,538,000 -3.3
Canton
18.309,441
18,934,357 -3.3
Cincinnati
326,666,520
337,522,283 -3.2
Cleveland
528,209,157
502,330,747 +5.1
Columbus
76,400,700
69,194,100 +10.4
Dayton
a
a
a
Hamilton
4.549,741
3,873,143 +17.5
Lima
a
a
a
Lorain
2,226,897
1,686,747 +32.0
Mansfield
9.228.073
9,757,803 -5.4
Springfield
a
a
a
Toledo
a
a
a
Youngstown
23,994,698
19,721,556 +21.7
Pa.-Beaver County..
3,225,659
2,934,463 +9.9
Erie
a
a
a
Franklin
1,428.289
1,797,268 -20.5
Greensburg
6.256.277
6,794,700 -7.9
Pittsburgh
826,971,042
790,835,655 +4.8
Ky.-Lexington
8,418,999
9,509,618 -11.1
W. Va.-Wheeling_ _
16,069.823
18.895,857 -15.0
Inc.or
Dec.
1926.
21,363,526
55,327.159
18,394,689
58,885,064
27,271,381
7,513,867
11,436.513
7,097,000,000
52.753,181
83,694,620
50,039,788
21,612,297
36,348,708
92,637,903
a
18,648,895
50.885,271
17,628,282
56,814.863
30,400,609
7,194,605
10.633,220
7,522,000,000
48,165,224
77,785,647
43,631,884
22,518,940
47,322,752
86,105,340
+14.6
+8.7
+4.3
+3.6
-10.3
+4.4
+7.5
-5.8
+9.5
+7.6
+14.7
-4.0
-23.2
+7.6
a
7.634.278,696
8,039,735,532
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
79
2:20
46
8;3
43
38
5
76,688,000
52,360,585
980,707,139
1,463.831.193
203,732,000
a
11,364,736
a
4,889,979
26,554,422
Week Ending April 2.
1927.
1926.
Inc. or
Dec.
1925.
$
$
%
$
I
1924.
1,424,946
4,474,740
1,500,356
1,258,036 +13.3
4,098.043 +9.3
1,131.863 +32.6
1,332,316
4,956.610
1.599,341
1,316,829
4,391,517
1.170,111
5,661.242
6,210,561
-8.9
8,830,832
0,724.763
615,000,000
4,735,359
7,207,202
d3,519,196
2,263,966
530,000.000
4,174.497
6,401,392
4,544,196
2.312,453
+16.0
+13.4
+00.0
-22.6
-3.1
597,000.000
5,574,732
7,040,134
3.996.836
2,928,000
515.000,000
4,997,545
6,891.172
4.885,680
2,533,970
5,752,440
a
5,127,820 +12.2
a
a
5.960,512
a
6,479,237
a
-5.1
651,539.447
565,258.861 +15.3
639,219,313
557,390,824
d6,751,000
3,670,456
74,527,854
124,852,866
18,388,600
a
a
7,851,000 -14.0
3,644.521
+0.7
81,080,915 -8.1
123,625,188 +1.0
18,564,800 -1.0
a
a
a
a
5,373,000
3,982,575
79,239.788
120,543,115
19,161,200
a
a
6,787,000
5,026,993
66.649,685
112,503,847
16,993,500
a
a
d1,814.318
a
a
5,440,395
1,938.638 -6.4
a
a
a
a
4.895.585 +11.1
2.062,690
a
a
6,013,907
2,454,474
a
a
5,432,537
a
4,062,130
17,831,608
2,391,379,528
27,717,637
51,115.660
a
63,053,667
8,695,213
a
4,824,093
17,233,192
2,269,553,360
31,074.844
54,618,390
-5.1
-2.3
-4.1
+4.1
+7.3
a
+9.0
a
+9.9
-5.6
a
a
+14.6
+5.9
a
-15.8
+3.5
+5.4
-10.8
-6.4
5,269,180,813
+.29
Si
a
a
a
a
a
154,343,604
151,868.208
+1.0
165,266,985
152,714,644
389,789,093
393,468,855
-0.9
401,843,260
368,562,689
Total (15 titles)- 1,878,586.316 1,821,326.297
+3.1
5,422,590.335
Fifth Federal Rase rve District- RichmondW. Va.-Huntington_
6.329,723
6.753.927
Va.-Newport News_
a
a
Norfolk
23.854,229
37.405,452
Richmond
215,315,000
232,106,000
N. C.-Asheville_ _ _ _
a
a
Raleigh
13.027.882
11,365,991
Wilmington
a
a
El. C.-Charleston _ _
10.243,676
11,794.033
Columbia
9,238,548
7,218,213
Md.-Baltimore
485,001.309
502,196,137
Frederick
2,170,132
2.179,441
Hagerstown
3,609,988
3,504,332
D. C.-Washington_ _
121,510,442
120,498,778
-6.3
a
-35.3
-7.2
a
+14.6
a
-13.2
+28.0
-3.4
-0.4
+3.0
+0.8
75,054,324
616,057,000
a
36,028,101
a
31.636,649
23,429,369
1,379,345,575
5,763,483
10,245,668
341,933,457
19,094.285 -2.6
a
a
106,674.263 -29.7
677,908.000 -9.1
a
a
32,789,458 +9.9
a
a
35,964,275 -12.0
20,129,423 +16.4
1,420,615,299 -2.9
5,844,375 -1.4
9,964,660 +3.3
332,378,294 +2.9
28,318,205
26,774,641
+5.8
25,902,298
21,407,000
935.022,304
-4.8
2,538,096,671
2.661,362.330
-4.6
205,649,503
191.996,824
+7.1
212.293.653
184,630,599
Sixth Federal Rose eve District- AtlantaTenn.-Chattanooga.
37.362,078
34,311,692
Knoxville
14.057,667
14,009,679
Nashville
102,489,969
106,744,497
Georgia-Atlanta. _
227,465,991
327,147,660
Augusta
9,430.945
9,874,028
Columbus
5,010,941
4,687,847
Macon
9,055,317
6,913,666
Savannah
a
a
Fla.-Jacksonville_
104,696,131
164,060,546
Miami
33,845.000
79,853,777
Tampa
23,703,397
47.733,276
Ala.-Birmingham. _
108,245,405
129,171,507
Mobile
8.838,220
9,891,183
Montgomery
6,811,372
8,392,343
Miss.-Hattiesburg_ _
7,830,000
8,648,687
Jackson
7,043.255
6,999.000
Meridian
5,219,598
4,665.431
Vicksburg
1,664,428
1,793,150
La.-New Orleans_
256,531,902
261,933.023
+8.9
+0.3
-4.0
-30.5
-4.5
+6.9
+31.0
a
-36.2
-57.6
-50.4
-16.2
-10.7
-18.8
-9.5
+0.6
+11.9
-7.2
-2.9
101,148,915
41,861,131
234,593,267
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
98,070,870
42,418,016
289,756,485
948,591,207
27,434,115
13,798.137
20.018,957
a
487,677,417
261,636,474
146,938,233
354,442,471
28,409,136
25,101,692
25,967.026
23,429,320
13,210,846
5,984,348
779,673,813
+2.2
--1.3
--1.8
--30.6
--0.8
+1.7
+27.6
a
--38.6
--62.2
--52.2
--11.7
--3.4
--16.3
+0.9
+0.3
+1.9
-5.0
--2.4
d6,464,070
*2,800,000
20,793,932
46,117.705
1,830,971
6,614,822 -2.3
2,418,537 +15.8
19,128,272 +8.7
66,212,057 -30.4
1,919,898 -4.8
13,689,817
3,006,711
20,494,258
59,254,436
2,092,627
6,460,866
3,178,183
18,647,107
50,771,531
1.800,000
1,920,317
a
21,487,417
6,967,872
1,675,468 +14.6
a
a
29,487,971 -27.1
13,605,277 -48.8
1,712,515
a
23,425.209
13,082,210
1,365,918
a
14,579,277
4.659,277
23,542,737
1,996,128
26.708,918 --11.9
2,323,045 --14.1
26,815,798
2,257,225
27,184,306
2,000,000
-6.2
1,409,423
1,574,700
371,637
21,906,308
445,278 -16.5
65,762,316 -66.9
440,723
59,105,939
428,702
59,371,772
969,301,616 1,226,830,992 -21.0
2.812,928,534
3,593,458,563 -21.7
157,445,998
237,630.859 -33.8
219,386,891
192,030,639
SeventhFederal R eserve DIstric t-ChicagoMich.-Adrlan
973.658
1,141,093 -24.7
Ann Arbor
4,835.518
4,998,966 -3.3
Detroit
742,312,148
768,841,901 -3.5
Flint
15,161.611
12,517,387 +21.1
Grand Rapids
35,476.561
39,379,347 -9.9
Jackson
8,574,619
7,724,458 +11.0
Lansing
11,054,261
13,275,034 -16.7
Ind.-Ft. Wayne_ _
13,005,863
11,706,963 +11.1
Gary
27,193,667
24,429,758 +11.3
Indianapolis
101,906,000
95,899,000 +6.2
South Bend
14,257,100
12,594,600 +13.2
Terre Haute
25,668,046
23,269,881 +10.3
Wis.-Madison
15,805,179
17,688,782 -10.6
Milwaukee
198,498.807
192,995,451
+2.8
Oshkosh
4,649,324
4,251,630 +9.3
13,493,447
Iowa-Cedar Rapids_
13,978,890 -3.5
Davenport
47,572.753
43,957,848 +8.2
47,584,192
Des Mojnee
53.215,838 -10.6
Iowa City
2,291,211
2,379,235 -3.7
Mason City
f
f
f
31,831,862
Sioux City
34,624,766 -8.1
Waterloo
5,951,130
5,749,494
+3.5
Illinois-Aurora
7.564,279
7,511,847 +0.7
Bloomington
8.432,321
9.065,164 -7.0
3,099,149.297 3,050,364,709 +1.6
Chicago
a
Danville
a
a
6,271,833
Decatur
5,910,209 +6.1
22,880,318
24,176,096 -5.4
Peoria
15,743,204
Rockford
14,159,745 +11.2
13,882,077
Springfield
14,372,887 -3.4
3,115,177
15,539,444
2,056,626,493
41,469,272
102,830,914
24,811,137
31,656,161
36,094,154
73,022.006
301.274.410
38,160,600
82,848,549
49,928,653
562,765,570
12,629,073
35.890,655
132,305,696
124,556.958
5.896,489
f
86.579,655
16,257,026
20,885,887
20,415,267
8,623,839,145
a
17,417,940
63,600,780
43,406,291
37,483,912
-0.7
+7.6
-2.1
+14.4
-5.6
+6.8
-12.7
+6.1
+0.2
+8.3
+4.1
+11.2
+0.4
+3.4
+10.2
+0.6
+3.5
-10.6
+0.2
315,318
1,305,321
158,936,772
255,119 +23.6
1,280,927 +1.9
164.457,078 -3.3
271,198
979,836
147,998.212
226,443
1,262,664
134,155.711
-6.5
+10.5
+1.1
-6.0
Total (10 cities).
890,300.929
Total (18 cities)
Total(28 cities) _
4,542,020,286 4,510,180,979
0"
1,037.208.391
1,048,894,797
3,135,578
14,439.167
2,100,383.095
36,236.458
108,905,508
23,239,027
36,261,478
34.009,117
72,858,847
278,057,000
36,654,390
74,499.441
49,737.686
544,323,299
11,461.854
35,672,911
127,751.296
139,415,752
5,883,076
f
92,637,413
14,715,033
20.657.076
21,713,905
8,897,479,658
a
17,372,970
65,994,170
38,657.136
37,646,107
+0.7 12,661,307.314 12,939,798,457
Eighth Federal Re serve District -St. Louis26,681,621
_
21,937,228 +21.6
Ind.-Evansville
870,657
779,236 +11.7
New Albany
657,016.742
677,458,570 -3.0
Mo.-St. Louis
a
a
a
0, Springfield
166.507,712
158,781,849 +4.8
Ky.-Louisville
1,936,200
1,850,368
+4.6
Owensboro
8,497,196
8,175,988 +3.9
Paducah
102,423,122
104,124,011 -1.6
63,688,724
64,363,245 -1.1
Ark.-Little Rock_ _ _
1,798,625
2,665.522 -32.5
_
I11.-Jacksonville
7,877,792
8.758.770 -10.1
k Quincy
Total(10 cities)
18,605,045
-1.1
1,172,943
1.377.318 --14.9
1.617,055
1.711,652
5,013,475
48,159,000
7,634.926 --34.3
48,954,000 -1.6
7.979,889
51,542,000
7,870,302
49,792,000
125,252,411
103,849,645
2,130,619
1,998;468
+6.6
120,855,261
105,25-7,471
+14.8
1,246,976
1,329,000
8,629,036
9,011,873
-4.3
8,084,935
7.174,804
2.485,000
2.643,593
2,300,000
2,551,953
+8.0
+3.6
2,376,488
2,621,228
2,683.656
2.304,894
21,064,000
3.259,700
4,747,682
20,390.000
3,172,383
4.724,415
+3.3
+2.7
+0.5
14,737,000
2,650,500
6,392.315
18,093,000
2,460.000
4,601,419
40,650,203
3,011.676
40,187.156
3,021,905
+1.1
-0.3
43,128,363
3,397,187
35,617,156
2,818,080
11,104,956
11,439,426
-2.9
12,877,673
10,824,181
7,184,594
1,412,424
7,290,999
1,542,163
-8.4
8,401,646
1,531,736
7,017,452
1,788,453
1,920,983 4:5:4
660,876,830 +2.9
a
a
1,315,295 --1.4
5,398,226 --9.3
4,180,150 --2.4
3,552,700 --12.1
2,050,547
720,466,564
+12.3
-0.4
2,025,176
680,159,868
a
1,297,407
4,897,035
4.080,017
3,123,618
1,641,703
5,242,557
3,563,591
4,156,082
1,620,045
637,668,169
a
1,374.306
4,966,787
3,700,839
2,305.560
-2.2
962,334,296
948,869.590
992,569.356
891,863,619
a
+0.2
72,498,481
2,414,676
1,870,129,680
a
468,229,565
6,298,885
28,267,923
283,477,459
179,731,365
4,850,563
19,722,357
626:256502:943996
+8.9
+6.7
1,975,002,403 -5.3
a
a
458,658,435 +2.1
6,562,807 -4.1
26,949,408 +4.9
323,929,295 -12 5
186,206.198 -3.5
6,081,411 -20.2
21,332,492 -7.6
2,935,618,954
3,073.535,884
-4.5
+1.4
5,824,294
5,096,613 +14.3
5,511,549
4,460,247
139,400,000
155,700,000 -10.5
144,700,000
141,800,000
33,888,582
315,492
32,573,061
400,388 -21.2
33,099,956
358.773
28,076,729
439,557
19,700,000
11,935,665
424,490
1,882,950
18,705,110
12,158,810
378,395
2,044,761
-1.8
+2.1
-7.9
18,807,798
11,609,156
433,214
2,038,992
18,602,974
10,244,669
315.552
2,018,602
213,371,473
227.057.138
-6.0
216.559.438
205.058,330
2077
THE CHRONICLE
APR. 9 1927.]
CLEARINGS-(Concluded).
1926.
1927.
Week Endtne April 2.
Three Months.
Month of March.
Clearings at
Inc. or
Dec.
1926.
1927.
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
1924.
1925.
Ninth Federal Res erve District- -Minneapolis
29,277.328
28,100.767
Minn.-Duluth
345,477,542
k Minneapolis
308,330.989
1,945.024
2.299.050
Rochester
139,424.165
135.862.730
P.St. Paul
8,324,104
8,731,290
No. Dak.-Fargo_--5,756,000
5,904.000
Grand Forks
1,213,655
1,263,536
Minot
6,941,533
3,908,944
S. D.-Aberdeen---6,968,937
7,596,745
Sioux Falls
2,475,525
2,467,593
Mont.-Billings
3,183.319
3,611,985
Great Falls
12,924,202
12,336,127
Helena
562,931
571,236
Lewistown
-4.0
-10.8
+18.2
-2.6
+4.9
+2.6
+4.1
-43.7
+9.0
-0.3
+13.5
-4.6
+1.5
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
83,941,611
972,729.057
5,792,742
396,620,671
22,466,426
15.967.000
3.140,496
18,416,190
17,229,989
7,113.854
8,892,253
35,368,982
1,660.712
--7.8
--11.4
+15.6
-6.7
+3.9
+0.2
+9.9
--27.1
+25.9
+3.3
+17.1
-0.7
+0.4
5,460,663
64,000,656
5,250,378 +4.0
63,990,340 +0.01
8,061.608
78.559,501
6,486,899
62,532,537
26,263,081
1,727,533
25,073,493
1,727,533
+4.7
-6.0
32,090,317
1.873,003
34,284,633
1,709.099
1,382,548 -22.0
1,434.414
1,312,000
564,474,265
-7.7
1,449,106,955
1,589,339.983
Tenth Federal Res erre District--Kansas City
5,138,136
2,004,759 4r2.2
Neb.-Fremont
2,049,671
5,786,081
2.957,28 4 --25. 6
Hastings
2.199,527
62,416,894
24,089.670
4-1.1
Lincoln
24,364,443
510,141,133
208,277,865 --7.I
Omaha
193,502,966
30,936,469
10,276,691
18,809,592
Kan.-Kansas City_ _
a
a
Lawrence
a
a
a
a
Pittsburgh
41,180,735
17,990,630 --20.4
14,321.053
Topeka
101,914,539
34,518,429 --0.4
Wichita
34,370,690
20,622,263
8,761,739
7,736,306
Missouri-Joplin _ _ _ _
+8.8 1.826,971,285
649.381,245
596,589,229
Kansas City
87,636,305
36,697,197 --I5.9
30,852,700
St. Joseph
a
a
a
a
Okla.-Lawton
666,407
976,009
McAlester
a
a
a
a
Muskogee
390,627,782
124,045,624 +12.6
139,645,171
Oklahoma City
156,434,971
42,202,757 +33.9
56,509,367
Tulsa
14,969,538
5,452,731 -3.9
5.242,853
Colo.-Col. Springs
348,288.266
142.384,043 -1.5
140,209,291
Denver
16,158,314
4.994,617 +11.3
5.559,442
Pueblo
IF
Total(13 cities)__
Total(16 cities)__
520,984,992
Total(12 citiee)
518,721
481,609
+7.7
557,561
453,726
2,660,000
2,785,087
-4.5
2,573,396
2,229,554
-8.8
101,605,197
100,690.988
+0.9
125,149,800
109,008,448
4,905,559
8,077,999
61,958,220
539,870,061
54,459,192
a
a
48,370,501
98,038,589
25,077,038
1,684,961,731
103,161,025
a
3,331,297
a
369.041,389
119,434,789
14,836.675
393,956,564
14,667,055
+4.7
-28.3
+0.7
-5.5
-43.2
a
a
-14.9
+3.9
-17.8
+8.5
-15.1
a
-80.0
a
+5.8
+31.0
+0.9
-11.6
+10.2
d368,604
458,597
4,787,027
38.486,389
346,748
4-6.3
709,803 --35.4
5,132,628 --6.6
39,711,082 --3.1
432,451
692,335
5,601,956
41,459,857
250,457
551,570
3,774,634
36,799,937
2,489,762
6,977,942
2,140,727 +15.4
6,754,364 +3.3
3,861,107
7,381.239
2,550,344
6,780.000
135,650,067
d5,786,199
117,846.895 +15.1
6,590,776 -12.2
133,778,535
7,362,847
114,742,864
6,644,602
a
d28,586,386
a
651,822
20,829,433
1,254,723
a
23,813,549 +20.0
a
512,795 +27.1
21.938.184 -5.1
972,952 +28.9
22,440,998
a
735,193
24,945.635
1.161,219
a
17,098,509
a
922,078
19,922.868
1,021,144
3.619.889.118
3,544,147,684
+2.1
248,306.951
+8.7
249.851.372
211.059.005
-5.2
+17.1
+2.2
-12.8
-6.9
+32.7
+10.9
+2.8
-18.7
--3.4
--I2.5
--5.6
19,871.816
25,618,000
647,281.849
61,877,311
154,627.706
158,847,000
480,569,296
7,763,452
7,806.449
28,775,544
43,620,000
73,302,257
22,767,903
21.299,313
656.566,323
67,159,921
173,183,062
122,418,000
447,353,932
7,732,448
10.016.288
27,890.975
46,600,225
71,743,243
-12.7
+20.3
-1.4
-7.9
-10.7
+29.7
+7.4
+0.4
-22.1
+3.2
-6.4
+2.2
4,797.776
4.648,180
+4.0
1,709,960,680
1,674,731,633
+2.1
72,781,528
67,014.083
+8.6
69,375.863
65.685.008
+1.6
-2.6
+2.1
a
--5.8
--2.3
-11.6
43,300,920
9,948,000
a
1,164,558
+2.9
42,074,901
9,652,000 +3.1
a
a
1,479,930 -21.3
36,091,464
9,924,000
a
1,486,534
37,129.367
9,924,000
a
1,322,461
41,229,743
40,727,395
+1.2
36,060,356
37,384,532
15,478.158
a
a
17,235,245 --I0.2
a
a
a
14,608,484
a
a
15,216,355
a
a
3,098,552
6,931,769
204,399,000
3,457,928 -10.4
6,819,797
+1.6
171,468,000 +19.2
2,784.837
7,145,388
148.327,000
3,284,053
7,788,473
140,506,000
17,359,932
6,682.175
20,948.832 -17.1
6,736,754 -0.8
18,923,854
6,186,535
16,628,252
6,091.371
6.607,585
6,675,537
194,027,000
2,166,989
1,258,188
2,122,986
6,870,I84 -3.8
6.455,242 -12.1
195,391,000 -0.7
2,720,700 -20.4
1,817,575 -30.8
2,188.097 -3.0
6,660,988
5,304,495
180,477,449
2,848,718
1,201,827
1,683,969
7,264,267
4,323,841
173,600.000
2,143,233
1,311,935
2,281,688
1,316,221.416 1,270,752,175 +13.6
Eleventh Federal Reserve Distr Ict-Dallas-1
7,824,387
7,416.588
exas-Austln
7,077,000
8.287.000
Beaumont
215,684,325
220,543,123
Dallas
21.742.147
24,938,662
El Paso
52,439,282
56.321,350
Fort Worth
35,491,000
47.114.000
Galveston
147,556,774
163,705,582
Houston
2,558,836
Port Arthur
12,629,402
3,228,443
Texarkana
2,626,218
8,270,042
Waco
7,985,980
Wichita Falls
16,111,000
14,095,000
La.-Shreveport
24,664,451
23,283,455
571,867,777
549.726,270
Twelfth Federal R eserve Distric t-San Franc Isco11,397,000
Wash.-Bellingham_ _
11,581.000
4,806,000 +0.1
4,810,000
571,203,950
556,544,278
210,594,443 -0.2
Seattle
210,232,355
148,878,000
152,046,000
Spokane
51,898,000 +7.3
55,681,000
a
a
a
Tacoma
a
18,193,004
17,183,640
Yakima
6,542,218 -1.7
6,431,860
14,082,630
13,758,248
Idaho-Boise
4,428,823 +5.4
4,667,977
6,815,656
6,028,750
Oregon-Eugene
2,288.967 -4.6
2,185.000
482,606.188
452,501,030
177,462,137 -6.5
Portland
165,922,734
18,598.92
17.456,804
1:Itah-Ogden
6,312,373 -4.4
6,036,105
215,416,349
211,640,072
Salt Lake City
73,323,398 -2.3
71,652,335
8,008,035
7,992,606
2,707,694 -1.4
Nev.-Reno
2,670,429
32,915.000
37,705,900
+21.7
Aris.-Phoenix
13,015,900
10,691,000
16.817,116
17,179,591
Cal -Bakersfield. _
5,708,013 +0.1
5,715,480
59,492,031
64,855,390
Berkeley
20,422,306 +12.4
22,955,753
46,482.927
52,589,918
Fresno
15,671,666 +18.3
18,547,096
95,995,5I0
92,332,226
Long Beach
33,689.452 -3.3
32,576,015
Los Angeles
877,742,000
804,886,000 +9.0 2,459,395.000 2.207,380.000
10.473.824
10,766.724
Modesto
3,425,201
3,517,408 -2.6
275,423,930
Oakland
247,000,469
84,874,721
97,294,303 -12.8
87,194,135
Pasadena
94,018,156
33.323,061
31,105,890 +7.1
13,578.738
16,294,492
Riverside
5,446,647
5,095,932 +6.9
102,760,251
+4.7
107,091,440
35,991,073
Sacramento
37,677,030
79,073,620
San Diego
28,734,972 -4.9
85,322,071
27,332,297
San Francisco
866,544,000
869.933,000 -0.4 2,441,730,518 2,496,788,107
35,229,513
San Jose
12,165,648 -19.0
36,125.087
10,858,883
20,434,401
Santa Barbara
6,204,664
7,696,736 -19.4
18,155,355
Santa Monica
27.256,666
9,919.654 -0.7
27,523,197
9,757,427
Santa Rosa
5,905,084
2,055,050 -1.9
5,803,247
2,033,095
Stockton
35,469,200
11,128,400
12,529.500 -11.2
36,288,300
PASS
Total(28 olties)_ _
2,599,447,465 2,547,371.655 +2.0 7,296,909,509 7,143,869,794
110
Grand total(192 cities) 48,947,281,418 48,460.993,827 +1.0 134,518,304,200 134,831,210,668
Outside New York
20,219,526,569 20,369,120,885
1,078,144
-0.7 57,169.418,557 58,184,881,985
-0.1
--I4.6
+2.1
+9.0
+13.1
+21.4
+2.8
-10.3
+7.8
+20.0
+4.2
+7.9
-2.2
+2.5
-11.2
+1.0
226,470,503
1.736,848
1,358,418 +27.8
3,376,791
1,639,658
44,953.603
40.543,177 +10.8
42,909,720
42,139.741
11,426,150
10,157,000
a
10,688,560
10,406.900
a
4-6.8
-2.4
a
10,126,076
8,165,500
a
9.312,887
7,944,542
a
4,507,927
4,017,082 +12.2
+2.3
2,222,200
2,322,300
-4.4
2,101,200
2,219,000
+2.1
563,673,292
538,365,879
+4.7
481,817,098
468,418,828
10743324,913 1109,693,939
-3.2 10289,721235 8,912,974,305
-1.8 4.293,586,681 4.247,826,940
+1.1 4,263.306.989 3,878.868,303
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 3L
Month of March.
Week Ended March 31.
Three Me:WU.
Clearings 421927.
Canada-,iaa1 Asa
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
477.826,779
483,752,825
199.925,098
73,888,449
27,702.324
26,385,539
12,130,183
23.270,796
35,805,99
10,744,03
9,272,72
12,972,34
20,227.72
16,428,09
2,105.77
2,234,019
7,286,142
4.950,409
4,823,534
3,664,285
3,200,070
1,237,849
3.430,498
4,016.895
4,618,451
20,050,32I
1,724.480
3,447,971
2,959,077
1926.
433,275,704
394.723,557
191,925,771
76,845,692
25,804,309
21.470,651
12,226,182
19,495.867
38.671,68
11,825,46
8,431,885
10,502.15
20,956,92
14.905,27
2,057,06
2,252,26
7,395,42
4,244,16
4,477,792
3,021,913
3,329,907
2,154,799
3,245,114
3,479,643
3,915,276
15,343,858
1,634,157
3,595,189
2,769,597
Inc. or
Dec.
+10.3
+22.5
+4.2
-3.9
+7.3
+22.9
-0.8
+19.4
-7.4
-9.1
+10.0
+23.6
-3.5
+10.2
+2.4
-0.8
-1.5
+16.6
+7.7
+21.2
-3.6
-42.6
+5.7
+15.4
+17.9
+30.7
+5.
-4.
+6.
1927.
1,369,423,785
1,432,922.019
543,700,084
211,236,384
78,539,076
74,890,032
35.806,144
66.483,266
98.563,656
31,659,731
25.551,746
37,452.399
61,358,689
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
1926.
1,259.255,187
1,195,652,704
547,582.084
215,475,751
74,266,787
65,442.751
35.900,073
56,500,605
102,098,406
33,874,951
26,520.501
30,723,980
62,515,68
45,662,74
5,852,72
6,925,79
21,230,22
13,000,03
12,303,12
9.415,832
8,835,267
4,231.358
8,880,806
9,619,811
11,893,376
43,800,897
4,529,894
9,995,682
7,903,928
Inc. or
Dec.
+8.7
+19.8
-0.7
-2.0
+5.7
+14.4
-0.3
+17.7
-5.4
-6.5
-3.7
+21.9
-1.8
+3.6
+3.5
-10.5
-2.4
+12.2
+11.9
+7.4
+2.6
-21.3
+13.6
+13.6
+11.3
+19.1
+5.8
+2.2
+7.1
1927.
$
104,832,766
102,182,083
39,922,192
14,947,261
4,831,420
5,950.559
2,418,440
4,727,901
6,466,336
2,446,243
1,767,809
2,565,984
4,070.097
3,216,000
453,700
437,359
1.559.721
947,936
950,369
661,859
654,170
226,972
699,283
734,933
990,976
4,605,221
329,143
689,106
526,375
1926,
$
98,660.589
83.641,921
38,342,283
16,786.429
5,616,043
4,378.278
2,500,853
4,202,061
8,612.473
2,349,247
1,906,190
2.208,320
4,525,404
3,375,666
425,950
450.154
1,570,554
853,218
875,963
648,785
664,053
235,227
663,849
790,194
1,137,227
3,066,116
369,258
754.088
576.919
Inc. or
Dec.
%
4-6.2
4-22.2
4-4.1
--11.0
-14.0
4-35.9
-3.3
4-12.5
-24.9
4-4.2
-7.3
A-16.3
-10.1
-4.7
4-6.5
-2.7
--0.7
4-11.1
4-8.5
4-2.0
--1.5
--3.5
4-5.3
-7.0
--12.9
+50.1
--10.9
-8.6
-8.8
1925.
2
113,453,911
92,300,030
53,889,818
13,463,011
5,344,095
4,806,920
2,821,617
4,401,919
6.494,437
2,280,050
1,799,640
2,839,744
5,286,565
2,706,576
481,970
389,303
1.381,810
881,264
843,620
535,419
545.301
268,402
755,976
822,380
813,014
2.815.577
327,792
695,428
568.883
1924.
2
99,766,642
90,650,218
35,737,546
18.858.178
6,948.125
5,606,600
3,946.916
4.933,115
5,799,756
2,325,884
2,000,000
2,482,463
4,116.134
2,829,261
437,103
602.295
1,487.010
968.391
860,807
783.432
610,325
261,359
779,222
828,982
870,789
2.926,617
312.499
776,492
604.188
Total(29
--- 1.500,092,591 1.343,977,263 +11.6 4.308.639.570 3.929.890.961
314.8E1.114 290.185.292 4-8.5 323.794,472 295.807,349
+9.6
a No longer report elearings. 13 Do not respond to requests for figures. c Week ended Mar. 31. d Week ended Apr. 1. a Week ended Apr. 2. •Estimated.
THE CURB MARKET.
Curb market movements were uneven to-day, some issues
making gains while other issues show losses. Chicago Milwaukee & St. Paul new stocks were strong, the common
advancing from 21% to 24% and closing to-day at 243.'.
The preferred sold up from 30% to 353j, reacting finally to
333. Borden Co. common rose from 105 to 110. Durant
Motors improved from 113' to 135
% and reacted to 12g.
Ford Motor of Canada moved up from 393 to 435, the close
to-day being at 430. Fox Theatres was under pressure,
dropping from 213 to 173j, with a final recovery to 183(.
General Baking,class A, from 53% reached 56, the final figure to-day being 533. Glen Alden Coal advanced from
1593' to 1683. and ends the week at 168. Goodyear Tire &
Rubber after early gain of some nine points to 48% reacted
to 43% and closed to-day at 46%. Johns-Manville common
was up five points to 703 but fell back finally to 67. Public
utilities as a class were generally higher. American Gas &
Electric common advanced from 72% to 78%, the close
to-day being at 783
4. Oils also held fairly well with changes
narrow. Prairie Oil & Gas sold up from 47 to 48%. Vacuum Oil advanced from 1043 to 1083 and closed to-day
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
London,
Week Ended Apr, 8.
Silver, per on
d
Gold, per fine ounce
s
Consols. 334 per cents______
British. 5 per cents
British, 434 per cents_______
French Rentes (In Paris), fr_
French War Loan(inParls)Jr.
BONDS (Par Value).
Week Ended April 8.
Ind& Mtsc
Total
Oil.
80,364
143,125
167,585
157,505
140,347
147,285
35.150
54.975
70.105
66,336
83,175
63,085
836,211
372,826
Mining.
D0177,G3t1C.
29,110 $1,554,000
58,148 2,646,000
31,455 4,969.000
55.185 2,848,000
94,848 3.862.000
55,860 3,582,000
For'n Govt.
$346,000
437.000
389,000
323.000
253,000
275,000
324,606 19,461,000 $2,020,000
Apr.4. Apr. 5. Apr. 6. Apr. 7. Apr.lit
Mon. Tues.
Wed. Thurs. Frt.
263-16 2634
26 9-16 263i
2634
84.11
84.11
84.11
84.1034 84.11
5434
54%
5434
5434
5434
102
102
102
10134
102
96
96
96
96
9634
57.40
57.75
55.60
56.25
57.45
73.25
74.20
74.95
75.40
75.95
The price of silver in New York on the same day has been:
5634
57
5734
5734
5634
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Mar. 31 1927 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Mar. 31 1927.
AssetsGold coin
Gold bullion
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Apr.2.
Sat.
265(
84.11
Silver in N.Y., per oz.(eta.):
Foreign
563.4
at 107%.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 124.
THE CHRONICLE
2078
CURRENT ASSETS AND LIABILITIES.
GOLD.
LiabilUies630,713,944.52 Gold ctfs. outstanding-1,649,288.079.00
3,068,950,497.79 Gold fund. F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,716,404,530.86
Gold reserve
155.420,720.98
Gold in general fund-. 178,551.111.47
Total
3,699,664,442.31
Total
3.699,664,442.31
Note.-Reserved against $346,681,016 of U. S. notes and $1,332.804 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver dollars
In the Treasury.
SILVER DOLLARS.
AssetsLiabilitiesSilver dollars
472,038,767.00 Silver et's. outstanding- 462,703.569.00
Treasury notes of 1890
1,332.804.00
outstanding
8,002,394.00
Silver dollars in gen.fund
Total
472,038,767.00
472,038,767.00
Total
GENERAL FUND.
Liabilities178,551,111.47 Treasurers checks outstanding
8,002,394.00
6,003,470.57
3,054,856.00 Deposits of Government
officers:
1,051,606 00
Post Office Departm't
108.269.00
6,212,436.17
Board of trustees, Pos14,380,818.00
4,841,653.12
tal Savings System
5% reserve, lawful
1,953,858.78
money
7,833,512.52
6,421,200.49
Other deposits
482,290.89
3,289,747.92
Postmasters, clerks of
courts, disbursing
43,524,708.03
officers, &a
47.614,667.10
Deposits for'
Redemption of F. R.
notes(5% fd., gold) 156,869,384.69
381,681,000.00
Redemption of national bank notes (5%
fund,lawful money) 27,494,266.08
Retirement of addi93,516.65
tional circulating
notes, Act May 30
451,253.68
1908
2,830.00
Uncollected items, exchanges, Ao
8,249,837.10
5,106,596.09.
AssetsGold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes
Fedl Reserve bank notes
National bank notes__ _
Subsidiary silver coin
GOLD.
Minor coin
The Bank ofEngland gold reserve against notes amounted to £149,300,205 Silver
bullion
on the 16th inst. as compared with £149,355,970 on the previous Wednesday. Unclassified-CollecGold valued at £196,000 was on offer yesterday in the open market.
tions, &c
India and the Straits absorbed £50,000, the Home and Continental Trade Deposits
in F.R banks.
requirements totalled a similar amount, and the balance-296.000- was
acquired for a destination not disclosed (but said to be again the Indian Deposits in special depositaries account of
Government).
sales of certificates of
The following movements of gold to and from the Bank of England have
Indebtedness
been announced:
Deposits
in foreign deMar. 17. Mar. 18. Mar. 19. Mar. 21. Mar. 22. Mar. 23.
positaries'
Received
nil
nil
nil
nil
nil
nil
To credit of Treasurer
Witharavrn
£9,000
nil
nil
£10,000 £25,000
nil
United States
The total witharawn during the week-E44,000-was in sovereigns
To credit of other
destined for Spain. The net efflux this year now amounts to £775,000, and
Gov'nment officers.
since the resumption of an effective gold standard to £6,099.000, as set out Deposits in mai banks:
In the daily bulletins at the Bank.
To credit of Treasurer
The following were the United Kingdom imports and exports of gold
United States
registered in the week ended the 16th inst.:
To credit of other
ImportsExportsGovernm't officers_ 21,558,357.29
256,207,142.08
Russia(U.S.S. R.)
£21,000 Germany
£54,785 Deposits in Philippine
Net balance
423,336,087.68
British %Vest Africa
23,569 Austria
13,800
Treasury:
British South Africa
266.077 British India
To credit of Treasurer
131,510
Other countries
1.360 Ceylon
20,000
United States
916,730.20
Other countries
17.030
Total
Total
679,543,229.76
679,543,229.78
Total
£312,006
Total
£237,125
Note.-The amount to the credit of disbursing officers and agencies to-day was
According to the "Economist" the gold output of the U. S. S. R. is $377,988,910.08. Book credits for which obligations of foreign governments are
expected to improve next year. The estimate for 1927-28 is 2,844 poods held by the United States amount to $33,236.629.05.
(1,497.000 ounces), that for 1926-27 was 2,355 poods (1.240,000 ounces).
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawful money for
Neither of base totals, however, is so good as the pre-war year 1913, when the retirement of outstanding national bank and Federal Reserve bank notes are
the production was returned as 3,774 pooas (1,987,000 ounces).
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
SILVER.
was $42,895,227.
Demand from the Indian Bazaars and some bear covering-mostly from to-day
5609,310 in Federal Reserve notes and 814,316.173 in national bank notes are
China-sufficed to mop up supplies, which have not been freely available. In the Treasury
In process of redemption and are charges against the deposits for the
The reason for only moderate offerings was probably the situation in China respective 5% redemption
funds.
where military developments in the neighbourhood of Shanghai introduced
an element of uncertainty which hindered operators from fresh commitments. The undertone, however, remains poor and the improvement in
Treasury Money Holdings.
prices which carrier! sliver for cash delivery to 25%d. on the 21st inst.
proved but tempor. ry.
The following compilation, made up from the daily GovThe definite passing of the Indian Currency Bill by the Legislature,
which became known yesterday. may prevent rat es from advancing to any ernment statements,
shows the money holdings of
considerable extent by encouraging bears to sell, should prices rise
Treasury at the beginning of business on the first of January,
appreciably.
The following were the United Kingdom imports and exports of silver February, March and April 1927.
registered in the week ended the 16th inst.:
ImportsExports-Holdings Its
Jan, 1 1927. Feb. 1 1927. Mar. 1 1927. Apr. 1 1927,
Mexico
£128,151 Iraq
£100,000
U. 8. Treasury.
$
$
$
$
Other countries
14.853 British India
177,250
Other countries
15,020 Net gold coin and
bullion_ 348,035,742 318,408,699 827.937.694 333,971,832
Net silver coin and bullion
12,404.903
13.30,665
10,827.779
Total
£143,004
15,835,907
Total
£292,270 Net
United States notes
3,356.107
3,519,330
2.879.898
3.054,856
INDIAN CURRENCY RETURNo.
Net national bank notes__
17,943.279
15,360.559
12,49,648
14,380,818
Net
Federal
rupees.)
1,440,186
Reserve notes
1,111.724
(In lacs of
1,595.625
Feb.28. Mar.7. Mar.15.
1,051,606
198.756
Notes in circulation
48,024
133.070
18274
18243
18250 Net Fed'I Res. bank notes
108,269
4.655.616
Bilver coin and bullion in India
3.107,687
4.b22.298
10309
10277
10284 Net subsidiary silver
4,841.653
Minor cola,dm
7.465.953
3,518,266
Silver coin and bullion out of India
6.522.279
5,243.607
Gold coin and bullion in India
2232
2232
§i§
Total cash in Treasury_ 385,458,626
85,873,499 '370.114,662 "378,488.548
Gold coin and bullion out of India
Securities (Indian Government)
4416
4977
4977 Leos gold reserve fund_ - _ 154.188.886 155.420,721 155.420.721 155,420,721
Securities (British Government)
557
557
557
Cash balance In Treas'y 231,269,740 210,452,778 214.693,941 223.067,827
Bills of Exchange
200
200
200
Dep.In sport depositories:
No coinage was reported during the week ended the 15th ir st.
Acct.
certifs. of indebt_ 216,210.000 160,366,000 138.060.000 381,681,000
The stocic in Shanghai on the 19th inst. consisted of about 67,700,000 Dep. In Fedl Res.
35.134.412
banks_
28.663,964
42.964,932
43,524.708
ounces in sycee. 80.600.000 dollars, and 7,620 silver bars, as compared Dep in national
banks:
with about 61,900.000 ounces in sycee, 81,500,000 dollars, and 8,560 silver
To credit Tress. U. S
7.117.609
8,282.320
7.262.811
8,249.837
bars on the 12th inst.
To credit dist.. officers.
21.350.483
24,044.091
21,325.302
21,558,357
Quotations during the week:
Dash In Philippine Islands
899.193
773.929
1.005.576
916,730
-Bar Silver, Per Oz. Std.Bar Gold,
Deposits in foreign dente_
578.923
613,820
521,386
544,770
Cash.
2 Mos.
QuotationsPer Oz. Fine. Dep.
In Fed'ILand banks_
253164.
25 1-16d.
849. 113.d.
Mar. 17
255-16d.
257-16d.
84s. 11 d.
18
Net can
Treasury
257-16d.
259-16d.
84s. 11%d.
19
and In banks
509,857.864 435,899,398 425.833.748 679,543.229
253d.
253(4.
84s. 11%d. Deduct current
21
liabilities. 282.847,618 248,026,953 247,144.052 256,207,142'
254d.
257-16d.
84s. 103jd.
22
25%d.
257-16d.
84s. 1134d.
23
Available cash balance
227.010.246 187,872.445 178,689.696 423.336.087
25.364d.
845. 11 44
25.468d.
Average
•Includes April I, $7,833,512.52 silver bullion and $ .953,858.78 minor coin, &el.,.
The silver quotations to-day for cash and two months' delivery are
espectively 3(d. and %d. above those fixed a week ago.
not included In statement "Stock of Money."
r
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Mar. 23 1927:
the
2079
THE CHRONICLE
APR. 9 1927.]
Government Revenue and Expenditures.
Preliminary Debt Statement of the United States
Through the courtesy of the Secretary of the Treasury we
March 31 1927.
details of
The preliminary statement of the public debt of the , are enabled to place before our readers to-day the 1927 and
United States Mar. 311927, as made upon the basis of the' Governmentreceipts and disbursements for March
1926 and the nine months of the fiscal years 1926-1927 and
daily Treasury statements, is as follows:
1927-1928.
Bonds—
$599,724,050.00
48,954,180 00
25,947,400 00
49.800,000.00
28.894.500 00
13,229,660 00
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$766,549,790.00
$1,939,209,300.00
1,772,140,800.00
2.158,006,900.00
6,314,463,950.00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
12,183,820,950.00
$763,948,300.00
1,047,087,500.00
494,898,100.00
2,305,933,900.00
$15,256,304,640.00
Total bonds
Treasury Notes—
$355.779,900.00
Series A-I927, maturing Dee. 15 1927
Series A-1930-1932, maturing March 15, 1932_ 1,327,379.250.00
50,000,000.00
Adjusted Service Series A-I930
53,500,000.00
Adjusted Service, Series A-1931
70,000,000.00
Adjusted Service, Series 11-1911
123,400,000 00
Adjusted Service, Series A-1932
31,200,000.00
Civil Service, Series 1931
Treasury Certificates—
Series TJ-1927. maturing June 15 1927
Series '15-j937 maturing Sent 15 1927
Series TS2-1927, maturing Sept. 15 1927
Series TM-1928, maturing Mar. 15 1928
Adjusted Service, Series A-1928
Civil Service Retirement Fund Series
Nine Months
—Month of March
1925-26.
1926,
1926-27.
Receipts.
1927.
2
$
2
$
Ordinary—
52,753,045 54.890.935 459,664,947 441,526,364
Customs
Internal revenue:
516,534,790 499.628,780 1,649,971,889 1,427,118,714
Income tax
Misc. Internal revenue_ __ _ 53,001,239 74,136,097 482,986,054 684,439,089
receipts:
Miscellaneous
Proceeds Govt.-owned secs.:
Foreign obligations—
25,790,420
26,565,730
Principal
90.166,493
90,353.454
Interest
33,119.922
7,940,119
46,181,958
5,285,800
Railroad securities
26,631,797
1,662,511
61,637,202
2,357,739
All others
Trust fund receipts (re-ap28,223,724
2.541,411
36.058.987
propriated for Investm't) 3,991,501
Proceeds sale of surplus
15,052,718
619.760
860.305
13,051,933
property
17,679,988
1,859,067
19,329,294
Panama Canal tolls, &c___ 2,807,319
Receipts from misc. sources
approto
direct
credited
18,610,814
1,290,647
1,364,539
11.105,454
priations
18,200,845 15,010.735 129.066.826 124,523,604
Other miscellaneous
Total ordinary
2,011,259,150.00
$378,669,500 00
229,269,500 00
169,888,000 00
314,408.000 00
20,500,000.00
10,500,000.00
—
Treasury Sayings Certificates,
Series 1922, Issue of Dec. 15 1921...
Series 1922, issue of Sept. 30 1922
Series 1923, Issue of Sept.30 1922
Seriee 1923, issue of Dec. 1 1923
Series 1924,issue of Dec. 1 1923
335,959,291.25
$18,726,758,081.25
32,155.830.26
449,0 01.00
35,2453,00.00
28,550.00
3,603.200 00
119,450.00
41,601,030.26
$346,681,016.00
155,420,720.98
$191.260.295.02
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency.—
Thrift and Treasury Savings stamps, unclassified sales, dm
$42,895,227.00
2,046,796.65
297,834,460
Expenditures.
Ordinary (Checks and warrants paid. &c.)—
150,689,914 145,361,77211,398,661.769 1,381,349,035
General expenditures
Interest on public debt _a __ _ _ 92,789,637 82.650,398 520,039,463 528.298,857
Refund of receipts:
22.019,595
14,268,042
1,756,007
1,739,463
Customs
68,081,753 100,429,624
11,619.224 17,802,415
Internal revenue
27,989,082
14,043,810
81,198
7,028.161
Postal deficiency
7,559.618
6,102.836
726.564
649,634
Panama Canal
Operations in special accounts:
1,383,162
789.131
73,899
385,259
Railroads
b747.798 514,816.865 517.621,199
5473,530
War Finance Corporation_
17.590.054
19,481.616
5188.608
2.163,812
Shipping Board
2,398.114
5292,274
312,516 51,205.070
Alien property funds
5706,731 69,894.675 c115.188,378 119.899,449
Adjusted service certif. fund_
10,697,487
5111,912
0632.381
553,005
fund_
Civil service retirement
Investment of trust funds:
27,727.569
35.535,555
Government life Insurance_ 3,896,335 2,541,713
District of Columbia Teach182.028
195,310
52.694
ers' Retirement
108.033
105,067
56.000
54.514
Foreign Service Retirement
314,128
328.122
5302
42,472
General railroad contingent
239,837:340.07
$19,008,196,451.58
Public Debt of United States—Completed Returns
Showing Net Debt as of Jan. 31 1927.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Jan. 311927,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1926.
CASH AVAILABLE TO PAY, MATURING OBLIGATIONS.
Jan. 31 1927. Jan. 31 1926.
$187,872,444 $318,178,262
Balance end month by daily statement,&a
Add or Dedua—Excese or deficiency of receipts Over
+2,031,331
+3,200,886
or under disbursements on belated Items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant cheeks
Total
8191,073.330
8320,209,593
37.748,214
67.011.403
8.626.500
1,452.031
931,076
38,209.943
53,994,634
13,121.567
2,418,252
8114.838,148
$107,744,396
Balance. deficit(—)or surplus (4-1
+76.235.182 +212,465,197
INTEREST-BEARING DEBT OUTSTANDING
Interest Jan. 31 1927. Jan. 31 1926.
Payable.
$
Tide of Loan—
$
Q.-J. 599.724.050
2s, Consols of 1930
599,724,050
23 of 1916-1936
Q.-F.
48,954.180
48,954,190
28 of 1918-1938
Q.-F.
25.947.400
25,947.400
Q.-M,
49.800 000
8e 0( 1961
49.800 000
Q.-J.
as Conversion bonds of 1946-1947
28.894.500
28,894.500
J.-J. 639.239.000
Certificates of indebtedness
823,602.000
J.-J. 1,397.687.100 1,402,143,100
3%s First Liberty Loan, 1932-1947
J.
-D.
ds First Liberty Loan, converted
5.155.700
5.157,450
J.-D. 532.874.350
43is First Liberty Loan, converted
532,873,600
elks First Liberty Loan, second converted_ __ _J.-D.
3.492.150
3.492,150
M.-N.
20 848 150
de Second Liberty Loan 1927-1942
20.855,450
43:s Second Liberty Loan converted
3,083.671,700 3.083,682,400
M.-S, 2,170,006.950 2,724.196.800
45(s Third Liberty Loan of 1928
A.O. 6,324,463,950 6,324,476.750
43.(e Fourth Liberty Loan of 1933-1938
434e Treasury bonds of 1947-1952
763.948.300
763,948.300
de Treasury bonds of 1944-1954
1,047,087.500 1,047,088,500
494,898,100
3545 Treasury bonds of 1946-1956
Matured 350.085,010
de War Savings and Thrift StamP9
364,297.620
J.-J.
13.229.660
214e Postal Savings bonds
12,540,040
J.-D. 1,320,881,300 2,158,081.500
65(5 to 55(s Treasury notes
Aggregate of Interest-bearing debt
Bearing no interest
Matured. Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
270,111,341 318,108.482 2,177,599,803 2,230,324,636
Total orinary
3,635,021.40
Total gross debt
•Net redemption value of certificates outstanding
18,920.889,250 20,019,755,790
249,517,417
239.857.716
9,716.665
13,974.003
a19,170.463.631 20.283,247.210
+76,235.182 +212,465.197
610,094,228,449 20.070,782,013
Net debt
a The total gross debt Jan.311927 on the basis of daily Treasury statements was
$19,168,966,479.47 and the net amount of public debt redemption and receipts
n transit. lise . was $1,497,151.20.
b No deduction is made on account of obligations of foreign Governments or
9ther Investments
419,624,880
1,123,235,000.00
$76.975,806.95
14.391,100.35
127.645.260.10
23,171,413.30
93.775,710.55
Total Interest-bearing debt
Matured Debt on Which Interest fins Ceased—
Old debt matured—issued prior to April 1 1917 _
Certificates of Indebtedness
Treasury notes
% Victory notes of 1922-23
454 W. Victory note. of 1922-23
Treasury Savings Certificates
Debt Bearing No Interest—
United States notes
Lees gold reserve
659.116,214 657.620,971 3.025,953,728 2,932,883,647
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
328,786,973 191,380,998
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
Public debt retirements chargeable against ordinary recelpts:
60,217,900 148,122,950
Sinking fund
Purchases and retirements
from foreign repayments.
Received fr, m foreign governments under debt settlements
Received for estate taxes_
Purchases and retirements
Purchases and retirements
from franchise tax recelpts (Federal Reserve
and Federal Intermediate
Credit banks)
8,550
Forfeitures, gifts, dm
60,217,900 148,131,500
Total
333,528,400
311,797.250
995,000
92,950,000
92,310,000
1,231,835
23,810
567.901
49,400
428,729,045
404,724,551
Total expenditures chargeable
against ordinary receipts_ _330.329,241 466,239,982 2,606,328,848 2,635,049,187
Receipts and expenditures for June reaching the Treasury in July are Included.
a The figures for the month include 2180,282.02 and for the fiscal year 1927 to
&lie $1 949 741.96 accrued discount on war savings certificates of matured series,
and for the corresponding periods last year the figures Include $888,489.49 and
$4,188.801.37, respectively.
S Excess of credits (deduct).
c In accordance with established procedure the appropriation of 2116,000,000
available Jan. 1 1927, and Interest on Investments in the fund due on that date,
amounting to $7,400,000, were Invested in adjusted service obligations aggregating
$123.400,000 face amount, bearing interest at the rate 4A 4% per annum:223,800.000
face amount of one-year 4% Treasury certificates of the adjusted service series held
in the investment account were redeemed as ,f Jan. 1 1927. and the proceeds reinvested In an equal face amount of like kinds of obligations. The difference between
the amount appropriated and amount charged under ordinary expenditures above Is
due to variations in the working cash balance required.
Zan=ertial
(1311isc
Ilecats glettis
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange At il 2 to April 8, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Lost TWeek's Range for
Wrek.
Sole
of Prices.
Par. Price. Low. High. Shares.
Nat Bank of Commerce 100
15635 15654
Trust Company Stocks
100
Mercantile Trust
429
Street Railway Stocks
St. Louis Public Service Co
430
1854 19
Miscellaneous Stocks
52
52
Amer Credit 1ndemnity_25 52
3634
AS Aloe Co common _ _ _ _20 3634 35
10254 10254
Preferred
100
• 394 3934 3954
Boyd-Welsh Shoe
3254
Brown Shoe common_ _100 3254
32
115 115
Preferred
100
35
35
E L Bruce common
97
97
Preferred
100
100 100
Elder Mfg let prat
100 100
3834
35
Ely & Walker Dry G com 25 35
First preferred
11354 11354
100
Range Since Jan. 1.
Low.
High.
Jan
5 155
Mar 163
7 428
Mar 43034 Feb
330
nig
Mar
110
2,150
81
17f
101
2I
51
25
150
3,781
20
52
32
1003:
3914
3154
10854
35
97
100
3134
111
Mar
Feb
Mar
Apr
Mar
Feb
Apr
Apr
Apr
Feb
Feb
2034 Feb
5454
3631
10254
42
3434
115
35
9734
100
3854
11354
Jan
Apr
Apr
Feb
Jan
Apr
Jan
Jan
Apr
Apr
Apr
2080
THE CHRONICLE
..
w
81
81
81,000
77
7734 40.000
7534 7614 18,000
-4-40°
oo.—
Miscellaneous BondsKinioch Long Dist 55_1929
PlerceB(IncLeasehCo)58'36
Wagner Elec Mfg 7s___Ser
Houston 0116 Hs
1935
Scullin Steel Os
1941
10034 10034 10,000
99
99
4,000
99% 100
1,500
10314 103% 2,000
10014 10014
1.500
=
X
n4.9. ',;',. tag..9,n4llanign:naang.gaminlinasin
55
Street Railway Bonds
St L .I, Sub Ry gen m 58'23
United Railways 4s_ _ _1934
4s, ctf of deposit_ _1934
High.
ggglia
28
11531
XX
20
3831
X
1331 1414
9014
XX
1314
173
10914
126
114
4934
1,330
120
15
110
95
5
5
10
521
62
25
25
1,754
85
325
45
212
570
20
2,100
140
465
50
346
50
30
1,575
208
300
wo...,wo
,Z^N,baw81-,www5.4. 8K;wwc”...
o+WWW.A.N0000010W0.0000TWOONA.OW.C400
2514
81
80
1031 1131
50
54
39
39
3134 32
25
25
10014 10014
434 434
22
22
16834 174
10931 10931
125 128
114 114
4734 52
102 102
9034 91
3014 3014
3254 3354
1914 20
10614 10614
38
3814
21
21
28
2814
42
4214
11514116
4531 4534
2814 29
2254 2554
77
81
75
80
550,08
oo,w000
Mining StocksConsol Lead &Zinc Co"A"•
1131
Low.
XX
Fulton Iron Works coin.. _•
Preferred
100
Hamilton-Brown Shoe_ _25
Hussman Refr corn
•
Huttig S & D common _ •
Preferred
100
HydraulPressBrick com 100
Independent Pack'g corn.*
International Shoe Corn...'
Preferred
100
Kennard Carpet com_ _100
Laclede Gas Light pref _100
Portland
Mo
Cement_ _ _25
Moloney Electric pref._100
National Candy com _ _ _ 100
Pedigo-Weber Shoe
•
Polar Wave I & F "A"._ _•
Rice-Stix Dry Ods com___•
First preferred
100
Scullin Steel pref
•
Scruggs-V-B D 0 com _25
Sheffield Steel common___'
Skouras Bros "A"
*
Southw Bell Tel pref _100
St Louis Amusement"A" *
Stlx-Baer & Fuller corn_ _ _•
Wagner Electric common.*
Preferred
100
Wm Waltke & Co corn...*
Reese Since Jan. 1.
X
?'Wag
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High Shares.
12
60
40
36
30
10114
9
25
174
10914
126
127
54
102
92
33
3431
223/
10914
39
2214
2834
48
117
4554
3114
2514
81
8614
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Apr
Apr
Apr
Feb
Jan
Apr
Mar
Jan
Mar
Jan
Mar
Mar
Feb
Apr
Jan
Mar
Apr
Jan
Apr
Apr
Mar
17
Jan
8414 Mar
7734 Apr
Feb
77
10034
100
100
10134
101
Apr
Mar
Apr
Mar
Mar
•No par value.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange April 2 to April 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
(You In.
Breadstuffs figures brought from page 2080.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, ezo., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs.bush,56 lbs.bush.32 Ms.bush.48Ibs bush.56lbs.
Chicago
227,060
366,000
830.000
726,000
117,000
16,000
Minneapolis_
1,050,000
105,000
153,000
159.000
27,000
Duluth
460,000
15,000
27,000
151,000
Milwaukee_ _.
40,000
10,000
106,000
103,000
120,000
11,000
Toledo
165,000
61,000
106,000
2,000
5.000
Detroit
27.000
13,000
18,000
5,000
Indianapolis_
34,000
225,000
118,000
St. Louis_ _
115,000
385,000
405,000
280,000
3,000
92,000
Peoria
82,000
9,000
635,000
176,000
39,000
Kansas City_
704,000
124,000
46,000
Omaha
215,000
335,000
114,000
St. Joseph_ _ _
178,000
121,000
18,000
Wichita
230,000
12,000
26,000
Sioux City_
38,000
51,000
28,000
Total wk. '27
Same wk. '26
Same wk. '25
464,000
359,000
353,000
3,871,000
2,608,000
2,902,000
3,021,000
2,762,000
3,366,000
1.947,000
2,410,000
2,750,000
467,000
642,000
440,000
307,000
187,000
144,000
Since Aug.118,537,000271,424,000 167,993,000 107,259,000 14,808,000 24,226,000
1926
1925
15,757,000272,592,000 174.858,000 172,821,000 61,143,000 19,426.000
1924
16.600.000434.717.000 193.575.000214.369.000 54.063.00050.232,000
Total receipts of flour and grain at the seaboard ports for
the week ended April 2, follow:
Receipts atNew York _._
Philadelphia__
Baltimore__
Newport News
Norfolk
New Orleans *
Galveston__
Montreal _ _ _ _
St.John, N.B.
Boston
Flour.
Barrels.
215,000
24,000
16,000
2,000
1,000
63,000
26,000
30,000
26,000
Wheat.
Bushels.
652,000
137,000
283,000
80,000
125,000
349,000
53,000
760.000
2,000
Total wk. '27 403,000 2,441,000
Since Jan.1'27 5.675.000 56,043,000
Corn.
Bushels.
29,000
12,000
48,000
Oats.
101,000
18,000
13,000
67,000
19,000
15,000
203,000
3,085,000
Barley.
Rye.
Bushels.
Bushels. Bushels.
136,000
158,000 489,000
37,000
1,000
40,000
14,000
7.000
10,000
2,000
175,000
532,000
306,000
4,549,000 10,080,000 3,652,000
Week 1926_
Am Laundry Mach com_25 114
427,000 2,187,000
113.000
11354 114
541,000
1.102 110
161,000
Jan 11514 Jan aim
.
, T.,.. v;ii A nqn non RR Ran nnn K ff7R (inn R 820,000
American Products pref._ .._ _.. 2434 2434
9517 nrin A 070 Ann 1 aria non
135 2134 Feb 2534 Mar
Am Rolling Mill com--_25 53
5134 53
3,179 44
Jan 63
Apr
*
Receipts
do
not
include
through
passing
grain
New Orleans for foreign Ports
Preferred
100 11334 11334 11334
150 11031 Feb 114
Feb on through bills of lading.
American Thermos com _ _ _
II% 1031 1134
799
Mar 11
7
Mar
Preferred
37
37
3 34
The
Feb
37
exports
34
several
Mar
from
seaboard
the
ports for the week
Baldwin common
100
182 190
4 182
Apr 190
Jan
New preferred
100
108 10831
70 10234 Jan 10731 Apr ending Saturday, April 2 1927, are shown in the annexed
Buckeye Inc
5234 5031 52
3,668 44
statement:
Jan 51
Apr
Bun;es, common
90
2034 2031
Preferred
55
55
255 503.4 Feb 56
5534
Mar
Carey (Philip) corn._ --100
Exports fromWheat.
Corn.
Flour.
Oats.
210 210
6 109
Rye.
Jan 206 34 Jan
Barley.
Preferred
100
115 115
1 11334 Mar 115
Apr
Champ Coat Pap pref 100
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
112 112
10 11131 Feb 11244 Mar
Champ Fibre pref
1,001,288
100 104
66,131 120.177 250,511 629,294
12,886
104 105
110 103
Jan 10534 Feb New York
Churngoid Corp
40,000
• 42
41
3,000
42
195 3454 Jan 45
Mar Boston
Coca Cola"A"
Philadelphia
140,000
2734 2734 28
1,222 2734 Mar 28
Apr
Cincinnati Car Co
552,000
24
2331 24
17,000
964 21 34 Feb 24
36,000
20,000
Jan Baltimore
On Union Stock Yds_ _100
80,000
145 145
1,000
12 140
Mar 150
Jan Norfolk
On Postal Term pref _100
91
91
2,000
2 90
Mar 91
Apr Newport News
City Ice & Fuel
Orleans
New
143,000
• 26
35,000
2534 2634
21,000
3,000
496 2234 Jan 2631 Apr
Cooper Corp new pref _ _100
84,000
10134 102
2,000
71 10054 Mar 103
Jan Galveston
Crown Overall pref_ _ _ _100
760,000
103 103
30,000
19,000
12 103
10,000
Apr 105
Jan St. John. N.B
Dalton Adding MachineHalifax, N.8
199,000
1,000
Common old
100 84
84
84
5 50
Jan 85
Mar
Dow Drug corn
Total week 1927._ 2,999,288
100
114 34 11434
47,886 133,131 142,177 286,511 659.294
9 11234 Jan 115
Mar Rama
sof•Pk 109A
Eagle-Plcher Lead corn _.20 28
2 45A 124 225 non IOR 244 502 710
68.382 4541.484
2734 2834 8.145 2634 Feb 31
Mar
Early & Daniel pref _ _ _ _100 104
103 104
30 102
Jan
104
Mar
Fleischmann common_
•
54% 54%
200 5431 Jan 54% Apr
Preferred
100
114 114
6 11334 Jan 114
National Banks.-The following information regarding
Apr
Formica Insulation
•
22
22
50 22
Apr 25
Mar
French Bros-Bauer pref.100 9454 9434 9434
1 9054 Mar 9431 Apr national banks is from the office of the Comptroller of the
Giant Tire
• 49
49
50
172 41
Jan 55
Feb Currency, Treasury Department:
Gibson Art common
• 4134 4131 4134
334 40
Mar 44
Feb
Globe Wernicke pref.
.._100 91
APPLICATIONS TO ORGANIZE RECEIVED.
9031 91
5 85
Jan
91
Apr
Gruen Watch common._ _* 47
46
47
Capital.
52 4431 Feb 54 34 Mar
Preferred
100 11234 11234 11234
27 10934 Feb 11134 Mar Mar. 29-The Grant National Bank of New York, N. Y.
$500,000
Hobart
Correspondent, S. Earl Levene, 570 7th Ave., New
2834 2854 2854
938 2634 Feb 2934 Jan
Jaeger
York. N. Y.
2954 30
30
61 2734 Feb 30
Mar
Johnston Paint pref_ _100
100 101
55 100
50,000
Apr 102
Mar Mar 29-The First National Bank of Exeter, Pa
Kahns preferred
Correspondent, Louis N. Jacobs, Exeter Avenue,
443.4 4434
20 40
Jan 45
Jan
First preferred
Exeter, Pa.
105 105
2 99
Jan 10534 Mar
Kodel Radio A
•
1114 1135
35
75,000
934 Jan 12
Feb Mar. 31-The New First National Bank in Delano, Calif
Preferred
Correspondent, Leland M. Brown, Box 13, Delano,
20
2034 2034
110 2054 Mar 21
Jan
Kroger common
Calif.
10 12531 125 127
1,335 124 34 Jan 12931 Mar
Mead Pulp
• 9931 9914 9934
50,000
38 9934 'Apr 105
Feb Mar. 31-The National Bank of Toledo, Toledo,Iowa
Nash A
Correspondent, F. R. Jones, Toledo, Iowa.
• 120
10234 120
378 9834 Jan 120
Apr
Paragon Refining com_25
634 834
68
50,000
634 Apr
734 Jan Apr. 1-,The Bay City National Bank at Savrtelle, Calif
Procter & Gamble com-.20 185
Correspondent, W.E. Carnahan, c-o First Nat'l Bank,
182 188
1,947 177
Feb 19134 Feb
8% preferred
Culver City, Calif.
100
165 165
1
6% preferred
100 114
11334 114
161 112
Feb 116
25,000
Mar Apr. 1-The First National Bank of Estellhae, S. Dak
Correspondent, Henry von Asweire. Estelltne, S. Dak.
Pure 011 6% pref
100 9834 ossi 99%
88 97
Feb 9934 Mar
Apr. 2-The First National Bank of Marlton, N. J
Richardson corn
100
14234 144
80 14231 Apr 150
25,000
Jan
Correspondent. Herbert R. Snyder, Marlton, N. J.
U S Can pref
100
20 98
9934 9934
Mar 100
Mar
118 Playing Card
20 97
9531 97
273 8534 Jan 97
Apr Apr. 2-The Oradell National Bank, Oradell, N. J
50,000
Correspondent. William F. Wray, Oradell, N. J.
178 Print & Litho com_ 100 76
138 75
7434 76
Jan 7834 Feb
Preferred
100
100 10031
96 9234 Jan 10034 Feb
APPLICATIONS TO ORGANIZE APPROVED.
II S Shoe pref
100 35
35
35
50 35
Apr 43
Jan
Whitaker Paper com
.
5934 60
20 61
Jan 65
Mar Mar. 29-The Citizens National Bank of Ontario, Calif
$100,000
Preferred
Correspondent,
100
9954 99%
Harry Nelsen. Ontario, Calif.
3 99
Mar my, Mar
Vulcan Last
100
99% 10034
780 9934 Jan 10034 Mar Mar. 29--The First National Bank of Big Sandy Tenn
25,000
BanksCorrespondent, A. S. Justice, Big Sanli Tenn.
Fifth-Third-Union units100
320 32134
18 320
Apr 330
Mar Mar. 31-The Plainfield National Bank, Plainfiel y.N. J
100,000
Correspondent, Harry H. Pond, Plainfield, N. J.
Public Utilities3incinnatl Sc Sub Tel...50 96
96
96
288 9034 Jan 98
Mar Mar. 31-The Frontier National Bank of Buffalo, N. Y
200,000
Correspondent, Joseph A. Schwendler, 1030 Bramson
100 9531 9531 9534
Nncin Gas & Elec
565 9331 Jan 9731 Mar
11314114
Bldg., Buffalo, N. Y.
;in Gas Transportation 100
30 11234 Jan 114
Apr
Mar.
31
-The
100
com
&
0134
Trac
of
New York, N. Y._
Douglaston National Bank
91
95
255 91
"I N & C Lt
Mar 9234 Mar
Correspondent, Frank C. O'Donnell, P. 0. Bldg., 100,000
100
Preferred
7014 72
235 70
Jan 73
Jan
Douglaston, N. Y.
100 11234 11234 113
)hio Bell Tel pref
93 11034 Jan 114
Mar
Tractions' APPLICATION TO CONVERT APPROVED.
Nncinnati Street Ry _ _ _50 4234 4254 42%
876 3834 Jan 43
Mar
Iolumbus Ry Pr & Lt-B100
24 96
10054 10054
Jan 10034 Apr Apr. 1-The First National Bank of Fallbrook, Calif
$25,000
Conversion
of the Citizens Commercial Bank of Fall100 100
100
Preferred
5 96
Feb 100
Apr
brook, Calif.
Railroads340 340
2 340
CHARTERS ISSUED.
Apr 365
I N 0 & T P com---100 340
Jan
100 103% 10334 103%
20 103% Apr 105
Preferred
Jan Mar. 28-First National Bank in Langdon, No, Dak
50,000
50
9614 9634
10 9414 Jan 96% Apr
ittle Miami guar
President, J. H. Bain; Cashier, L. L. Gardner.
BondsMar. 29-The First Central National Bank of Calexico, Calif_ _
300,000
10254 10254 53,500 10254 Apr 10254 Apr
1947
iN dr C let 68
President, J. 0. Butts; Cashier, J. 0. Butts.
105 105
1,000 105
t.lchardson 6% notes_1938
Apr 105
Apr Mar. 31-The Prospect Nat.Bank of Beklyn in New York,N.Y.
rh.,,,,m,•,. riostnd
_1941
10034 10034 2,000 10034 Apr 10054 Apr
President, Maurice F. Hickey;Cashier,P.L.Dielaftson, 500,000
Apr. 2-The First National Bank of Smithville, Tenn
30,000
•No par value.
President, J. C. Foster; Cashier, J. C. Starke.
vii
CHANGES OF TITLES.
Mar. 30-The Elizabethtown Nat'l Bank, Elizabethtown,
Pennsylvania, to "First National Bank & Trust Co.
of Elizabethtown."
Apr. 1-The Citizens National Bank of Englewood, New
Jersey to "The Citizens National Bank & Trust Co.
of Englewood."
VOLUNTARY LIQUIDATIONS.
100,000
Mar. 28-The First National Bank of Cherryville, No. Car_ _ _ _
March
21 1927. Liquidating. agent, CherryEffective
vine National Bank, Cherryville, N.C. Succeeded by
the Cherryville National Bank,Cherryville, N.C., No.
12896.
30,000
Mar. 28-The Citizens National Bank of Sallisaw, Okla
Effective Feb. 1 1927. Liquidating agent,L.C.Moore,
Sallisaw, Okla. Absorbed by the American Nat'l Bank
of Sallisaw, Okla., No. 12555.
25,000
Mar. 29-The Live Stock National Bank of Hettinger, N. Flak..
EffectiveMarch 14 1927. Liquidation agent, G. N.
Burnson, Hettinger, N. Flak. Absorbed by the Adams
County State Bank of Hettinger, N. Dak.
Mar. 30-The Farmers and Merchants Nat'l Bank of Redondo,
50.000
Redondo Beach, Calif
Effective March 111927. Liquidating agent, Edw.0.
Aldwell, San Francisco, Calif. Absorbed by Bank of
America, Los Angeles, Calif., which association was
consolidated with the Liberty Bank, San Francisco,
under the title Liberty Bank of America of San Francisco. The latter association was consolidated with the
Bank of Italy, San Francisco, and that bank was converted into a national bank under the title "Bank of
Italy National Trust & Savings Association."
Mar. 30-The Citizens National Bank of South San Francisco,
50,000
Calif
Effective March 14 1927. Liquidating agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Liberty
Dank of San Francisco, Calif., which association was
Consolidated with the Bank of America, Los Angeles,
under the title Liberty Bank of America of San Francisco. The latter association consolidated with the
Bank of Italy, San Francisco, and that bank was converted into a national bank under the title "Bank of
Italy National Trust & Savings Association."
Planters and Merchants National Bank of Com-The
2
API%
50,000
merce, Texas
Effective March 15 1927. Liquidating agent, J. M.
Branom, Commerce, Texas. Absorbed by the First
National Bank of Commerce, Texas, No. 4021.
CONSOLIDATIONS.
$50.000
Mar. 29-The American National Bank of Longmont, Colo_ _ _ _
50,000
Mar. 29-The Farmers National Bank of Longmont, Colo
Consolidated under the Act of Nov. 7 1918, under the
charter of the American National Bank of Longmont,
No. 11253, and under the corporate title of "the First
National Bank of Longmont," with capital stock of
8100,000.
2,000,000
1-The First National Bank of Scranton, Pa
500.000
1-The County National Bank of Scranton, Pa
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of"the First National Bank
of Scranton," No.77, with capital stock of 82,250,000.
Apr. 1-Fourth and First National Bank of Nashville. Tenn 1,500,000
300,000
Central National Bank of Nashville, Tenn
Am% 1-The
Consolidated under the Act of Nov. 7 1918. under the
charter and corporate title of "Fourth and First Nat'l
Bank of Nashville," No. 1669, with capital stock of
82,000,000.
Apr.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Barnes & Lofland, Philadelphia:
Blares. Stocks.
$ per sh.
10 Gleardde (Pa.) Bank & Trust Co.
par $50
9134
50(Seaside (Pa.) Bank & Trust Co.
Par $50
90
8 Real Estate Trust Co., assented
Preferred
211
3 Franklin Fourth St. Nat. Bank_59334
1 Philadelphla-Girard Nat. Bank..672
37 Philadelphia-Girard Nat. Bank-67034
5 Real Estate Trust Co., assented
Preferred
206
10 Metropolitan Trust Co., par 850.12514
25 Empire Title & Trust Co., par
$50, $25 paid In
5034
8 Bank of North Amer.& Trust Co_395
10 Bank of North Am.& Trust Co..394
10 Bank of Nor. Am. dr Trust Co_ _39333
7 Bankers Trust Co., par 850, new
stock, 20% paid
17
5 Chelten Trust Co
260
18 Colonial Trust Co., par $50_
2243(
5 Peoples Bank dr Tr. Co., par $50_177
16 Penna.Co.for Ins.on Lives, &c_885
$ per oh.
Shares. Stocks.
10 Lancaster Ave.Title & TrustCo.,
91
Par $50
26 Lumbermens Ins. Co., par $25.. 8134
11 Amer. Indemnity Corp., prof.,
25
Dar 525
11 Amer. Indemnity Corp., corn.,
25
Par $25
5
20 J. W. Paxson Co
103
12 Union Passenger Ry
16 20 dr 3c1 Streets Passenger Ry-I55
15 2d & 3d Streets Passenger Ry..155
29 Merchants Warehouse Co
170
10 Phila. Sub. Gas& Elec Co., pref.10734
30 Phila. & Sub. Gas & Elec., pref-107
2 Federated Engineers Devel. Corp.
prof. (together with 2 shares of
com.)
$1 lot
3 Philadelphia Bourse, pre., par$25 2434
33 David Lupton's Sons Co., pref.- 9034
107 Delaware Beach Corp., pref
86 lot
15 Budd Wheel Co., com., no par
2334
165 Budd Wheel Co., corn., no par_ 2234
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
1 Buffalo Niagara & Eastern Power,
corn., no par
3034c.
200 March Gold, Inc., par 100....934c.
500 Night Hawk, par $1
40.
500 March Gold, Inc., par 100
90.
Shares. Stocks.
$ per oh.
1 Buffalo Niagara & Eastern, pref.,
par $25
2634
300 March Gold, Inc., par 100
9c.
400 March Gold, Inc., par 100.... 9e.
1,000 March Gold, Inc., par 10c
9c.
By Wise, Hobbs & Arnold Boston:
$ per sh.
Shares. Stocks.
100 National Shawmut Bank...288-288H
4-8 Pepperell Manufacturing Co__ 1431
7 Fairhaven Mills, pref
234
14 Worcester Elec. Lt.Co..pref. $25.165
28 No.Bos. Ltg. Prop.,com_ _185, ex-div
6 units First Peoples Trust
68
8 special units First Peoples Trust
5
200 Astoclated Gas & Elec. Co.,com.
15H-1534
2 Quincy Market Cold Storage &
Warehouse Co., corn
3034
5 Merrimac Hat Corp., pref., par
$50
483(
2 New Hampshire Fire Insur. Co..38234
400 Pioneer Petroleum Co., par $5_ 134
4 Columbian National Life Ins. Co_265
33 Merrimac Chem.Co., par $50_82-823(
200 Homa Okla Oil, par $5
234
8 units First Peoples Trust
59
10 Greenfield Tap & Die Corp., pref
0634-97
35 Weymouth Water Power Co.94,ex-div.
200 Amer. & Foreign Power Co.,
Inc.. 2d pref., series A
100
47
5 units Commercial Finance Corp
1 unit Mutual Finance Corporation 68
SW.L. Douglas Shoe Co., pref... 7834
7 special units First Peoples Trust_ 5
20 Flintkote Co., pref____1053( & div.
50 New Bedford Gas & Edison Lt.
Co., par $25
9094
12 Atlantic Public Utilities. Inc.,
class A (carrying 3com. as bonus) 2534
2081
TIM CHRONICLE
A.91927.1
Shares. Stocks.
$ per oh.
5 Quincy Market Cold Storage dr
Warehouse Co., corn
3534
3 units Mutual Finance Corporation 68
SW.T. Grant Co., corn
61
60 Worcetser Gas Lt. Co., par $25_ 6534
8 Brockton Gas Light Co.. par $25- 5714
2 Quincy Market Cold Storage &
Warehouse Co., corn
37
2 New England Pow Assn.,6% Pt 9434
50 Draper Corporation
723(-723(
8 Kidder Participations, Inc., corn. 2834
12 Day State Fishing Co., corn-- 1634
20 United Electric Light of Springfield, par $25
145
15 Lawrence Gas & Elec. Co., par
$25
61
8 Merrimac Mfg. Co.. corn
12034
3 units Mutual Finance Corp
68
25 No. Boa. Ltg. Prop., com-185, ex-d V.
68
3 units Mutual Finance Corp
80 No.Boa, Ltg. Prop., pref _119, ex-div.
No. Rights.
$ per right.
2834
50 National Shawmut Bank
Bonds.
Per Cent.
$5,000 Old Colony Investment Tr..
deb. 434s. Feb. 1947 (without
common stock)
90 & mt.
$12,000 Boston & Worcester St.Ry.
let 410, Aug. 1923
10
84.000 Framingham Southboro de
Marlboro St. Ry.let 5s. Jan.1919 10
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per at,
55 National Shawmut Bank
28834
39831
50 First National Bank
34 Old Colony Trust Co
32034
21 Ludlow Mfg. Association
18534
55
10 Androscoggin Mills
9434
50 Nashua Mfg. Co., pref
10934
52 Pepperell Mfg. Co
20 Western Massachusetts Go,.... 5834
129
2 Dennison Mfg., let pref
55 North Boston Ltg. Pr., pref.
11634-118. ex-div.
10534
25 New England Power, pref
20
5 Saco Lowell Shops, let pref
1334
40 Saco Lowell Shops, 2d pref
200 Fall River Electric Light Co... 6134
10W.L. Douglas Shoe Co., prof-- 78
10 Greenfield T.& D.Corp.,8% pf. 9634
15334
25 Lynn Gas & Electric Co
$1,677 lot
26 Metis Lum Co., Ltd
102
5 Massachusetts Lighting Cos
68
4 First Peoples Trust units
10 First Peoples Trust, sp. unit- 5
5 Comm'l Finance Corp. units__ 47
66
1 State Theater. pref
Shares. Stocks.
$ per oh.
1 First National Stores. let pre__ 99
15 Mass. Bond & tartar. 00.31034-31134
46 Fall River Electric Light
-- 6234
30 Charlestown G. de E. Co-157H-1573(
Co-3 See. Int. Sec. Co., an
70
25 N. B. G. de Ed. Lt. Co
9034
Bill of sale representing 1-128 intereet in Barkentine 11. W.Brown__ 25
Bill of sale representing 1-128 interest in Schooner Richard T.Greene 25
B111 of sale representing 1-128 interest in Schooner Tom Beattie.... 10
300 Springfield Gas Light Co
6834
5 Central Maine Power Co..7% pf_104.
43
10 Powdrell dc Alexander, Inc
50 Great Northern Paper Co__ _64H-65
20 Heywood Wakefield Co., lirtDf
200 Western Mass Cos
58-5834
10 Dennison Mtg. Co., 2d
_102
Bonds.
pref.-Per Cent.
$5,000 Coldak Corp. s. 1. coll. trust
613s, Sept. 15 1933
50 & int,
No. Rights.
$ per right.
150 National Shawmut Bank
2834
By Adrian H. Muller & Sons, New York:
3 per oh.
Shares. Stocks.
68 United Confectioners Supply Co.
18
Par $25
1,000 Mohegan Inn Corp., corn.,
le.
Par $50
140 Niagara Electrolytic Iron Co.,
$105
Inc., corn
100 Niagara Electrolytic Iron Co., lot
Inc., pref
500 N. Y. Alaska Gold Dredging
Co., V. t. c
$105 lot
78 Philippine Ry.Co.and $95 scrip$26 lot
5 Army & Navy Co-Operative Co.,
par 210
1 Century Opera Co
$1 lot
30 National Weekly Corp
$2,000 National Weekly Corp. cert ticate of contribution
10 Prescott Pub. Co.,Inc.,rar 510_52 lot
Shares. %wet.
$ Per sit.
8625% paid unite North American
Utility Securities Corp., let pref.
and cont. stock
$19 per unit
Bonds.
Per Cent.
$5,800 Hoosick Foundries, Inc.,4%
class B bonds with Jan. 1 1927
and subsequent coupons attached
$40 lot
$300 Guild Theatre Co. Inc., 6%
real estate income reg.bonds_
'
_$150 lot
$1,000 Allen-Stevenson Realty Corp
deb. 1st 68, Jan. 1 1953, reg
50
$1,000 Association of the Bar of the
City of New York junior mtge.
4% bond due Dee. 1 1941
50
$900 St. Andrew's Golf Club lets. 1,
5%, July 1 1952. registered
78
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.
Railroads (Steam).
Atchison Topeka dc Santa Fe, corn.(qu.) .154
*75c.
Common (extra)
Georgia Railroad & Banking (quar.)_ _ _ *214
Pere Marquette, corn. (in corn, stock)_ _ *20
Books Closed.
Days 'notarise.
June 1 *Holders of res. May 6
June 1 *Holders of rec. May 6
Apr. 15 *Holders of roe. Apr. 1
Subj. to stockholders meet. May18
Public Utilities.
May 2 Apr. 16 to Apr. 28
American Light dr Traction, corn,(quar.) 2
2
May 2 Apr. 16 to Apr. 28
Common (extra)
134 May 2 Apr. 16 to Apr. 28
Preferred ((m.)
Amer. Water Works & Elec., own. (qu.) 40c. May 16 Holders of rec. May 2
154 May 16 Holders of rec. May 2
First preferred (guar.)
*2
*Holders of rec. Apr. 5
Bridgeport Hydraulic Co. (guar.)
3
May 2 Holders of rest. Apr. llia
Cape Breton Electric Co., pref
Central Gas & Electric, pref.(quar.)
3.$1.75 June 1 *Holders of rec. May 1$
Central & South West Util., pref.(quar.) 134 May 16 Holders of re*. Apr. 80
Prior lien (guar.)
154 May 16 Holders of roe. Apr. 80
Columbus Gas & Elec., corn.(quar.)
*$1.25 May 16 *Holders of rec. Apr. 20
*IS May 15 *Holders of res. Apr. 20
Six per cent preferred (quar.)
Commonwealth Edison (quar.)
*2
May 2 *Holders of ree. Apr. 15
Electric Investors, $7 pref. (quar.)
$1.75 May 2 Holders of res. AM. 15
$6 preferred (quar.)
$1.50 May 2 Holders of ree. Apr. 15
International Utilities, class A (quar.).. 8734 Apr. 15 Holders of rec. Apr. 84
$7 preferred (guar.)
$1.75 May 1 Holders of res. Apr. 2Ia
Interstate Railways
*350. May 2 *Holders of res. Apr. 20
Jamaica Water Supply. pref
3
May 1 Apr. 12 to May 1
Long Island Lighting, corn.(quar.)
75e. May' 1 Holders of rec. Apr. 18
Lowell Electric Light (guar.)
62340 May 2 Holders of reo. Apr. 15.
Manufacturers Light dr Heat(quar,)._. $1
Apr. 15 Holders of rec. mar.81
Milwaukee Elec. Ry.& Lt. pt. (qu.)_ _ •134 Apr. 30 *Holders of rec. Apr. 20
Mountain States Tel. & Tel.(quar.)_ _ *2
Apr. 15 *Holders of rec. Mar. 31
Nat. Elec. Power, class A, corn.(quar,). '45c. May 2 *Holders of rec. Apr. 20
Northern Connecticut Power, pref. (qu.) 81.6211 Mar. 31 Holders of rec. Mar. 24
Pennsylvania-Ohio Pow.& Lt.,8% pref_ 2
Aug. 2 Holders of rec. July 20
Seven per cent preferred (quar.)
134 Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
60c. June 1 Holders of rec. May 20
7.2% preferred (monthly)
650. July 1 Hoidens of rec. June 20
60c
Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
6.6% preferred (monthly)
55c. Jtme 1 Holders of rec. May 20
6.6% preferred (monthly)
5.50. July 1 Holders of rec. June 20
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
Penn-Ohio Edison, corn. (quar.)
3.25c May 2 *Holders of rec. Apr. 15
Corn. (1-50th shre of corn, stock)_
May 2 *Holders of rec. Apr. 15
Penn-Ohio Securities (quar.) (No. 1)--- *18c. May 3 *Holders of rec. Apr. 15
Pub.Serv. of N. III., $100 par corn.(qu.) *2
May 2 *Holders of roe. Apr. 15
No par common (quar.)
*52
May 2 *Holders of rec. Apr. LS
Six per cent preferred (guar.)
*134 May 2 *Holders of rec. Apr. 15
Seven per cent preferred (quar.)
*134 May 2 *Holders of reo. Apr. 15
Southern California Edison, corn.(quar.) 50c. May 15 Holders of rec. Apr. 20
South. Colorado Pow., cl. A, corn. (qu.) 50c. May 25 Holders of rec. Apr. 30
West Penn Electric Co.,7% pref.(guar.) I34 May 16 Holders of rec. May 2
Six per cent preferred (quar.)
134 May 16 Holders of rec. May 2
Banks.
Corn Exchange (quar.)
.5
May
1 *Holders of rec. Apr. 30
Miscellaneous.
Allis-Chalmers Mfg., corn. (quar.)
341.50 May 16 *Holders of rec. Apr. 25
Alpha Portland Cement, corn. (quer.)_ _ 38734c Apr. 15 *Holders of rec. Apr. 1
American Cigar Co., corn. (quar,)
2
May 2 Holders of rec. Apr. 15
American Glue, preferred (guar.)
*2
May 2 *Holders of rec. Apr. 16
Amer. Machine & Fdy., pref.(guar.) -13( May 2 Holders of rec. Apr. 22
American Rolling Mill, corn.(quer.)_ _ _ _ *50c. Apr. 15 *Holders of rec. Mar. 31
Amer. Smelting & Refining, corn.(quar.)
May 2 *Holders of rec. Apr. 14
Preferred (quar.)
'
131 June 1 *Holders of rec. May 6
Babcock & Wilcox Co. (guar.)
l*Hoiders of rec.June 20
July
Quarterly
Oct. 1 *Holders of rec. Sept.20
411,‘ Janl '28 *Holders of rec. Dec. 20
Quarterly
•1U Aprl'28 *Hold. of rec. Afar. 20 '28
Quarterly
Bloomingdale Bros., Inc., pref.(Otter.).. •1,‘ May 1 *Holders of rec. Apr. 20
Borden Company,corn. (guar.)
$1.25 June I Holders of rec. May 16
Brown Shoe, preferred (mar.)
131 May 2 Holders of rec. Apr. 20
Bunker Hill & Sullivan M.& Coast. Co_ 250. Apr. 4 Holders of rec. Mar.31
Extra
25c. Apr. 4 Holders of rec. Mar. 31
• u May 1 *Holders of rec. Apr. 25
Bunts Brothers, pref.(quar.)
Cerro de Pasco Copper (quar.)
$l
May 2 Holders of rec. Apr. 14
Cluett, Peabody & Co., corn. (quar.)$1.25 May 2 Holders of rec. Apr. 20
Columbian Carbon (quar,)
May 2 *Holders of rec. Apr. 18
*$1
Credit Alliance Corp., corn. & Cl. A (qu.) 75c. Apr. 15 Holders of rec. Apr. 5
Common and class A (extra)
750. Apr. 15 Holders of rec. Apr. 5
Preferred (quar.)
134 Apr. 15 Holders of rec. Apr. 5
Davega, Inc. (quar.)
*250. May 2 *Holders of rec. Am'. 15
2082
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
(Voi,. 124: Per
When
Ceni, Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Public Utilities (Concluded).
Dome Mines (quar.)
25e. May 5 Holders of rec. Apr. 18
East Bay Water. preferred B (guar.)
.
- *lli Apr. 15 *Holders of rec. Mar. 31
Eastern Bankers Corp., pref. (quar.)_
1M May 2 Holders of rec. Apr. 15
Edison Electric Illum. of Boston (qear.)- 3
May 2 Holders of rec. Apr. 15
Eureka Vacuum Cleaner (guar.)
*El
May 1 *Holders of rec. Apr. 20
Elec. Bond & Share, pref. (guar.)
134 May 2 Holders of rec. Apr. 12
Exchange Buffet (guar.)
373ic. Apr. 30 Holders of rec. Apr. 15a Elec. Bond & Share Secur.(guar.)
25c. Apr. 15 Holders of rec. Mar. 18
Pair (The), common (monthly)
*20c. June 1 *Holders of rec. May 21
El Paso Elec. Co., pref. sex. A (quar.)... 151 Apr.. 15 Holders of rec. Apr. la
Common (monthly)
*200. July 1 *Holders of rec. June 20
Preferred series B (guar.)
134 Aor, 15 Holders of rec. Apr. la
Common (monthly)
*20e. Aug. 1 *Holders of rec. July 21
Empire Gas & Fuel.7% pref.(monthly).. 58 1-3c May 2 Holders of rec. Apr. 154
Preferred (guar.)
*IM Aug. 1 *Holders of tee. July 21
Eight per cent preferred (monthly)__. 662-3c May 2 Holders of MO. Apr. liks
Fajardo Sugar (guar.)
$2.50 May d2 Holders of rec. Apr. 20
Foshay(W. B.) Co., common (monthly) 1370. Apr. 10 Holders of rec. Mar.31
Oemmer Manufacturing, class A (guar.) *75e. Apr. 1 *Holders of rec. Mar.25
Seven per cent preferred (monthly)___ 58c. Apr. 10 Holders of rec. Mar.31
Class B (guar.)
4.30c, Apr. 1 *Holders of rec. Mar. 25
Preferred A (monthly)
67c. Apr. 10 Holders of rec. Mar. 31
Goodyear Tire & Rubber of Can., pref._ */11M Apr. 15 *Holders of rec. Mar. 31
General Public Service, $6 pref.(guar.). $1.50 May 2 Holders of rec. Apr. 8.
Hellman (Richard), Inc., part. pf. (qu.) *1323e May 2 *Holders of rec. Apr. 20
Convertible preferred (guar.)
51.75 May 2 Holders of rec. Apr. 84
Hercules Powder, preferred (guar.)
*131 May 14 *Holders of rec. May 5
Illinois Northern UM.. pref. (quar.)- - '134 May 1 *Holders of rec. Apr. 15
:Molly Sugar Corporation, pref.(quar.)
13‘ May 1 Holders of rec. Apr. 15
Internat. Telep. & Teleg. (guar.)
114 Apr. 15 Holders of rec. Mar.280
Homestake Mining (monthly)
*50c. Apr. 25 *Holders of rec. Apr. 20
Kentucky Securities Corp.. pref. (quar.) 134 Apr. 15 Holders of tee. Mar. 180
Rupp Motor Car Corp., com.(quar.)_ _ _ 4.350. May 1 *Holders of rec. Apr. 15
Laurentide Power (guar.)
13i Apr. 113 Holders of rec. Apr. 5
International Accept. Bank, com.(qtr.). Si
Manila Electric Co.. corn
Apr. 15 Holders of rec. Apr. 7
82lic May 2 Holders of rec. Mar. 310
Internat. Cigar Machinery (guar.)
May 2 Holders of rec. Apr. 22
$1
Massachusetts Gas Cos., cons. (guar.)._ *51.25 May 2 *Holders of rec. Apr. 15
International Nickel, pref. (guar.)
1M May 2 Holders of rec. Apr. 14
Massachusetts Lighting Cos..Interstate Iron & Steel, com.(qu.)(No.1) *51
Apr. 15 *Holders of rec. Apr. 8
Six per cent pref. (guar.)
134 Apr. 15 Holders of rec. Mar.25
Common (guar.)
July 15 *Holders of rec. July 8
411
Eight per cent pref. (guar.)
2
Apr. 15 Holders of rec. Mar. 25
Common (guar.)
Oct. 15 *Holders of rec. Oct. 8
411
Middle West Util. pref. (guar.)
151 Apr. 15 Holders of rec. Apr. 1
Common (guar.)
an.l6'2 *Holders of rec. Jan. 928 Milwaukee Elec. Ry. dr Lt., pref. (go.). 134 Apr. 30 Holders of rec. Apr. 20.
411
Intertype Corporatioa, corn.(quar.)___ _ 415c. May 16 *Holders of rec. May 2
Missouri Gas dr Elec. Serv. pr. I. (qu.).... $1.75 Apr. 15 Holders of roe. Mar. 31
Kress (S. H.) & Co., new com.(quar.)- - *250. May 2 *Holders of rec. Apr. 20
Montreal Lt., Ht.& Pow., corn.(quar.)_ 50c. Apr. 30 Holders of rec. Mar. 31
.Landay Bros., Ise., class A (qua:.)
75c. May 2 Holders of rec. Apr. 15a Montreal Telegraph (oust.)
Apr. 16 Holders of roe. Mar.314
2
Liquid Carbonic Co., corn. (quar.)
*90c. May 1 *Holders of rec. Apr. 20
Montreal Tramways(qua:.)
234 Apr, 16 Holders of rec. Apr. 7
Loew's Boston Theatre (qua:.)
*150. Apr. 30 *Holders of rec. Apr. 18
Mountain States Power. ore'. (quar.).__
Apr. 20 Holders of roe. Mar. 31
134
McCrory Stores Corp., class A & B (qu.) *40c. June 1 *Holders of rec. May 20
National Fuel Gas(guar.)
251 Apr. 15 Holders of roe. Mar.31
Mlaml Copper Co. (guar.)
37lic. May 18 Holders of rec. May 2a Nevada-Calif. Elec. Corp.. pref.(guar.) 11% May 2'Holders of rec. Mar. 30
Mlnox Chemical Corp., pref. (guar.)_
2
Apr. 20 Apr: 1 to Apr. 20
New Eng. Power Assn.. corn. (guar.)._ 3734e Anr. 15 Holders of rec. Mar. 31
Motor Products Corp., corn. (guar.)---- *50c. May 2 *Holders of rec. Apr. 15
New England Public Serv., $7 of. (qu.)_ 411.75 Apr. 15 *Holders of rec.far. 31
Preferred (guar.)
*31.25 May 2 *Holders of rec. Apr. 15
Adjustment preferred (guar.)
411.50Apr. 15 *Holders of rec.lar. 31
Mullins Body Corp., pref. (guar.)
May 1 *Holders of rec. Apr. 18
*2
New York Telephone. 834% pref.(cm.). 134 Apr. 15 Holders of rec. Mar. 19
Nash (A.) Co. (guar.)
Apr. 15 *Holders of rec. Apr. 10
*23
Niagara Falls Power. pref. (guar.)
4354c Apr. 15 Holders of rec. Mar. 31a
Nat'l Department Stores, 1st pref.(M.) *1
May 2 *Holders of rec. Apr. 17
Northern Canada Power. pref. (guar.)-- 31,1)4 Apr. 15 *Holders of rec. Mar. 25
Second preferred (guar.)
June 1 *Holders of rec. May 18
*1
Northern Mexico Power & Devel.,corn... 1
Apr. 15 Holders of rec. Mar. 31
National Tea, pref.(guar.)
May 1 *Holders of rec. Apr. 18
Nor. Ontario Light dr Pow.. Ltd.(qu.)- 1
Apr. 10 Holders of rec. Mar. 31
Neisner Brothers, pref. (guar.)
51.75 May 1 Holders of rec. Apr. 15
Northern States Power,com.cl. A (qu.)
52 May 2 Holders of rec. Mar. 31
N. Y. Merchandise, corn. (guar.)
*50e. May 1 *Holders of rec. Apr. 20
7% preferred (guar.)
Apr. 20 Holders of rec. Mar. 31
154
Preferred (guar.)
*I
May 1 *Holders of rec. Apr. 20
6% preferred (guar.)
134 Apr. 20 Holders of rec. Mar. 31
431M/enhe1m. Collins Co., com. (quar.)-- $1
May 18 Holders of rec. Apr. 29
Northwestern Bell Telep.. pref. (qu.)... 134 Apr. 15 Holders of rm. Mar. 194
Orpheum Circuit, com.(monthly)
182-30 May 1 Holders of rec. Apr. 20
Ohio Edison, 8% pref. (guar.)
June 1 Holders of rec. May 18
134
-Outlet Co., corn. (guar.)
May 2 *Holders of rec. Arp. 20
*51
8.6% preferred (guar.)
1.65 June 1 Holders of rec. May 113
First preferred (gear.)
.41M May 2 *Holders of rec. Apr. 20
7% preferred (guar.)
June 1 Holders of rec. May 18
134
Second preferred (guar.)
*13i May 2 *Holders of rec. Apr. 20
13% preferred Ononth11,
50c. May 2 Holders of rec. Apr. 15
Plymouth Plan, pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 21
8% preferred (monthly)
50e. June 1 Holders of rec. May 16
Postum Cereal (guar.)
+11.25 May 1 *Holders of rec. Apr. 21
8.8% preferred (monthly)
May 2 Holders of rec. Apr. 15
55e.
Scullin Steel. pref. (guar.)
750. Apr. 15 Holders of rec. Apr. 1
6.6% Preferred (monthly)
55e, June I Holders of rec. May 16
Simmons Co.. pref. (guar.)
*1M May Z*Holders of rec. Apr. 15
Ohio Oil& Gas(quar.)
+25c. Apr. 15 *Holders of rec. Apr. la
Spalding (A. G.) & Bros., com.(quar.)
$1.25 Apr. 15 Holders of rec. Apr. 8
Ottawa-Montreal Power. pref. 'guar.)
14( Apr. 15 Holders of roe. Mar. 31
First preferred (guar.)
134 June 1 Holders of rec. May 14
Pacific Gas di Elec.. corn. (quar.)
50e. Apr. 15 Holders of rec. Mar. 316
Second preferred (guar.)
2
June 1 Holders of rec. May 14
Pacific Term, & Teleg.. preferred (guar.) 2
Apr. 15 Holders of rec. Mar. 310
Stedman Products. pref. (guar.)
134 Apr. 1 Holders of rec. Mar.25
Penn-Ohio Edison, 7% prior pref.(qua 134 June 1 Holders of rec. May 21
Tide Water 011, pref. (guar.)
lit May 18 Holders of rec. May 2
$13 preferred (guar.)
81.50 Apr. 15 Holders of rec. Mar. 31
Union 011 of California (guar.)
50c. May 10 Holderh of rec. Apr. 18
Penn.-Ohio Pow. dr Lt.. 8% pref. (qu.)
2
May 2 Holders of rec. Apr. 44
Union Biscuit, preferred (guar.)
•134 Apr. 15 *Holders of rec. Apr. 5
Seven per cent preferred (guar.)
154 May 2 Holders of roe. Apr. 20
United States Rubber, 1st pref. (qar.). 2
May 14 Holders of rec. Apr. 20a
7.2% preferred (monthly)
80c. May 2 Holders of rec. Apr. 20
White Sewing Mach., prior pref.(gear.)- *El
8.8% preferred (monthly)
May 3 *Holders of rec. Apr. 19
550. May 2 Holders of rec. Apr. 20
Wilcox(H.F.) Oil & Gas(guar.)
.50e. May 10 *Holders of rec. Apr. 15
Peoples Gas Light & Coke (guar.)
Apr. 18 Holders of rec. Apr. 20
2
Peoples Light & Power, corn. A(m.thlY) 20c. Apr. 10 Holders of rec. Mar. 31
Seven per cent preferred (monthly).- 580, Apr. 10 Holders of rec. Mar.31
Below we give the dividends announced in previous weeks Phila.
& Camden Ferry
*52
Apr. 11 *Holders of rec. Mar.25
and not yet paid. This list does not include dividends an- Philadelphia
Company, common (guar.) 31
Apr. 30 Holders of rec. Apr. la
Common (payable in common stock) _ _ (5) Apr. 30 Holders of rec. Apr. la
nounced this week, these being given in the preceding table.
Slx per cent preferred
31.50 May
Holders of rec. Apr. la
Phila. Rapid Transit, common (guar.).- 51
Apr. 30 Holders of rec. Apr. 156
Preferred
Per
$1.75 May
when
Books Closed.
Holders of rec. Apr. 1
Name of Company.
Phila.& Western Ky.,oref.(guar.)
C8711. Payable.
Days Inclusise
6234c Apr. 1 Holders of rec. Mar.31.
Power Corp. of Canada. 1st pref. (qu.)1.36 Apr. 1 Holders of rm. Mar. 31
Railroads (bream).
Puget Sound Pow.& Light, pref.(guar.) 13i Apr. 1 Holders of rec. Mar. 214
Baltimore dr Ohio, com.(guar.)
Prior preference (guar.)
131 June 1 Holders of rec. Apr. 18a
131 Apr. 1 Holders of rec. Mar. 216
Preferred (guar.)
1
June 1 Holders of rec. Apr. 186 Quebec.Power ((muar.).
Holders of rec. Mar.31
134 Apr. 1
Carolina Clinchfield & 01110 (guar.)
750. Apr. 10 Holders of rec. Mar. 31a San Diego Consol. G.& E., pref. (qu.)-- '134 Apr. 1 *Holders of rec. Mar.31
Stamped certificates
1M Apr. 10 Holders of rec. Mar. 310 Shawinigan Wat.& Pow., new. corn.(cod 50o. Apr. I
Holders ot rec. Mar. 25
Chesapeake & Ohio, pref. (gear.)
Holders of rec. Apr. 14a
334 July 1 Holders of rec. June 8a Sierra-Pacific Elec. Co., com. (gust.)... 50c. May
Cleve. Ctn. Chic.& Bt. L.,corn.(Oust.). 134 Apr. 20 Holders of rec. Mar. 310
Preferred (guar.)
13i May
Holders of rec. Am. 14a
Preferred (guar.)
154 Apr. 1 Holders of rec. Apr. 2
134 Apr. 20 Holders of rec. Mar. 316 South Pittsburgh Water. Prof. (guar.) _ _
Delaware Lackawanna & Wen.(guar.)- $1.50 Apr, 20 Holders of rec. Apr. 9a Southeastern Power dr Lt.. corn. (qua:.).. 250. Apr. 20 Holders of rec. Mar. 31
Hawes City Southern. pref.(quar.)_... 1
Apr. 15 Holders of rec. Mar. 310 Southern Calif. Edison,one. pref.(qu.).. 50e. Apr. 1 Holders of rec. Mar. 20
Midland Valley, common
$1.25 Apr. 15 Holders of rec. Mar.31/1 Southern Canada Power, pref. (quar.)._
134 Apr, 1 Holders of rec. Mar.254
Missouri-Kansas-Texas, pref. A (qua:.).. 134 May 2 Holders of rec. Apr. 15a Southern New England Telep (guar.)-- 2
Holders of rec. Mar. 31
Apr. 1
NewYork Central RR.(quar.)
134 May 2 Holders of rec. Mar.314 Southern Wisconsin Elec., pref. (quar.). *134 Apr. 1 *Holders of rec. Mar. 31
Norfolk & Western, adj. pref.(quar.)-1
May 19 Holders of rec. Apr. 300 Standard Gas & Elec., com. (quar.)...... 8734c Apr. 2 Holders of rec. Mar. 31a
Northern Pacific (guar.)
Prior preference (guar.)
134 Apr. 2 Holders of rec. Mar.31
134 May 2 Mar. 18 to Apr. 12
Pere Marquette, prior preferred (guar.) 134 May 2 Holders of rec. Apr. 14a Trinidad Electric Co.. Ltd.(guar.)
114 Apr. 1 Apr. 1 to Apr. 10
Preferred (guar.)
51
Apr. 1 Holders of rec. Mar.31a
134 May 2 Holders of rec. Apr. 140 United Gas Improvement (quar.)
Pittsburgh & West Virginia corn. (guar.) 1.34 Apr. 30 Apr. 13 to
United Light & Pow, r ew corn.A&B(qu.) 12e. May
Holders of rec. Apr. 15
May 2
Reading Company, com.(guar.)
Old corn. class A & B (guar.)
80e. May
Holders of rec. Mar. 15
May 12 Holders of rec. Apr. 130
$1
Second preferred (guar.)
Apr. 1 Holders of rec. Mar.25
500. Apr. 14 Holders of rec. Mar. 21a Washington Water Power,Spokane (qtr.) 2
St. Louis-San Francisco. preferred (au.) 134 May 2 Apr. 10 to May 10
West Penn Power Co..8% pref.(quar.). 1)4 May
Holders of rec. Apr. 56
Preferred (guar.)
Seven per cent preferred (guar.)
134 May
Holders of rec. Apr. 54
134 Aug. 1 Holders of rec. July 150
Preferred (guar.)
lli Nov. 1 Holders of rec. Oct. 154 Western Power Corp., pref. (qua:.)...... 154 Apr. 1 Holden of rec. Mar.31.
Southern Railway, corn. (guar.)
154 May 2 Holders of rec. Apr. 2a Western States Gas de El., pref.(guar.). 134 Apr. 1 Holders of rm. Mar. 31
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar.254
lli Apr. 15 Holders of rec. Mar.22a Western Union Teleg.(guar.)
Wabash Hy., pref. A (guar.)
750. Apr. IS Apr. 8 to Apr. 14
134 May 25 Holders of rec. Apr. 16a York Railways, corn. (guar.)
Preferred (guar.)
Apr. 29
62340 Apr. 3 Apr. 21 to
Public Utilities.
All America Cables (guar.)
Fire Insurance.
134 Apr. 14 Holders of tee. Mar.31a
American Gas Co.(N. J.) (guar.)
Home
(quarterly)
2
Apr. 13 Holders of rec. Mar. 314
a Apr. 11 Holders of rec. Mar. 5
Amer.Gas& Electric, preferred (quar.).. Ili May 2 Holders of rec. Apr. 9
United States (guar.)
8
May 2 Holders of rm. Apr. 25a
American Telep. & Teleg.(guar.)
21.4 Apr. 15 Holders of rec. Mar. 154
Associated Gas & Elm., class A (quar.)_ niwti May 2 Holders of roe. Mar.310
Miscellaneous.
$13 preferred (guar.)
June 1 Holders of rec. Apr. 30a
5834 preferred (guar.)
jii May 1 Holders of tee. Apr. 156
r$134 June 1 Holders of tee. Apr. 30a Abraham & Straus, Inc., pref. (guar.) _
Bangor Hydro-Elec. Co.. com.(qua:.)_
Abitibi Power & Paper, corn. (quar-)--- $1.25 Am. 20 Holders of rec. Apr. 9a
134 May 2 Holders of rec. Apr. 11
Bell Telephone of Canada (quar.)
Air Reduction Marl.
Apr. 15 Holders of rec. Mar. 23
2
81.25 Apr. 15 Holders of rec. Mar. 310
Bell Telephone of Pa.. corn. (quar.)
Alliance Realty (guar.)
*2
Mar.31 *Holders 01 rec. Mar.31
Ap
orlder6s of roe. A
. 20
2 H
mpary
0 A
62
2131o.
AIK
ur.. 2
16
14
t3ji% pref.(guar.)
134 Apr. 14 Holders of rec. Mar. 190 Allied Chemical & Dye,corn.(qua:.)
to
Brooklyn Borough Gas, con.(guar.)._ 411.50 Apr. 11 *Holders of rec. Mar. 31
Allis Chalmers Mfg.. prof. (guar.)
134 Apr. 15 Holders of rec. Mar.244
Brooklyn-Manhattan Tran.,corn.(qu.)_ $1
Aor, 15 Holders of rec. Apr. la Amerada Corporation (guar.)
50c. Apr. 30 Holders of rec. Apr. 15.
Preferred series A (quar.)
Amer. Art Works. Inc.. corn.& pf.(qua. 134 Apr. 15 Holders of rec. Mar. 31
134 Apr. 15 Holders of rec. Apr. 1
Central Illinois Pub. Serv.. pref. (guar.) $1.50 Apr. 16 Holders of on. Mar 310 American Can. corn.(guar.)
we. may 18 Holders of rec. Apr. 304
Central Power dr Light. pref.(quar.)____ *31.75 May 1 *Holders of rec. Apr. 15
American Coal (guar.)
May 1 Apr.d10 to May 1
El
Central & Southwest UM.. corn.(guar.). *75e. Apr. 15 *Holders of rm. Apr. 1
Amer. Fork & Hoe. pref.(guar.)
11.4 Apr. 15 Holders of rec. Apr. 5
Ches.& Potomac Telep.of Bait., PI.(r110
Amer. Home Products (quar.)
154 Apr. 15 Holders of rec. Mar.31
200. May 2 Holders of rec. Apr. 150
chime° Rap.Tran., prior pref. A(mthly) 850. May 1 Holders of rm. Apr. 19a American Ice. common (guar.)
Apr. 25 Holders of rec. Apr. 130
2
Prior preferred A (monthly)
650. June 1 Holders of rec. May ha
Preferred (guar.)
134 Apr. 25 Holders of rec. Apr. 136
Prior preferred B (monthly)
600. May 1 Holders of rec. Apr. 19a
Amer. Laundry Machinery, corn. (1111.)- al
June 1 Holders of rec. May 23
Prior preferred B (monthly)
600. June 1 Holders of rec. May 17a
American Mfg. Co., corn. (guar.)
134 July 1 Holder, of rec. June 164
CM.Newport dr Cov.L.dr Tr.,corn.(qtr.) 134 Apr. 15 Apr. 1 to Apr. 17
Common (guar.)
1)4 Oct. 1 Holders of rec. Sept. 166
Preferred (guar.)
Ili Apr. 15 Apr. 1 to Apr. 17
Common (guar.)
Ili Dee. 31 Holders of reo. Dec. 1611
Cleve. Elec. III., corn. (quar.)
231 AM. 15 Holders of rec. Mar.31
Preferred (guar.)
134 July 1 Holders of too. June lila
Preferred (guar.)
4.134 June 1 *Holders of rec. May 18
Preferred (guar.)
134 Oct. 1 Holders of tee. Sept.:18a
Commonwealth Power,common (guar.). 50c. May 2 Holders of rec. Apr. 7
Preferred (guar.)
134 Dee. 31 Holders of tee. Doe. ltia
Common (extra)
50c. May 2 Holders of rec. Apr. 7
American Seating, com.(extra)
250. July 1 Holders of rec. June 20
Preferred (guar.)
Common (extra)
134 May 2 Holders of rec. Apr. 7
250. Oct. I Holders of rec. Sept. 20
Consolidated Gas (N.Y.), $5 pref.(qu.). 131c. May I Holders of rec. Mar.31a Amer. Shipbuilding, common (guar.)May 2 Holders of rec. Apr. 156
2
Sr.)
*8734c May 1 *Holders of rec. Mar. 15
Old pref
Preferred (guar.)
154 May 2 Holders of rec. Apr. 15
Consumers Power,8% pref. (guar.)
Amer. Steel Foundries, common (qua:.).. 75e. Apr. 15 Holders of rec. Apr. la
134 July 1 Holders of rec. June 15
1.85 July 1 Holders of roe. June 15
Amer. Type Founders, com.(gust)--..- 2
6.6% preferred (guar.)
Apr. 15 Holders of rec. Apr. 5a
Preferred (guar.)
154 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
154 Apr. 15 Holders of rec. Apr. 5a
50e. May 2 Holders of rec. Apr. 15
Amer. Vitrified Prod., corn. (guar.).- *75c. Apr. 15 *Holders of rec. Apr. 5
Six per cent preferred (monthly)
50c.
June 1 Holders of rec. May 16
.0151 May 2 *Holders of rec. Apr. 20
Six per cent preferred (monthly)
Preferred (guar.)
50c. July 1 Holders of rec. June 15
American Woolen, preferred (guar.).
Six per cent preferred (monthly)
134 Apr. 15 Mar 12 to Mar.23
Anaconda Cooper Mining (mar.)
550. May 2 Holders of rec. Apr. 15
8.8% preferred (monthly)
75e. May 23 Holders of rec. Apr. 16.
Archer-Daniels-Midland Co., corn. (qu.) 75e. May 1 Holders of rec. Apr. 20a
550. June 1 Holders of rec. May 16
8.6% preferred (monthly)
Preferred (guar.)
550. July 1 Holders of rec. June 15
0.6% preferred (monthly)
$1.75 May 1 Holders of rec. Apr. 20.
Apr. 15 Holders of too. Mar.2I6 Asbestos Corp., pref. (gust..)
Detroit Edison (nuar.)
11.4 Apr. 15 Holders of rec. Mar.31
Associated 011, extra
40o. Apr. 25 Holders of rec. Mar. 50
Diamond State Telephone. pref. MALL. *I% Apr. 14 *Holders of rec. Mar. 19
T H 141 CHRONICLE
APR. 9 1927.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
Associated Dry Goods, common (quar.)_ 62c. May 2 Holders of rec. Apr. 90
First preferred (guar.)
134 June 1 Holders of rec. Apr. 30a
Second preferred (guar.)
134 June 1 Holders of rec. Apr. 30a
Atlantic Refining. pref. (guar.)
1M May 2 Holders of rec. Apr. 15
$1 Apr. 15 Holders of rec. Apr. 1
Atlas Plywood (guar.)
134 May 2 Holders of rec. Apr. 20a
Atlas Powder, pref.(guar.)
Apr. 15 Holders of rec. Mar. 31
Bankers Capital Corp., pref.(guar.)._ __ 62
$2
July 15 Holders of rec. June 30
Preferred (guar.)
$2
Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
Jan16'28 Holders of rec. Dec. 31
$2
Preferred (guar.)
Barnhart Bros. & Spindler•13 May 2'Holders of rec. Apr. 23
First and second pref (Quer.)
144 Apr. 15 Holders of rec. Mar. 3Ia
Bayuk Cigars, 1st pref. (guar.)
15 Apr. 15 holders of rec. Mar. 31a
Convertible 2d preferred (guar.)
2
Apr. 15 Holders of rec. Mar. 31
Eight per cent 2d preferred (quar.)___
60c. Apr. 9 Holders of rec. Mar. 250
Beech-Nut Packing, corn. (guar.)
1M Apr. 15 Holders of rec. Apr. la
Preferred (guar.)
BeIgo-Canadian Paper, Corn. (guar.).- 134 Apr. 11 Holders of rec. Mar. 31
Bigelow-Hartford Carpet, common (qu.)•$1.50 May 2'Holders of rec. Apr. 8
•114 May 2'Holders of rec. Apr. 8
Preferred (quar.)
75c. May 2 Holders of rec. Apr. 21
Blow-Knot Co.. corn. (guar.)
May 2 Holders of rec. Apr. 21
First preferred (quar.)
Bloch Bros. Tobacco. common (quar.)__ 3734c. May 15 Holders of rec. May 10
Common (guar.)
3134c. Aug. 15 Holders of rec. Aug. 10
371.4c. Nov. 15 Holders of rec. Nov. 10
Common (guar.)
Preferred (guar.)
134 June 30 Holders of rec. June 25
1% Sept. 30 Holders of rec. Sept. 25
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 26
Preferred (guar.)
Apr. 30 Holders of rec. Apr. I5a
Bon Ami Co., corn.. class A (quar.)
$1
$1
Apr. 15 Mar. 27 to Apr. 14
Borne Scrymser Co
75c. Apr. 15 Mar. 27 to Apr. 14
Extra
75c. Apr. 23 Holders of rec. Apr. lla
Briggs Mfg. (guar.)
Brornpton Pulp & Paper (guar.)
50c. Apr. 16 Holders of rec. Mar. 31
June 15 Holders of rec. Apr. 23
Buckeye Pipe Use (guar.)
$I
Burns Brothers, prior preferred (guar.) _ "134 May 2'Holders of rec. Apr. 15
41 Apr. 15 Holders of rec. Apr. la
Bush Terminal Co.. 7% deb. stk.(guar.)
Byers (A. M.) Co.. pref. (guar.)
134 May 2 Holders of rec. Apr. 15a
Canada Cement (11111.1%)
134 Apr. 16 Holders of rec. Mar. 31
50c. Apr. 15 Holders of rec. Apr. la
Canada Dry Ginger Ale (guar.)
25c. Apr. 15 Holders of rec. Apr. la
Extra
144 Apr. 9 Holders of rec. Mar. 25
Canadian Car & Foundry. pref. (quar.)_
Canadian Fairbanks-Morse. pref.(guar.) 134 Apr. 15 Holders of rec. Mar. 31
32c. Apr. 15 Holders of rec. Mar.31
Canadian Industrial Alcohol (guar.)---'134 June 30 "Holders of rec. June 20
Canfield Oil. common (guar.)
"114 Sept. 30 "Holders of rec. Sept.20
Common (guar.)
'134 Dec. 31 *Holders of rec. Dec. 20
Common (guar.)
'1'4 June 30 'Holders of rec. June 20
Preferred (guar.)
*134 Sept. 30 "Holders of rec. Sept.20
Preferred (quar.)
944 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
pfd.(qu.)
6234c.
cony.
Apr. 15 Holders of rec. Apr. 9
Inc.,
Cellulose Products,
50c
Apr. 10 Holders of rec. Mar. 250
Central Alloy Steel. oom. (guar.)
134 June 1 Holders of rec. May 200
. Century Ribbon Mills. pref. (quar.)____
134 Apr, 25 Holders of rec. Apr. 150
Chicago Pneumatic Tool (guar.)
33 I-3c May 2 Holders of rec. Apr. 200
Chicago Yellow Cab Co.(monthly)
33 1-3c June 1 Holders of rec. May 20s
Monthly
Childs Co.,com.(pay.in no par com.stk.) 11
July 1 Holders of rec. May 27a
Common (payable In no par corn. stk.) /1
Oct. 1 Holders of rec. Aug. 26a
Common (payable is no par,
Dec. 30 Holders of rec. Nov 25a
ofn. stk.) fl
Christie Brown & Co., corn. (quar.)____ 300. May 1 Holders of rec. Apr. 15
Preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 20
Chrysler Corp., preferred A (quar.)
June 30 Holders of rec. June 150
$2
Preferred A (guar.)
Sept. 30 Holders of rec. Sept. 15a
$2
Preferred A (guar.)
$2
Jan 328 Holders of rec. I)ec. 150
Cities Service. common (monthly)
•14 May 2 *Holders of rec. Apr. 15
Common (payable in common stock)
•134 May 2'Holders of rec. Apr. 15
Preferred & preferred B (monthly)
•14 May 2 "Holders of rec. Apr. 15
534 May 2'Holders of rec. Apr. 15
Preferred B (monthly)
Bankers shares (monthly)
•H May 2'Holders of rec. Apr. 15
Bankers shares (In stock)
"/TH May 2 *Holders of rec. Apr. 15
City ice & Fuel (guar.)
5(1c. Juue 1 Holders of rec. May 100
50c Sept. 1 Holders of rec. Aug. 100
Quarterly
City Stores Co.. class A
8734c May I Holders of roe. Apr. 150
Cleveland Stone (guar.)
50c. June 15 Holders of rec. June 50
Quarterly
50c. Sept. 15 Holders of rec. Sept. Sa
Coca-Cola Ca.. stock dividend
4100 Apr. 25 Holders of rec. Mar. 180
Collins & Aikman Co., corn.(quar.)__ $1
May I Holders of rec. Apr. Ila
Preferred (guar.)
134 May 1
Consolidated Royalty Oil (guar.)
214 Apr. 25 Holders of rec. Apr. 15
Continental Motors Corp. (guar.)
20c. Apr. 30 Holders of rec. Apr. 150
Copper Range Co
$1
May 2 Holders of rec. Apr. 2
Corn Products Rehr., corn (guar.)
50c. Apr. 20 Holders of rec. Apr. 4a
144 Apr, 15 Holders of rec. Apr. 4a
Preferred (guar.)
Cosgrove-Meehnn Coal. pref. (quar.)_ .134 July 1 'Holders of rec. June 27
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 28
•144 Dec. 21 *Holders of rec. Dec. 19
Preferred (quni%)
Creamery Package Mfg.. corn.(quar.) •50e. Apr. 9 *Holders of rec. Apr. 1
'134 Apr. 9 *Holders of rec. Apr. 1
Preferred (guar.)
Cresson Consul. Gold MM.& Mill.(qu.) 10c. Apr. 10 Holders of rec. Mar. 31
Crucible Steel, common (guar.)
134 Apr. 30 Holders of rec. Apr. 150
Cudahy Packing, corn. (guar.)
$1
Apr. 15 Holders of rec. Apr. 5a
Seven per cent preferred
334 May 2 Holders of rec. Apr. 21
Six per cent preferred
3
May 2 Holders of rec. Apr. 21
Cline° Press. class A (guar.)
$1
June 15 Holders of rec. June 1
Cushman's Sons. Inc.Common (payable in $8 pref. stock)._ 01.50 Sept. 1 Holders of rec. Aug. 150
Detroit Motor Bus,common (quar.)___ "134 Apr. 15 'Holders of rec. Mar 31
Diamond Match (qual.)
2
June 15 Holders of rec. May 310
Dodge Bros.. Inc., pref.(quar.)
$1.75 Apr. 15 Holders of rec. Mar.280
Dominion Textile, preferred (quar.)
134 Apr. 15 Holders of rec. Mar 31
DuPont (E. I.) de Nemours & Co.
Debenture stook (guar.)
134 Apr. 25 Holders of req. Apr. 90
Early & Daniels. common (guar.)
623.4c July 1 Holders of roe. June 200
Common (extra)
25o. July 1 Holders of rem June 20a
6234e Oct. 1 Holders of roe. Sept.201
Common (quar.)
Common (extra)
25c. Oct. 1 Holders of rec. Sept.201
Common (guar.)
6214c Jan 1'28 Holders of rec. Dee. 200
Common (extra)
25e. Jan 1'28 Holders of rec. Dec. 200
51.75 July 1 Holders of rec. June 200
Preferred (guar.)
51.75 Oct. I Holders of roe. Sept.200
Preferred (guar.)
Preferred (guar.)
$1.75 Jan 128 Holders of rec. Dec. 20.
Eastern Steamship Lines, pref.(quar.)_
8714c Apr. 15 Holders of rec. Apr. 6
$00. May 1 Holders of rec. Apr. 150
Eaton Axle & Boring. oom (guar.)
Economy Grocery Stores, corn. (guar.). "25c. Apr. 15 'Holders of rec. Apr. 1
Elgin National Watch (guar.)
'62 Hc May 2 *Holders of rec. Apr. 15
Eureka Pipe Line (quar.)
May 2 Holders of rec. Apr. 18
$1
Eureka Vacuum CleanerCommon (payable in common stock)_ 15
Aug. 1 Holders of rec. July 204
20e. May 2 Holders of rec. Apr. 20.
Fair (The)(monthly)
134 May 2 Holders of rec. Apr. 20s
Preferred (guar.)
Fairbanks, Morse & Co., coil. (quar.)
75c. June 30 Holders of rec. June 15.
Preferred (guar.)
154 June 1 Holders of rec. May 14a
Famous Players-Lasky Corp.. pref.(qu.) 2
May 2 Holders of rec. Apr.
I5a
Fansteel Products Co.. new nook
75e. May 17 Holders of me. Apr. 29
Federal Knitting Mills, corn.(quar.)_.... 6234e Apr. 15 Holders of rec. Apr. 5
160. Apr. 16 Holders of rec. Apr. 2a
Fifth Avenue Bus Securities (quar.)
Finance Co. of America (Baltimore)Common A and B (guar.)
1234c. Apr. 15 Holders of rec. Apr. 150
4334 Apr. 15 Holders of rec. AIM fra
Seven per cent preferred (guar.)
Firestone Tire ,k Rubber, corn. (quar.)
51.50 APr, 20 Holders of rec. Apr. 10
Six per cent preferred (guar.)
134 Apr. 15 Holders of MC. Apr, 1
141 May 15 Holders of rec. May
Seven per cent preferred Maar.)
1
•IM May 2 "Holders of rec. Apr.
Fisk Rubber, let pref. (guar.)
15
Convertible preferred (guar.)
'134 May 2 *Holders of roe. Apr. 15
First rederal Foreign Investment Trust. $1.75 May 15 Holders of rec. May 5
Foote Bros. Gear & Mach..com.((PO -- 30c. July 1 June 21 to June 30
Common (guar.)
300. Oct. 1 Sept. 21 to Sept. 30
30c Jan 1'28 Dec. 21 to Dee. 30
Common (guar.)
154 July 1 June 21 to June 30
Preferred (guar.)
144 Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
154 Janl'28 Dee. 21 to Doe. 30
Preferred (guar.)
134
Name of Company.
208g
Whe
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Fox Film Corp., com. A and 13 (guar.)._ $1
Apr. 15 Holders of rec. Mar.30
Freeport Texas Co.(quar.)
I
May 2 Holders of rec. Apr. 1.5a
General Cigar. corn. (guar.)
SI
May 2 Holders of rec. Apr. 200
Preferred (guar.)
144 June 1 Holders of rec. May 240
Debenture preferred (guar.)
154 July 1 Holders of rec. June 240
General Electric (guar.)
750. Apr. 28 Holders of rec. Mar. 150
Special stock (quar.)
15c. Apr, 28 Holders of rec. Mar. 15a'
General Ice Cream
$1
Apr. 15 Holders of rec. Apr. 1
General Motors Corp.. preferred (guar.) 134 May 2 Holders of rec. Apr. 9aSix per cent debenture stock (quar.)....
134 May 2 Holders of rec. Apr. ini`
Seven per cent debenture stock (guar.) 154 May 2 Holders of rec. Apr. 9W
General Outdoor Advertising. corn.(qu.) 50e. Apr. 15 Holders of rec. Apr. 50
General Refractories (guar.)
75c. Apr. 15 Holders of rec. Apr. 70
Gilchrist Co (guar.)
'750. Apr. 30 'Holders of rec. Apr. 15
Gimbel Brothers. pref.(guar.)
144 May 2 Holders of rec. Apr. 160
Globe-Wernicke, common (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 20
Gobel (Adolf), Inc., cony. pref. (quar.)_
134 May 1 Holders of rec. Apr. 15
Goodrich (B.F.) Co. preferred (guar.)
1 Holaers of rec. June 150
Goodyear Tire & Rubber of Canada, pf _ *hl 1.4 Apr. 15'Holders of rec. Mar. 31
Gorham Mfg., let pf.(acct.accum.div.)_ "h834 June I 'Holders of rec. May 16
Gotham Silk Hosiery. 7% pref.(cu.)-- 144 May 2 Holders of rec. Apr. 150
Great Northern Ore Properties
75c. Apr. 30 Holders of rec. Apr. 96
Group No. 1 Oil
$750 Aar. 26 Holders ot rec. Mar.25a
Guenther Publishing Co.
Preferred (guar.)
5
May 20 Holders of rec. Jan. 20es
QuarterlyQuarterly
5
Aug. 20 Holders of rec. Jan. 200
5
Nov. 20 Holders of rec. Jan. 200
Gulf States Steel, first preferred (guar.) 154 July 1 Holders of rec. June 150
First preferred (guar.)
Oct. I Holders of rec. Sept. 150
First preferred (guar.)
134 Jan.3'28 Holders of rec. Dec. 150
Hall(C. M.) Lamp
*25e. Apr. 15'Holders of rec. Apr. 1
.25e. Apr. 30 'Holders of ree. Apr. 20
Hall(NV. F.) Printing
Extra
25e. Apr. 30 'Holders of rec. Apr. 20
Hamilton Bank Nate
6c. Aug. 15 Holders of rec. Aug. 1
Harbison-Walker Refrac., pref. (quar.)_
134 Apr. 20 Holders of rec. Apr. 90
Hartman Corporation. class A (guar.). 50o. June 1 Holders of rec. May 17o
(0) June 1 Holders of rec. May 17.
Class B (guar.) in class A stock
Hathaway Baking. pref. A (guar.)
*2
Apr. 15'Holders of rec. Apr. 1
Hibbard. Spencer, Bartlett Co.(monthly) 30e. Apr, 29 Holders of rec. Apr. 22
Monthly
30c. May 27 Holders_of rec. May 20
Monthly
30c. June 24 Holders of rec. June 17
Hilicrmt Collieries, corn. (guar.)
134 Apr. 11 Holders of roe. Mar.31
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.31
Hollinger Consolidated Gold Mines...__ 10c. Apr. 2.. Holders of res. Apr. 5
Horn& Hardart of N. Y.(guar.)
"3734c May 2 "Holders of rec. Apr. 11
Special
"1234c May 2 'Holders of rec. Apr. 11
Howe Sound Co.(guar.)
Apr. 15 Holders of rec. Apr. 10
31
Illinois Brick (guar.)
605, Apr, 15 Apr. 5 to Apr. 15
Quarterly
60e. July 15 July 3 to July 15
Quarterly
600. Oct. 16 Oct. 5 to Oct. 16
Independent Oil & Gas(riar.)
250 Apr. 18 Holders of roe. Mar.31
Indiana Pipe Line (guar.)
May 14 Holders of rec. Apr. 22
$1
Internat. Business Machines(quar.)__ 51 Apr. 11 Holders of rec. Mar. 230'
international Harvester Corn. (guar.)._
134 Apr. 15 Holders of rec. mar.250
Internat. Match, panic. pref. (quiz.).... 80c. Apr. 15 Holders of rec. Mar.25a
International Paper, corn. (guar.)
50c. May 16 Holders of rec. May 20
Seven per cent pref. (guar.)
154 Apr. 15 Holders of rec. Apr. la
Six per cent preferred (quar.)
134 Apr. 15 Holders of req. Apr. la
Johns-Manville Corp., corn. (quar.)
75e. Apr. 15 Holders of rec. Apr. la
Kayser (Julius) & Co., corn. (quar.).... $1
May 2 Holders of rec. Apr. 150
Kellogg Switchboard & Sup., com.(qu.)_ 3214c Apr. 30 Holders of roe. Apr. 9
Preferred (guar.)
134 Apr. 30 Holders of roe. Apr. 9
Kelsey Wheel, pref. (guar.)
134 May 1 Holders of rec. Apr.d2041
Kerr Lake Mines. Ltd
6c. Apr. 15 Holders of rec. Apr. 1
Kirby Lumber, common (guar.)
134 June 10 Holders of rec. May 31
Common (guar.)
134 Sept. 10 Holders of rec. Aug. 31
Common (guar.)
Doe. 10 Holders of rec. Nov.30
Knox Hat, Inc., corn.(guar.)
$1
May 1 Holders of rec. Apr. 15
Class A participating (quar.)
$1
May I Holders of rec. Apr. 15
Prior preferred (guar.)
51.75 July 1 Holders of rec. June 16
Prior preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 16
Eiccond preferred
53.50 Aug. 1 Holders of rec. July 15
Kruskal & Kruskal, Inc. (ouarterly)___ 50c. May le Holders of rec. Apr. 29.
Lego Oil & Transport (No. 1) (quar.)___ 75e. May d" Holders of rec. Apr. lba
Lion 011 Refining, corn.(guar.)
60o. Apr. 27 Holders of rec. Mar.310
Common (extra)
25e, Apr, 27 Holders of rec. Mar.310
Loose-Wiles Biscuit.
Old corn.(one share of new no par corn) 25 July 1 Holders of rec. June 10
New no par common (guar.)(No. 1)__ 40c. Aug. 1 'Holders of rec. July 11
Second Preferred (guar.)
I% May I Holders of rec. Apr. 18a,
I.ord & Taylor. 2d pref. (guar.)
2
May S Holders of rec. Apr. 16a
MacAndrews & Forbes, corn. (quar.)__. 66e. Apr, 15 Holders of rec. Mar.31.
Preferred (guar.)
134 Apr, 15 Holders of rec. Mar.310
Macy (R. H.) & Co., corn.(No. 1)
$1.25 May 16 Holders of rec. Apr. 290
Madison Square Garden Co.(guar.)._ 25e. Apr, 15 Holders of rec. Apr. 6
Quarterly
25e. July 15 Holders of rec. July 6
Quarterly
250. Oct. 15 Holders of rec. Oct. 6
Magma Copper (guar.)
750. Apr. 15 Holders of rec. Mar.310
Manufactured Rubber. pref.(guar.)____
134 Apr. 11 Holders of rec. Mar.3111
Maple Leaf Milling, pref. (guar.)
134 Apr. 18 Holders of roe. Apr. 3
McCall Corporation, common (guar.)._ *50c. May 1 "Holders of rec. Apr. 20
McCrory Stores, preferred (guar.)
154 May 2 Holders of roe. Apr. 200
Preferred (guar.)
154 Aug. 1 Holders of rec. July 200
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 200.
McLellan Stores, corn. A and B (guar.), 25e, July 1 Holders of rec. June 20
Common A and B (guar.)
250. Oct. I Holders of rec. Sept.20
Common A and B (guar.)
25e. Jan 728 Holders of rec. Dec. 210
Common A & B (pay.In corn. A Stock) e5
Apr. 15 Holders of rec. Mar.21
Mexican Petroleum, COM.(guar.)
53
Apr. 20 Holders of rec. Mar.311/
Preferred (guar.)
Apr. 20 Holders of rec. Mar.310
$2
Mid Continent Petroleum (guar.)
75e. May 1 Holders of rec. Apr. 10
Miller Rubber, cam.(guar.)
50c. Apr, 26 Holders of rec. Apr. 50
Montgomery Ward & Co.. corn.(quar.)_ $1
May 16 Holders of rec. May 64
Motion Picture Capital Corp., pref.(qu.) 50e. Apr. 15 Holders of rec. Apr. 1
Mountain & Gulf Oil (guar.)
2
Apr. 15 Holders of rec. Mar.31
Extra
1
Apr. 15 Holders of rec. Mar.31
National American Co., Ine.(qu.) (No.1 "75c. May 2'Holders of rec. Apr 15
National Biscuit. common (guar.)
$1.25 Apr. 15 Holders of rec. Mar.310
National Carbon. preferred (quar.)____ '2
May 2'Holders of rec. Apr. 20
National Cash Register, class•(guar.). 75e. Apr, 15 Holders of rec. Mar.300
National Casket, common (guar.)
"61.50 May 16 *Holders of rec. May 2
National Fireproofing, pref. (quar.)____
134 Apr, 15 Holders of rec. klar.31
Nelson (Herman) Corp. (guar.)
30c. July 1 Holders of rec. June 20
Stock dividend
el
July 1 Holders of rec. June 20
stacrkte
30c. Oct. 1 Holders of rec. Sept.
dividend
Oct. 1 Holders of rec. Sept. 19
sl
New Bradford 011 (guar.)
1234c Apr, 15 Holders of rec. Mar.31
Newmont Mining Corporation (quar.)__ 60c. Apr. 15 Holders of rec. Mar.31
New York Air Brake (guar.)
75c, May 2 Holders of rec. Apr. 70'
New York Transportation (guar.)
50c. Apr. 15 Holders of rec. Apr. lee
Nipissing Mines(guar.)
150. Apr. 20 Holders of rec. Mar.31
Ohio Brass, common,B,(quar)
Apr. 15 Holders of rec. Mar.31
$1
Common B (extra)
Apr. 15 Holders of rec. Mar.31
81
Preferred (guar.)
1)4 Apr, 15 Holders of rec. Mar.31
Oil Well Supply Co.. pref. (guar.)
134 May 2 Holders of rec. Apr. 15
Otis Elevator. corn. & pref.(guar.)
$1.50 Apr. 15 Holders of rec. Mar.310
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.310
Preferred (guar.)
134 July 15 Holders of rec. June 30.
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 1104
Preferred (qaar.)
154 Jan1518 Holders of rec. Des. 310
Overman Cushion Tire, Inc., cem.(Co.) $1.75 July 1
Pacific Steel Boiler (guar.)
25e. Apr. 15 Holders of rec. Apr. les
Packard Motor Car, monthly
20c Apr. 30 Holders of req. Apr. lbw
Monthly
20c May 31 Holders of rec. May Mai
Pan American Petroleum & Transport.
51.50 Apr, 20 Holders of rec. Mar.Ns
Common and common B (guar.)
Pathe Exchange, common A & B (guar.) 750, may 2 Holders of ref). Apr. 110
11.25 Apr, 15 Holders of roe. Mar.3,14P
Pennsylvania Salt Mfg (guar.)
Phillips-Jones Corp., preferred (guar.)... 154 may 2 Holders of res. Apr. 201.
173.40. Apr. 80 Holders of rec. Apr. 16
Pioneer Petroleum, pref
134 July
134
134
2084
Noma of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[Vol. 124.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
!Miscellaneous (Concluded).
Pierce. Butler dr Pierce Mfg., common
The
following
shows the condition of the New York City
($100 par) (quiz.)
$2
Apr. 15 Holders of rec. Apr. 5
Common. $25 par (quar.)
50c. Apr. 15 Holders of rec Apr. 5
Clearing House members for the week ending April 2. The
Eight per cent preferred (quiz.)
2
May 1 Holders of rec. Apr. 20
Seven per cent preferred (quiz.)
figures for the separate banks are the averages of the daily
1.,‘ May 1 Holders of roe. Apr. 20
Pittsb. Terminal Whse.& Tranafer
•75o. Apr. 12 *Holders of rec. Apr. 7
results. In the case of the grand totals, we also show the
Plym'th Cordage,corn.& empl.stk.(au.) 134 Apr. 20 Holders of rec. Apr. 1
Portland Gold Mining (quar.)
*20. Apr. 15 *Holders of reo. Apr. 6
actual figures of condition at the end of the week.
Prairie Pipe Line (quar.)
$2.50 Apr. 30 Holders of rec. Mar.31
Procter & Gamble,8% pref. (quar.)
2
Apr. 15 Holders of rec. Mar.250
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
pro-phy-lac-tic Brush. common (quer.). We. Apr. 15 Holders of rec. Apr. la
Prudence Co., Inc., preferred
(Stared In thousands of dollan-that is, three ciphers (000) omitted.)
334 May 1 Holders of rec. Apr. 20
Prudence Plan of N. Y., pref.(quar.).. 2
Apr. 16 Holders of rec. Mar.31
Pure Gold Manufacturing
500. Apr. 15 Holders of rec. Mar.31
New
Q. R. B. Music, corn.(monthly)
•15c. Apr. 15 *Hoiders of rec. Apr. 1
epilog. Proflls4 Loam,
Reserve
Monthly
•15o. May 15 *Holders of roe. May 1
Week Ending
Discount Cash
Quaker Oats, coin. (quiz.)
with
Net
Time Bosh
$1
Apr. 15 Holders of reo. Apr. 1
April 2 192/. Nat'l, Dec.311 InvestLegal Demand
in
De- CircaCommon (extra)
$5
Apr. 15 Holders of rec. Apr. I
State, Nov.I MMUS. Vaull. Depos Deposits. posits. lotion.
Preferred (quiz,)
134 May 31 Holders of reo. May 2
(000 omitted.) Tr.Coe. Nov.1S
Ac.
tortes.
Realty Associates, common
Apr.
$2.50
15 Holders of rec. Apr. 5
Second preferred
3
Apr. 15 Holders of rec. Apr. 6
Members of Fed. Res.Bank. Average. Average Aver
Average. Averag Atm.
Reid Ice Cream Corp., prof.(guar.).- *144( June 1 Holders of rec. May 20
Bank of N Y
$
$
$
$
9
$
Remington-NoLseless Typew., pt. (qu.). I% Apr. 15 Holders of rec. Apr. 1
$
9
Trust Co.__ _ 4,000 13,354
79.365
510 7,480
Remington-Rand,
65,234 8,612 -Bk of Manharn 10,700 15,854 168,128 2,990 17,691
Common (payable in common stock)... 11
126,901 25,657 _Apr. 30 Holders of rec. Apr. 11
Bank of Ameri
6,5
5,286
76,605 1,078 11,102
RIce-Stis Dry Goods, corn. (quiz.)
84.506 3,607
3734o. May 1 Holders of rec. Apr. 15
National City- 75,000 65,829 796,499 3,920 88,117 *858,414 145,642 ...Richfield 011 (quar.)
95
*25c. May 1 *Holders of rec. Apr. 5
Chemical Nat__ 4,500 10,061 134,974 1,078 15.618
Richmond Radiator, old pref.(quar.)-*5 1.091-3 Apr. 15 *Holders of roe. Mar.31
117,208 3,151
349
Greenwich Bank 1,000 2,645
23,529 1,582 3,152
23.325 2,849 __New prof.(par $50),(quiz.)
•8734c Apr. 15 *Holders of roe. Mar. 31
Nat
Bk
of Com_ 25,000 42,479 368.587
685 41,694
Safety Cable Co.(guar.)
315,300 23,6
51
Apr. 15 Holders of res. Mar. 31
ChatPhNB&
13,500 13,329 217,468 2,456 22,792
162,054 44,695 6
St. Joseph Load (guar.)
:
-141
50c. June 20 June 10 to June 20
Hanover Nat__ 5,000 26,60
120,124
561 13,759
103,039.
Extra
....
no. June 20 June 10 to Jane 20
Corn Exchange_ 11,000 16,17
205,128 4,711 23,950
Quarterly
170,995 31,436
500. Sept.20 Sept. 10 to Sept.20
National Park__ 10,
24,319 165,055
873 17.240
130,903 6,436 iiiii
Extra
25o. Sept.20 Sept.10 to Sept.20
Bowery 6c E R_ 3,iii 3,524 68,259 1,827 6,853
46,857 21.133 2.986
Quarterly
50o. Dec. 20 Doe. 10 to Dee. 20
First National__ 10,
77,448
300,830
625
205,055
27,059
12,487 6.499
Extra
Dee.
26e.
20 Dec. 10 to Dee. 20
32,000 28.808 431,811 4,106 52,300 390,335 38,148
Salt Creek Producers Association (qn.).... 750. May 2 Holders of roe. Apr. 156 Am En Irving
Continental.... 1,00
1,26
7,870
120
839
5,801.
430
Savage Arms, second preferred (quiz.)-- •I34 May 16 *Holders of roe. May 1
Chase National_
38,221 579.409 6,672 69,398 *524,068 40,222 2Schulte Retail Stores, common (quar.)
.478
8734c June 1 Holders of roe. May 15a Fifth Avenue__ 40,0
500 2,98.5
25,682
25.442,
705 3,309
Common (quar.)
87340 Sept. 1 Holders of res. Aug. 15a Commonwealth
81 i
740
13,169
429 1,276
8,762, 4,433
Common (quiz.)
8734 Doe. I Holders of roe. Nov 15a Garfield
Nat'l__ 1,00
1,830
17.137
484 2,284
Scott Paper, pref. (anon)
10.562,
465 -1)1( May I Holders of roe. Apr. 23a
127,010
875 16,013
120,104 2,904
41
Seagrove Corp
(p) Apr. 20 Holders of reo Mar.31s Seaboard Nat'l_ 6 I I I 11,00
Bankers Trust_ 20,000 35,54
356,970
839 34,189 .288,757, 42,892
Securities Management. elass A (guar.)- 134 Apr. 15 Holders of res. Apr. 1
Us
Mtge
&
Tr..
3,000
4,965 59,600
55,951 4,1390 ...778 7,611
Seeman Brothers. Inc., coin.(quar.)_
6130
May 2 Holders of recs. Apr. 15
Guaranty Trim 25,000 25,202 453,170 1,412 49,089 *446,843 57,530 -..
Segal Lock & Hardward. pref.(quiz.)- 134 Apr. 15 Holders of reo. Feb. 28
Fidelity Trust__ 4,,,, 3,235
43.462
35,954 4,094
888 4,778
Shaffer Oil & Rely.. pref.(quit.)
134 Apr. 25 Holders of reo. Mar. 31
New York Trust bus 21,813 173,006
140.451 23.386....
656 19,33
Shattuck (F. G.) Co.(quar.)
50o. Alm. 11 Holders of rec. Mar.216 Farmers
L
&
Tr
10,001
19,908
20,439 ..."
145.817
*107,602
14,126
578
Smith (Howard) Paper Mills, pref.(qu.) 2
Apr. 11 Holders of ree. Mar.31
Equitable Trust 30.000 22,907 280,760 1,743 30,381 *318,201 31,229 _Spanish Riv.Pulp&Pap.Mills,earn.(qu.) 13( Apr. 16 Holders of rec. Mar. 31
Preferred (guar.)
1.34 Apr. 16 Holders of roe. Mar. 31
Total of averages382,500544.3465.439,424 42,979601,43904,417,475800.32223,261
Spear & Co., 24 pref.(quar.)
Apr. 15 *Holders of rec. Apr. 1
.20
Stanley Company, stock dividend
Apr. 9 *Holders of rec. Mar. 5
Totals, actual condition Apr. 215,534.38 40,205573,98304,518,412614,115 23.346
Stanley Works, pref. (quar.)
134 May 16 Holders of rec. Apr. 30
Totals, actual condition Mar.265,399,087 43.750040.81104,353,676598,191 23.312
Steel Co. of Canada,corn.& °ref.(MI6
13( May 2 Holders of roe. Apr. 7
Totals, actual condition Mar.
.1915,457,097 41,122867.70404,420.885598,074 23.264
Sterling Products (guar.)
$1.25 May 2 Holders of rec. Apr. 156
Sullivan Mae/deer>, (quar.)
Apr. 15 Apr. 1 to Apr. 14
11
State Banks Not Me!abets of Fed'i Res've Bank.
Superheater Company (quer.)
$1.50 Apr. 15 Holders of rec. Apr. 5
State
Bank_ ___ 5,000 5,781 107,601 4,633 2,516
38,599 64,034
Telautograph Corp., commas
30a. May 2 Holders of roe. Apr. 15
Colonial Bank__ 1.400 3,000
34,800 3,500 1,700
28,400 6.000
Preferred (quar.)
144 Apr. 11 Holders of rec. Mar. 31
Tenon 011 & Land (guar.)
20e. Apr. 26 Holders of roe. Mar. 256 Total of assragu
8,400 8,781 142,401 8,133 4,216
66,999 70,034
Thompses (Joins R. Co.(monthly)._ 30a. May 2 Holders of rec. Apr. 226
Monthly
30o. June 1 Holders of rec. May 23a Totals, actual
Apr. 2 142,172 7,810 4,210
66,501 70,101
Tide Water Asextated Oil (guar.)
$00. May 2 Holders of roe. Apr. 8a Totals, actual condition Mar.26
condition
143,308 8,040 4,186
87,749 69,764
Tobacco Products Corp., corn.(quar.)-- 51.75 Apr. 15 Holders of rec. Mar.25a
Totals, actual condition Mar.19 168,864 9,410 7,172
91,809 72,340
Tonopah Mining of Nevada
340.Apr. 21 Apr. 1 to Apr. 7
Tooke Bros.. Ldt., preferred (quar.)
134 Apr. 16 Holders of rec. Mar. 31
Trust Corneae lea Not Members of Fed'iRes've Bank.
Truscon Steel, common (guar.)
300. Apr. 15 Holders of rec. Apr. 5
Title
Guar
&
Tr
10,000
19.506
68,423
1,754 4,772
43,498
995
'Puckett Tobacco, corn. (quiz.)
1
Apr. 14 Holders of rec. Mar. 31
Lawyers Trust. 3,000 3,429
22,986
896 1,840
18,110 1,01
Preferred (quiz.)
146 Apr. 14 Holders of rec. Mar. 31
Union Storage (quit.)
6234c May 10 Holders of rec. May la Total of averages 13,000 22,936
81,608 2,008
6,612
Quarterly
13234e Aug. 10 Holders of rec. Aug. la
Quarterly
8234e Nov.10 Holders of rec. Nov. la Totals, actual condition Apr.
2
6.515
60,917 2,013
United Drug. corn.(quar.)
23( June 1 Holders of rec. May 186 Totals. actual condition
6,724
60,535 1,987
First pref. (quiz.)
154 May 2 Holders of roe. Apr. 16a Totals, actual condition Mar.26
Mar.19
61,819 1,934
6,736
United Profit-Sharing, preferred
5
Apr. 30 Holders of rec. Mar.316
United Verde Extension Mining (quer.). 750. May 2 Holders of rec. Apr. 6
Gr'd agar., avgs.381,900578,0445,673,234 53,762612,267 4,546,082672,36223,261
U.S. Can, pref. (quar.)
134 Apr. 15 Holders of recs. Mar.31
+85+0,920 +13.749+4,185 -3
O.S. Cast Iron Pipe & Fdy.,cons.(qu.)_ 234 June 15 Holders of rec. June to Comparison with prey. week _ -3,138
Common (quiz.)
234 Sept. 15 Holders of reo. Sept. la Gr'd aggr., adlcond'n Apr. 25,767,217 50.707584.708
4,645,830686,22923,340
Common (quiz.)
234 Dec. 15 Holders of rec. Doe. la Comparison with prey
week_.+134068-3,598 73,014
3
+22
Preferred (cum.)
144 June 15 Holders of roe. June la
+163.8701+16287
Preferred (quiz.)
144 Sept. 15 Holders of res. Sept. la Gr'd aggr.. acricoad'n Mar.265,633,159
54,305657,722 4,481,96 69,94223,318
Preferred (guar.)
134 Dee. 15 Holders of roe. Doe, to Gr'd aggr.„ aceloond'n
Mar.
19 5,717,104 53.119681.612 4,574,513672,34823.266
U. S. Industrial Alcohol. cern. (quar.)... 134 May 2 Holders of res. Apr. 156
Ord aggr.. acrS,00nd'n Mar.1215,524.816 56.284644.984 4.412,944667,39723,202
Preferred (quiz.)
134 Apr. 15 Holders of roe. Mar.316 Ord aggr.. acrleond'a Mar,
5,4,494,370 55,000573,300 4,370,768 669,73923,363
U. S. Radiator, corn. (quiz.)
60e. Apr. 15 Holders of roe. Apr. 1
seer.,
Gr'd
actIcand'n Feb.26 5,497,097 58,006615,731 4,389,693679,527 23,388
Preferred (guar.)
144 Apr. 15 Holders of roe. Apr. 1
Ord agar.. acricand'a Feb. 195.417,574 55,242564,0424,306,904086,41222.467
United States Smelting, Refining & Mining, common and preferred (guar.)... 3734c Apr. 15 Holders of rec. Apr. 76
Note.-U. S. deposits deducted from net demand deposits in the general total
United States Steel Corp.
above were as follows: Average total Apr. 2, 178,721,400. Actual totals Apr. 2.
Common (payable In common stock)_ _ *40
Subj.to tockholders'meet.Apr.I8
$76.056,000; Mar. 26, $80,840,000; Mar. 19, 881,139,000; Mar. 12,
Universal Leaf Tobacco, corn. (quer.)
750. May I Holders of roe .Apr. 16a Mar. 5, $23,562,000: Feb. 26, $24,984,000. Bills payable, rediscounts,$22,163.000:
acceptances
Universal Pipe & Radiator, pref.(quar.) 14( May 2 Holders of roe. Apr. 156 and other liabilities, average for week Ayr. 2.
$611,568,000; Mar. 26, $625,143,000:
Preferred (quar.)
134 Aug. 1 Holders of rec. July 156 Mar. 19, 5609,186,000; Mar. 12, 834,185,000; Mar. 5, 2621,780,000; Feb.
Preferred (guar.)
1.34 Nov. 1 Holders of roe. Oct. 156 645,000. Actual totals Apr. 2, 5573,051,000: Mar. 213, $689,153,000; 26, $615.Mar. 19,
Vick Chemical (guar.)
8734c May 1 Holders of rec. Apr. 166 $696.820,000: Mar. 12, 5698,354,000; Mar. 5, 8643,573,000; Feb.
28, 3648,529,000.
Victor Talking Mach., old pref. (quiz.). 144 Apr. 15 Holders of rec. Apr. 2
•Includes deposits in foreign branches not Included in total footings as follows:
7% prior preferred (quiz.)
144 May 1 Apr. 3 to Apr. 22
National City Bank, $235,583,000; Chase National Bank, $12,426,000;
$6 convertible Preferred (quar.)
$1.50 May 1 Apr. 3 to Apr. 22
Trust Co., $35,618,000; Guaranty Trust Co., 587,227.000: Farmers' Loan Bankers
VIpond Cored. Mines, Ltd. (interim)._
dr Trust
3
Apr. 15 Apr. 1 to Apr. 15
Co., 84,523,000: Equitable Trust Co., $91,772,000. Balances carried
VIvaudeu,
in banks in
Inc..
oom. (quar.)
V.
750. Apr. 15 Holders of rec. Apr. la foreign countries
Preferred (quar.)
144 May 2 Holders of roe. Apr. I50 Chase National as reserve for such deposits were: National City Dank, $40,882,000:
Vulcan DetInning. pref.(quiz.)
143 Apr. 20 Holders of roe. Apr. 14a Co., $3,554,000;Bank, $2,034,000; Bankers Trust Co., 22,843.000; Guaranty Trust
Farmers' Loan & Trust Co., 54,523,000; Equitable Trust Co..
Preferred (account swum. d1v.)
62
Apr. 20 Holders of rec. Apr. 146 $7,900,000.
Proferred A (quiz.)
134 Apr. 20 Holders of rec. Apr. 146
C
Deposits
in
foreign
Weber & Helibroner. prof.(quar.)
branches not Included.
139 June 1 Holders of reo. May 160
Western Grocers, pref.(quit.)
134 Apr. 15 Holders of rec. Mar.31
Westinghouse Air Brake(quiz.)
The reserve position of the different groups of institutiona
$1.75 Apr. 30 Apr. 1 to Apr. 12
Westinghouse Elec.& Mfg.. cam.(quar.) $1
Apr. 30 Holders of rec. Mar.310
Preferred (quiz.)
Apr. 15 Holders of rec. Mar. 3I6 on the basis of both the averages for the week and the
31
White Eagle Oil& Refining (quiz.)
60e. Apr. 20 Holders of rec. Mar.316 actual condition
at the end of the week is shown in the
Wright. Hargreaves Minas
be. May 2 Holders of reo. Apr. 15
Wrigley (Wm.)Jr. & Co.(mentaly)---- 260. May 2 Holders of roe. Apr. 206 following two tables:
Monthly
250. June 1 Holders of roe. May 206
Monthly
25e. July 1 Holders of rec. June 206
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE EAMES
AND TRUST COMPANIES.
•From usofficIal sources. f The New York Stock Exchange lute ruled,that stock
will not be quoted ex-dividend on this date and not until further notice. t The
Averages,
Association
has
Market
stock
ruled
will not be quoted exthat
New York Curb
dividend on this date and not until further notice.
&MTN
Cash
Total
its
Reserve
Reserve
Surplus
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
In Vault. Depositaries Reserve.
ftrusrea. Meru.
IPayable in common stock. g Payable in scrip. S On account of accumulated
Members Federal
dividends. m Payable In preferred stock.
$
Reserve Bank _
601,439.000 601,439,000 592,281,410 9,157.590
Cushman & Sons common stock dividend is payable In $8 preferred stock on the State
banks.
8.133,000 4,216,000 12,349,000 12,059,820
289.180
valuation of $100 for preferred stock
Trust companies•___ 2,650,000 6,612.000 9,262,000 9,241.200
20.800
o Subject to approval of stockholders.
612,267.000
Total
April
2____ 10.783.000
623,050,000 613,582,430 9,467,570
y Seagrove Co. dividend Is 30e. cash or 234% in stock.
Total Mar.26._ 10,625,000 605.347.000 615,972,000 611,705,910 4,266,090
Total Mar. 19.___ 12,489.000 606,384,000 618,853.000 618,455,740 75,153,260
I Philadelphia Co. stock dividend is one one-hundred-twentieth of a there of
Total Mar. 12_ _ _ 12,526.000 585.525,000 598.051.000 594.666.500 3,384,500
common stock.
• Not members of Federal Reserve Bank.
r Payable either in cash or class A stock.
b This Is the reserve required on net demand deposits in the case of State bank,
s Payable either In cash or Class A stock at rate of $25 per share.
and trust companies, but In the case of members of the Federal Reserve Bonk,
includes
either
also amount of reserve required on net time deposits.which was as follows:
cash
stock
or
class
at
the
A
In
payable
share,
rate
cts.
a
50
is
Dividend
rw
of common. Erroneously Apr.2,818.000,660; Mar.26, 517,896,000; Mar.19,817.039,400: Mar. 12, $17,751;of one-fortieth of a share of class A stock for each share
540; Mar. 5, $18,118,380; Feb. 26, $18,203,150.
reported hi previous Issues is 6234 eta.
Actual Figures.
Cash
Reserve
In Vault.
-Members Federal
Reserve Bank_ _ _
State banks.
Trust companlee•___
Total April 2_ _ _ _
Total Mar. 26____
Total Mar. 19____
Total Mar. 12____
2085
THE CHRONICLE
APE. 9 19271
Reserve
In
Depositaries
a
Reserve
Required,
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
7.810,000
2,692,000
573,983,000 573,985,000 605,817,010 -31.834.010
49.820
4,210.000 12,020.000 11,970.180
69,450
6,515,000 9,207,000 9,137,550
10,502,000 384,708,000 595,210,000 626,924,740 -31,714,740
10,555,000 657,722,000 668,277,060 605.198,680 63,078,320
11,997,000 681,612,000 693,609,000 614.316,570 4,536,430
12,401,000 644,984.000 657,385,000 597.248.210 60,136.790
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but its the case of members of the Federal Reserve Bank includes also the amount of reserve reoulred on net time deposits, which was as follows:
Apr. 2.518,423,450; Mar. 26, $17,945,730; Mar. 19. $17.942,220;Mar. 12, 517,791,620; Mar..5, $17,866,140: Feb. 26, $18,165,090.
Apr. 6
1927.
Changes from
Previous Week.
Mar. 30
1927.
Mar. 23
1927.
$
$
$
$
72,650,000
Unchanged
72,650,000
72,650,000
Capital
93,448,000
96,012.000
97.670.000 Inc. 1,658,000
Surplus and profits_ _
Loans,(Beets & Invest_ 1,034,014.000 Dec. 9.193.000 1,043,207,000 1.041,143.000
670,654.000 Inc. 9,278,000 661,376,000 670.240.000
Individual deposits
156.785.000 Inc. 13.734.000 143,051.000 147,954.000
Due to banks
233.044.000 Dee. 3,458.000 236,502,000 236,084.000
Time deposits
33,151,000
32,441,000
30,401.000 Dec. 2,040,000
United States deposits_
41.112.000 Inc. 11,097.000
36.191,000
30.015,000
Exchanges for Ceg Use
87,698.000 Inc. 8,413,000
81,989.000
79,285,000
Due from other banks
80,280.000 Inc. 1.397.000
79,491.000
78,883.000
Reeve in legal deposles
2.000
8,943.000 Dec.
9,027.000
8,945.000
Cash in bank
317.000
675.000
280.000
955.000 Inc.
Reeve excess In F.R.Bk
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Ap:il 2, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
("turn Furnished by State Barging Department.)
Differences from
is not a part of legal reserve. For trust companies not
April 2.
Previous Week.
$ $1,281.490 Inc.$10,129,600 members of the Federal Reserve System the reserve required
Loans and leyeelosmits
5,334,200 Inc.
408,200
Gold
24,100,000 Inc.
45,200 is 10% on demand deposits and includes "Reserve with
Currency notes
Depoelte with Federal Reserve Bank of New York_ 104.614,100 Dec. 1,916,400
1 325.908,900 Dec. 8,472,200 legal depositaries" and "Cash in vaults."
Total deposits
Deposits, elimiaatiag amounts due from reserve depositaries and from other banks and trust companies In N.Y.City exerkange, and U.S. depoelts.1,253,575,600 Dec. 2,482,500
172,978,900 Dec. 2,087.000
Reserve on deposits
Percentage el reeerves. 50.6%.
RESERVE.
Stale Banks
Trust CompaniesS94.702.500 15.54%
•$39,255,800 16.98%
Cast In vault
5.02%
27,314,800 4.47%
Deposits is bank. emd Wt soS.... 11,615,800
$122,107,300 20.01%
550,871,600 22.00%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and West etunpanlee combined on April 2 was $104,614,100.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
0-..h.1,0C.0>NMOOWID=MN
8885§MUM§ES88
;c5c.614c5cOciri.;
cr:r-:4vin:vc.;,
gotootsaommnr,..CctonnvIolo
mielitOtesiticsinitiftimSMZeittiMMO
Week EndedDec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.26
Apr, 2
Demand
Depoetts.
$
5,716,914,900
5,586,288,800
5,630,977,600
5,636,517.700
5,741,187,400
5.898,416,700
5,789,308,200
5,801,064,500
5.714,884,400
5,721,854,900
5,692,353,800
5,545,046,000
5,549,193,800
5,645,318,300
5,635,476.400
5,793,224,500
5,788.391,100
5.799.657.600
Total Cash
in Vaults.
Reserve in
Depositaries.
3
$
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated Us thousands el dollars, that is, three ciphers )0001 omitted)
capital.
Loans,
Discounts,
Net
Profits. Invest-
menu,
Week Ending
Aprll 2 1927.
Members of
Fod'I Kee'•e, Bank
Grace Nat'l Bank__
State Banks.
Not Members of Us.
Federal Reserve Bank
Bank of Wash. II'
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr., Bayonn.
Cash
In
Vault.
Reserve
with
NM
Legal Doman
Depot,- Deposits
forte..
Net
Time
posits.
etc.
Average Average. Average. Average,
$
$
$
3
1,114
54
6,846
3,848
5
1,000
$
1,950
$
13,814
400
1,028
10,602
806
434
7,246
3,362
500
660
9,156
310
178
3,566
5,840
1,900
Gr'd aggr.. Apr. 2
comparison with prey, week
3,640
33,572
+448
1,170
+40
1,726 al7.658
+30 -200
13,050
+59
33,124
33,394
33.147
33,155
1,130
1,255
1,257
1,228
1,696 a17,858
1,706 18,314
1,718 18,184
1.754 18.070
12,991
12.976
12,996
ord
or'd
lard
ord
aggr., Mar. 26
&ger.. Mar. 19
aggr.. Mar. 12
aggr.. Mar. 5
Capital
Surplus and profits
Loans, dIsete & lavestmla
Exchanges for Clear. House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Ites've with legal deposits_
Reserve with F. It. Bank...
Cash in vault.
Total reserve& cash held__
Reserve required
Excess res. & cash In vault.
$50,225.0
154,700,0
957,971,0
43,522,0
109,336,0
139,766,0
629,946.0
157.802,0
927,514,0
68,737,0
9,052,0
77,789.0
69,075,0
8,714,0
1,900
1,900
1,900
1.900
3,640
3,640
3,1140
3.640
1927
Total.
March 26 March 19
1927.
1927.
$5,000.0 $55,226.0 555.225,0 55,5,225.0
17,849.0 172,549,0 171,701.0 170,808.0
46,971,0 1004,942,0 1004.849.0 1005.223,0
1,372,0 44,894,0 32,858,0 37,112,0
18,0 109,354.0 96,375,0 103,350,0
1,059,0 140,825.0 136,850,0 140,311,0
27,274.0 657,220,0 641,141,0 658.855.0
2,278.0 160,080,0 156,086,0 156.350,0
30.611,0 958,125.0 934,077.0 955,516,0
6,341,0
3,069,0
3,309,0
3.309,0
68,737,0 68.616,0 69,808,0
1,429,0 10,481,0 10,617,0 10.860.0
4,738,0 82,527,0 82,302,0 87,009,0
4,154,0 73,229,0 72.459,0 73,898.0
9,843.0 13,111,0
9.298.0
584.0
• Cash In vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 6 1927 in
comparison with the previous week and the corresponding
date last year:
Resources-
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury
403,498,000
9,539,000
378,610.000
11,171,000
344,020,000
9,968,004
Gold held exclusively agst. F. R. notes_
Gold settlement fund with F. It. Board
Gold and gold certificates held by bank
413,037,000
125,803,000
488,681,000
389.781,000
237,892.000
488,134,000
353,988,000
253,054,0011
351,112,000
Total gold reserves
Reserves other than gold
1 027,521,000 1,115,807.000
32,010,000
32,923,000
958,154,000
42,878,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations_ _
Other bills discounted
1,060,444,000 1,147,817.000 1,001.032,000
22,264,000
15,952,000
14,966,000
69,301,000
33,917,000
94,221.000
26,078,000
106,406,000
48,778,000
103,218,000
56,884,000
120,299,000
57,275,000
155,184,000
44,187,000
11,947,000
25,711,000
39,864,000
13,143.000
31,827,000
47,307,000
5,352,000
30,119,000
22,417,000
77,522,000
92,277,000
57,888.000
2,411.000
Total bills and securities (Set Note)
237,624,000
269,851,000
259,670,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
659,000
160,659,000
16.276.000
2,249.000
660,000
151,368,000
16,276,000
2,165.000
643,000
145,077,000
16,701.000
3,518,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities
Foreign loans on gold
Total resources
1 492,877,000 1,604,089,000 1,448,905,006
LiabilitiesFall Reserve notes In actual circulation- 421,222,000
Deposits-Member bank, reserve acc't
819,451,000
Government
4,858,000
Foreign bank (See Note)
1,126,000
Other deposits
7,975,000
417,357.000
927.624,000
17,335 000
1,604.000
8.374,000
369,838,000
839,003,000
8,082,000
2,652.000
6.859.000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
954,997,000
128,837.000
38,270,000
61,614.000
3.014,000
856,596,000
125,634,000
33,922.000
59,964,000
2,951,000
Total liabilities
19 0A7
a United States deposits deducted, $53,000.
Bills payable, rediscounts, acceptances and other liabilities, 53.011,000. Deficit
In reserve. $74,540 Increase.
Trust
Membersof
F.R.Systevt Companies
April 6 1927. Mar. 301927. Apri 7 1926,
76,615,500 734,203,700
88,536,500 726,827,700
96,557,700 738.221,800
105,590,700 734,688,400
95.908,300 761.848.700
91,552,900 786,239,700
91,267,300 757,059,108
81,093,000 746,207.208
85,754,700 731,499.00C
83,192,800 731.203,508
86,676,800 721,361.701
84.366,800 726,327,80(
86,470,300 715,260,101
83,732,500 732.128,701
83,956,400 731,343,201
82,581,000 757.650,301
82,657.800 751.432,101
83.196.200 7AA 011 Acil
New York City Non-Member Banks and Trust Cornpanies.-The following arc the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
CLEARING
NON-MEMBERS
Week Ended April 2 1927.
Two Ciphers (00)
omitted.
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
833,410,000
135,330,000
38,293.000
61,614,000
3,008,000
1,492,877,000 1,604,089.000 1,448,905,000
84.5%
83.6%
81.6%
41.049,000
40,635,000
17,962,000
NOTE.-Beginning with the statement of Oct. 7 1925. two new Items were added
n order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made of Federal Intermediate credit bank debentures, was changed to "Other
securities." and the caption "Total earning assets" to "Total bills and aecurlUes."
The latter term was adopted as a more accurate description of the total of the dlecounts. aeceptancee and securities acquired under the provisions of Sections 13 and 14
of theFederal Reserve Act, whist, it was stated, are the only ItemsIncluded therein.
2086
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April.7.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appears on page 2058 being the first item in our department of "Current Events and Discussions."the returns for the
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS APRIL 6 1927.
April 6 1927. Mar.30 1927. Mar.231927. Mar. 16 1927 Mar.9 1927. Afar. 2 1927 Feb. 23 1927 Feb.
16 1927. Apri 7 1926.
RESOURCES.
iS
$
$
$
3
I
$
.5
8
Gold with Federal Reserve agents
1,630,855,000 1,613.495,000 1,619,911,000 1,689.080,000 1,573.277.000 1,534.183.000 1.560.960.000 1,547,671.000
1,384,531,000
Gold redemption fund with U.S. Trees_
45,304,000
52,021,000
51.105,000
46,481,000
47.442.000
43,204.000
38.751,000
47,741,000
44,528.000
Gold held exclusively agst. F. R. notes 1,676,159,000 1,665,516,000 1,671,016,000 1,735,561,000 1,620,719.000 1,577.387,000 1,599.711,000
1,592,199.000 1,432,272,000
Gold settlement fund with F.R Board
613,278,000 620.488,000 608.963,000 524.085.000 599.876.000 633,998.000 621,859,000
Gold and gold certificates held by banks_ 733,509,000 735,895.000 753,657.000 764,095.000 792.066.000 770.201,000 761.528.000 616.854,000 730,247,000
781,010,006 620,827,000
Total gold reserves
3,022,946,000 3,021,899,000 3,033.636.000 3,023.741.000 3.012,681.000 2,981.586.000 2.983,098,000
2,990,063,000
2,783,346.000
Reserves other than gold
160,490,000 160,794,000 159,644.000 161,144,000 160.619,000 162,328.000 157,938,000
168.013,000 150,305,000
Total reserves
3,183,436,000 3,182,693.000 3,193,280,000 3,184,885.000 3,173.280.000 3,143.914,000 3,141.036,000
3.158,07800, 1,933,651,000
Non-reserve cash
59,972,000
63,759,000
66,465,000
67,896.000
68,554.000
66,755,000
68,126,000
74,980,000
61,484,000
Bills discounted:
Secured by U. S. Govt. obligations
213,306,000 259.084.000 268.421.000 175,457.000 240.074.000 248.505.000 210.357.000
Other bills discounted
188,642,000 196.937,000 188,716.000 155,065.000 175,865.000 186.139,000 187,572,000 230.954.000 290,169,000
165.516.000 288,383,000
Total bills discounted
401,948,000 456,023,000 457.137,000 330.522.000 415,939.000 434,644.000 397.929.000
Bills bought in open market
239,221,000 237,409,000 231,259.000 218,870,000 264,685.000 289,023.000 280,189.000 396,470.000 578,552,000
314,985,000 229,773,000
'II. S. Government securities:
Bonds
74,870,000
68,206.000
61,950.000
58,364.000
65.413,000
58,888,000
56,788.000
57,370,000
74,997,000
Treasury notes
85,377,000
88.380,000
71.733.000
61,394,000
80,251,000
94,687,000
93.075.000
94,807,000 134,897,000
Certificates of Indebtedness
181,688,000 196,516,000 208,564,000 355,582,000 161,265,000 157,399.000 155,345,000
159.646.000 132,135,000
Total U. S. Government securitles
341,935,000 353.102.000 342.247.000 475.340.000 306,929.000 310,974.000 305.208.000
311.823.000 342.029,000
Other securities (see note)
2,500,000
2,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000.000
2,000.000
5.185.000
Foreign loans on gold
8,800,000
Total bills and securities (see nois)
985,604.000 1,049,034.000 1,032,643,000 1,026,732.000 989.553,000 1,036.641.000
985,326.000 1.025,278,000 1,164,339,000
Due from oreign banks (see note)
659.000
660.000
660.000
659,000
658.000
659.000
659.000
643,000
658.000
Uncollected Items
643,961,000 802.896.000 644,812,000 844,454,000 616,499.000 693.213,000 610,228.000
798.547.000 635,145,000
Bank premises
58,558,000
58.485,00
58,471,000
58,464.000
58,460.000
58.381.000
58,351,000
58,350.000
59,480.000
All other resources
12,982,000
13,057,000
11,688,000
11,541,000
12,730.000
12,735.000
12,577,000
12,322,000
15,040,000
Total resources
LIABILITIES.
F.R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
4,945,172,000 4,970,584,000 5,008.019,000 5,194,831,000 4.919,734,000 5.012,298.000
4.874,303,000 5,128,211.000 1,869,782,000
1,727.429,000 1.711,337,000 1,701,642,000 1,706,227,000 1,718,893,000 1.718,958,000
1,708,330.000 1,885.431,0(8,1,652.878,000
2,231,951.000 2,274,464,000 2,300,454,000 2,295.305,000 2,221.149.000 2,231,271.000
2,165,653,000 2,288.588.000 1,191,635,000
13.527,000
5,700.000
31,869.000
2,830.000
15,189.000
35,265.000
27,727,000
28,521.000
60,580,000
4,925.000
5,546.000
5,759,000
4,818,000
4.650,000
4.929.000
4,707.000
7,954,000
5,388.000
15,064,000
17.424,000
15,622.000
20,079,000
19,767,000
16,1111.000
16,595.000
19.848 001
18,298,000
Total deposits
2.265.407.0002.327,501,000 2,329.337.000 2,323.032,000 2260,755.000 2.289.581.000 2,214,682,000
Deferred availability Items
582,633,000 562,660,000 608,526,000 797,302,000 572,160.000 639.342.000 584.874,000 2,342,343.000 1,278,467,000
Capital paid In
128,212.000 127.602.000 127.567.000 127.692,000 127.700.000 128,7118.000 126.509,000 734.963,0(8' 582,779,000
Surplus
228.775,000 228,775,000 228,775.000 228.775.000 228,775.000 228.775.000 228,775,000 126.099.001. 120,455.000
228,775.000 220,310,000
All other liabWtles
12,656,000
12,172,000
12,709,000
11.603.000
11,451,000
11,133,000
10.850.000
10,600,000
14.893,000
Total liabilities
4,945,172,000 4,970,584,000 5,008,019,000 5,194,631,000 4,919,734,000 5.012.298.000 4,874.303,000 5.128.211,000
1,869,782,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
75.2%
74.8%
75.0%
75.7%
75.7%
74.4%
76.0%
74.2%
70.8%
Ratio of total reserves to deposit and
F. R. note liabilities combined
79.7%
79.2%
79.0%
78.8%
79.7%
80.1%
78.5%
78.4%
74.6%
Contingent liability on bills purchased
for foreign correspondents
147,819,000 147,698.000 147,946,000 145,583.000
96,480,000
95.834,000
92.002.000
92.329.000
68,172,000
Distribution by I 1,11uriges$
$
$
$
$
$
$
$
$
1-15 days bills bought In open market_ 107.296,000 115.041.000 102,980,000
89,509.000 126,376.000 142,585.000 140,345,000 175,233.000
97,117,000
1-15 days bills discounted
312,414.000 364,820,000 370.035,000 241,049,000 325.347,000 347.085.000 309.200.000 310,434.000
430,712,000
1-15 days U. S. certif. of indebtedness_
370 000
5,206,000
9,140.000 177.500,000
1,829,000
4,360.000
36,000
1-15 days municipal warrants
16-30 days bills bought In open market
68 371.7,0).1
53.777.000
58.518,000
58,439.000
57.034.000
05.828.000
61,531.000
68,623,000
52,615,000
16-30 days bills discounted
23.7119, ,.10
24,948,000
25,881.000
22,153,000
24,047.000
26,246.000
24,462,000
23.741,000
34,987,000
16-30 days U. B. certif. of indebtedness_
850,000
550,000
16-30 days municipal warrants
31-80 days bills bought In open market_
48,143.000
52,369.000
58.206,000
53,125.000
54.832.000
55.236,000
51,939.000
49.505.000
51,824,000
81-60 days bills discounted
34,724,000
33,445,000
32,075,000
36,630.000
35,699.000
35,922,000
35,088,000
34,118,000
59,119,000
81-60 days U. S. certif. of indebtedness.
31-80 days municipal warrants
61-90 days bills bought In open market15,563,000
11,999.000
12,820.000
22,587.000
13.242.000
23.234.000
21,815,000
18,734,000
24.807,000
61-90 days bills discounted
19,695,000
21,640.000
20,252.000
21.380.000
20,976.000
17,628,000
18.368.000
19,498,000
37,770,000
81-90 days U. S. certif of indebtedness.
74.064,000
146,000
76,644,000
74,709,000
..
62,991,000
81-90 days municipal warrants
Over 90 days bills bought In open market
2.990.000
1.556.000
2.591.000
2.224,000
3,561,000
3.258 000
3,140.000
2.890.000
3,410,000
Over 90 days bills discounted
8.894.000
9.440,000
11.040.000
11,316,000
9,861.000
9,870.000
8,933,000
8,679.000
15,964.000
Over 90 days certif. of Indebtedness
107,254.000 118,866.000 124.165,000 177,286,000 161,265.000 165,570,000 155,345.000 155.286,000
69,108,000
Over 90 days municipal warrants
•
F. R. note' received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banke
2.947.635.000 2.927,452.000 2.926.576,000 2.921.182.000 2.930.573.000 2.917.319.000 2.928,346.000 2.940.114,000
835.133.000 829,156.000 833,073.000 828,973.000 832.818.000 845,078.000 861,698,000 870.268,000 2,802,474,000
843,261,000
2,112,502,000 2,098,298.000 2.093.503,000 2,092.209,000 2,097.755.000 2.072.241.000 2.066.648.000 2.069.846.000
1,95,2913,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
401,604.000 401,604,000 400.640.000 400.640.000 371.534.000 367.052,000 362,953.000 357,928,000
309,393,000
99.834,000 106.974.000 101.884.000
96.137.000
99.855.000 107.685,000 101,470.000
99,051.000
1,129,417.000 1.104,917,000 1,117,387.000 1,192,303.000 1,101,888.000 1.058.540.000 1,096,537.000 101,453,000
620,052.000 670,937,000 688,442.000 532,184,000 657,734.000 700.594,000 654.539,000 1,088,290.000 976,087,000
689.590.000 777.026,000
Total
2.250 907 000 2.284.432.000 2.288.353.000 2,221.264,000 2,231.011.000 2.234.777.000 2.215.499.000
2,237.281.0002 161.557 nnn
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added In order to show
to foreign correspondents. In addition, the caption, "All other earn ng assets," previously made up separately the amount of balances held abroad and amounts du
of Foreign Intermediate Credit Bank debentures, was changed
"Other securities," and the caption," "Total earning assets" to "Total bills and securities." The latter
to
Item was adopted as a more accurate description of the
(no discounts, acceptances and securities acquired under the provisions of Sections
13 and 14 of the Federal Reserve Act, which, it was stated, are the only items total of
therein.
included)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS APRIL
6 1927.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St.
Federal Reserve Bank ofLouis Mtansap, Kam City Dallas. SanFran.
Toad.
RESOURCES.
$
3
Gold with Federal Reserve Agents 110.208,0 403,498,0 123,910,0 197,263,0 79.013.0 167,038.0 212.310.0 19.878.0 60.328,0 63.801,0
34.900.0 167,710,0
9,539,0 10.334,0 2.781,0 1,410,0 2,459,0 4,422,0
Gold red'n fund with U.S.Trews. 4,695.0
1.752,0 1,991,0 1,875.0 1,572,0 2.474,0 1,630.855.0
45.304,0
Gold held excl. eget. F.R. noted 114.903.0 413,037.0 134,244.0 200,044,0 71,423,0 169,495.0 216.732.0 21.630,0 62.319.0 65.676.0
36.472,0
Gold settlel fund with F.R.Board 63.555,0 125.803.0 51.288.0 48.996,0 27,965,0 19.820,0 151.491,0 18.897.0 18.430.0 29.489.0 19,841.0 170,184.0 1,676.159.0
37.703.0
30.299.0 488.681,0 27.123.0 55.588,0 4.775,0 4.083.0 51.882.0
Gold and gold certificates
13.982,0 6,851.0 7,576,0 8.854,0 33,895,0 613.278.0
733.509,0
208.757.0 1.027.521.0 212.655.0 304.808.0 104,163,0 193,398,0420.045,0
Total gold reserves
102.741.0
54.509.0
87,600.0
65.167.0 241.782,0 3,022,946,0
22,340.0
32.923,0 5,637.0 11.847,0 9.448.0 11,351,0 22,696.0
Reserves other than gold
19.147.0 4,279.0 5.248,0 7,682,0 8.092,0 160,490,0
231.097.0 1,060.444.0 218,292.0 318.255,0 113.611.0 204,749,0 442.741.0
Total reserves
73.656.0 91,879.0 107.989.0 72,849.0 249.874,0 3.183,426,0
6,692.0
14.966.0
1.855,0
4.701,0 6.074,0 4,318,0 8,675.0 3,486,0
Ron-reserve cash
987,0 2,434,0 2,538.0 3,246,0
59,972,0
Bills discounted:
89.301,0 19,990.0 28,486.0 8,619.0 4.286.0
Sec. by U.S. Govt. obligations 12.774.0
30.823.0 6.109.0 2.241.0 3,881.0 1.326.0 27,470.0
10,805.0
213,308,0
33.917.0
15,785,0 16.325,0 13.543,0 25.807,0 29,906,0 4,725,0 2.915,0 6.627.0
Other bills discounted
2,544.0 25,743,0 188,642,0
23.579.0 103.218.0 35,775,0 44,811,0 20,162.0 30.093.0 60.729,0 10,834,0
Total blils discounted
5,158.0 10.508,0 3.870.0 53.213,0 401.948,0
26,441,0
56.884.0 10,943.0 20.734,0 9,622,0 11,152,0 29,704,0
3his bought In open market
20.797,0 7.543.0 12.009.0 8.927.0 24,483,0 239,221,0
7. 13. Government securities:
2.124.0
11.947.0
1,200.0 3,964.0 1,918.0
Bonds
111,0 24.446.0 5,333.0 5.615.0 9.838.0 4.650.0
74.870,0
25,711.0 4,653,0 9,977,0
Treasury notes
1,168.0
826.0
385,0 7.690.0 8.487.0 4.246,0 3,179.0 6.306.0 3,724.0
12,749.0
85,377,0
39.864.0 13,834.0 22,664,0 4,354.0 2.373.0 20,516.0 13.839,0 13,681,0
6,581.0
Celt Mates of 1ndebtedness
14.579,0 13.824.0 22,599,0
18,688,0
77,522.0 19,687.0 38.805.0 7.008.0 2,889,0 52,652,0 27.659.0 16,542,0 27.598,0
9,853,0
Total U. B. Gov- securities
24,780,0 39,072,0 341.935,0
s
s
s
$
$
$
$
$
$
s
s
APR. 9 1927.1
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
Boston.
New York.
$
$
PhCa.
$
2,500,0
2087
Cleveland Richmond Atlanta. Chicago. St. LOWS. MitMap. Kan. Cito
S
$
$
2
2
$
$
Dallas. San Fran.
$
$
Total.
$
2,500,0
237,624,0 68,905,0 102,150.0 36,882,0 44,114,0 143,085,0 59,272,0 29,241,0
50,113,0 37,577.0 116,768,0 985,604.0
659.0
659.0
160,659,0 53,652,0 60.622.0 52,905,0 27,707,0 82.374,0 33,115.0 11,644.0 40,353.0 23,241,0
37,724.0 643,961.0
16,276.0 1,714,0 7.119,0 2,152,0 2,895,0 8,038.0 3,957,0 2,774.0 4,4590
1,752,0 3476.0
58,558,0
2,249,0
239.0 1,034.0
320,0
1,908,0 2,240,0
982,0 2.001.0
499,0
327,0 1,136,0
12,982,0
Total resources
361,620,0 1,492,877,0 344,657.0 491,881.0 211,944,0 285,691,0 687,153,0 174,468.0 138,526,0 205,847,0
138,284,0 412,224,0 4,945,172,0
LIABILITIES.
F. R. notes in actual circulation_ 128,193,0 421,222,0 116,395.0 204,162.0 69,449,0 173.972,0 227,526,0 42,923,0 64,931,0
67,155,0 39,592,0 171,909,0 1,727.429,0
Deposits:
Member bank-reserve acc't_ 147,718,0 819,451.0 143,611.0 191.576.0 71,904.0 69,493,0 336,038,0 81,493.0 50,711,0
87,753.0 60,014.0 172,189.0 2,231.951.0
Government
1,294,0
4,858.0
411.0
931.0 1,208,0
257,0
928.0 1,044.0
699.0
896.0
751.0
250 0
13,527,0
Foreign bank
394.0
1,126.0
505.0
557.0
273.0
215,0
725.0
226,0
158.0
194.0
184.0
368.0
4.925.0
Other deposits
127,0
7,975.0
269.0 1.209,0
65,0
61,0
932,0
275,0
285.0
128.0
38.0 3,700,0
15.064.0
Total deposits
149,533.0 833,410.0 144,796.0 194,273.0 73,450,0 70,026,0 338,623,0 83.038,0 51,853,0 88,971.0
Deferred availability items
56,931.0 135.330.0 48.878.0 54.640.0 49,918.0 26,518,0 69,462,0 32,385.0 10,215.0 35.887,0 60.987.0 176.507.0 2,265.467,0
Capital paid In
8,889,0
38,293.0 12,922.0 13.103,0 6,169,0 5,021,0 16,980,0 5.277.0 3,004,0 4.209.0 24.750.0 37.719.0 582.633.0
Surplus
17,606,0
61,614,0 21,267,0 23,746.0 12,198,0 9,632,0 31,881,0 9,939.0 7,527.0 9.029.0 4.2740 9.371.0 128.212,0
8,215.0 16,121.0 228,775,0
All other liabilities
468,0
3.008,0
399.0 1,257,0
760,0
522,0 2,681,0
906,0
996,0
596,0
466,0
597,0
12,656,0
Total liabilities
361,620,0 1,492,877,0 344,657,0 491,881,0 211,944,0 285,691,0 687,153,0 174,468,0 138,526.0 205.847,0
138,284,0
412,224,0 4.945,172.0
Memoranda.
Reserve ratio (per cent)
••••1
83.2
84.5
83.6
79.4
79.5
83.9
78.2
58.5
78.7
69.2
72.4
71.7
Contingent liability on bills pur79.7
()based for foreign corraspond'ts 11,076,0
41,049,0 14,177,0 15,654,0 7,679,0 6,055,0 20,379.0 6,350,0 4,430,0 5.464,0
5,169,0 10.337,0 14'7,819,0
.11. notes on hand (notes reed
'rout F. R. Agent less notes in
circulat ion)
25,952,0 116,083,0 47,515.0 30,494,0 15,810,0 30,956.0 48,787,0 4,650,0 4,636.0 10,442,0
5,423,0 44.325,0 385.073.0
59,873.0
59,965,0
3,946,0
47,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS MAR. 30 1927
Federal Reserve Agent at-
Boston.
(7'wo ciphers (00) omitted.)
3
F.R.notes ree'd from Comptroller 255.095,0
V.R.notes held by F. R:Agent._ 100.950,0
F.R.notes issued to F. It. Bank 154,145,0
DOEsteral held as security for
F. R. notes issued to F. R. Bk.:
Gold and gold certificates__ 35.300.0
Gold redemption fund
15.908.0
Gold fund-F.R. Board
59.000.0
50.020,0
Eligible paper
•
Total collateral
160,228.0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Nan. City Dallas.
San Fran.
rota:.
$
$
$
$
$
$
$
$
$
;
2
2
829.385.0 186.610.0 283.736.0 109,973,0 262,273.0 433,413.0 69.553.0 87,474.0
104.137.0 63,052,0 262,934.0 2,947,635,0
292.080.0 22.700.0 49.080,0 24,714.0 57.345.0 157,100,0 21,980.0 17,907.0 26,540.0
18.037.0 46.700,0 835.133,0
537,305.0 163,910,0 234,656,0 85,259,0 204.928,0 276,313,0 47.573,0
69,567.0 77,597.0 45,015,0 216,234,0 2,112,502.0
235.104.0
8,780.0 36,468,0 16.422,0
7.750.0
18,273.0
22.394.0 9.233.0 13,483.0 5,545.0 6,614.0 2.310,0 1,828,0 13,507,0
821.0
146.000.0 114,677,0 175,000.0 28,000,0 144.000,0 210,000.0 10.300.0 46.000.0 4.941,0 2.627.0
150.830,0 41.640,0 62,995,0 28,586.0 40,831,0 89,909,0 31,113,0 12,480.0 58,860.0 14.000.0
22.264.0 12.671,0
554.328.0 165,550.0 260,258.0 98.599.0 207.867,0 302,216.0 50,991.0 72.808.0 86.065.0 47.571,0
30.0000 401,604,0
14,130.0
99,834.0
123,580.0 1.129.417,0
76,716.0 620.052.0
244,426,0 2.250,907.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issueFl by the Federal Reserve Board, giving the principal
items of the resourees
and liabilities of the 674 member banks fromi which weekly returns are obtained. These
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement
were
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reservegiven in the statement
Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 2053.
1. Data for all reporting member banks in each Federal Reserve District at close of business MARCH 30 1927 (Three ciphers
(000) omitted.)
Federal Reserve District.
Boston. New York
Phila.
Number of reporting banks
Leans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
37
92
$
$
7,812
53,771
349.649 2,297,300
646.571 2,876,340
49
S.
1
28
40 023
38 596
Total loans and discounts
1,004.032 5,227.411
Investments:
U. B. Government secur1tles
142.041 991,902
Other bonds, stocks and securities 273,062 1.257,202
Total Investments
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San
Fran.
Total.
71
2
20,836
581,160
802,616
67
8
5,459
151,438
360,503
35
97
$
$
5,542
21,405
110,172 855.093
386,070 1,254,815
4,568
191,093
298,470
2,991
77.095
160,900
4.339
111.616
305,155
2,578
77,992
240,505
647 1,404.612
,
11 951 287,411
28 .430 393,966
517,400
501,784 2,131,313
494,131
240,986
421,110
321,075 1.302,541 14,359,042
77.203
122,154
67,930
56.652
106,796
99,054
7
71,071
71,912
415,103 2,249,104 ,402.381 681,377 142,983
Total loans and Investments
1.419.135 7,476,515 1,195,028 2,085,989 660,383
Reserve balances with F.R. Bank
99,390 815.863
72,551 132,839
41.499
Cash In vault
18.249
72.030
14,580
29,558
13,618
Net demand deposits
883,124 5,677,235 758,746 1,102,365 376,671
Time deposits
430.240 1,405.644 256,636 852.187 216.013
Government deposits
30,499
92,277
35,373
23,948
11,395
Due from banks
46,779 138,279
60,597 107,276
54.273
Due to banks
139,539 1,168,533 174.431 240,432 110.986
Bills pay. & redls. with F. It Bk :
Secured by U.S.Gov't obligations
15,017
77,160
12,780
14,315
3,245
All other
17.125
14,641
10,565
6,998
4,726
Total borrowings from F.R.Bank
22 149
Algol
22 24S
91 112
7 071
•Not available.
7. Data of reporting member banks in New York
2
31
2
24
5
66
58,409
59,353
300,938
471,562
117,762
772.500
199,357
124,582
205.850
619,546 2,903.813
38.369 222,183
11.153
44,792
332,640 1,726,755
235,437 1.038.924
15.953
31,945
69,461 217,241
101,367 499,546
693.488
47,246
7.898
395,865
234.408
8,469
55,178
141,800
365.568
23.641
5,957
213.992
125,171
2,415
44,249
91.570
626,960
52.865
12,313
497.120
150.144
4.067
129.000
218,330
2
45
60
674
$
12.634
151,963
320,121 5.522,752
969.786 8.684,327
2
61,609
25,992
261,529 2.542.790
253.536 3,370.875
87.601
515,065 5,913,665
408.676 1,817.606 20,272.707
31.282 107.742 1.685.470
10,450
23.742
264,340
280,965 760.978 13,006,456
107.563 957.039 6.009,406
9,960
36,560
302.861
59,014 143.716 1,215,063
96.606 214.498 3,197,638
2,338
13,306
32.865
22,096
4,100
4,340
2,325
1,082
2,191
1,171
1,130
491
23,288
9,183
190,754
105,724
In AAA
KA GA1
g AAn
q An,
q qr..,
1 enl
on An..
nnn Ann
City. Chicago, and for the whole country.
All Reporting Member Banks.
Reporting limber Banks in N. F. City.
Reporting, Member Banks fa Chicago,
Mar. 30 1927. Mar. 23 1927. Mar. 31
1926. Mar.301927. Mar.231927. Mar.311926. Mar.301927.
Mar.231927. Mar.31 19213s
Number of reporting banks
674
674
710
54
54
Loans and discounts, gross:
60
$
45
45
$
46
$
$
$
8
Secured by U. S. Gov't obligations
$
151,963.000
150,810,000
$
2
164,338,000
50,929,000
55,478,000
51,304.000
Secured by stocks and bonds
13.532.000
5,522,752.000 5,534,684,000 5,403,269.000 1,974.489,000
13.826.000
11,840.000
1,971,611,000
2,099.750.000 636.373.000
All other loans and discounts
8,684.327,000 8.676,254,000 8,483,960,000 2,528,512,000
2,528,779,000 2,379,578.000 688,611,000 643,307.000 592,948,000
685.178,000 687,450.000
Total loans and discounts
14,359,042,000 14,361,748,000 14,051.567,000 4,553,930,000
4,555.868.000 4,530,632,000 1,338,516,000 1,342,311,000
Investments
1,292,238,000
Government securities
2,541,790.000 2,582,810.000
Other bonds, stock, and securities_ 3,370,875,000 3,363,217,000 2,480,163,000 904.099,000 916.846.000 850,924.000 170.640,000 188,607,000 130.763,000
3,014.540,000 934,531,000 933.202,000 864.440,000
224.440.000 239,893,000 218,758,000
Total investments
5,913,665,000 5.946.027.000 5,494,703.000 1,838.630,000
1,850,048,000 1,715,364,000 395.080,000
428,500,000 349,521,000
Total lbans and Investments
20.272.707.000 20.307.775.000 I9.546,270.000 6,392.560,000
Reserve balances with F. R. Banks
1,685,470,000 1,711,364,000 1,655,265,000 755,084.000 6.405.916.000 6,245.996.000 1.733,596,000 1.770.811.000 1,641.759,000
751.479,000 743.016.000 152,324,000
Cash In vault
264.340,000
261,435.000
163,306,000 152,364.000
272,422.000
58.615,000
56.454.000
62.203.000
Net demand deposits
20.048.000
13,006,456,000 13.063,470.000 12,901,244.000 5,109.408.000
19.932.000
20,937.000
5,101,837,000
Time deposits
6,009.406.000 6,001,333,000 5,476.941.000 942,547.000 927,688.000 5,150,463,000 1,149,401,000 1.189.874.000 1,090.346.000
Government deposits
835,248.000 498.210.000 521,588,000 480,485,000
302,861,000
312,924,000
296,347,000
87.208.000
90,138,000
banks
52,067,000
from
Due
18,873,000
11.362.000
19.471.000
1,125,063.000 1.108.473.000
06,117,000
98,219,000 103.084.000 136.998.000 138,398.000 136,521.000
Due to banks
3,197,638,000 3,221,160.000
1 105,661,000 1.083,518,000 1
Mile payable and rediscounts with
,167,145,000 355.788,000 380,570,000 398,371,000
Federal Reserve Banks:
Secured by U. S. Gov't obligatIone_
207.024,000
190,754,000
214,496,000
69.650,000
86.450.000
57,332,000
11,594,000
13.815.000
All other
19.965.000
105,724,000
102,390,000
205.606,000
14,130,000
19,631,000
30,985.000
32.964.000
3,916,000
13,471,000
Total borrOwIngs from F. R. bke
296,478.000
309,414,000
420.102,000
83,780.000 106,081,000
88,317,000
--17,731,000
44,558,000
33,436.000
Loans to brokers and dealers (secured by stocks and bonds) made by
reporting
member banks In New York City:
'or own account
941,742,000 881.114,000 1,047.784,000
For aocount of out-of-town bank,
1,045.707.000 1.087.758,000 1.006.411.000
For account of others
815,863.000 833,315,000 518,856,000
Total
2,803,312,000
2.802.187.000 2.573.051,000
On demand
2,144,101.000 2.142,398,000 1,704,040,000
On time
659,211,000 659.789,000 869.011,000
•Revised Ilicattai
U. S.
[VoL. 124.
THE CHRONICLE
2088
New York City Banks and Trust Companies.
fOanIters' UI azette,
Wall Street, Friday Night, April 8 1927.
Railroad and Miscellaneous Stocks Review—page 2673.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
STOCKS.
Week Ended Aprti 8.
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
I
Lowest. I Highest.
Lowest.
Highest.
Par. Shares $ per share. 15 per share. $ per share.S per share.
Railroads—
1
Feb
Jan 122
60119
Apr 4119K Apr 5 119
Alabama & Vicksb_100
Apr
Apr 117
Apr 8 117
20 117
Allegheny & Western.100
Apr 8 117
Apr
Feb 47
Apr 8 46
100
10 47
Ann Arbor
Apr 8 47
Feb
Apr 50
Apr 6 45
100 45
Buff & Susquehanna_100
Apr 6 45
Feb
Apr 45
40
Apr
40 40
Apr 5 41
Preferred v t c__100
Caro ClInchf &0stpd100
10100K Apr 6100K Apr 6 98K Feb102% Mar
Feb
Jan 66
Apr 8 55
Apr 8 60
100 60
Chic &Paul Min & 0100
Feb
Jan 125
Apr 8 110
Apr 8 125
Preferred
20 125
100
Apr
Jan 84
80 83
Apr 8 83H Apr 5 80
100
Cuba RR pref
Mar 7H Apr
1001 4H Apr 6 4H Apr 6 4
Duluth S S & A pref _100
10, 65H Apr 7, 65H Apr 7 61H Jan 65H Apr
Erie & Pittsburgh_ —50
cool 87
Or Northern pref ctfs.100
Apr 5 87% Apr 8 85H Mar 87% Apr
Feb 26K Jan
25
Havasu'Elec Ry rets___. 300 25K Apr 4 25K Apr
Mar 82H Mar
Apr 5 80
Apr 2 82
81H
300
100
Preftrred
Apr
Jan 225
Apr 200
Apr 5225
120 220
Hocking Valley
100
Jan 81K Apr
20 80H Apr 5 81K Apr 4 79
III Centr leased 11ne_100
Mar
Feb 83
Apr 7 80
30 82% Apr 6 83
Morris & Eesex
50
Apr
Apr 168H Mar 185
Apr 2 185
NY & Harlem
50
700171
Apr
Feb 104
Apr 7 95
Apr 4 104
80103
N Y Rye ctfs stpd
•
Apr 6 34H Jan 50% Mar
Apr 6 50
100 50
NY State Rye pref_100
Mar
Mar 151
Apr 8 147
Apr 8 151
Pitts Ft W & Chi pf _100 200151
Apr
Apr137
Apr 7 136
Apr 5 137
50136
Rensselaer & Samt_ _100
St Louis-San Fran r18_J40,000 2H Apr 21 3H Apr 7 2H Mar 3H Apr
97H Jan 99H Apr
10 99H Apr 4' 99H Apr
Vicksb Shreve & Patt_100
Feb
Apr 5 98H mar 101
Apr 5 100
10 100
100
Preferred
Industrial & Mac—
200 22
Albany Perf Wrap Pap.•
100 97H
100
Preferred
All Amer Cables ctfe_1001 200178
100 99
Amalg Leather pref JOU
100, 95
Am Chicle pr pref ct.fs_•
Amer-La France Fire
1
100 300 65
Engine 7% pref
150106
American Piano pref_100
810 98H
American Snuff pref.100
140107%
Am Type Founders pf100
Am Writing Paper v t c_• 6,200 10%
300 25H
100
Preferred v t c
Bamberger(L)4:Co pf100 3,250107K
100 32
50
Autosales pref
40 105
Bayuk Bros 1st pre_ 100,
20116K
Beech Nut Packing pf100
10 55
Blumenthal & Co pref100
Brit Emp Steel 2d pf_100 1.300 1
Burns Broe prior pref 100, 100117
30 107
100
Byers & Co pref
Central Alloy Steel pf 100 200107H
Central Leather ctfs_100 3,300, 9%
100 3,300 64
Preferred stfs
Chicago Yellow Cab_ ....1 100 39
• 700 41%
City Stores class 13
80 125H
Colo Fuel & Iron pref 1001
50115
100,
City Investing
Coca-Cola Internat. __-*1 100 195
Consolidated Gas pref_*27,800. 93H
400, 88K
Crown Wililte 1st pref..
101106
Cushman's Sons 8% pf_.
1 ,
101107H
7% preferred
100 1,08(1106H
Deere & Co pref
10103%
Devoe & Kayo 1st pf 1001
330118
Diamond Match__ _100
20'121
Eastman Kodak pref_100
Elk Horn Coal Corp._ _• 1,000 10H
250 25
50
Preferred
25
200 5H
Fairbanks Co
• 100 13
Fifth Ave Bus
280 112H
Franklin-Simon pref_100
230 118H
Gen Baking pref
Gen Gas & Elec cl B_• 400 37
100106%
Gen Ry Signal pref. _100
20 93H
Glidden Co Prior pref100
20116K
Gold & Stock Tel__ _100
60100
Guantanamo Sus pref100
220 23H
Hackensack Water Co 25
130106K
Hayes Wheel pref --100
10 26
25
Preferred A
70 126
W) pref__ _100
Helme
100 105
Indian Refining pref_100
10 67H
100
Internal Salt
International Silver_100 3,500161
100 60
1
Island Creek Coal
230 120
Jones & L Steel pref._100
20113K
KelseyWheeilncPrefl0Oi
1001 1,020 70
Kinney Co pref
*4
100 72
Kress Co new
90 61
McCrary Stores C A..I
McCrory Stores pref.100I 600 97
'4 1.300145
Macy Co
20106K
Mathieson Alkali preflOOl
May Dept Stores Rts. 19,300 1H
Montana Power pref.lOOj 300 121
140 87
Mullins Body pref_...iOOi
39
Nat'l Belles Hess
I
1001
3011634
Pref
Nat SuPPIY
1004 630 255
NatSUretY
30113K
NM Lock & Ont Pw pf100
160 4911
Northw Telegraph___50
10 4484
Norwalk T&Rub Pref100
011 Well Supply pref _100 1.580106K
100 600 9134
Omnibus Pr A
100
70116K
Owens Bottle pref
Pacific Tel & Tel— --100 1,300125
200 104H
100
Preferred
Patino M & Enter. pf_25 2,200 21K
50100K
Penick & Ford pref..100
290 41H
50
Phila Co 5% pref
30H
1,200
100
Coal
Term
Pitts
440 80
100
Preferred
18H
130
-10
pref._
Utilities
Pitts
Prophylactic Brush._..• 200 58
20 113H
Rem Typewr 2d pf ctf100
10 107
.Sherwin Wms pref.100
100 107
Sloss-Shef St & Ir pf-100
1(
4,600
rights__
Edison
Calif
Sou
20106H
Spalding Bros let pf.100
70 11
Stand Plate GI pref 100
300 204
100
U S Express
10 55H
Van Raalte let pref 100
•22.306 36H
Victor Talk Mach
90
2.000
*
6% pref
100 1,300 98
7% prior pref
73
60
p1_100
C
&
Coal
Virginia
130 21
Vulcan Detinning. _100
150104
pf_100
6%
Pr
Penn
West
*14,800 2334
White Sew Mach
•No par value.
Apr
Apr
Apr
Apr
Apr
7 22H Apr 5 22
8 97H Apr 8 97%
Apr 7 167
5 180
Apr 8 99
8 99
41 95
Apr411 91
Apr 6 66
Apr 2 108
Apr 4 99
Apr 6110K
Apr 2 10%
Apr 7 375(
Apr 2108K
Apr 7 32
Apr 8 105H
Apr 5116K
Apr 5, 55
Apr 6' 1H
Apr 5 117
Apr 7107K
Apr 5 109
Apr 7 10%
Apr 7, 67
Apr 5 44
Apr 5 43
Apr 6 126H
Apr 7 115
Apr 7 195
Apr 4 94H
Apr 7 89
Apr 4 106
Apr 7 nag
Apr 4 111
Apr 4103K
Apr 5 122
Apr 5 121
Apr 4 11%
Apr 4 25
Apr 2 5H
Apr 7 13
Apr 6 112H
Apr 5 120H
Apr 4 40
Apr 7106K
Apr 7 94
Apr 7 116H
Apr 2 100
Apr 8 26H
Apr 8 108
Apr 2 26
Apr 4 126
Apr 6 105
Apr 2 67H
Apr 7,167
Apr 5' 60
Apr 2 120
Apr 6113K
Apr 5 84H
Apr 6 72
Apr 7 66H
Apr 6 9734
Apr 7149K
Apr 2106K
Apr 2 1H
Apr 8 123
Apr 6 89
Apr 7 40H
Apr 6116K
Apr 2261 H
Apr 4 113%
Apr 5 50H
Apr 7 44H
Apr 5 108
Apr 4 93H
Apr 4 117
Apr 5131K
Apr 4105K
Apr 4 22K
Apr 810004
Apr 2 45
Apr 2 341(
Apr 2 82
Apr 6 18H
Apr 6 59
Apr 4113K
Apr 2 107
Apr 8 107
%
Apr 4
Apr 8 106K
Apr 6 13
Apr 6 284
Apr 2 55H
Apr 8 37H
Apr 7 9084
Apr 5 98H
Apr 6 76
Apr 2 2134
Apr 5104K
Apr 5 25H
Apr 611 65
Apr 5 101%
Apr 8 94H
Apr 5107K
Air 7, 10H
Apr 7 25H
Apr 4106K
Apr 7 32
Apr 2 101
Apr 5114K
Apr 5 44
Apr 2 1
Apr 5 115
Apr 6 106
Apr 8106K
Apr 4 7H
Apr 2 54
Apr 8 39
Apr 7 41H
Apr 8 116
Apr 7.112
Apr 7 174
Apr 8 93
Apr 2 881(
Apr 4 103
Apr 7106K
Apr 7 105H
Apr 4 101
Apr 81115
Apr 5119K
Apr 5 9
Apr 4 21
Apr 2 3H
Apr 7 1284
Apr 2109K
Apr 7118K
Apr 6 3584
Apr 7 82H
Apr 7 90
Apr 7116K
Apr 2 9504
Apr 2 25
Apr 5 100
Apr 2 25H
Apr 4 118H
Apr 6 102
Apr 2 64K
Apr 2135K
Apr 5 48H
Apr 2 117
Apr 6113K
Apr 8 70
Apr 6 59
Apr 2 55
Apr 6 97
Apr 8 124
Apr 7 103
Apr 4 1
Apr 5 118H
Apr 6 80
Apr 8 39
Apr 6114K
Apr 2 238
Apr 6 112H
Apr 6 4704
Apr 7 4384
Apr 2102K
Apr 44 81
Apr 6:115
Apr 8124
Apr 7103K
Apr 2 20
Apr 8 100'4
Apr 61 40
Apr 8 30H
Apr 71 80
Apr 6 18
Apr 5' 55
Apr 4 113
Apr 2 105K
Apr 8 10434
H
Apr 2
Apr 8 103
Apr 7 10
Apr 6 214
Apr 2 5484
Apr 4 3334
Apr 4 90
Apr 4 97
Apr 4 73
Apr 5 16H
Apr 7 100H
Apr 2 21H
Apr 23
Apr 100%
Mar 180
Apr108
Feb 95
1
Apr 90H
Jan 110H
Jan 100H
Feb 110H
Mar 10H
Apr 27H
Mar 108%
Apr 38
Jan 107H
Jan 119
Jan 61
Apr 3%
Mar 117
Jan 109
Jan 109
Jan 10H
Jan 67
Apr 45
Apr 44%
Jan 129K
Feb 115
Feb 195
Mar 9404
Apr 91
Feb 10904
Jan 110
Jan 111
Jan 107
Feb 122
Jan 123
Jan 12H
Feb 2584
Feb 8
Jan 14
Jan 114H
Apr 125
Apr 42A
Jan 107
Mar 94
Jan 118H
Jan 100%
Apr 26H
Feb 108
Mar 25H
Jan 127
Feb 112
Mar' 72
Mar 168
Mar 60
Feb 120
Feb'116H
Apr 86%
Jan 7434
Mar 75
Mar 116H
Jan 149H
Jan 107K
Jan 111
Jan 123
Jan 89
Apr 40H
Jan 118H
Feb 26114
Jan 113%
Jan 62K
Apr 75
Mar 108K
Jan 93H
Jan 117
Mar 140
Mar 112H
Mar 273.5
Apr 104
Jan 45
Apr 43H
Feb 83
Feb 18H
Feb 59
Mar 114
Feb 110
Mar 108
31
Apr
Jan 110
Mar 13
Feb 234
Mar 67H
Feb 38H
Jan 921(
Feb 9914
Apr 76
Jan 27
Jan 106H
Mar 261(
Feb
Jan
Apr
Mar
Mar
Jan
Mar
Mar
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Mar
Feb
Apr
Feb
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Apr
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Mar
Mar
Feb
Apr
Apr
Apr
Feb
Mar
Jan
Apr
Apr
Mar
Jan
Jan
Mar
Jan
Jan
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Feb
Jan
Mar
Feb
Mar
Apr
Jan
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Apr
Au mu,sdoUar, v.,' mars.
BM. Ask
Banks.
Trust Cos. Bid. Ask
New York.
Harriman_ _ _. 640 600
Manhattan' 281
285 Am Ex Iry Tr 338 342
or°
___ Bank of N Y
Mutual.
& Trust Co 660 870
National City 537 641
New Neth'ds• 320 330 Bankers Trust 830 837
522 826 Bronx Co Tr_ 330 350
Park
Penn Exch.. _ 143 150 Central Union 10e0 1015
___ County
305 320
Port Morris__ 337
567 572 Empire
383 388
Public
Seaboard __ 770 778 Equitable Tr_ 314 316
175
185 Farm L & Tr. 565 570
Seventh
670 800 'Fidelity 'I'rust 304 310
394 Standard
585 595 'Fulton
480 490
208 State.
190 200 Guaranty Tr_ 448 453
880 Trade.
188 200 'Interstate__ _ _ 206 212
1100 United
452 United States* 330 340 Lawyers Trust .. _ _ _ _
320 WashM Hts• 700 900 Manufacturer 627 632
142 Murray Hill_ '215 222
135
275 Yorktown •
Mutual(Weet550
Brooklyn.
cheater) ___ 240 252
___ Coney Island* 300 350
225 . _ N Y Trust__ 595 600
2590 Dewey•
385 400 Terminal Tr_ 195 205
2890 First
170 Mechanics"__ 283 289 Times Square. 134
138
_ _ Montauk •___ 360 375 Title Ou & Tr 694 6911
250 Municipal •__ 293 298 U 8 Mtg & Tr. 935 450
340 360 United States.1930 1960
Nassau
750 .... Westclieet'rTr 550
208 People's
Brooklyn.
1210
Brooklyn_ _ _ _ 835 8'0
Kings County 2100 e200
2011 570
kildwnew1
New stock. s Ex-div
s Ex-stock my
•Banks marked(9 are State banks.
V Ex-rights
Banks—N.Y Bid.
America'__. 295
Amer Union•_ 192
Bowery East R 4135
Bronx Boro._ 1375
Bronx Nat.__ 490
Bryant Park• 215
Capitol Nat._ 219
Cent Mercan_ 277
Central
138
Chase
454
Chath Pbenix
Nat Bk &Tr 389
, 2r2
,helsest Exch.
Chemical.___ 870
Colonials__ 975
Commerce__ 447
Corn'nwealth• 310
ContinentaL• 261
Corn Exch... 540
-_losmop'tan*_ 300
111th Avenue.2250
2860
Irst
162
zranklin
395
;airfield
3Iobe Exch•_ 230
325
;race
1 arallton _ _ __ 200
1190
lanover
Ask.
310
202
495
1950
505
225
224
284
143
450
New York City Realty and Surety Companies.
Alliance R'Ity
Amer SuretyBond & M 0_
Lawyers Mtge
Lawyers Title
4. Otiarantee
.411 errlear dollars as, sears
Bid. Ass.
Ask
001
Bid. Ask. I
162 Realty Assoc'
43
53 Mtge Bond__ 147
(13klyn)com 240 246
226 229 Nat Surety.. 257 260
1st Pref.-- 90
334 540 NY Title &
91
2d pref... 88
Mortgage... 440 442
283 I 2s7
US Casualty_ 320 435 Westchester
Title & Tr. 550
287 23
Quotations for U. S. Treas. Ctfs. of Indebtedness, slko.
Maturity.
Int.
Rate.
Rid.
Maturity.
Asked,
June 15 1927___ 3H% 993I, 10041
Sept. 15 1927_ _ _
% 99i1n 100.n
Dec. 15 1927.__ 434% 1001,1, 10034
Ins.
Rate.
Sept. 15 1927_ _ _ 384%
Mar. 15 1928_ 334%
Mar. 15 1930-'32 334%
Bid.
Asked.
Naha
99%
99isis
99%
9911.1 10011.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. H. Bond Prices. Apr. 2. Ayr. 4. Ayr. 5. Ayr. 6. Apr. 7. Apr. 5.
High
First Liberty Loan
374% bonds of 1923-47_ Low
Close
(First 3As)
Total sales in 81,000 units _ _ _
Converted 4% bonds ofIlligh
Low
1932-47 (First 4s)
Close
Total sales in $1,000 units __ _
Converted 434% bonds High
1932-47 (First 41(s) Low.
Close
Total sales in $1,000 units _.
1%1High
Second Converted 41,
bonds 01 1932-47 (First( Low
Second 4 q8
Total sales in $1,000 units_ _ _
{High
Second Liberty Loan
4% bonds of 1927-42____ Low
(Second 4s)
Total sales in Si ,000 units. _
Converted 434% bonds High
Low.
of 1927-42 (second
41(s)
Close
Total sales in $1,000 units...
Third Liberty Loan
High
484% bonds of 1928.... Low_
(Third 474*)(Close
Total sales in $1,000 units...
High
Fourth Liberty Loan
414% bonds of 1933-38_ Low.
Close
(Fourth 411s)
Total sales in 31,000 units._ _
Treasury
righ
434s, 1947-52
Low.
(Close
Total sales in 31,000 units._ _
(High
4s, 1944-1954
Low.
Close
Total sales in $1,000 units___
{High
314s, 1946-1956
Low
Close
Total sales in 31.000 units...
st 101,ss
100"ss 100"st 100"ss 101.1n 101,
100"n
101
100"st 1001.11 100"ss 101
100,n 100"n
100"s3 100"ss 1003,3t 101
541
176
163
259
19
121
____ 1011"11
1011.a.
101".,
_--- 101,s3
---- 101731
101"st
103",, 103,43 1031.13 1031.31 103,..3 103',I
103"st 103"13 103"n 103"st 103021 103".of
103"st 10314n 103un 103"ss 103"st 103"ss
26
27
21
16
7
6
_ _ -- -- —___ 103
____
____
--__ 103
- - -.-- -- - - --- -- ____
____
____
Muss
1001in
Melo
121
101.31
101,11
101.33
218
104
104
104
17
113"st
113,,ts
13
,
113.
12
10811111
108141
108"ss
3
1051in
1051%1
105"st
1
- -- ---_-__ 10043
___ - 100,st
-- - 100.133
100ita,
1001.a.
180
101,st
101,33
101.st
96
104,st
10443
101,st
161
114
113"ss
113"st
78
108uo
108'',,
108"st
118
105"st
105"st
105"st
22
100"st
1001,n
100'',,
136
101.33
101,33
101,st
62
104,st
104,n
104,n
139
114
113"13
113"st
15
10810.,
108"32
1081,12
3
105"ss
105"st
105"st
2
- - -----
1
----
100"st 100"st
1001.a, 100lio
100isaa 1001in
268
492
101,n 101.33
101,ss 101
101,33 101,33
25
51
104,st 104,st
104
104
104
104
115
232
113u11 113"ss
113.011 113,,n
113"st 113"st
12
1
108",,10817u,
108"st 108"n
108.031 108"st
53
28
105"st 105"n
105"st 105"st
105"st 105,,st
6
1
100"so
1001%.
100usi
194
101,13
100"st
101,33
160
104
1032%.
103"n
89
113"n
113"13
113,,n
19
1081111,
108"ts
108"st
7
105"st
105"ss
105"ss
39
-- -----
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
8 let 4He
Muss to 101
1031a. to 103,n 120 3d 4As
71 2d 4%,
103"ss to 104
100"st to 1001,33152 4th 4Hs
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.85 3-16
ig 4.85% for checks and 4.85 11-16@4.85 X for cables. Commercial
on banks sight, 4.85 1-16(414.8531 sixty days, 4.81 1-16(44.8184: ninety
days, 4.78 15-16@4.79, and documents for payment (60 days), 4.81 5-16
ido
5n
to
s
4t
co
.8134
4f
15
.or payment, 4.85 1-16@4.8534. and grain for payment.
r
To-day's (Friday's) actual rates for Paris bankers' francs were 3.8934
for short. German bankers' marks are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 39.9874 for short.
Exchange at Paris on London, 124.03; week's range, 124.02 high and
124.03 low.
c
The range for foreign exchange for the week follows:
Cables.
heck .
Sterling Actual—
4.85 13-16
High for the week
4.85 5-16
4.85 11-16
Low for the week
4.85 3-16
wk
Paris Bankers' Francs—
3.91 X
High for the wk
3.90X
3.91X
Low
Lo for the week
German Bankers' Mark,—
23.71X
High for the week
23.70X
2
3.
23
7 Zi
1
.6
3
Low for the week
so
ghmf
mA
ta
terrd
ew
hm
Beaenkkers' GUilderS—
02m
.00
0.
40
40..0
1
99
Low for the week
Domestic Exchange.—Chicago. par. St. Louis. 156425c. per 81.000
discount. Boston, par. San Francisco. par. Montreal, 81.09375 per
51,050 premium. Cincinnati. Pax.
2089
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING Sit PAGES
Pot sale. during rhos weas of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April '2.
Monday,
April 4.
Tuesday,
April 5.
$ per share $ per share $ per share
Wednesday, Thursday, 1
April 6.
April 7.
$ per share
5 per share
Friday,
April 8.
Sales
for
the
Week.
S per share
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Railroads.
Par
176% 177
17658 17834 17758 17812 1775 1787g 11758 17938 17778 17878 42,400 Atcb Topeka & Santa Fe-100
10158 10138 10114 10134 10112 10134 1015 102
1005 10034 10084 101
2,000 Preferred
100
_ ____ ____ ____ ____ ____ ____ ____ ____
,Atlanta Birrn & Atiantio 100
7734 175 176
2 .175- 1-lig- 1/91
1747 176
1761
/
4 183
7,100r Atlantic Coast Line RR
18073 182
100
114
11373
1135
11312
8 11458
11312 11418
11578 11678 42800 Baltimore & Ohio
11458 11414 116
100
76
76
76
76
76
7614
757 757
761
/
4 7614 7612 7838
1,1001 Preferred
100
7414 7112 7334 7014 7212 704 7234 9,500r3. ngor & Aroostook
73
8933 6872 74
89
50
109 109
10834 109
109 109
1084 10834 10812 109
10834 110
430 Preferred
100
6714 678 6838 6712 8858 67
66
6514 66
6712 6734 67% 11,800113kIn-Manh Trao • t o_No par
*8514
86
855
8
85
3
4
8
853
4
855
*8553 86
*8558 86
8558 8558
300: Preferred v t o
No par
1018 1012 *1014 11
1058 1038 *1014 11
*1014 111
/
4 *1014 II
300113runawick Term & Ry Sec 100
99 102 *102 10212 102 102
*99 101
*99 101
9913 102
70 Buffalo Rochester & Pitts_100
*5912 61
81
*6014 61
61
*6014 63
*6014 63
608 6038
140 Canada Southern
100
18334 184% 18214 184
/
4 18311 184
184 1841
18238 18334 183 18458 9,400 Canadian Pacific
100
306 306
*301 308 *300 305 *300 308
304 304 *295 305
200 Central RR of New Jereey_100
16533 16658 16558 16712 16534 168
16334 16814 164 166
16718 168
34.400 Chesapeake & Ohio
100
712 758
718 758
753 812
818 812
758 833
784 8
20,200 Chicago & Alton
100
1084 1112 1118 1234
1078 107
1212 1314
11
127
1134 1214 42,400 Preferred
100
*270 300 *270 300 *270 300 *270 300 *270 300 *270 300
C C C & St Louis
100
*3212 34
*32
34
3234 3234 .31
33
.30
33
*31
33
100 Chic & East Illinois RR_100
4714 4713 47% 48
*4512 48
*4812 47
48
4812 '
34812 48
1,500 Preferred
100
1734 1658 1734 1658 1758
1613 16
16
16
1878
1558 1612 58,200 Chicago Great Western
100
2712 2818 277* 2984 2918 3034 29% 3034 284 2912 2812 2958 67,900 Preferred
143
4
151
13
/
4 171
14
34
/
4 1618 1738 1538 1634 1512 16
1418
78,900 Chicago Milw &St Paul
11
1332 1412 15
14
1672 1614 1714
14
1512 1634 1558 1574 67.100
Certificates
100
2112 2158 2134 2338 2234 2534 2472 2614 234 2514 24
2478 123,200 Preferred
100
22
2112 22
2214 2212 2534 2434 26
2478 47,000 Preferred certificatee
'2358 2518 24
100
82
8278 8258 8358 8312 847 35,000 Chicago & North Weetern_100
83
82
8112 8158 81% 83
131 131
12912 12912 *130 131
13012 1301
•1297 131
/
4 131 131
500 Preferred
100
9318 9412 9318 9414 9312 9412 55,000 Chicago Rock Ial & Pacifle.100
9312 94
9174 95
921
/
4 935
10814 10812 10712 10814 *107 108
*1074 1081 •10711 109 *108 109
600 7% preferred
100
997
100
100
993
4
100
100
9934 100
100 100
9934 100
3,000 6% preferred
100
10312 104
104 104
103 103
10334 10334 *1011
*101 1113
/
4 104
700 Colorado & Southern
100
75
7434 7434 *73
*73
75
75
75
*73
75
*74
78
200 First preferred
100
73 .68
73 •68
*68
73
73
70
*88
70
*69
73
200 Second preferred
100
7114 7114 6914 70
/
4 69
6858 701
.7114 72
70
7012 701
1,900'Consol RR of Cuba pref
100l
19312 194,4 19412 19618 19534 19778 19438 19634 195 196
19214 193
15,300 Delaware & Hudson
1001
181 16214 16012 164
162 l634 20,000 Delaware Lack & Western- 601
162% 1638 18213 16384 182 163
5514 55
5412 5534 5412 5514 54
*5134 5333 .5358 54
61
13,000 Deny & Rio Or West prex...lOOI
5512
6114
553
5158
4
53
/
1
4
5314
5358
551
553*
5412
553 281.100 Erie
503*
100
5738 58'4 581* 5938 585 6014 5814 591
5712 58s 5814 5934 60,300 Firet preferred
1001
5488 54
53
55
53
5312 548
521: 53
53
53
54
10,100 Second preferred
1001
8634 87's 861
/
4 877
8712 88
8714 877
8718 S7s 8714 88
17,000 Great Northers preferred_100
1
4 21
2034 21
2012 21's 21
2034 204 20/
215 32012 208 10,401 Iron Ore Propertles__No pail
6612 61'g 61
65
6412 6832 6414 667
6314 6514 65
6558 61,300 Gulf Mobile & Northern 100
10812 10812 10812 1081 108 108 *10712 10812
10712 1071 *10713 108
500 Preferred
1001
501
/
4 51 1 *5012 511
5018 5258 5038 5112 51
5558 5312 56
28,100 Hudson & Manhatta.n
100
*80
8258 8014 801 *8012 82
8172 817 *80
82
8218 8414
900 Preferred
1001
1261
,1267s 12634 12814 127 128
126 128
12812 13058 129 13034 19,300 Illinois Central
1001
12614 1261 *125 130 *126 129 *11918 129
*124 127
129 12912
500 Preferred
1001
79% 79% 7938 793
07812 80
79
79
*7812 90
7912 7912
110 Railroad Sec Seriee A....1000I
•23
25
*23
25 .23
25
*23
25
*23
25
*23
25
Int Rys of Cent America.._100l
•6312 84
*8312 64
8312 631 .62
64
*62
64
*62
64
100
10 Preferred
*44
4512 4412 4558 4534 46'4 4512 4712 4612 4753 4758 4739 5.600 Interboro Rapid Tran•t o_100
5412 558
5.312 65
55
.57
561
/
4 593
57
5858 5734 6078 173,600 Kansas City Southern
100
•68
69
69'z 69
*67
69
69
69
69
69
*6812 6912
600 Preferred
1001
•116 11812 .117 119
11812 1187k 11752 119
11712 12012 11812 12158 7,900 Lehigh Valley
501
*133 135
133 13454 13412 135
134% 13434 13434 13734 13634 13558 4.500 Louisville & Nashville
1001
•88
90
*8714 90
*8714 90
*8714 90
90
90
*8714 91
140 Manhattan Elevated guar_100
481
/
4 4814 4814 483 *4814 4884 49
100
507
50
5058 *4914 50
Modified guaranty
3,000
*51z 6
*51z 812 *51z 61
*512 6
*512 612 *51
Market Street Rallway....„100
/
4 612
*20
30
020
30 .20
25
*21
25
*22
27
*24
100
25
Preferred
4614 4614 4612 44384 46% 47
*4714 4758 4758 473* 47
100
4712 1,400 Prior preferred
•14
19
*12
15
*12
18
*14
18
*14
18
*1112 16
100
Second Preferred
25
234
3
214 2%
318
3
318
274 3
6,400 Minneapolis & St Lout/3_100
3
3
*2912 33
.291,3 33
*30
32
*30
33
*30
33
*30
Minn St Paul ASS Marie_ 100
33
*52
60
*52
60
*45
56
*50
60
*50
GO
.50
100
Preferred
60
80
60
63
63
61
61
*6013 61
61
61
*697 6112
100
90 Leased lines
4012 41 12 4114 4212 44
4618 4512 4712 4453 4638 45
4712 164,400 Mo-Han-Texas RII____No par
102 10214 10178 10218 102 10258 10218 103
10212 1023 1021
/
4 103
100
12,500 Preferred
5718 5814 5534 5758 57
55'! 57,2 5714 5812 575 59
5833 154,700 allenouri Pacific
100
10712 10878 107 10918 10812 10772 10612 10758 1073* 108
106 108
100
39,600 Preferred
*4
5
*4
5
*4
5
*4
5
*4
5
*4
5
Nat Rys of Mex let pret..100
•15
314
1%
134 .14 213 .153 218
133
153 •134 2
100
200 Second preferred
14414 14414 147 14834 146 14634 146 146
146 146
147 147
220 New Orl Texas & Mexico_100
143 14334 14358 14512 145 14658 14518 14758 14812 15012 14912 151% 202.700 New York Central
100
*18912 19012 190 190
190 191
18914 19234 192 192
19133 19178 2,700 NY Chic dr St Louie Co
100
105 105
105 105
105 105
105 105
10513 1058 1055, 1055
100
preferred
1,500
5034 5112 513 53
5234 5334 521
/
4 5314 52
5558 5458 5558 245,600 N Y N El & Hartford
100
28
2933 2814 2958 2918 3012 2938 30
2938 31
3012 317 34,200 N Y Ontario & Western .10(1
*12
14
14
141z 13
1314 .12
1458 *13
1412 *1212 1312
600 N y Railways pre/ otte_No par
*18
2012 18
2012 •18
*16
2012 *16
18
201
/
4 *16
2014
100 New York State Rallways_100
50
50
50
51
513 54
53
53
5134 523
5134 5134
100
183 18412 182114 18458 18234 18414 18212 18334 181 18358 183 18412 6.000 Norfolk Southern
26,400
100
Norfolk de Western
*8512 8812 *8512 8612 .8512 8612 8514 8514 8514 8514 857 8578
400 Preferred
100
8834 8714 8612 8812 8758 88
8612 8772 8612 8734 87
881
/
4 27,200 Northern Pacific
100
25
*15
*15
25 .15
25
*15
25
*15
25
*15
25
Pacific Coast
100
8113 6134 6133 6214 62
62% 6132 62
6118 6178 6134 6238
50
301
*2912 30
/
4 341
/
4 3212 3434 3212 3418 3312 3358 3212 3314 108,400 Pennsylvania
19,700
Peoria
&
Eastern
100
11878 1191 119 12212 122 1221 1213 12178
118 118 .11814 119
11.600 Pere Marquette
100
*93
93% 9312 931
93% *93
9353 9358 *93
96
94
*93
Prior preferred
100
.91
9134 9114 911
911
/
4 9172 *92
9258 9134 9212 9153 915
1,200 Preferred
100
132 134
130 133
12914 130
13058 13218 13013 13018 13114 1313
2,200 Pittsburgh & West Va
100
10912 11084 11014 11114 11058 1121 111 112
11038 112
11034 11134 74,700 Reading
50
*4034 4112 41
4112 411 *41
41
411
41
41
4112 4112
400 First preferred
.50
46
47
46
47
*47
*413
48
47
.47
48
47
47
300 Second preferred
40
*52
5412 54
5614 *55
*54
5812 56
57
56
583* 5712 1,600 Rutland RR pref
100
11038 11078 11034 1121 111% 1 l25 1121
/
4 1131_ 113 1141 0111 11134 20,900 St Louls-San
Francisoo
100
9673 96% 9812 981
9712 971
97
97
9812 981 29734 9734
900 Preferred A
100
70
70% 7058 72
72
72
7358 71 18 7278 7134 7412 38,400 St Louis Soutbweetern__100
73
82
82
82
88
82
*84
8214 8284 83
86
8612 875
3,700 Preferred
100
29% 29% 2934 3014 2938 301
3134 31
/
4 294 311z 31
3178 17,900 Seaboard Air Llne
100
341
/
4 3439 3414 35
34
34
341
/
4 357k 351 36
355 36,8
Preferred
100
11214 11274 1 125, 11353 113 1141
/
4 112% 11374 113 hI41s 11414 11512 72,535 Southern Pacific Co
100
1231
/
4 12378 12318 124
12318 12334 12318 12418 12334 1251 1243* 126
31,100 Southern Railway
100
9434 9454 9418 941
94% 9458 94% 9458 9412 9412 1,600 Preferred
9438 941
100
60
88
7014 6812 8938 681
7033 6918 7038 69
71
/
4 7078 48,500 Texas & Pacific
100
*36
38
3714
03612
37
36
37
37
36
*35
37
37
400 Third Avenue
100
16918 169% 170 17238 17212 1731 17152 1731
/
4 17178 1741 17212 17384 36.200 Union Pacific
100
'81
8134 811
/
4 811
/
4 8158 8158 8153 82
8112 8133 8138 8138 1,700 Preferred
100
7012
7278 7134 7338 7114 7214 7012 711
71
7012 7113
7234 81,100 Wabash
100
9434 95's 9514 96
95
95
9518 951
9512 96
9512 953 10,900 Preferred A
100
95
95 .90
88
95
91
91
•90
93 .90
.90
91
1,200 Preferred 13
100
3138 3114 34's 34
364 3814 309,200 Western Maryland
30
37
361
/
4 3838 363 381
100
39
40
4133 4614 4834 5654 54
573
535 5614 90,700 Second preferred
5812 52
100
2853 307
3118 313
31 1s 3012 3112 7,900 Western Pacific new
1
4 29
3138 32% 31
*28/
100
6133 6258 8518 86
62
62
6634 6538 8838 6514 66
66
4,300 Preferred new
100
.81
733 733 *61
74
74
*61
*61
74
74
*61
74
100 Wheeling & Lake Erle Ry 100
*7918 844 •7913 8434 *7918 82
/
4 791
/
4 *791
.7918 84% 791
/
4 82
100 Preferred
100
8934
*6314
112
174
•133
1212
8934
66%
112
174
135
1212
*9014 91
9034 91
9114 94
921z
704 *69
67
661
/
4 66% 68
68
*111 14 11134 11134 112
11114 11114 112
175 17714 17812 1781 *1781
17814
/
4 180
*132 134
134 13412 136 13614 *136
13
13
, 1253 •1212 131. 1214
125
•Bid and asked prices
0234
94
7053 *65
112 *11114
1781
/
4 *17912
137
136
121. 1214
a Ex-dividend. a Hz-rights.
93
70
112
182
136
1212
3,200
1,900
210
800
1,300
1.000
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share
$ per share $ per share 8 per sitars
16184 Jan 6
9938 Jan 5
58 Jan 3
1747 Apr 6
10612 Jan 4
7314 Jan 3
44 Jan 6
10112 Jan 10
65 Mar 19
85,
8 Apr 2
912 Jan 25
8014 Jan 8
59 Jan 18
165 Jan 6
285 Jan 4
151% Jan 25
434 Jan 8
712 Jan 5
275 Jan 31
3012 Jan 10
43 Jan 8
812 Jan 6
2314 Jan 7
9 Jan 4
9 Jan 4
1858 Jan 3
1878 Jan 3
7838 Jan 27
12414 Jan 3
6812 Jan 4
10234 Jan 4
95/
1
4 Jan28
84 Jan 3
70 Jan 4
68 Jan 14
6873 Apr 6
17118 Jan28
14014 Jan 27
41 18 Jan 5
391
/
4 Jan 3
5258 Jan 4
49 Jan 4
7958 Jan 4
1914 Jan 13
3518 Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
12118 Jan 10
1208 Jan 12
74 Jan 4
24 Jan 18
63 Jan 4
4114 Mar 29
4114 Jan 4
64% Jan 7
9934 Jan 6
12838 Jan 14
181 Mar 11
102 Mar 22
178 Feb 3
205 Jan 3
1167 Apr 8
77 Feb 16
7414 Apr 5
110 Apr 8
7078 Jan 20
88 Jan 4
1518 Jan 7
115 Mar 10
61 Apr 5
19212 Feb 28
309 Apr 1
168 Apr
103* Feb
1378 Feb
302 Feb 1
3778 Feb
504 Feb
2212 Feb
3334 Feb
1758 Feb
1714 Apr
2614 Apr ti
26 Apr 6
8733 Feb 18
13412 Feb 3
95 Apr 4
10812 Apr 6
100 Apr 1
10412Mar 31
75 Feb 19
7112 Jan 15
7414 Mar 4
19912 Mar 29
173 Mar 23
61 Apr 8
5534 Apr 5
6014 Apr 5
55 Apr 5
91 12 Feb 19
2314 Feb 4
6858 Apr 5
11112Mar 12
56% Feb 24
8414 Apr 8
13034 Apr 8
1291
/
4 Apr 8
7912 Apr 8
25 Jan 15
8512 Feb 9
621
/
4 Feb 28
60% Apr 8
69 Mar 19
123 Feb 18
139 Feb 18
90 Feb 11
547 Febr28
618 Mar 25
20 Feb 4
4712 Apr 8
16 Mar 30
458 Feb 3
40 Feb 4
5834 Feb 8
63 Jan 13
4712 Apr 6
103 Apr 6
59 Apr 5
10914Mar 30
512 Feb 3
238 Feb 2
14834 Apr 4
15158 Apr 8
19778 Feb 21
10578 Apr 7
5858 Feu 16
3414 Feb 18
1534 Jan 14
22 Feb 3
5614 Mar 12
18412 Apr 2
86 Jan 3
9112 Feb 18
27/
1
4 Feb 18
6234 Apr 5
3434 Apr 5
12633 Mar 2
9512 Jan 11
9212 Apr 7
148 Feb 8
113 Feb 9
4212 Feb 16
50 Feb 16
5914 Feb 8
11458 Mar 12
9812 Jan 15
7412 Apr 8
88 Apr 6
4114 Feb 17
4334 Feb 4
11512 Apr 8
127 Jan 3
9512 Feb 21
71 Apr 2
41 Feb 8
17418 Apr 7
8212 Feb 11
7534 Feb 28
96 Apr .5
93 Mar 28
4434 Feb 7
5812 Apr 6
3912 Feb 9
7658 Feb 7
130 Feb 8
93 Feb 8
85 Jan 26
4712 mar 30
412 Feb 2
18 Feb 10
4138 Feb 7
1158Mar 15
13, Jan 13
27 Jan 8
51 Jan 12
5814 Mar 25
31 12 Jan 6
9534 Jan 4
37% Jan 4
9018 Jan 4
4's Mar 9
133 Apr 7
121 Jan 8
13714 Jan 27
186 Jan 8
102 Mar 8
4158 Jan 4
2314 Jan 15
1212 Jan 21
1818 Jan 26
3718 Jan 14
156 Jan 4
84 Feb 3
78 Jan 3
1514 Feb 3
5684 Jan 3
20 Jan25
11412 Jan 6
93 Jan 22
8934 Jan 4
12212 Jan 18
94 Jan 4
4012 Jan 13
435 Jan 12
43 Jan 7
10084 Jan 6
98 Jan 26
61 Jan 6
7678 Jan 8
2818 Mar 81
3258 Mar 31
10814 Jan28
119 Jan28
94 Mar 10
5372 Jan 7
36 Mar 29
15912 Jan 27
77 Mar 5
4012 Jan 4
76 Jan 3
65 Jan 15
1384 Jan 8
23 Jan 7
2738 Mar 29
60'8:Mar 30
2712 Jan 3
4712 Jan 7
Industrial Be Miscellaneous
Abitibi Power & Paper_No par 83 Jan 27 94 Apr 6
Abraham & Straus____No par 621
/
4 Mar 28 7034 Apr 6
Preferred
100 11012 Feb 1 113,2 Feb30
All America Cables
100 13934 Feb 16 17812 Apr 5
Adams Express
100 124 Jan 5 139 Feb 25
Arlyanes Rumely
100
94 Jan 3 1634 Feb 9
122 Mar 172 Dec
9418 Mar 102 Dee
10
Jan
'2 May
1811: Mar 26212 Jan
8312 Mar 10934 Sept
071/ Jan 737 Aug
33 Mar 46 Feb
9778 Feb 103 Dee
541s Mar 7773 Dec
78 Mar 8934 Dec
8/
1
4 Mar 1838 Nov
69% Mar 8784 July
58
Jan 61 June
14612 Jan 17014 Dec
240 Mar 305
Jan
112 Mar 17858 Beni
414 Sept
1158 Feb
61
/
4 May
1814 Feb
17314 Mar 275 AU;
30 Dec 37 Feb
3613 Mar 5134 Feb
734 Mar 1218 Sept
1614 Mar 3138 Sept
814 Dec 1412 Jac
734 Dec 14
Jac
141
/
4 Mar 24 Au;
14
Apr 2358 Au;
6514 Mar 8334 Seel
11812 Jan 12611 API
4012 Mar 711
/
4 De<
98 Max 108 Dee
8314 Mar 98 Not
52 Mar 961
/
4 OM
82 Mar 74
0.1
59
Jan 72 Sete
6834 NovI 721
/
4 De<
15014 Marl 18312 sepo
129 .5larI 153/
1
4 Jai
37's Marl 47
Jaz
2212 Marl 42 Del
3334 Marl 5514 De<
30 Marl 5014 De(
6812 Marl 841
/
4 De(
18 DecI 2714 Fet
2518 AprI 4118 Sept
95 Marl 10912 Sept
3458 JanI 4112 Dei
6734 Marl 80 Del
11312 Marl131 Sepi
11512 Marl 12912 Sop,
7114 JanI 77 Juno
24 Dccl 31
Fel
62 Marl 86 Juno
2412 JanI 5384 De
3414 Marl 5138 Sep
8058 Marl 8838 See
7512 Marl 108 De
118 Mar 144 Sep
84 Mar 9234 Ap
3818 Jan 8178 Ma:
418 July
10
Fel
1912 Oct 40 Fel
3918 June 515 Fel
1134 Oct 2212 Fel
37 Jai
1 18 Dec
2578 Dec 5212 Fel
50 Dec 79 Fel
60
Oct 6678 Fel
2912 Oct 4718 Fel
82 Mar 9639 De
27 Mar 45 Sep
7112 Mar 95 Sep
434 Apr
8% Jai
14 Oct
412 Jai
120 Mar 13212 Ja,
117 Mar 14712 Sep
130 Mar 20412 Sep
93 Mar 106 Jul:
3058 Mar 4858 Jut
1934 Mar 2878 Fe
6
Jan 2014 Fe
13 Decr 2812 Ja
277 Apr 4438 Sep
13914 Mar 17078 Oc
8312 Nov 8558 Au
6534 Mar 8212 Au
15
Oct 48
Ja
4858 Mar 571s 0(
157 Oct 2634 Ja
67 Mar 122 De
79 Mar 96 Jul
7034 Mar 91% Jul
85 Mar 13514 De
79 Mar 10114 De
391 Dec 42 At
40 Mar 4534 De
42 Apr 6114 An
85 Mar 1031/ De
8313 Apr 9712 De
5711 Mar 74 Fe
72 Mar 801
/
4 Jul
2712 Mar 51 De
3112 Mar 4858 Fe
981
/
4 Mar 11214 De
10354 Mar 13114 Bet
8712 Apr 9512 Au
4218 Mar 6138 jet
1312 Jan 43 at
14112 Mar 16858 0(
74-34 Jan 8114 Au
Ja
3378 Mar 52
68 Mar 7858 Ja
Ja
57 Max 72
11 Mar 1658 Ja
1838 Mar 2438 Set
2712 Dec 3914 Ja
72 Dee 8634 Set
18 Mar 32
Ja
37 Mar 501
/
4 Ja
7034 May98
43 May 72
10418 Mar 112
131
Jan 155
99% Mar 136
8 Dee 22
Bel
Di
D(
Jul
Sei
otAl
New York Stock Record-Continued-Page 2
2090
For sale, during the week of s/ocks neurally Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 2.
Monday,
April 4.
Tuesday,
April 5.
Wednesday, Thursday,
April 6.
April 7.
Friday,
April 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1927
On Oasts of 100-share lots
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus- & Niece!. (Con.) Par 2 per share S per share $ per share $ per share
03418 35
35
33
3514 3514 35
900 Advance Rutnely prof
3534 3514 3514 35
3518
100 3014 Jan 25 41 Feb 9
2878 Dec 658 Sent
458 45
412 458
412 412
,200 Ahurnada Lead
412 458
44 41
412 454t
1
418 Feb 16
512Mar 5
434 Nov
918 Jan
15012 15034 150 15238 15012 1524 151.% 15178 14834 151
15018 151
5,100 Air Reduction, Ine____No par 13112 Jan 26 15212 Mar 3) 10714 May 14634 Deo
1012 11
1034 1114 11
1114
1118 1112 1118 1133 1158 117 25,600 Ajax itubber, Inc
No par
9 Jan 4 1334 Mar 25
718 Oct 16 Feb
*112 184 *112 134 *112 134 *113
134
600
Alaska
1 12
112
1 12
112
Juneau Gold Mln__ 10
214 Feb 18
114 Jan 6
78 Oct
2 Jan
1414 14212 141 14312 x141 143
13958 141 14 52,300 Allied Chemical & Dye_No par 131 Jan 25 14378 Mar 1 106 Mar 1487 Dee
14138 1438 14058 142
121 121
•1204 122
121 121 *12034 12134 12034 12034 *12012 12113
400j Preferred
100 120 Mar 11 122 Feb 16 11834 Mar 12234 Dec
9712 9312 9712 98
9634 9913 99 1005o 98
9812 23,000 Allis-Chalmers Mfg
9914 98
100 83 Jan 25 103% Apr 6
7814 Mar 943* Jan
109/
1
4 10938 110 110
110 110 *110 11012 *110 11012 *110 11012
400 Preferred
100 109 Feb 9 1114 Mar 2 105 Apr 11112 Deo
1813 19
1853 19
1658 1678 164 1758 11,100 Amalgamated Leather_No par 1534 Mar 24 2118 Feb 11
1658 1812 1714 1714
148 Oct 21 Sept
294 2912 2878 2912 2918 3058 30
3078 2934 31
3018 3034 9,500 Amerada Corp
No par 29 Mar 31 375* Feb 7
2414 May 327 Aug
97 1112 7,300 Amer Agricultural Chem__100
10
10
978 10
85* 934
818 Apr 6 143, Feb 14
84 93*
94 10
9 Oct3418 Jan
335* 3512 344 3414 3034 3314 2814 307
16,600
353
Preferred
36
8
32%
305
100 284 Apr 6 518 Jan 10
3212
Oct 964 Jan
*47
47
*46
47
47
500 Amer Bank Note, new
47
*463 47
*4612 47
4612 47
10 41 Jan 6 4838 Jan 20
3453 Mar 46
1 ct
*57
5712 *57
5712 5738 573* *57
5712 5712 5712 *57
50 5612 Jan 4 59 8 Jan 22
5714
55
801 Preferred
Jan 5812 July
*195* 213* 2134 2134 *1914 2134 *1914 2134
*22
2234 22
22
300 American Beet Sugar
100 214 Apr 6 2334 Mar 14
2012 Sept 3834 Feb
*- - 57 *_
57 •
I Preferred
57 *
57 •____ 57 •
55
100 54 Mar 26 6018 Jan 3
55 Nov 83
Feb
1412 1413 1413 1412 1518 1518 •1518 16
153 1332 155* 163* 6,200 Amer Bosch Magneto__No par
13 Jan 20 18% Feb 28
16 May 3433 Jan
*142 145
14112 142
141 14434 143 144
144 14434 144 14412 2,500IAm Brake Shoe & F___No par 134 Jan 26 152,3 Mar 18 110 May 180 Feb
*120 124 *120 124 *120 124 *120 12312 *120 123 *120 123
Preferred
100 11714 Feb 7 128 Mar 12 11014 Mar 12814 Feb
21
2312 2213 23
2212 24
235* 23,200 Amer Brown Booed El_No par 21 Apr 2 394 Jan 5
23
2212 2334 2314 24
3014 Mar 50 Aug
*85
90
*86
100 Preferred
86
90
86
*85
90
086
*85
90
90
100 85 Mar 31 98 Feb 1
8612 Mar 974 Jan
443* 454 4434 4514 443* 46% 455 4638 4434 455* 4434 4538 42,700 American Can w 1
25 4353 Mar 31 504 Feb 28
3878 Mar 634 Aug
12712 12712 126 126
127 12814 *128 130 *128 130
12812 12812
950 Preferred
100 126 Jan 14 139 Mar 9 121
Jan 1304 Deo
103 103
102 1023 10214 10334 10212 10234 10234 10314 13258 10314 3,500 American Car & Fdy___No par 9912 Jan 28 1074 Feb 28
9113 Mar 11478 Jan
*12614 129 *1264 129
1304 13012 *1614 130 • 12614 130
12712 130
400 Preferred
100 12734 Feb 10 13034 Mar 22 12013 Oct 13014 Deo
_
_.__
American Chain, class A____25 2514 Jan 7 3018 Mar 1
2314 Mar 2614 July
47T2 I734 *471.4 1814 *47 184 465* 47
46 -4-672,000 American Chicle
8 iLia li
No par 36 Jan 26 52 Mar 17
31
Oct 51
Jan
4513 46
4613 4612 *4614 47
1,400 Do certificates
4614 4612 454 4514 4512 46
No par 35 Jan 4 48 Mar 17
28
Oct 4714 Jan
5
912 93*
912 912
912 912
934 934 3,900 Amer Druggists Syndlcate__10
912 93*
95* 9
1112 Jan 13
94 Apr 1
1013 Aug
414 Jan
129 13214 *131 132
*128 129
1304 132 *131 13212 *131 13112 2,100 American Express
100 127 Jan 17 138 Fob 26 105% Mar 140
Jan
233 24
2312 244 2318 24
2334 244 234 24
23
2414 15,900 Amer & For')Pow new _No par
1414 Nov 423* Jan
1878 Feb 17 25s Mar 29
9414 944 944 9434 944 9434 9412 9434 944 9434 9414 9413 3,600 Preferred
No par 8612 Feb 15 95 Apr 1
79
Oct 98 Feb
*834 9
878 9
1,100 American Hide & Leather _100
814 84
834 84 *812 9
*834 9
7 May
818 Jan 20 1012 Feb 8
17l2 Feb
331j May 67ie Feb
52
514 52
52
51
5012 5134 514 5112 51
*5014 5178 1,600 Preferred
100 48 Mar 1 5278 Jan 12
3258 3258 323* 325* 3238 3212 3212 3212 325* 328 3238 321z 2,100 Amer Home Produotic_No par 303s Jan 3 34 Mar 17
233* Oct 305* Deo
12718 12718 12712 1274 12814 12914 12834 130
129 12958 129 130
2,700 American lee
100 1114 Jan 26 135 Mar 1 109 Mar 136 June
*8634 8712 864 86% 8612 8612 *8614 8612 8612 864 *8638 864
300 Preferred
100 84 Jan 7 83 Apr 1
8112 Oct 8634 June
39
3912 39% 4012 4012 4318 434 453* 435* 45
4334 4412 53,200 Amer International Corp 100 37 Mar 23 4533 Apr 6
31% July 461 Feb
97 Dec
74 714
6
64 7
614
7,600 American La France F E---10
74 74
5
6
718 714
5 Apr 8 10 Jan 3
157 Jan
*21
2114 2034 21
2018 2034 2012 2058 2218 23
4,500 American Linseed
100 208 Apr 5 3012 Jan 12
2558 Oct 527 Jan
223* 23
5112 5218 3,100 Preferred
*4713 49
4738 4712 47
4738 4712 48% 485* 51
100 463* Mar 19 7118 Jan 3
6734 Oct 87
Jan
10912 10934 10918 10934 10933 11014 10912 1104 10934 110
10912 110
9,400 American Locom new _No par 10534 Jan 19 11514 Mar 1
9014 Mar 11978 Jan
12338124
12278 12278 *123 125 *12312 125 *12312 125 •123 12478
300 Preferred
100 11912 Feb 23 124 Apr 2 116 Aug 12414 Dec
7712 7712 79
78
78
803 *79
7612 79
*79
80
8012 1,300 Amer Machine & Fdy __No par 7314 Jan 3 86 Feb 21
6514 Oct 804 Aug
148 148 *143 147 *143 147 *143 145 41143 145
143 143
20 Preferred
100 12518 Jan 6 149 Mar 29 114 July 125
Dec
4213 .42
*4213 434 *4234 4312 428 425* 42
43
434 *42
900 Amer Metal Co Ltd___No par 41 18 Mar 8 44 Jan 20
4312 Dec 578 Feb
*111 11212 *110 112 *109 11184 *109 112 *109 11134 *110 112__
Preferred
100 108 Jan 6 111 Mar 17 11312 Apr 120 Feb
3
5712 568 583* 5734 583* 5814 588 7;705 Am Power & LIght____No par 51 Jan 27 6113 Jan 3
5734 58
57
5733 57
5034 May 7212 Sept
11518 1153* 115 11514 1154 11612 116 11612 116 116
4,200 American Radiator
11512 116
25 11012 Jan 21 11912 Mar 11 10114 May 1223* Aug
8712 8712 *8712 90
800 Amer Railway
*88
158712 904 8712 88
*88
90
90
__ _100 8712 Apr 4 94 Feb 2
773* Mar 90 Des
4413 441z 44
48
528 49
497
50
453* 4712 49
60
5,500 American Republics___No
Exprees- par 3518 Jan 4 604 Feb 9
39/
1
4 Nov 74
Jan
50
14,300 American Safety Rasor_100 48 Jan 28 61 12 Mar 28
524 52
57
55
574 51
5014 52
52
5214 51
42 Apr 701 Aug
4
414 414
418
418 418
4
4
418 418 2,000 Amer Ship es Comm___No par
4
4
312 Mar 23
634 Jan 7
5% Dec 117 Mar
14213 14338 143 145
14413 1454 14478 1457 14458 14538 14414 14518 28,600 Amer Smelting & Refining_100 1325 Jan '25 15313 Mar 4 1093* Apr 152 Aug
12118 12118 12118 12112 12114 121 12 12114 1215* 12134 12134 12178 122
1,200 Preferred
100 11914 Mar 16 122 Jan 28 11278 Mar 12238 Dew
*125 129 *125 129
12913 12912 *127 129 *125 127
200 American Snuff
12514 12514
100 1193* Jan 17 13078 Mar 10 1218 Oct 165 Feb
44
5,000 Amer Steel Foundriee__No par 44 Jan 3 4612 Feb 14
*44
45
444 4412 4412 4418 4412 4414 4422 44
44
40 May 47 Aug
*1134 114 *1134 114 *11314 114 *11314 114 *11314 114 *11314 114
Preferred
100 113 Jan 7 115 Jan 13 11014 Sept 115 Feb
8412 84% 8438 8412 844 848 8314 838 7334 84
844 85
3,600 Amer Sugar Refining
100 79 Jan 25 8618 Feb 28
654 Apr 8714 Nov
•110 11018 *110 1104 110 110
110 110 *110 11014 110 110
300 Preferred
100 1077g Mar 3 11018 Mar 18 100 June 11012 Nov
5312 5414 5312 547
5434 5614 5412 5512 5434 56% 25,300 Am Bum Tob new otts_No par 4112 Jan 3 517 Apr 8
5312 547
2914 Aug 44 Deo
263 264 27
•2512 27
1,000 Amer Telegraph & Cable 100 26 Apr 1 29 Jan 7
30
27
28
28
2812 2812 *27
2512 July 4113 Feb
16558 166
53,600 Amer Telep AL Teleg
16613 16714 16638 16738 16778 16914 169 17238 16812 171
100 14914 Jan 3 17238 Apr 8 13958 June 151 Dee
1245
8
12512 12618 12614 12634 1265* 12678 126 12634 *12434 126
12418
3,800 American Tobacco
50 120 Jan 7 12712 Mar 18 11133 Mar 12434 Sept
100 11018 Jan 4 115 Mar 8 10618 Jan 113 May
800 Preferred
114 11478 *114 115 *114 115 *114 115 *114 115
11418 115
12334 12334 12312 1243 12312 12414 12313 1244 12438 12434 12334 12412 5,700 Common Class B
50 11914 Jan 5 127 Mar 17 1101
/
4 Mar 124 Sept
2,800 American Type Founders__100 125 Jan 7 146 Feb 18 114
136 13614 136 138
138 138
138 138 113614 138
135 136
Jan 135 Feb
7834 775* 78
7712 7833 7713 7812 7814 79,8 78
8138 25,100 `nz Water Works & Eleo
20 6214 Jan 3 813 Apr 8
78
431 Apr 74 Jan
let preferred (7%)
100 10412Mar 1 11078 Jan 21 10113 Mar 10814 Jan
5110712 110 *10712 110 41108 110 *108 110 *108 110 *10918 110
7
7
3
100 1813 Apr 1 33 Jan 5
1918 193* 1912 19
2033 2038 1918 19
185* 195
19 June 4274 Jan
185s 1912 10,200 A...zerican Woolen
5812 5618 5714 5618 5612 5612 568 45
58
IOU 51 Apr 8 8612 Jan 7
5618 7,500 Preferred
563* 583
66 Apr 9014 Dee
18
*1
138
01
1
1
*I
1
1
1
1
400 Amer Writing Paper pref 100
1 Jan 3
13*
12 Aug
13* Mar 7
53* Jab
*834 9
1,000 Amer Zinc, Lead & Smebt .25
834 834
9
914 914
834 912
9
813 Jan 3 1014 Feb 17
94 918
5,May 1218 Feb
49
50
4912 5034 5012 503 *53
*4814 49
5014 4912 4912 3,200 Preferred
25 42 Jan 5 5114 Feb 18
20 May 54 Dee
4638 4618 4618 46% 4612 4612 4612 4678 4612 463* 4618 465* 6,000 Anaconda Copper Mining 50 45 Feb 9 4913 Jan 12
4113 Mar 5178 Aug
*3814 3834 *3814 384 *3814 3834 384 384 3834 39
600 Archer. Danis, Midl'cl_No par 38 Mar 12 42 Jan 18
38
38
347 June 441 Jan
100 106 Jan 4 108 Feb 23 100 Mar 108
180 Preferred
•10612 108 3110714 10734 10734 108 *107 108
108 108 *108 109
Oct
9438
9458 *0412 945* 9412 9412 90
3,100 Armour & Co (Del) pref
94
100 90 Apr 8 9618 Feb 16
944 9412 9412 9412
90' May 977 Jan
1112 1118 1112 103* 11 14 1018 1058 17.500 Armour of Illinois Class A__2
11
1018 Apr 8 1578 Jan 7
1012 104 1034 11
1318 May 254 Feb
612 63
58 May 17
63* 634
65* 67
25
634 6%
6 .638 7,100 Class B
8 Apr 8
94 Jan 6
638 63
Jan
7234 7234 6912 73
7812 *78
1,000 Preferred
784 7778 777
100 694 Apr 8 8614 Jan 27
•784 7912 78
80
Apr 93 Feb
2112 2113 *21
22
2138 21 12 2134 2134 *2134 2212 2134 2134
500ArnConeCorptemetfNopar 21 Apr 1 25 Jan 20
18
Apr 3134 Jan
100 Art Metal Construction_ __10 22 Jan 11 27 Mar 12
*233 25 '
2314 2314 *2334 24
'1 24
*2334 2413 *2334 25
25
194 Jan 2334 Oct
49
49
500 Artloom
49
.4812 4912 49
49
*48
4912 4912 49
49
NO par 49 Apr 4 541 Jan 5
4634 Sept 634 Jan
100 Preferred
112 112 *113 11414 *112 11414 *11014 11414 *11014 1144
'11014 114
100 112 Apr 4 113 Feb 8 108 Mar 113 Deo
4134
417
x4134
4238
5,700 Associated Dry Goods
4112 4178 4133 4134 4114 4134 415a
423*
100 3912 Feb 9 4114 Feb 16
374 Mar 54% Jan
100 1st preferred
51101 102 *101 102
10012 101 12 10138 10138 •10038 1014 *11038 10112
100 9713 Mar 3 102 Jan 2
96 Mar 10213 Jan
2d preferred
100 105 Mar 23 10734 Feb 7 102 May 110 Deo
*107 110 *106 109 *10512 10712 10612 10712 *10512 10712 *1051z 1074
300 Associated Oil
48
*46
49
48
4812 *47
60
48
48
*48
25 48 Mar 23 5014 Feb 19
*48
50
4434 Jan 60 Mar
337 3512 34
34
3334 3334 2,900 Atl Gulf & W I (3 8 Line___100 3018 Mar 25 42 Jan 5
3434 3538 3378 3558 337 35
Oct 683e Jan
29
33
800 Preferred
32
3234 323
3273 33
*31
*31
35
*31. 35
35
100 2934 Mar 25 3812 Jan 8
3314 Oct 5614 Jan
10,400 Atlantic Refining
11018 11138 10912 110
1094 110
100 107 Jan 28 11718 Mar 1
109 10912 10812 11118 110 112
97 Mar 12838May
100 Preferred
118 118 *11734 11814 *11734 119 *11734 119 *11734 1184 *11734 11814
100 11512 Feb 1 118 Mar 11 11518 Oct 120 June
800 Atlas Powder
60
60
5934 60
59
*59
59
60
54 Mar 64 Nov
597 597 *5912 60
NO par 5612 Mar 17 6212 Jan 20
30 Preferred
101 101 *101 10134 10112 1014
100 98 Jan 6 1013i Mar 29
94 Jan 973* Deo
*101 10134 *101 10134 101 101
7,500 Atlas Tack
94 1218 114 12
84 914
re Mar 14 1218 Apr 7
8
*712 814 *712 814 *74 814
No par
Oct1712 Jan
1,100
Austin, NIcholserCo ate No pa
5
478 5
5
5
414 Mar 22 1014 Jon 3
5
713 Oct 28
5
*5
514
514 *5
5
Jan
600 Preferred
45
*38
38
38
39
*38
45
*38
45
39
45
*40
100 37 Apr 7 61 Jan 5
24 Nov 93
Jab
Auto Knitter Hosiery__No pa
_ __
-- -38 Jan 7
14 Jan 3
14 Oct
218 Feb
iior4 11478 iiO" fio14 ii6E8 flo-34- 1863*110-34 187 18914 1865* 18812 118.700 Baldwin Locomotive Wks_100 14314 Jan 18 2015 Feb 23 9278 Mar 167% Deo
700 Preferred
120 120 *11934 120 151191 120
100 116 Jan 14 12012 Apr 1 105 Mar 11914 Nov
•11912 12034 *11912 120 *11912 120
2912 2812 298 2878 2918 18,600 Barnsdall Corp class A
2313 May 3312 Jim
25 27 Jan 4 3513 Feb 26
2814 285* 2818 2812 2818 2912 29
2,100 Class 13
27
2714 27
2212 Oct 3913 Jan
27
2714 2712 27
27
27
25 22 Jan 4 3212 Feb 28
27
27
27
39 Mar 553* Nov
5634 5712 5612 5612 2,000 Bavuk Cigars, Ins
No par 494 Jan 25 5912 Mar 16
57
*56
564 57
5634 5612 5712 57
900 Beech Nut Packing
524 Oct 7178 Feb
547 5478 5378 5378 5434 54
20 5212 Apr 1 6078 Feb 15
55
5234 524 544 5412 054
2214 2278 2.200 Beld g H way Co tem °UN° par 2038 Jan 26 2714 Jan 7
22
26 Dec 395 Jan
23
23
2212 22
2212 224 *224 227k 22
5614 554 5534 62,400 Bethlehem Steel Corp
374 May 51 18 Sept
5134 525* 52
100 4314 Jan 27 564 Apr 7
5258 52
525* 5214 5512 55
110% 11058 110 11034 *110 11078 11034 1107 11078 1107s 1104 1107s 1.700 Preferred (7%)
100 10434 Jan 3 111 Mar 28
99 June 1057s Dee
351z 35
28 June 42 Dee
35
3512 3512 3618 3712 3712 3714 1,700 Bloomingdale Broe.....No par 3478 Mar 24 4138 Jan 11
3512 *35
35
180 Preferred
11112 11112 112 112
100 10912 Jan 20 112 Feb 1 10414 June 110 Deo
11034 111
11034 11034 11034 110% 11034 110%
2,200 Bon Aml, class A
*55
5578 55
564 5614 567
55
56
No par 5318 Jan 5 58 Mar 14
5514 557
5612 56
5313 Dec 5618 Dec
900 Booth Fisheries
713 Feb 14
*614 634 *614 634
1
4 612
614 Jan 28
634 68
638 638
No par
Vs *5/
638
418 Mar
9% Jan
1st preferred
46
*43
*43
1543
46
46
46
1543
46
46
*43
•43
100 45 Jan 11 50 Mar 17
345 Oct 514 Jan
400 Botany Cons Mills class A__50 22 Mar 25 2812 Jan 5
22
22
*21
22
22
22
*22
22
22
22'8 22
22
20 May 4118 Jan
32
3234 3212 3234 3214 3252 3212 3332 105.00 Brings Manufacturing__No par 28% Jan 3 3638 Feb 23
315* 318 3134 32
Oct 37% Jan
24
*/
1
4
34
*12
34
*12
133 Feb 10
British Empire Steel
3
*12
/
1
4 Mar 25
34
*/
1
4
14
*18
34
100
Ii May
3 Jan
2,500 Brooklyn Edison Ins
155 155
156 156
157 158
*156 157
157 15758 156 158
100 14812 Feb 11 159% Mar 17 133 Mar 163 Sept
1
90
4,800
903
895
Apr
8
4
903
4
895
93
Bklyn Union Gas
90
904 9078 9014 9014 9018 903
Jan 8
No par 893*
68 Mar 98 Deo
32
32
3112 314 32
3233 3213 3212 *3112 3214 *3112 3212 1,000 Brown Shoe Inc
3013 Feb 1 344 Jan 5
No pa
2913 June 484 Jan
-_ ____
200 Preferred
_ _ 116 116 *115 120
11612 11612'114 120
100 109 Feb 7 11613 Apr 7 107 June 111 Mar
314 331
3212 3212 325* 3212 3212 3278 3,800 Brunsw-Balke-Colisn'r_No par 284 Mar 21 3878 Jan 10
2912 -3-038 3012 -31
2433 Mar 395 Sept
4,200 Burns Bros new clAcom No par 943* Mar 18 1253 Jan 20 121 Mar 144 July
*96
97
9678 97
9878 97
974 974 9812 9734 104
97
194 1912 1912 194 1984 1934 20
19
234 8.900 New class B com__--No par
1614 Mar 18 34% Jan 27
20
213* 22
2612 Nov 44 Feb
9434
9612 944
*96
400 Preferred
0458 9458 *9418 9412 9412 9412
100 9412Mar 22 100 Jan 3
*9334 95
97 Mar 10312 June
973
93
9612 9312 9512 9434 954 7.700 Burroughs Add Mach__No par z90 Mar 2 126 Feb 23
9512 96% 965* 9712 97
7712 Apr 124 Deo
39 8 3912 me 40
3912 4018 394 40
3812 40
3912 40
3.400 Bush Terminal new____No par 29% Jan 12 4414 Mar 17
/
4 July
1634 Mar 341
96
96
300 Debenture
*2614 97
98
97
97
97
*95
*96
4196
97
100 9114 Jan 5 9778 Mar 21
86 Apr 93 Aug
11314 11314 115 114
30 Bush Term Bidgs, pref
14
*112 113 *112 113 *112 113
Feb
11412 11412
11412
8
1033
100
Apr 8
9913 Jan 104 Nov
4
4
900 Butte Copper & Zinc
4
4
*334 4
4
*334 4
4
*334 4
5
44 Jan 4
334 Mar 19
4 Dec
614 Feb
5512 5534 56
553
5218 55
5914 8,300 Butterick Co
5712 57
100 5012 Jan 3 6114 Feb 15
5212 5212 52
1734 Mar 71 Sept
71 Apr 4 11% Jan 7
94 914 4,500 Butte & Superior Mining
838 9
84 858
734 9
8% 9%
84 87s
10
74 May 1614 Jan
75
7612 761s /7634 8134 8612 84% 11,800 By-Produots Coke____No par 66 Jan 29 847g Apr 8
7512 7512 7512 7512 75
63 June 90 Sept
6412 64
64
63
6632 65
644 15,400 Byers & Co (A Mi)__ _No par 42 Jan 3 88's Mar30
68
6318 65
63 64
28 Mar 447e Nov
*Bid and inked prieng no WM On tbIl dal. •gi-dlyklend,
New York Stock Record-Continued-Page 3
2091
For sales rbrring the week of stocks usually Inactive. see third page prece
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 2.
Monday,
Apr11 4.
Tuesday,
April 5.
Wednesday, Thursday.
April 6.
April 7.
Friday,
April 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
Per share $ per share
per share $ per share $ Per share Shares Indus. & Miscall.(Con.) Pae
6114 6112 6134 6212 6158 6212 62
63
63
62
614 6214 8,100 California Packing- ---NO Par
2512 26
2534 264 26
2638 2638 2634 2678 27
2812 2634 22,600 California Petroleum
25
134
134
158 158
112 112
158 158
134
134
113 112 2,900 Callahan Zino-Lead
10
*86
*6614 68
68
*67
68
*66
67
67
67
*86
67
100 Calumet Arizona kilning_ 10
1514 1514 1514 1533 153s 1512 *1514 1512 1512 1512 1512 1512 1,300 Calumet dr Hecht
25
4258 43
4234 44
444 4612 4512 4612 45
4578 45
4512 17,400 Canada Dry Ginger Ale.No par
18211 16612 166 169
16714 17112 167 16812 16518 167
167 16914 9.200 Case Thresh Machine
100
*110 11378 *110 1131s 11318 11318 *110 115
11312 11312 *110 113
200 Preferred
100
25 • 25
2514 2538 2538 2534 25
254 254 2512 2534 26
2,700 Central Alloy Steel_ _ __No par
*10
10
10
1012 10
*934 10
10
*958 10
*958 10
1,900 Central Leather
100
72
72
72
72
70
71
70
69
8812 69
6812 6812 2,400 Preferred
100
*13
14
•13
*13
14
14
14
14
14
14
1312 1313
300 Century Ribbon Mills-No par
*77
80
80
80
*77
80
*77
80
*77
80
*77
80
20 Preferred
100
62
62
6134 6212 62
6214 62
6214 6134 6214 624 63
4,600 Cerro de Pasco copper_No par
4534 4534 4514 4612 46
464 4534 464 454 46
46
4658 7,900 Certaln-Teed Products_No par
*10812 110 *10812 110 *10812 110 *10812 110
10812 10958 *10812 110
1st preferred
100
*12
1234 *1134 13
1214 124 124 1278 12
1218 *114 1212
900 Chandler Cleveland MotNo par
23
23
23
23
2312 2312 2314 2378 *224 2312 2213 2213 1,100 Preferred
No par
131 13333 13112 13438 133 135
13212 134
134 13412 134 13434 7,100 Chicago Pneumatic Tool...100
50
4912 4978 49
5032 5012 •49
4978 49
50
50
5114 2,728 Childs Co
No par
3612 3634 3614 3678 3838 3634 3638 3658 3638 3612 3838 3612 16,100 Chile Copper
- 25
*2214 26
*2214 26
*2214 26
.2214 26
*2214 26
*2214 26
Chino Copper
5
•36
37
*36
37
3812 38
•3658 38
3778 3812 3634 3838
700 Christie-Brown certife_No par
4012 4118 4058 4114 4058 4112 4078 4158 4034 4138 4078
.4114 65,100 Chrysler Corp new___No par
'
110318 10438 103 10318 10212 10312 10258 10312 103 103
10212 10212 1,500 Preferred
NO par
*6014 61
*6014 6012 60
60
6014 60
*59
60
•59
60
300 Cluett, Peabody & Co....100
115 11512 •115 11512 11514 11514 11512 11534 11513 11512 116 117
360 Preferred
100
194 19478 19413 19478 194 19478 194 19558 19538 1964 19512 196
7.900 Coca Cola Co
No par
7978 7978 7734 79
7714 784 7614 79
74
74
7514 778 24,500 Collins & Altman
No par
13156
*156
*156
_ _ _- *155 ___ *155
•155
Preferred
100
6534 -ii3
; 6634 7134 7234 76
74
7634 7214 75
7218 754 281,700 Colorado Fuel & Iron
100
84
8414 8414 8412 8418 8458 824 84
8134 8238 81
82
5,100 Columbian Carbon v to No Par
8658 8714 87
8738 87
8833 8712 8838 8734 8834 8712 90
41,200 Colum Gas & Elec new_Ne par
*10434 105
10434 10434 10434 10478 10412 105
104 10434 10438 10458 2,300 Preferred new
100
1534 16
154 157/ 1578 1578 1578 16
16
1534 16
16
1,400 Commercial Credit...No par
*21
2112 21
214 *21
•21
2112 21
21
21
*21
2112
130 Preferred
25
*2112 2213 2113 2112 2112 2112 2112 2234 2112 22
214 2113
410 Preferred B
25
•78
92
92
*78
*78
92
90
•76
*76
80
*78
80
1st preferred (614)
100
*51
5312 5052 5318 505.1 53
5032 524 504 527s 494 5278 15,100 Comm Invest Truat-No par
*9514 9813 *9314 9812 *9534 9812 *9534 9812 *9534 98.2 *9534 98
7% preferred
100
8918 91
•89
90
89
*89
90's 91
*I10
949 8912 92
1,800 Preferred (6 Is)
100
29834 30314 298 30112 300 30314 300 305
300 3044 305 310
16,400 Commercial Solventa B No pa
19
185
1834 19
8 2018
20
1834 1934 1834 194 19
1958 16,200 Congoleum-Nalrn Ino_No par
5814 5814 5812 5834 5912 60
5912 6014 5938 5934 5913 6114 18,700 Congress Cigar
No par
*38
*38
34
34
34
*38
*35
34
100 Conley Tin Foil stpd_ No par
38
38
*38
34
7658 7818 7634 7614 7634 7878 7758 7718 78
76
7714 774 4,700 Consolidated Cigar_
No par
*9812 99
119812 991 *9812 99
*9812 99
99
99
*9812 99
100 Preferred
100
114
114
114
112
14
. *114
138
11
114
113 1,700 Consolidated Distrib're No par
114 *114
974 9838 9758 99
9714 973
9734 9834 98
984 9838 98s 30.100,Consolidated Gas(NY)NO par
358 378
358 33
378 414
438 43
418 438
434 558 92,600 Consolidated Textile_ ,No par
3512 3614 3634 4014 384 4038 384 45
4312 4738 40
447 98,100 Continental Baking el ANo par
412 43
434 54
5
54
478 533
512 53g
518 533 38,900Class B
No par
77
801
8014 8214 8178 8278 82
8734 88
883
83
841 11,100 Preferred
Preferr
100
*63
631
841. 643
6313 64
6312 6414 61
63's 5978 6158 20,500 Continental Can, Inc_ _No pa
157 1601 158 18414 159 164
15734 15984 15814 15984 159 15924 9,703 Continental insurance
25
1212 127
1278 1314 1234 1314
1212 l31s 1218 l27s 1214 123 55,900 Cont'l Motors tern ctfs_No Par
54$
5378 MI
54
5412 55
55
5558 5513 581
5738 5818 137,100 Corn Products Rein w I.. 25
12958 1297 *128 129
12978 1297 12912 1291 *128 130 *12912 12978 1,270 Preferred
100
724 721
72
721
7112 7214 7018 7112 70l3 7084 684 704 3,600 Coty, Inc
No pa
1191
911
91
9158 904 9113 91
9338 91
9278 9114 9313 14,400 Crucible Steel of Amerloa-100
0106 108 *1064 107
10618 1061 *10618 108 *10612 108
10718 10718
200 Preferred
100
2712 271
2718 28
28
2858 28
2833 2778 28
274 2778 4,800 Cuba CoNo par
*812 83
812 81
838 8l3
838 838
84 814
84 818 2.100 Cuba Cane Sugar
No pa
4158 4158 4034 413
3632 407
404 40'2 4018 4012 40
4014 13,000 Preferred
100
2418 2418 24
241
23
24
2238 23
23
2312 23
2312 8.700 Cuban-American Sugar... 1
*10214 105 *10214 104 4'10214 105 •10214 108 *10214 108 *10214 108
Preferred
100
*15
154 *1413 16
•1413 16
*1412 1512 *1412 1512
*1412 18
Cuban Dom'can Bug new No pa
4734 4814 48
4812 248
48
4658 4658 464 47
4312 4658 5,300 Cudahy Packing new
50
•l0314 100
103 103 *103 106 *103 106
106 107 *10678 107
No pa
600 Cushman's Sons
32
23212 3312 3312 3418 *3214 34
3218 3234 33
33
33
No pa
2,800 Cuyamel Fruit
*2734 2858 2712 2758 2712 28
28
28
2814 28
2812 2934 2,800 Davison Cherub:421v 10-No Pa
1394 140 *13912 140
13914 13914 13934 13934 13934 13934 13912 13934 ' 1,200 Detroit Edison
100
38
38
384 383s *3712 .33
*3712 3814 *3713 39
3734 3958 1,400 Devoe et Raynolds A...No pa
19
1914 1878 1912 1934 2012 2012 2114 2018 205
2018 67,609 Dodge Bros Claes A...No pa
, 19
7313 7312 7514 78
754 7712 77
7712 7658 774 7518 7612 9,300 Preferred cern!
No pa
85.4 834
834 834
838 812
84 834
834 9
No pa
83s 832 3,900 Dome Mines. Ltd
5612 5612 57
57
5718 5614 57
57
5612 5612 •57
NO pa
58
1,000 Douglas Pectin
11534 11534 *11534 117 *11534 117
116 116 *116 117 •118 117
200 Duquesne Light 1st pref-100
14334 14614 14412 14712 14334 14513 14434 14612 144 14512 14338 1444 13,200 Eastman Kodak Co...No par
2658 27
264 2678 2534 2652 254 2614 2578 263;) 28
263s 5,800 Eaton Axle & Spring...No par
21634 22012 219 2214 220 23112 22718 23212 22934 234
228 242
59,300 El du Pont de Nem new-NO Pa'
*11012 111
11014 11012 111 111
111 111 *11012 11138 10912 10913
100
600 6% non-vot deb
1258 1258 1258 1234 1258 1234 1258 125/ 1252 1234 1213 1212 1,200 Eisenlohr OC Bros
25
7534 76
75
75
7478 76
7434 7434 7434 75
7418 75
2,400 Electric Antony.)
No par
1572 1658 16
1738 1713 1834 1819 1933 1713 1878 18
No par
1952 153,500 Electric Boat
1834 '19
1858 19
1812 1878 1814 185
1852 1814 1938 28,100 Elec Pow & Lt otfs
, 18
No par
*10758 10858 *10818 10858 •10818 1087
, 10818 10858 *100 10978 •108 10912
200 40% pr pd
*10712 ____ *10712 ---- •108
*108
10812 10812
100 Pref full paid
100 100
9912 100
9958 9934 9958 9978 9934 9934 10014 10014 1,200 Preferred cants
2534 2678 2512 264 2458 26
244 2534 2313 25
23
2334 47,900 Electric Refrigeration_No par
7058 7058 6934 7014 70
7012 012 70
*6912 70
684 6958 6;300 Elec Storage Battery_No par
2,
712 81
4713
312 81
8
8
*74 8
*734 978
200 Emerson-Brant Clais A No pa•
66
80
6634 6834 66
6834 6814 6612 66
661
6614 6814 1,300 Endicott-Johnson Corp__ 50
011714 121 •11834 121 *11834 121 *11834 121 *11834 121 *11834 121
100
Preferred
25
2514 2514 254 254 2533 254 2512 25
25
25
254 4.700 Engineers Public Serv__No par
101 101 *100 101
101 101
10112 10112 1014 10112
101 101
No par
700 Preferred
29
2914 29
297
2918 2912 29
2914 2918 2978 29
2914 10,400 Erie Steam Shovel
5
*10612 1074 *107 1074 *107 1074 *107 10712 10714 10714 10718 10718
100
200 Preferred
12734 128
1284 130
13114 138
136 14014 136 13734 13413 13612 6,100 Equitable Office Bldg Did-100
70
71
68
701
6914 70
694 70
6914 70
70
71
30,500 Eureka Vacuum Clean_No par
*18
19
•18
•1812 19
1812 1812 1918 1914 19
19
19
400 Exchange Buffet Corp_No par
4014 401 *40
42
41
41
*41
41
404 4018 4138 4138
500 Fairbanks Morse
Ni par
*110 1101 *110 111 *110 11012 •110 11012 11012 11012 *11012 112
100 Preferred
100
10632 1077 106 10738 10534 10714 1064 10712 10512 108
107 10813 60,100 Famous Players-Laaky.N0 par
119 119
118 118
11814 1184 11712 11814 11718 11714 117 117
Preferred (8%)
100
1.500
4114
41
41
41
41
414 4012 41
4014 4012 41
414 3,000 Federal Light & Tract
15
*9514 9814 954 9514 9634 9834 *9814 98
.19613 97
*9612 97
30 Preferred
No par
*110 110
112 112
112 112 •11212 11512 *110 112 *110 112
300 Federal Mining & SmelVif-100
9234 95
*9113 93
94
95
*94
9512 9412 9518 94
9478 7,200 Preferred
100
2534 2534 26
26
2578 2578 2534 2678 2658 273.1 2618 2658 3,300 Federal Motor Truck _No par
1034 10614 10812 10712 10614 1074 104 105
10314 105
105 10512 6,000 Fidel Plum Fire Ins of NY. 25
*96 10234 100 100
•96 10234 *98 10234 ,*96 102$4 *96 10234
100 First Nat'l Pio. let pref-100
2412 2412 2412 25
244 2478 2413 2478 2,100 First Nat'l Stores
2412 2412 2412 25
No var
1734 1734 174 1838 1814 19
1878 1814 1858 1818 1834 22.200 Fisk Rubber
18
No par
i8634 87
8614 8634 87
8914 8734 8858 884 884 *8612 88
3,000 1st preferred stamped...100
100 100
*9978 101
*100 102
•99 100
•9913 102
•99 101
100 lea preferred cony
100
5312 5538 5434 5534 544 554 5414 5434 544 5434 110,100 Fleischman Co new __No par
5358 54
84
864 8434 8512 8518 8612 8534 8714 8512 86
8413 85
15,100 Foundation Co
No par
6418 67
87 68
5558 5914 5614 5838 83,700 Fox Film Class A
6013 6518 5858 62
No par
8734 5834 584 584 5858 6034 61
6638 6478 70 150.900 Freeport Texas Co_ _ _No par
6514 64
3014 304 3014 30
1130
3114 314 3118 3,200 Gabriel Snubber A.......Ne par
3014 3034 314 31
1078 1078 1038 1058 1058 11
1058 1014 104 7,000 Gardner Motor
1012 1018 10
No par
4738 4758 474 4712 4614 474 4734 4914 484 4812 48
4813 4,000 Gen Amer Tank Car
100
*108 109 *108 109 .108 109 *108 109
109 109 *108 109
100 Preferred
100
8014 824 8038 8114 81
8358 834 8438 8234 8378 8212 834 16.200 General Asphalt
100
11120 130 •12018 130 •120 135 *120 135 *120 130 *120 130
Preferred
100
5358 5334 *534 '54
54
54
5334 5334 5358 5358 1.800 General Cigar. Inc new.No par
54
54
*1204 121
12014 12014 •118 121 *117 121 *117 121 *117 121
300 Preferred (7)
100
'115 117 *115 117 *115 117 *115 117 *11512 117 *1154 117
Debenture preferred (7)_100
lidis 554 5514 5514 *5513 56
5514 5572 *5511 56
5512 5534
800 Gen Outdoor Adv A _. No par
404 4012 404 4034 z3958 4038 3934 404 394 40
40
40
3,700 Trust certificates_ _ No par
8812 904 8958 9038 8914 9012 8834 894 88
894 8818 89 88,300 General Electric New_ No par
114 1113 *1113 1158 1112 1158 1113 1158 1112 1158 1112 115
, 3,200 General Electric special_ __ _10
40
4012 4018 41
3634 374 373* 384 3838 4034 40
41
9,000 General Gas & Eleo ANo par
.* BM and asked prices no lairs on tine day. z Sz-tUvideud. a Ex-tights.
PER SHARE
Range Since Jan. 1 1927
On basis of 00-share lots
PER.SHARE
Range for Previous
Year 1926
Lowest
Highest
Per share
6014 Apr 1
2513 Apr 1
112 Jan 3
6538 Jan 3
1412 Jan 4
36 Jan 5
132 Jan 27
111 Feb 28
24 Apr 1
838 Jan 3
54 Jan 14
1013 Jan 26
70 Jan 24
604 Jan 29
42 Jan 25
106 Feb I
818 Jan 6
214 Jan 25
12012 Jan 3
4812 Mar 31
344 Jan 3
2218 Jan 7
3478 Jan 5
384 Jan 28
10212 Apr 5
561/ Mar 17
11114 Jan 6
:6712 Jan 4
63 Jan 4
126 Jan 4
4258 Jan 4
664 Jan 3
8278 Feb 11
9912 Jan 24
1458 Feb 1
1911 Jan 28
19,
8 Feb 19
76 Apr I
4858 Mar 25
9614 Jan 28
8918 Apr 5
223 Jan 3
174 Jan 26
47 Mar 11
4 Feb 1
76 Mar 24
99 Mar 22
114 Apr 4
94 Mar 9
39 Mar 14
3412 Apr 1
42 Apr 1
72 Apr 1
594 Apr 8
135 Jan 27
1138 Jan 28
4678 Jan 12
128 Jan 11
56 Jan 3
77 Jan 4
103 Jan 18
2614 Feb 2
84 Apr 7
394 Apr 5
2238 Apr 6
102 Jan 31
15 Feb 15
4312 Apr 8
103 Apr 4
3134 mar 10
289 Feb 24
13312 Jan 21
3712 Jan 25
18 Mar 30
72'*Mar3O
838 Apr 6
46 Jan 3
11414 Mar 2
12614 Jan 28
2418 Mar 21
168 Jan 25
10513 Feb 5
1178 Jan 3
8313 Jan 13
1312 Mar 2
18 2 Jan 27
10378 Jan 28
10813 Apr 8
Per share
70 Jan 5
324 Jan 18
258 Jan 17
69 Feb 24
1812 Jan 20
489 Apr 5
17112 Apr 5
117 Jan 12
2878 Jan 4
1034 Jan 7
72 Apr 2
1613 Mar 18
82 Mar 8
6312 Feb 24
4934 Mar 14
11034 Mar 7
14 Mar 22
2478 Mar 22
1374 Mar 2
5358 Jan 11
3914 Mar 21
2318 Jan 6
42 Jan 18
434 Jan 6
105 Jan 12
8634 Jan 24
118 Mar 19
19618 Apr 7
8614 Feb 28
165 Mar 9
7634 Apr 6
8512 Mar 18
9158 Jan 12
10512 Mar 26
20 Feb 21
23 Mar 10
23 Jan 7
854 Jan 12
5614 Mar 14
984 Jan 27
95 Mar 14
310 Apr 8
2134 Mar 17
6114 Apr 8
58 Jan 5
8512 Feb 17
10212 Feb 2
212 Feb 4
10913 Jan 10
5,
8 Apr 8
7478 Jan 6
1014 Jan 5
974 Jan 13
734 Jan 3
16414 Apr 4
1334 Jan 6
5812 Apr 7
1297 Apr 2
7514 Mar 29
9634 Mar 4
109 Mar 17
3414 Jan 8
1034 Jan 5
5034 Jan 4
2812 Jan 3
104 Feb 7
18 Jan 21
521 Feb 23
112 Jan 17
3418 Apr 7
329 Mar 1
14014 Mar 17
4238 Feb 2
271: Jan 5
85 Feb 14
1114 Jan 4
62 Mar 14
11614 Jan 3
14712 Apr 4
2812 Mar 2S
242 Apr 8
111 Mar 28
1612 Feb 15
7858 Mar 4
1958 Apr 8
2014 Mar 24
10858 Apr 6
10812 Apr 8
96 Jan 14
23 Apr 8
684 Apr 8
74 Jan 4
644 Jan 28
11638 Jan 5
214 Jan 11
9334 Jan 8
2434 Jan 3
10112 Jan 6
11814 Feb 5
6078 Jan 25
1518 Jan 28
3818 Feb 10
10718 Feb 7
10513 Mar 30
117 Apr 8
3713 Jan 17
9113 Feb 23
80 Feb 9
7513 Jan 28
2413Mar 24
9312 Feb 23
9712 Jan 13
2334 Mar 23
10 Jan 24
81 Jan 5
97 Jan 24
4618 Feb
75 Feb 9
5558 Apr 7
3414 Jan 4
2912 Jan 3
613 Jan 27
46 Jan 3
10612 Mar 1
7713 Jan 27
120 Jan 25
52 Jan 26
116 Jan 5
116 Jan11
55 Mar 23
37 Jan 18
81 Jan 27
1114 Jan 3
34 Apr 1
10014 Apr 8
8912 Mar 984 Sept
3738 Jan 3
3338 Dec 7812 Jun.
7913 Jan 6
714 Mar 9418 Aug
9 Jan 25
814 Dec
614 Dec
69 Feb 25
6512 Mar 7258 Feb
12113 Mar 28 114 Jan 120 Sept
259 Mar 31
194 Oct 2412 JIIIY
10112 Apr 7
924 Nov 961/ Aug
3114 Mar 25
214 Oct 2558 Nov
10713 Jan 17 100
Oct102 Nov
14014 Apr 6
9978 June 13214 July
7238 Mar 26
43 May 6838 Dec
1914 Apr 7
1434 July 17 API'
4272 Jan 22
374 Dec 594 Feb
112 Mar 2 10613 Nov 115 Feb
11434 Feb 24 10318 Jan 1274 June
12438 Jan 12 115 Mar 12412 Dee
44 Feb 28
28 Mar 4713 Dec
9912 Mar 31
86 June 94 Dee
120 Mar 12
41 May 11134 Jan
97 Mar 12
61 Mar 105 Jan
23 Oct 344 Aug
304 Jan 10
193 Jan 6 160 Apr 20014 Jan
Mar
4
103
96 May 107 Feb
28 Nov 494 Feb
30 Feb 7
1914 Mar 14
1414 May 2814 Jan
8914 Apr 5
7878 Apr 8414 Mar
10013 Mar 7
94 June 107 Mar
3214 Mar 5612 Feb
5534 Apr 5
7314 Dec 17934 Jan
889 Apr 1
5518 Mar 85 Jan
7412 Jan 6
1938 Jan 36 Deo
70 Apr 3
2558 Nov 42 Feb
32 Feb II
934 Jan
538 Nov
1114 Mar 29
39 Mar 5538 Jan
5058 Feb 25
9912.7.111e 109 Dec
109 Mar 14
50 Mar 944 Aug
9634 Mar 2
9478 Mar 14012 Aug
1449 Mar 2
48 Mar 5912 Feb
8978 Feb 24
Jan 118 Dec
134 Feb 24 109
117 Mar 19 10914 Apr 11812 Feb
51 Mar 5838 Aug
5812 Feb 9
265/ Mar 394 Dec
4653 Mar 2
79 June 954 Aug
9058 Apr 4
11
Jan
1134 Dee
1158 Jan 5
34 Mar 59
4712 Feb 2
Jan
Lowest
Highest
Per share $ MT share
6614 Oct 17912 Feb.
2934 Oct 3818 Feb
14 Mar
258 Jan
5513 Mar 7358 Aug
1338 Mar 1812 Aug
3213 Oct 49 Bent
624 Jan 178 Aug
96 Jan 11812 Aug
2812 Oct 3314 Aug
7 Nov 204 Jan
434 Apr 8834 Jan
1014 Oct 3278 Jan
784 Dec 90
Jan
5712 Jan 7312 Aug
3618 May 4913 Jan
100 May 10814 Nov
812 Nov 26 Feb
2034 Dec 404 Feb
944 Apr 12814 Dee
4518 May 6638 Jan
30 Ma
3638 Jan
10 Ma
26 Nov
2912 Oct 6334 Jan
2812 Ma
5478 Jan
93 Ma 108
Jan
60 Dec 6812 Jan
10314 Jan 116 Sept
128 Mar 17434 Dec
3434 May 6912 Dec
9834 May 13812 Dec
2738 Mar 4938 Oct
554 Jan 7034 Dec
8558 Nov 91 Dee
9878 Nov 10158 Nov
1612 No
4712 Jan
214 No
264 Jan
20 No
2734 Jan
8513 Dec 994 Feb
5412 Dec 72 Jan
97 June 104
Jan
89 May 100 Jan
11814 Jan 237 Nov
124 May 2938 Sept
1 55
4038
121% 57
Dar
eo
454 Apr 874 Dee
91 Mar 10738 July
112 Aug
612 Jan
87 Mar 1154 Aug
114 May
414 Nov
50
758
12 0et 9
15
3:
7
1 s
Aang
o.
8T
Oct
70 Mar
122 Mar
978 May
3553M
12212 Jan
4413 Ma
64 Apr
96 Mar
2814 0 t
858 May
35'l June
2014 Aug
9734 Jan
1512 Sept
5118 Nov
774 Mar
32 Nov
231s Oct
12312 Mar
31
Oct
2114 May
79': May
8 Oct
19 Mar
11112 Mar
10658 Mar
23
Oct
1544 Nov
10034 Apr
1034 Oct
6134 Mar
4 Mar
154 Oct
9913 Mar
10212 Oct
984 Aug
924 JILD
14434 Jan
1378 Dee
5158 Dec
1304 Dec
62 Dec
8234 Dec
104 Dee
5338 June
1113 Jan
5038 Dec
3038 Jan
105 Nov
2014 June
55 Dec
108 Dec
51
Jan.
4654 Feb
14112 Dec
10418 Feb
474 Jan
90 July
20 Mar
46 Nov
11634 Aug
13634 Dec
3234 Feb
18112 Dec
11018 Dee
2013 Feb
82 Feb
18 Dec
3412 Feb
115 Feb
11012 Feb
New York Stock Record-Continued-Page 4
2092
Fes sales during the week of stack. usually Inectire. see fourth 'p.m, oracording
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sarurday,
April 2.
Monday,
April 4.
Tuesday,
April 5.
Wednesday, Thursday,
April 6.
April 7.
Friday,
April S.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
MI AXIS
Range Since Jan. 1 1927
On kisif of 100-share lots
Lowest
$ per share $ per share $ per share $ per share 5 per share $ per share Shares Indus. & Miscall. (Con.) Par
Per share
.9912 107 .9912 107 *100 107 *101 107 .102,4,105
*9012 107
Gen Gas & Elec pf A (7)No par 100 Jan 3
113 117 *113 117 *11312 117
.
11312 11312 11312 11312 .113 117No
200
Preferred A (8)
par 11314 Mar 22
98 100
O98 100 .
.98 100 .98 100 .98 100
.98 100
Preferred 13 (7)
No par 96 Jan 13
17714 18012 1775* 18038 17934 18312 18158 184
18078 18312 181 18412 600,700 General Motors Corp No par 14512 Jan 25
11934 120
1197s 120
120 12034 12012 12118 12058 12112 r11878 11912 8,800 7% preferred
100 11812Mar 9
.103
.103
____ •103
____ *103 ____ .103
____ .103 -6% preferred
100 104 Mar 7
1
4 11334 11434 114 115
112/
1
4 114/
11534 12014 114 11678 115 116
-74,511
-Gen Ry Signal new___No par 8218 Jan 14
50
.48
50
50
4912 51
52
52
r52
1,700 General Refractories___No par 38 Jan 14
52
514 6114
4012 3978 4012 4034 43
39
42
45
4412 4512 4514 4612 28,400 Gimbel Bros
m% 3712 Mar 24
No par
.101 103 *101 103
10234 10234 *101 103
200 Preferred
103 103 .10212 103
9918 Mar 18
1912 19/
1
4 1978 20
1
4 19/
2018 2018 2038 1978 2018
6,500 Glidden Co
1978 23
1812 Jan 26
No par
48
4838 49
50
494 50
4914 4878 4958 14,200 Gold Dust Corp v t o_No par 42 Mar 9
49
49/
1
4 48
*53
54
5315 5534 6514 5612 5512 5638 55
5614 5434 5618 12.200 Goodrich Co (13 F)
No par 4234 Jan 3
.
9912 10038 10038 10038 10012 10012 10012 10012 100 10014 *100 10014
500 Preferred
100 95 Jan 3
10514 10634 10712 11138 11018 11078 110 11038 108 109
105 109
13,100 Goodyear T de Rub pf v t 0.100 9818 Jan 27
.
10612 10712 1074 10734 10814 10814 *108 10812 10812 10812 10834 10834
800 Prior preterrea
100 105 Jan 7
6458 64/
1
4 *6412 66
65
65 .65
66
6438 66
664 6634 1,600 Gotham Silk Hosiery_Ns par 57/
1
4 Jae 12
/
1
435
6458 64
65/
1
4 64
6612 65/
1
4 6578 65
6612 4,300 New
6614 66
No par 58 Jan 12
.
10778 108/
1
4 *10778 10878.
10778 10878 *10778 10878 10878 10878 .10834 10912
300 Preferred new
101 Jar 26
818 818
812 812
*818 812
814 8,4 *84 812
814 814
400 Gould Coupler A
par
8 Mar 18
36
3618 3534 3618 3578 364 36
3614 3514 3578 3538 3578 8,100 Granby Cons M Sm & Pro
N _100 311
/
4 Jan 27
11458 115
11414 11512 1121
/
4 114
110/
1
4 11312 112 11358 11112 11212 10,900 Great Western Sugar tern ctf25 109 Jan 26
•120 12012 .120 12014 120 12014 12012 12012 120 12034 11934 12034
870 Preferred
100 11612 Feb 26
38
3811 3818 3834 36/
Greene
37
1
Cananea
4 38/
3514 3718 3618 3714 13,800
1
4 33
Copper_ _ A00 294 Jan 27
.858 9
.8/
1
4 9
'8* 9
8s 8.8 .
1,000 Guantanamo Sugar__ _ No par
812
9
8/
1
4 834
8 Jan 25
.60
61
5814 5912 584 58/
1
4 5,500 Gulf States Steel
100 53 Jan 4
1
4 5858 6112 6034 6138 6038 60/
.60
61
61
270 Hanna Ist pref class A
60
61
60
60
5912 6014 *5912 60
60
100 56 Jan 31
*2512 2612 2518 254 .2512 2612 *2512 2612 2634 2678 .26
27
1,300 Hartman Corp clams A_No par 25 Jan 22
.26
26/
1
4 2638 26,2 26/
2738 2678 27
1
4 26/
9,200 Class B
1
4 2678 2838 27
No par 232 Feb 9
2518 26
26
2678 2.512 2512 6,000 Hayes Wheel
2712 2614 2712 26
2612 26
No par
15,2 Feb 15
*95
9712 95
95
9412 9412 .94
9412 95
95
95
800 Helme al W)
95
7612 Jan 14
•2912 3014 .
29
30,2 3012 3012 3012 3012 .29
*2912 31
32
300 Hoe (R) & Co
22 Jan 31
.62
621.2 .62
6212
6213 62
300 Hornestake Mining
62
6212 .62
No 190
a0
r 60 Jan 25
*4814 16- .484 4812 484 4814 4814 48,4 48
4812 4814 4814
800 Househ Prod,Inc.tern ct1Nopar 4314 Jan 3
10178 104
10012 102
102 10512 10514 10912 10614 11012 10614 108
56,900 Houston 011 of Tex tern etts100 6018 Jan 11
3778 3812 38
38
3812 38
38
38/
1
4 38
38
3814 3812 2,300 Howe Sound
par
pa, 37/
1
4 Feb 14
7338 7012 7238 71
6712 69
68
7238 199,800 Hudson Motor Cfir_ _ _ No
68/
1
4 684 7238 72
No p
484 Jan 24
2012 20/
1
4 2034 21
21
2112 2118 2138 18,300 Hupp Motor Car Corp_ ___10 2012 Mar 31
207
, 2178 2114 22
2134 2212 2158 22
2314 2334 2214 2234 2238 2258 12,600 Independent Oil& Gas.No par 2112Star 31
2134 23
1338 133s 1412 15/
*1414 1512 1412 15
1512 16
3,400 Indian Motocycle
1
4 1578 16,4
a, 13 Star 33
N o p:r
914 938
958 9/
1
4
9
9/
1
4 938
978 2,900 Indian Refining
9,8 938
91z,
10
758 Jan 29
914 9,4
914 914 *94 9,4
Certlficatee
834 9
918 918
2,100
9,2 912
10
758 Jan 12
*93
9512 9612 9638 9612 .95
05
.93
96
96
9312 0358 1,200 Ingersoll Rand new
No par 92 Jan 10
42
1
4 42/
49
1
4 4234 .4212 43
4214 4214 4214 4214 4214 42/
1,800 Inland Steel
No
41 Feb 15
•113 11312 *113 11312 113 113 *11218 11312 *11218 11312 *11218 113'2
100 Preferred
100 111 Jan 3
1
20
20
19
1914 1914 1912 1912 194 19 4
19
19
19'2 1,100 Inspiration Cons CoPPer___20 1812 Mar 21
•I212 13
1318
1238 13
1234 1338 13
1234 13
1278 1314 5,800 Intercont'l Rubber___,Vo par
1112 Jan 3
*7
712 *7
300 Internat Agrlcul
612 61
/
4 .612 634
*612 61
75*
No par
678 7
612 Apr 8
3418 341m
3614 36,4 364 3614 35
36
31
2,700 Prior preferred
34
.3314 36
100 33 Mar 20
70
69
6858 6034 6838 6878 6718 6814 (17
6918 70
6778 14,800 lot Business Machines_No par 5318 Jan 13
5212
533
4
52
50,2 5012 50/
51
53
1
4 51
53
52
5212 6,100 International Cement_No par 4514 Jan 21
*10734 108 *10734 108
10734 107/
1
4 *10734 10814 10734 108 .10734 10814
500 Preferred
100 10214 Jan 21
5114 5234 5114 5214 511
5312 5412 86,800 Inter Comb Eng Corp_No par 4318 Jan 28
/
4 527s 53
5434 5312 55
•156 156,2 15512 15738 157 15934 157/
1
4 158/
1
4 157 15778 15714 160'2 18,500 International Harvester.,..100 13538 Jan 18
.
12812 129
12812 12812 .126 12834 129 129 *12712 12911. *12712 129
200 Preferred
100 12634 Jan 12
718 718 .7
718
1,990 lot Mercantile Marine___ .100
718 738
718 7,4
7/
1
4 738
634 714
614 Jan 4
40
4112 40
4034 4014 4112 4038 4212 41
4278 4138 4214 32,400 Preferred
10() 3718 Jan 6
68
66/
1
4 6518 6558 6518 6514 65
65b, 6438 6412 2,800 International Match pref_ _35 62 Mar 2
6538 65
41
42
4138 42
4212 4338 4234 4312 4278 4434 45
4714 136,200 International Nickel (The)_25 3814 Jan 3
.103
*102
____ .102
____ .102
Preferred
•120 ____ *102
100 10358 Mar 2
____ - 55
55
5538 5538 554 56/
55
55
55
- 4,000 international Paper
56
100 6318 Jan 3
1
4 *5512
*9814 9878 9834 98/
1
4 9812 9812 9878 9878 9814 9812 9834 9878
1,200
Preferred (7)
100 9612 Jan 3
.
16514 170 .165 170
300 international Shoe. _ _ No par 160 Jan 21
170 170
173 173 .17214 180
170 170
13134 13234 13218 13312 13312 1344 133 13412 131 135/
100 12214 Jan 25
1
4 134 13514 28,003 Internat Teiep & Teleg
28
2918 2634 28
26
No par
26,4 2678 2578 2618 7,000 Intertype Corp
27
1912 Jan 31
2638 27
57 .5634 5712 *57
57
600 Jewel Tea, Inc
100 5312 Jan 3
5712 5714 57,4 57
57
57
571
•115 120 *11514 120 *11514 120 .11514 120 .11514 120 *11514 120
Preferred
100 117 Mar 18
20/
1
4 2214 2238 2453 2412 26
26
2714 24
261
/
4 2318 2512 43,300 Jones Bros Tea. Inc,stpd_ _ 100 1058 Jan 3
1712 1712 1718 1714
2,300 Jordan Motor Car
No par
1714 1714
1512 Mar 3
1712 18
17/
1
4 17/
1
4 1734 1734
Kan8as Gulf
10
'1121 114 *11212 1-1
-4 *113 113/
100 Kan City P&L lot pf A_No par 11214 F
1
4 .113 11334 11334 11334 .113 11334
ja
en
b
50,3
5012 51
5212 5,800 Kayser (J) Co v t e.......No par 50 Jan 4
50/
1
4 51% 5178 5234 52
5012 5012 5012
1712 1812 18
19
1834 1912 1878 1912 19
912 Jan 27
1912 1834 2134 60.400 Kelly-Springfield Tire
25
66
•63
66
*62
6512 66
.62
6612 66/
100 35 Feb 2
1
4 6612 6612 7112 1,500 8% preferred
.60
65 .60
65
65
6.512 .60
66
/
4 7112 1,700 6% Preferred
6612 661
65
100 44 Jan 19
8614 86,4 89
8934 8834 89/
1
4 .85
2,000 Kelsey Wheel. Inc
*82
89
100 65 Mar 25
88
.80
85
/
4 621 1 6214 6258 62
6134 624 611
par 60 Feb 9
6258 6214 6212 6214 6212 21,400,Kenneeott Copper
12
12
l.,
12
12
ro,
12 Jan 3
12
/
1
4
12
58
5*
.38 3,000 Keystone Tire & Rubb_No par
26
1.26
2514 2514 .25
291/4 26
29
Co
2114 Feb II
2978 2978 2978
300 KinneyCheese2a5r
No par
*27
5712 .58
5812 5634 5612 5612 57
58
50 Feb 10
900 Kraft
.57
5634 5634
4912 50
4912 5038 49
50
4934 50/
10 4578 Jan 28
51 12 50/
1
4 51 12 11,700 Kresge (S 8) Co new
1
4 50
11314 11314 *11112 11314 11112 11212 .11112 11212 *11112 11212 11212 11212
100 11018 Feb 9
80 Preferred
14
1478 14
•14
15
1418 .14
1,300 Kresge Dent Stores__ ..No pa, 14 Apr14
15
14
1458 .14
15
▪
_ 70 •__ __ 70 *_ _ _ 70
Preferred
100 6778 Mar 2 ;
60
.
70
181 184 •181 184
180 182 .180 184
.
182 182
182 19312 1,500'Laclede Gas L (St Louls)_ _100 17334 Jan 27
48,400,Lago 011 & Transport_iVoo
1
4 30/
1
4 2912 30
30
30/
r 2012 Jan 13
1
4 29/
29/
1
4 3014 3014 3134 3112 32
v
par 66 Jan 2/4
.7034 71,4 7034 7158 7012 71
6914 7034 691m 7012 11,000 Lambert Co
7078 71
734 734
*7/
1
4 8
7 Jan 4
903 Lee Rubber & Tire.. _ No par
778 84
7/
1
4 7/
1
4
734 734 .712 778
34
344 3412 34/
1
4 3378 3412 3412 3478 3418 3434 1,700 Lehtt & Fink
3334 34
No Par 3374 Apr 2
.
2218 2214 2214 2238 2218 2218 •22
.500 Life Savers
No pa. 22 Jan 7
2238 22
22
22
22
.96/
1
4 97,4 9718 9718 .9638 9714 .9638 9634 9638 965**9612 9634
500 Liggett & Myers Tob new...26 •8712 Feb 10
12934 12934 .128 130 •128 130 .128 130
200 Preferred
•128 130 .128 130
100 12434 Jan 27
9558 95/
1
4 9512 96
96
9658 Nis 9658 96/
96
1
4 8,100 "13- new
1
4 97/
25 .8658 Feb 10
*95
1,600 Lima Loa Wks
66
66
par 62 Jan 6
66,4 .6534 67
6614 66
6514 66
67
.65
66
503
ar 4818 Mar 15
/
1
4 501z 50
5012 4934 50
5034 5034 50
No par
/
4 5012 3,600 Lluuld Carbonic certifs.N
50
5012 491
57% 5312 5712 5814 57/
57/
1
4 41,000 Loew'e Incorporated_ _No par 4678 Jan 4
1
4 5812 5714 5818 5518 5752 56
*614 638
614 638
638 638 *638 612
1
4 1,800 Loft Incorporated
No par
614 6/
63e 638
6 Feb 23
100 Long Bell Lumber A
.4012 41 12 .4012 4112 .4034 4112 .4034 41
4034 4034 *4012 41
N
'o par 4012 Jan 15
15712 15712 15612 16034 160 16212 16313 16312 .16112 163
16112 16112 3,000 Loose-WIles Biscuit
100 150 Jan 18
161 161
161 161 .161 165 .161 165
600 2d preferred
*155 161
158 163
100 157 Mar11
1
4 2714 27/
27/
1
4 2734 2718 2734 2738 27/
1
4 2718 27/
2738 6,800 Lorillard
1
4 27
25 26 Afar 25
114 114 .114 11414 .114 11412 .114 11412
114 114
300 Preferred
.113 114
100 11138Mar 18
13
134 1258 13
1314 13/
134 121
/
4 134
13
1
4 13/
1
4 1378 10,900 Louisiana 011 temp etts_No par
121
/
4 Apr 4
9012 9034 .8812 9212 90
500 Preferred
90 .90
92
94
.
1 91
*9112 94
100 90 Apr 6
1
4 2678 2612 2658 2612 2634 4,500 Louisville 0 &El A____No par 2354 Jan 3
/
4 2634 2678 26/
1
4 2634 26,2 261
26/
29/
1
4 29/
3018 2,900 Ludlum Steel
1
4 281
1
4 3112 3014 3078 30
1
4 2878 28/
/
4 •29
28/
No Par 2618 Jan 12
100 Mackay Companies
121 121 .120 124 •121 124 *120 124 *120 124 .121 124
100 120 Jan 14
1
4 7078 7012 7012 7014 7014 *70
600 Preferred
*7014 71
71
7014 7012 70/
100 70 Mar 17
67,100 Mack Trucks, Inc,
1
4 10578 10714 106 10758 105 10634 105 106
10212 10338 102 105/
No Par 8914 Jan 24
100 Int preferred
*110 112 *10912 1101
/
4 .10913 11012 1105* 11014 '110 11112 *110 111 12
100 109 Jan 25
2r1 preferred
*10514 10614 .105 1065* .105 10611 .105 106141.105 1064 .105 10614
100 102 Jan 18
1
4 3418 3412 *34
34/
1
4 3412 3458 3412 3458 3378 34/
1
4 4,600 Magma Copper
2912 Feb 9
3412 34/
.No pa
1214 1218 1214
/
4 12/
1
4 1,700 SlailInson (II R) & Co_No pa
111
/
4 1212 121
1112 Apr 7
.124 1234 1218 1218 12
71
.68
70
.69
71
Manati Sugar pref
.68
71
•68
70
•69
71
100 69 Apr 1
.
1 68
64/
1
4 6814 66/
6412 6414 6434 6478 65
1
4 6714 9,700 Manh Elea SupPly____No pa
534 Jan 25
64/
1
4 654 64
.25
26
2612 29/
1
4 28
2812 28
2814 4,500 Manhattan Shirt
25 2414 Jan 18
2518 254 *2538 26
544/
1
4 46
.44/
1
4 46
•4438 46
.4438 46
Manila Electric Corp. No Pa
*4438 46
4o lu,22
*44/
1
4 46
1612
16
1614
16
16
1514
16
.153
153
4
1512
4
2,200 Maracaibo 011 Expl___No Pa
16,2
15,4 Apr 5
.1614
1
4 4738 4714 4778 4712 4818 47
4734 128,800 Marland 011
1
4 4534 4614 45/
4512 Apr 2
4512 46/
No ppa.
3434 3434 35
35
1,500 Marlin-Rockwell
3538 35
3514 3514 3538 3538 3478 35
27 Jan 10
No
.20
21
2012 2012 .20
21
*20
2012 1,100 Martin-Parry Corp__..No pa
21
20 Mar 18
2112 20
.21
10314 1051
1
4 1075* 10618 107
/
4 10212 1055* 5,500 MatIdeson AlkaliWkatern.2050 82 Jan 6
106 1074 106 10734 106/
9,500
6712
685
68
8
,
67
2
/
1
4
68
/
685
1
4
68
8
683
4
70
May
/
1
4
s
Jan 27
693
Dept
6714
Stores
new
2
6938 6973
28/
1
4 28
2838 28
/
4 2758 2838 28
2814 5,900 Maytag CO
23/
1
4 Jan 15
No pa
1
4 2712 271
2712 27/
63
63
•59
*62
6312 .6012 63
200 McCrory Stores Class B No pa
6312 6312 63
5612 Mar 4
*6312 65
24/
1
4 2478 *2478 25 .2478 25
200 McIntyre Porcupine Mines__
.2434 25
2412 Mar 14
*2412 2518 .2458 25
*2514 26
2538 25/
*2514 26
•2514 26
1
4
200 Metro-Goldwyn Pictures p1.2
24/
1
4 Jan 3
2534 2534 *2514 26
7
7
.63
714
4
7
74
2,600
7
7
Mexican
658 Feb 16
7
7
Seaboard
011
No
pa
6/
1
4 7
1
4 1512 1512 1512 15/
1
4 1512 3,500 Miami Copper
1434 Feb 8
1534 15/
1
4 1558 155s 1512 1534 15/
1
4 33/
1
4 3278 3318 3234 3318 32,100 Mid-Continent Petro_.No pa
32/
1
4 32/
3138 Al1r 4
1
4 3134 325* 32
3218 32/
1
4 10234 10234 102 102
200 Mid-Cont Petrol pref
1
4 *102 10278 .102 102/
102 Apr 8
10
1
4 •102 102/
•102 102/
2
21s 218
238
238 2/
1
4 12,600 Middle States 011 Corp____10
218 214
11
/
4 Jan 3
218 218
2,8 2,4
11
/
4 134
1,500 Certificates
112 112
134
/
4
11
/
4 11
134
14 Jan 25
11
/
4 158
1
11
/
4
158
11014 11014 110 110
108 109
700 Midland Steel Prod pref._ _100 107/
1
4 Mar 23
1
4 *110 *110
113 114/
•112 115
Ho right.
••••••
.r.11 4811.0 or.o.•
• ,
14
Highest
$ DV share
10712 Jan 24
11534 Jan 28
9934 Mar 29
18412 Apr 8
122 Jan 7
105 Jan 3
120,4 Apr 6
52 Apr 6
4612 Apr 8
10434 Jan 11
22 Mar 10
50 Apr 4
581
/
4 Mar 3
10012Mar 14
1111
/
4 Apr 4
10834 Mar 10
6778 Mar 25
6738 Feb 24
109 Mar 11
9/
1
4 Jan 13
3814 Feb 24
1191 1 Feb 28
12178 Jan 17
49 Mar 11
10 Jan 4
64 Feb 28
67 Jan 19
2714 Mar 29
2838 Apr 6
28'2Mar 31
1011
/
4 Mar 17
3334 Feb 14
6318 Jan 15
5014 Mar 17
12434 Mar 8
401
/
4 Mar 21
74/
1
4 Mar 9
23/
1
4 Jan 10
3234 Feb 1
1614 Apr 5
1118 Mar 14
1012 Mar 14
9612 Apr 2
4334 Jan 3
114 Mar 16
2512 Jan 12
1534 Mar 12
1078 Feb 23
65 Feb 14
7518 Mar 31
5334 Apr 6
108 Apr 7
64 Mar 1
163/
1
4'Mar
12914 Mar 26
858 Feb 7
4458 Feb 7
6134 Mar 21
474 Apr 8
10614 Feb 2
601
/
4 Mar 7
10014 Mar 15
173 Apr 7
13578 Apr 7
2018 Apr 2
6034 Mar 9
12512 Mar 15
2714 Apr 6
2212 Jan 5
J
:n
n 15
1
J1
1141184
574 Jan 31
2134 Apr 8
7112 Apr 8
71 12 Apr 8
9,1 Mar 31
6412 Feb 24
1 Star 11
45 Jan 6
62/
1
4 Feb 25
65 Jan 7
11312 Mar 11
1712 Feb
80 Jan 4
1931 2 Apr 8
32 Apr 8
7434 Mar 16
9/
1
4 Mar 14
37/
1
4 Jan 19
2478 Feb 17
10278 Jan 4
12974 Apr 5
10234 Jan 18
741
/
4 Feb 11
5938 Feb 14
6378 Mar 17
758 Jan 20
43 Mar 7
1731 2 Feb 2(1
1691
/
4 Feb 26
3278 Jan 3
11812 Jan 13
184 Jan 5
97 Feb 5
2758 Mar 24
334 Mar 18
1273m Feb 25
72 Jan 27
10812 Mar 14
III Jan 4
106 Mar 14
3618 Mar 7
16 Jan 5
77 Feb 23
72 Mar 14
2971 Apr 6
46 Mar 10
2234 Jan 18
5812 Jan 17
38 Feb 9
2434 Feb 24
1091
/
4 Mar 29
7178 Mar 22
2R7sMar 29
7512 Jan 3
2712 Feb 28
2614 Feb 21
914 Feb 16
1612 Feb 28
3938 Jan 21
05 Feb 3
314 Feb 8
214 Feb 8
11912 Feb 17
bAt .on Alta
Range for Previous
Year 1026
Lowest
Highest
g Per share $ per Otani
95 May 100 Dee
10512 Apr 113 Sept
9214 Apr 96 Jan
11314 Mar 22534 Aug
11312 Jan 12214 Des
9814 Apr 105 June
6012 Mar 93/
1
4 Aug
36 May 49
Jan
411
/
4 Nov 78/
1
4 Jan
100 Nov 11138 Jan
15/
1
4 June 25/
1
4 Jan
4112 Mar 56/
1
4 Feb
3912 Nov 7034 Feb
9412 Dec 100 Feb
9612 Dec 1091
/
4 Aug
10414 Dec 109 Sept
3314 Mar 6912 Nov
4712 July 68/
1
4 Nov
8
Oct
1618 Mar
89 Apr
10812 Mar
9/
1
4 Apr
518 Jan
511
/
4 Oct
45 June
26
Oct
241
/
4 Dec
1718 Dec
68 Mar
1712 May
4712 Jan
40 Mar
5014 Mar
Jat
27
40/
1
4 Oct
17 Star
1958 Mar
1412 Dec
734 Oct
712 Oct
804 Mar
3412 May
10834 Mar
2034 Mar
12 Dec
918 Dec
5638 Dec
3818 Star
4438 Oct
1011
/
4 Oct
3312 Mar
11214 Mar
118
Jan
6 Sept
27 Mar
5312 Star
3238 Mar
101 18 Jan
4418 Apr
89 May
135 May
111 Mar
1812 July
25
Jan
11512 Jan
9 Dec
12 Nov
14 Mar
10714 Mar
3314 May
9
Oct
4312 Oct
45 Dec
76/
1
4 Nov
4934 Mar
'2 May
39 Nov
5658 Dec
4234 Mar
11212 Nov
1518 Mar
7014 Mar
146 Mar
191e May
39'! May
614 Dec
30/
1
4 Mar
1714 May
7218 Mar
11934 Jan
71 Mar
5312 Mar
4312 Oct
3414 Mar
Oct
6
411
/
4 Dec
88 Mar
12014 Mar
2734 Oct
111 18 Apr
12 Mar
93 Dee
2234 Mar
22/
1
4 Oct
122
Oct
68 Mar
8958 Nov
10712 Nov
102
Oct
34 Apr
1258 Nov
55 June
44
Oct
211
/
4 Oct
271z Mar
1612 Oct
494 Mar
2412 Oct
17 May
6212 Stay
6912 Dec
19 Ma
72 Ma
2214 Oct
2214 Jan
6 Feb
11 Mar
2712 July
90 Mar
/
1
4 Nov
lt Oct
107 Mar
2112 Jan
361
/
4 Dee
11312 Dee
11814 July
3434 Dee
10/
1
4 Feb
93/
1
4 Jan
6012 Dee
2812 Nov
30 Sept
46
Jan
88 Dec
3512 Aug
63 Oct
4838 Jan
71
Jan
45 Sept
12314 Jan
28/
1
4 Jan
34 Jan
2414 Feb
131, Feb
1212 Feb
104
Jan
43/
1
4 Dee
115 Feb
2858 Nov
2134 Feb
2614 Jan
95 Jan
5678 Dec
7178 Jan
Jan
106
6412 Jan
1584 Dee
129 Dee
1238 Feb
4638 Feb
66/
1
4 Feb
4614 Jan
10412 Dee
63/
1
4 Aug
100 Dee
175 Jan
133
Jan
29
Jam
5612 Dee
12712 Nov
1912 Feb
66 Feb
34 Jan
115 Nov
511
/
4 Dee
2112 Feb
74/
1
4 Feb
7314 Feb
126 Feb
6414 Nov
21
/
4 Jan
8218 Jan
68 Nov
82
Jan
11434 Feb
33/
1
4 Jan
934 Feb
19614 Dec
2412 June
72 Nov
14
Jan
4118 Jaa
25 Dee
103 Dee
129/
1
4 May
72/
1
4 Dee
691
/
4 Jan
5878 Nov
4838 Dee
114 Feb
5012 Feb
17712 Dee
175 Dee
4214 Feb
120 Aug
19/
1
4 June
98 Dec
264 Feb
584 Feb
138 Feb
7318 Feb
159
Jan
113 June
108349430
4478 Feb
2818 Jan
82 Feb
8724 July
3278 Jan
4538 Sept
28 Feb
6338 June
33 Mar
23 June
10618 Jan
7() Dee
2412 Sept
Jan
121
30 Feb
2512 Nov
1334 July
1
4 Oct
17/
Jan
37
10414 Dee
2/
1
4 Jan
158 Dee
13312 Feb
New York Stock Record-Continued-Page 5
Fee fee^. d...foo the wee.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 2.
Monday,
April 4.
Tuesday,
Aprll 5.
Wednesday, Thursday,
April 6.
April 7.
Friday,
April 8.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rEH an Ana
Range Since Jan, 1 1927
On basis of 100-share lots
Lowest
Highest
$ per share 5 per share 5 per share $ per share $ Per share $ per share Shares Indus. & Miscall.(Con.) Par $ per share
$ per share
347s 35
347 3512 235
35
3512 3512 3512 36
3534 3614 3,600 Miller Rubber otfs____No par 3158 Jan 25 363* Feb 14
94
9434 947
9512 9458 96,4 9258 948 9334 9414 94
96
11,600 Montana Power
100 8112 Jan 28 9678 Apr 1
6434 65,4 64
6514 63% 64% 6412 6538 6412 6512 6438 8434 20,700 Montg Ward & Co III corp__10 6038 Feb 8 6814
Feb 24
814 838
812 812
812 812 *814 812
8,4 814
814 814
1,200 Moon Motors
No par
814 Apr 4 1212 Jan 5
418
414
418 418
418 414
418 414
41
418 418
418 5,300 Mother Lode Coalltion_No par
4 Feb 9
432 Jan 3
*1258 1234 1212 1234 1234 1234 *12
13
13
•(314 1334
97 Feb 17
1278
500 Motion Picture
No par
1658 Star 18
*3212 3278 3234 33
3212 33
3212 33
33
3312 34
3518 5,300 Motor Meter A
No par 3212 Mar 31
3718 Feb 3
*25
2514 2358 2534 2418 2478 2478 25
2518 2558 25
25
6,500 Motor Wheel
No par 2034 Jan 3 2778 Mar 2.)
147 1478 1412 1412 *14
1412 1412 15
15
1558 15,8 1514
1,700 Mullins Body Corp..._No par
10 Jan 5 16 Mar 25
37
*3612 38
37
37
37
*36/2 38
*3612 38
*3612 38
300 Munsingwear Co
No par 36 Feb 25 3978 Jan II
*2934 30
3012 3018 30% 30
3012 2954 29% 2934 30
*30
2,000 Murray Body new _ _ _ _No par 2018 Mar 23 43 Feb 23
6312 65
6358 64
6378 64
6418 64% 6312 6418 6314 6414 15,800 Nash Motors Co
No par 6218 Mar 23 7312 Jan 5
*512 6
558 6% *512 612 *512
2 *512 618 *512 612
800 National Acme etamped___100
5 Feb 15
658 Jan 7
11012 11178 111 11258 11134 11258 111% 11212 111 11178 9,700 National Biscuit
10912 110
25 9434 Jan 27 11314 Mar 30
•132 13314 13214 13312 *1335* 136 *13312 135
13312 13312 13434 13434
4
Pre/erred
100 130 Jan 10 13434 Apr 8
7
4314 4334 4314 44
4312 43
4312 4334 4314 4334 4312 44
12,300 Nat Cash Register A WINS par 3978 Jan 3 457 Mar 21
3712 3712 3712 3814 3714 38
3810 3812 40
3712 38,8 38
9,700 National Cloak & Sult
100
18 Jan 22 40 Apr 8
9278 9312 94
*9212 93
9412 9412 95
9434 9434 9412 9412 1,700
Preferred
100 61
Jan 31 95 Apr 6
76
7512 76
7512 7512 76
7512 76
7588 76,4 7534 76
5,700 Nat Dairy Prod tern ctre.Vo par
70% Jan 3 7834 Mar 4
25
25
25
25
25
25
25
25
25
25
25
3,700 Nat Department Stores No par 2458 Feb 7 2738 Mar 1
25
9214 9214 9214 *91
*91
92
*91
92
*91
9212 *91
9212
100
1st preferred
100 91 Feb 17 9414 Jan 10
2318 2318 2312 2678 26
2714 2458 2534 2434 2658 24
2579 29,900 Nat Distill Prod ctfs___No par
17 Feb 8 2712 Feb 16
533
*46
4912 4714 5234 50
5034 5034 *47
50
*47
3,500
Preferred temp ctf__No par 43 Mar 22 5512 Feb 21
50
26
2518 26
2534 2534 *25
*25
26
2613
2514 2514 *25
1,100 Nat Enam & Stamping
Mar 311 3014 Feb 28
24'.
100
81
81
82
*80
*80
82
*80
83
*80
83
*80
83
Preferred
100
100 8014 Star 14 8312 Jan 28
192 19512 19112 10412 192 195
193 194
192 19314 193 193
7,900 National Lead
100 160 Jan 27 200 Apr 1
*120 126 *12514 12614 12614 12614 125 12614 12514 12514 126 126'4
800 Preferred
100 11714 Feb 3 130 Star 21
22
2238 2178 2213 215 2212 21% 2214 2158 21% 2134 2284 13,500 National Pr & Lt ctfs__No par
19% Jan 2h 2358 Mar 24
8512 8512 8512 8612 8612 8714 89
9114 90
9178 9012 9054 13,700 National Supply
50 8212 Jan 3 9534 Feb 18
*116 119
116 116 *111 11734 *Ill 115 *111 116 *111 116
100 National Tea Co
No par 11412 Junll 122 Mar 15
1414 1414
1418 1438 1414 1438 14
14
1438 1414 1438 15,300 Nevada Conseil Copper
1414
5 13% Feb 10 15 Jan 3
4418 4418 4412 4412 4358 441z 4334 44
427 427 •427
*42% 43'2 3,100 NY Air Brake
No par 403 Jan 8 4778 Feb 11
1638 16
1514 1514 *1518 1512 1558 1618 *1512 16
1514 1514
1,500 NY canner- ,emp ctfs_No par
1334 Feb 16 2172 Jan 3
*43
44
44
*43
*43
44
44
*43
*43
*43
44
44
Preferred
No per
43 Mar 30 72 Jan 13
4012 *39
*39
39
4012 39
39)3
•38
3912 38
*38
38
300 New York Dock
100 34 Jan 14 43 ...Mar 25
*76
7812 *76
7812 .76
7812 *76
7812 "76
7812 *7512 76
Preferred
100 7212 Feb 9 7734 Mar 25
•2814 28% 2818 2818 •28,4 2858 2818 2818 *2812 2838 28
2813
500 Niagara Falls Power pf new_25 2734 Jan 31
29 Jan 5
4652 4714 4652 4712 463* 473
465* 4714 4858 4712 47
4814 23,100 North American Co
10 4558 Jan 14 6078 Feb 25
*5158 5178 5152 5158 5112 5112 "5112 52
511
. 5112 5112. 5112
400
Preferred
50 50 Jan 10 52 Mar 23
101 101 *10013 10012 10014 10012 101 101
10078 10078 10114 101 14
700 No Amer Edison prof __No par 9658 Jan 6 101 14 Apr 8
418 418
4
418 418
418 *4
418
418 438
312 438 7,5901Norwalk Tire & Rubber
10
32 Apr 8
Vs Feb 10
•11
12
*II
*11
12
12
12
*11
*11
12
*11
12
Nunnally Co (The)____No par
1018 Mar 28 13 Jan 19
*3412 3454 3378 34
3334 34
34
3412 035
35
34
34
2,000 Oil Well Supply
25 3114 Jan 28 4038 Feb 7
•13
14
1312 14
1538 1434 1538
1412 1312 1418 1358 1338 20,500 Omnibus Corp
No par
11 Mar 25 1558 Apr 4
65
65
64
64
63
6434 *6334 64
6334 6334 6312 6614 7,700 OPPenheirn Collins & Callo par 5812 Feb 8 6778
Feb 28
3112 3112 3112 3134 3134 32
32
3272 33
34
35
3478 14,600 Orphoum Circuit, Ino
I 3018 Jan 4 35 Apr 7
•101 108 *101 108 *102 108
10512 10512 105 10512 10512 10512
400
Preferred
100 10312Mar23 107 Feb 10
110 11034 11014 111
11012 112
109 112
11012 1113* 110 11012 7,600 Otte Elevator
501)03 Feb 2 131 Jan 18
111 111 *111 112
.10912 113 *10912 11234 *10912 111
10914 110
580
Preferred
100 108 Feb 16 11814 Mar 22
812 8%
812 85
914
°81c
8
9
*834 88 4,500 Otis Steel
8.8 958
No par
714 Feb 10 10 Mar 11
70
70
71
*70
*69
7012 70
71
*69
7034 *6914 7012
500 Prior pref
100 6112 Feb 8 7418 Mar 9
8212 8214 8258 8212 823
81% 8234 82
8278 83% 83
83
4,200 Owens Bottle
25 7518 Jan 18 8412 Mar 14
5834 59
*5914 60
59
59
5912 6014 57
58
*58
5912 1,500 Outlet Co
No par 5234 Jan 21 61 Feb 23
•10712 110 *108 110 *10812 110 *109 110
109 110 *1084 _-__
500
Preferred
100 107 Jan 27 110 Apr 7
32
3214 3214 3214 32
3239 3232 3212 3218 32% 3238 3212 4,700 Pacific Gas & Elea new
25 31 Feb 18 33 Jan 19
182 132
114
112
114
138 •114
138
112
158 3,200 Pacific 011
13*
158
No
par
114 Mar 29
17 Jan 7
7
3434 3472 347 3514 347 3558 35
3458 34
3518 3478 3658 40,400 Packard Motor Car
10 34 Jan 25 3712 Mar 14
9
018
9
9
918
9
88 918
89 8%
87
878 3,800 Palge Det Motor Car.._No par
7% Mar 22 1178 Jan 6
7
60
60
57
59
5618 57
3712 58
60
59
5934 6014 7,500 Pan-Amer Petr & Trans
50 5618 Apr 5 657 Jan 19
5718 6014 5658 5834 5818 6918 5834 6039 5958 6114 141,700
60,8 61
Class B
50 5838 Apr 5 6658 Jan 20
2112 21
2114 213* 21
22
2112 221* 2178 2214 2112 22
7,600 Pan-Am West Petrol B_No par
19 Mar 30 3778 Jan 24
8% 98
814 812
838 878
812 9
9
934
93* 11,200 Panhandle Prod & Ref_No par
9
814 Apr 4 187 Jan 17
*50
65
*50
65
*50
70
*50
65
*50
65
*50
65
Preferred
100 881 2 Mar 16 8134 Jan 17
*2012 21
2012 21
2112 2414 231s 24
2214 23
22
23
5,700 Park & Tilford tern ctfe_No par 20 Jan 27 25 Feb 28
1
WI% 7 4
7
7
67* 7
*672 7
6% 6%
7
700 Park Utah C 51
7
1
6 Jan 3
8 Mar 4
4512 46
4512 46
4352 46
43% 4412 44
4512 451 4612 12,400 Patbe Exchange A____No par 37 Feb 14 48 Mar 14
26
26
2518 2572 2534 26
2632 2638 2412 2512 2412 2458 4,400 Peerless Motor Car
2412
50
Apr
32
7
Jan 8
.2.218 2234 2212 2212 22
22
2214 2214 2212 233s 2212 2212 2,800 Penick & Ford
No per 21 Jan 17 24 Feb 15
•1212 1412 137 13% 1414 1414 15
15
1412 1412 1412 1412
500 Penn Coal & Coke
50
1014 Jan 19 15 Apr 6
3412 3412 34
3418 3334 337
3318 3354 3258 3317 338 337
5,200 Penn-Dixie Cement_ _ No par 3258 Apr 7 395 Jan 13
v99 100
9914 9914 9914 9914 *9914 9912 9914 9914 99
Preferred
400
100 984 Mar 8 997 Jan 13
99
13* '
34
34
84
84
58
34
7,300 Penn-Seaboard SO vto No par
34
58
3
4
%
1 12 Feb 14
% Jan 3
134 134
13278 13314 13414 13578 135 138 *13612 138
137 13834 6,400 People's 0 L & C (Chic) 100 126 Jan 14 13834 Apr 8
100,8 100% 10178 102
104 106
10434 1044 105 105
104 10534 2,300 Philadelphia Co (P1tteb)___50 8514 Jan 18 110 Mar 25
51
51
5012 51
*5034 5112 *51
5112 51 18 5118 *51
5112
580
6% preferred
50 50 Jan 6 53 Feb10
4112 42
4112 4218 42
4358 4258 4312 4214 43
42
4214 18,200 Phila dr Read C & 1.....No par 4112 Apr 2 4758 Mar 4
4212 4134 4134 *43
*41
44
4212 4212 •4112 43
Certificates of Int__No par 4158 Jan 26 47 Mar 4
413* 4138
700
*49
4934 *48
4934 549
4934 549
4934 *49
4934 *49
Ph1111132-Jones Corp.._ No par 47 Jan 3 52 Mar 7
4934
3314 3512 *3318 3414 34
*3314 331
34
34
34
34
3414 2,500 Phillip Morrie & Co. Ltd___10 3212 Sfax 30 4118 Jan 10
45% 4610 4558 4658 46
4758 4734 4812 4712 4818 4718 48 208,700 Phillips Petroleum__ __No par 4518 .\ pr 2 6014 Feb 16
48
487 *48
49
4912 4918 *48
4914 48
48
*47
48
600 Phoenix Hosiery
8 42 Jan 7 51 Star 17
*1023* 10412 *10234 10412 *10234 10412''1 10284 10412 "10234 10412 *10234 10112
Preferred
100 103 Jan 5 106 Mar 7
19
19%
1939 20% 1934 203* 187* 2018 1714 1914
1758 1878 21,700 Pierce-Arrow Mot Car No par
1714 Apr 7 2388 Mar 8
*8458 87
*85
88
87
87
84
85
80
8412 7912 82
3,900
Preferred
100 7912 Apr 8 10212 Jan 3
*12
5*
38
34
38
34
58
58
58
34
58
34 2,700 Pierce 011 Corporation
25
12 Mar 25
% Jan 4
•15
17
*1512 17
*1512 1634 *1512 1612 *1512 1612 1612 1612
100
Preferred
100 1312 Mar 24 18 Mar 29
35
35
318 312
312
312
314 312
338 3.2
314 312 12,200 Pierce Petrol'm tern ctfallo par
37 Jan 13
212
Mar
22
3334 34
3412 397
38
4212 38% 3912 3814 38
38
3838 16,100 Pittsburgh Coal of Pa__100 3234 Mar 22 422' Apr 5
72
72
7234 78
78
7912 78
7812 *76
78
*7612 78
4,200
Preferred
100 7052Mar 10 7912 Apr 5
9612 9612 96
96
*9512 97
*9512 9612 *9512 9612 *9512 9812
200 Pittsburgh Steel pref
100 9534 Apr 1 101 Jan 18
9514 9514 9514 9638 95
9578 94
9578 9434 96
9434 9484 9,900 Post'm Cer Co Inc new_No par 9258 Mar 16 10234 Jan 14
6414
6:3
63
6510 637 6514 65
658
6413 6412 11.500 Pressed Steel Car new
6412 66
100 3858 Feb 5 70 Mar 28
*8612 8712 8634 8634 *8612 89
89
89
89
89
888 89
1,200
Preferred
100 781 2 Feb 5 8978 Star 25
24
2412 237 24
2312 2413 2334 2334 2312 2434 238 24
3,500 Producers & Refiners Corp_50 1634 Jan 5 32 Feb 13
.42% 43
*40
42
*40
42
*4014 42
*4014 42
*4014 42
Preferred
50 3678 Jan 6 50 Feb 9
3512 3612 3614 3634 3639 3634 3614364 3618 3634 363* 3714 48,000
PubServCorp ofNJnewNo par 32 Jan 6 3714 Apr 8
100% 10014 *100 100% *100 10058 100 100 *100 10058 10014 10014
300
100 981 2 Feb 19 101 Marl)
*11214 11319 11214 11213 114% 11418 11312 11312 *112 11312 113 11312 1,100 6% preferred
7% preferred
100 10812 Jan 5 11558 Star 23
*12612 12712 •12612 12714 *12612 12712 *12634 12714 *12634 12714 *12694 12714
8% preferred
100 125 Jan 10 12758 Star 25
*10412 10478 10434 10434 10434 105
105 105 *10412 105
10412
•11618 __ .11618 ____ *11618 ____ •11618 __ •11618 ---- •11612 10412 1,100 Pub Sem Elea & Gal pfd_100 102 Jan 4 10558 Mar 16
---- ______ Pub Sandra Elea Pr pref_100 1135g Jan 18 11618 Mar 31
17712 17712 17712 179
17712 179
1784 17834 17812 17834 17734 17814 3,300 Pullman Company
100 17518 Mar 23 18912 Jan 3
3934 3934 •38
*3814 30
39
3714 38
3658 37% 377 377
1,200 Punta Alegre Sugar
50 3418 Mar 22 4678 Jan 3
2712 2734 2752 28
275* 289 2814 29
2814 2852 2814 2812 33,300 Pure 011 (The)
25 2714 Jan 3 3312 Mar 4
113
*11134
113
*112
11212 11212 "11212 113 *112 113
11234 11234
200
8% preferred
100 11138 Jan 11 113 Feb24
5018 50% 51
5112 51
5138 5078 5139 51 18 5178 515* 5158 2,500 Purity Bakeries class A...25
4234 Star 31
54 Feb 21
577 577
58
59
5918 5978 5912 60
5934 6012 *5912 60
5,100
Class 13
No par
4134 Jan 3 6138 Mar 18
•10312 104 *10312 101 *10312 104 *10312 104
104 104 *10312 104
100
Preferred
100 10114 Jan 8 105 Mar 10
4412 46
45,s 4612 44
4318 4434 4314 443* 4314 45
46
48,900 Radlo Corp of Amer___No par 4234 Slur 31 5634
Mar 1
51
51
6114 5114 51 12 5118 5118 5112 51
*5012 51
51
Preferred
50 6014 Feb 1
53 Feb 28
4314 *4252 43
4258 4318
.4339 4312 *43
43
*4234 43
43 .
SO Rand Mines. Ltd
No par
40 Jan 5 4514 Mar 7
14% 14% *148 1512 *147 1514 1478 1478 *15
151 1
15
15
Ray Consolidated Copt/et...10 1412 Feb 7 1512 Mar
1
46
46
*4518 4512 45
4512 451
46
4578 4634 4612 47
4.400 Real Silk Hosiery
10 39% Jan25 4834 Feb 23
498
9812 97
98
*97
981 *97
9812 597
9812 *97
9812
200
Preferred
100 91 Jan 29 99 Mar 2
*42
43
41
*42
43
*42
•42
41
43
42
43
42
200 Reid Ice Cream
No par 38% Jan 24 431,Mar 15
71
4.6
612
674
634 63
71
718
634 634 1,000 Reis (Robt) & Co
64 634
No par
6 Mar 19
9 - Jan 111
4158 168
168 183
185 1851_ 177 177
178 180
178 178
1,200 Remington Typewriter____100 11212 Jan 12 18512 Apr 5
1
*113
,
4
114
115
*113
11312
114
11312 11334 11312 11312
2 11434 11312
140
7% let preferred
100
110
Feb 18 11712 Feb 10
11312 11312 11314 114
114 1141 11134 11434 11434 115
*113 115
390 8% 2(1 preferred
100
III Jan 6 119 Feb 10
1014 1059 1018 1018 3,200 Replogle Steel
1038 10,2 1012 1072 1012 1012 1018 101
No par
1013 Apr 6 1312 Jan 10
7058 694 7012 6952 71
6978 7278 7012 7212 71
70
72
13.300 Republic Iron & Steel__ .100 5)112 Jan 4 75
7 Mar 11
10418 10418 *104 10412 *104 10417 *104 10414 10414 10414 *104 10412
200
Preferred
100 9658 Jan 3 10434 Mar 11
5
4
4
4
53
4
3
4
4 4
4
*334 4
4
*3
1.000 Reynolds Spring
No
par
4
Feb
21
434
Jan 13
1093* 10912 10959 10912 109% 10932 10914 11178 11118 11178 11114 11438 25,800 Reynolds (RJ)'fob Clue B 25 9818 Feb
24 124 Jan 14
8412 834 8312 8014 8014 *80
*78
SO
8312 80
82
8018 1,100 Rosins, Insurance Co
25 74 Jan 13 8412 Apr 1
4914 4914 48% 487* 4834 493* 4958 4912 *493* 497
4914 49,2 4,600 Royal Dutch
Co(N Y shares). 4858 Apr 4 64 2 Feb 9
403 4138 *4014 41
41
41
41
41
4058 4038 4058 41
1,200 St Joseph Lead
10 4018 Mar 22 437 Mar 4
6014 60
59
8914 60
60
6014 6012 60
8019 5972 5978 6,000 Safety Cable
No par
5234 Jan 3 6412 Mar 9
63
*58
*59
63
62
•60
63
*60
63
*59
*59
61
Savage Arms Corporation_100 6134 Jan 28 7212 Mar 5
17, 178 .172 2
17
2
178
2
2
178
2
218 2,500 Seneca Copper
No par
178 Mar 30
334 Jan 10
go
6114
6114
,593
60
60'
2
60
6114
6018
58
5912 3,600 Shubert Theatre Corp_No par
*60
5612 Jan 12 66 Mar 10
48
440
481
471 4838 4758 48
4814 48,8 1812 48
48
12,200 Schulte Retail Stems- --No Par 47 Jan 18 5012 Mar 4
*11612 119 *11612 117 1.11612 117 511612 117
11634 11654
117 117
200
Preferred
100 11614 Jan 22 119 Feb 7
1914 12,4
1218 1218' •1178 1214 12
11% 1178 1134 1134
12
900 Seagrave Corn
No nar
1134 Anr 8 1358 Jan 3
• Rut and sated prices: no sal.. on this der
r Er dividend
a Ex rights
a Es dividend one share ol Standard 011 of California new.
2093
fn.-rive. see flirts mule amending
.
1".KIf *NH A KZ
Range for Previous
Year 1926
Lowest
Mohan
$ per share $ per chard
30 May 4434 Feb
6938 Mar 8612 Nov
56 May 82
Jan
934 Nov
3738 Feb
4 Nov
712 Feb
1034 Dec 2312 June
3334 May 5338 Feb
1918 Nov
337 Feb
8 Nov
1934 Feb
3434 Apr 3834 July
62 Mar 7078 Dec
5 Nov
1278 Jan
74 Jan 102 Dec
126
Jan 13112 Apr
3712 Oct 54
Jan
18 Nov 57
Jan
5818 Nov 9212 Jan
53 Apr 80
Jan
24
Oat 4258 Jan
893 Oct 97
Jan
1211 May 34
Jan
3712 Aug 7318 Jan
2118 July 4012 Jan
76 July 8934 Jan
138
Apr 181
Dec
116
Jan 120 May
1688 Mar 3838 RIM
5512 Jan 88 Dec
11612 Nov 238
Jan
1158June
1814 Nov
3612 Jan 4812 Sept
2012 Nov 8434 Jan
7014 Dec 85 Ape
32
Oct 457 Feb
69 May 77 Dee
2758 Ma
2912 Dec
42 Mar 67
Jan
Jan 5214 Aug
49
91 18 Mar 97 Dec
418 Oct 1518 Jan
123* De. 1712 Jae
30 July 365* 001
12
Oct 2214 Feb
47
Jan 6358 Sept
2712 Mar 3318 Nov
101
Jan 105 Arn
106 May 136 Dec
1029g Jan 10912 Aug
8
Oct1412 Jan
63 Nov 74 Sept
5334 Mar 90% Dec
44 May 6514 Des
9712 Apr 10712 Dec
n1 May
313 Mar
9 Nov
5618 Mar
56% Mar
30
Oct
412 Jan
51
Jan
1858 Oct
512 Sept
3214 Nov
235* Nov
167 Jan
7 Aug
38 Dec
99 Nov
58 Oct
117
Jan
5918 Mar
45
Oct
3614 Apr
364 June
45 Dec
16
Apr
40 Mar
31 Mar
94 Mar
19 Slay
7612 Apr
12 Oct
1118 Nor
214 Aug
29 June
70 June
94 Mar
7512 Mar
3418 May
7712 Dec
11 Ma
30% May
31 14 Oct
9612 Apr
10318 Jan
115 Mar
97
Jan
106
Jan
145% Mar
33 Apr
2514 Oct
Apr
106
Oct
47
4112 Nov
Oct
99
32 Mar
4458 Mar
32% Apr
1012 Mar
3712 Nov
9314 Dec
3934 Dec
712 July
8312 Apr
Apr
106
105 Apr
Oct
8
44 May
91 14 Mar
4% Oct
90 Mar
7618 Dec
475* Oct
3652May
4318 Mar
6714 Nov
212 Dec
62 Mar
4212 Mar
11212 Jan
1212 Mar
8318 Feb
45% July
2812 Jan
7611 Jar
7838 Jar
46
Jar
32 Juni
9038Juni
281e Jul
812 Fet
83 Jai
3112 Noi
24 Del
19
Oo
41 De4
10012 No,
214 Jut
131
De.
91 Deo
5114 lull
483* Fel
4612 Jai
5534 Jul
41
Do
577 De
1614 No.
103
Oe
4318 Jru
12714 Ain
178 Jan
27% Jul
7
Jul
4212 Ja,
Jet]
85
10018 De
1248 Fel
44 No
9534 Ja
2034 Oc
413 Or
333 No
101
Oc
110 No
12434 No
10415 Sep
114 Au
42212 Set
4914 De
Ja
31
11234Jun
4938 No
44 De
103 De
6158 No
5378 De
4134 Oc
16% No
5014 Oc
100 No
56
Ja
18% Fe
127 Fe
Oc
118
11514 Au
1578 Ja
6358 Jo
99 Sep
1058 Ja
1217 No
Jet
100
673 Ja
4818 Fe
5512 No
10212 Fe
1014 Ja
7052 Jul
13812 Ja
120 Sep
1434 Ms
New York Stock Record--Continued--Page 6
2094
For sales during the week of stocks usually inactive, see elath o.ge preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 2.
Monday,
April 4.
Tuesday,
April 5.
Wednesday, Thursday,
April 6.
April 7.
Friday,
April 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscall.(Con.) Par
23,400 Seare.Roebuck & Co newNopar
Tradhigm
2,200 Shatuck (F 13)
o par
100 Shell Transport &
N
9,500 Shell Union Oil
No Dar
300 Preferred
100
6,500 Simms Petroleum
10
No par
2,000 Simmons Co
80 Preferred
100
23,700 Sinclair Cons 011 Corn_No Par
200 Preferred
WO
26,300 Skelly 011 Co
25
4,000 Sloss-Sheffield Steel & Iron 100
2,300 South Porto Rico Sugar...100
120 Preferred
100
9,100 Southern Calif Edison
25
15,800 Southern Dairies el A-No Par
14,700 Class B
No par
Spear & Co
No par
Preferred
100
13,800 Spicer Mfg Co
No par
100
100 Preferred
13,900 Standard Gas & El Co_No Par
1,700 Preferred
50
800 Standard Milling
100
Preferred
100
19,200 Standard Oil of Cal new.No Dar
54,600 Standard Oil of New Jersey.25
Fret non-voting
100
-51- 311-4 28,000 standard 011 of New York._25
214 238 1,600 Stand Plate Glass Co__No par
No par
10018 10018 1,700 Sterling Products
5714 5712 13,700 Stewart-Warn Sp Corp_No ver
1,400 Stromberg Carburetor_No par
*34
35
5614 57 212,700 Studeb'rCorp(The) new No par
100 Preferred
12112 12112
100
15,300 Submarine Boat
258 3
No par
3312 3312 5,000 Sun 011
No Par
No Dar
44 44 8,700 Superior Oil
*2214 2312
100
200 Superior Steel
Sweets Co of America
50
*1012 1112
600 Symington temp ctfs__No par
*44 5
100 Class A temp otfs__ __No par
*834 9
$ per share $ per share $ per share $ per share 3 per share $ per share
5514
5514 5558 5538 5534 5538 5512 5514 5512 5514 5534 55
6112 6112 6018 6138 61
61
6134 6238 *6134 6212
6114 63
44
*4334 4434 *4358 44% *44
*4352 4514 *4314 45
4514 44
28
2818
28
2712 2734 2758 27% 2758 28
28
28
28
010834 109 '10834 109 *10834 109
109 109 15109 10914 109 109
18
18
18
1814 1814 1814 1814 1814 1818 1818
1814 18
38
38
37% 38
37% 37% 3712 38
3718 38
3734 38
10812 10812 *106 10812 10812 10812 *10812 10912 *109 10912 *109 10912
17
174 17% 17% 1718 1712 1718 1712 174 1712 1714 1712
100 100
99
*99
9912 *99
*9912 100
*99 100
9912 99
2818 2834 28% 294 2812 2912 2934 3018 2914 304 2912 298
130 13112 13012 13114 131 13414 13312 13312 133 133
4128 131
16512 16512 16412 16413 162 163
159 161
15934 160
160 164
5125 126
4124 125 *124 126 *124 125
125 125 '
124 125
3338 34
3334 3414 3312 3334 3358 3334 33% 3334 334 3312
24% 2434 2412 244 2412 2434 2358 2412 2112 23
2114 2338
918 958
*1014 1012 10% 1012 1018 1012 1018 10%
934 1014
*104 12
*1018 12
*1018 1212 *1018 12
*1018 12
*1012 12
*76
7912 476
7912
7912 576
7912 *76
7912 *76
7912 *76
26
2678
2478 26
*2513 2534 2513 2534 25
2534 2412 25
10758 107% *108 110 *108 110 *108 10812 *108 109
*10712 109
5518 5434 5512
5514 5558 5518 55%, 5518 5512 554 5512 55
5912 5978 5914 5934 *5918 59% 5934 5978 5934 59% 5914 5934
7414 7414 7414 7438 7438 7413 7412 7412 745
7418 7418 *74
'88
89
*88
9034 *8814 89
8834 *88
8834 *88
8834 '88
5414 54% 5458 55
5434 5514 554 5512 55% 55% 5512 5534
38% 3612 36
3634 37
3612 3618 3612 3612 3678 3658 37
-5614 ith; -3014
-56i4 -3-61; -3058 31 "ierig 31
218 214
218
218
*2
218 *2
2
100 10014
*9912 100
9912 9912 100 10014 9912 100
5534 5678 57
5712 5738 58% 5734 5834 5714 5838
33
35
36
*36
3612 34
3514 3412 3412 1535
534 544 5414 5434 5414 5512 55% 5818 5558 5614
*119 12112 *119 12112 *119 12112 1511918 121 *119 12112
212 2%
212 2%
234 2%
258 234
24 24
32% 33% 3334 3334
32
3212 3212 3158 3238 32
378 4
414
378 4
4
3% 4
3% 4
*2234 2312 23
23
2212 22% *2212 24
*2214 21
*1012 1112
*1012 1111 *104 114 4110% 12
41058 12
*478 5
418 44
5
5
15412 458 *412 5
4.58,
9
9
*834 9
*834 9
*834 9
121
1114
54
474
6018
131
171
29
49
*2434 26
*8712 881
8612 871
10014 1011
411138 1121
4
4
*1258 127
5113 521
4414 441
11814 119
41
413
*97 100
854 853
*130 135
*1112
*1118
*51
4714
594
134
1714
*2812
*48
1312 1312 1414
13
1212 1234 *1234 13
11
ii
11
1118 1118 1118 1118 11
53
*51
*51
54
53
5114 5114 *51
47% 48
4714 474
474 474 4712 48
5912 6012 5978 6034 6011 6418 6358 6518
13% 14
13
1314 134 1312 13% 14
1714 171
1718 1758 1734 1858 1818 1812
30% 3114 3012 3114
2834 30
*28
29
1548
49
49
49
49
*48
*48
49
*24
26
26
24
24
241 *24
24
*8712 8814 *8712 88
8778 877 *8712 88
8612 8814 87
884 8612 874
864 87
994 10012 9914 101
9714 100
9818 100
11134 1113 11138 112 *11138 1124 111% 112
3% 4
34 4
418
4
418
4
•1258 1278 *1238 1234 151258 1234 1234 12%
5214
5212 5314 5212 5314 52
52
52
46
46
45% 484
46
47
4434 45
118 11912 11612 12012 12012 1224 1194 121
4314 4378 4312 44
4134 424 4214 43
102 10278 102 102
*98 100
9934 102
88
9014
86
90
82
87
8512 83
13014 13014 *130 133 '130 133 *130 133
Lowest
$ per share
51 Jan 17
5638 Jan 17
44 Apr 8
2712 Apr 1
107% Jan 27
18 Apr 2
3312 Jan 6
10714 Jan 4
17 Apr 2
97 Jan 6
28 Mar 31
12314 Jan 20
154 Jan 25
11812Mar 4
31% Jan 3
2114 Apr 8
712 Mar 22
1038 Feb 4
73 Feb 24
20.2 Jan 27
104 Feb 21
54 Jan 25
5718 Jan 3
7014 Jan 4
84 Jan 5
5414 Apr 1
36 Apr 4
11458 Feb 25
3014 Mar 31
2 Mar 29
90;3 Jan 4
5114 Mar 15
33 Mar 10
4914 Mar 18
118 Feb 10
212 Feb 28
30 Mar 2.
334 Mar 30
1958 Jan 25
10% Mar 23
418 Apr 7
812 Mar 1
Highat
PER SHARE
Range for Previous
Year 1926
Lowest
Higheet
$ per share $ per share $ per share
4414 Mar 5838 Sept
5638 Feb 25
47 Mar 6958 Jan
6618 Feb 23
4012 July 48% Jan
4778 Feb 10
24 Mar 31 Noy
3134 Feb 7
109 Apr 6 103 Mar 114 July
154 Aug 2858 Jan
2234 Feb 16
2838 Oct 5412 Jan
40 Feb 25
110 Feb 10 10512 Nov 10912 July
1634 Oct 24% Feb
2238 Jan 20
90 Mar 99% June
10314 Jan 3 l
2658 Mar 374 June
3738 Feb 21
13414 Apr 6 103 Apr 14212 Aug
92 Apr 16913 Dee
176 14 Feb 23
Dec
12534 Mar 24 110 Oct 121
30 Dec 33 July
3412 Feb 23
41
Oct 5512 July
45% Jan 13
17% Oct 3534 Mar
20 Jan 7
10 Dec 1734 Feb
13 Jan 20
72 Apr 8212 Jan
80 Feb 14
1834 Apr 3138 Feb
2712 Mar 29
Jan 10714 Dec
110 Mar 19 101
Feb
51 Mar 69
58 Mar 11
5334 Mar 57% Feb
60 Feb 16
6718 Oct 9212 Feb
784 Feb 28
Feb
80 Mar 90
91 Mar 15
5258 May 63% Sept
60% Jan 19
3738 Dec 4638 Jan
41% Feb 5
11614 Feb 11 115 Nov 11918 May
3212 Dec 3314 Dee
3418 Jan 18
10% Feb
3% Nov
414 Jan 3
9614 Nov
75 Ma
10314 Mar 12
61 Nov 9278 Jan
6734 Jan 5
4734 Dec 7714 Jan
5412 Mar 1
47 May 62 Sept
57 Apr 8
122 Feb 23 11412 Feb 12213 June
334 Feb
113 July
334 Jan 8
4158 Jan
3018 Ma
3478 Jan 17
514 Dee
1 July
612 Feb 18
1912 Apr 34% Sept
2514 Jan 21
858 Apr 1758 Sept
1358 Feb 3
1412 Jan
4 Nov
6 Jan 14
1053 Oct 2078 Feb
1338 Jan 14
11
10%
48
63%
39
12
Apr
Dec
Mar
Nov
Oct
Oct
1478
18
58
57%
52%
1913
Jan
Feb
Aug
Dee
Noy
Jan
1414 1412 2,800 TelautograPh COrD----NO Par 1112 Mar 9 1412 Apr 8
10% Jan 4 1314 Jan 13
No pa
11
11
2,400 Tenn Copp & C
25 5114 Mar 31 58 Jan 17
200 Texas Company (The)
53
*51
25 4718 Apr 4 58 Jan 17
474 4734 31,400 Texas Corporation
49 Jan 3 654 Apr 7
6318 6412 256,600 Texas Gulf Sulphur new No pa
1358 1378 9,340 Texas Pacific Coal & 011_ _10 13 Mar 15 1638 Jan 12
1512 Jan 25 2134 Mar 1
1814 1812 7,000 Texas Pao Land Trust new _
3114 3112 3,700 The Fair__ _______ No pa
2414 Jan 11 31 12 Apr 8
100 Thompson (J R) Co_____ -.25 47 Jan 26 50 Feb 24
49
*48
700 Tide Water 011
100 24 pAr 4 294 Jan 13
24
24
100 8713 Feb 2 8911 Jan 19
300 Preferred
8712 8712
78 Jan 3 9534 Feb 16
9,000 Timken Roller Bearing-NO Pa
8612 87
9714 97% 81.800 Tobacco Products Cor1) 100 9714 Apr 5 11033 Jan 5
100 111 Mar 31 11612 Jan 18
11114 11133 1,100 Class A
5 Feb 14
3% Apr 6
21,000 Transcn 011 temotf newNovar
3% 4
1234 Apr 7 1514 Jan 6
200'Fransue & Williams
*1234 12%
No Pa
5412 Mar 31
45 Jan 21
51
514 3,400 Underwood Typewriter ____2
9,300 Unlon Bag & Paper Corp 100 381z Jan 25 52 Mar 7
48
47
9918 Jan 26 12238 Apr 6
11914 1204 45,500 Union Carbide & Carb-No Pa
25 4058 Apr 1 5612 Jan 6
4212 43 22,200 Union 011 California
102% Apr 6
100 94 Jan
3,000 Union Tank Car new
102 102
25 82 Apr 4 100 Jan 6
25,400 United Cigar Stores
8678 88
135 Mar 23
100 125 Jan
370 Preferred
133 135
Id58 Dec
4214 May
27 Nov
gni Nov
4478 Mar
9514 Apr
103 Mar
3 Mar
15 Aug
434 Nov
35 May
7712 Mar
3714 Jan
93 Dec
8318 Feb
1144 Mar
3914 Jam
103 Jan
85% Nov
116% Sept
118% Sent
513 July
Jan
27
6334 Jan
7114 Jan
10034 Deo
58% Sept
9514 Dee
109% Aug
125 June
159 Jan 25
5812 Jan 6
1131 Jan 26
1612 Mar 2
98 Jan 14
2712 Jan 25
81% Jan 27
202 Jan 25
112 Mar 14
5114 Feb 14
5138 Feb
69 Mar 30
10714 Apr 4
54 Apr 6
5634 Jan 25
10718 Jan 27
33% Jan 13
45% Jan 18
15313 Jan 28
11138 Jan 28
129 Jan 28
67 Jan 4
123 Jan 14
17114 Jan 10
60 Jan 12
128 Apr 4
19 Apr 7
103 Apr 8
3714 Mar 2.)
90 Jan 11
22812 Jan 3
115 Jan 6
60% Jan 12
5758 Apr 8
89 Feb 28
11012 Mar 15
66% Feb 7
674 Feb 28
1114 Apr 8
42 Mar 24
49 Mar 4
17238 Apr 6
124'4 Apr 6
133 Apr 4
8212 Mar 21
125 Feb 16
134 Mar
55% Mar
98
Apr
17 Dec
90 Mar
1338 Mar
52 Mar
150 May
1004 Mar
39 Mar
45% Jan
45% Mar
9914 Apr
4818 Mar
504 May
10112 Mar
30
Oct
42
Oct
117
Apr
11373 Dec
12413 Mar
5612 Jan
112 Mar
174 Dec
59 July
126 Nov
384May
9812 Dee
3412 Dee
90% Dec
24812 Aug
118 Des
6112 Feb
59% Feb
8412 Dec
11478 Nov
7178 Jan
8814 Jan
109
Jan
494 Jan
50
Jan
16013 Dec
117 Dec
13034 Dec
67 Dee
123 Dec
111 Feb 11
27 Jan 8
37 Jan 20
48 Jan 3
734 Mar 1
2 .18 Apr 4
74 Mar 18
43 Feb 9
3212 Jan 24
104 Mar 31
2134 Mar 23
18 Jan 14
95 Apr
19% Apr I
86 2 Apr 8
23% Mar 21
65 Jan 14
5612 Jan 5
1441g Jan 8
13312 Jan 4
6733 Jan 4
15 Jan 8
30% Jan 6
97% Jan 4
102 Jan 4
111 Jan 15
24 Apr 5
45% Mar 31
26 Jan 26
46 Feb 18
12 Jan 28
19'2 Jan 24
88 Mar 26
1118 Mar 29
18% Apr 8
58 Apr 7
11734 Jan 11
2013 Jan 27
48 Jan 22
40 Feb 2
2412 Apr 5
50% Jan 4
7014 Jan 8
25 Jan 14
9212 Apr 8
85% Jan 29
11311 Jan 4
3078 Feb 28
52'2 Mar 30
58 Feb 11
1034 Feb 14
3634 Feb 14
8734 Feb 11
51 Jan 4
3534 Jan 3 i
108 Feb 3
25 Feb 7
2413 Apr I
105% Mar 17
33% Feb 18
9534 Feb 3
4512 Jan 6
9014 Feb 18
62 Mar 14
16034 Apr 6
157.1 Mar 12
76', Mar 28
18% Feb 15
34% Jan 28
103 Feb 8
1078s Jan 31
11512 Apr 6
2712 Feb 15
58% Feb 28
362 Apr 2
59 Jan 17
1 12 Feb 14
2434 Mar 3
95 Jan 11
17% Feb 21
32% Feb 23
8434 Feb 23
134 2 Apr 7
3134 Apr 1
5412 Mar 1
45 Feb 28
3514 Jan 6
5234 Jan 21
76 Mar 9
29% Jan 5
99 Jan 3
9714 Mar 24
93 Apr
2758 Dec
29 Mar
4314 July
9 Oct
3138 Oct
83 Oct
40 May
26 Mar
9434 Jan
17 Jan
1214 June
99 June
2114 Oct
8812 Oct
12 June
43% Apr
53 Apr
13412 Mar
10514 Mar
85 May
1334 May
274 Jan
8812 Jan
954May
108 Ma
254 Apr
5118 Apr
22
Oct
46% Oct
53 Dec
18 May
8812 Oct
6 May
14 May
42 May
12014 Dec
19 No
44 Nov
3714 No
2412 Ma
47 AP
60% Ma
20 May
9113 Apr
69 May
116 Nov
37 Feb
43 Aug
52 Aug
2513 Feb
Jan
69
9818 Jan
6012 Not
3612 Dec
11013 Dee
23 Deo
2314 Jan
195 Jan
8538 Feb
11012 Jan
6914 Sera
89 Dec
8512 Jan
157% Sept
146 Dee
yg12 Feb
1912 July
3213 Oct
984 Oct
102% Dec
115 Sept
2934 Feb
90 Feb
3833 Feb
6414 Oct
338 Jan
Jan
34
99 Feb
1432 Dec
3058 Dec
8138 Dec
128 Deo
4434 Jan
80 Feb
65 Feb
3934 July
5934 Feb
7212 Aug
39% Sent
1071s Sept
954 Aug
100
9,300 United Drug
167% 17034 16912 1707
16434 16434 16478 1654 16534 167
164 165
60
800 1st Preferred
60
60
*5938 60
60
*5914 597 *5912 5978 594 5978 60
No par
4,700 United Fruit new
12378 1237
123 123
125 125
126 127
121 128
4120 121
100
200 United Paperboard
24
19
19 '18
*19
24
*1614 18
•16
19
*16
18
200 Universal Pictures let pfd-100
103 103
410238 1031 10212 1021 *102 103 *102 103 5110212 103
22.900 Universal Pipe & Rad-No Dar
3412 35
34% 334 344 3358 343g 3312 344 3358 351
34
100
Preferred
88
*86
88
*86
861 •86
8834 1586
*86
89
*86
89
21738 21738 9,900 US Cast Iron Pipe & Fdy_100
217 218
21614 22138 21978 221
*213 21512 216 216
100
100 Preferred
•11214 11412 11312 11312 *113 115 *110 114 *1131z 115 *113 115
3,700 US Distrib Corp tern etf No par
*5434 55
55
55
5512 55
5512 5434 551
5534 5534 55
57
574 12,100 US Hoff Mach Corp vtoNo par
5314 5538 5512 5738 5618 571
5258 5258 534 54
7314 75
7612 781 51,700 U S Industrial Alcohol_ -100
75
761
744 75
7314 743
7258 74
100
300 Preferred
10712 1071 *107 108
10714 10738 *10713 108 *10712 108
4107 108
541
5412
3,300 US Realty & Impt new-No par
54
55
55
557
5414 543
55
55
55
55
Rubber
100
States
54,100
United
637
641
625
6218
627
8
8
613
4
633
8
635
8
60
6214
6014 60%
100
11114 1111 11114 11138 1,200 let Preferred
11014 11012 11034 1103 111 111
0110 111
1,200 US Smelting, Ref & Min_ _.50
38
3818 384 *3714 38% 37
3812 377 381
38
384 38
50
Preferred
500
4714
471
*4714
48
49
49
49
49
49
49
*4812 49
16812 17038 169 17018 16934 1703 17012 1724 17012 1721 17012 171% 200,600 United States Steel CorP--100
New WI
12214 12312 12238 12338 12234 1234 12312 12434 12312 1243 12312 1241 282,600
100
2,900 Preferred
13234 133
133 133
13214 1323 13234 133
132 133
13114 132
No par
300 U S Tobacco
79
79
*73
*73
78
74
79
*78
80
*78
80
*78
100
100
Preferred
15124
128
*124
128
128
'124
124
124
128
*124
128
4124
10
Utah Copper
*112 120 •__ 116 *__ 115% *112" 11518 •__ __ 1151 *112 1154
1,500 Utilities Pow & Lt A....-No Par
28
28
2834 2878 284 2878 2778 284 27% 277
29
*28
No Dar
5114 10,700 Vanadium Corp
50
5178 5114 514 5014 511
51%. 504 52
51
51
No par
5412 5412 3,000 Vick Chemical
54
5434 5312 54
5434 55
55
*5412 55
55
734 7% 1,900 Virg-Caro Chem new No par
734 778
734 73
77e
77
778 778 *734 8
100
2658 2718 27% 2758 2718 2718 2,000 8% pref w I
2614 264 2618 2638 *2812 27
100
2,700 7% pref w I
*75
80
76
*75
74
7514 744 7418 7412 7412 744 75
Virginia
Iron
Coal
&
Coke
-I00
*40
50
53
*40
*40
48
48
410
1540
50
'40
50
3334 3334 2,200 Vivaudou (V) new ____No par
3312 3312 3312 3334 3314 33% 3314 331
3378 34
100
Preferred
*104 107 *104 107 41104 107 *10412 107 *10413 107 *10412 107
No Dar
500 Waldorf System
22
2214
221
*2214 2212 *2214 2212 2214 2214 2212 2212 5122
No par
221
22
2234 5,600 Walworth Co ate
22
23
23
2438 2358 2414 2312 24
24
300 Ward Baking Class A No par
95
95
*95 11112 *95 100
98
98
95
95
•____ 95
No par
21
23 24,500 Class B
25
2112 2312 21
2314 2112 2438 23
2014 21
1,400 Preferred (100)
No Dar
8612 87
*8812 90
89
90
90
8814 8814 *89
88
88
5,600 Warner Bros Pictures A-.10
2812 29
28
2958 2838 3012 2914 2912 2814 281
294 30
No par
300 Warren Bros
82
*81
82
*81
81
81
81
81
82
*80
82
*80
1,400 Weber & Heilbr, new e _No par
601 *5812 61
60
60
60
61
6018 60
61
6112 61
4,900 Western Union Telegraph _100
158 16018 15934 15934 15914 16034 15912 1603 5115812 160
157 157
151 15212 15238 15434 153 154% 153 15334 9,600 Westinghouse Air Brake---50
415034 15212 15012 152
7434 754 74% 75% 36,300 Westinghouse Else & Mfg--50
7434 7512 7412 7612 7512 764 7514 76
1612 1612 1,600 Weston Elea Instrument
16% 1634 1612 168
1678 17
17
17
17
17
600 Class A
33% 334 334
33%
33%
*333
8
34
*333
8
34
3312
34
*3338
260 West Penn Else ol A vit No Par
102
102
102
102
102 102 *10112 102
102 102
*10111 102
100
380 Preferred
106 10638 10658 10613 10612 10612 10614 10612 10658 10712
106 106
West Penn Power prof..
100
400
115
11514
115
115
11412
114
1144
115
115
11512
115
11434
No par
2434 3,200 White Eagle Oil
2414 2418 2414 244 244 24
2414 2412 244 2412 24
ao
27,100 Whits Motor
50
5138 5034 51
51
52
4712 484 484 4988 4978 511
34
3414 15,800 White Rock Min Se otf_No par
368 3458 3514 3414 35
3212 3612 3514 3614 35
48
4834 4814 484 4838 4914 4938 4612 2,900 White Sewing Mach pt.No par
4914 4914 4834 49
34 1,600 Wickwire Spencer Steel otf%
58
5, 32
34
541
34
*511
kt
38
*,,a
5
2134 2212 217 223, 118,300 WIllys-Overland (The)
2214 23
23
2114 2134 2134 2211 22
100
700 Preferred
9018 9018 9012 9012
91
8914 8914 8958 8958 91312 9012 91
Wilson
&
Inc.
Co.
new-No
4,500
114
Par
8
113
8
113
4
125
1114 1214 1234 1318 1234 1314 1234 1234
No Par
1912 208 1858 1912 1,500 Claes A
22
*21
*21
22
22
2178 *21
*21
8,500 Preferred
61
100
614 6512 58
6512 67
68
*67
67
6573 6634 5166
130 13134 13012 13412 133 13412 60,900 Woolworth Corp new w I
12614 127% 12734 12812 128 129
100
3,300 Worthington P & Id
31
3138 3114 3112 3138 3138 31
3012 *2914 3012 30
30
100
100 Preferred A
5312
*5312 544 *5312 5418 *5312 5412 5312 5312 *53
*5311 55
100
400 Preferred B
*4312 4478
44
4234 4234 434 4378 44
*4212 45
*4212 45
2834 28% 5,600 Wright Aeronautical-No Par
2712 26is 28
294 2412 28% 26
*29
2913 *29
600 Wrigley (Wm Jr)
No Par
5214 5214
52
521s 5212 5212 52
5218 52
45178 5212 *52
25
300 Yale & Towne
*74
75
*7434 75
75
75
75
*74
7414 7414 *7414 75
Coaoh.....100
Yellow
115,600
Truck
&
2812
27%
2818
287
8
284
293
s
294
2818
2612 2714 27
2888
100
9212 92% 3,200 Preferred
93
93
9334 9334 94
9414 95
94
944 93
17,100 Youngstown Sheet & T_No Par
95
9412 9512 94
9334 97
z 9318 9434 934 94
.13
Ex-dIvidend and ex-rights z Ex-dividend.
and onkel prices: no sties on this dcv.
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
34
Jan
5012 Sept
2095
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was clanged and prices are new "and interear—excayt for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
13t
U. S. Government.
First Liberty Loan—
S3% of 1932-1947
Cony 4% of 1932-47
Cony 434 % of 1932-47
2d cony 434% of 1932-47
Second Liberty Loan—
ed] of 1927-1942
Cony 434% of 1927-1942
Third Liberty Loan434% of 1928
Fourth Liberty Loan434% of 1933-1938
1947-1952
Treasury 430
1944-1954
Treasury 0
1948-1958
Treasury 330
State and City Securities.
N Y Clty-430 Corp stock_1980
1964
430 Corporate stock
1988
430 Corporate stock
1972
430 Corporate stock
1971
430 Corporate stock
430 Corporate stock_July1987
430 Corporate stock
1985
434e Corporate stock
1963
4% Corporate stock
1959
6% Corporate stock
1958
4% Corporate stock
1957
It% Corporate stock
1958
4% Corporate stock
1955
4% Corporate stock
1938
434% Corporate stock _ _1957
1957
434% Corporate stock_ _ _1957
834% Corporate etk_May 1954
334% Corporate stk_Nov 1954
3ge Corporate stock
1955
Wew York State Canal Im 4B.1981
44 Canal
1960
430 Canal hunt
1964
Highway improv't 434s...1963
1991
Virginia 2-3s
Foreign Gov't and Municipal's
An Monis(Dept) Col 7s A 1945
External a 1 7s ser B
1945
Argentine Govt Pub Wks88_1980
Argentine Nation (Govt of)—
Sink fund 68 of June 1925_1959
1959
Extl s f 6s of Oct 1925
1957
Sink fund Os Series A__
External 135 series B...Deo 1958
Extl s f ds of May 1926_ _ 1980
Extl 6s Sanitary Works_ _.1961
Argentlne Treasury 55 L_ _ _ _1945
Australia 30-yr 5s___July 15 1955
1943
Austrian (Govt) s f 75
Bavaria (Free State)8g a_ 1945
Belgium 25-yr ext of 734s g_1945
20-year f 8s
1941
25-year external 630
1949
External B f Ss
1955
External 30-year s f 7e
1955
Stabilization loan 78
1956
dergen (Norway) a f 8e
1945
25-year sinking fund 6s__ _1949
Berlin (Germany) 630
1950
Bogota (City) ext'l a f 8s_ _ _1946
Bolivia (Republic of) Ss__ _1947
Bordeaux (City of) 15-yr (15_1934
Brazil(U S of) external 8e_.1941
External ef 6345 of 1928 1957
78 (Central Railway)
1952
7345(coffee seem) L (flat)_1952
Bremen (State of) ext'l 7s_ 1935
Buenos Aires (City)(NW 634s1955
Bulgaria (Kingdom) s f 79_1987
Caldas Dept of(Colombia)7348413
Canada (Dominion of) 5a_ 1931
10-year 534s
1929
5e
1952
64a
1936
Carlsbad (City) e f 8s
1954
Chile(Republic) ext'l ef 8s_ _1941
20-year external s f 7s__ _ _1942
25-year external s f £93_ _ _ _1948
External sinking fund 6s_ _1980
External s!Os
1981
Chile Mtge 13k 630 June 30 1957
B!
of 1928_ _June 30 1981
Chinese (Hultueng Ry)58_ _1951
Chrietiania (Oslo) 30-yr 01681954
Cologne (City) Germany6 4s1950
Colombia (Republic)6
_ _1927
Copenhagen 25-years I 534s_1944
Cordoba (Prov) Argentina 701942
Cuba 513 of 1904
1944
External Soot 1914 sec A_1949
External loan 430 ser C...1949
Sinking fund 5144
1953
Cundinamarca (Dept-Col) 7s '46
Czechoslovakia (Rep of) 8s_ .1951
Sinking gund 88 ser 13...A952
Externals I 734s series A_ _1945
Danish Cons Municip 8s A 1948
Series 13 a f 8s
1946
Denmark 20-year 65
1942
Dominican Rep Cust Ad 5342 '42
let sea 534s of 1926
194
Dresden (City) external 78.._1945
Dutch East Indies extl
40-year 88 external__
1962
80-year external 534e
1953
80-year external 514e
1953
El Salvador (Repub) 88
1948
Vinland (Republic) extl (Se_ _1945
External sink fund 7e_ _ _ _195o
External s f 6%a
1956
Finnish Mon Loan age A_.1954
External 634e series B__1954
French Repub 25-yr ext'l 88_1945
20-year external loan 7345_1941
External Te of 1924
1949
German Republic ext'l 7s
1949
German Cent Agile Bank 78_1950
Gras (Municipality) 8e
1954
Ot Brit & Irel(UK of) 5145_1937
10-year cony 5348
1929
Greater Prague(City) 734e...1952
Greek Government 75
1964
Hem (Republic) I I 68
1952
Heidelberg (Germany)ext 74950
Hungarian Muffle Loan 7148.1945
External e f 7s
Sept 1 1946
Hungary (Kingd of) 517148_1944
Ind Bank of Japan 6% notes.1927
Italy (Kingdom of) ext'l 7e_ _1951
Japanese Govt L loan 4a____1931
80-year I 1 6ge
1954
(Mental Development 68_1963
2421921g (Germany)If 7e.... 1947
tis=f-
r.
Price
Friday.
April 8.
Week's
Range or
Last Sale
4J3
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 8.
3t
Price
Friday,
April 8.
Week's
Range or
Last Sate
Bi4
Ask Low
High
High
1
/108 No. Low
Bid
Ask Low
Lyons (City of) 15-year 6s__1934 MN 9718 Sale 9634
9714
100142 Sale 1001142 10142 1280 0014410111a Marseilles (City of) 15-yr 69_1934 MN 9658 Sale 96%
9714
4 10011421015142 Mexican Irrigation 450____1943 MN
30 Mar'28
101142 -- 10142 1011144
3414 Sale 30
Assenting s f 43-‘11- - —1943
103142 Sale 103542 103,112 103 102144103'542
3414
1 102144103
Mexico(US)extl 58 of 1899 £'45 QJ 45
103
.50 Feb'27
103
Sale 103
4014 4134 4012
1945
Assenting 5s of 1899
4118
2 100142101
Assenting 5s large
100 10042 10044 100142
4034
4034
3712 May'25
Assenting 56 small
1001334 Sale 100142100144 1411 1001100142
1954 J O
34 July'26
Gold deb 0 of 1904
2712 Sale 2714
10142 Sale 100142101742 552 0014210151u
Assenting 45011904
2734
Assenting 48 of 1904 large _____
27 Dee'26
1035144 Sale 103542104142 753 03144104"n
2558 Sept'26
Assenting 4s of 1904 small.....
1-3
137 1101241145142
2738 Jan'27
113542 Sale 1131542114
Assenting 4 011910
27
108142 Sale 1081041108142 212 10614210855n
Assenting001 1910 large.....
2738
24
105542 Sale 1051324105"u 71 1034210642
Assenting 4s of 1910 smell
2438
43
Trees 6801'13 assent(large)'33 JJ
44
2 1004 10118
Small
10058 10058
43
43
6 1024 105
Montevideo (City of) 7s____1952 J D 102 Sale 10158
10334 ____ 105
105
102
10258 10258 Netherlands 65 (flat prices)__1972 MS 10618 10634 10618
10334 ---- 10258 Mar'27
10634
1024 10278
10258 Feb'27
104
30-year external (Ss (1508)__1954 AG 10312 Sale 10312 10334
1943 FA 103 Sale 103
10712 10712 Norway 20-year extl 68
10778
10712 Mar'27
104
14 1064 109
1944 FA 10312 Sale 10318
10734 -- 109
20-year external 65
109
194
1952 AO 10314 Sale 10234
10858 10658
10734
20-year external 65
10658 Jan'27
10314
40-years 5342
10734
1965 in 10112 Sale 10078
10638 107
107 Mar'27
10134
99 10014 Oslo (City)30-year of 85
1955 MN 102 Sale 102
10014 Apr'27
10238
9978
Sinking fund 530
1946 FA 9914 Sale 9914
99 100,4
10014 Mar'27
9934
J
D
10212 10234 10212 1024
Panama (Rep) extl
9878 100
9953 Jan'27
1953
Peru (Rep of) extl 8s (of'24)_1944 AO 10438 10478 10418
9812 Nov'26
10438
1944 AO 10414 Sale 104
Extl 8s (ser of 1926)
984 Oct'26
10412
Exti sink Id 714s
1940 MN 101 Sale 10112 10214
99 Mar'26
1054 10678
10712
Can s f sec 7345 (of 19263-1956 MS 10034 Sale 10012 101
10612 Mar'27
8334
AO
10712
1940
10534 108
8318 Sale 8278
Poland (Rep of) gold 80
10714
10714
894 91
9078
Esti sink fd g 88
1950 J J 9714 Sale 9714
91 Mar'27
98
1961 J O 10534 Sale 10478
894 9114 Porto Alegre (City of)8s
9078
9114 Mar'27
10534
Queensland (State) extl 817s 1941 AC 112 Sale 11134
89 Apr'26
11234
10212 Oct'26
1947 P A 106 Sale 10512 106
25-year external 138
Rio Grande do Sul extl s I 821_1946 AC 106 Sale 106
---- 10258 Mar'27
10612
---102 Apr'26
Rio de Janeiro 25-yr a f 8s
1946 AO 104 10412 1034
10412
25-yr extl 88
111
10438
1947 A0 104 Sale 10334
Dee'26
AO
Rome (City) extl 634s
7612 Feb'26
9218 Sale 92
1952
9238
Rotterdam (City) extl 6s
1964 MN 10512 106 10434
10514
94
9712 Sao Paulo (City) of 8s _Mar 1952 MN 109 Sale 109
9612 Sale 9612
10914
96% 29
23
94
9712 San Paulo (State) extl Si 80_1938 J J 10512 Sale 10478
9634 Sale 9612
106
9678
95
9738 100
9912 9978 9938
External sec s 1 8s
1950 ▪ J 106 Sale 10512 10512
100
External s f 7s Water L'n_1956 MS 9938 Sale 9834
9938
105
9724 100
9978 Sale 9914
Santa Fe (Prov, Arg Rep) 75 1942 MS 954 Sale 944
100
9514
62
9734 100
100 Sale 9932
10112
J 10114 Sale 101
Seine, Dept of (France)extl 78'42
100
109
97.4
10012 Sale 100
MN
1007
8
Serbs, Croats de Slovenes 88_1962
10072
10234
10212 Sale 10178
9738 100
100 10014 9912 100
53
Soissons (City of) extl 68._ 1936 MN 9532 Sale 9512
9534
39
9734 100
9934 Sale 9912 100
1939 J D 10418 Sale 10334
Sweden 20-Year 613
10414
182
98 100
9934 Sale 994
105
External loon 5%s
1954 MN 104 Sale 10334
100
89
90
92 Swim Confed'n 20-yr a I 811_1940 3' 113 11314 11258
11314
9014 8914
9014 45
180
9778 Sale 974
9714 98,2 Switzerland Govt ext 53.0_1948 AO 105 106 1044
98
10518
104 10114 105
10338 104 10312 104
Tokyo City 55 loan of 19121952 MS 7612 Sale 764
7734
9818 10014
9934 Sale 9912
1061 AO 9952 Sale 8912
Extl sI 534s guar
9934 38
8934
11218 Sale 112
Trondhjem (City) extl 630_1944 J J 10078 Sale 10038
11212 29 111 114
10114
26 108 10912 Upper Austria (Prov) 75._ 1945• D 9514 Sale 9512
10838 Sale 10838
109
964
74
10058 Sale 10012
9634 10212 Uruguay (Republic)extl 8s 1946 FA 10914 Sale 10912 1094
101
9258 98
9634 Sale 9618
1960 MN 9614 Sale 9534
External 5 f Se
9634 190
9612
1961 21) 9412 Sale 9414
10414 Sale 10418
9518
10434 127 10212 10534 Yokohama (City) extl 6s
103 Sale 10234
Railroad
10312 246 10138 104
1 1124 114
11338 114 114
____ 10318 Feb'27
114
Ala at Sou let cons A Ss__ _1943 J O 103
3
9914 1014 Ala Mid let guar gold 58
10012 Sale 10012 101
1928 MN 10014 101 10012 Jan'27
200
9818 10034 Alb & Susq let guar 334s _ _1946 AO 8818 90
100 Sale 9934
8818 Mar'27
100
10412 Sale 10414
8712 85 Mar'27
10412 10 10234 10412 Alieg & West let g gu 4s_._,i998 AO 85
10412 Sale 10438 10434 28 10312 1054 Alleg Val gen guar g 0
964 ____ 9658
1942 M
9634
81 Sale 81
9338 9778 Ann Arbor lst g0
97 Sale 9634
9712 85
81
July 1995 Q
10634 Sale 10614
97
10712 78 104 108(2 Atch Top & 8 Fe—Gen g 48_1995 AC 9678 Sale 9614
AO
95
Registered
89
96
9258 Sale 9212
95
9338 354
9412 9912
Adjustment gold 4s _July 1995 Nov -§6ia 16- 8934 Mar'27
96 Sale 96
9678 50
Nov
Registered
6 1024 107
10212 10314 10234
8412 Sept'26
103
Stamped
July 1995 MN 8978 Sale 8938
18 10218 105
104 Sale 10312 104
90
MN
10158 Sale 101
Registered
9914 10158
88
10158 20
88
Cony gold 4e of 1909
1955 J D 8834 90
9114 Sale 91
91
9414
88,
2
8934
9134 35
1955 in 8834 90
9634 984
97 Sale 9634
Cony 4s of 1905
8814
89
9712 34
1960 J D 8734 ____ 89
Cony g 4s Wye of 1910
15 10014 102
10178 Sale 10112 102
89
102 Sale 102
East Okla Div lot g 48___ A928 MS 9934 10018 9934
994
10214 49 10138 10214
'
3 8818 9034 894 Mar'27
10514 Sale 10434 10514 61 104 10512
Rocky Mtn Div lot 4s___ _1965
J
J
92 __
9958 Sale 9918
Trans-Con Short L 1st 40_1958
984 99,
8
9214 Mar'27
994 54
106 10614 106 Apr'27 ____ 10312 10612
Cal-Ails 1st & ref 4548 A-1962 M
9812 9834 99
10734 Sale 10712 108
1946 J O 105
23 107 10914 Atl Knoxv & Nor 1015 58
10434Mar'27
8
10014 sale 9934
9958 101
10038 84
99 Mar'27
At,& Chart A List A 4%s_.1944 J J 08
1944 J J 10434 10514 1054 Mar'27
10738 Sale 107
1st 30-year 58 series 11
10712 37 107 109
J
J
9218 Sale 92
88
1951
92
8634 Dec'26
9312 Atlantic city let cons 4s
2 145
92
9338 Atl Coast Line let eons 41 July '52 MS 9612 Sale 96
9218 Sale 92
9238 194
95 Sale 9534
1930 MN 1034 Sale 1034
9412 9612
10-year secured 78
9614 35
10
83
852
58
9612 Sale 9612
1984 in 9814 9878 9812
96
9814
General unified 4340
9634 41
981
24
30
24 Sale 24
934
2434 36
L & N coll gold 4e___Oct 1952 MN 9238 Sale 9238
J
J
2
9934
10214
1948
1021z
8034 8078 7878
10212
801
& Deny let g 4e
-9913 9934 9912 9934 44 9758 10012 Atl2d48
194F J J 7412 Sale 734
741
2
10012 Sale 10012 10012
9912 10114 All & Yad let g guar 4s___ _1949 AG
10018 Sale 10014
10212
18
9914 10112 Austin & N W let RU g 5e_ _ _1941
101
10
84
3'2
10
84
31
9814 9814 98
7
99
97,2 9912 Belt & Ohio tot g 4o__ __July 1948 AO 9634 Sale 9634
97
10058 101 10012 10112
8 10018 10112
July 1948 Q J
Registered
9478 Mar'27
10112 --- 10112 Apr'27
10114 102
1933 MS "65" gi;ie- 9834
20-year cony 43(5
99
94 -95
5
9338 954
94
MS
Registered
9638 Nov'26
10278 Sale 10278
9 10118 10338
103
Refund di gen 58 series A__1995 J O
gilie"
10234 10314
9414 Sale 9414
9458 19
944 96
1948 AC 10712 Sale 10714
let g 55
108
10878 Sale 10858
10878 76 105 110
1929 J J 10258 Sale 10258
10-year 6e
1027
10834 Sale 10858
10878 29 10434 109
1995 J O 10914 Sale 1094
Ref & gen 60 series C
1093
10512 Sale 10512 10534 132 10434 108,4
PLE&W Va Sys ref 4e. _1941 MN 9514 Sale 9514
951
111 Sale 111
11118 10 10938 11112
J
J
1950
10314 Sale 1034
Southw Div let 58
1031
111 Sale 10934
22 10914 11138
111
Tol & CM Div let ref 48 A_1959 3' 8558 Sale 8412
855
8
105 Sale 10458
105
74 1034 10514
2000 MS 103 Sale 10234
Ref & gen 55 series D
10338
9912 Sale 99
99 1004 Battle Crk & Slur let gu 3s 1989 J O 6538 67
9912 14
65
Jan'27
99 Sale 99
99
17
99
9914 Beech Creek lot go g 48
1938• J 9558 9614 9512 Jan'27
10214 103 10234
103
8 10012 10412
J J
Registered
9412 Mar'27
10212 Sale 10234
103
32 10233 104,, 20 guar g 55
1936 J J
10212 Sale 10212 103
84 10214 10352 Beech Crk Ext let g 3348.. _1951 AG 88
2% 14-- 8
88
158 M
jaanr:727
10178
10178 Sale 10178
1 10038 102
Big Bandy let 48
9414
1944 J D 92
93
9114
10112 102 10112
10112
2 10058 103
Bost & N Y Air Line lot 4e...1955 FA 82
83
8212
Mar'27
10812 135 10614 10878 Brune & W let gu gold 4e_ _1938 J J 9658 97
10812 10878 10814
9612 Mar'27
9612 Sale 9638
9634 48
93
9634 Buffalo R & P gen gold 5a
1937 MS 10318 ____ 10278 Mar'27
10012 35
100 Sale 100
9814 102
Coma'4)4a
1957 MN 9778 Sale 9712
9814
9812 130
9812 Sale 98,4
96 10072
MN
Registered
95 Mar'27
Sale
98
9912 26
98
98
9824 Burl C R & Nor 1st 58
1934 AG 102 61;1-e- 10114
102
9812 13
98
983s 98
9578 99
Canada Sou cons gu A 5s.
1962 AO 10612 Sale 10614
107
110
10934 Sale 10934
76 10814 110
Canadian Nat 4548-Sept 15 1954 MS 9814 Sale 9712
9814
11238 185 105 11234
112 Sale 11178
6-year gold 454s_ _Feb 15 1930 FA
9934 100
9978
9978
10338 290
103 Sale 103
99 10418 Canadian North deb s 1 7s_1940 JO 116 Sale 116
11614
1073
4
123
Sale
10712
10712
10612 10912
25-year of deb 63.40
1946 J J 1187s Sale 11818
11878
103
83 101 10358
10212 Sale 10238
10-yr gold 4340_ _.Feb 15 1935 P A
99 Sale 9812
99
10112 103
10212 103 10214 Apr'27
Canadian Pee Ry 4% deb stock. J
8638 Sale 9532
9612
105
108 1044 10534
10438 Sale 10414
Col tr 430
1946 MS 9734 Sale 97
973
4
118
21 11634 11818 Carb & Shaw let gold 40_ _1932 MS 96
118 Sale 118
9714 9558 Jan'27
10634 31 10358 107
106 Sale 106
Caro Cent let cons g 4e
1949 J J 8412 ____ 85 Mar'27
9534 17
9314 96,2 Caro Clinch & 0 1st 30-yr 581938 J D 103 10314 10312 Mar'27
9534 Sale 9434
27
99 10014
9912 Sale 9912 100
let & con g 138 series A_ __.1952 J D 10814 Sale 10818
10804
1 10312 106
105
10412 105 105
Cart & Ad 151 gu g 48
9214 Mar'27
1981 J O 9134 93
10012 42
9758 1017s Cent Branch U P 1st g 4s_ .1948 JD 8512 Sale 8512
100 Sale 100
85 ^
9514 99
964 45
9512 Sale 9512
Central of On let g be_Nov 1945 FA
10534 Mar'27
10234 Sale 10212 10312 58 10014 105
Consol gold 58
1044
1945 MN 10434 Sale 10434
10012 43 100 10078
10038 Sale 10014
10-year secured 6s June 1929
1025
8
10212
10212
D 10214
1)234 97
9614 Sale 96
9634 593
Ref & gen 5(4eseries B._ _1959 * 0 10412 105 10514
10534
9112 280
90
924
91 Sale 9034
Chatt Div our money R 48.1951 J D 88
9158 Mar'27
92
9978 102
10114 375
100 Sale 994
Mao & Nor Div let g 58_1948
104
.•1 10234 Sale 10234
54
94
96
98
9412 Sale 941
Mobile Division 58
2948 J J 10318 105 104 Mar'27
1014 19 10014 10272 Cent New Eng let gu 48_ __ _1961 • J 8412 Sale 8412
10114 Sale 014
85
Range
Maas
Jan. 1.
al
No . Low
High
40
9312 9771
124
9314 977s
83
12
5
30
50
393e
3932
3514
50
50
4112
31
248
34's
24
27
22
3
13
24
39
63
60
26
94
16
32
23
2
25
13
272
273
290
6
18
5
15
16
52
676
5
11
38
24
52
57
161
783
12
28
32
23
43
27
135
31
29
25
78
240
21
1
199
1
59
1
3
7
2
4
57
46
29
7
6
18
3
1
115
197
189
72
68
76
5
53
83
113
88
2
11
14
1
10
9
35
297
82
6
27
4
2
18
2
53
2733 275g
264 3112
2238 2632
41
461s
gill 4812
9978 10212
106 10812
1034 1034
10114 104
10114 104
100 10334
9834 10124
10032 1023e
97 100
10212 10234
10312 107
10338 105
10014 103
9834 101
7612 85
9314 9814
10314 10614
111 11378
104 10614
1033e 10612
1021a 106
10214 10434
9172 9234
10338 10512
10712 10914
10412 108
105 10712
9812 10012
9334 963s
97% 10224
9714 10234
9114 97
10312 10434
102% 105
11258 11378
10258 10518
7532 7972
89,2 WA
9912 10134
94
9732
108,
2 112
95
9612
9314 9712
10252
10012
8738
8412
9514
7912
9234
92
8714
10912
10012
8853
85
9834
8112
97
95
9114
-8753 If"
85 88
88
8912
(3734 89
86
89
9914 997a
8912 90
9012 9212
97s 9914
10434 1004
9884 100
10334 10534
9384
10314
97
9112
79
7114
821g
10212
9335
92
97
96's
10512
9834
934
8112
7534
84
10424
971s
947s
9914
10053 10314
10434 108
10034 10312
10732 110
9232 98
10132 10312
82
854
10032 1034
64
65
9512 9512
941, 9512
99
99
813s 81311
91
9112
7858 824
9534 9612
101 10312
9415 9814
95
95
101 102
105 107
95
9814
9912 100
11434 11814
11733 11914
9712 99
834 8612
96
9734
9530 95sa
83,4 86
10238 103%
108 109
9012 9234
83
86
10412 10534.
10214 10478
102 10984
10412 1064
911s
10234 104
10118 104
7812 85
2096
New York Bond Record—Continued—Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
Price
Pridag.
April 8.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
High No.
Bid
Ask Low
Central Ohio reorg 41411_ _1930 M S 0914_ _ 9934 Mar'27
Central RR of Oa coil g 5s.1937 MN 10018 10l14 10018
2
10012
Central of NJ gen gold 5e__ _1987 J J 115 Sale 115
11534 19
Registered
1987 Q J
6
113
113
Cent rats let ref gu g 4...A949 F A 93/
93/
1
4 17
1
4
1
4 Sale 93/
Registered
F A
1
92
92
Mtge guar gold 3/ie.-Atte 1929.1 D 981
___ 98 Mar'27 - _ _
Tbrough St L let gu 41-1954 A 0 9112
91 Mar'27
4-92
Guaranteed g as
1960 F A 10314 Sale 10212 10314 137
Charleston & Savn'h let 78_1936 J .1 11814 _ _ 11812 Oct'26
Clem & Ohio fund & impt 58-1929 J .7 10038 1d112
- 10038 10038
1
litt consol gold be
1939 M N
106217
2 12
104
05118
2 mar
Registered
1939 M N 10638
General gold 43.4s
98
1992 M S 98/
99
1
4 dale 9838
Registered
M S
94/
1
4 Oct'26
20-year cony 4348
10112 112
1930 F A
Sale- 100
Craig Valley let be
1940 .1 J 10078 ____ 10075 Feb'27
Potts Creek Branch 1st 48 1946 J J 8812 ____ 8712 Dec'26 - _ _
R & A Div let con g 48_ _1989 J .1 8884 ____ 8734 Mar'27 — _
2d mewl gold 48
1
4 ____ 8718 Mar'27 _ _
1989 .1 J 85/
Warm Springs V lst g 5e_ _1941 m S 10014___ 10018 Feb'27 - _
Ohio & Alton RR ref g 3s... _1949 A 0 7112 -7212 72
7212 251
CU dep stpd Apr 1928 int_
2
72
72 Sale 72
Railway first lien 3Ms__ _ _1950 :1-i 65 Sale 84
112
65
Ctfe deD Jan '23 & sub coup
6311 182
6312 Sale 63
Uhlo Burl & Q—III Div 334s_1949 3--/ 88/
9
1
4
89
1
4 Sale 88/
Registered
8614 Dec'26
J .1 85
Illinois Division 45
9714 11
1949.1 .1 9634 Sale 9638
4
100
Nebraska Extension 44_1927 M N 99/
1
4 ____ 100
Registered
1
4 Nov'26 _ _ _
M N 9938 ____ 99/
General 45
9612 70
1968 M S 96 Sale 9538
924 Mar'26
Registered
M Ei 9134
let & ref 4 iis ger B
9812 745
1977 F A 98 Sale 9818
21
let & ref 5e series A
1971 F A 10634 Sale 10684 107
106
, Chicago & East III 1st Os__ _1934 A 0 106 Sale 106
• 1
8234 170
5 E Ill Ry (new co) con 581951 M N 8234 Sale 8218
0.
8
Ohio & Erie lst gold 5e
1982 MN 107% 10814 10718 108
7238 976
Mimeo Great West lot 45_ _1959 M S 7134 Sale 7112
Oble Ind & Loelm—Ref 61-1947 J .1 11534... 1154 Mar'27
1
4 Mar'27
1947.1 .1 10214 10312 103/
Refunding gold 66
Refunding 4e Series C
1947 .7 J 9012---- 9034 Dec'26 General 58 A
1966 MN 10212 103 10118 10212 25
/
4 108 10714 Mar'27
General 131 B
May 19663 J 1071
9414
5
0121c Ind & Son 50-year 411-1956 5 3 9434 ___ 9414
Ohio L 8& East let 4Sis__1969 J D
96
272 _-_-_-_- 6
93
712
6
93
712
5
2
0 M & Puget lid let gu 48..__1949 J .1 6
63 Sale 6112
63
deposit__
36
U S Tr certifs of deposit..........
____"" 87 8712 864 •87 59
cam & St P gen g 49 Ser A_e1989
cl .1 8314 ____ 8314 Mar'27 Registered
2
77
General gold 3345 ser B__e1989 J .1 77 Sale 77
9712 38
Gen 4Sis Series C__May 1989 J .7 9634 Sale 9614
9234 Dec'26
Registered
6412 52
Oen & ref ser A 4;0_ _Jan 2019 A 0 6412 Sale 6212
64
6414 217
6478 62
Guar Tr certifs of deposit__
1
4
6278 78
Gen ref cony ser B 5s_Jan 2014 i-A 6314 Sale 60/
62/
1
4 Sale 60/
6314 299
1
4
Guar Tr certffe of deposit_
1954 1-5 104 Sale 10378 10414 71
1st see 6s
6334 173
19321 D 6312 Sale 6013
Debenture 4/48
6412 157
6338 Sale 6114
Bankers Tr ce•rtifs of deposit
83/
1
4 148
1
4 Sale 6112
1925 1-13. 63/
Debenture 4e
3
238 Sale 61
6
6112
212 21
ITS Mtge & Tr ctfs of dep_
63 Sale
1939
115-year debenture 4e
i -i
Perm L & Tr etts of dep_
6114
6318 364
6234 64
_
9912 June'26
Chic & Mo Riv Di,be__ _ _1926 J—i
8
8234
8312 8234
Chic & N'weet gen g 3118.._ _1987 MN 83
7412 Jan'27
Registered
Q F
9414 13
General 48
1987 M N 94 Sale 94
87 Aug'26 Registered
Q F 891
_
1-9412 9378 Mar'27
Stpd 4s non-i) Fed In tax '87 MN 9312
Gen 494s stpd Fed Inc tax_1987 M N 10818 ____ 10734 Mar'27 - _ _
42
113
General 5.1 stamped_ __1987 M N 11278 Sale 112
/
4 103/
1
4 1031
/
4 Mar'27
Sinking fund 13e
1879-1929 A 0 1031
Jan'27
Registered
A 0 10234 10312 101
_ _ 10034 10034 10034
5
1879-1929 A 0
Sinking fund 513
1879-1929 A 0 10018 10114 10018 Mar'27
Registered
1
10218
Oinking fund deb Is
1933 M N 10218 103 10218
2
/
4 1011
/
4
MN 10138 10134 1011
Registered
13
107
10-year aecured Ts g
1930 J D 107 Sale 10614
3
15-year secured 6 5.0 g
1936 M 0 11218 11234 11238 11238
7
109
1st & ref g 55
May 2037.1 D 10818 Sale 10734
9014 14
1
4 Sale 90
°WEI& P—Re111ccei gen 461988 J J 90/
1
4 Apr'27
89 87/
1 .1 88
Registered
947
1
4 Sale 9412
Refunding gold do
1934 A 0 94/
93/
1
4 Mar'27
A 0
Registered
8914 Mar'27
1
4
OS St L & N 0 Mom Div 48_1951 J D 89/
St L & I' let cons g 5s____1932 A 0 10238 ____ 10218 Jan'27
6
Chle St P M & 0 cons 6E1_1930 J D 10318 Sale 10312 10312
_
96 95 Nov'26
Cons 6s reduced to 3Ms_ _1930 J D 95
9
991z
99/
1
4
1930 M S 9984 100
Debenture 56
99/
1
4
99/
1
4
99/
1
4
1
Stamped
9812 80
Ohio T H & So East let 5s_ _1960 J II 9814 Sale 98
65
94
Dee 1 1960M 8 94 Sale 9318
Inc en 6s
24
99
Chic Un Bta'n 1st gu 4;is A.1963 .1 D 99 Sale 9834
6
1
4
1963 J J 10412 Sale 10412 104/
let be series B
6
1944.1 D 10334 Sale 10334 10412
Guaranteed g 58
9
11814
1963.3 .1 118 Sale 118
let Ohs series C
Cleo & West Ind gen g 6s..4,1932 Q M 10512 ____ 10534 Mar'27
8878 37
1952.1 J 8834 Sale 8814
Coneol 50-year 40
51
105
1962 M S 1047e Sale 10434
let ref 5)9s ser A
_
1952 M N 10334 1043 10334 Mar'27
Oboe Okla & Gulf cons 5s
3
978
Cie H & D 24 gold 4358... _1937 1 .1 973 ____ 973
3
9678
1
4 Sale 967
0I St L & C lst g 4s_ __Au-g 1938 Q F 96/
_
9518 Jan'27
Registered
Aug 1936 Q F • 96
1
4 Feb'27
1942 M N 9214 ____ 92/
Cin Leb & Nor gu 4s ii
Cin 8 & Ci cons let g lie__ _1928 J J 10014 ____ 0038 Mar'27
3
935
Cleve Cin Ch & St L gen 48_1993 J D 9384 Sale 9314
1
4 Mar'27 - —
1
4 ____ 99/
1931.1 .7 99/
20-year deb 434e
1993 J D 11114 113 112 Mar'27
General 6e Series B
42
Ref & leapt 66 series A_ _1929 J J 10278 Sale 10284 103
1941 J J 107 ... 106 Mar'27
6e series C
19633 J 10412 Sale 10434 10412 20
be series D
Cairo Div let gold 45....,i9891 J 944 9494 9434 Mar'27
Cin W & M Div lst g 4s_1991 J J 8718 ____ 8718 Apr'27
7
8958
St L Div 1st coll tr g g 46_1990 MN 8918 Sale 8834
8314 Feb'26
MN 8512
Registered
96 Mar'27
97
Spr & Col Div 151 a 48._A940 M S 96
4
98
W W Val Div let g 45____1940 J J 96 Sale 96
__
C C C & I gen cons g 68._1934 .1 J 10918 10912 10918 Mar'27
Clev Lor & W con let g 58_ _1933 A 0 10314 Sale 10314 Mar'27
Cleve & Mahon Val g 55.-- _1938 1 .1 10014 ____ 9934 Sept'26
981
1935 M N 9838 9934 9834
CI & Mar let gm e 4;s s
/
4 Aug'26
0/eve & P gen gu 4;0 tier 13_1942 A o 10118 10214 991
1942 1 J 10118 10214 101 Mar'27
Series 41se
1948 MN 8812 9012 8514 081:26
Series C 3tie
8434 Sept'26
1950 F A
Serles D 31is
Cleve Shor Line 1st go 41411-198 1 A 0 10314 Sale 10278 10334 13
1
4 10934 10
Cleve Union Term 5 si a__ _ .1972 A 0 1094 Sale 109/
1
4
1
4 104/
1073 A 0 10412 Sale 104/
lat s f 51s ser B
Jan'27
91
8834
Coal River Ry 1st gu es_ ._ _1945 J D
9914 11
Colorado & (Muth let g 4s.1929 F A 9914 Sale 99
9734 31
1
4 Sale 9738
Refunding & env) 41.60.. _1935 PA N 97/
3
934
1948 A 0 9314 Sale 9314
Col & H V 1st ext g 4e
1965 F A 9134 ---- 9012 Mar'27
Col & Tol let ext 40
_
Nov'26
88
963
8
0
_1943
A
Conn & Peeeum RI. lit 48..
94 ____ 9238 Dec'26
1930 F A
Congo! Ry deb 48
77 Feb'27 /
4 76
1954.1 J 741
Non-cony 49
70 Sept'26
J 0
Registered
_
Non-conv debenture 45. _ 1956J_
.1 7533 7512 76 Mar'27
Non-cony debenruro 4, 10661 .1 7533 7534 7512 Apr'27
--
Dos MM. •Doe Mos
'Moo DM.
BONDS
N.Y
V.STOCK EXCHANGE
Week Ended April 8.
Price
Friday,
April 8.
Week's
Range or
Last Sale
Low
High
Bid
Ask Low
H109 No.
991k 9934 Juba RR lit 60year 58 it_ _ _1952.13 9534 96
29
9534
96
9912 10112
1st ref 784s
1936 3D 109 10912 109
8
10912
112 11534
letllen&ref6s.erB
1936 JO 100 10012 10012 100/
1
1
4
'fibs Ishrtbern Ry ifft 66_1966 31 10234 Sale 10234 10314 68
11234 113
9114 9334 Day & Mich lst cone 4 SS e_ _ _1931 1.1 99
99/
1
4 99 Mar'27
9038 92
Del& Hudson lit di ref 4e__ _1943 MN 9518 Sale 9478
95% 169
9734 9814
30-year cony 5e
1935 A0 130 Sale 128
13112 203
8912 9254
15-year 5/4s
1937 MN 10478 Sale 044 1044 17
10112 10314
10-year secured 75
4
1930 ID 106/
1
4 107
06% 106%
D RR & Bdge let gu 48 g
1936 FA 9638
9614
9614
100'8 1-61-1-2 Den & R G—let coneg 411-1
131
93
193
33
,
6 13 9234 Sale 9214
103
,
8 10612
Cense' gold 4348
11
J J 97 Sale 954
97
10212 10412
Improvement gold 68
1928 113 100 10014 00
10018 47
9718 99
Den & R G West gen Es_Aug 1955 MN 8234 Sale 78
,
4
82,
4 1159
Des M & Ft
lst gu 411_ _ _1935
J 35
35 Mar'27
45
9972 1111-2 TemporaryDctfs
of deposit.....
34
34 Apr'27
35
10034 101
Des Plaines Val let 4
_ _1947 MS
964 Aug'26
Dot & Mark—let lien g 45-1995 ID 71
7314 734 Mar'27
88
Gold 42
8734
/
4 68 65 Mar'27 1995 ID 651
8534 8712 Detroit River Tunnel 4348_1961 MN 98,
7
4 100
9912
9912
9978 1004 Dul Missabe & Nor gen 56....1941 I,
044 Apr'27
71
7333 Dul & Iron Range let 5s
1937 A0 10234 Sale 0214
102,
4 23
7112 72
Dal Sou Shore & All g 5s
14
1937 J J 85 Sale 83
85
6114 6814
60
67
East Ry Minn Nor Dtv let 4s_'48 A0 9314 --- 9212 Dec'26
East T Va & Oa Div g 5s
8834 89
1930 J J 101 Sale 101
3
10112
Cone let gold 6/1
1956 MN 10614 ---- 106
3
10614
9432 9714 Elgin Joliet & East lst g al--1941 MN 104 1043
1
4 1034 10312
99
,
4 10018 El Paso & W lst 5s
1965 *0 10612 10734 10514 Mar'27
Erie let consol gold 78 ext 199
36
0 MS 10638 Sale 106%
3
106,
8
93'2 9634
let cons g 48 prior
115
J J 8414 Sale 8418
86
Registered
1997 13
79
Jan'27
9734 9812
lit consol gen lien g 41........1996'.1 78/
1
4 Sale 77%
7912 580
10512 107
Registered
72 Mar'27
1996 J J
106 106
Penn coil trust gold 4s_ _1951 FA 98s 9834 98%
2
98%
50-year cony 45 series A 1953 A0 83,
8034 8334
8512 158
8 Bale 83%
105 108
8514 131
Series B
1953 A0 8414 Sale 8312
694 7212
Gen cony is series D
4 Sale 10018 11114 3859
1963 *0 109,
11378 11518
46
Erie & Jersey let If
31 11234 1131 112% 113
4
113
Genesee River let s f 58_1957 31 113 1131 113
10334 10334
- Erie & Pine gu g 3As B
8812 Nov'26
,
4 _
1940 31 88
10
-2-12
Series C 814s
89 _ _ _ 8814 Sept'26
1940
10684 10712 Est RR eat' g f 78
185
100
4 Sale 9914
1954 MN 99,
4:2
90
2%1 972
1
Fla Cent& Penn 1st est g 55.1930 JJ 10018 101% 10018 10018
553 63
1
Consol gold be
8 101%
8
1943 Ii 101,
- 101,
6534 63
1
98%
Florida East Coast lit 4 Me_1959 JD 98% -9-112 9818
86
390
97
let & ref 5s series A
88
1974 MS 97 Sale 9512
8314 8314 Fonda Johns & Glov 414
12
64
_1
195
74
2 MN 64 Sale 64
Fort St U D Co lets 434s_ 1941
7534 77
.1 9434 ____ 9414 Feb'27
944 98
Ft W & Den C 1st g 5)48- _1961 JO 10634
10634 Mar'27
- Ft Worth & Rio Gr 1st g 4E_ _1928
9814 Sale 9814 9814 10
"LI -64-12 Frem Elk & Mo Val 1st 6s- _ _1933 AO 10714 109 108 Apr'27
5678 6414
5512 6278 GH&SAM&P let 53_1931
4 101 101
N 100,
20
101
2d extens 58 guar
1931
100,
4 Sale 100/
5534 6319
1
4 10034 13
10314 10612 Galt, How & Bend 1st Se.._1933 A0 9818 100
9
98/
1
4
9914
564 6334 Ga & Ala Ry 1st cons 5a_Oct 1945 JJ 100 Sale 9934
9934 13
56
642 Oa Caro & Nor let gu g be_ _1929
10014 Sale 100
4
10018
5612 6394 Georgia Midland let 58
1946 A0
75/
1
4 Mar'27
ems 6312 OrltdcIextletgug 4Sis
1941 ii 9814
98
9814 15
Grand Trunk of Can deb 78_1940 A0 11578 Sale 11584 116
5612 63
50
568e 6318
15-year f 6e
1936 MS 10818 Sale 10818
10814 14
Grays Point Term let 5s- —1947 JO 981
/
4
9514 Oct'26
-7
7
74
i11.8 -8
7 4
8 Great Nor gen 76 series A......1936 J J 11414 Sale 1144
11412 110
11334 Nov'26
Registered
J J
9012 9414
1001.4 dale 9934 1004 31
let & ref 4348 series A_._1961 J
1952'.1 11034 Sale 11034 112
General 5/is series B
25
9012 9378
10434 10511 10512 10534 41
General as series C
1973 J
General 4Sig series D
1976 3, 9738 Sale 97
105 10712
9712 148
/
4 8612 85 Mar'27
Green Bay & West deb etfs A_ _ _ _ Feb 851
10814 113
34/
1
4 23
Debentures etfe B
10114 10334
23
25
Feb 24
_
92 Dec'26
Greenbrier Ry let gu 4e___ _1940 MN 9312 95
101 101
100 101,
4 Gulf Mob & Nor lit 534t..1950 A0 10514
10612 Mar'27
10018 10214 Gulf & SI 1st ref& ter g 55 _51952 J J 107
__ 107 Mar'27
101 10212
10312 Sale 10078 10312 32
10118 1008 Hocking Val lst eons g 4348_1999 J
Registered
1999 .1 .1 ---- -- 9534 Mar'27
106 107
9934
5
9934
11185 11294 Housatonic Ry cones 5e___ A937 MN 9934
/
4
H & T C let Slot guar
1937 .1 .1 1011
102••• 109
1011
/
4 Mar'27
Waco & NW let 65
1930 MN 10134 -- 10134 Mar'26
87
,
4 9012
10118
8612 8778 Houston Belt & Term let 56_1937 J
10018 10034 41
101
9214 9478 Houston E & W Tex let g 56_1933 MN 10018 ____ 101
4
1st guar be red
1933 MN 101
10018 Mar'27
9234 937
Bud & Manbat iSs series A...1957 FA 1 9/
89% 90
1
4 Sale 991
99/
1
4 65
/
4
04
103
1118
4 1024
97 Apr'26
F .A
Registered
918 Sale 8878
Adjustment Income be Feb 1957 A0
8912 267
9918 1-66- Illinois Central let gold 48..-1951 J J
99% 99
,
4
Registered
1981 J .1
93% 9812
let gold 3/28
1951 J J
87114 94
Registered
.1 .1
Extended let gold 341-1951 A 0
9714 99
1044 105
,
4
let gold 3s sterling
1951 M 8
10112 10511s
Collateral trust gold 48_1952 A 0
11718 11884
RegRegisteredA 0
10512 106
1st refunding is
1955 M N
86% 88/
1
4
Purchased lines 3345
1952 J
10312 105
Registered
.1 J
10314 10414
Collateral trust gold 41L-A953 M N
97% 97,
4
Registered
MN
9514 9714
Refunding 58
1955 MN
954 954
15-year secured IS)is
1934 1 .1
9012 9212
15-year secured 6 Yie g__1936 J J
100 100,
8
40-year 434e
Aug 1 1966 F A
94,
8
89
Cairo Bridge gold 4e
19503 D
983s 99
,
8
Litchfield Div let gold 88-1951
.1
1074 112
Loutsv Div & Term g 3/48_1963 J J
10233 10314
J I
108 107
,
4
Om
itera Dtel2:5let gold 3s__ _ _1951 F A
10314 105
St Louie
& Term 11 38-1951
cat2 94,
Gold 334,
4
1961 J
1951
86
8712
Springfield Div list g 330.1951 J
Western Lines 1515 4s..1961 F A
87% 91
Registered
III Central& Chic St L & N 0—
9Ue 96
1951 F A
96
91
Joint In ref 5seeriee A
1963 J
10714 109,8
Gold 58
.8
1951.1
102/
1
4 10314
Registered
Gold 334s
98¼ 98i Ind Bloom de West let ext 48_1
D
51
1940O
Ind III & Iowa ist g 49
1950.1 J
wo 101 Ind & Louisville let gu 4e._1956 1 .1
Ind Union Ry gen 58 ger A1965 J J
Oen & ref 5s wiled B
19653 J
Int & Gri Nor let 68 ser A _ _1952 J
1011$ 104
log% 110%
Adjustment 138 ser A July 1952 AM'
10312 106
ARO
Stamped
88% 88% lot Rys Cent Amer 1st 56_1972 M N
98% 994
let coil tr 8% notes
9678 09
MN
D
Iowa Central let gold 5e_ ._1938
941 .1
9178 9314
Certificates of deposit..........
9012 9012
Refunding gold 4e
1951
James Frank & Clear let 49_1959 .1 D
-ior, WI;
59I 7714
6912 77
Kan
N 0
A&
25'
0.
M
D
yr
aerti
l stu9
:48
9
"
IC 0 Ft
& M eons
68.
94/
1
4
9412 Mar'27
92/
1
4 Apr'27
8914 Sale 8914
5
8914
8284 Jan'25
8712
884 Arr'27
7518 _
73 Jan'27 _
92/
1
4 -93-14 92%
4
9212
-__- -- 8912 Mar'27
96/
1
4 Sale 9614
96/
1
4 10
8634 8838 8838
88/
1
4
1
84/
1
4 July'25 ____
901
/
4 Sale 90/
1
4
9018
6
8512 Oct'26
6
10784 116" 10634 10834
10314 Sale 10212 10312 10
11214 113 1124 11315
5
99114 237
9914 Sale 99
93% Mar'27
934
76% ---- 7633 Mar'27
8338 8412 8311 Mar'27
8118 Aug'26
_
76
7712 76 Mar'27
_
78,
4 -- 79 Mar'27
87 Mar'27
8514 87
84 Sept'26 _
911
/
4
9034 Jan'27 _
84 Aug'25
104,
4 Sale 10434 10514 19
104% 10714 10458 Mar'27
_
10312
— 10312 Mar'27
79
,
8 _ _ 78% Feb'26 _
9318 _
9333 Dec'26
_
9418
94 Apr'27 _ _
87
8814 8614'Mar'27 _
10218 10314 10218 Mar'27
10218 10314 10218 Mar'27
10718 Sale 107
10718 31
93/
1
4 Sale 93/
1
4
9434 305
8312 AA 87 Mar'27 ...76
78/
1
4 TO
7612 15
93 Sale 93
e
9318
50
55
524 Mar'27 _ 4911 50
4912
50
4
1714 1914 17
18,
4 13
931z 9412 93%
93% 17
10212 10318 101
Apr'26
8614 87
8614 Mar'27
100 10014 100 Mar'27
j 10134 10184 10133 101,
1 N
10
92
28
7M
1
8
119
990
35
O
j
Range
MUM
Jen. 1.
Low
HO)
9412 96
107 10912
994 101
99
,
4 10314
98% 99
9318 95%
1144 13112
103 105
106% 10778
96
964
9118 93
94
97
ge4 10015
73,
8 8234
34
36
3318 15
"itif, 7312
65
9718
103%
101%
75%
85%
9912
1004
103
85
10034 1-62
106 10612
102 104,
4
1004 1054
106 1074
814 86
79
79
734 7912
72
76
9814 1004
78
,
4 81112
79
8614
8412 11114
11112 113%
111% 1134
-04 jai;
10018 10152
101% 10178
974 9812
9414 1014
6114 86
94
9414
106% 106,
4
97% 984
1074 1084
1004 101
10014 10044
gels 994
9812 99
,
4
99 100%
7212 754
9718 9314
11818 116
106% 1084
iii; 11414
9714 10012
108 112
102
,
8 105%
9418 9712
8318 85
21
2534
lOS', 10611
1084 107
97% 10312
9584 961%
9812 99
,
4
100% 101,
8
-69; 100-33
100,
4 101%
10013 10033
98
9978
84
litisi
91
95
92% 9212
74.19 7438
87
73
904
8912
934
85
8O'4
74
,
5
93
3912
96
,
4
88
,
s
88
908*
10711 1-1/14
10178 1034
111,
8 11312
96339934
924 9312
,
4
7612 76
83). 8418
-71 7/7-12
Mt 79
87
86
90', 9015
1034 1054
104% 1051,
10312 1034
'Ws
94
8614
84
1024 1034
10218 102%
10538 10734
83% 98
3112 8818
7512 774
93
954
514 5818
4912 65
17
2112
91% Nis
IA 87
100 was
1018. love
New York Bond Record-Continued-Page 3
BONDS
X.V.STOCK EXCHANGE
Week Ended April 8.
Price
Friday.
A pril 8.
Week's
Range or
Last Sale
Ranee
Sinai
Jan. 1.
A sk Low
Bid
Mak No.
BC Ft B & M Ry ref g 48_1938 AO 0312 9312 93
51
94
KC&MR&Bletgu 50_1929 AO 10014 -- 10038 Mar'27
Kansas City Sou let gold 35_1950 * 0 7412 Sale 74
7434 37
Ref &!mut 5s--- _ -.Apr 1950 J J 10012 Sale 100
46
101
Kansas City Term 1st 44.-1960 J J 90 Sale 8934
91
123
Kentucky Central gold 4e-1987• J 89 Bale 8934
3
8934
'
3 8514 87
Kentucky & Ind Term 448-1961
2
87
87
'
3 90
1961
Stamped
9112 9018 Mar'27 _
'
3
let
Erie
g
5e-1937
&
4
West
Lake
1024 - 10214 10234
1941 3, 10114 170178
26 gold 59
- 10094 Mar'27
Lake Slit & Mich S g 34a-1997 J D
8378 20
8334
Registered
8214 Mar'27
1997 J D
1928 M
Debenture gold 48
995 Sale 9912
9968 76
1931 MN 9878 Sale 9812
15-year gold 44
9878 58
1931 MN
96 Dec'25
Registered
Leh Val Harbor Term 158-1954 P A 1054 ____ 105 Feb'27 -Leh Val N Y lat gu g 450._1940 3, 10018 Sale 10018
10018
1
Lehigh Val (Pa) cons g 48-2003 MN 9012 Sale 8934
9012 12
MN
Registered
84
Jan'27 _
MN
General cons 448
2003
99 Bale 9878
100
10
Lehigh Val RR gen 58 series-2003 MN 10818 107 108
106
3
Leh V Term Ry let gu g 5s-1941 AO 10364 Sale 10364 1034
2
AO
Registered
10218 Mar'27
Leh & N Y let guar gold 4e1945 MS
9053 Feb'27
*
0
East
let 50-yr 681u-1965
Lex &
11134___ 11178
11178 12
Little Miami 48
1952 MN 9068 -924 90 Mar'27
Long Dock consol g 6e
1935 AO 10813 110 10834 10834
1
Lang laid let eon gold 5sJuly1931 Q
101
____ 101
101
1
let consol gold 4s____July1931 Q J 98
98 Feb'27
J
D
General gold 48
93 -92 9334 Mar'27
1938
Gold 4.
1932 J D 9514 97
9438 Mar'27
__
Unified gold 4.
8914 Sale 8914
1949 M
8914
1
J
D
Debenture gold 58
10014 10018 1004 10034 18
1934
10-year p m deb 54
1937 MN 9834 Bale 9834
9834
6
Guar refunding gold 49___1949 MS 8978 9012 8978
8978
2
Nor Sh 13 let con gu 58_0c.'32 Q
10034_ 100 Mar'27
_
Louisiana & Ark 1st g 54_1927 MS 100 111 14 100
1001
Len & Jeff Bdge Co gu g 44 1945 M
9112 9212 9114
9114
1
Leal/Mlle & Nashville 54_ _1937 MN 10814 ____ 10868 Mar'27
Unified gold 48
98
48
1940 3, 9714 Sale 9714
J
J
95 Mar'27
Registered
102
Collateral trust gold 88-.1931 MN 10113
102
4
10-year secured 711
10518 27
1930 MN 104 Sale 104
let refund 548 eerie. A-2003 *0 108 10873 10818 10818
9
let & ref 5s series B
2003 AO 10811 Sale 10611 1084 12
let & ref 44e series C_-__2003 * 0 10134 10212 10178
10214 24
'
3 10378 104 10314 1034 11
1930
N 0& M let gold 6a
'
3 1034 10414 10334 1034
2d gold 68
1930
4
Paducah & hlem Div 4s-1946 FA 9234 ____ 95 Mar'27
St Louis Div 2d gold 311_1980 M
8712 8812 874 Mar'27
Mob & Monte let g 448_ _1945 MS 1003 ____ 1003s Feb'27 _
South Ry joint Monon 45_1952 3' 89
8934 8878
89
4
All Knorv & Cin Div 4s_ _1955 MN 984 Sale 9838
9658 12
Loney Cin & Lex Div g 446'31 MN 10014 101 10018 Mar'27
Mahon Coal RR let 5s
10318
3
10318
1934 3, 1034
Manila RR (South Lines)44..1939 MN 13034 Bale 69
8934
9
let es
7718 Mar'27
1969 MN 7738 80
Manitoba SW Coloniza'n 56 1934 J D 100 10014 100
100
4
Man GB&NW let 341_1941 ii 8718 ____ 8318 Oct'213
Mich Cent Det & Bay City 54.'31• M 10134 Sale 10114
10134
1
Registered
QM 10114
101 Dec'26
Mich Air Line 4s
'
3
954 Feb'27
1940
J J
Registered
92 Noy'28 _
L B let gold 34e
854 ____ 79 NoV26
1951 M
_
let gold 34e
874
891/ 27
1952 MN
20-year debenture 4e
9914 994
1929 * 0 99
9914 21
Mkt of N J lat ext 54
9738 ___
1940 AO 9738 Sale 9738
NUM L & Weet Imp g 5a 1929 FA 101
____ 10114
10114
2
Mil& Nor let est 444(blue)1934 J D 9868 98 9412 Dec'27 _
Cone ext 44e (brown).....1934 J D 9878 Sale 9678
9678 _ _ _
1411 Spar & N W let gu 4a_ _ _1947 MS 9418 9512 9418
9468 15
liallw & State L let gu 346_1941 .1
8318 --_- 8153 Dee'27
--
IdInn & St Louts let 78
10
1927 J D 984 991/ 99
99
let guar g 78
1927 ID 9934 1004 10018 10012
1
let 400601 gold 128
5318
5318
2
1934 MN 5312 56
Temp We of deposit
MN 52
5314 52
52
2
let & refunding gold 43_..1949 MS 2014 Bale 19
21
15
Ref & ext 50-yr 59 ser A _ _1982 Q F 13
1378 1314
1314 14
IL St P&SSM con g 44 int gu'138 3' 8814 Sale 88
884 45
let cons 5s
98 97 4
1938 ii 97
1
9712
let cone ful gu as to int_ _ 1938 ▪ J 9812 Sale 964
9778 11
10-year roll trust 85Sa__ _1931 MS 10112 Sale 10114
10112 22
let & ref 6e aeries A
10012 101 101
101
1948 .1
3
15-year 548
1949 MS 87 Sale 87
87
1
lit Chicago Term ef 48_1941 MN 903
_ 974 Jan'27
_
Mississippi Central let 5e_ _1949 J
9614 ____ 9614 Mar'27
_
Me Ban & Tex-let gold 45.1990 J D 8978 Sale 877s
8978 42
Mo-K-T RR-Pr 15a ser A.1962
'
3 1024 10312 10234 10314 24
40-year 4s series B
1982 J .1 8778 Sale 8712
8812 14
10-year Be series C
'
3 10384 Sale 10314
1932
1034 18
Cum adjust &seer A Jan_1967 AO 103 Sale 1014 1034 760
Missouri Pacific
let & refunding 58 ser A 1965 P A 100 Sale 10014
101
109
let & refunding Be ser D..1949 P A 109 Sale 10718 109
40
let & refund Baser E
10753 34
19155 MN 10712 Sale 10718
General 48
1975 MS 7814 Sale 78
7914 802
MS
let & ref 5s ser F
100 Sale 100
10018 243
1977
Mo Par 3d 78 ext at 4% July 1938 MN 95 Sale 9434
95
1
Mob & Bir prior lien g 54.--1945 3' 10018 ____ 99 Sept'28
Mortgage gold 48
8714 Mar'27
1945I' 8718
Small
1945 3' 8214 -8578 82 Jan'27
Mobile & Ohio cow gold 83..1927 J O 101 10118 101 Mar'27
lot extended gold 64__Ju1y1927 Q
10014 1004 10014 Mar'27
General gold 48
1938 MS 9518 Sale 9518
9518
Montgomery Dl,let g 58_1947 P A 10084 10268 10034 1004
St Louis Division be
1927 3D 994 10018 9978 Mar'27
MS
Mob & Mar let gu gold 4e .1991
9214 931 92%
9268
Moot C let gu g 58
11314 ---- 11314
11314
1937 J
▪ J
Registered
11112 Mar'27
188 guar gold 5s
J
_ 104 Mar'27
1937
Morris & Essex let gu 34s._2000 J O 84 Sale 84
85
Nub,Chan & St L let 5s_1928 * 0 101 10114 101
10112
NFla&Bletgug En
1937 FA 103 10312 10318 Jan'27
Nat By of Mex pr lien 414e_ 1957 3 .11
30 Sept'24
July 1914 coupon off
19 Apr'25
Assent cash war rot No 3 on
1512 1763:1 1812
1812
Guar 70-year f 49
874 Aug'25
1977 1-0
Anent cash war rct No 8 on
2034 24': 24 Sept'27
3812 July'25
Wit RR Mex prior lien 448_1938
'
3
July 1914 coupon on
24 Sept'25
ADM= cloth wor rot No 3 on
23
2434 25 Apr'27
Let consol 48
28 Apr'25
1951 AC
A0
April 1914 coupon on
184 June'28
_
Assent cash war rot No 3 on.
1412
1412
5
3
8
1
4
6
1
1434
New England cone 5e
10034 Feb'27
1945 3' 1004 Consul guar 48.
1945 J
8778 ---- 89 Mar'27
X J Juno RR guar 18t 48__ _ _1986 P A
8512 Jan'27
NO&NE let refddmp 441 A'52
'
3 974 98
9734
9734
New Orleans Term let 4a
1953 3, 88% -- 884 Mar'27
NO Texas & Mex n-c Inc 54-1935 AC 10012 Sale 10038
10018
lit 58 eerie. B
1954 * 0 101 Sale 10034 10114
1st 5 Lis series A
1954 *0 10512 Sale 1053s
106%
.8 97 -- 984 Mar'27
X & C Bdge gen guar 44e-1945
11 1St COO g 64_1938 A 0 10078 102 101 Mar'27
15 Y B &
108
X Y Cent RR cony deb 13s_ _1935 M N 10711 Sale 1074
m
Registered
10814 M:
16 .26
24
5
62
25
13
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
2097
Price
Friday.
April 8.
Week's
Range or
Lan Sale
3
High New York Central (Concluded).
BM
Ask Lon
HO) No.
94
..:onsol 41 series A
1998 FA 9312 Sale 9312
934 43
10138
Ref & impt 44e • A"
2013 AO 101 Sale 10034 10118 40
75
Ref & Impt 55 series0
2013 AO 10768 Sale 10718
291
108
Registered
101
AO
10512 Jan'27
91
N Y Central & Hudson RiverMortgage 354e
8934
1997 3, 83% Sale 8314
8412 31
87
Registered
1997 3'
83 Mar'27
9012
Debenture gold 48
1934 MN -9i34
9714
9734 37
10264
Registered
MN
98 Feb'27
30-year debenture 48
10012
1942'3 9878
9712 Mar'27
8378
Registered
93 Feb'25
8214
Lake Shore colt gold 330_1998 FA 8168 Sale 81%
8284 22
Registered
9964
1998 FA 79
81 Mar'27
9879
Mich Cent coil gold 34s 1998 FA 8412 6;10- 8212
8412 17
Registered
1998 FA 8112
8214 Mar'27
1044 10514 N Y Chic & St L let g
_1937 AC 95 Sale 95
1
95
9812 10018
Registered
1937 AO
9314 May'26
8814 9012
25-year debenture 45
1931 MN 98 Sale 98
4
98
84
84
2d as series A B C
1931 MN 103 Sale 10212 1034 37
97 100
Refunding 534e series A _1974 *0 10618 Sale 1054 10612 28
10312 1064
Refunding 54s Berke B _19753' 10818 Bale 10578 108% 28
1024 10334
Y Connect let gu 430 A 1953 PA 9818 Sale 98
39
99
10218 10212
let guar 5s series 13
1953 PA 10418
10468 104%
8
90
90% N Y & Erie let ext gold 4....1947 MN 91
9134 00.'28
10934 113
3d eat gold 451e
1933 MS 9812 -_-_-_-_ 9878 Mar'27
88% 9012
4th ext gold 58
1930 AC 10018 _
9818 Feb'27
10834 109
5th ext gold 4e
1928 3D 284 _ _ 99 Mar'27
100% 101
N Y & Greenw L gu g 5s.....1946 MN 10014
100 Mar'27
98
98
NY & Harlem gold 3311.- 2000 MN 844 ____ 82 Mar'27
924 94%
Registered
MN
8218 Mar'27
94% 9438
90
89
N Y Lack & W 1st & ref 5e__1973 MN 10278 -- 80 July'25
99 1004
First & ref 45ie
1973 MN 10418 1-051-8 10314
10314
9818 99
NYLE&W jet 75 ext.__ _1930 MS 105%
106 Feb'27
884 894 N Y & Jersey let 58
1932 PA 10078 10ii12 10078 Mar'27
Imo No% N Y & Long Branch gen g 431941 MS 9E94 9034 90 Dec'26
wo loos. NY &NE Bost Term 4a_ _1939 *0 91 -- 91
2
91
9953 9114 NYNH& n-e deb 4e 1947 MS 8012 ---- 8218 Mar'27
1061s 1064
Registered
MS
60 June'26
9574 98
Non-cony debenture 348_1947 MS 7514
12
7518
76
95
95
Non-cony debenture 348_1954 *0 72%
53
7238
73
1014 102
Non-cony debenture 0_19553, 8014 91;19" 794
8034 26
1031e 108
Non-cony debenture 48___1956 MN 8014 Sale 8014
804 17
105 109
Cony debenture 34e
11
1956'3 7212 7218 7214
73
1054 10814
Cony debenture 68
1948'3 109 Sale 107% 109
90
994 10214
Registered
'3
10418 Mar'27
10334 1037s
Collateral trust 68
1940 AO i(71:11.8 Sale 104
10434 141
1034 10334
Debenture 4e
4
1957 MN 7334 75
744
75
934 95
Harlem R & Pt Ches let 4.1954 MN 894
90 Mar'27
8812 88
NY & Northern lets 58._ _ _1927 AC 9978 10014 100 Mar'27
100% 10018 NY 0& W ref lets 48.June 1992 MS 78 Sale 78
7812 24
8712 89
Registered 85.000 only
MS
724 Dec'26
9312 9868
General 48
7
1955 3D "7
1
tiai;
7614
774 19
100 10012 N Y Providence & Boston 49.1942 AO 8912
8618 Dec'26
10318 10318 N
& Putnam 1s1 con gu 45 1993 AC 9112 -921i 90 Mar'27
88
69% N Y&RB let gold iSe
1
1927 M S 9972 Sale 9978
994
7812 7714 N Y Susq & West let re! 56_1937'3 9014 92
8918
9112 40
100 100
1937 PA 7518 80
26 gold 4348
74 Feb'27
1940 FA 784 Sale 75
General gold 58
764 27
10155 1114
1943
Terminal 1st gold 5
N 9914
994 Jan'27
61
N Y W'ches & B 1st ser I 448'48 3, 83 62;1-e- 8234
83
Lon
92
9918
7318
9914
88
814
854
884
10214
10018
8012
80
9814
97%
554 -0;
Range
Since
Jan. 1,
Low
90
gni
10514
10518
fliag
94
10114
108
1054
804 8412
7868 83
981
: 98
94
96
944 971/
-firs 114
784
7934
784
944
81
8412
8214
96
96'g
10218
10418
1044
9468
103%
98
10314
1064
10618
99
1044
98', 987k
9834 1004
1614
134 ss%
8212 8212
Alit;
106 106
10034 10153
91
74
Il
824
72l 7$
6934 7318
76
8034
77,48034
6914 7314
10611 1094
103 1034
1034 10514
8912 76
89
90
9978 100
764 794
73
-711-4
164
9978
874
72%
71%
98%
7812
100
glls
75
7714
99%
8814
1950 AC 97 Sale Ms
Nord Ry ext'l a f 84s
9712 84
9314 9778
Norfolk South let & ref A 54_1961 PA 92:4 Sale 924
9278 11
9064 9338
8953 Norfolk & South let gold 58_1941 MN 1014
1 10012 10112
10114
10114
3 1054 10814
9914 Norfolk & West gen gold 64_1931
N 1084
10578 108
Improvement & ext 138_1934 FA 10812 --- 10834 Mar'27
984
10824 1084
1014
107 Mar'27
1932 *0 10818
New River 1st gold 6s
107 107
N & W Ry Ist cone g 44_1996 AG 9668 Sale 9614
96% 69
9212 98%
'lir, if'
Registered
95 Mar'27
1996 AO
9278 95
924 95
Div'l let lien & gong 46.1944 3' 94 Sale 9368
9434 78
9434
93
10-yr cony. flo
180 Apr'27
1929
158 180
Pocab C & C joint 45. _ _1941 3D 181
_ 94% 941 11 927e 90
98
99
North Cent gen & ref 158 A..1974 MS look, f6i 106
Jan'27
1054 106
100 1001z North Ohio let guar g 5ii
2
1945 AC 9834 9734 98
98
9418 9812
53
57
87
North Pacific prior lien 45.....1997 @ J 9518 Sale 9412
951
9114 9514
514 55
Registered
91
1997 Q
974 91 Mar'27
90% 91%
274 23
°col lien gob' 3s___Jan 2047 Q F 8868 Sale 6868
69% 80
6514 694
13
Registered
Jan2047 Q F 8434 70
1514
67 Mar'27
6318 67
28
87
99
88%
Ref & impt 434e aeries A.20473' 9812 ____ 9812
96
99
97
Registered
9818
3' 9234 ____ 854 Feb'25
964 1003s
125 IN" fur
Ref & impt 65 eerie. B.- _2047 .1
11434 Sale 11412 115
10018 102
.1 11168
Registered
_ 11014 Mar'2
1004 102
1 105% 11184 10512 Mar'2
Ref & Inapt 58 series C __2047
1661;
88
89
Ref & ImPt Iss eerie/ D....2047
10584 10634 1054 1051
lows 106%
9734 9734 Nor Pao Term Co let g 6s_ _1933 j
10934
1093410934
- 10914 Apr'27
9512 97
Nor of Calif guar g 68
1938 AO 10412 1-17 12 10518 Jan'27
105% 105%
88% 894 North WIDOOD8D3 let 4.
10318 Mar'27
1930 3• .7 10212
102% 108%
101 10314
8812 8812 Og & L Chem let gu 49 g
5
1948 I J 84 Sale 84
84
814 84
1024 10378 Ohio Connecting By let 48_1943 M S 954 ____ 9418 Mar'27
94% 94%
98 10318 Ohio River RR 1st g 5e
1936.1 D 1024 10312 102
102
102 10272
General gold 59
1937 A 0 10034 ____ 10218 Feb'27
101% 102%
9914 101
Oregon
Cal let guar g 58_1927 J J 100 10018 10014
1 100 10011
10014
we% 109 Oregon &
R11 & Nay con g 41.1946.1 D 93 Bale 9234
6
93
88,
8 93
106 108
4
Ore Shore Line let cons g 58.19453 J 9234 93 109
109
107 109
78
7914
Guar cons 5a
2 10718 10918
1948i J 109 110 10853 10868
100 10012
Guar refunding 45
1929 J D 9938 Sale 99
993e 89
984 994
92111 95
Oregon-Wash let & ref 46-1961 .1 .1 8984 Sale 891
9034 40
8878 91
Pacific Coast Co 1st g 5s__ _1948 J D 9134 Sale 9134
4
9174
9014 93
Pac RR of Mo let esti g 44-1938 F A 944 Sale 944
1
9412
9364 9434
2d
lirs IA;
extended gold 58
19383 J 102 ____ 102 Apr'27
102 10212
82
82
Paducah SE Ills 1st s f 4411-1955 J J 9853 99
9814 Feb'27
98
9814
10014 1014 Paris-Lyons-Med RR 89
1958 F A 9344 Sale 9334
9414 "la
874 95
9924 10018
Sinking fund external 75_1958 M S 100 Bale 9914 1004 151
9611 101
93
9518 Paris-Orleans RR s f 75
1954 M 2 100 Sale 9934 100
74
9514 10114
100% 10118 Paulleta Railway 78
1942 M S 10118 lO2ii 102
3 102 103
10214
994 10014 Pennsylvania ItR cons gee...1943 M N 9734 Sale 97
1
14
9734
9512 9714
914 9712
Coneol gold 43
1948 M N 9818 971 9578 Mar'27
_
9414 96
11112 11311
48 sterl stpd dollar_May 1 1948 M N 9618 Bale 964
961
17
944 964
11112 11112
Consolidated 454s
1960 F A 1051/ Bale 1044 1051
19 102 10512
10318 104
General 449 series A _ _ _ _ 19653 D 10184 Sale 101
9914 10164
10134 125
801/ 85
General 5s series 13
1968 3 0 11012 Sale 10978 1101
17 10878 11012
10014 1011/
10-year socured 78
1930 A 0 10612 Sale 10834 1067 122 10614 10769
10218 1031s
15-year secured 634e
1936 F A 11214 Sale 11214
11238 84 11164 113
--Registered
F A 11118 ___ 11114 Oct'28
40-year gold 59
1984 M N 104
1041 169 lir Ni
t
14 10 Pa Co gu 348 coil it A reg._1937 M 2 874 Bale 1031/
91
89 Mar'27
89
89
Guar 13349 coil trust ser 13_1941 F A 884 8812 86 Mar'27
se
824
1812 26
Guar 33Se trust ctfe C
1942 3 D 854 8618 8611 Mar'27
85
8611
Guar 34e truat ctfe D_ _ _ _1944 J D 8418 8818 8418 Jan'28
Guar 15-25-year gold 44
1931 A 0 9778 __ 98 Mar'27
"off'
-91 IF: Guar 49
aeries E
1952 MN 884 91
8918 Mar'27
88
894
Peoria & Eastern let eons 48_1940 A 0 8814 Sale 8798
34
8514 884
881
Income 48
April 1990 Apr. 4412 4512 4418
76
4174 47%
45
Y674 Peoria & Pekin 17n 1st 550_1974 F A 105 ____ 10512 Apr'27
104 10512
Pere Marquette let eer A 58_1956 .1 3 10418 Sale 10452
10458 19 10314 105
994 10064
1st 48 series It
2
89
92
1956 .1 .1 92 Sale 92
92
88.8 89
Phil& Bait & Wash let g 49..1943 M N 9818 Sale 9612
3
9133
953s 97
854 8512
General 59 series 13
10 11018 112
1974 F A 11114 11214 112
112
984 9734 Philippine By let 30-yr s f 49 1937 J J 4234 43
3
43
4234
42
431e
gyis Epps Pine Creek registered
1064 1064
69-1932 J D 1085* ____ 10654 Feb'27
100 101
PCC&StLgu4349A
9968 1014
Mar'27
1940 A 0 10ll
10053
10018 1014
Series B 454e guar
2 10014 101.4
101
1942 A 0 10114 ____ 101
10434 10534
&rim C 454s guar
1942 NI N 1914 ____ 100 Dec'28
9714 984
Series 1)4. guar
1945 M N 9518 ___ 9814 Mar'27
96
1;6;
10014 101
SeeleeE33.le guar goltL-1949 F A 9514
9312 Nor 20
106% 108
Series F le guar gold
___ 10018 Feb'27
19633 D
10634
roCii;
„..
Series 13 48 guar
1967 M N 953 ---1 97
Jan'27
97
97
8534
983e
95
100%
New York Bond Record—Continued—Page 4
2098
BONDS
N, Y.STOCK EXCHANGE
Week Ended April 8.
Price
Friday.
April 8.
Bid
nte CM Chic & St L (Concluded)
1960 FA
Series H 45
Series I cons guar 4)0
1963 FA
1964 MN
Series J 4)5a
General M Sc series A
1970 J D
Registered
J D
Gen mtge be series B
1975 * 0
Pitts & L Erie 2d g 5s__ _Jan 1928 AO
1932 Si
Pitts McK & Y let ICU 68
1934 S i
2nd guar 65
1940 AO
Pitts Sh & E let g 5a
1st control gold ba
1943 Si
1943 MN
Pitts Vi dc Char 1st 41.
1927 MN
Pitts Y dr Ash let eons 5e
1st gen 48 seiles A
1948 J D
1st gen be series B
1962 FA
Providence Scour deb 4s
1957 MN
Providence Term let 48
1956 118
Range
Sines
Jan. 8.
Week's
Range or
Last Sale
Ask Low
19
87
1
a
9414
Reading Co Jersey Cent coil 4s_ _ AO 944 Sale 9373
Registered
den & ref 4348 series A_1997 is 9934 Sale 984 100 —Fr
100 Jan'27
Riehm & Deny deb bs stmod 1827 * 0 -.4 8238 Mar'27
Rich & Meek lat g 4s
1948 MN 82 12-1102
11.1ohin Term Ry 1st gu 56 1952 is 10214 103 102
Rio Grande June let gu 5..1939 S D 1005s 10114 10078 Mar'27
74 Deo'26
Rio Grande Sou 1st gold 4a_ A940 3, 712 9
6 May'25
Guaranteed (Jan 1922 coup on)3, 9
9318 64
1e 92
Rio Grande West let gold 0_19395, 9234 62:-ale 8513
8758 52
9718 Sale
Mtge & coil trust 45 A
1949 A0 8512
964
974
RI Ark & Louis lat 4Me
1934 ▪ S
Rut-Canada let gu g 4e_......1949 3, 83 8334 83 Apr'27
4
9414
Rutland 1st con g 4)56
1941 S i 94 Sale 94
884 Mar'27
St Joe & Grand Iii 1st g 4.1_1947 J
10: 89 100 Feb'27
0
1996 5, 18
St Lime & AdIr Ist g 54
10534 Mar'27
2d gold es
1996 AO
9712
2
1931 ii 9712 dale 9712
S&L & Cairo guar g 46
55
St Ir MS& EI gen con g be_1931 AO 10034 Sale 10034 101
Sept'26
10038
1931 *0
Stamped guar be
76
99
4 Sale 9834
Unified dc ref gold 45
1929 J J 98,
_ 99 93 Sept'25
S i
Regletered
155
Sale
95
9412
95
MN
Rh.& Div let g
10014 Feb'27
L M Bridge Ter gu g 5e1930 AO
88 426
IS L & San Fran (reorg co)461950 S i 87'z Sale 8713
8212 Oct'26
▪ J
Registered
91
Prior lien woke B be
1950 S i i5iis Sale 10158 102
1928 S i 10158 Sale 10138 10112 21
Prior lien series C es
Prior lien 53-56 series D ._1942 is 10212 Sale 10238 10234 50
100% 179
Cum adjust ser A 8s __July 1955 A0 10034 Sale 100
9838 486
Income aeries A es_July 1960 Oct. 98 Sale 974
I A & Ar Pace 1st gu g 4s__1943• J 91 Sale 9034
10218
Santa Fe Pre.& Phen 5e___1942 MS 102
1934 *0 109 110 10934
Say Fla & West 1st g es
let gold 56
1934 *0 10258 194 10234
Scioto V & N E let gu g 48_1989 MN 9434 Sale 9412
Seaboard Air Line g 4e
1950 * 0 8118 Sale 8118
Gold 4s stamped
1950 * 0 8118 8214 8114
Adjustment 54
Oct 1949 FA 84 Sale 8313
Refunding 45
1959 AO 72 Sale 1734
let & cons Si aeries A
1945 MS 9634 Sale 96
Atl dc Birm 30-yr let g 4a_d1933 MS 9253 94 93
Seaboard All Fla let gu es A _1935 FA 0612 Sale 96
10058
1931 S i 100
Seaboard & Roan be extd
1929 MN 101 1-01-4 10158
So Car & Oa 11ft ext5)56
104
1938 FA 10413
S&NAleconsgu 456
11118
Gen cone guar 50-yr 56-1963 AO 11012
So Pac coil 4s(Cent Pie cow x.49 S D 9012 Sale 894
3D 8534 88 87
Registered
9918 Sale 99
June 1929 M
20-year cony 45
10134
20-year cony be
1934 3D 10173
1944 MN 100 102 10134
20-year gold bs
San Fran Terml let 46
19130 *0 9138 Sale 9138
87
*0
Registered
1937 MN 10553 Sale 10518
So Pee of Cal—Gu g bs
954
So Pao Coast let gu g 4a.....19375, 954
1955 is 9612 Sale 9614
So Pac RR let ref 45
Mar'27
Mar'27
Feb'27
Mar'27
30
89
1
8258
63
95
9934 19
9534 136
1
10134
Mar'27
Jan'27
10
98
Apr'27
Apr'27
10012 10
Aug'26
9814 13
Jan'27
9
9212
4
10613
9112 71
Mar'27
Mar'27
1
10234
6
9434
2
8118
8
8112
8512 242
7212 73
97 310
4
9378
9612 129
Jan'27
Mar'27
Feb'27
Mar'27
9012 43
Feb'27
9912 76
5
103
14
103
914 45
Mar'27
2
10518
Mar'27
9653 39,
1994 S i 10712 Sale 10713 10734 48
Southern—let eons g be
S i 10312 10612 104 Jan'27
Registered
89 aii
Dove'& gen 46 series A--.1956 * 0 8814 Sale 8814
Develop & gen es
1956 *0 11514 11614 11518 11514 31
52
123
1956 * 0 12214 Sale 122
Devel&genoift
_1996 S i 10714 10814 109 Apr'27
Mem Div lit g 56
1
95 9212
9212
1961 is 91
St Louis Div let g 46
94 Apr'27
East Tenn reorg lien g 6e-1938 MS 10112
9312 21
Mob & Ohio coil tr 48_1938 MS 9338 Sale 9278
87
1955• J 8512 8712 8612
Spokane Internet let g 5s
9212 Jan'27
Sunbury & Lewiston let 4.1_1936 3, 9318
10012 Sept'26
Superior Short Line 1st 5ae1930 MS 9938
14
99
Term Assn of St List g 456_1939 AO 99 Sale 99
1
1944 FA 10278 Sale 10278 10278
let eons gold be
8978 32
1953 J J 8978 Sale 8858
Gen refund s f g 44
69
10478
8
1083
Sale
106
FA
Texarkana & Ft S lit ISHe A 1950
19433, 9934 100 10118 Jan'27
Tex & N 0con gold be
107
10812 22
2000 J D 10712
Texas & Pao let gold 5e
1931 is 10014 fof 10014 10012 21
La Div B L let g be
4 14
Tex Pac-Mo Pac Ter 5)56._1964 MS 106 10614 106
1014 Mar'27
Tot& Ohio Cent let gu 56-1935ii 101
2
1935 AO 10012 Crif 10012 10012
Western DIv lit g be
1935 J D 10014 101 10118 Mar'27
General gold be
15 Jan'27
32
19175,
Toledo Peoria & West 4a_
7
91
91% 9038
Tol St L & W 50-Yr g 48-- —1950*0
1931 S i 99 _ _ _ _ 99 Jan'27
TolW V&Ogu 4156A
9658 Dee'26
let guar 4)56 series 8,,.19335, 994
94 Jan'27
1942 MS 94
let guar 48, series C
6
9078
Tor Ham & Buff let a 411-1948 J D 904 dale- 9058
6118
60 61
Ulster & Del let eons a 511-1928• D 58
42
1952 AO 3978 42 42
let refunding a48
9773
Union Pacific let RR & Id gt 4517ii 9714 Sale 974
Mar'27
9434
4
3
93
9612
i
S
Registered
9978
1927 J .1 9978 100 994
110-year cony 4.1
944 Dee28
S i
Registered
9578
954 9584 9513
let lien & ref 4s— June 2008 M
June 2008 MS 1124 Sale 11134 11212
let lien & ref be
102
8
,
101
Sale
1013
i
S
4
10-year perm secured 6s__1928
4 Due May. e Due June. t Due Aug.
Pries
Tridar;
April 8.
Week's
Range or
Last Sale
High
Ask Low
BiS
High
9412
17 N J RR & Can gen 4a_1944 MS 9412 Sale 9413
9812 97 Mar'27
10012 10012 Utah de Nor 1st ext 48
1933 33 98
9714
8 102,2 Vandalic)cons g 41. series A-1955 FA 9714 Sale 9538
99,
100 10312
Consol 48 series B
1957 MN 9718 —__ 9012 Oct'26
106% 11014 Vera Crus & P 1st gu4)55-1934
24 Ape26
S i
July 1914 coupon on
2418
24
Assenting 1st 43-56
ffi"
28 2418
1934
99 10078 Virginia Mid 58 series F_1931 MS 10034 -- 101 Sept'26
8 Sale 10238 10238
10578 1057s
General be
1936 MN 102,
102 Feb'27
S 102
'
Vs & Southw'n let gu 58_2003
9553 Apr'27
ioifs 1-621; let cons 50-year 58
1958 AO 9512 96
10012 10012 Virginian let Se series A
1962 MN 106 Sale 10578 10612
1939 MN 104 Sale 10358 104
Wabash let gold 58
2d gold ba
1939 FA 10178 Sale 10178 10334
10514
04 94
Ref a f 5)56 series A
1975 ▪ S 105 Sale 104
10113
8
104% 106,
Ref dr gen bs series B
1976 FA 10114 Sale 101
75
834 Feb'26
72
Debenture B es registered_1939 J J
8812 8978 8812
8812
let lien 50-yr g term 48_1954 J
Det & Chi ext 1st g 58__1941 ▪ y 10334 105 10313 Mar'27
92 100
93 Sale 93
93
Des Moines Div 1st g 4a__1939 y
844 Mar'27
Om Div let g 334s
1941 AO 8412
2
9012 Feb'27
98 1-(1-(11Tol & Ch Div g 46
1941 MS 9114
100 100
8112
2000 FA 81 Sale 81
Warren let ref gu g 33s
8 Wash Cent let gold 48
7913 82,
1948 QM 8734 8834 87% Feb'27
102 10212. Wash Term lat gu 3)56
8613
1945 FA 8618 Sale 864
10068 10078
88
88
1945 FA 864
let 40-year guar 48
Mob No, Low
10012 Jan'27
9534
10218 Apr'27
10314
10312 10312
10314
10973 Sale 10978 1097s
102 Oct'26
11014 Sale 10978 111
9978 10014 100 Apr'27
106 107 10578 Jan'27
10134 Nov'26
10378
10178 Mar'27
102
1004 10012
10012
9114 May'25
9258
10014 Dee'26
10018
9234 9414 94 Mar'27
1064 Jan'27
10678
7312
74 Mar'27
8912
84% Aug'26
105
.• 1 105
SI Louis & San Fr Ry gen e5-1931
1931 J J 101 11113 10112
General gold 58
_ 10514
StLPeor&NWlstgu5sj948 S i 1034
St Louis Sou let an g 4,_..1931 MS 97 -173-4 9614
St LS W lat g de bond ctfa 1989 MN 88 Sale 8753
2d g 48 Inc bond etfs_Nov 1959 55 82% 83 8258
1932 3D 96 Sale 9512
Consol gold 4.6
Sale 9918
let terminal & unifying 55-1552 J J
Sale 9414
FA
4%8_1941
Sh
C
K
Paul&
L let
St
10134
1931 FA 95913'142
It Paul & Duluth let be
93
let conaol gold ts
1988 3D 9218
98
ItPaulEGrTrunk434e.,j947 is 9538
It Paul Minn & Man eon 46_1933 S i 9713 fil;le 98
let consol g es
19335, 10838 109 10818
10714
S i 107
Registered
ie reduced to gold 4358_1933 S i 10012 Sale 10012
9812
100
i
S
Registered
1933
Mont ext let gold 45
1937 J D 97% 9734 9718
0512
J D 9418 Registered
9214
4
Pacific ext guar 46 (sterling)'40 S i 91,
I I Paul Union Depot 5a__-.1972
3 106% Sale 10638
'
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
2
2
76
6
56
13
16
-9053 9353
8
84 87,
9458 971e
8213 8312
9118 9414
8634 89
100 100
10518 10714
9614 9712
1004 10134
975 16-oars -Or
100 101
8412 88
9934 102
100 102%
10112 10234
99 101
9514 9014
105 105%
10012 10178
105 10512
9618 9718
8612 89
83
81
941s 9638
4
,
95 99
92% 96
10134 102
92 93
98
98
975,2 9812
10778 108%
10714 10714
9934 10053
-15553 -98 -1
9512 954
9212
91
10514 10612
8 9112
,
88
102.8 10218
10834 10834
10234 10234
95
91
8118 84
8114 8773
8318 8812
7114 7634
994
96
9114 94
9512 984
10012 1004
10114 10153
10378 104
11014 11118
&EN 9014
86
87
98% 9912
1004 103
100 103
9018 9154
87 87
10412 10512
9514 9512
9338 9678
10634 10812
10338 104
88 89
11338 11538
11914 123
10614 108
4 9212
,
89
94
94
9312
92
844 87
9212 9212
--- -9838 99
10233 103
8778 8973
1034 1064
1014 1011s
10538 10812
100 10012
10414 10-114
WO 1024
10014 102
10018 1014
lb
15
89% 91
99 99
94
90
5612
3934
947a
93%
99%
94
907a
84
42
4
90,
944
10018
9iSi 96
10858 113
8 103
101,
/2
Rang.
Rdeel
An. 1.
No. Low
944
2
97
924
13
23
2
148
17
2
146
144
1
5
8
5
High
941297
9714.
2785.
iaiis
102 102 .
94% 97
10212 1064103 1002
100,
s 10341031s 1054
10014 1014-gre WI;•
1031s 105
884 93
4 8414
,
83
90 91
80 8212
8714 87%
85% 8614
88 924
9814 9934
W Min W & NW let an 5s-1930 FA 9818 100 9938 Mar'27
7814 824
8234 437
West Maryland 1st g 4e_1952 AO 8212 Sale 8078
1014 1024
West N Y & Pa let g 58---1937 35 1024 Sale 10212 10212
2 88 89
8834
Gen gold 48
1943 AO 8812 8812 8834
45 Feb'25 -Income g be
Apr 1 1943 Nov
9912 31 -fire jai
9912 Sale 9918
Western Pao let ger A 5s-1946 M
103
1 103 10412
1946 MS 10212 10312 103
1st gold es series B
39
go
Me 90
4 Sale 894
,
2361 is 89
West Shore 1st 46 guar
88
88
88
88 I 10
2381 is 8934
Registered
Wheeling & Lake Erie
99% 101
Wheeling Div let gold 5s_1928 S i 10018 10014 10018 10018! 5
994 100
100
100 I
5
1930 FA 100
Ext'n & Mgt gold be
9212 19
9012 93
4 gg
,
Refunding 4)5s aeries A-1966 MS 9218 92
6 MS
49
196
Refunding 5s series B
87'g 89'a
- -3E; -885-8
MS 8838 Sale 82
RR let consol 48
go I 14
7214 80
Wilk & East let gu g 55—.1942 3D 7973 Sale 78
1938 3D 10438 ____ 10438 Mar'27 --- 104 1044
Will & SF lit gold be
go% 44
86% 801*
Winston-Salem SB 1st 48_19005, 8913 Sale 8814
83141 22
8214 1164
1949 .1 .1 834 Sale 8214
Wie Cent 50-yr 1st gen 4a
10
92
89
gl
Sup & Dul Ms,& term let 411'36 M N 91 Sale 91
St
89
92
89
J
J
Jan'27
4)5s-1943
Wor & Con East let
INDUSTRIALS
Adams Express colt tr g 4s 194810411
Ajax Rubber 1st lb-yr if 85_1936 J
Alaska Gold M deb es A-1925 M
1926 M
Cony deb 65 series B
1955 M
Alpine-Montan Steel 76
1928 A
Am Agrio Chem 1st be
1941 F
let ref a f 7%6 g
Amer Beet Sufi cony deb 6:1..1935 F
American Chain deb s f es_ _1933 A
Am Cot Oil debenture be__ _1931 M N
1936J
Am Dock & Impt gu es
1939 A 0
Am Mach dr Fdy a es
Am Republic Corp deb 68_1937 A 0
Am Elm & R lst 30-yr bs ser A '47 A 0
1947 A 0
let M es eertes B
Amer Sugar Ref 15-yr 6s _1937J J
Am Telep & Teleg coil tr 4a.1929 J J
1936 M S
Convertible 4.
1938 M 8
20-year cony 4355
1946 J D
30-year coil tr be
J D
Registered
1960 J J
deb bs
35-yr
1943 M N
20-year s f 5%a
1940 A 0
Am Type Found deb ea
Am Wat Wks & El col tr 50_1934 A 0
1975 M N
Deb g es ser A
Am Writ Paper s f 7-1%----1939 J J
Temp Interchangeable °tie del,1947i S
lst g es temp
90% 91 904
90%
10812 Sale 10758 10812
314 312 312 Feb'27
318 312 318 Mar'27
9478 Sale 9478
0538
103
Oct'26
10014 Sale 9718 101
92
9312 9258
9258
10234 Sale 10214 103
9712 sale 9712
9758
105% _ _
10534 Mar'27
10312 sale 10313 1034
9918 9934 99
0034
10213 Sale 10214 10248
10858 Sale 10814 109
10434 Sale 10438 105
9914 Sale 99
9914
9612
96
9612
1-0-671; 984
9812
16:1i4 Sale 10338 10412
103 June'26
ioais Sale 10214 10234
10753 Sale 1064 10718
106 Sale 1054 106
9834 Sale 9834
99
10213 Sale 102
10212
604 6214 62 Mar'27
61 Sale 61
el
8514 Sale 8514
4
85,
Anaconda Cop Mtn let 61_1953 F A
Registered
1938 F A
lb-year cone deb 70
Andes Cop Min cony deb 75-1943 J J
Anglo-Chilean 75 without war_'45
AntIlla(Comp (Aerie) 7s5ri_ _1939 J J
Ark dz Mem Bridge & Ter 56_1964 M B
D
Armour & Co let real eat 4355 39'
Armour & Co of Del 5346_1943 J J
Associated 011635 gold notes 1935 M S
1947 J D
Atlanta Gee L 1st S.
Atlantic Fruit 76 etre dep._ _1934J D
Stamped etla of deposit--Ati Gulf& W I SS L col tr 5a_1959 J J
1937,5
Atlantic Refg deb Si
4 Sale 1044
,
104
10494
igis gide' 10838
io638 Sale 106
8958 Sale 8878
94 Sale 934
10112 _
10112
9214 Sale 9214
9234 Sale 9214
10234 103 10234
101 10314 9958
154
177 24
18
7112 Sale 7012
101 10184 10112
Baldw Loco Works let 5s___1940 M N
Baragua(Comp Az) 7Sris_ - _1937 J J
Barnsdall Coro 8s with warr_1940 J D
Deb 6s (without warrant),1940 5 D
1936 J J
Belding-Remingway 65
Bell Telephone of Pa be
1948 J J
let & ref be series C
1980 A 0
Beth Steel let & ref ba guar A '42 M N
30-yr p m & imp f W-1936 J J
Cone 30-year es aeries A-1948 F A
Cons 30 year 5%a series B-1953 F A
Bing dt Bing deb 6348
1950 M S
Booth Fisheries deb s f 60_1926 A 0
Botany Cons Mills 6)56-1934 A 0
Brier Hill Steel lit 535a_1942 A 0
B'way dr 7th Av let g 5s— _1943 J D
CO.of deg stmod Dec.'26 int
Brooklyn City RR ba
Bklyn Edison Inc gen be A_ _11949
—
1 JJ
General es series B
.1
30 5 5
1968
Bklyn-Man R T sec Os
Bklyn Qu Co & Bub con gtd be '41 M N
let be
J
5 j
1941 .1
Brooklyn R Tr let cony g 4s-2002
8-yr 7% secured notee
1921 J
Ctfe of deposit 'tamped
Bklyn Un El let g 4-be
1950 F A
Stamped guar 4-51.
A
F N
45151
Bklyn Un Gas let cx)na g 56-1
96°
19
1st Hen & ref es aortae A-.1947 M N
Cony deb 514e
5
3 D
Buff & Buse Iron f be
25
38
93
19
Bush Terminal let 45
1952 A 0
Consol 5a
Bush Term Ridge 58 gu tax-en '60
5
55 5 0
Cal & E Corp unit & ref 65_1937 MN
1933 A 0
Cal Petroleum s f g 6 As
Cony deb a f be
1939 F A
Cony deb ef 514,
A O
938 MN
Camaguey Sue 1st s f g 7s-1
1942
Cent Dist Tel let 30-yr be_ _1943
Cent Foundry Ist e f es_Ntay1931 F A
Cent Leather 1st Ben s f 111. 19483 1
1064 108
10814 Sale
10078 Sale
9112 Sale
9513 Sale
1044 Sale
10434 Sale
Noss Sale
10038 Sale
10378 Sale
10114 Sale
9414
93
10214 ____
81 Sale
105 Sale
76
75
7312 Sale
94 Sale
105 Sale
10438 105
104,
4
Deo'24
10834
10712
90
94
10112
9278
9378
103
Mar'25
Dee'26
Jan'27
7218
10112
8
21
28
258
35
9
5
13
100
47
57
103
16
1
25
153
122
15
31
76
89 9211
10574 10812
813
8
gig 314
9212 974
9753 104¼
924 94
101 1034
9812
95
10512 10534
10312 104
4
,
90
99
10012 10258
8 109
,
107
104 10514
9814 9914
9314 We
9812 1001,
10234 19430
1
96
101 ftiale
10534 10712
10312 lock
98 991*
,
100
4 1024
8 1124.
58,
58% 68%
85 86
175
10378 104%
117
103
206
2
97
184
13
ioar. 10953
106 10272
8612 90
9312 974
10014 10214
9134 9314
9214 956e
10034 104
86
1
18
18
7012 7676
10012 10214
1
10712 10712
6
10814 10814
206
9958 101
9114
9184 62'
9512 33
9514
104
1044 14
10418 1044 40
10033 10114 29
9958 10012 50
113
10312 104
10014
1014 100
93 Apr'27
1014 Feb'27
80
58
85
15
10412 105
75% 20
7478
7312
74
9334
6
94
105
10518 20
104
1
104
594
Salle 6
' Sa
94
94
6
8%
94
1
2
9114
94
8
7914 84 794 Mar'27
8812 Aug'26
13613 Nov'25
1284 Nov'25
3
95
13 S-a-l-e- 9
552
5
95
951 : 14
95
10534 --_- 10534 Mar'27
11458 11514 11458 Apr'27
159 Sale 159
15934 18
92 -- -- 9214 Jan'27
9138 Sale 9158
5
9158
10
10018 10058 9934 10
90
712 13
10112 102 1014 10112
3
95
954 96 Apr'27
95 Sale 95
9584 52
9912 Sale I 994 100
69
10012 Sale 9938 10012
9
98
10
318 84l
e 19
Sale
07
a 19
278
34 11
08
25
1024 Sale 10134 1023* 30
106 1071g
1064 10814
981* 1088a
9114 Nis
954 98111.
10284 10414
102% 104%.
100 102
983e 10012
101% 104
9714 10114
92 004
10118 101%
8084 92
1034 105
724 7918
76
73
9318 95
1031s 10534
10234 10424
9812 9978
6312 86
7918 794
94 lig
Ws
94
102% 1061a
8 11438
113,
158 162
9214 9214
4
,
90% 91
9511 98
9914 101
10134 103
10338 1044
95 967s
4 10214
99,
954 1004
10214 103%
4 03
96,
101 1024
2099
New York Bond Record—Continued—Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
1- 3
Nice
Friday.
A prit 8.
Week',
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 8.
E
Price
Friday,
Apr/2 8.
Week's
Range or
Last Sale
Range
Since
Jan. ls
Did
Bid
Ask Low
High
High No. Low
MO
High No. Low
Ask Low
23 1184 122
95
9512 94 Apr'27
122
Keyston Telep Co let 56-1935 3
121 122 120
20
____ 103% Mar'27
100
984 10034 lungs County El & P g 5s___1937 A 0 104
10
23
312 10
100 Sale 9814
23
47s
1997 A 0 12512 __ 12512 12512
2 12414 12814
Purchase money Os.
6112
6112 Mar'27
53
6034 62
A 84
3
3 102 103
8414
102
102
Kings County Elev let g 45...1949
102
82
86
8414
A 84 Sale 84
3
1949
7812 48
Stamped guar 45
8414
7424 79
81
86
7812 Sale 7714
7 1014 104%
10338__ 10312 1038s
10978 Mar'27
1097s 110114 Kings County Lighting 58-1954
112 11712 117 Mar'27
1954
101 10212
iol.-84 102 102 Mar'27
First & ref 6 Hit
11214 11714
9 104% 105
26
105
Kinney(GR)54 Co 734% notes'36 J O 103 104 104
105
10434 105 10434
1031 350
9738 104
Kresge Found'n coil tr 68_1938 J D 103 Sale 10234 10314 28 10178 103
10234 Sale 10214
51
1
7
8512 Mar'27
10138
8512 8512 Lackawanna Steel let 55 A 1950 MS 101 10112 101
,
1101632115
11
5 10012 10214
9
97
3118
96
100
2 100
96,2 Lac Gas L of St L ref&ext 158_1934 AO 10034 Sale 10038 10034
99%
1953 FA 10478 Sale 10412 10518 25 10391144
95% Sale 95%
9614 75
Coll di ref 534s series C
9
9834 Mar'27
10
Oct'25
Lehigh C & Nay f 4345 A 1954 is 9812 100
9712 9814
11 1011s 102
-56i8 98 96% Mar'27
963s 9714 Lehigh Valley Coal let g 58-1933 is 10134 Sale 10134 102
7
97
Jan'27
81
8014
81
77
82
80
1st 40-yr gu int red to 4% _1933 is
97
97
ggi
12
____ 101 Mar'27
1934 FA 101
96 Sale 96
9512 97
let & ref 5 f 5s
101 104
5
1944 FA 997 ____ 100 Feb'27
9112 Sale 9112
92
9012 92
let & ref 5 f 5s
99% 1001e
__ 9934
38 10458 10512
1954 FA 997
104% Sale 104% 105
let di ref 5s
9934
99% 1001s
0 12 997 Mar'27
1964 FA 997 110538 10614 10514
10538
3
2 19
06
43
14
2 10
964
12
let & ref 5s
00
100
9918 10%1
1974 P A 100 101 10012 Mar'27
9614
1st & ref s f bs
961
955 Sale 95%
_
4012 Feb'26
97
Lax Ave & PP 1st gu g 58-1993 MS
122
9934 Sale 9938 100
Sale 122
12312 29 120 113-1;
91
13
984124 10
93
1312
8 Liggett dr Myers Tobacco 75_1944 AO
10212 May'26
AO
Registered
24
12
99 101
1951 P A jai?, ETtile 10212 104
9914 Sale 9914 100
56
106
0114 Feb'27
67
P A
04
76
i
l 41
8218 Sale 80
821
8318
Registered
6‘
114
10114
40 1
10534 Sale 105% 106
93 10512 10614 Liquid Carbonic Coro 6s___1941 P A 10614 Sale
273
104
0
04
1 1015
10378 140
76
76
Loew's Inc deb 68 with warr_1941 AO 10312 Sale 103
77% 76
9714 9712 9738
6
9734
2
5 10
1011
75
14 10
52
10114 Sale 10114
115
Without stock pug warrants_
9618 99
14 11612 120
3 102 10334 Lorillard (P) Co 721
1031
1944 1-45 11612 Sale 11612 117
10318 Sale 103%
11812 June'26
9
AO
9912 101
100 Sale 100
100
Registered
8
9812
10134 10214 10134 Apr'27 126 10118 103
1951 F A 9753 9814 9818
fe
73
_ 9634 Mar'27
9334 10312
P A
10312 Sale 9912 1031
Registered
9614 97114
1001
100/
1
4 Sale 100
Louisville Gas & Else (Hy)5s 52 MN 10112 Sale 10034 10134 67 -9
4
4
99
44
18 17
0
113
22
1
9612
9
25
2% 12
961
99
95% 9612 9578
134 Louisville Ry let cons bs_ __ _1930 S i 965* 100 9553
19
98/
1
4 102
99 Sale 99
993
Lower Austrian Hydro Elec Pow—
34 10712 10884
9412 10
10778 10814 10734 108
let a I 830
1944 P A 9414 9412 9414
8978
6
99 101
10014 Sale 10014 101
10612 20
10134 Sale 1014 10134 16 10012 10214 Manati Sugar lets!7348.__1942 A 0 106 Sale 106
6912 54
7
9414 Sale 94
9414
94
95
Manhat Ry(NY)cons g 46_1990 A 0 69 Sale 6812
6212 61 Mar'27
9314 Sale 9112
90
2d45
2013i D 55
9312 28
97
60
63
4
9512 9614 95/
1
4
9512
Manila ER° Ry & Lt 81 5s_ _1953 M
9314 97
-- 9218 Aug'25
98
9012 Market St Ry laser A Apri11940 Q J 9818 Sale 971s
9614 9812
9812 118
9918 Sale 9834
9912 32
2
g
27
1083
4
984 994 Metr Ed let & ref g 88 see BA952 F A 10812 10834 1083
99
9934 9812
9912
10515 10814
10112 13 100 10112
7
7612 81
7612 Sale 7612
78
1st di ref Ss series C
19533 J 10118 ____ 101
__ 105381Mar'27
10214 Sale 10112 10214 10 10188 10234 Metropolitan Power 1st 66 A1953 J D
10514 105
9
7712
7712 7812
7855
102% 10314 10234 10314 33 10212 10388 Metr West Side El(Chic) 46_1938 F A 1061476
80
12 10414 10514
16 1024 10438 Mid-Cont Petrol 1st 6345
10234 10318 102% 103
1940 M S 10478 Sale 10434 105
68
99
16 10712 10812 Midvale Steel &0cony s f 58 1936 M
99 Sale 9834
10734 Sale 10788 108
9714 9914
8
9812
7 10188 10338 Mllw Elea Ry&Lt ref&ext 430'31 J J 9838 985* 9814
103 10334 10234 103
981*
3
100
94 Sale 9388
9338 39
93
9512
General di ref 56 A
1951 J D 100 Sale 997
99% 10012
99
9914 49
316
92
92 Sale 9012
8912 96
98 100
1961 J D 99 Sale 99
lst di ref 56 B
2
997
1
86
86 Sale 86
86
9812 100
998
8938 Milwaukee Gas Light let 46..1927 M N 9978 100
2F2174 16 19
09
2i32
8 190917528 10
9
0
,
2114 19
54
55
5414
5412
48
09
1%
4 1041
57
1943 J J 19
Montana Power let be A
Ma
5
54
5414
4914 5514 Montreal Tram let & ref 50_ _1941 J J
55
5414
3
8
9634 97
9634
95% 98
9684 10054
9634
Gen & ref s 158 series A 1955 A 0 96% ____ 9912 100
87% 96
105% Sale 105
86/
1
4 89%
10534 61 105 10612 Morris de Co lets I 4 Me__ _1939 J J 87 Sale 8614
81 Dec'26
10518 Sale 105
10512 15 10478 106
Mortgage-Bond Co 4s ear 2_1966 A 0 83
1
4 -9812 97
9712 11
1932 J J 97/
98
10-25-year be series 3
8
East Cuba Suit 15-yr s f g 730'37 M S 10534 Sale 10534 106
34 10534 108
9755
1934 J D 9612 Sale 9612
9612 9812
Murray Body let630
Ed El III Bkn let con g 4s
2
10112 101%
10534 106
94% 9534 Mutual Fuel Gas 1st gu g 58_1947 M N 1015s 103 10112 Mar'27
9534
1939 J
9534
Ed Eleo Ill let cons g bs_ —1995 J J 1085s ---- 1081* Mar'27 ---- 10672 108% Mut Un Tel gtd b ext 4% 1941 MN 10134 ____ 10134 Jan'27
101% 101%
9912
Eleo Pow Corp (Germany)8346'50 MS 9878 Sale 984
97
987s 24
6112 32
6512
Elk Horn Coal lat & ref 6148.1931 SD 9912 Sale 99
6
9812 100
195I J J 61 Sale 60 14
Nassau Elea guar gold 48
8014 62%
99
23
Deb 7% notes (with warr'ts'31 JD 98
95
98% 102
9934 9714 Mar'27
9714 National Acme 1st 51 7%a_ _1931 J D 99 Sale 9832
32 100 10314
Empire Gas & Fuel 7;5e
N 10712 Bale 10712 108
62 10518 19912 Nat Dairy Prod 6% notes _1940 M N 10234 Sale 10212 103
1937
1 10138 10315
let & ref 6)48(witia warets)'41 A 0 10312 104 10314 104
83
98 11034 Nat Enam & Stampg 1st 68_1929 J D 10318 __ 10318 10318
9934 10018 9912 Oct'26
6638 Nat Starch 20-year deb 58-1930 J
MAUD Gas Light let can 58....1932 MS 10014 -- 10018 Mar'27
6
96
934 101
Federal Light & Tr 1st Cs.._1942 MS 9578 Sale 9534
1 11353*
10412
National Tube hat a 1 U....1952 SI N 10418 10412 1041
9578 15
- 114'2
10214 Sept'26
let liens f 58 stamped._ 1942 MB 9588 Sale 953g
MN
6
95
Registered
9614
9512
10312 Mar'27
lot lien 68 stamped
Newark Consol Gas cons 58_1948 J D 1171i3.4 __
1 103 104
9512 96 104
104
1942 M
80-year deb (3s ear B
10434 17
97
9988 New England Tel & Tel 58A 1952 J D 10414 Sale 104
O
1
101
99
34
1954 JO 99 100
99% 11
9758 91
Federated Metals of 75
18
Ist g 4Hs series B
1961 M N 9712 Sale 9634
89
91
9638 97%
90
1939 in 90 Sale 89
9714 49
Flat deb 78 (with warr)
924 10812 New Orl Pub Serr 1st 518 A 1952 A 0 9714 Sale 9612
95
9714
1946 J J 107 Sale 10634 10714 211
157
97
Without stock purch warrants..
9134 97
95
97
First dr ref 66 aeries B_ _1955 J D 9638 Sale 9534
9658 Sale 9534
964 209
Fisk Rubber 1st e f fis
7
12 115 11614 N Y Air Brake 1st cony 68-1928 MN 100% Sale 10034 101
1941 Nig 11534 Sale 11534 116
7
Ft Smith Lt di Tr let g 5s...1936 M
87
8814 90
8712 9014 N Y Dock 50-year 1st g 4s 1951 F A 8514 Sale 8514
90 Mar'27 --__
Framed."Ind & Day 20-yr 7)0'42 ii 10314 Sale 10238 10314 28
9812 1054 N Y Edison 1st & ref OM A_1941 A 0 11614 Sale 11558 11614 76
:
1
110
8
6
1458
5
2
i1i4
:
:
12 1
1110
:11
;7
2111
11i,
4
28
Francisco Sugar 1st sf 7346_1942 MN 107 1073 10812 Mar'27
Firstllen&reICsB
1944A 0 10334 Sale 10312 104
10634 10912
1071s 28 106 1074
!french Nat Mall SS Lines 7s 1940 JO 99 Sale 9834
N Y Gas El Lt & Pow g 58_1948 J D 10718 ____ 107
9914 -!0_!
Gas & El of Berg Co eons g 5111949 JD 10238 _
0_ 275
Purchase money gold 48....1949 F A 934 ____ 93 Mar'27
9
10278 Feb'27
1°4
9214 93
Gen Asphalt cony 65
10814 10 10614 180
112
217
1 NYLE&WC&RR534s 1942 MN 10112 ____ 101 July'26
1939 AO 107% 1-0f3 108
10178 Mar'27
Gen Electric deb g 3345......1942 FA 92
4
923 92
91
NYLE&W Dock & Imp 581943 J J
92
93
Gen Elec(Germany)78 Jan 15_'45 J J 10412 Sale 104/
1004 Mar'27
31 103 10512 NY&QEIL&P IA658_1930
1
4 1043
A HO*
6712 Dec'26
SI deb 6346 with war
84 11311 119
119
N Y Rys Ist R E & ref 46_1942 J J
1940 JO 11812 Sale 117
Without warr'ta attach'd '40 JO 10114 Sale 10034 10114 40
60
62 Mar'27
9914 102
Certificates of deposit
62
63
Gen! Petrol let s f Cs
10118 43 10012 102
19441 PA 101% Sale 101
30-year adj ino 58____Jan 1942 A 0
5
512
3 _Gen Refr 1st sf g tle ear A
1514
0
515 515
1052 PA 103 105 102
54 Mar'27
102
5 10112 10312
Certificates of deposit..........
Good Hope Steel & Ines 7e_1945 AO 10234 Sale 10212 1024 27
2734 Sale 27
124
28
9912 10312 NY Rys Corp Inc 138___Jan 1965 Apr
26
8071
Goodrich (13 F) Co let 8)48_1947 5, 107 Sale 10684
82
10714 21 10578 108
8
Prior lien 68 series A
81
19653 J 81 Sale 81
85%
Goodyear Tire & Rub lit 85_1941 M
122 Sale 12134 12214 32 12034 12214 N Y & Richm Gas lst 85
1951 MN 10418 ____ 10418 Mar'27
102 1044
10-year s f deb g 86..May 1931 FA 111 Sale 11078
11118 37 110% 11118 N Y State Rye lin cons4;48_1962 MN 5612 Sale 5612
571
25
5314 5912
Gotham Silk Hosiery deb 66_1936 SD 9914 Sale 99
9914 20
99 10018
15
781
1962 MN 5612 5714 77
82
let cons 634s series B
71
Gould Coupler 1st 1 68_ _ _11)40 FA 8312 Sale 8312
5
8312
8314 87
___ 10638 107
8 10
NY Steam let 25-yr 83s ser A.1947 M N 106
14 107
994
99
54
Granby Cons M S& P con 88 A'28 MN 101 1051 10112
1 101 102
1011
12
997
NY Telep lst & tens f 4348_1939 MN 9912 Sale 9918
Stamped
N 101 101% 102 Mar'27
1928
101 102
28 1101s 11115
30-year deben 5168._ _Feb 1949 F A 11078 Sale 11018 1107
Cony deb 76
155
39 127 155
1930 MN 142 Sale 142
86 10778 109
1081
20-year refunding gold 68_1941 A 0 10812 Sale 108
Registered
143 Mar'27
143 143
_ 10012 102
Niagara Falls Power let 58 1932 J J 10218 ___ 101 Mar'27
Gt Cone El Power(japan)76_1944 1
9738 Sale 9712
984 64
10512 106
lO57s
Ref & gen 68
10412 106
4
1932
A
0
Jan
Great Falls Power 1st of bs 1940 MN 10334 1041 10334 Mar'27
1998
0
2]
2
7
36513
4 1998
0
2487
!
Niag Lock & 0 pr let 58 A_ _1955 A 0 10114 Sale 10118 10112 15 10014 101%
Hackensack Water let 41
1952 J J 8818 Sale 8818
8814
2
91
35
No Amer Cement deb 834a A.1940 M g 91 Sale 90
90
9514
Hartford St Ry let 45
94
94
4
1930 MS
9515 9715
97
8
Nor Ohio Tree & Light Os__ _1947 M S 97 Sale 9634
Havana Elea consol g ba
0712 12
1952 FA 97 _ _ _ _ 97
101/
1
4 46 100 101%
Nor'n States Pow 25-yr be A_1941 A 0 10112 Sale 101
Deb 5348 aeries of 195L 1951 MS 89 gale 8838
44
89
883s 9038
9914 Sept'26
A 0
Registered
Hershey Cboo 1st & cell 43461940 55 103 Sale 10234 10318 79 10
91
1182
4 103
134
let & ref 25-yr 68 series B_1941 A 0 15512 Sale 105
10512
6 i4
9 ;;
1-66
9
Hoe (12)& Co 1st 634s ear A.1934 AO 101 Sale 10014
13
101
98 10112 North W T 1st Id g 4348 gtd_1934 J J 98
9812 98
98
5
Holland-Amer Line Os(flat)_1947 MN 100% Sale 10012 101
38
Hudson Co Gas 1st g 5o....1940 MN 10212 103 10288 Mar'27
102 103
Ohio Public Service 7Hs A__1946 A 0 11412 Sale 11412 Apr'27
114 116
Humble 011 & Refining 53511_1932 Si 102% Sale 10214
10234 26 10215 10234
1st & ref 78 series B
29
1947 F A 115 Sale 11434 115
Illinois Bell Telephone 52_1958 in 10414 Sale 10334 10414 65 10234 10414 Ohio River Edison let 68_1948 J J 10788 Sale 10612 10788 25
0
9
17
:05!:
is
10
19
0
5
3
039 8
;
134 110
Illinois Steel deb 434e
9912 35
1940 AO 9818 Sale 9818
Old Ben Coal let 135
90
1944 F A 9018 9014 90
18
Deader SteelCorD s 1 78
10214 35 1003
96
1946 AO 10134 Sale 10138
;
3 10
92
93'4
2 Ontario Power N F let 58_ _1943 F A 10134 Sale 10134 102
39
101
102
Ind Nat Gas & 011 55
99
984 Mar'27
98
1938 MN 98
9812 Ontario Transmission 5s
1945 M N 10114 102 10118 1014
4
Indiana Steel 1st 56
10434 14 10312 105
1952 MN 10412 10434 10414
Otis Steel 1st M (is ear A.. 1941 M E3 9414 Sale 9312
9412 44
9312 96%
Ingersoll-Rand let 56 Dec 311935 55 10018 -- 9934 Dec'26
Pacific Gas& El gen & ref 53_1942 J J 10014 Sale 100
10038 50
Inland Steel deb 531s
10414 63 113-1
7a 1-014714 Pao Pow & Lt lst&ref 20-yr 518'30 F A 10018 10038 10038 10038
1945 MN 10314 Sale 10314
3
Inspiration Con Copper6H6.1931 M
10012
10112
41
10012 Sale
10012 101% Pacific Tel & Tel let 55
19373 J 102% Sale 102
10238 14 10
99
114
%0
102
14
Interboro Metrop coil 434s._1458 AO
11 Apr'26
Ref mtge bs series A
1952 M N 103 Sale 1024 103
68 1111
100
40 0 0022
11:
14434
:
2 11:
100000
0344
Guaranty Tr Co ctfs dap
13 Nov'26
Pan-Amer P & T cony s
191
!65_1934 MN 103 Sale 10234 104
Ctf dap stpd asstd 16% sub.....
-- 1012 May'25
let lien cony 10-yr 78
1930 F A 10412 Sale 0478 10478 49 104% 10514
151 -7E12 /9-3* Pan-Am Pet Co(of Cal)cony 6540 J D 9434 Sale 9234
lnterboro Rap Tran let 58-1966 is 77 Sale 7534
77
95
9214 10015
88
Stamped
7678 412
is 7634 Sale 7512
754 7914 Paramount-13way let 534s 1951 3
10014 Sale 00
10014 38
98 100%
80% 181
79
10-year 68
1
4 Sale 79
8212 Park-Lax et leasehold 634s_1953 J J 86h Sale 8634
1932 AO 80/
8712 17
8612 93%
10-yeer cony 7% notes_ —1932 MS 9734 Sale 9714
9778 120
964 99
Pat& Passaic Ci & El cons 58.1949 M S 10212 Sale 0212 10212
5
4
85
85
tat Aerie Corp 1st 20-yr 58._1932 MN 75
8312 85
90
73
Penn-Dixie Cement 65 A_ _ _ _1941 M S 101 Sale 0038 101
3
Stamped extended to 1942_ _ MN 6912 70
6912
6712 83 Peop
6912
1312 Mar'27
11312 116
& C 1st eons g 66 1943 A 0 11312
10134 425
Inter Mercan Marine s 168_1941 AO 10134 Sale 9914
95% 102%
4 10118 102se
Refunding gold be
1947 M S 10178 fcii 0134 10234
International Paper 56
9778 36
97
9912 Philadelphia Co coil tr 65 A_1944 F A 10312 Sale 0312 104
47 10314 10478
1947 is 9778 Sale 9738
99% 103
Ref 61 6s ser A
15-year cony deb 634e.....1938 M 13 10214 Sale 0112 10218 14
1955 MS 10134 Sale 10134 10212 46
Cony deb 66
9878 417
9734 9878 Phila & Reading C I ref 58_1973 J J 101% Sale 10158 10214 10 10
0212
1941 AO 98 Sale 984
90
912 10322
lot Telep & Teleg cony 53481945 MS 11012 Sale 10912 11034 766 10872 11034 Pierce-Arrow Mot Car deb 881943 M S 104 Sale 04
10412 12
12
Italian Cred Consortium 7e A1937 MS 9612 96% 9612
9634
9612 96% Pierce 011 deb f 88__Deo 15 1931 J D 100 101
9912
4
9912
9512
9512
39
Exti sec s f 76 ser B
9512 97
Pillsbury Fl Mills 20-yr 65_1943 A 0 103 10312 05
1 19
1051s
1947 M
9434 Sale
09
24
% 199
0511:
Italian Public Utility act 75_1952 J J 9434 Sale 9438
9512 226
90% 9612 Pleasant Val Coal 1st g s f 55.19285 J 99% 100
9912 Mar'27
Jurgen'Works65(fiat price)-1947 Si 10612 Sale 064 10612
10434 10912 Pocah Con Collieries 1st 51 581957 J J 9114 9134 9138
913g
1
9118 928s
Kamm City Pow & Lt 58_1952 MS 10418 10412 0314 10412 51 103 10578 Port Arthur Can & Dk 65 A.1953 F A 103% Sale 033g 10338
2
10538
Kansas Gas & Electric 6s_1952 MS 10514 Sale 05
11 10334 10534
lst M (is series B
1953 F A 103 10312 05 Mar'27
123
0418
36 10
05
538
108
Kayser (Julius) & Co 1st s It 78'42 FA 10778 Sale 0778
30 10834 10812 Portland Eleo Pow let 68 B_1947 SI N 10114 Sale 0114
10114 13 10014 102
Keith (B F) Corp let 138-1946
14
0912
98
9934 Portland Gen Eleo let 58_1935 J J 10038 10114 0012 Mar'27
S 9912 Sale 98%
100 101
100
99 108
Portland By let & ref 5s
Kelly-Spring!Tire8% notes-1931 MN 106 Sale 0412 106
9514
1930 MN 95% 97
9415 97
96
5
8s____1941 MN
Central Steel let g
Ceepedes Sugar Co late f 7)4s'39 MS
Chia City & Conn Rye 5s5an1927 AO
Ch L & Coke let gu g 5s_ _1937 Si
1927 FA
Chicago Rye let 58
Chile Copper cony (le ser A_1932 AO
Mein Gas & Elee let & ref 5s'56 AO
Jan 1 1981 AO
534s ear B due
Cities Sery Pow & L f 6s1944 MN
Clearfield Bit Coal let 46-1940 is
Colo F & I Co gene!5s._ —1943 FA
Col Indus let & coll 58 gu_--1934 FA
Col & 9th Av let gu g 58--1993 MS
Columbus Gas let gold 588_1932 J J
Commercial Cable let g 48_2397 Q J
Commercial Credit a 6 6s___1934 MN
1935 J J
Col tr s 1 5)4% notes
Commonwealth Power 65_ 1947 MN
Computing-Tab-Rec s 1 66_1941 ii
Conn RI & L let & ref g 4301951 J J
1951 is
Stamped guar g)is
Consolidated Cigar 5 1 6s
1936 AO
Consolidated Hydro-Eleo Works
of Upper Wuerternberg 75_1956 Si
Cons Coal of Md let & ref 50_1950 JO
Causal Gas(NY)deb 5 s_ _ 1945 FA
Cont Pap & Bag Mills 6348_ _1944 FA
Consumers Gas of Chic gu Cs 1936 JD
Consumers Power let 5s__1952 MN
Copenhagen Telep ext 64__ _1950 AO
Corn Prod Refg let 25-yr s f be'34 MN
Crown Cork & Seal 1st sf 68_1942 PA
Crown-Willamette Pap 6s
1951 is
Cuba Cane Sugar cony 76__ _1930 is
Cony deben stamped 8%A930 is
S
Cuban Am Sugar let coil 86_1931
Cuban Dom Sug 1st 714s
1944 MN
Ciamb T & T let & gen 58
1937 J J
Cnyamel Fruit lst s f Gs A_ 1940 AO
Davison Chemical deb 830_1931 J J
Deny City Tramw let con 58 1933 A0
Den Gee &E L let & ref s I g 56'51 MN
N
Stamped as to Pa tax
Dery Corp(D G) let of 7s__1942 M S
Detroit Edison 1st coil tr 5,2_1933 is
let & ref Cs series A_July 1940 M
1949 AO
Gen & ref 5s series A
let & ref 68 series B__July 1940 M S
Gen & ref 58 ser B
1955 JD
Det United let cons g 445 l932 J J
Dodge Bros deb 66
1940 MN
Dold (Jacob) Pack let 68_1942 MN
Dominion Iron & Steel 58_1939 MS
Certificates of deposit
Donner Steel let ref Is
1942 .1 -5
Duquesne Lt let & coil 6s
1949 J J
lot eon trust 5348 series 13_1949 is
9511
164
07411 108
70,
6(34
P
2100
T-FrF CHRONICLE
New York Bond Record-Concluded-Page 6
(Vox.. 124.
Quotations of Sundry Securities
All bona prices are "end in crest" preen? where marked
BONDS
M. X.STOCK EXCHANGE
Week Ended April 8.
Prize
Friday.
April 8.
Week's
Range or
Last Sale
Range
Sines
Jan. 1.
Standard 011 Stocks Par Rid. Art,
Public Utilities
Per Cl. Basil
18
Anglo-Amer Oil vat stock_El
American Gas & Electrio-t *78
7812
Non-voting stock
t *99 10011
1911 110
9
D
nebn
' tirset2e0r
100 10
4 1 new M&N 10312 104
High Atlantic Refining
Bid
Ask Low
Higb No. Low
Preferred
100 118 11814 Amer Light & Tree com_100 229 232
Portland Ry L & P let ref 54.1942 F A 9512 96
9538
9138 95,2
9512 14
56
3 10012 10134 .Borne Scrymser Co new --- *51
Preferred
1st lien & ref es series B_ _1947 MN 10114 10112 10114
100 120 122
10114
4912 Amer Pow & Light pref-100 0912 993
Buckeye Pipe Line Co__ _ _60 *49
6 10612 108
let & refund 7)4e series 4_1946 MIS 10714
10712
- - 10714
25 *8112 8234
Deb Os 2016
Pressed Steel Car cone g be_ _1933 J J 9578 Sale 9578
M&S 102
9412 9738 Chesebrough Mfg
9658 11
•1834
1878 Amer Public Util corn_._100
10
11118 11118 Continental Oil v t a
Prod & Ref s f 8s(with war'ts)'31 .1 13 11114
70
- 11118 Apr'27
7% prior preferred _ _ _ _100 1012 92
Without warrants attached___ J 13 11012 ffi 11012 Mar'27
110 11112 Crescent Pipe Line Co__ _50
4% panic preferred__100
_
_ 10518
10578 48 10334 10578 CumberlandPipe Line_ _100
Pub f3erv Corp of N J see 68_1944 F A 10578
8334 85
5
9113
6 ;1-2 Associated Gas & Elea pref_t *5112 32
-9-34
Eureka Pipe Line Co_ _ 100
16 10434 106
Pub Serv Elea & Gas let5 As1959 A 0 105 Sale 10478 106
034 12 Blackstone Val GdrE com_50 *114 117
2 104 1053s Galena Signal 011corn___100
1984 A 0 10538 Sale 10558 10558
1st & ref 5148
42
9 4
58
5 Copm
Preferred old
100 4
re
'w'
4err
IPow
ted
h
Corp new -t *44
10634 10734
Pub Serv El Pow s f 1st 68_1948 A 0 106 Sale 10738 Mar'27
4434
Preferrei new
100
100 89634 9714
107 11112
Punta, Alegre Sugar deb 78_ _1937 J J 108 Sale 108
108
Bumble Oil & Refining_ _.25 5738 5734 Consol Gas 6% met
3 10212 170
165
Rand ICardex 534s(with mull 31JJ 160 170 165
50 *5614 5612
34
1
58
14348
Elea Bond & Share pref _100 10714 10734
100
8 100 1011
/
4 Illinois Pipe Line
Without stock pur warrants_
10112 -- 10112 10112
3978 Elm Bond dr Share Secur-t 68
44
Remington Arms 8s
1937
6811
9518 9712 Imperial 011
9712 51
9712 Sale 9634
6614
112 3
67
1
Lehigh Power Securities_ _ t *1912 1934
1 1004 10312 Indiana Pipe Line Co..__ _50 .3
10218
Repub I & 10-30-yr fel _ _1940 A 0 10112 -- 10218
34 Mississippi Riv Pow pre:.100 100
Ref & gen 5345 series A_..1953 J J 10178 Sale 10114
9838 10218 International Petroleum_ _ _t
10218 36
2
4
521,22 73
173
41,12
14
First mtge 5s 1951_ _JdrJ 10114 102112412 61 11812 12614 National Transit Co__ 12.50 *73
Rheinelbe Union is with war 1946 J J 12334 Sale 124
4
Deb. 5. 1947
Without etk purch war18.1946 J J 10114 Sale 10034
M&N 9614
9978 10412 New York Transit Co ...100
10112 143
7 102 10412 Northern Pipe Line Co__100
National Pow & Light pref-t 10434 166Rhine-Main-Danube 7s A_ _ _1950 M S 10278 Sale 10278 10334
Ohio 011
25 *3634 5734 North States Pow corn_100 113 11312
9 10134 105
Rhine-Weetphalia Else Pow 76'50 M N 10338 10414 10338 104
1* 188
21,
Penn Me: Fuel Co
25 *44
31
_1955 F A 97 Sale 9614
Preferred100 10212 10512
9334 98
97
alma Steel let s f 75
14416
8
934 Nor
Prairie Oil & Gas new_ __ _25
6
as
ecElec Co com_100 30
60
5912 60
Bobbins & Myers let et 75__1952 J
5912 65
6014
32
new..
Prairie
Pipe Line
Preferred
2 11118 11214
11114
Rochester Gas & El 7s ser B..1946 M S 11114 Sale 11114
100 71
73
--100
4
112 16
8
1
100 :16818
Ohio Pub Serv, 7% pref-100 10412 105
105 10614 Solar Refining
Gen mtge 5145 series C1948 M S 10514 106 10514 Mar'27
9
3
814 Pacific Gas & El 1st pref _ _25 *2478 2514
9212 9212 Southern Pipe Line Co
9212 9212 Jan'27
Such & Pitts C&IPm 59_ _1946 M N 90
*5
25 *37
3714 Power Securities corn
1
3834 4978 South Penn 011
t
Rogers-Brown Iron gendaef 78'42 M N ____ 394 3834
8
3834
Southwest Pa Pipe L1nes.100
Second
3
ntdp4
preferred
12 2___ j&D
M N 3814 381. 3814
t *20
3812
32
38
50
Stamped
Standard 011 (California)._ *5538 5578
C
trust Os
*92
94
6614
2
Incomes June 1949_ _F&A *86
96
_1937 M N 9612 9714 96
9358 9712 Standard 011 (Indiana)_.25 *66
St Jos Ry Lt & Pr 1st
88
9714-_ 9734 Feb'27
St Joireph Stk Yds let 4348_1930 j
29
9734 9714 Standard Oil (Kansas)._ _25 *1738 1734 Puget Sound Pow & Lt_-100 28
5
6% preferred
0
100 86
j 7912 -8.
88
7558 8114 Standard 011 (Kentucky).25 11312 115
7934
St L Rock Mt & P 58 etmpd_1955
7912
25 *4714 48
2
7% preferred
100 d10712 10812
9638
St Paul City Cable cone 58_1937 .1 j 9638 Sale 9514
9514 9638 Standard Oil(Neb)
181 dr ref 530 1949_ _J&D 10014 101
6 10512 10758 Standard 011 of New Jer_ _25 3678 37
10714 Sale 106
10714
San Antonio Pub Serv 1it6eA952 j
Standard Oil of New York 25 *3114 3112 South Cal Edison 8% pf_..25 *36
Saxon Pub Wks(Germany) 75'45 F A 10234 Sale 10212 10278 77 10114 104
100 300 306 S,and G & E 7% pr pf100 10712 108
9912 Standard 011(0121o)
9834 95
e1 guar 48.
1951 .34 N 98 Sale 98
98
Ge•,
New _
Power
10512 106
812 4
7
Te
olnendE
o
115
10112 25
19465 j 10138 Sale 100
9934 1011,
Schuloo Co guar 614s
Preferred
100 11812
10712 108
10014 29
99 10114
0 9978 Sale 9934
Guarsf63isSerle8B.1946A
-1712
100 16
8% preferred
100 115 118
Sharon Steel Hoop let 88 ser A '41 M S 10834 Sale 10834 10912 13 10712 10912 Swan dr Finch
100 101 10211 Western Pow Corp pref-100 10014 10112
4 107 10814 Union Tank Car Co
10712
Sheffield Farms lst & ref 6As'42 A 0 10712 10734 107
Vacuum Oil new
25 *10718 10712
16
97
97
95
Sierra & San Fran Power 55_1949 F A 97 Sale 9618
10
Chic it Stir Ld Bk Bonds
9634 9814 Washington Oil
9714 16
Sties% Elee Corp s I 634s_ _1946 F A 9714 Sale 9634
136
5348 Nov 1 1951 opt 1931_ 10012 10134
101
_194111' A 1004 Sale 100
Silesian-Am Exp col tr
9834 10112
9912 10034
Other 011 Stocks
fe Nov 1 1951 opt 1931__
Malmo Petrol 6% notes_ _ _19291M N 10014 101 10078 10078 71 10038 105
9912 101
•118 134 Si May 1 1952 opt 1932__
154
9784 10234 Atlantic Lobos Oil
Sinclair Cons 011 15-year 78-1937 M S 9834 Sale 9858 100
9814 9934
Preferred
50 4.278 313
304
9938 10214
Istl'ncol tr C with war_1927:J D 100 Sale 9978 100
9012 44
25 *90
246
99
343
8 Ne
ntp.t 1932_...- 96
or
v 1 195
952 o
9214 10238 Gulf 011
97
193I0 D 96 Sale 9514
let lien 6345 series B
2518 454e May 1 1963 opt 1933_
9814 10012
10 *25
Sinclair Crude 0113-yr 68 A-1928'F A 10034 Sale 10058 10078 71 10033 1014 Mountain Producers
238
233
National
Fuel
Gas
100
_ 9912 101
1933....
82
94
94
Sale
1942
Nov
1
1963
opt
943
S
55
58
9214
8
AO
LineS
9588
Sinclair Pipe
2312
2612
New w
23's
2 10138 10234
434e Nov 1 1984 opt 1934.... 97 100
10212
Smith (A 0)Corp let 6As_1933 MN 102 10214 10214
714 4348 Oct 1 1965 opt 1935....
Salt Creek Consol Oil__ __10
8 107 109
97 100
_
South Porto Moo Sugar Ts_ _1941 SD 109 Sale 10812 109
3018 Pac Coast of Portland,(We1 10212 10334 Salt Creek Producers.._ _10 •30
10318
South Bell Tel & Tel let s 1581941 ii 10318 10312 10318
bs 1955 opt 1935 _..M&N 10114 103
10412 26 10018 10412
Southern Colo Power Os A 1947 Si 10318 Sale 10318
Railroad Equipments
Ns 1954 opt 1934_...M&N 1014 10231
10414 91 WV. 10414
Ernest Bell Tel let & ref 6&..1954 FA 10414 Sale 103
5.00 4.85
9$12 10018 Atlantic Coast Line 68
Spring Val Water Mt g 58-1943 M N 9912 10018 100
8 12
4.70 4.62
Equipment6 As
6 100 102
Sugar Stocks
1930 MN 10138 10134 101
10114
Standard Milling let bs
5.05 4.90 Caracas Sugar
ao 4.1 3
10212 Mar'27
1945 MS 10258
10178 10334 Baltimore ds Ohio 65
1st & ref 5 As
Equipment 434s & 6e..... 4.75 4.60 Cent Aguirre Sugar oom_ _20 *9912 10012
Stand 011 of NJ deb be.Dea 1546 FA 10218 Sale 10178 10214 178 10134 10234
Buff Roch & Pith' equip 6e_ 4.90 4.70 Fajardo Sugar
73
100 150 15012
1951 JD 96 Sale 9534
9518 96
96
Stand 011 of N Y deb 414e
10
44
99 10014 Canadian Pacific 4148 & Os.. 4.95 4.65 Federal Sugar Ref cona_100 36
9934 100
Stevens Hotel lit fie ger A _ _1945 Si 9978 100
5.00 4.85
Preferred
9
75
100 50
9812 10014 CentralRR of N J 68
Sugar Estates (Oriente) Ts_ _1942 MS 9912 Sale 9912 100
4.90 4.80 Godchaux Sugars,Inc
t *1
2
0934 10214 Chesapeake & Ohio Os
1929 FA 100 Sale 100
3
100
Superior Oil 1st f 7s
4.65
4.80
Equipment634e
Preferred
1 10224 10334
100 16
20
10334
Syracuse Lighting let g be.__1951
10334
D 10334
4.70 4.60 Holly Sugar Corp corn...
Equipment5s
*31
34
103 10538
Twin Coal Iron & RR gen 68_1951 ii 103 1-1i4 10458 Mar'27
Preferred
100 80
84
Tenn Copp & Chem deb 6s_ _1941 AO 100 Sale 100
10014 15 100 10114 Chicago Burl & Quincy 13s.._ 5.00 4.90
Tennessee Elea Pow let 6e 1947 J D 10612 Sale 1064 10634 22 10518 10712 Chicago & North West fls_ _ 5.05 4.90 National Sugar Refining _100 132 135
4.90 4.75 New Niquero Sugar
Equipment6 Ms
100 65
1960 is 65
70
63
6612
6538 10
6514 6478
Third Ave lit ref 45
4.65
4.80
Chic
5a
RI
&
Pao
Santa Cecilia Bug Corp p1100
4345 &
5512 102
5712 6512
Ad)the as tax-ex N Y Jan 1980 AO 5712 Sale 5712
5.15 5.00 Savannah Sugar core
EquipmentOs
•l38
141
9738
1937 Si 9738 98
97
9812
Third Ave Ry lst g 5e
97/
1
4 33
5.20 6.00
Preferred
100 118 121
97 Sale 97
1955 M
97
9934 Colorado & Southern 6s.9834 74
Tobo Elec Pow 15176
5.00 4.90 Sugar Estates Oriente pf _100 69
73
9718 994 Delaware & Hudson (is
9818 102
6% gold notes _ _ _July 15 1929 Si 9818 Sale 9718
5.00 4.75 Vertlen te,Sugar pf
100 65
70
9818 9912 Erie 4345 & Ls
9914 93
Tokyo Elea Light 8% notes_1928 PA 99 Sale 9858
5.15 5.00
Equipment tis
Tobacco Stocks
1941 MS 108 10812 108
10812 15 10734 1084
Toledo Edison 1st 76
5.05 4.95 American Cigar com_ _100
00 122 125
9834 9984 Great Northern 135
9934 47
Toledo Tr L & P534% notes 1930 Si 9934 Sale 9834
4.70 4.60
103
Equipment 58
Preferred
Trenton G & El lst g 5s__1949 MS 10214 - - 10218 Dec'26
4.75 4.85 Briptee
Hocking Valley 55
tshre
r.mer Tobaa ord__El *2314 24
18
1940 MN 101 Sale 100
9712 101
101
Trumbull Steel 1st f 6s
5.05 4.90
Equipment Os
41 *2334 24
6712
66
67
6712 Mar'27
Twenty-third St Ry ref 58_ _ A962 is
2734
99 10214 Illinois Central 4345 & S&_. 4.65 4.55 Imperial Tob of01344 Irel'd *25
Tyrol Hydro-Elea Pow 734a-1955 MN 162i4 Sale 10118 10214 42
5.00 4.85 Int Cigar Machinery_ _ _ _100 130 135
Equipment65
4.75 4.65 Johnson Tin Foil & Met_100 60
Equipment 75&81075
UDgawa El Pow s f 78
1945
S 9914 Sale 9812
9812 100
9814 98
5.20
6.00
Kanawha
&
Michigan
fis„.
41
MacAndrews
&
Forbes_
_100
43
Underged of London 4340_1983 is 9534 9712 9534 Mar'27
9534 98
5.10 4.85
Preferred
100 102
1948
9678 9678 Kansas City Southern 6345
9678 Mar'27
Income 68
100 28
32
9 10114 10288 Louisville & Nashville 6s_. 5.00 4.8, Mengel Co
_ 10178 102
Union Elea Lt & Pr(Mo)58_1932 MS
4.62
4.70
Equipment8325
Universal leaf Tob corn - t *42
44
2 10114 1023s
1933 MN 10178102 10212
- - 1014 10178
Ref & ext be
Preferred
100 103 106
Un E L&P(III)lets bAseer 41954 ii 10212 Sale 10212 10314 51 10134 10312 Michigan Central bs & es_ _. 84.95 4.75
100 107 112
1
8412 Minn St P&SSM 434s & 5s 5.10 4.85 Young (J El) Co
1945 AO 8014 83
81
82
82
Union Elev Ry(Chia) 58_
5.10 4.80
Equipment 630 & 7s
Preferred
100 105 107
3 10112 102
1931 is 10158
10138
10158
Union 011 let liens 155
4.90
5.20
Missouri
Pacific
68
&
8
Rubb
As
Stks
(Owed
guotern)
8
109
series
A
May
1942
10812
10812
10812
Sale
FA
10812
30-yr 66
4.90 4.70 Falls Rubber com
5214 4
31
9812 997s Mobile & Ohio 58
99
1st lien s f be series C Feb-1935 AO 9858 9834 9858
Preferred
25
15
10738 11 10612 10758 New York Central 434s & 58 4.65 4.55
United Drug 20-yr 6a_Oet 15 1944 AO 10738 10712 107
4.90 4.13,1 Firestone Tire& Rub eom.10 *121
Equipment6s
6 10212 10438
United Fuel Gas 1st f 6s___1936 is 10458 Sale 10438 10458
4.65
4.70
Equipment7s
78%%
4
100 105 lOOig
76
7714
7718
7612 78
7718
United Rye St L lit g 4e___ _1934
4.82 4.55
Norfolk & Western 4 Ma9
preferred100 100341 0111
90
95
1937 MN 94 Sale 94
9478
United SS Co 15-yr 68
4.80 4.75 General Tire& Rub Corn ..25 *150 153
10514 28 10378 10512 Northern Pacific 7s
United Stores Realty 20-yr 65'42 AO 10514 Sale 105
Preferred
100
9434 9612 Pacific Fruit Express 7s...- 4.75 4.70
.1 9614 Sale 9512
11012
9612 183
S Rubber lit & ref 55 ear A 1947
9488 9438 Pennsylvania RR eq be de Os 4.95 4.60 Goody'r It& Ito!Can p1.100 r10012 102
J
9438 Feb'27
Registered
2711
10-Yr TA % secured notes_1930 VA 10578 fiZe" 10578 10612 30 10334 10634 POLO & Lake Erie 634s..... 4.90 4.70 India Tire & Rubber new_t
5.09 4.80 Mason Tire & Rubber com_t *218 218
EquipmentOs
10712 173 1061s 108
U is steel Corp(coupon Apr 1983 MN 10738 Sale 107
4.85 4.55
Preferred
10534 10678 Reading Co 434e & bs
100 20
106 Mar'27
25
e 1 10-80-yr 1Se reel/a-Apr 1983 MN
St Louis & San Francisco 513_ 4.80 4.70 Miller Rubber preferred_100 102 10212
6
8714 90
8912
8914 8912
Universal Pipe & Bad 88_ - _1938 SD 89
9338 9512 Seaboard Air Line 5348 & 65 5.25 4.95 Mohawk Rubber
100
16
9512 49
Utah Lt& Tree 1st & ref be-1944 A0 9514 Sale 9412
4.65 4.55
Preferred
1944 FA 9858 Sale 9818
40
9738 9934 Southern Pacific Co 4 Ms-45
9934 153
Utah Power & Lt let Si
4.75 4.65 Selberling Tire & Rubber.._t *24
Equipment7s
1950 .1 .1 10278 ____ 10278 Oct'27
2414
Utica Eleo L & P let 5s
4.70
Southern
Ry
4.85
434s & Ss
1 logs 103174
100 9812 100
10314
Utica Gas& Else ref & ext 581957 Si 10314 Sale 10314
5.05 4.95
Equipment(is
PreteWrraen
ter Bonds.
23
9834 100
Vertientes Sugar Id ref 71_1942 SD 9934 Sale 9912 100
1953 Si 5714 80
5714 Mar'27
5614 573s Toledo & Ohio Central 65.._ 5.00 4.90 Arlan Wat 18156'58 A.A&O 9612 968
:
Victor Fuel let if 55
4.62
Birm WW let5AltA'54.A&0 103 104
4.70
2
9478 Sale 9478
9438 947s Union Pacific 7s
Iron Coal& Coke 1st g frs 1949 M
948
1st M Se 1954 ser B._J&D 9912 100
1934 Si 99 Sale 99
9938 22
98/
1
4 100
37a Ry Pow let dr ref be
Short
Term
Butler
Wat
Securities
Co s f 5e '27..I&J
9
92
9612
9638
Walworth deb 614e(with war)'35 AO 9638 Sale 96
Anaconda Cop Mines'29J&J 10218 10234
55 Sept 2 1931-_ -M&S 1 5612 98
41
9314 96
96
lit[rink fund fle series A--1945 AO 9514 Sale 95
10612 31
9178 10712 Chic RI & Pao Se 1929.1&J 10034 10118 CityW(Chatt)534s'54A5&D 10314 10414
Warner Sugar Refin let Te 1941 SD 10638 Sale 106
5%
10118
notes 1929
1st M be 1954
M&J 10034
J 92 Sale 92
1939
7818 9814
J&D 9712 9812
9714 354
Werner Sugar Corp 1st 7s
412% notes 1928
J&D 994 10018 City of New Castle Water
5 10234 103
103
Wash Water Power s f 5e---1939 Si 103 Sale 103
90
be Dec 2 1941____J&D 1 93 95
1028/3 103'2 Federal Sus Ref 68'33.M&N 88
Wenches Ltg g 58 stmpd gtd 1950 SD 10238 103 103 Feb'27
4 10112 10212 Missouri Pacific Se'27__J&J 10018 10038 Clinton WW 1st 58'39.F&A 95
10238
1944 MN 10238 Sale 102
Weet Ky Coal 1st 7s
1 10018 10138 Sloss-Sheff S & I fis'29.F&A 10218 10238 Com'w'th Wat let 534.A '47 103 104
10158
Wart Penn Fewer ser A Si--1946 MS 1024 10214 10158
Indus. & Miscellaneous
Connellev W 580et2'39A4k01 92
3 10014 10312
9312
1963 MS 10114 10112 10112 102
litSIeerle8E
85 ESL L & Int Wat '43.J&J 96
25 •78
4
97
105
105
105
•
_
AO
1953
10412 10538 American Hardware
F
series
lirt 5As
1st M 68 1942
100 119 123
j&J 103 104
1956 J D 10134 Sale 10112 10134 59 100 10134 Babcock & Wilcox
lit.ec6eserles0
25 Huntington let 68'54_ _NUS 104
Bliss(E W)Co
*23
11
7914
7914 79
1950 is 79
79
80
West Va C & C 1st 68
5s
Preferred
ao •56 60
1954 9714 98
Borden Company corn.. _ _50 •110 112 Mid States WW 6.'36 M1&14
54 101M 103
1944 AO 10278 Sale 10212 103
4 100
Western Electric deb fai
22 MonmConW 1st far56AJ&D 94 Wig
Celluloid
20
Company
18
100
1013
10218
10314
102
103
J
J
8
10514
5e-1938
coil
tr
our
Union
Western
72 Moran Val Wt 5143'50 J&J 9912 10013
Preferred
100 69
9712 9934
9834 9884
9834 13
Fund & real est g 41411-1950 MN 98
100 11812 120 Muncie WW be Oct 2'39 A01 92
1938 FA 11112 Sale 11138 11178 25 11114 11214 Childs Company pref
15-year 634116
100 190 194 St Joseph Water 5s 194l A&0 96
97
1951 SD 10234 Sale 10234 10314 82 101 10314 Hercules Powder
95-year gold be
Preferred
100 116 118 Shenango ValWat 5s 513A&O 9412 95
10318 226 101 10318
Wes'bouee E & M 20-yr g 5e..1946 MS 10234 Sale 10214
114
Internet
So
Silver
Pitts
7%
Wat
98
pref
-100
32
973
4
9818
97
9912
lat
9818
Sale
SD
962
4
56
1960
6348_1950
J&J
Pow
El
Un
Weetphalia
92
Lehigh Valley Coal Sales-50 *90
let M 5e 1955
99
49
9634 100
F&A 98
Wheeling Steel Corp let 5 As 1948 Si 9914 Sale 9812 100
100 124 127 Ter H WW es '49 AJ&D 102
10212 52
9734 10212 Phelps Dodge Corp
White Sew Mach 6e(with war)'38 is 102 Sale 10134
170
165
Royal
let
M
Baking
Pow
5s
95
com_100
1956
50
Mar'27
45
50
50
ser
B.
58
_F&A
'S
78-..1935
Wickwire Spen St'l 1st
Preferred
100 101 102 Wichita Wat let 8e'49_M&S 103
3812 36
35
52
Wickwire Sp SO Co 75 Jan 1935 MN 3718 Sale 3514
let M be 1958 ser B F&A 95
MS 10214 10212 10218 10212 31 10184 10212 Singer Manufacturing.....100 372 377
Willy.-Overland s f 6 As_ _1933
Singer
Mfg
Ltd
Al •54 578
107
9734 10278
Wilson & Co 1st 25-yr f 68_1941 AO 9934 Sale 9878 10034
93 Feb.25
AO
•Per share. t No par vs ue. b Basis d Purchaser also pays accrued dividend.
Registered
9 ioirs 1661;
10618
1941 AO ioUs fi;fe". loo
Winchester Arms 7)4.
r New stock. IFlat price. k Last sale. n Nominal. x Ex-dividend. y Ex-righte.
161 10334 105
./ 105 Sale 10434 105
TOtinirn Sheet & T 20-yr 69_1943
Canadian quotation. a Sale price.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 2.
Monday,
April 4.
Tuesday,
April 5.
Wednesday, Thursday, j
April 6.
Aprit 7.
Friday.
April 8.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Shares
Railroads.
179 17912 179 180
__
179 179
179 180
179 179
283 Boston & Albany
100
•177•85
8512 84
853-4 85
85
8414 85
8412 8412 8412 8412
752 Boston Elevated
100
101 101
_ *101
_ 10018 10018 101 101
100 10112
64 Preferred
100
112 112
0112 113 *101112 112
11212 11212 112 11212 112 11212
1s1 preferred
170
100
0102 104 *102 104
102 103
10214 103
102 10212 10214 10212
356 26 preferred
100
54
54
54
5412 5412 5534 55
5512 54
55
--------787 Boston & Maine
100
0____ 6112 *____ 6112 *____ 6112 *____ 6112 *6018 6112 6112 62
30 Preferred
100
*8112 83
*8212 83
*8212 83
+8212 83
*8212 83
Series A lst pref
100
*125 130 *125 130 *125 130 *125 130 *125
Series B let pref
100
•103
____ *103 110 *103 110 *103 110 *103
Series C let pref
100
0155
_ _ *155
_
*155
_ *155 160 *155
____ ____
Series D let pref
100
10812 1-0812 108 16812 010712 115812 10812 10812
__ 109 109
93 Prior preferred
noo 205 *200 205 *200 205 *200 205 *10812*198 200
---_ ____ ___ __ _ Boston & Providence
100
2912 30
2812 2812 *29
*2812 30
30
29
29
--------250 East Mass Street Ry Co
100
67
*65
67
065
67
*65
*65
67
*65
67
____
_ ____ __
1st preferred
100
62
*60
*61
62
061
62
*61
62
*61
62
62 --62
20 Preferred B
100
040
43
43
43
42
43
*43
4312 *43
4312 43
4312
203 Adjustment
100
70
70
70
70
70
71
71
72
7212 73
7212 7212
680 Maine Central
100
52% 538 5218 53
5078 518 515 53
52
5512 5412 5538 4,932 NY N El & Hartford
100
*99 __-- 0984 ---- *100 101
101 101
100 100
--------11 Northern New Hampehlre_100
138 138
*135 139
138 138 0138 140 *137 138
--------36 Norwich & Worcester pref_100
127 127
127 127
127 127
127 127 *126 129
127 127
195 Old Colony
100
•112 11212 *112 11212 *108 115 0108 115 *108 115
____ ____ ______ Vermont & Massachusette_ 100
Miscellaneous.
388 3,8 *312 358
358 358
3i2 312
312 312
312 5,2
389 Amer Pneumatic Service_ __25
*1912 20
*1912 20
1912 1912 *1912 20
01912 20
1912 1912
50 Preferred
50
16514 166
166 16714 16612 1673 1675* 16938 169 172
16834 17012 5,030 Amer Telephone & Teleg-100
6112 6012 61
61
61
6112 6012 6114 6012 6412 6212 6412 3,307 Amoskeag Mfg
'Jo par
*7980 80
*7912 8012 *
80
80
80
Preferred
82
No par
0s5612 5814'015612 5814 0z5612 5814 *15612 5814 015612 58,4
Atlas Plywood tr etre
*712 812 *7
912 12
914
818 912
1112 12
2,415 Atlas Tack Corp
Vo par
•__ _ _ 17
17
1534 1534 *
1712 0
1712 --------20 Beacon 011 Co corn tr ctfe____
7934 7934 7934 80
7934 80
7914 8112 z7978 8
7914 80
730 Bigelow-Hart/ Carpet No par
*134 2
*1 12 2
0112 2
112 1%
11
/
4 1'5* --------1,400 t..3..1clah Co p., class AT C ._ _
•76
77
76
76
7614 7614 7512 7612 *75
7612 --------75 Dominion Stores. Ltd-No par
•114 21
*134 212 *2
212
212 212 *2
212
2
2
100 East Boston Land
10
0512 6
*512 6
*512 6
512 512 *512 6
512 5,2
85 Eastern Manufacturing
5
60
621
61 12 62% 63
64
6214 6214 62
63
62
63
3,505 Eastern SS Lines, Inc
25
39
39
39
4234 42
41
41
42
411
/
4 4134
1,865 Preferred
No par
93
93
96
94
96
96
925*
9612 9634 96/
1
4 9614 9614
let preferred
540
100
__ 0z111
_ *s1112
/
4
_ .112
1212 12,2 12'2 --------25 Economy Grocery Stores
•z111224012 244
- - 244 i45
243 24324 243 244
242 244
24334 250
1,661 Edison Electric Illum
100
2814 281 02814 2812 2812 2812 *2814 2812 28,4 2814 28,4 28,4
163 Federal Water Sere corn
02512 27
*2412 25'2 2412 2412 024
2512 ne
2512 23,2 24
01 Galveston-Houston Eleo_100
01212 131 •12
121 012
1212 012
121 012
1212 ____ ____ _____. General Pub Sem, Corp corn_
•19
*19
1912 19
19
19'4 19
19
19
19
500 Germ Cred & Inv 1st pref
3734 3712 3712 3712 3734 3712 37/
3634 364 37
1
4 37
3712
596 Gilchrist Co
No par
9178 9114 917
8712 88
8734 89s 90
9114 9134 9114 915* 2,981 Gilette Safety Razor
No par
1014 1014
1018 1018 *1012 12
*1012 12
1012 1012 --------110 Greenfield Tap & Die
25
121 012
012
1212 *12
1212 12
12
*12
10 Hathaway Baking coon
1212 -------.
41
4212 41
42
41,8 42
41
413
4112 42
4112 4212 1,055 Hood Rubber
par
No
1
*9514
*9514 _ _ 95,4 95 4 *9514
*95,4
10 Kidder, Peab Accep A pref.100
0912 1-6
934 934 *934 10,8 *934 10,8
97
97
934
91/4
76 Libby, McNeill& Libby____10
614 614
6'2 6'2
6'2 6'2 *612 634 .612 61
/
4 -------_
40 Loew's Theatres
25
87/
1
4 88
8712 878 8712 89
87
88
8712 88
88
9
2,224 Maesachusetta Gas Cos___100
7312 73
73
73
73
74
73
74
73
73
73
73
428
Preferred
100
•109 10912 10914 10912 109 10918 10914 10914 10918 10918 10938 10958
305 Mergenthaler LinotyPe_No Par
*9812 __ *100
_ _ 900
900
0100
Mire Rly Pow stpd pref_100
*23* "258
1,1238 2,
8
23* 23* 0238 212
238 238
214
214
164 National Leather
10
02634 27
2634 2678 2634 2678 2634 2634 27
27
2634 27
584 Nelson (Herman) Corp_ _ 5
•.20 .23 0.20 .2,5 0.20 .25 0.20 .25 • _ _
.20 ____ --__
Ref
ctfs_
Oil
Co
Eng
New
tr
_
•___
4 0____
4 0_ ___
4 5_ __ _
4 0_ _ __
4
Preferred tr ctfe
100
02-9412 96 *19412 96
941, 9412 9.112 95
29412 95
--------50 New England Pub Serv $7 pref
•s100 101
10038 10038 0.2100- 101
10014 10014 100 101
______
50 Prior preferred
5.60
134 0.60
134 0.60
134 5.60
134 °.40
11
/
4 _-___ 2.._ _ New Eng South Milla_No par
• __
4
•3
4
*3
4
3
3
•2
4
2/
1
4 _--234
118 Preferred
100
12534 12612 12534 12612 12578 126
125 126
12612 1271 12514 126
1,745 New Eng Telep & Teleg_ _100
9112 911 *91
__ '91.._
---------9112 9158 *91
let
Utll
Amer
pf
35
full
No
paid__
44/
1
4 44/
1
4 4434 14/
1
4 45
4-512 4512 4512 *s45
1512 ____ ____
335 let pref 50% paid
3812 3834 38
3834 38
3812 38
38
3712 38
--------630 Pacific Mills
100
024
26
024
26
024
26
25
25
*24
26
40 Plant (Tbos G), let pref
100
16
16
01518 16
*1518 15/
1
4 1512 1512 1512 1512 16 -1-6Button Hole
Reece
165
10
*118
114
I
118 *1
114
01
114
*118
1 14
1 14
114
175 Reece Folding Machine
10
109 109
108 10812 108 10812 10812 10812 109 109
Swed-Amer by part pref_100
10812 10812
330
117 11714 11634 11712 11714 11712 11714 11712 118 118
11712 118
448 Swift & Co
100
088,4 6834 *_ 6834 69
69
70
70
*6812 70
--------20 Torrington Co
25
4/
1
4 47
*412 5
4/
1
4 434
458 438
4% 458
Tower hi anufacturing
335
•1638 18
18
18
18
18
18
18
*17
18
55 Traveller Shoe Co T C
012
12
*12
123* 12
1238 125* 12% 1112
__ _
195 Union Twist Drill
6
54
54
53/
1
4 54
5312 54
5312 54
5338 125334 5334 5418 1,479 United Shoe Mach Corp
25
5s28/
1
4 2912 *12812 2912 029
2912 2912 2912 2934 2934 2912 29,2
69 Preferred
25
86
88
*86
86
87
86
86
86
*86
87
---278 U S & Foreign See 1st pref f pd
_*177
80
78
78 *178
80
7812 7812 784 -7812
79
79
let pref 75% paid
240
2218 2218 2218 2212 2212 2212 22
2212 2214 22% 2218 225*
450 WaldortSys,Ine, new sh No par
*4612 48
4712 4712 4712 4712 4512 4712 47
47
4612 47
470
Watch cl B com_No par
Walth
*64
65
*64
65
*64
65
65
65
*63
65
--------68 Preferred trust etfs
100
•1151s 116 *11518 116
116 116 *116 118 *116
_
preferred
Prior
'
10
100
2418 2414 2312 24
2338 2418 23
23
22 1182212 217 217
-8
887 Walworth Company
20
801
/
4 80/
1
4 80,4 8012 8012 81
8012 81
81
8112 8012 8112
675 Warren Broil
50
04512 __ . *454 4612 04512 4612 *4512 481+ 46
4612 46,2 461 2
preferred
let
43
50
.48
51 *50
51
*50
51
050
52
*50
5112
26 preferred
50
*1634 17
*16/
1
4 17
*1634 17
*1634 17
*1612 1634 ---- -- - Will & Baumer Candle com___
•____
0.50
7
0s41
1514
5.20
*21234
02
*a.50
0.50
•1514
0.80
.25 0_ _
..65 0.513
7
7
42 0.241
1538 1518
.50 0.20
1312 13
214 02
.30
.80
.75 •.50
1612 .1514
1
'
1%80
.25 *
.65
.50
7
0638
42
*41
153
1514
.50 0.20
1312 13
214 •2
.80 •a.513
.75 0.50
1612 *1514
1
*.80
-i/I
i -56i2
107 010512
1012
1014
2
214
.90
114
0.70
1
*11+
2
.35 0.25
.45
.60
3914 3912
2212 2214
.15 0.05
18 •____
*6212
63
71 *ass
2'2
11 2
.75
11
1417 •1412
1278 *12
*16
16
2312 2112
0138
2
.26
.25
.20
.40
514
612
1 zT fa
114
.85 0.75
.06
.12
-i9•-7-8 56i2
107 *10512
1012 1014
2
2
.90
.90
0.70
1
*112
2
.35
.15
.4' 0.50
1
4 3912
39/
221
2218
.15 ---18
*18
+6238
63
Tha *738
l7s *172
.75
.75
15
1412
1212 1214
17
*1614
211 *2118
2
011
/
4
.26 0.25
.2
.20
57
8's
lii
114
.85 0.75
.07
.07
•314 gad seked Prio•C no said. On this day. a Aseeeement paid
Range Sous Jon. 1.
Lowest
Highest
Lowest
Highest
171 Jan 7
83 Jan 4
99 Jan 4
109 Mar 30
101 Jan 20
51 1s Mar 7
56 Jan 22
7634 Jan 15
125 Jon 8
104 Feb 15
155 Jan 15
105 Jan 13
196 Jan 18
25 Feb 4
64 Feb 8
60 Mar 14
42 Apr 1
4712 Jan 13
4118 Jan 6
9212 Jan 13
127 Jan 4
122 Jan 4
107 Jan 6
183 Jan 26 159
Jan 1754 Des
94 Jan 15
77 May 8512 July
102 Mar 22
89 Feb 103 Dee
117 Mar 17 11212 Dec 122
Jan
10712 Feb 28
9812 Jan 112
Jan
61 Feb 7
35 Mar 5812 July
62 Apr 8
32 Apr 6112 Des
86 Feb 5
59 Apr 86 Dee
130 Feb 28
84
Apr 130 Dee
113 Feb 4
74 Apr 110 Sept
164 Feb 4 105 Jan 185 Deo
109 Apr 8
94
Apr 10712 Dee
205 Mar 30 217512 Mar 20712 Dec
30 Feb 26
28
Oct61
Jan
71 Jan 11
5912 Apr71
Jae
67 Jan 5
58 May 69
Jai
4814 Jan 4
40
Apr 4914 Jae
74 Mar 29
49 Sept60 Fet
317 Mar 48% Jul)
5834 Feb 16
10114 Mar 9
81
Apr 9812 Del
140 Feb 15 120
Apr 132 De<
130 Mar 7 III
Jan 125 Sen1
116 Jan 31
99/
1
4 Mar 107 DOI
214 Jar 3
1512 Jan 12
14912 Jan 3
48 Jan 17
735 Jan 10
54 Jan 19
8 Jan 22
1534 Apr 5
77 Feb 17
112 Apr r
67 Jan 28
112 Jan 28
312 Jan 11
45 Jan 4
3.5 Feb 15
8734 Feb 17
12 Feb 3
217 Feb 18
2712 Feb 26
2312 Apr 8
1134 Jan 11
19 Feb 2
3534 Jan 24
8412 Mar 22
1018 Apr 5
12 Jan 17
40,2 Mar 3
95 Jan 10
014 Mar 24
6 Jan 3
84 Mar 25
70 Jan 3
108 Feb 18
05 Jan 22
214 Mar 24
2312 Feb 14
.20 Feb 1
312 Jan 11
01 Jan 18
9714 Jan 26
.80 Jan 7
2 Apr 1
11512 Jan 4
90 Jan 5
40 Jan 6
3512Mar 28
20 Feb 5
15 Mar 17
1 Mar 4
10512 Jan 5
115 Jan 3
66 Jan
4 Mar
1658 Jan 4
11 Jan 4
50 Jan 3
28 Jan 3
86 Mar 2
77 Apr 1
211,8 Mar 26
4012 Jan 21
61 Jan 3
110 Star 14
17/
1
4 Jan 18
6518 Jan 13
44 Jan 5
45 Jan 17
14 Jan 12
418 Mar 1
2 Nov
21 Mar 17
18 Dec
172 Apr 7 13912 June
70 Mar 14
4812 July
85 Mar 7
7212 Nov
60 Feb 10
5212 Apr
12 Apr 7
814 Oct
2012 Jan 3
1418 May
8612 Jan 7
74 Nov
5 Jan 3
78 Mar 30 -67 May
334 Feb 3
112 Dec
734 Mar 17
312 Mar
64 Apr 5
44 Nov
4234 Apr 5
34 Nov
9634 Apr 7
9014 Oct
1434 Jan 18
14 Nov
253 Mar 29 2207
Jan
2934 Jan 26
30 Jan 31
14 June
14 Feb 3
11 Dec
2112 Jan 4
38 Mar 15
3414 Apr
9514 Jan 11
8812 Mar
1212 Mar 2
10 May
13 Mar 14
47 Jan 3 1514 -Dee
951 2 Feb 3 z93
Apr
1012 Jan 6
612 Aug
10 Jan 18
6 July
90 Apr 8
80
Apr
75 Jan 25
65 Jan
112 Jan 21 1104 June
98 Mar 10
89
Apr
438 Jan 20
2 Aug
291 2Sfar 18
1512 Jan
.20 Feb 1 .20
Jan
5 Mar 30
3 July
97 Mar 26
103 Mar 18 -95 Sept
314 Feb 23 .50 Dec
878 Feb 28
2 Dec
130 Mar 22 110% Apr
95 Feb 29
89 Feb
4812 Feb 23
1434 Dec
4312 Jan 7
3512 July
425* Jan 3
40 Mar
161 2 Feb 10
15 Feb
15* Jan 11
118 Dec
11012 Mar 21
98 May
120 Feb 24 111
Apr
704 Feb 23
64 Mar
Mining.
Adventure Consolidated
-25 .05 Jan 1
270 Arcadian Consolidated
25 .40 Apr
195 Arizona Commercial
6
612 Mar 2
60 Bingham Mines
10 30 Jan
057 Calumet az Heel&
25 145* Jan
Carson Rill Gold
1 .10 Jan
895 Copper Range Co
25 1212 Jan 2
105 East Butte copper milling- 10
2 Feb
200 Franklln
25 .05 Feb
Hancock Consolidated
25 .35 Feb 1
Hardy Coal Co
1
15/
1
4 Mar
60 Helvetia
25 .75 Feb
Island Creek Coal
1 19712 Jan
-5938 1.182 New stock
47 Feb 2
107
Preferred
1 105 Feb 1,
1014
255 Isle Royale Col/Per
25
912 Feb I
2
30 Keweenaw Copper
25
112 Jan
.90
16 Lake Copper Co
26 .80 Jan
1
La Salle Copper
26 .50 Mar 28
2
Mason Valley Stifle
6
112 Mar 15
.15
20 Mass Consolidated
26 .15 Apr 8
.60
110 Mayflower-Old Colony
25 .41 Mar 16
3912
420 Mohawk
26 37 Feb 18
2218
401 New CornelLa Copper
6 214 Mar 25
__
New Dominion Copper
.06 Feb 1
-20
New River Company
100
__
63
5 Preferred
Preferr
100 6212 Apr 5
10 Niplasing Minas
778
6
7 Mar 15
2
1,990 North Butte Mining
10
1114Mar 24
.75
36 Oilbway Mining
25 .75 Apr 7
1412
465 Old Dominion Co
25 12 Feb 18
1214
202 P'd Crk Pocahontas Co NO par
11 Jan 4
17
17 Quincy
25 1414 Feb 17
35 St Mary's Sltneral Land_
2212
26 2014 Feb 17
214
Seneca Mining
178 Apr 1
.30
450 Shannon
10 .20 Jan 6
.20
50 Superior le Boston copper_ 10 .15 Mar 23
57
2,135 Utah-Apex Mining
6
534 Apr 7
114 2,300 Utah Sletal & Tunnel
1
1 Jan 3
.85
100 Victoria
28 .51 Feb 10
.07
175 Winona
26 .03 Mar 9
SEx stook dividend i New etock. 5 Ex-dividend. p
------------------------25
.50
.50 .50
.40 .40
.40 .40
*65* 7
7
*08 7
0634 7
42
*41
42
4112 41
4112 41 12
1534
1514 1512 153* 1612 1538 1538
.50 0.20 .50 *.20 .50 __
1338 13
13
13
13
13
13
214
218 218 *2
214
2
2
.80 0a.50
.75 • .50 .80 '
/
1
41.50 .70
.75 0.50 .75 '.50 .75 .
.50 .80
1612 *1514 1612 01514 1612 •15
16
1
.80 .80 *.80
1
•.80
1
577, ---57% ----b8 ---5814 ---5838 59,2 -59i2
•106
- 010512 _ __ *10512 107 *10512
1012 *1014 1-012 1014 1014
•10 --1014
214
02
214 .2
*2
*2
214
1 12 0.96
s.95
114 *.95
114 0.95
'5.70
1
•.70
I
0.70
1
0.70
•104 2
•1 1',,S4 2
*1,2
111 l!1.4 2
•.25 .35 0.25 .35 0.25 .30 +.25
.50 .50 0.50 .60 +.50
5.50 .55
•38i2 39
39
3914 39
3914 3918
1
4 2214 2212 2212 2212 2212
e2214 22/
..05 ,15 •.05 .15 0.05 .15 +.05
•
18 *.__ _ 18 *. __ _ 18 *____
oiiii.2 841 *8212 641
6212 621 06212
*1712 758 *3712 8
712
012718 8
134
134
134
178
134
154
178
112
11
/
4
134 5.95
112 0.96
5.95
+1412 15
15
1458 15
15
144
*1214 1212 1214 1214 01214 121s 12
1612 1812 16
51612 17
•1852 17
02212 2312 *2212 231 +2212
2212 23
2
*13
*1 12 2
015*
*112 214
.26 .26
.25
0.25 .40 0.25 .40
0.20 .40 0.20 .40 0.26 .40 0.26
6
613
6
612
614 61
6,2
1 rx, 1,4 •I14 1,
114
/i
11
*114
5.75 .85 0.75 .85
.75 .75 0.75
•06 .12 0.06 .12 0.06 .1' 0.06
2101
PER SHARE
Range for P•erious
Year 1928
181 2 Mar 22
1412 Jan 24
55 Feb 23
2914 Apr 7
89 Jan 3
82 Feb 4
2712 Feb 23
4912 Mar 25
65 Mar 24
116 Apr 5
2434 Apr 1
91 Feb 18
50 Feb 16
5134 ',Aar 1
1714 Mar 15
5
Jar
2414Juni
16034 Fee
71
Jar
78 Fet
6334 Jar
1714 Jar
2012 Jar
9812 Jar
-if -DP
312
73s
8812
45
9912
28
250
Jar
Oci
Jai
Jar
Jo.!
Fet
Fet
27
17
Oo
Ja.1
- ...
40% .1111
11312 Fe/
14 Sep
1834 -Fel
98 Jul:
10/
1
4 De
1218 Jai
9412 No,
7018 Fel
1110 Ma:
96
Jai
412 Jai
2912 Jul:
.95 Ap
1012 Jos
1-01 Sep
8 Fe'
28
Jo.
11834 Fe
96 Fe
27 Fe
55
Jo
6814 Jo.
174 Au
2 No
110 Au
11814 De
72 Set
7 Jan 164 Fe
47 Mar 5314 Au
28
Jan 30 Jut
82 Nov 135 Fe
60 May 90 Al
17
Jan
22/
1
4 01
29
Jan 41 Di
4818 Nov 61 Di
101 Sept112 Do
1234 May 23 .1s
44 Mar 69 Do
39 Apr 48 Do
42
Apr 47 Fl
1034 Aug174 J4
.20 Feb 10 .05 Ma .40 Ju
.89 Jan 15 .25 Mar
138 At
1014 Jan 6
914 May 1234 Ji
46 Feb 2
29 June 5534 Jo
1634 Jan 25
1314 June
185* Ai
.50 Mar 29 .10 Dec 50
Jo
14/
1
4 Jan 19
13 May 20
JI
2/
1
4 Jan 4
24 Oct
4 Fo
.80 Mar 17 .25 Nov
114 Jo
.75 Jan 13 .27 Dec
14 Ju
18 Jan 7
14 Mar 214 Jo
.85 Jan 6 .75
Oct
2
Jo
246 Feb 18 141 Mar 19912 D
61 Mar 16 _ _
106 Jan 21
9912 Jan 108 Ju
115* Jan 19
912 June 14 Al
278 Feb 4 .50
Jan
278 Be
118 Mar 18 .80
Oct
138 Ju
.80 Jan 24 .80 June
212 M
2 Jan 4
184 Jan
25 Se
.85 Jan 3 .15 Dec .75 .1u
112 Jan 11 .40 Dee
112 J1
414 Jan 13
38 Mar 48 0
24 Jan 20
24 Al
184 May
.06 Feb 1 .05
Jan .20 Jot
18 Dec 25 F
75 Feb 8
45 July 72 Fl
1018 Feb 2
5 July 1012 D
38 Jan 5
378 Se
2 Apr
Jan
2 No
114 Jan 26 .50
15 Apr 1
13 Dec 20 Ju
1012 Slar 15
13 Feb 4
Jo
17/
1
4Star 19
1512 May 25 Ju
2514 Jan 6
25 Dec 3812 Fl
2/
1
4 Dec
312 Jan 14
95* Jo
.40 Jan 12 .15 Dec .80
J1
.40 Feb 23 .20 Nov
1 ifs M
77 Feb 24
4/
1
4 Oct 111
/
4 F.
2 Feb 2 .25 Dec 2% M
.90 Mar 12 .40 Slay 75 p
.21 Jan 17 .10 Sept40 Ju
•Ex-dividend and rights.
rirou 124.
65
70
101% 101%
99%
91
98
101% 100%
101% 10134
104
95
101%
10034 100%
Low.
High.
Mar
82,000 9834 Jan 99
99
883,4 6,000 8834 Apr 883,4 Apr
1,000 10034 Jan 10151 Mar
10155
Apr
Apr 101
10,000 101
101
Feb 09
4,000 65
66
Jan 75
7034 4,000 69
10234 20,000 101% Apr 104
1,000 9931 Apr 9951
99%
Apr 9355
9335 17,000 91
1,000 97% Feb 97
98
10135 9,500 100% Apr 101%
10134 4,000 100% Jan 101;1
Jan 104%
9,000 102
104
Apr 95
5,000 95
95
Feb 102%
10234 42,000 101
9,000 100% Jan 10134
101
Feb
Feb
Jan
Apr
Apr
Mar
Jan
Jan
Feb
Apr
Mar
Jan
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange April 2 to April 8, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
2655
36
117
16
21
11151
114
34%
24
183
1734
3234
2034
1834
106
39%
59
190
85
22
52
8134
9351
10134
100
10331
99
9374
7651
5334
9951
7435
102%
3431 35
230 235
136 144
2634 2734
36
35
.20 .50
190 193
11551 117
55
55
1534 16
2034 21
2034 21
7834
76
5434 5434
10734 10734
11134 112
11335 114
12755 128
3434
31
85
84
2334 2434
178 185
1334 1334
951 10
1734 1734
1734 1734
9034 9134
26
26
33
31
2034 21
183,4 20
2134 2134
102 106
3934 3951
2334 24
8034 8034
59
5934
190 190
106 106
10834 10834
85
85
37
37
2134 22
26434 270
52
52
31
31
8934 8935
9934 9951
105 105
9954 9934
99% 9934
10735 10734
8134 8151
9334 9351
9435 9534
10134 10134
10034 10034
100 100
10334 10334
90
90
100 100
9834 9834
9834 99
9374 9374
10034 10031
101 101
7634
76
5351 5355
793,4
79
9931 9955
10034 10034
9931 9931
10234 10234
7334 7434
10334 104
9434 9434
10234 102%
0000000000000000§0000000§00000Q
0000000000000000 0000000 000000
0000g000g0g0g000 00000100 g000g0
ia.706.0aat3a.e;
,4.VaVOC70.Z..6N0..7eiNC
6
V
.
V..
M
BondsBalt Sparrows P&C 4548'53
Bait Traction 1st 5s__1929
Consolidated Gas 53._1939
1954
General5 3,18
Consol G,EL&P 4558_1935
6% notes, Series A.1949
Consol Coal ref 5s_ _ _ _1950
Davison Chemical6358-Fair & Clarks Trac 58_1938
Fla Cent & Penln cons 58'43
Ga Car & Nor 1st 5s_ _1929
Render Creamery 6s__1946
1935
Houston Oil 6558
Inter-Ocean 011 78
Lake Roland El gY 58-1942
Md Electric By 1st 58_1931
1952
634s
Monon Valley Trae 58_1942
North Bait Trac 5s_ _ _1942
Titusville Ir Wks 1st 75.29
United Ry & El 4s___ _1949
1949
Income 48
1936
Funding 55
1930
6% notes
1927
6% notes
68, when issued.__ _1949
1936
Va Mid 58
Wash Balt de Annap 58 1941
West Md Dairy 6s _._ _1946
West Penn Trac 58..1960
1936
TOO A, WiOtinn lo
3434
001001,04000.0.0C.00100.0010000.0050010V40V.010.000V10.0
V101000.0
MNI,
WW.O.Wer
..000VONV04M= .VMMN0C. t.VVNVMMV,
v. •-•
M
0
N
10.-CO .M NV.
M. 100 .
VM
MN
.4
.4
Arundel Corp new stock_ _•
Atlas Coast L(Conn)._.50
50
Baltimore Trust Co
Benesch (I) preferred___25
10
Central Fire Ins
Central Teresa Sug pref_10
50
Century Trust
Chas & Po Tel of Balt pf100
50
Commerce Trust
Commercial Credit
25
Preferred
25
Preferred B
100
634% preferred
*
Cense,' Gas, E L ez Pr
100
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
Consolidation Coal.___100
100
Preferred
Eastern Roll Mill new stk_•
50
Fidelity & Deposit
Finance & Guaranty pt....25
Finance Coot America_ _25
Finance Service class A_ _10
10
Class B
Houston(Morel v t etfs100
Hunphreys Mfg Co pref_25
Manufacturers Finance_25
25
1st pre erred
25
20 preferred
25
Trust preferred
Maryland Casualty Co25
March & Miners new_ __ _*
Monon Vail Trac prat _ _25
Mt V-Woodb M pf v t r 100
New Amsterd'm Cas Co_10
Penna Water & Power_100
Public Service Bldg pref100
Sharpe & Dohme pref _ _100
Stand Gas pref with war100
Un Porto Rico Sug corn...*
United Ry & Electrio___50
US Fidelity & Guar_ _50
West Md Diary. Inc pref..*
Worth Pump
Range Since Jan. 1.
Low.
High.
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Apr
Feb
Mar
Feb
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Mar
Jan
Feb
Jan
Apr
Feb
Jan
Apr
Apr
Mar
Apr
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Feb
Jan
Feb
Feb
Apr
36
240
144
2735
37
.90
198
117
573,5
20
2234
23
82
5434
10751
11234
11515
129
3734
86
28
188
1534
1034
1851
18
94
30
44
2234
22
2151
116
43
25
85
6334
185
106
109
90
3851
2234
272
5234
31
Jan
Feb
Apr
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Feb
Apr
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Jan
87
9951 Apr
Mar
102
99 . Jan
9834 Jan
10734 Jan
Feb
81
9331 Apr
Feb
93
10134 Apr
9934 Jan
Mar
100
Feb
103
Apr
90
Apr
100
Feb
97
Jan
98
9334 Jan
9934 Jan
Feb
101
7034 Jan
Jan
51
75% Jan
9951 Mar
Jan
100
9734 Jan
10234 Apr
Jan
65
10051 Jan
9434 Apr
10234 Apr
90
99%
105
9951
9934
10734
8134
95%
9534
10134
10034
101
104
90
100
99
9974
94
Feb
Apr
Apr
Mar
Mar
Jan
Apr
Mar
Apr
Apr
Feb
Jan
Feb
Apr
Apr
Mar
Feb
Jan
Apr
Feb
Mar
Feb
Feb
Mar
Feb
Feb
Apr
Jan
Apr
Apr
Apr
3134
230
1293,4
2651
26
.20
170
15
55
1434
2034
20
76
51
10634
111
11234
126
3034
84
2134
13534
1334
934
1734
1751
86
26
31
2034
1834
20
98
3834
2334
7834
5234
176
106
103
8434
37
20
205
50
31
wog
101
77
54
7934
9934
10034
99%
10231
77
104
943,5
102%
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, April 2 to April 8, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range Sates
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
103 103
Abbotts Al Dairy, pref_100 103
12% 12% 13
Almar Stores
53% 55
10
Insurance
Alliance
• 6551 6551 6734
American Stores
18355
183%
_.i00
Locomotive_
Baldwin
15
15
Bearings Co of America_
92
92
Preferred
113%
113%
pref_
Penns,
Bell Tel Co of
41;5
41
50
Cambria Iron
18% 19
•
Congoleum Co, Inc
40
40
Consul Traction of N .L100
70%
70
Elec Storage Battery__100
634 755
Fairmount Park Trans_
Range Strwe Jan. I.
Low.
10 102
220 12
310 48
3,710 65
20 147
35 15
77 92
225 11235
147 40%
60 17%
110 35%
123 68%
5%
665
High.
Mar 10355 Feb
Mar 17% Jan
Apr
Feb 55
Mar 7334 Jan
Jan 197% Feb
Feb
Feb 15
Jan
Jan 92
Mar
Jan 114
Mar
Mar 42
Jan 2135 Mar
Jan
Jan 42
Mar 79;5 Jan
7% Mar
Mar
Bondstdv Bag & Paper 78_1943
kmer Gas & Elec 5s__2007
3onsol Trite N J 1st 5s.1932
Dec Ar Peoples Or etre 45'45
Keystone Telep let 58_1935
Abigh C & N cons 4348 '54
',eh Val Tr ref & impt 55'60
slew Jersey Trac 55
g Y Phila & Norf 1st 4s'39
?eoples Pass tr ctfs 4s_1943
Mils Co cons & coil tr 58
stmpd sk fd & red__1951
?Mkt Elea (Pa) 5s____1960
1966
1st 55
1947
55513
1953
53.4s
1941
68
Mills Elec Pow Co 5348'72
loll
ln
llat
71vst
VOrk
High.
'
81,000 1043.1 Mar
Feb
16,800 95
Jan
102,000 62
Jan
13,500 54
Feb
6,000 93
2,000 08 pi Mar
Apr
1,000 96
Apr
10,000 78
1,000 91% Jan
Apr
2.000 65
10034 100% 21,000 9934 Jan
Jan
9.000 103
104
10334 140
10531 104% 10531 26,600 10334 Feb
Mar
3,500 105
10615 107
Feb
1,000 105
107 107
Jan
10834 10734 10834 8,000 107
Jan
103% 10455 11,000 103
05W 96S4 omen 93W Jan
OR
10055
78
92
105
9634
75
56
9435
9975
96
78
92
65
105
10034
78
56%
95
9974
96
78
92
65
W401;g7Mt448.41144ggAnVIA47,401741tng4MMEIP3
99
8834
10155
101
Mar
Jan
Apr
Jan
Mar
Mar
Jan
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Mar
Mar
Feb
Apr
Jan
Mar
Feb
Apr
Feb
Feb
Jan
Jan
Jan
Mar
Mar
XX
99
Low.
51
8015
5534
34
210
51
5134
3%
18
8855
151
106
1534
100
2435
1234
9934
8134
7134
5631
7534
8734
4955
4634
9
4634
52
53
1134
2154
9751
303.4
793.4
134
23,4
36
1234
8934
556
146
333-4
8714
97
40
51.
3735
.40.40.0,
001.400
.V.00OW500W
BondsAmer Tel & Tel 4s _ _ _ _1929
Boston & Maine 73,45.1944
Chic Jet Ry U ST 58_1940
1936
Corn Larabee 7s
East Mass Street RR1948
455sSer A
1948
58 Ser B
1937
Hood Rubber 78
1944
Kendall Mills6 55s_
Keystone Tel Co 550_1955
1931
Mass Gas 43,48
Miss River Power 5s_ _1951
New Engl T T 5E1_1932
P C Pocah Co 75 deb..1935
So Ice Utilities Co 6s _1946
1944
Swift & Co 58
Western Tel & Tel 55._1932
Range Since Jan. 1.
45
100
320
255
475
60
2,929
100
12
30
250
2,749
23,974
204
1,040
190
55
5
330
66,900
17
300
40
35,975
2,477
1,649
911
322
50
780
10
100
2,751
3,120
4,270
479
1,860
47,458
100
50
2,148
101
62
803
10
455
5235
52
8334 8356
553,4 60
44
443-4
215 21734
5135 5134
5755 5934
3% 3%
18
18
8834 8856
17-4
174
106 10734
1934 2054
119 120
25
2534
13
1334
100 100
8234 8234
7351 75
6134 62%
76
76
10234 103
51
51
4734 4951
133.5 1334
4735 4934
5255 5334
55%
55
14% 14%
2251
22
9955 9951
3134 3134
8334 85
1% 231
2% 3
3755 38
133,4 13%
93% 9951
534 555
15234 15234
3634 38
9034 9034
98
9831
4555 4634
54
54
3934 40
Xgg=ggg
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. II,gh. Week.
Fire Association, new__ _10 5255
100
General Asphalt
Giant Portland Cement_50
50
Preferred
Horn & Hardart(Phila)com
Horn & Hardart(NY)corn
Insurance Co of N A----10 59
Keystone Telephone_ _ _ _50
50
Preferred
8855
Kirschbaum, pref
17,5
Lake Superior Corp__ _ _100
Lehigh Navigation
50 106
* 19%
Lehigh Pow Sec corn
Lehigh Valley
50
10
Lit Brothers
Louis Mark Corn
7% preferred
Northern Central
50
Penn Cent L & P turn pf_• 75
Pennsylvania RR
50
Pennsylvania Salt Mfg__50
Philadelphia Co(Pitts)__50
Preferred (cumul 6%)_50
25 493,4
Phila. Electric of Pa
25 1334
Power receipts
49
Full paid receipts
?hits, Rapid Transit_ __ _50 533-4
Philadelphia Traction_ 50
50 14%
Phila dr Western
Shreve El Dorado Pipe L 25 2251
Scott Paper Co pref_ __I00
•
BE Pr et Lt coin
Stanley Co of America__.• 8434
rono-Belmont Develop_ _1
1
ronopah Mining
50 3774
Union Traction
United Lt & Pr A com____• 1334
50 9834
United Gas Impt
Victory Park Land Imp_10
Victor Talking Machine_ _1
New
6%
7%
West Jersey & Sea Shore_50 4574
Westmoreland Coal new_50
50 40
York Railways pref
00000000
ICADPO
,
WOW.,
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 2 to April 8, both inclusive:
Range Since Jan: I.
-..›....›...»4
4,4>XN44 ,
tV4V4444 gMinligT514
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
High. Shares.
Stocks (Concluded) Par Price. Low
Outside Stock Exchanges
00WO 0.10
4.4,11,
0100N.0W4..0100..40,400.10.10. W. W 004> 000'
OW...4=00000001000.0W.W011000WW.10WW0C0WOCA0W.WWW,n
X=XX
=g g X
g======XXX XgX
THE CHRONICLE
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange April 2 to April 8, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Adams Royalty Co corn...
All America Radio el A__5
Amer Multigraph com_ •
American Pub Serv pref 100
Am Pub Util Co par p10100
American Shipbuilding_100
Amer States Secur Corp A •
•
Class B
Armour & Co(Del) pref 100
100
Armour Sr Co pref
Common el A v t c__25
Common el B v t c__25
Associated Investment Co•
Auburn Auto Co com__25
Balaban & Katz v t c_ _ _25
Beaver Board v t c B____•
100
Pref v Cc
10
Bendix Corp cl A
10
Borg & Beck corn
Brach & Sons(E J) com__*
10
Bunte Bros corn
20
Butler Brothers
•
Celotez Co com
100
Preferred
Central III Pub serv preL•
Central Ind Power pref_100
Certifs of deposit_ _100
Central Pub Serv (Del)_.*
Central SW ULU com____*
•
Preferred
•
Prior lien pref
Chic City & Con By pt sh •
•
Participation pref
•
Chicago Rice Mfg A
•
Chic Fuse Mfg Co com
Chic N S & Milw com _ _100
Prior lien preferred__100
100
Preferred
Chic Rap Tr pr pf A_ 100
Chic Rys part ett ser 2.100
Commonwealth Edison.100
6
Consumers Co, corn
100
Preferred
Continental Motors com_*
25
Crane Co corn
Crown Wiliam Pap 18t pf..•
50
Cuneo Press A prat
Decker(Alf)& Cohn, Inc.*
100
Deere & Co prat
Diamond Match com _ _100
El Household UM Corp_10
Elec Research Lab,Inc _ _ _*
Empire G & F Co 7% pf100
100
8% preferred
Evans ez Co, Inc, class A_5
5
Class B
•
Fair Co (The) corn
100
Preferred
Fitz Simons & Connell
Dk & Dredge Co com.20
Foote Bros(G & M)Co__5
Oossard co(H IIT) oonl__.
27
735
9951
3
92
6934
10
6
36
10134
274
38
50
59
26
225,5
7554
89
90
893.4
18
62
9754
100
%
5%
2434
31
100
69
14434
6
70
48
120
12
9
9635
3734
3534
3034
1334
3374
Range Since Jan. 1.
Low.
High.
2734 2,420 2534 Jan 3251 Feb
27
7% Mar 1074 Mar
500
734 831
Jan
95 1934 Mar 20
1034 1934
Feb
Jan 100
510 94
9934 100
Mar
Jan 86
20 73
83
83
Feb
50 7931 Jan 86
84
84
435 Jan
Mar
3
625
3
334
4% Jan
3% Mar
40
355 355
Apr 9634 Feb
04% 2,255 89
89
Apr 8634 Jan
7934 9,035 68
68
Jan
Apr 10
1,895 10
11
10
Jan
9
Apr
6
110
63,4
6
78 36
Apr 3834 Feb
3631
36
99 10331 12,225 68% Jan 103% Mar
Mar 63
Jan
685 60
6034 6235
Jan
4
200
2% 274
234 Apr
Mar
33
Jan 39
12 38
38
Apr
4751 52
22,825 3634 Jan 52
Jan 6134 Feb
55% 5951 3,475 53
125 24
Feb 3534 Jan
2534 26
1734 1834
Jan 2034 Jan
170 17
Jan 2374 Feb
2334 3,050 17
22
782 70
Jan 8334 Jan
7534 7834
40 8734 Mar 9155 Mar
8834 89
237 8834 Jan 9534 Apr
89% 90
Mar
95 8534 Jan 90
90
89
Mar
30 8534 Jan 90
88
8834
1,215 17
1834 Mar
17% 18
Jan
1,305 5634 Jan 6734 Feb
5834 63
374 033-4 Jan 9734 Apr
9751
z95
570 0834 Jan 10134 Jan
9955 100
A Apr
31 Jan
55 1,875
%
Feb
6
540
6
5
334 Jan
Mar
760 2354 Apr 26
2334 243,4
100 30
Jan 3434 Feb
3334 3334
380 3034 Apr 363,4 Jan
3034 3234
412 99
Jan 101% Mar
9934 100
Feb
68
200 68
Feb 72
6934
10214 103
115 10234 Feb 1043,4 Feb
51 Mar
51 Feb
100
55
31
Apr
142% 145
1,386 138
Jan 145
73.4 Jan
6
6
Mar
6
640
Jan
6974 70
67 69% Feb 78
1235 1334
1,575 1134 Mar 1334 Jan
Jan
48
47
Apr 52
303 47
Feb
90
90
Jan 99
25 90
Mar
5151 5151
10 4934 Mar 52
Jan
Mar 28
55 25
2534 2534
Apr
10634 110
Jan 110
350 106
Mar
1213-4
11751 120
Jan
350 116
1235 2,465 11
12
Jan 14 34 Jan
9
1234 Jan
9
100
Jan
9
Mar
9651
96
347 9234 Mar 97
70 10034 Mar 1033,4 Mar
10234 10234
3234 373,4 10,425 2834 Jan 3734 Apr
303-4 3534 5,280 247-4 Jan 3534 Apr
28% 3131 8,705 2234 Mar 3134 Apr
Apr
109 109
Feb 109
100 105
2634 2634
13
1334
3375
33
50
495
630
2634 Apr
Jan
12
Apr
33
Jan
29
1434 Jan
Jan
46
APR. 9 1927.]
THE CHRBNICLE
Friday
Sale*
Last Wed'. Range for
Sale
ofPrices.
Week.
Stock. (Concluded) Par Price. Low. High. Shares
Great Lakes D & D.100
Greif Bros Coop•ge A corn..
Hupp Mot Car Corp com10
25
Illinois Brick Co
III Wire& Cable Co com_10
Indep Pneum Tool v t c_ •
Kellogg Switchb'd coin_ _10
Sty Hydro-Elec pref__100
Kraft Cheese Co corn_ _ _25
Kup'heimer & Co(B) Ine_5
La Salle Ext Univ com _ _10
Libby McNeill & Libby_10
10
Lindsay Light corn
*
Maytag Co corn
Mer & Mfrs Sec Co pt pf_25
Middle West Utilities_...-•
100
Preferred
Prior lien preferred_ _100
Midland Steel Prod com_ _•
Midland UM prior lien_100
100
Preferred A
Morgan Lithograph corn.*
Mosser Leather Corp com.*
Nat Elect Power A part-•
National Leather corn_ _ _10
National Standard cora_ _•
North Amer Car com.. •
Nor West Util pr ln prat 100
7% preferred
100
Omnibus v t c
•
Penn Gas & Elea A corn_ •
Pick Barth & Co part pf _ •
Pines Winterfront A com _5
Pub Serv of Nor Ill com_ •
Common
100
100
6% preferred
100
7% preferred
Q-R-S Music Co corn___*
•
Quaker Oats Co corn
100
Preferred
Real Silk Hos Mills com 100
10
Rea Motor Car Co
So Colo Pr Elee A com_25
So'w 0& El Co 7% DI 100
Stewart-Warner Fpeedom •
100
Swift & Company
15
Swift International
Tenn Prod Corp corn__-•
Thompson (J It) corn- _ _25
Union Carbide & Carton_s
United Biscuit class A..5
United Iron Works corn..•
Common v t a
•
United Lt & Pr el A pref__•
•
Class B preferred
Common class A new_.•
Common class B new_ •
United Pap Board com _100
20
U 13 Gypsum
Preferred
100
Univ Theatres Cone cl A.5
Vesta Battery Corp corn _10
•
Wahl Co com
Ward(Montgomery)&Coll)
Class A
•
Williams 011 0 Mat com_•
Wolff Mfg Corp com____•
Wrigley(Wm Jr) Co corns
Yates Machine part pref_*
YellowTr &Coach Mfg B 10
Preferred
100
Yellow Cab Co Inc (Chic)•
147
39
2534
9534
5634
39
634
934
1104
10734
118
40
102
98
6534
25
234
3434
98
9534
1334
454
10434
116
37
4634
2134
27
1174
2134
124
40
____
534
•
93
514
134
10134
11854
3434
1134
Sr
517-4
25
284
43
BondsChicago City Ry 5s_ __1927 80
Chic City & Con Rys 5s'27
Chicago Railways 5s_ _1927
1st M cif of dep 5s_ _1927 78
58. series A
1927
Sc, series B
1927
Commonw Edison 58_1943
Hous G G Co s f g 634s 1931 103
Loew'sT&RIst113%131"47
Narthweatarn Flay As 11141
Range Since Jan. 1:
Low.
High
14034 150
295 140
Mar 152
39
870 3834 Jan 40
3934
2134 214
625 21
Jan 2334
905 49
5134 53
Jan 554
24
872 24
2534
Mar 254
Mar 55
113 51
5134 53
144 1534
910 1334 Jan
1934
60 9434 Jan 9734
9534 9534
750 41
5534 58
Feb 63
39
10 36
39
Jan 39
634 631 1,300
54 Mar
9
9
934 104 2,040
Mar 1034
14
134
150 1 34 Mar
234
28
25 28
28
Jan 28
25
70 25
27
Apr 31
108 11034 2,055 108
Apr 1144
745 10534 Jan 11334
10634 108
118 1184
424 1174 Jan 120
40
4334 1.295 40
Apr 4734
10134 10234
467 98
Jan 10234
98
98
375 9634 Mar 9934
61
66
15,206 58
Jan 66
16
14 11
16
Jan 1634
24
25
1,738 2334 Feb 254
234 234
258
24 Jan
434
34
35
4,340 3034 Jan 3534
2934 294
320 2234 Jan 30
35 9734 Mar 101
9774 98
9434 9534
110 9434 Mar 100
1334 1534 2.675 1134 Mar 1534
19
1934
489 19
Jan 21
21
21
25 1934 Jan 2134
43
454 1,200 41
Feb 5134
138 142
536 13034 Jan 142
1344 139
98 132
Jan 139
60 102
Jan 105
10434 1044
11534 11634
45 1134 Jan 11634
225 3234 Jan 3934
3634 37
190 190
30 180
Jan 1901094 110
214 107
Jan 110
4534 4654
1.920 394 Jan 4834
20
1,605 1934 Mar 2334
2234
2634 274
450 254 Jan 28
9534 97
30 9434 Jan 98
5534 5834 2,025 5431 Mar 6734
1164 118
1,935 11534 Jan 12034
204 224 8.430 184 Mar 23
1134 1134
25 1134 Mar 13
530 40
40
49
Apr 50
12134 1214
50 99
Jan 1214
41
414
480 3934 Jan 44
54 83-4 5,120
234 Jan
7
4
4
25
234 Jan
454
510 87
93
9334
Jan 9334
240 50
514 52
Jan 524
1334 1334 1.100 1234 Mar 1534
16
610 1534 Mar 17
1634
300 16
1634 20
Feb 20
10034 103
2,475 924 Jan 109
118 119
90 115
Mar 119
234 254
75
234 Apr
4
33
3434
175 274 Jan 37
11
1134
610
1334
854 Jan
654 6534
200 604 Jan 68
114 114
79 1124 Mar 117
13
475 13
, Apr 1634
5
5
122
44 Mar
7
5134 524
935 51
Jan 53
2434 2534 3,850 244 Mar 274
2634 294 3,890 2534 Mar 294
100 94
94
94
Apr 95
3934 4334 2,898 38
Mar 557-4
1334
79
6034
7734
77
5834
3934
103
1624
100
• RAU
8134 $102000 75
6234 89,000 5234
7834 14.000 7454
78
22,000 744
60
12,000 52
40
2,000 35
10434 2,600 103
1034 64,000 96
100
5,000 100
RA IA
1000 54t4
Jan 8134
Jan 6254
Jan 7834
Jan 78
Jan 60
Jan 40
Jan 105
Jan 104
Mar 100
_Tan 57
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Feb
Feb
Apr
Jan
Jan
Apr
Feb
Jan
Feb
Feb
Feb
Feb
Mai
Feb
Apr
Mar
Jar
Jar
Mar
Jar
Jar
Feb
Apr
Pet
Feb
Jar
Am
Am
Feb
Apr
Fel
Mar
Apr
Fel
Jar
Mar
Pet
Jar
Mar
Jar
Mar
Fel
AD
Fel
Ma
Jai
Ap
Fel
Jar
in
Ap
Jar
Ap
Jar
Fel
Ja
Ma
Ja
Fe
is
Ja
Ma
Ja
Fe
is
Ar
Ar
Ms
Ms
Air
Ar
Ms
Ma
Ma
Ma
*No par value. x exclIvidend
2103
Friday
Sales
Last Week's Range for
Sale
ofPrices. . few!.
Stocks (Concluder!) Par Price. Low. High. Shares
Pac Ltg Corp,6% Pref.__.__ __
Common
325
Pacific Tel dc Tel, com
132
10534
Preferred
Paraffine Co's, Inc com
__ __ _
Phillips Petroleum, com_ -- 47;4
Piggly Wiggly W States'A'
Pig'n Whistle. pref
Pioneer Mill
1734
Richfield 011
St Jos L & P, prior pref.__ 10734
"B" 6% preferred
Schlesinger(B F)."A" Corn 2054
Preferred
90
Shell Union Oil, corn
28
Sherman & Clay, 7% pref. 9634
Southern Pacific
11434
Sperry Flour Co, corn
Preferred
Spring Valley Water
10334
Standard 011 of California_
5534
Telephone Invest't Corp
______
Texas Consolidated On__ _ _ __ __ __
Union 011 Associates
42
Union 011 of California_... 4234
Union Sugar, tom
,___
16
United Bank & Trust Co__ 185
US Petroleum
Universal Consol 011
Waialua Agricul Co. Ltd
_ __ _
Wells Fargo Ilk & Un Tr
267%
West Amer Finance, pref
______
Yellow & Checker Cab.... ______
Zellerbach Paper,6% prf_
Zellarhneh Carnnrallan_ _ _
RO IX
Range SOC. Jan. 1.
how.
High
97
9734
Feb 9934 Mar
115 97
320 325
Apr
Feb 325
91 311
12834 132
Mar 139
1,710 123
Jan
104 10534
Mar 11434 Feb
665 102
1315i 132
125 11034 Jan 1394 Mar
46
484 2.050 46
Mar 593-4 Feb
20
20
260 1934 Jan 2034 Feb
16
100 1554 Jan 1654 Feb
16
2531 254
50 2534 Apr 2834 Jan
17
18
14,410 1434 mar 2834 Jan
1074 108
175 10634 Jan 10954 Feb
9734 9734
31 97
Jan 9954 Feb
20
2034 1.060 20
Apr 23
Jan
85 8951 Feb 92
90
9034
Jan
274 2834 3,813 2734 Apr 3134 Feb
45 934 Jan 9634 Apr
9534 9635
1124 11434
485 10634 Jan 11454 Apr
45
10 44
45
Jan 51
Mar
9334 9434
103 9234 Jan 97
Mar
895 1014 Jan 1084 Mar
103 10334
55
5534 9.514 5494 Apr 6051 Jan
222 2534 Jan 273.4 Mar
27
27
.50 .50
500
.50 Jan
.95 Feb
4134 43
7.981 40
Apr 5634 Jan
42
4334 9.082 4034 Apr 564 Jan
410 16
16
16
Feb 19
Jan
180 185
40 149
Jan 195
Mar
1.80 1.90 2,350 1.674Jan
2
Mar
1.15 1.15
500
1.16 Jan
1.15 Jan
3934 3934
250 3734 Jan 41
Jan
26734 26734
40 26734 Apr 295
Mar
9
9
30
9
Jan
94 Jan
9
260
934
934 Jan
894 Ma
974 974
10 9534 Feb 98
Feb
20 ti an k.4
2.820 Iii
Jan 51 14 Mat
•No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange April 2 to April 8, both
inclusive, compiled from official sales lists:
Stocks-
Friaay
sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Am Wind Cil Mach corn 100 40
353.4 40
Preferred
100 70
70
70
Amer Wind 01 Co pref-100 1024 101 10234
Arkansas Nat Gas com_100
734
634 74
Bank of Pitts(NA)
50
200 200
Byers(AM)Co pref_ -100
10734 10734
Carnegie Metals Co
10 13
1234 13
Columbia Gas & El corn- -• 90
87
90
Preferred
100
1044 10434
Consol Ice com
50
4
4
Devonian 011
10
1234 1234
Harb'n-Walker Ref com100 135
135 135
Houston Gulf Gas
•
934
834 934
50
Indep Brewing pref
434 44
Jones & Lau'g'n Steel pf100
120 120
25 42
Lone Star Gas
4134 4454
Nat Fireproofing com_ _100
734 734
Preferred
100
28
2834
Okla Nat Gas etts of dep.. 224 217-4 2234
Pitts Brewing pref. _ _50
10
10
Pittsburgh Coal corn_ _100
4054 4034
Preferred
79
100
79
Pittsburg Plate Glass_ _100
248 249
Pitts Steel Foundry com__•
27
27
Rich'son & Boyton par pf_•
40
40
Salt Creek Consol 011_10
74
7
734
1 4.3
San Toy Mining
4c
4c
Stand Plat Glass pref-_100
10
10
Stand San Mfg com
25 8254 81
834
Union Steel Casting cam.* 3934 37
3934
United States Glass_ .25
14
14
50
West Air Brake
15334 15334
West Penn Rys pref_ -100
9834 9834
BondsDittahnro, Anna As _ _ 11140 _ _ _ _ _ _
155
80
285
2,670
15
24
325
263
13
300
60
10
1,878
100
20
4,351
300
185
1,324
100
60
100
60
60
10
339
1,000
15
2,366
386
60
20
20
OR tr fla I% to non
Range Since Jan. 1.
Low.
35
70
101
674
175
1064
1154
8334
9934
234
12
131
6
44
118
374
734
27
2034
10
404
71
239
27
40
7
4c
10
81
3234
13
137
974
High.
Mar 52
Mar 80
Apr 109
Apr
834
Jan 2011
Jan 108
Jan 1334
Feb 9134
Jan 105
Jan
3
Mar 15
Mar 138
Feb 104
Apr
6
Jan 120
Jan 4634
Mar
9
Jan 304
Jan 23
Apr 1174
Apr 4034
Jan 79
Feb270
Mar 2834
Mar 40
Apr
8
Apr 6o
Mar 18
Apr 9234
Jan 3934
Feb 1534
Jan 157
Mar 100
0A14 Fah
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Max
Feb
Jan
Max
Feb
Max
Feb
Jan
Arn
Api
Jam
Jan
Mar
Fet
Jan
Jar
Jar
Alp
Jar
Mai
Jar
0511 1N4
•No par value. tEx-Dividend,
San Francisco Stock and Bond Exchange.-Record of
St. Louis Stock Exchange.-For this week's record of
transactions at San Francisco Stock and Bond Exchange transactions on the St. Louis Stock
Exchange see page 2079.
April 2 to April 8, both inclusive, compiled from official
sales lists:
Cincinnati Stock Exchange.-For this week's record of
Friday
Sales
transactions on the Cincinnati Stock Exchange see page 2080,
Last Week's Range for
Range Since Jan. 1.
Sole
ofPrices.
Stocks-
Par. Price. Low.
Alaska Packers' Assn
American Trust Co
361
Anglo & Lon Paris Nat Bk.
Armour & Co "A," com_ _ _
104
Bancitaly Corporation__ - _ 110
Bank of California, N A_._ ......
Bank of Italy
681
Calamba Sugar, pref
814
California Copper
Calif-Oregon Power, prat_
California Packing Corp__ .6254
California Petroleum, corn_
2634
Caterpillar Tractor
2954
East Bay Water "A," pref.. 97
Preferred
11034
Emporium Corp, The
Federal Brandeis
1434
Fireman's Fund Insurance_
Foster & Kleiser, corn
1234
Great Western Power, pref 10234
Haiku Fruit & Pack (free).
934
Stores
Bros
Hale
Hawaiian Com'l & Sugar
______
Hawaiian Pineapple
5034
Hawaiian Sugar
4034
Rome Fire & Marine Ins
Honokaa Sugar
3634
Honolulu Consol 011
244
Hunt Bros Pack "A"corn
Hutchinson Sugar Plant'n_
Illinois Pacific Glass "A"__
Key System Transit, Dr p1.
Preferred
Langendorf Baking
100
LA Gas & Electric, prat_
Magnavox Co
.40
Magnin (I). corn
1934
Market St Ry, prior pref
4734
North American Oil
3734
Oahu Sugar
Olaa Sugar
Onomea Sugar
na...hat, Maanr Mallen_ __ _
Week.
High. Shares.
180 180
360 361
219 219
1034
1034
110 110
250 254
68034 685
814 8134
3.50 3.75
104 104
62
6334
2534 27
2834 294
96
9734
11034 11034
35
35
134 1434
8934 90
12
1234
1024 103
934 10
3334 3434
48
4834
5034 5034
4134 42
30
30
3.25 3.25
3534 3634
24
2434
14
14
3234 33
30
35
12
12
1234 1234
9974 100
.40 .40
17
1934
46
4734
3734 3834
3634 3634
a% 934
40
41
11 IX 19
50
90
15
100
6,165
50
446
20
310
15
3,630
3,855
15,095
405
20
165
8.393
492
500
235
65
110
485
20
150
30
50
2,885
875
15
655
105
35
100
180
100
3,334
300
6,622
100
200
60
4[1(1
Low,
High.
165
Mar
300
Jan
195
Jan
1034 Apr
8951 Jan
250
Feb
528
Jan
8134 Mar
3.50 Apr
10234 Jan
61
Apr
25
Apr
2634 Feb
96
Jan
10534 Jan
34
Mar
934 Feb
88
Mar
12
Apr
1024 Apr
834 Feb
3334 Apr
48
Apr
4934 Feb
4034 Jan
2834 Mar
2.00 Mar
354 Apr
24
Apr
124 Jan
3234 Jan
30
Apr
12
Apr
1234 Jan
9854 Jan
.40 Jan
1634 ADr
46
Apr
35
Apr
35
Jan
8
Jan
40
Jan
1114 Mar
180
Apr
398
Feb
232
Feb
154 Jan
1144 Feb
270
Jan
685
Apr
84
Jan
5
Jan
105
Mar
6934 Jan
33
Jan
30
Feb
9834 Feb
11034 Apr
39
Mar
15
Mar
9251 Jan
1334 Jan
10434 Mar
10
Mar
3634 Jan
50
Jan
5534 Feb
42
Feb
324 Jan
3.25 Mar
424 Feb
2634 Jan
14
Mar
3434 Jan
65
Jan
3134 Jan
1234 Mar
10034 Feb
.75 Feb
2834 Jan
4734 Apr
48
Feb
373.4 Mar
1034 Mar
4234 Feb
19
T..,
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from April 2 to
Ap.il 8, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sates
Last Veek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended April 8.
Stocks-
Induv. & Miscellaneous.
Aeolian Web Plano &
Planola corn
100
Preferred
100
Ala Grt Sou RE,com _ _100 126
Allied Packers, corn
• .51c
Prior preferred
100
Alpha Portl Cement cora.* 39
Aluminum Co,corn
• 68
Preferred
100
isuerican Arch Co
100 9734
Ini Arqwn Boveri El Cory
Founders shares
•
Founders shares v t c • 12
Am Cellulose & Chem com• 130
7% 1st preferred_ ___100 114
American Cigar corn..100
Am Cyanamid, cl A corn.20 3234
Class B common
20 2834
Preferred
100
Amer Electric Corp v t o_ •
Class A
25
Amer Gas & EleaCorn (new ex-stk dIv)__• 7834
Preferred
•
Range Since Jan. 1.
Low.
56
111
126
51c
334
39
68
104
9734
.58
111
126
51c
3.4
39
68
104
98
75 33
25 111
100 124
200 500
2
100
75 37
100 68
100 10134
475 85
1234
12
104
114
120
3234
2834
8634
334
13
1334
13
131
116
120
324
29
8734
4
13
700 1234
700 12
550 74
. 280 100
220 v117
100 324
400 2834
20 8634
3
400
100 11
7234 78% 23,800
600
9934 101
6834
95%
High.
72
111
130
1%
13
42%
73
104
105
Mar
Apr
Feb
Jan
Jan
Jan
Feb
Apr
Jan
Apr 21
Apr 21
Jan 131
Jan 116
Jan 125
Apr 37%
Mar 35%
Apr 89
Feb
Feb
15
Jar)
Jan
Apr
Apr
Feb
Jan
Jan
Jan,
Mar
Mar
Feb
Apr
Jan
Mar
Mar
Jan
APr
Mar
Mar
Jan 784 Apr
Feb 101
Apr
Friday
Sales
Last Week's Range Jar
Sale
ofPrices.
Week.
Stocks (Concluded) Par Pries. Low
High. Shares.
Range Since Jan. 1.
Low.
High.
Amer Hawaiian S S
Apr
10 14
11% 14
Jan 14
3,300
9
Amer Laundry Mach corn•
113% 113%
Jan
Jan 115
150 111
Amer Lt & Trac corn _ _100 230
Feb
227 230
Mar 23'
1,425 222
Preferred
Apr
100
120 120
25 11251 Feb 120
Amer Meter Co
93
93
10 89% Jan 100% Mar
Amer Plano common .100
Jan
240 251
160 240
Apr 285
Amer Pow & Lt pref.-100 99% 9841 99%
Mar
410 9751 Jan 101
Amer Pub Util prior pf_100
Apr
9031 92
70 87% Jan 92
American Rayon Products*
551
Feb
9
5% 5% 2,000
351 Mar
Amer Rolling Mill com_ _25 5351 5131 5351 1,100 4444 Feb 5351 Apr
Preferred
Apr
Jan 113
100
112% 113
20 110
Amer Seating Co v t c__• 43
4,900 41% Apr 4634 Mar
Amer Solvents & Chem__
1234 1254
100 12% Apr 12% Apr
Amer Superpower Corp A_• -Mar
28% 29%
1,600 2731 Jan 30
Class B
• 31
2951 3151 2,900 2834 Jan 3131 Mar
Partic preferred
25
28% 2831
100 26% Jan 2851 Feb
First preferred
•
7
Apr
400 9334 Jan
9651 97
American Thread prel_5
3%
351 Jan
35"ts Mar
311ts 3% 1,700
Am Writ Pap pf v t c__100
200 26% Apr 31% Mar
2651 26%
Anglo-Chile Nitrate Corp• 1851 18% 19
19% Apr
2,900 14
Feb
Arizona Power com__ _100 25
Mar
Jan 25
160 22
25
25
Assoc Gm & Elea clam A_• 40% 4051 41
Mar
Jan 42
2,900 35
Atl Birm & Atl Ry pref___
Feb 94% Apr
25 93
9441 9431
Atlantic Fruit & Sugar_ •
1% Jan
2,400 95c Mar
1
95c
Atlas Portland Cement_ •
Jan
Jan 44
200 40
4151 4231
Auburn Automobile corn.25
Jan 103% Apr
100 103% 1,200 69
Babcock & Wilcox Co_ _100
Mar
90 11551 Jan 124
119 119%
Bancitaly Corp
110 11035 1,300 85% Jan 114% Mar
25 110
Bancroft(Jos)& Sons corn•
Jan 3751 Mar
300 35
37
37
Sandia Corp cl A com .10
Apr
Jan 52
700 40
4831 52
Bigelow-Hartf Carpet com• 79
Mar
225 76
Mar 80
80
79
Blackstone V G&E,com.50 115
Mar
400 y98
Feb 110
110 115
BUIE(E W)& Co,com• 23% 2251 24
Apr
3,100 20
Jan 24
Blyn Shoes Inc corn__ __10
931 Apr
351 Jan
9
9% 21,000
954
Bohn Aluminum & Brase..•
Feb 19% Feb
100 13
1531 1551
Borden Co common__50 110
Apr
Jan 111
3,500 101
105 111
Nat City Co rcts new stk 106
Apr
200 104
Apr 106
104 106
Bridgeport Gas Light_
Apr
100 54
Apr 54
54
54
Bridgeport Machine com_•
451 Feb
406
551 Mar
5
5
Brill Corp class A
500 38% Mar 4751 Jan
• 40
3934 4034
Class B
* 15% 15% 1631 2,000 15% Apr 2251 Feb
Ballo Mfg com
751 Feb
200
8
9% Jan
8
Class A
21
200 20
21
Jan 2251 Mar
• 21
Brit-Amer rob ord bear_£1
23% 24% 4,300 23% Feb 2551 Mar
Brookly n City RR
5
1,300
6% Jan
Jan
531 5%
10
Bucyrus Co pref
75 10251 Mar 10631 Feb
10451 10455
100
Budd (Edw G) Mfg com*
2551 •
250 25
25
Apr 32
Feb
Buff Mats & Earn Pr com_•
300 2554 Mar 30% Apr
2834 30%
Bullard Machine Tool__
50 35% Feb 41% Mar
3934 3941 40
Canada Cement, Ltd .100
Apr
30 130
144 145%
Feb 149
Canadian Indust Alcohol_." 28
Feb
1,200 22
28
26
Jan 28
Case (J I) Plow Wka cl B
Mar
v tc
351 Feb
300
13
735 8
Jan
Caterpillar Tractor
200 2751 Feb 31
29
2051
Celluloid Co corn
100 17
Feb 2051 Mar
2051 20%
100
Preferred
Jan
30 65,1 Jan 72
69
71
- _100 69
Jan
Celotex Co COMMOD
Feb 83
500 72
78
76
77
•
Mar
75 8731 Mar 91
88
8831
7% Preferred
100
Central Aguirre Sugar _50
100 97% Jan 104% Mar
100 100
Central Hudson Gas & Elec
Mar
(new corp) v t
3851 38%
200 3834 Apr 40
Cent Leath (new)CIA vte.* 25
24% 2651 3,500 19% Jan 26% Apr
Prior pref v t c
2,600 7331 Jan 6841 Apr
100 87% 86
88
Cent States Elec com_
17% 17%
100 1751 Apr 20% Feb
•
Centrifugal Pipe Corp__ _ ..• 1454 1451 15
1834 Jan
1,500 13% Mar
C M & St P (new co) w I__
24% 2131 24% 3,300 20
Mar 24% Apr
New preferred w I
30% 3551 15,600 2731 Mar 3544 Apr
Chicago NIPPle Mfg cl A 50
Apr
200 43% Jan 49
48
49
Cities Service common_ _20 51% 51% 51% 23,700 4041 Mar 58% Feb
Preferred
Mar 9231 Jan
4,800 87
100 8931 89% 90
841 Feb
Preferred B
7% Mar
400
8
10
8
8
Preferred BB_
81
81%
300 81
Apr 8551 Mar
_100
City Ice & Fuel (Cleve)..• 2654 2554 26%
100 2341 Jan 26% Apr
Cohn-Hall-Marx
Jan
100 18% Mar 20
* 18% 18% 18%
Colombian Syndicate
3% Jan
Apr
2W 2W 15,200
251
Columbus Elea & Power.
32
6734 Feb 72% Feb
.
5 7134 6934 7134
Apr
Com'wealtn-Edison Co.100 145
144 147
Jan 147
160 139
Com'wealth Power Corp. 4434
Common
Mar
4351 4651 12,000 4234 Jan 48
Preferred
Mar
100 95% 95% 96% 1,300 9151 Jan 117
Conde Nast Publications_• 3434 32
34% 7,900 3031 Mar 3451 Apr
Consol Dairy Producta__•
151 Jan
234 Jan
1% 2
400
Con Gas E L & P Balt cons* 5451 5454 5431
1,800 50% Jan 54% Apr
Consol Laundries
• 2251 21% 22% 9,30
Feb 2251 Apr
20
Consolidation Coal corn 100
Jan
31% 34
Mar 36
50 31
Copeland Products, IncClass A with warrant'
11% Jan
751 Ar
751 9
731
300
Courtaulds. Ltd
26
£1
2651
700 24% Jan 2851 Feb
Crane Co
47
Mar
47
Apr 50
47
50 47
Creamery Pkge Mfg com_*
Apr
29% 30
29% Apr 30
20
Crocker-Wheeler corn .100
31
Jan 3751 Feb
32
20 26
Cuban Tobacco Coy t c_.•
Feb
45
60
Ma
45
100 45
Cuneo Press corn
30
Jan 32% Jan
10
30
200 30
Curtiss Aeropl & M cum_ _•
Jan 25% Mar
2351 2351
300 10
Preferred
Mar
92
100
92
100 8451 Jan 94
Curtis Pub Co com
Feb
•
17931
10 17034 Jan 180
114% 11431 116
$7 preferred
Jan
Jan 118
1,450 114
Davenport Hosiery
3041 Apr
2934 28
29% 3,400 27% Ma
Deere & Co common__ _100 102% 82 104
Apr
Jan 104
350 70
Da Forest Radio Corn- •
1034 Jan
Feb
7
200
731 731
Dinkier Hotels Co class A
with purch warrants_ *
2331 23%
100 2134 Jan 2351 Apr
Dixon (Jos) Crucible_ _100 168
164% 171
Ma 172% Feb
390 151
Doehler Die-Casting
Jan 22% Mar
* 20
4,200 18
20
22
Dominion Stores. Ltd_
*
75
Jan 77% Mar
75
100 66
Dubiller Condenser Corp_*
434 5
700
555 Mar
351 Feb
Dunhill International _ _ __* 2731 27
Mar
Jan 28
2731 1,000 22
Durant Co Motors, Inc__• 12%
1151 13% 108,600
534 Jan 1451 Mar
Eastern Rolling Mill
Jan
27
2231 22%
•
50 20% Ma
Eitingon-Schild Co com__• 33% 3341 33%
400 3334 Jan 3431 Mar
Elec Bond & Share pfc1.100 10731 106% 10751
Jan
1,470 105% Ma 109
7251 Jan
Elec Bond & Share Secur.• 68% 67% 69% 12,400 6634 Ma
Elea Invest without war.• 3534 34% 35% 7,300 32% Feb 37
Jab
Apr
95
Elec Pr & Lt 2d pf A ____.• 95
9331 95
600 89% Ma
Option warrants
851 Mar
7%
6% Jan
7
7% 1,900
Apr
6
•
8
Elec Railway Scour
• 731 8
Feb
300
Empire Pow Corp part Mk* 3634 36
Jan 3851 Mat
1,000 26
37
Equitable Office Bldg corns 6754 6734 6941
500 67% Apr 6951 Apr
8
Estey-Welte Corp churn A_•
751 8% 3,500
7% Ma
8% Jar,
3
Apr
•
3
Class B
400
351
1834 Jan
3431
Evans(ES)& Co el B com 5 3454 32
400 2955 Feb 3451 Apr
231 Apr
43
251 2% 1,100
Fitgeol Motors Co com_ 10
Jab
150% 152
100
260 15054 Ma 164
Fajardo Sugar
Apr
67
67
Ma
67
100 48
Fall River Electric Light.25 67
33
2834 2934
Ma
Jao
500 25
Fanny Farmer Candy St_4.
Feb 2754 Jan
6
6
6
100
Federal Purch Corp cl A_ •
20c Apr
6% Jan
200 20c
1,000
Class B
1251 13
200 1231 Jan 14% 'Jan
•
Federated Metals
Jan
6
6
100
83.4 Feb
Film Inspection Machine_•
10031 101
Jan 10251 Feb
250 99
Firestone TAR 7% pf-100 101
Feb
393 435
Apr 500
370 339
Ford Motor Coot Can.103 430
JftIl
400 1751 Jan
•
115
17% 17%
Forhan Co, class A
Foundation CoJan 20% Mar
3,000 16
17
Foreign shares, class A_• 1651 16
21% Apr
Fox Theatres cl A corn-. 1834 1754 21% 22,400 2051 Ma
Apr 19% Jan
13%
300 13
13
Franklin (H H) Mfg,corn • 13
Apr 80
Feb
79
75 78
78
100 78
Preferred
200
351 Jan
7% Jan
Freed-Eisemann Radio---*
355 354
334
11,500 1251 Mar 23% J a.
• 1234 1231 14
Freshman (Chas) Co
2,900 3954 Jan 4654 Mar
4431 45
45
Fulton Sylphon Co
Apr 3031 Jan
330 23
2554
23
23
Galv-Hous Elec Co corn 1
[voL. 124.
THE CHRONICLE
2104
nom
Friday
Miss
Last Week's Range
ofPrices.
Sale
West.
'Stocks (Concluded) Par Price. Low. High. Shares
for
Gamewell Co,com
Garen Corp
General Baking cl A
53%
Class 13
551
General Electric(Germany)
Warrants
Gen'i Fireproofing corn..
68%
General Ice Cream Corp* 4741
General Pub Sent corn_ •
% preferred
•
Oa Pow (new gory)$6 pf__•
Gillette Safety Razor_ _ _ _• 9151
C G Spring & Bump com_• 1051
Gleasonite Prod corn_ -_10
Glen Alden Coal.._5 168
Gobel(Adolph) Inc corn. •
Goodyear T & R com__100 4641
Gorham Mfg com
• 41
Grand(RAW)5-10-25c St• 6151
Greif (L) Bros corn
•
7% prat with com war100
Griffith (D W)class A_ *
1
Happiness Candy St cl A.*
6
Founders shares.
5%
Hartf City Gas Lt corn. 25
Hellman (Richard) CoCommon
•
Partie pref with warets.• 3431
Hercules Powder, com_100
Preferred
100
Hires(Chas A)Co al A corn*
Hobart Manufacturing_ "
Hollander(H)& Son com-• 2834
Hood Rubber Co com_
•
Hoover Steel Ball Co___10
Horn as Hardart com_
•
Industrial Rayon class A_•
7%
insur Co of North Amer.10 5951
Int Concrete Ind fdrs shs 10
Internat Tel & Tel new_100 13335
Internat Utilities, class A.•
•
Class B
351
Jaeger Machine
Jer Cent P & L 7% pf_ _100
J oh ne-M any, new corn w I.• 67
New preferred w I.
116
Kawneer Co
•
Kroger Grocery & Bak_ _10
Lackawanna Securities w I_
9051
Land Co of Florida
•
Landover Holding CorpClass A stamped
1 16
Lawrence Portl Cement.100
Lehigh Power Securities_ _• 1931
Lehigh Val Coal ctfs new.. 40%
Lehigh Valley Coal Sales.50
Libby. McNeill & Libby _10 10
Libby Owens Sheet Glass25 12954
Long Island Lighting Co_• 145
Preferred
100 110
Loose-Wiles BiscuitNew common
25 4034
MacAnd & Forbes, corn •
Madison Sq Gard Co v t 0• 16%
Maine Central RR corn_ 100
Mandel Brothers, Inc _ _ _ _• 48;4
Manning, Bowman & Co
-* 1954
Class A
Mansfield Min & Smelt__ ______
Warrants
Marconi Wirel Tel of Can.1
Marconi Wirel Tel of Lon£1
Marmon Motor Car corn •
Mass Gas Cos pref__ _100
Massey-Harris Co,Ltd.100
New w
7% Preferred
100
McCall Corporation
•
Mesa Johnson & Co corn _• 4051
Mengel Company
100
Mercantile Stores pre1.100
Mesabi Iron
• 75c
Matron Chain Stores_
•
* 34
Wag Mill Mach warrants._
Middle West U tl I corn_ _..• 11034
7% preferred
100 107%
Midland Steel Products_ _
4051
Miller Rubber pref._..100
Mohawk & Bud Pow com' 2434
Second preferred
9634
Mohawk Valley Co
• 4335
Motion Picture Cap Corp25
National Baking corn_
•
Preferred
100
Nat Elec Power, clam A.'
Nat Food Products cl B.
Nat Power & Light, pref..*
Nat Pub Serv corn class A.•
Common,clam B
•
Warrants
Nat Sugar Refining_ _ _ _100
Neisner Bros, Inc. corn_ •
Preferred
100
Nelson (Herman) Corp_ _5
Neptune Meter class A_ •
Nev-Calif El Corp com.100
Newberry,(J J) pref..-100
New Eng Pow Assn, pref.
New Meg & Ariz Land__ _1
New Orl Gt Nor RR_100
N Y 'ratan 6 h% pref._100
Nichols & Shepard
Nilea-Bement-Pond, com.•
North America Utility Sec_
First preferred
Northeast power, corn._•
Nor Ind P S6% pref__ _100
Northern Ohio Power Co_•
Nor States P Corp.com.100
Preferred
100
Nor Tex Elec Co com 100
Ohio Brass class B
•
Ovingten Bros partic prat*
Pacific Coast Biscuit com.•
Pacific 11 & E 1st pref....25
Poem, -Ileet Boiler
•
Palm(live Peet Co corn
Preferred
100
Pender(David) Groc cl B.
Penney (J C)Co cl Apt 100
co -onto Edis new uum.•
7.1 prior preferred._100
ita preferred
•
Warrants
I Abb.SPrIlr ekrp
•
Pa G & El cl A part stk. •
veto, e mar & Power..10(
New w I
•
Peoples Drug Stores
•
Phlia Elec Co com
25
Range Siam Jan. 1,
Low.
High.
56
55
200 53% Jan
151 1%
300
75c Jan
34,900 5341 Apr
5351 56
451 551 30,000
441 Mar
42
42
100 38% Feb
170 180
29 110
Mar
6731 69
Jan
700 51
4731 4731
100 4051 Feb
1251 12% 1,200 1151 Jan
25 105% Feb
108 108
9551 96
1,500 94
Mar
8751 91% 8,000 8651 Mar
1034 1034
954 Jan
300
851
8
g
600
Mar
3,100 159% Apr
15934 169
2831 2931
800 25% Jan
3931 4831 74,100 2834 Jan
41
4334 1,000 41
Aln.
6151 6151
100 60
Feb
17
1,000 17
18
Apr
108% 108%
100 104
Jan
1
300 750 Feb
1
6
634 2,700
6
Jan
434 5% 3,800
451 Apr
87
88
200 83
Mar
5954 Jan
3% Jan
6331 Jan
71( Jan
42
Apr
180
Apr
84% Mar
4931 Mar
1451 Feb
108
Apr
9654 Mar
95
Jso
1151 Mar
1251 Jan
1C9
Jan
3051 Mar
48% Apr
4341 Apr
Feb
67
Apr
18
Mar
110
1
Feb
7
Jan
a% Jan
Apr
ES
15
15
100 1331 Mar 16
3334 34% 1,300 2851 Jan 34%
190 190
10 176
Mar 200
116 116%
60 114
Mar 11751
22
2251
200 2151 Jan 2251
28
600 2734 Mar 29
28%
27
2855 1,900 24% Feb 2841
4151 4155
100 4151 Apr 46
9% Apr 1051
100
951 931
425 51
52% 5294
Mar 55
451 Jan
851
7
7% 4,300
5834 59% 4,400 51
Feb 59%
Mar
1
451
1
100
1
400 12541 Mar 134%
132 134%
Jan 3551
3431
34
000 28
3
551
Jan
334 331
800
Jan 30
30
25 28
30
Apr 100
100 100
100 100
6531 7054 14,500 5551 Jan 73%
115% 116
150 11451 Jan 118
Jan 2931
29
500 29
2951
Apr 136
40 122
124 125
Mar 93
90
2,900 87
93
1,000 18% Apr 36
18% 2041
Mar
Apr
Mar
Jan
Feb
Jan
Apr
Feb
Jan
Jan
Feb
Apr
Jan
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Apr
Mar
Jan
1651
101
20
46
100
1094
15951
150
110)1
Mar
Apr
Apr
Jan
Mar
Jan
Jan
Jan
Mar
16
1651
300 14
101 101
25 101
1951 20
22,000 15
38% 4131 7,800 38%
92
9735
600 89%
10
9%
1031 2,400
116 12931
420 116
145 145
25 140%
110 110
10 107%
40
4151
1631
71
4831
4151
4251
16%
71
4834
4,700
600
1,000
10
4,000
40
40%
16
6251
4851
Apr
Jan
Mar
Feb
Mar
4151
4351
1834
75
48%
Apr
Mar
Jan
Mar
Mar
1951 1954
20
2051
113 118
I
1
451 4%
51
5334
7434 7434
132 135
32
33%
111 III
54
55
40
4034
30
37
101 101
75e 75e
34
32
100 100
108 11051
107 107%
4031 41
101%102%
2451 25
9634 9651
4051 44
2134 2134
25
200
6
100
100
900
40
100
700
2
150
2,300
300
2
500
32
10
500
15
80
4
1,40
10
4,70
10
1951
20
113
79e
351
47%
7451
60
29
105
52
39%
2851
101
75s
30
85
108
105%
40
101
20%
94
37
20
Mar
Apr
Apr
Jan
Jan
Jan
Apr
Fel,
Mar
Feb
Jan
Jan
Feb
Apr
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
20%
20%
118
1
451
6254
7451
135
3351
111
60
43%
37
105
99e
35
120
114%
113%
4531
105%
27
0651
44
2151
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Mar
Jan
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Apr
Apr
9% 934
82
85
24% 24
2434
634 7%
654
105 105
105
2134 22
22
18
18%
In
I%
133 140
135
4031 50
45
99,4 9714 100
26% 26%
2251 2351
27% 30%
100% 101
93
93
1034 1151
10%
4154
38
113 11354
2414 2331 2431
22
22
631 631
6%
89
89
89
15% 105 16
9351 9354
1151 1031 1151
11354 110 11354
10354 10231103%
31
31
80
80
9% 9%
1634 16%
2541 2534 2534
11
11
1134
72% 77
77
10751107%
2254 22% 23
101%101%
2954 2851 2934
100% 101
101
8031 82
82
1034 1131
1034
951 9%
931
1951 1951
188 190
190
4854
4851 47
29
2834 293-4
48
4934
50
125
2,50
800
350
5,200
500
200
600
1,35
15
10
20
30
7
10
1,200
1,800
475
2,000
100
100
100
6,000
10
6,800
2,800
300
100
25
100
100
200
1,000
325
150
200
10
2,600
130
350
1,200
2,000
100
50
1,300
400
200
9
78
23%
531
101
18%
14
131
126
3651
96
2351
2251
25
85
88
1054
19%
112%
21%
18%
651
89
15
9351
931
10954
10051
27
76
9
1651
24%
11
71
106
22
100
27
9751
80%
10%
851
19
17534
45
28%
46%
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Apr
Jan
Apr
Mar
Jan
Apr
Apr
Ma
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Fe
Jan
Jan
Mar
Apr
Mar
10% Mar
Apr
85
25% Feb
751 Jan
106% Mar
22% Mar
2051 Mar
351 Jan
140
Apr
50
Apr
100
Apr
2851 Feb
24% Feb
3051 Apr
103
Mar
9154 Mar
13% Feb
41% Apr
11531 Mar
25% Mar
2331 Mar
651 Apr
89
Apr
18% Jan
9335 Apr
13% Feb
114
Mar
104% Mar
Feb
36
Mar
84
Jan
10
Mar
17
2651 Jan
12% Jan
Mar
77
10744 Apr
2854 Feb
Jan
102
29,4 Apr
101% Mar
8331 Mat
11% Feb
1051 Jan
2151 Feb
Apr
190
4851 Apr
31% Jan
53 1Jan
APR. 9 1927.]
THE CHRONICLE
Friday
Last Week's Range Sales
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
3,*
Phillip-Morr Cons Inc com• 15
Class A
25 1834
Pick (Albert) Barth & CoPref el A (part pref)- -• 14
Pittriti & Lake Erie com_50 175
Plymouth Cordage__ _100
Portland Elec Power_.A00
• 52
Pratt & Lambert
Procter & Gamble Corn..20 185
100 113
6% preferred
Providence Gas Co
50 99
Prudence Co 7% preL A00
Pub Serv Nor 111 6% p1.100
Puget Sound P&L.com.100
Pyrene Manufacturing_ 10
Rand-Kardex Bureau
•
Realty Associates corn. •
Remington Arms Co,corn *
934
Rem Noise'Typew corn A *
Remington-Rand corn w I • 3634
100 99%
First preferred
8% second preferred_100
10 2134
Boo Motor Car
Republic Motor Truck •
Richmond Radiator com.•
Rolls-Royce of Amer p1100 93
Royal Bak Powd corn_ _100
Preferred
100 102
Safeway Storescorn
• 290
• 40
St Regis Paper Co
Sanford Mills new com___• -----Schulte It E Co
Seeman Brothers com____*
Servel Corp (Del) coin_ *
Sherwin-Williams com_25 5234
Sierra-Pac Elec Co corn 100 28
Silica Gel Corp corn v t c_•
Silver (Isaac)Bros Inc corn_______
Singer Manufacturing__100 374
Singer Mfg Ltd
Snia Viscosa ord (200 lire) __ __
10
Dept recta Chase Nat Bk
Sou Calif Edison pref B_25
Sou Cities Utll coin A__ • ______
Common A vet trust ctfs 4134
100
Preferred
South Colo Pow.class A _25
Sou Gas & Pow class A-*
Ireastern Pow & Lt com__• 31
•
$7 Preferred
Participating preferred.• 7734
Warrants to pur corn stk. • 874
S'west Bell Tel pref_ _100 11534
Southwest P & L 7% pf 100 10634
Stand Comm'l Tobacco_ •
Stand Gas & Elec 7% pf 100
Stand Pow & Lt corn_ _25
Preferred
•
Stand Publishing el A---25
334
Stanley Co of Amer
Stern Brothers class A
•
Strom-Carlson Tel Mfg _.• 3834
Stroock (S) dc Co
Stutz Motor Car
Swift & Co
100
Swift International
15 21
Tampa Electric Co
• 61
Thatcher Mfg new corn_ *
Convertible preferred_ •
TImken-Detroit Axle_ __10 1234
Tobacco Prod Exports_ •
Todd Shipyards Corp__ •
Trans-Lux Day Pict Screen
•
Class A common
534
Trumbull Steel corn
25
Truscon Steel
25
Tubize Artificial Silk cl B_• 214
Tung-Sol Lamp Wks com_*
934
Class A
• 19
Union & United Tob corn.* 8074
United Artists Theatre Co
Allot ctf for corn & pref. 99
United Biscuit class B_ _• 10%
United Elec Coal Cos v-t c• 2334
United Gas Impt
50 9834
United Light& Power A __• 1334
Preferred A
• 9335
Preferre.1 B
* 5131
United Profit Sharing com•
United Shoe Mach, com_25 54
U S Distributing corn.. •
7% cony prof
100
U S Freight Co
• 7134
IJ S Gypsum corn
20
US Light & Heat cora_ _10 53
Preferred
10
834
U S Stores Corp cl B_
•
Linty Leaf Tobacco com__• 4234
Universal Pictures
• 37
Utilities Pr & Lt class B..• 14
Utility Shares Corp pref. *
Option warrants
Warner Bros Pictures__ _•
Warner-Quinlan Co
• 26
Wesson 0&8D com v to..• 56
Preferred
• 9834
Western Auto Supply p1..°
West Dairy Prod,class A
50
Clasen v t
* 1731
West aid Sty let pfd__100 13034
West Jersey & Seashore.50
Wheeling & L E pr In stk 100
White Rock Min Spgs corn*
Yellow Taxi of N Y
15
15%
1834 18%
8,500
300
Range Since Jan. 1.
Low.
15
1834
13% 14
3.300 12%
174% 177%
650 167 34
120 120
10 120
20
100 20
20
49% 52
800 48
182 186
290 178
113 113
10 111
95 • 99
375 86
105 105
50 10234
104 104
50 104
29
28
400 28
934 93.4
400
9
72
72
10
57
242 243
80 225
9% 9%
200
7
3331 33%
100 3334
3531 36% 21,800 3334
99% 100
300 9734
10034 10034
500 98
20
22% 12,500 19%
3%
33.4 4
700
23% 24%
20%
1,00
93
91
500 91
165 165%
11
161
101% 102
6 299%
289 299
232
31
40
40 34
3934
30
76
7635
5
76
17
17%
20
1534
2711 27%
10
27
631
734 5,20
634
52% 54
525 44
300 26%
2734 28
15
15
200 13%
26
2 00 26
2634
374 375
50 365
531 5%
400
5
11
10
900
5
931 10
1,100
5
24% 24%
100 24%
41 34 41%
200 2334
41% 4134
200 2231
8834 9034
150 82%
27
27
100 26
900 18%
2134 22%
30% 31% 5,500 29%
103 103%
200 101%
78
76
600 67%
8% 9
834
1,000
115 115%
650 11334
106% 106%
40 104
28
28
200 1934
108 108%
100 104%
22% 23
22
40
101 101
98%
5
3% 4
3%
70
74
74
74
10
45% 4531
125 42
3831 3831
100 38%
41% 4131
300 40%
17
1,300 14
18
117 118%
600 115%
21
2231 6,500 18%
61
300 49
6134
16
100 16
16
4434 44%
1,000 4434
11% 12% 2,000 1134
3% 334
300
3
48
98
100 46%
5
5%
11
11%
24% 25
181 230
931 9%
18% 19
79% 82
2,800
5
9%
700
300 24
760 145
834
500
600 17%
600 7934
99
99
700 9534
8% 11% 7,100
7
23% 23%
400 23%
9331 99% 23,100 89
13% 13% 22,800 1234
94
93
1,950 85
51% 51%
20
5034
10% 10%
10
1,70
54
54
35
51
14% 15% 9,40
1234
8431 8531 2,20
84
72
69%
70
37
101 101
50 94
2,200 29
46
53
8
800
831
734
3
100
3
3
41% 4331 3,500 37%
37
1,200 2934
3931
14
14% 3,800 1334
18
18
100 17%
131
131
600
1%
18% 20
2,900 15%
25% 26%
800 25%
55
57
1,400 52%
9731 98%
870 96
22
22
100 22
500 47%
5035
50
17
500 15
17%
117 132% 1,450 98
50 4634
46% 46%
10 163
165 165
100 27
32
32
200 30
3031
30
Rights.
Am Cellulose Chem Mfg........
100
6
6
Bancitaly Corp
1,300
231 3
234
Borden Co
4% 4% 8,800
Commonwealth Power__ _ _
44c
38e 45c 32,000
Fiat
200
234 2%
Mansfield Mining & Smelt
10
100 100
Yigh.
Apr
Apr
Jan
Jan
Apr
Apr
Mar
Feb
Mar
Mar
Jan
Apr
Apr
Feb
Jan
Jan
Mar
Apr
Feb
Mar
Mar
Mar
Apr
Feb
Apr
Feb
Mar
Feb
Mar
Apr
Jan
Jan
Apr
Feb
Jan
Ma
Apr
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Feb
Apr
Jan
Jar
Jan
Ma
Jar
Apr
Apr
Ma
Ma
Jan
20%
22
Jan
Jan
14
DOH
128%
20
5334
192%
113%
99
105
104
33%
1434
73%
255
1134
39%
3734
100%
100%
23
534
25%
93
194
102
301
46
85
18%
28
10
54
27
19
32%
387%
5%
11
10
25%
42%
43%
92
27%
22%
32%
105%
78
9
118
106%
29
109
24%
101
634
90
47%
42
44
21
120%
23
62%
18
46
12%
3%
50
Feb
Feb
Mar
Apr
Jan
Jan
Mar
Apr
Jan
Apr
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Mar
Apr
Jan
Jan
Mar
Apr
Feb
Mar
Apr
Jan
Mar
Mar
Jan
Mar
Mar
Apr
Feb
Jan
Feb
Mar
Apr
Apr
Jan
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Apr
Jan
Jan
Apr
Mar
Mar
Jan
Apr
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Ma
8%
Jan
1131
Jan 2874
Jan 230
Feb
9;4
Jan 19%
Apr 90
Jan
Feb
Jan
Apr
Mar
Mar
Feb
Jan 99
Mar
Jan
13
Feb
Apr 2634 Jan
Feb 99% Apr
Mar 15% Jan
Jan 94
Apr
Jan 52
Feb
Jan
11
Mar
Jan 5434 Feb
Jan
17
Feb
Mar 9034 Jan
Mar 72
Apr
Jan 110
Jan
Jac
53
Apr
Jan
834 Feb
Apr
534 Jan
Jan 48
Mar
Jan
45% Mar
Jai
1531 Feb
Ma
18
Apr
Apr
231 Jan
Ma
33% Jan
Jan 27% Mar
Jan 59% Jan
Ma
99% 'Jan
Feb 25% Jan
Feb 51
Mar
Feb 18% Mar
Jan 132% Apr
Ma
46% Apr
Feb 171
Jan
Feb 32
Apr
Apr 34% Jan
3%
55c
3%
35c
1%
90
Ma
6
Jan
331
Feb
4%
Ma
62c
Fe
3%
Fe 100
Apr
Mar
Mar
Mar
Mar
Mar
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(vol sh).£1 1934 18% 1934
1,000 18 34
Voting stock ctts of dep_
1834 18% 18%
600 18%
Non-voting stock_ - __LI 19
300 17%
18% 19
Buckeye Pipe Line
ao
600 45
48% 49%
chasebrough Mfg Cons_25
300 7634
7934 8134
Continental 011 v t _ _ _ _10 19
18% 1931 11,700 18%
Cumberland Pipe Line_100 94
140 1290
93
96
Eureka Pipe Line
100
150 47
53
53
Galena-Signal Oil, Com_100 10
500 10
10
1031
100
a, New preferred
80 42
42
50
100
Old preferred
110 49
4834 53
Humble Oil & Refining_ _25 5734 56% 5931 8,500 54
Illinois Pipe Line
100 139
510 12331
137 139
Imperial 011 (Canada)--4434 43% 45
8,000 3734
Registered
200 4434
4434 44% 44%
Indiana Pipe Line
ao
67
250 61
67
Apr 21%
Ma
21%
Apr 2034
Jan 5031
Jan 8231
Apr 22%
Mar 137
Jan 53
Apr 13%
Apr 593(
Mar 6031
Mar 62%
Jan 141
Jan 47
Apr 4431
Jan 6934
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Mar
Mar
Apr
Feb
2105
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Continued)
Par Price. Low. High. Shares.
National Transit_ _ _12.50
New York Transit
100
Ohio OIL._
25
Penn-alex Fuel Oil
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
South Penn 011
25
So West Pa Pipe Lines_100
Standard 011 (Indiana)_ _25
Standard Oil (Kansas)_25
25
Standard 011(Ky)
Standard 011(Neb)
25
Standard Oil (0) new com _
Preferred
100
Swan & Finch 011 Corp._25
Vacuum 011
25
14%
5734
48%
14834
37
63
66%
1734
11434
47%
119
107%
Range Since Jan. I.
Low.
14
14%
1,600 13%1 Jan
32% 33%
100 31% Jan
57
5831
1,500 56% Apr
16
1631
200 15% Mar
47
4831 10,700 47
Apr
146% 148%
1,050 132
Jan
36% 37% 1,300 35
Mar
62
63
150 .5534 Jan
65% 6674 43,700 65% Apr
17
17% 2,100
15% Mar
112% 114%
1,500 112
Mar
46% 47%
700 46
Apr
7331 7535
850 73
Apr
119 119
20 118
Jan
17% 17%
10 15
Jan
104% 108.% 16,400 9531 Jan
High.
14%
36
6431
19
55%
151
4134
64%
7434
20%
122%
40%
81
122
17
110%
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
F.b
Mar
Feb
Mar
Mar
Vre
731
8%
1%
Jan
Jan
Feb
Jan
5,000
4
Mar
7%
1,500 15% Apr 2034
4,000 15c
Apr 26c
9,200 16
Apr 2831
1,300 16;4 Apr 26
49,500 11% Mar 14%
1,000
1% Mar
3
400
4% Jan
12
100 10
Jan
12
18,900
1% Mar
331
1,000
80c Apr
2
3,600 89% Apr 9634
50 35
Apr 39%
3,300
831 Apr
914
1% Mar
3,000
2
38,000 3031 Mar 34%
13s Jan
1,800
2%
3,500
7% Mar 1074
400 23% Aar 2734
2,300 37
Jan 4634
1,300
1% Mar
214
300 12
Mar 1231
I
Apr
200
2
400
12%
93,' Apr
4,100 10%0 Apr 380
1% Jan
300
134
5,500 24% Ma
2614
150 192
Jan 250
4% Mar
90
531
1,20
9% Mar 11
11% Jan
20
1234
100 21% Feb 2231
900
5% Mar
8%
14,300 1034 Apr 12%
200
934 Mar 13%
100 18
Mar 24%
4,400
7
Ma
1534
1,200 15% Ma
2734
200 25
Apr 25%
5,000 20c
Apr 35o
100
5
Jan
7
900
7
Ma
8
8,600 29% Mar 32
200
3
Jan
7
800 21
Jan 2611
500 19
Mar 2331
18,900 1734 Mar 233.4
1,500 92
Mar 9531
600 6334 Jan 80
4,700
5
Mar
7%
600 22
Mar 32%
1.300
531 Apr
8
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
hlar
Jan
Mar
Apr
Mar
Feb
Jan
Feb
Fob
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Apr
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Other Oil Stocks.
Amer Contr Oil Fields_ _ _ 5
Amer Maracaibo Co
•
Arkansas Natural Gas..10
Atlantic Lobos 011 com_ •
Barnsdall Corp elk porch
warrants (deb rights)--Beacon 011 Cs corn
Cardinal Petroleum Corp10
Carib Syndicate
Certificates of deposit_ _
Creole Syndicate
•
Crown Cent Petrol Corp_ _•
Darby Petroleum
•
Derby Oil & Ref pref_
•
Gibson Oil Corporation_ _1
Gilliland Oil, corn. v t c •
Gulf OH Corp of Penna_25
Honolulu Cons
10
Houston Gulf Gas
•
Intercontinental Petroleum
International Petroleum_ _•
Kirby Petroleum
•
Leonard 011 Develop't_25
Lion Oil Refining
•
Lone Star Gas Corp
Magdalena Syndicate_ _ _1
Margay Oil
Marland 011 of Mac
1
Mexico Ohio 011 Co
•
Mexico 011 Corporation_ 10
Mountain & Gulf Oil
1
Mountain Producers_ _ _ _10
Nat Fuel Gas
100
New Bradford 011
5
New York Oil
25
North Central Texas Oil_ •
Okla Natural Gas ctf dep_
Pandem Oil Corporation_•
Pantepec 011of Venezuela.*
Pennok 011 Corporation...
05
Red Bank 011
Reiter Foster 011 Corp_ _ _•
Richfield 01101 Calif _ _ _ _25
Preferred
Royal-Can 011 Syndicate
Ryan Consol Petroleum_.
Salt Creek Consol Oil_ _ _10
Salt Creek Producers_ __10
Savoy Oil
5
Tidal Osage voting stock_•
Non-voting stock
•
Tide Water Associated 011•
Preferred
100
Transcontinental 6% pref.
Venezuela Petroleum_ _ _ _5
Wilcox (H F) Oil de Gas_ •
•
Woodley Petroleum
770
4%
734
16
13%
1%
734
77c 90c
13,600
4% 5% 10,100
7% 2,200
7
134 1%
100
4
15%
15c
16
1634
4%
16
20c
1831
18
1234 1374
134 134
731 7%
11
11
1% 234
80c 80c
90% 8931 9034
35
35
36%
9%
8% 931
1% 2
2
31% 3031 32%
131 1%
8
8
8%
2434 24
25
41% 4134 4331
1% 1%
12% 12%
1
1
1
10
10%
20c 10%0 200
1% 1%
25
24 34 25%
235
235 239
434 5
4%
10
10%
11% 11%
2234 22%
5% 6%
10% 1031 11%
931 9%
97-4
18
18
8
734 831
17
1734
17%
25
25%
200
20c 21c
5% 535
7%
774 731
3034 30% 3031
5
5
2134 2231
19% 1934
xl 731 z1734 1834
9234
9234 92
71%
70
70
531
5
5%
2314 2435
531
531 6
2%
77c
4
7
136
Apr
Mar
Mar
Jan
Mining Stocks-Amer Conel Min & Mill.
8c 100
94c
Amer Exploration Co_ _
70c 94e
40
Arizona Globe Copper...1
40
40
1 75e
65c 75c
Beaver Consolidated
Bunker Hill & Sullivan_ _ 1 74% 74
7474
234
1
2
Calaveras Copper
20r
Carnegie Metals
10 12% 1231 12%
3%
Control Copper Mines_ __ _1
3
3%
Continental Mines Ltd_ _15
15c 15c
20c 21c
1 21c
Cortez Silver Mines
231 27r
Cresson Congo'G M & M.1
Sc
1
Divide Extension
60
3
Engineer Gold Mines,Ltd 5
3
33-4
50
1
Eureka Crowns
4c
Sc
1
Falcon Lead Mines
60c 670
3c
30
First Thought Gold Mines1
30
6c
1
Forty-Nine Mining
60
6c
Golden Centre Mines. _5
1% 131
Golden Cycle Min & Red_l
Pre lh
Golden State Mining ....100
30
3c
Goldfield Consolidated ___1 150
140 160
Goldfield Florence
70
1
70
Hawthorne alines, Inc_ _1
40
50
Hecla alining
1431 1431
i5c
Hollinger Cons Gold Min _5
2034 21
Jerome Verde Dev Co_..50
250 250
Kerr Lake
71c 71c
Mammoth Divide
100 13c
130
12e
Mason valley Mines
1% 1%
5
New Cornelia
22
5
23
New Jersey Zinc
100 190
186 19331
Newmont Mining Corp 10 80
77% 81
Niplssing Mines
5
734 731
Noranda Mines, Ltd
• 21% 2031 21%
North Butte
1%
10
135 1%
Ohio Copper
1 45c
420 450
Premier Gold Mining....!
Vie 231
Red Warrior Mining_ __I
220 23e
Reorganized West Divide_1
3c
30
30
St Anthony Gold
300 300
San Toy Mining
1
40
40
Shattuck Dann Min Corp_•
4% 4%
So Amer Gold & Plat__ _ _1
33.4 3%
Spearhead Gold alining_ _1
3c
3c
Standard Silver-Lead_ __I
23c 240
'Peck-Hughes
1
631
634 7
Tonopah Belmont Devel_l
2
1% 2
Tonopah Exten Mining_1
320 320
Tonopah Mining
1
2% 2%
Tri-BuIllon Sin & Dev_10c
90
90
United Eastern Mining_..1
43c 440
United Verde Extension.50c
2534 26
Utah Apex
5% 634
Utah Metal dr Tunnel_ __1
1%
134
Wenden Copper Mining _ _1
234 231
Weal, End Consolidated_5 10c
120
Sc
West End Extension
1
Sc
Sc
Sc
5
23,000
50
Jan 10e Mar
3,200 510
Jan
1% Mar
13,000
3c Mar
4c Mar
1,200 650
Jan 750 Apr
225 6734 Feb 7731 Mar
15,50
131 Mar
2he Apr
100 12
Jan 13% Jan
2,500
2% Feb
3% Mar
1,000 150 Apr
Mc Apr
16.000
70
Jan 300 Feb
1,000
231 Ma
21he Jan
19,000
Sc
Jan
70
Jan
2,100
2% Ma
5% Jan
13,000
4e Apr
70 Feb
20,100 600 Apr 780
Jan
1,000
2e
Jan
4c
Jan
3,000
50
Jan
70
Jan
131 Feb
1,000
2
Mar
1,000
Pre Apr
1% Feb
3.000
3e
Jan
Feb
Sc
5,000
50 Feb 190 Mar
4,000
5c
Feb
80 Mar
16,000
3e Mar I lc
Jan
400
1234 Feb
1574 Jan
600 2031 Jan 2231 Feb
200 25c
Apr 410
Feb
100 760
Jan 95c
Feb
14,000 12e
Apr
Apr 13c
1% Mar
200
2% Jan
800 22
Mar 24
Jan
180 18134 Mar 19331 Mar
5,300 6734 Jan 81
Apr
1,100
731 Mar 1014 Feb
26,400 19% Jan 24% Mar
131 Mar
200
3% Jan
2,000 40c Mar 490
Jan
131 Jan
600
2i, Feb
9,000 16e
Jan 390 Feb
10 Feb
3,00
60
Jan
220 Feb 300 Apr
2,00
40 Apr
Jan
1,00
60
4% Mar
6
Jan
50
3% Jan
3% Mar
80
4c
Sc
Jan
Feb
2,00
Jan 27c Feb
6,000 160
7
Apr
534 Jan
15,600
2he Jan
1% Feb
1,000
Jan 32c Mar
1,000 240
3% Jan
2% Apr
100
100
Jan
7e
Jan
1,000
2.000 430 Apr 530
Jan
Feb
500 22% Jan 28
7% Feb
5% Apr
1,800
2% Feb
Pao Jan
100
2% Mar
3,900
3% Jan
50 Apr
150 Mar
14,000
Jan
3c
13,000
.50 Mar
BondsAlabama Power 5s._ _1956
6s
1951
99% 99% $2,000 9894 Mar 9931 Mar
3,000 104
Feb 105
105 105
Mar
2106
Bonds (Concluded)-
THE CHRONICLE
Friday
Lase Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.
Range Since Jan. 1.
Low.
High.
Allied Pack deb 88--1938 5055 4935 55% 24,000 47
Mar
Jan
78
Debenture 68
1930 51
46% 51
80,000 43
Mar 88
Jan
Aluminum Co s f deb 5s '52 10034 100 100% 57,000 100
Feb 100% Mar
& El 6a
014 103
Amer
274
10355 104 163,000 10134 Jan 10434 Mar
American Power & Light6e, without warr-_ _2016 10274 10255 102% 168,000 100
Mar 103% Jan
Amer Roll Mill
__ _1938
104 104% 7,000 103
Jan 10434 Mar
Amer Seating 6s
1936 10254 102% 102% 30,000 101% Jab 106% Feb
American Thread Os._1928
101% 102
34,000 101% Jan 102
Jan
Anaconda Cop Mbi 65.1929 10234 102% 102% 22,000 10155 Jan 102% Feb
Andian National Copper
Os, without warr...1940 10234 102% 104
Jan 104
33,000 101
Apr
Arrpsiachian El Pr 55_1956 9694 96
96% 106.000 95
Feb 98% Apr
Arkansas Pr & Lt 55_ _I956 9634 95% 97 268,000 9436 Fel
Apr
97
Assoe'd Sim Hardw 6358'33
9455 95
13,000 93
Feb 9734 Jan
Atlantic Fruit 88
1949 1834
18% 1834 3,000 184 Feb 20
Jan
Batavia° Petr deb 4555 '42 9434 9334 94% 742,000 93% Apr 9834 Jan
Beacon 01168. with warr'36 10134 101 101% 42,000 101
Mar 103% Jan
Beaverboard Co 8s_ 1933
96% 96% 7,000 98
Mar 99
Jan
Bell Tel of Canada 58.1955 102
38,000 101
101% 102
Apr
Feb 102
Berlin City Elea 6348.1951 97% 9735 98% 255,000 973( Feb 99% Jan
Berlin Electric 6558_..1928 101
3,000 10034 Jan 101
10055 101
Mar
6558
1929 10034 loom 100%
1.000 100
Mar
Jan 101
Berlin Elea Elev 6%1_1956 9751 9735 98 107,000 9631 Jan '9935 Jan
Boston Jc Maine RR 85 '33
102 10234 4,000 100% Jan 103
Mar
Brunner 'Fur & En 7545'55 8555 85
Mar 92)5 Jan
8555 4,000 84
Burmeister & Wain Co of
Copenhagen 15-yr 65.'40 97
23,000 94
9534 97
Jan 97
Apr
Canadian Nat Rye 78_1935 11134 111% 111% 16,000 111
Feb 111% Mar
Carolina Pr & Lt 58_1958 10134 101% 10155 54,000 100
Jan 101% Mar
Chic Milw & St P (new co)
50-year 5s w 1
95 749,000 9234 Mar 95
Apr
9454 93
Cony aell w I
5755 5555 57% 6109000 5434 Mar 5754 Apr
Chic & N W Ry 4358_ _2027 9835 9835 98% 437,000 95
Mar 985.5 Apr
Chicago Rye 5s ctf dep 1297
78
2,000 74
78
Mar 78
Apr
Chile Copper 58
1947 9534 95
9554 231.000 94% Feb 1:615 Jan
Cities Service 58
1956 9151 91% 91% 59,000 9134 Mar 9135 Feb
Cities Serv1ce 68
1966 10134 101 101% 217,000 98% Jan 103% Feb
Cities Serv 75 ser B.._1966
1,000 235
235 235
Apr 25435 Feb
Cities Service 7s, ser D 1966 12234 122% 12254 43,000 12034 Mar 133% Feb
Cleve Elec Ilium 5s, B 1961
104% 104%
2,000 10334 Jan 105
Feb
1,000 9834 Mar 100
Cleve Term Bldg 68__1941
99
99
Jan
Columbia Gas & El 56_1928 100% 100% 10054 13,000 10054 Jan 100% Mar
Commander-Larabee Os '41
9734 96% 9731 8,000 9534 Jan 98
Jan
El & P 68. ger A'49 10734 107% 107% 11,000 107% Jan 10834 Jan
Com
1965 10234 10255 102% 9.000 10134 Feb 102% Apr
5e, series F
10655 10655 6,000 106
1952
5348 series E
Mar 10634 Jan
Camel Publishers 6348 '36 9935 98% 99% 122,000 97% Feb
99% Apr
9355 95
54,000 8934 Jan 9635 Jan
Consol Textile 85
1941 95
Container Coro 6e
1946 9855 9854 98% 27,000 9734 Feb 9855 Jan
103% 10355 21,000 102% Apr 103% Apr
Cont'l Gas & El 635s A '64
9534 96% 9,000 93% Jan 97% Feb
Cosa-Meehan Coal 634s '54
96% 9735 38,000 98% Jan 98
Cuba Co 6% notes. _1929
Jan
Cuban Telephone 73481941 11134 111 111% 12,000 110% Jan 11134 Feb
42,000 9434 Jan 98
Cudahy Pack deb 63481937 97% 97% 98
Jan
100 100
22,000 97% Jan 100% Mar
194f
56
21,000 10634 Jan 10754 Mar
Detroit City Gas 68....1947 10634 106% 107
99% 100
33,000 9955 Mar 10034 Jan
1950 100
5a. aeries B
Duke-Price Pr let 68.1968 10534 105 105% 63,000 104% Jan 106% Feb
99
E Term Off Bldg 6556_1943
99
14.000 99
Jan 91155 Mar
Eitingon-Schild 6s.___1938 98
98
5,000 97
98
Mar 98
Mar
Elea Refrigeration 135_1936 8634 85% 88% 120,000 83
Mar 974 Jan
Fairb'ke, Morse & Co 5542
97% 97% 8,000 97% Mar 073-4 Mar
Federal Sugar 68
1933
89
90% 7,000 85
Jan 9334 Feb
Fire Bohemian Glass Wks
1st 7s with stk pur war'57
1,000 97% Feb 97% Mar
97% 9734
Flak Rubber 554e- _ _1931 97% 97% 98% 19,000 97% Jan 9835 Mar
Florida Power & Lt 53_1954 93% 93% 9334 179,000 92% Mar 9435 5Jan
Galr (Robert) Co 71_1937 10734 10734 107% 34,000 10434 Jan 10855 Mar
1st M 550
1942
97% 97% 10,000 07% Mar 9754 Mar
Galena-Signal Oil 75....1930 9234 92% 92% 23.000 90
Jan 93
Feb
Gatineau Pewee 5s.- _1956 973.4 96% 97% 92,000 04% Jan 9754 Apr
1941 10054 9994 100% 50,000 9834 Jan 100% Apr
Oa
Apr
Oen Amer Invest 55_ _ _1952 102% 100% 103 125,000 loco
Feb 103
Gen! Motor Accept 68_1937 10055 100 100% 84,000 100
Feb 10054 Mar
42,000 10054 Feb 10134 Jan
General Petroleum 68_1928 10034 100% 101
97% 98
25,000 9755 Mar 98
Georgia & Fla RR 68._1946
Jan
97
98 123,000 97
Apr
Mar 98
Georgia Power ref 55..1067 97
Goodyear T & R 58...1928 98% 97% 68% 52.000 9735 Mar 98% Apr
97
9754 22,000 95
Jan 9755 Mar
Goodyear T&R Cal 555531 97
Jan
108% 108% 12,000 108% Jan 109
Grand Trunk Ry 6348.1938
Feb
Great Cons Elec 6555.1950 9334 9334 96% 223,000 9355 Jan 97
1937 10094 100 10055 21,000 100
Feb 10055 Jan
Gulf 01101 Pa 58
99% 100% 178,000 9954 Apr 10035 Jan
1947 100
551
10155 101% 4,000 100
1928
Jan 10154 Apr
Serial 555s
Gulf States UtIla 55___1956 9554 95% 9555 56,000 9454 Jan 9635 Feb
Feb
Hamburg Flee Co 75_1935 10234 102 102% 6,000 10055 Mar 103
48,000 93
Apr
Apr 94
9331 94
Hood Rubb 534a_Oct 15'38
10155 102% 39.000 10134 Apr 104
1936
Feb
78
99 125,000 99
Mar
99
Ma
Indep Oil& Gas deb 681939
99
9855 98% 63,000 97% Feb 9951 Jan
Indiana Limestone 88.1941
OEM
Indian'p'sP & Los ser A'57 9755 9755 9754 139,000 9734 Mar 9851 Jan
104 104
4,000 10055 Jan 10434 Jan
1936
6s
Internat Gt Nor be B.1958 10054 100% 100% 65,000 97% Jan 100% Apr
7,000 92
92
9255
Feb 9234 Mar
Int Rys Cent Am 6558 1947 92
129% 12935 11,000 124
Feb
Jan 130
Interstate Nat Gas 65_1936
101% 10135 8,000 100% Jan 102% Feb
Without warrants
jeddo-111gbland Coal 66 '41 102% 102% 102% 40,000 101% Ma 103
Jan
Kayser(Julius)& Co5555'47 96% 9655 96% 13,000 9055 Ma
97
Feb
91
Keystone Telep 5558-1955 95
94
86,000 90
Apr
Ma
94
Krupp (Filed) Ltd Ye 1929 102% 102% 10255 23,000 99% Jan 102% Jan
10055 10035 28,000 10034 Feb 101% Jan
Laclede Gas Light 555s '35
Lehigh Pow Recur 6s_ _2026 99% 98% 99% 263,000 9534 Jan 99% Apr
Leonard Tlets Inc 755s '40
Ma 1143( Jan
With etk pur warrants.- 11034 108% 11055 25,000 108
99% 100% 19,000 99% Apr 10134 Mar
Without stk pur warrants
108 108
2,000 108
Liggett Winchester 78.1942
Jan
Feb 109
9534 9755 240,000 9455 Feb 99% Mar
Lombard Elec Co 78_ _1952 96
Long Isld Ltg Co 68_1945 10334 10354 103% 4,000 102% Jan 104% Feb
Manitoba Power 6548_1951 9955 99% 9955 61,000 98
Jan 10035 Jan
Mansfield Mtn & Smelting
109% Ill 129,000 104
(Germany)78 with war'41 110
Feb
Jan 111
9951 9834 99% 219,000 9834 Apr 101% Jan
Without warrants._ _
103% 104
43,000 103% Feb 10435 Jan
Mass Gas Cos 5358.- _1946 104
92
92
5,000 92
Jan 9555 Jan
McCallum Hosiery 655s'41
98
98% 54,000 98
98
Jan 9855 Jan
McCrory Stores 6465....1941
10954 Feb
miag Mill Mach 76_1956 10634 105% 106% 11.000 9755 la
Jan 98
Jan
Without stk pur warrants 96% 96% 96% 13,000 93
9755
37,000
96%
1936
97%
95% Ma 10(1
Jan
Midwest Gas is A.
Milwaukee Gas Lt 434s '67 9331 93% 0334 5,000 93% Ma
93% Mar
e'er 10255 Mar
Montecatinl (Italy) 78.1937 10134 100% 101% 407,000 97
98
98)5 28,000 97% Jan 9935 Mar
Montgomery Ward 58_1946 98
99% 100
11,000 995,5 Jan 100
Apr
Montreal L H & P58 A '51
Morris & Co 754 e_ __ _1930 10334 103)1 103% 8,000 102% Jan 104% Mar
Narrations, tt Co col 55 1957 99% 9955 100% 202,000 98% Ma 100)5 Apr
8,000 98% Jan 100
Jan
Nat Dist Prod 651e...1041 9834 98% 99
101 102 129,000 9854 Fel 102
Apr
Nat Pow & Lt 65 A....202@ 102
Mar
Nat Pub fiery 6%8-.1955 10134 101 101% 68,000 9755 Jan 102
2,000 95
9651 96%
1941
Feb 1024 Jaa
Nevada Cons 55
104% 30,000 10254 Jan 104% Mar
New On Tex & M lilt 5856 10454 104%
27,000
9835
9734
Mar
9755
68.1946
9834 Feb
let
Rock
Trap
NY
Nichols & Shepard Co 6637
Feb 103
Mar
With stock mach warr'te 10134 101 101% 85,000 98
59,000 110
Apr 11434 Vet,
Nor States Pow 6%8-.1933 110% 110 111
10334 11.000 10254 Mar 103% Mar
034% gold notes _ _ _1933 10334 10334
North Amer Ed Is 58 A _1957 9734 9751 9755 195.000 97% Mar 9814 Jae
6,000 9755 Mar 99
98% 99
Apr
North Central Ry 45581974
3,000 100
100 100
Feb 10031 Feb
Nor Cont't ULU 6)45_ _1942 100
61,000
9954
98%
9734 Feb 993( Mar
993-1
_1952
ser
B_
Ohio Power 58
91%
84.000 8934 Feb 91% Jab
1960 9155 90%
4555 series D
6,000 97
98% 99
Jan 993f Feb
Ohio Rivet Edison 55_1951
Bonds- (Concluded)
[VOL. 124.
Friday
Lan Week'. Range Saler
Sale
ofPrices.
for
Price. Low, High. Week
Okla Natural One (is_ _1941 104%
Oswego River Pow 68.1931 10035
Park & Tilford 6s____1931
Pa Ohio & Pet RR 4345'77 9755
Penn-Ohio Edison 6s...1950 120
Without warrants
9834
Penn Pow di Light 53..1952 101
58 series D
1953 10054
Phila Electric 65
1941 10755
Phlia Elec Pow 5558_1972 104
Phlla Rap Transit(is_.1962 10235
Porto Rican Am Tob 88'42 9954
Potomac Edison 5s.._ _1950 96%
Pub fiery Corp NJ 53,5'56 103
Pub Serv Elec & 068.1905 101%
Pure 011 Co 6555
1933 103%
Richfield 011 of Calif 601941
Banda Falls Co 5s____1955 995;
Schulte R E Co as__ _ _1935 95%
(Ss without corn stock1935 87%
Seaboard Air Line 88..1945
Scab-All Fla By Os B.1935
Servel Corporation 68_1931 74%
Shawsheen Mills 75_ ..1931 98%
Siemens & Flateke 75.1935 10355
Siernans & Halske SS
634s with warrants_ 1951 1053.4
Skelly Oil 555e
1939
Sloss-Sheff S & I 6s_..1920
Purch money 6s_ _..l929
Solvay-Amer Invest 55 1942 9855
Southeast P & L ris_ _ _2025
Without warrants
9951
Sou Calif Edison 5s___1951 98%
New
9855
5e
1944 101%
Southern Gas Co 6%8_1935 10255
Southwest's P & L 66_2022
Stand Invest 55 with war'37 100%
Stand Oil of NY 6348.1933 105
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr 100%
75 1946 with warrants.-- 10034
Stutz Motor 734s
1937
Sun Maid Raisin 635s 1942
Sun 011 5558
1939 100
Swift & Co 55 Oct 15 1932 100
Texas & Pao Ry 58 B 1977 100%
Texas Power & Light 68'56 9855
Thyssen (Aug)I &8 781930
Trans-Cont'l 011 78__ _1930
Ulen & Co 8545
1936 99%
United El Serv (Unes)76'56 10155
United Industrial 8556.1941 9835
United 011 Prod 88._ _1931 85
Unit Rye (Havana)7Hs'36
U S Rubber 6%% notes'28
Serial 654% notes__1929
Serial 1334% notes__1930
Serial 655% notes__1931 10254
Serial 654% notes_ _1932
Serial 814% notes-_1933
Serial 635% notes._1934 102
Serial 655% notes_ _1935 10254
Serial 634% notes-1°36
Serial 8365 notes_..1937
103
Serial 634% notes_ _1939
Serial 654% notes _ _1940
US Smelt & Ref 5555.1935 104
United Steel Wks Burlaeb
Luxemburg 78
1951 10135
US Steel Works A 63481951
With stk pur warr Ber A_ 10555
Without stk porch warr_
9955
Series C
Warner Bros Pie 8348_1928
Webster Mills 13)48--1933 9135
Western Power 5)48_ _1957 97%
Westvaco Chlorine 5345'37 99%
Wh Eagle 011.k R 5348 1957 98
White Sew Mach 68_1936
With warrants
Wise Cent Ry 55
1930
104 104% 66,000
10034 100% 5,000
96
96
2,600
9735 9754 212.000
11855 120
10,000
98
9855 43.000
1005( 101
12,000
10055 10051 17,000
10755 10756
1,000
104 104% 105,000
102% 10235 10,000
99
9955 50,000
9654 96% 27,000
102% 103% 74,000
100% 102 340.000
10336 103% 55.000
9455 95% 13,000
99% 100
41.000
95% 65% 45,000
87
87% 39,000
96% 9836 7,000
97% 97% 3,000
74% 7755 se,00u
98
99
36,000
103 10354 20,000
10554
9854
10234
10254
98%
106
9854
102%
10255
99
Range Since Jan. 1.
Low,
High.
99
Jan 104% Apr
99
Jan 100% Mar
9534 Mar 9734 Feb
95
Mar 97% Apr
95%
99
994
107%
102%
995(
98%
95
99%
9955
103
9155
9735
9255
85
9651
97%
70%
9434
101%
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Jan
Apr
Jan
Mar
Mar
Apr
Apr
Jan
Mar
Jan
9834 Mar
101
Mar
100% Mar
108
Mar
10455 Mar
102% Apr
100
Mar
97
Jan
103% Apr
102
Apr
103% Feb
99% Mar
100% Mar
613% Apr
87% Mar
99% Mar
9834) Mar
8534 Mar
10136 Feb
103% Apr
52,000 98
Jan 10614 Feb
25,000 9834 Mar 98% Mar
1.000 101% Jan 102% Jan
10.000 102% Jan 102% Feb
49,000 9834 Mar
9934 Jan
9935 99%
98% 98%
98% 98%
10155 101%
101% 10255
10151 102
10055 100%
104% 105
38,000
28,000
48,000
8,000
5,000
3.000
18.000
9,000
9834
97%
98
101
101%
99%
100
104%
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
100
99%
99%
102%
103
10234
100%
105%
100% 100%
100% 10055
92
93
9855
98
100 100%
9955 10054
9951 100%
96
9654
102% 103
9834
98
9934 100
99% 10136
9834 97
85
88%
110 110
102 102
102 102
102 10254
10234 10254
10255 102%
10255 10255
102 102
10255 102%
10254 10255
10255 103
102 103
103 104
101% 104
07,000
50,000
7,000
26,000
30,000
98.000
81,000
60,000
21.000
19.000
11.000
045000
26.000
3,000
8,000
1,000
1,000
1,000
5,000
5,000
6,000
25.000
10,000
2.000
8,000
2,000
4,000
36,000
9934
9934
88
98
99%
99
9934
9534
10255
97%
9934
93
9655
6051
109%
10154
101%
102
102
102
102
102
102%
102%
10235
10255
10255
10155
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Feb
Jan
1005(' Apr
101
Mar
100
Feb
9834 Feb
100
Jan
10031 Mar
10034 Apr
97% Jan
10334 Jan
99% Feb
100
Jan
10134 Mar
99
Jan
8934 Mar
112
Jan
Feb
102
Jan
103
103
Jan
103
Feb
103
Jan
Mar
103
10231 Jan
103
Jan
103
Jan
103
Feb
104
Mar
10434 Mar
104
Apr
101
10254 73,000
9855
105
9954
105
100%
90
9751
9935
98
105%
9955
10535
102
92%
97%
100
100
9754 98
9855 9855
Mar
Mar
Mar
Jan
Feb
Apr
Mar
Feb
Jan 103%
Jan
82,000 102% Jan 110%
47,000 9535 Jan 10034
33,000 102% Jan 110
36.000 9834 Mar 11134
43.000 91% Mar 99
17,000 9755 Ma
99
61,000 9835 Ma 100
24,000 98
Apr 100
Jan
Jan
Jan
Feb
Jan
Jan
Apr
May
4,000
2,000
97% Apr
98
Mar
99% Mar
99
Jan
9654 97
9834 97
$28,000
20,000
95% Mar
96% Apr
9734 Mar
97% Mar
9836 97
6,000
96% Feb
97
Foreign Government
and Municipalities
Agricul Mtg Bk Rep of Col
20-year sink Id 75_..,194O
20-year 7s__Jan 15 1947
Antioquia (Dept of) Col
76 series C
1945
Austria (Prey of Lower)735s
1950
Baden (Germany) 78..1951
Bk of E Prussia Landowners Assn 6% notes'30
Bolivia (Repub1 ext 78 1958
Brisbane (City) 513._._1957
Buenos Aires(Prov)7345'47
75
1938
78
1952
78
1957
Costa Rica (Rep) 75_1951
Danish Cons Munk,5558'55
Denmark (IfIng'm)5%5'55
(3s
1970
German Cons Munic 78'47
Hamburg (State) Ger Os'46
Hungarian Land Mtge Inst
755e series A
1961
Indus Mtge Bk of Finland
let mtge coIl s f 76..1944
Medellin (Colombia) 8s '48
78
1951
Mendoza (Prov) Argentina
7345
1951
Montevideo (City) 654s '59
Mtge Bk of Chile 6548.1981
New So Wales(State)5.'57
Pena 78
1959
Prussia (Free State)0558 51
Rio Grande Du Sul (State)
Brazil ext 75
1960
Russian Govt(3555
1919
63-4% etts
1919
536s
1921
5345 etfs
1921
Saxon State Mtge Inv 78'45
834s
1946
Serbs Croats & Slovenes
(King)ext see 78ser B'62
Switzerd Govt 6348..1929
9651
9655
9934 9934 13,000
10034 101
32,000
99%
96
100
9654
9455
00
10055
101
101
9931
99%
9734
96
99%
98
9534
9434
9534
99
100%
101
101
99
99%
9834
96%
100
9834
97
97
9844
99%
10134
10136
101%
99%
99% 101
9854
99
10,000 9954
84,000 973-4
39,000 96
63,000 97%
5,000 95%
83,000 94%
71,000 9455
353.000 95
35,000 9734
31.000 99%
15,000 100
67,000 9934
47,000 95%
30,000
9851
Apr
Jan 101
Mar
Jan 102% Jan
Ma
Apr
Ma
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Ma
Jan
Jan
99%
99
06%
100
983(
9734
97
9834
100
10134
10136
102
9934
Jan 101
Mar
Feb
Mar
Mar
Mar
Feb
Apr
Apr
Mar
Feb
Apr
Jan
Jan
Mar
100% 10034 10034 43.000 2934 Jan 10134 Jan
104 104
4,000 103
Jan 106
Mar
93% 9351 9455 33,000 93% Jan 96
VeD
97%
9355
97
9655
97
99%
97
1234
100
99
92%
97
9355
97
9651
96%
99%
97
13
12%
13
13
100
9854
9855 125,000
93% 35.000
9735 65,000
96% 443,000
97 202,000
OW..4 77,000
9734
13
13
1355
13%
10055
99
98%
9234
98%
9655
96%
98%
15,000 97
6,000 13
80,000 1236
16,000 13
3,000 1254
55,000 100
30,000 9734
Ma
99% Jan
Feb 94% Feb
Ma
99% Feb
Mar (1634 Feb
Ma
97% Mar
Jan 10034 Feb
Ma
9834
Apr 15
Apr
15
Fe
15
Ma
15%
Jan 102)5
Jan 100
Jan
Jan
Jan
Jan
Jan
Feb
Jan
9234 923,1 16,000 92% Apr 92% Apr
101% 10135 26.000 10134 Jan 101% Mar
* No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
o New Stock. r Ex 33 1-3% stock dividend sold at 1483-4 on Jan. 3 1927 with stock
dividends on. a Option sale. I Ex rights and bonus. is Ex special dividend of
33% and regular dividend of 2%. o Ex cash and stock dividends. to When Denied.
z Ex dividend. y Ex-rights. I Ex-etock dividend.
ailro
bus'Intent mut
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of March. The table covers 13 roads and shows
0.78% decrease from the same week last year:
Fourth Week of March.
1927.
Increase. Decrease.
1926.
$
$
$
564,827
494,698
Buffalo Rochester & Pittsburgh_
7,765.311 7,513,025
Canadian National
4,725,000 4,826,000
Canadian Pacific
165.030
138,066
Duluth South Shore & Atlantic63,100
61.111
Georgia Southern & Florida___
11,069
9,475
Mineral Range
309,687
327,693
Minneapolis & St. Louis
I
605,760
533,285
Mobile & Ohio
8,858
6,951
Nevada-Calif-Oregon
1,056,843
821.112
Texas & Pacific
670.100
640,509
St Louis Southwestern
5,592,656 6,149,318
Southern By System
615.715
604,175
Western Maryland
Total (13 roads)
Net decrease (0.78%)
78,129
252,286
101.000
26,964
1,989
1,594
18,006
72,475
1,907
235,731
29,591
556.662
11,540
22,052,923 22,226,451
603,173
776,701
173,528
In the table which follows we also complete our summary
of the earnings for the third week of March:
Third Week of March.
1927.
Increase. Decrease.
1926.
$
$
Previously reported (10 roads)_- 10,774,545 10,222,961
302,121
295,570
Minneapolis & St Louis
372,485
355.306
Mobile & Ohio
3,758,410 4,082,410
Southern Railway System
$
551,584
6,551
15,190.382 14,973,426
558.135
216.956
Total (13 roads)
Net increase (1.45%)
$
17,179
324,000
341,179
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week
2d week
3d week
4th week
jab week
2d week
3d week
4th week
1st week
2d week
3d week
4th weak
Jan. 111 roads)____
Jan. 13 roads)_
Jan. 13 roads ____
Jan. 13 roads ___Feb. 13 roads ____
Feb. (13 roads ___Feb. (13 roads).___
Feb. il3 roads)__-Mar. 13 roa,ls)_--Mar. 13 roads)....
Mar.(13 roads)___
Mar.(13 roads)____
13,051,798
14.583.490
14.070,737
19,730,700
14,230,561
14.758,017
14,545.407
14,632,602
14.995.998
15,453.141
15,190.382
22,052,923
Previous
Year.
Increase or
Decrease.
12,886,210
13,746.043
14,195.271
19,198.456
14.180,984
14.563,085
14,540.989
14,742,040
14,308,298
14.781,223
14,973,426
22,226,451
+165,498
t294.828
124.534
532.244
+49,577
+194.932
+4,418
-109,438
+687.700
+671.918
+216.956
-173,528
%
1.28
2.14
0.87
2.77
0.35
1.33
0.03
0.74
4.81
4.55
1.45
0.78
intelligence.
2107
-Gross Earnings---Net Earnings-Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
c Amer Power & Lt Co_ _Feb 5,533,757 4.984.254 *2,586,825 *2.226.727
52,732,477*26,696,823*23,645,103
12 mos ended Feb 28......60,572,309
Am Water Wks & Elec Co
Feb 4,047.912 3.769,953 *1.984,099 *1901749
& sub cos
12 mos ended Feb 28----45,833,425 41.888.798*22,238.949*19,482.013
c Brash Tr, Lt & P. Ltd-Feb 2.876,573 2.893,557 1,614,573 1,678.787
2 mos ended Feb 28__ _ _ 5,852,374 6,057,227 3,289,502 3,471.075
c Eleutrie Pow & Lt Corp Feb 4,330,633 4.067,538 *1951825 *1.003,353
12 mos ended Feb 28_ _50.645,359 46,605,909*22.119,590*19.593,959
147,682
Winnipeg Electric Co__ _Feb 504,847
463,489
153,368
2 mos ended Feb 2S.... 1,054.585
315,553
969,612
335,374
Companies.
* After taxes.
c Earaings of subsidiary companies only.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Companies.
$
•
$
Eastern Steamship Feb '27
663,581
--1.172
66.777
LI les, Inc
640.413 -69,383
'26
62,712
2 mos ended Feb 28 '27 1,399,398
*29,092 134,109
126 1,346.981 -115.162
125,860
Engineers Public
Feb '27 2,292,466
928.752 r271,676
service Co & Sub Cos '26 2,073,279
862,016
r264,985
12 mos ended Feb 28 '27 27,122,069 10,269,360 Y3,203.181
Fort Worth Power Jan '27
251,840 *147.531
16,978
& Light Co
266,431
*137,422
'26
16,997
206.738
12 mos ended Jan 31 '27 2.848.241 *1,468,879
'26 2,832.441 *1.391,942
202,501
Nebraska Power
Jan '27
414.518 *230.542
72.576
Company
395,207 *211,466
'26
70,270
849.954
12 mos ended Jan 31 '27 4,416,489 *2.360.402
827,678
'26 4,177,337 *2,205.832
Nevada-California Jan '27
384,100 *215,792
115,355
Electric Corp
374,369 *208,029
108,064
'26
12 mos ended Jan 31 '27 5,053,026 *3,000,692 1,519.230
'26 4,897,894 *2,606,850 1,278,967
Pacific Power
*136,345
62.173
Jan '27
316,621
& Light Co
65.709
'26
322,701 *158.906
801,112
12 mos ended Jan 31 '27 3,745,186 *1,773,123
785,717
'26 3,582,420 *1.593,299
55,967
Portland Gas
Jan '27
433,362 *150,967
& Coke Co
51,337
'28
378.613 *120,169
649.924
12 mos ended Jan 31 '27 4,245,899 *1,508,050
565,082
'26 4,036.570 *1,409,272
Texas Power
150.223
Jan '27
858.231 *385.385
& Light Co
83.216
'26
681.824 *284,170
12 mos end 1 Jan 31 '27 7,970,786 *3508691 1382,178
990.442
'26 6,923,521 *3,010,706
Balance.
Surplus.
-67,949
-132.095
-105,017
-241,022
657.076
597.031
7,066,179
130,553
120,425
1,262,141
1,189.441,
157.c66
141.196
1.510,448
1.378.154
100,437
99.965
1,481.462
1,327,883
74.172
93,197
972,011
807.582
95,020
68,832
858.126
844,190
235,162
200,954
2.326,513
2,020.264
* inclus other income.
r Ineiu vs amortization and rentals.
D cit.
Earnings of Large Telephone Companies.-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone comWe also give the following comparisons of the monthly panies having an annual operating revenue in excess of
totals of railroad earnings, both gross and net (the net before $250,000. Below is a summary of the return:
No.of Co.
Net
the deduction of taxes), both being very comprehensive.
Stations in
Gross
Operating Operating Operating
Service.
Earnings.
Expenses.
Revenues.
Income.
They include all the Class A roads in the country, with a total
Jan. 31.
13,954,460 76,620,982 50,023,919 26,597,063 19,692.694
January 1927
mileage each month as stated in the footnote to the table.
1926
13,112,809 70,229,066 46.962,868 23.266,198 16.901,923
January
Net Earnings.
Gross Earnings.
Month
1926.
1925.
Increaseor
Decrease.
1926.
1925.
Increase or
Decrease.
$
$
-38.008
Feb __ 459,227,310 454,198,055 +5,029,255 99.480,650 99,518,658
March 528,905,183 485,236.559 +43,663,624 133,642.754 109,081,102 +24,561.652
April_ 498,448,309 472,629,820 +25,818,439 114,685,151 102,920,355 +11,764,296
May 516.467.480 487,952,182 +28,515,298 128,581,566 112,904,074 +15,677,492
June _ 538,758,797 506,124,762 +32,634,035 149,492,478 130.920,896 +18,571,582
July__ 555,471,276 521,596,191 +33.875,085 161,070,612 139,644,601 +21,435.011
Aug _ 577,791,746 553.933,904 +23,857,842 179,416,017 166,426,264 +12,981).753
Sept-- 538,945,933 564.756,924 +24,192,009 191.933.148 176,936,230 +14,996,918
Oct - 604,052.017 586,008,436 +18,043,581 193,990,813 180,629,394 +13,361,419
Nov_ _ 559,935,895 531,199,465 +28,736,430 158,197,446 148,132,228 +10,085,218
Dee_ _ 525.411,572 522,467,600 +2,943.972 110,237,349 134.504,698 -15,267.349
1927.
1927.
1926.
1926.
Jan __ 485,961,345 479,841,904 +0,119,441 99,428.246 102,281,496 -2,853,250
Note -Percentage of Increase or decrease in net for above months has been:
1926-Jan.,0.93% Inc.; Feb., 0.04% dec.; March, 22.50% Inc.; April, 11.43% Inc.:
May, 13.89% Inc.: June, 14.18% Inc.; July, 15.35% Inc.; Aug., 7.86% Inc.; Sept.,
8.48% Inc.: Oct., 7.35% Inc.; Nov., 6.79% inc.; Dec., 11.36% Inc.; 1927-Jan.,
2.79% dec.
In January the length of road covered was 236,944 miles In 1926, against 236,599
miles In 1925; In February, 236,839 miles, against 236,529 miles; In March, 236,774
miles, against 236,500 miles; In April, 236,518 mites, against 236,526 miles; In May.
236,833 miles, against 236,858 miles; In June, 236,510 miles, against 236.243 miles:
n July, 236,885 miles, against 235,348 miles; In August. 236,759 miles, against
236,092 miles; In September, 236,779 miles, against 235,977 mike: in October,
236,654 miles, against 236,898 miles; In November, 237,335 miles, against 236,369
miles;In December, 236,982 miles, against 237.373 miles. In January 1927, 237.846
miles. against 236.805 miles In 1926.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aiarch 26. The next will appear in that of April 30.
The Pennsylvania Railroad Company.
(80th Annual Report-Year Ended Dec. 31 1926.)
President W. W. Atterbury, Philadelphia, March 23,
wrote in substance:
anyother
Most Successful Year.-The results for 1926 exceeded those
equal to
year in company's history, the net income of $67,567.958 be
13.83% upon the capital stock. Briefly summarized, the r
Its for the
year, compared with 1925, were as follows:
Year Ended Inc. Comp'd
Dec. 31 '26. With 1925.
Railway operating revenues
$709,817.450 $37,680,488
Ry.oper. exp., incl. taxes, hire of equip., &c
603,384.692 31.355,738
Net railway operating income
$106.432,757 $6,324,750
Non-oper. inc., chiefly diva. & int,from securities
owned
39.890,036
2,608.546
Gross income
$146,322,793 $8,933,296
Fixed charges-Chiefly rental paid for leased
roads, & int, on the company's debt
3,585.662
78,754.835
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
Net income, equal to 13.53% on capital stock,
out of which are paid sink,funds, dim,Sm..- $67,567.959 $5,347,634
Revenues c% Expenses.-The income statement shows that the railway
operating revenues increased $37,680,487, due to the larger volume of
-Gross from Railway- -Na ,176171 Railway- -Net after Taxes
- traffic handled; the number of loaded cars moved showing an increase of
1925.
1926.
3.2% over 1925, and the ton mileage an increase of 9%. About two1926.
1926.
1925.
1925.
thirds of the total freight revenues were derived from merchandise traffic.
The increase in passenger revenue was the result of an improvement in
American Railway Express104,233
45,226 other than short distance traffic, the latter continuing to show a decrease
December_27,255,591 27,184,750 *283,870 *161,098
From Jan 1294519,014 290303,042 *3,272,258 *3,282,144 1,110.204 1,195,464 because of the constantly increasing use of private automobiles and motor
buses.
1927.
1926.
1926.
1927.
1927.
1926.
The railway operating expenses, including taxes, hire of equipment. &c.,
increased $31,355,737, principally in transportation expenses, resulting
Lake Superior & Ishpeming66,120
February 75,320 -23,359 --19,539 -34,961 -34,542 from higher prices and greater consumption of fuel, and larger outlays for
-39,032
--78.555
--65,546 wages, due to increased business. This latter factor was also responsible
151,981 -55,355
From Jan 1- 126,814
for an increase In maintenance of way and structures expenses, as well as
Pullman Company765,633 *256,132 *478,338 higher standards of maintenance. Notwithstanding the increased business
501,334
February __ 6,179,536 6,032,011
From Jan 1_13,265,867 13,138,899 1,808,515 2,329,260 *1.215.271 *1,688,950 and higher wages paid shop craft employees, maintenance of equipment
efficiency in making
epensestehoytevara slight reduction due to increased equipment
Terminal By Assn of St Loutsin serviceclosing with a higher percentage of
394,091
280,768
383,148
286,250 repairs,
February __ 1.086.779 1.038,205
increased $5.409,able
Taxes
condition,
year.
compared
previous
with
the
770.068
595.128
809,861
558,004
From Jan 1_ 2,253,558 2,169,182
404, as a result of larger taxable income, increased capital stock and real
estate taxes, resulting from higher valuations and Increases In property
* Includes other income.
-Deficit.
owned. The increase in "hire of equipment-debit balance" Is due to the
greater number of carloads of freight received from other railroads, and
Electric Railway and Other Public Utility Net from
industries and refrigerator lines owning their own cars. 'I he net
of $6,324,749. or
Earnings.-The following table gives the returns of railway operating income was $106,432,757, an increase
6.3%, compared with the previous year. This net railway operating
ELECTRIC railway and other public utility gross and net income
was equal to 4.8% upon the investment in road and equipment.
earnings with charges and surplus reported this week;
compared with 4,66% In 1923.
2108
THE CHRONICLE
[VoL. 124.
Non-Operating Income.—Non-operatIng income increased $2.608,546.
due chiefly to alvidends received on larger holdings of
stocks of leased and
affiliated companies, and additional shares of common and
preferred stocks
of the Norfolk & Western By. purchased during the year; also
to the payment of an initial dividend of 4% by the Pennsylvania Tunnel &
Terminal
RR., the entire capital stock and indebtedness of which are owned
by
company. There was also a considerable increase in income from funded
securities, due largely to interest on U. S. Government
securities purchased
as a temporary investment, and on bonds and notes of affiliated companies.
Fixed Charges & Other Payments.—Under deductions from gross income,
the increase in rent for leased roads is due to additional rental payable to
the Pittsburgh Cincinnati Chicago & St. Louis RR., as under the terms
of the lease of its property to this company the annual dividends were
increased from 4% to 5%,_effective Jan. 1 1926; to an increase in the net
earnings of the Western New York & Pennsylvania Ry., on li hIch the
rental is based; and to the payment of a full year's rental
under the new
agreement for use of the Pennsylvania Tunnel & Terminal RR., compared
with only 10 months in 1925. The interest on funded debt shows an increase
compared with 1925. because in the latter year this account had the benefit
of a credit in final settlement with the Government for the Federal control
period. The.issue of additional equipment trust obligations in 1926 was
also responsible for increasing the interest payments.
Net Income. Dividends, &c.—The
income amounted to $67,567,958.
an increase of $5,347,634, compared net
with 1925 against which were charged
appropriations to the sinking and other reserve funds; dividends of 63
,5%
upon the capital stock, compared with 6% in previous year; and $737,170
for advances to leased and affiliated lines
account of construction and
for other purposes, which lines are unable toon
pay same, leaving a balance of
$30,270,966, which was transferred to the credit of profit and loss account.
That account was also credited with sundry
credits aggregating $2,296,468, representing chiefly profit from sale ofnet
company's holding of Southern
Pacific Co. stock, and from the collection of items which
had been charged
against your income and profit and loss accounts in prior
The improved results for the year, as well as favorableyears.
business and
financial conditions, justified the payment of a larger dividend to the stockholders, and the quarterly dividend paid in Nov. 1926, was increased to
%,or at the rate of 7% per annum. Company
also able to meet
its maturing obligations and provide for its capital was
expenditures without
issuing additional securities, excepting $17,030,000 of equipment trust
obligations to pay for a portion of the new equipment acquired during
the year. It is well to remember that in addition to the outstanding stock
and funded debt indicated on the general balance
sheet, close to $400.000,000 of corporate surplus was employed to obtain the foregoing
net
results.
Road & Equipment.—Road and equipment expenditures during the year
aggregated in all over $45,000,000.
The net increase in investment in road and equipment on lines owned
and leased, as carried on the general balance sheet, was:
Road
$13.645,756
Equipment
30,955,342
General expenditures
113.957
Total lines owned
$44,715,055
Improvements on leased railway property:
Road
$627.718
Equipment (decrease)
254,177
General expenditures
14,804
as far as practicable will preserve competition
and maintain the existing
channels of traffic.
General Railroad Situation.
During the year 1926 the railroads of the United States handled
the
greatest volume of traffic in their history. The
ton mileage exceeded by
6.8% the previous high record in 1923, while
the average car loadings were
over 1,000.000 a week, an increase of 4% compared
with 1925, which had
previously been the peak year for car loadings. The
daily average movement of freight cars was 30.4 miles in 1926,
which also broke all records.
Notwi-1-..-(1,:ig this record-breaking traffic, the railroads
were able to
control their expenses to such a degree that the operating
ratio, which is
the relationship of expenses to revenues, was reduced
to 73.1% in 1926, compared with 74.1% in 1925, thus continuing the progressive
reduction
which began in 1920. These results were brought
by a commendable
spirit of co-operation between the shippers, the about
railroads
and
their employees, and the expenditure of an additional 3TA
billion dollars by the
railroads to improve and increase their equipment
and facilities in the
last four years. The present healthy condition
of the railroads should be
continued, as it gives a basis for credit which
securities in the preferred class to which they will again place railroad
belong.
The country as a whole has also been
materially benefited by the increasingly efficient performance of the
railroads
in the past few years.
With the assurance of a prompt and dependable
transportation service, the
industries were able to produce on a
more conservative basis, and avoid
the extremes of under and over production
which had heretofore caused
severe fluctuations in business; inventories have
great deal offrozen credit was released and used foralso been reduced, and a
other and more profitable
purposes.
esersailroads of the country also shared in the
general prosperity to the
extent of earning a net railway operating
income equivalent to 5.13% on
their property investment, which is still below
the moderate return of.5S1%
fixed -by the 1.-S. C. Commission under
terms of the Transportat on
Act. It is an improvement over the yearthe
1925,
but they have recently been called upon to paywhen 4.85% was earned,
higher wages to certain
classes of employees, and, if further increcses
are to be granted, and taxes
and other charges are to increase, the railroads
not
only must retain the
present level of rates, but must reach new high levels
of efficiency and
economy to preserve their present improved net
earning
position.
From a physical and financial standpoint,
railroads are at present in a
more favorable position than they have beenthe
in the last ten years, and are
able to serve the country better than ever before,
both as to volume and
quality of service. If, however, they are to
continue to render a highly
efficient transportation service, their net earnings
must
be commensurate
with the amount of capital invested in their properties, like
any other business enterprise. The returns on property investment
in the last five years.
which have averaged only about 43.6% per annum, have
not
been adequate,
and yet it must be recognized that there is
more important for the
continued prosperity of the country than tonothing
get
railroads
the
on a permitnently higher basis of net returns. This will enable them
raise at moderate cost the large amounts of capital required annually to
to improve and
expand their properties, which will not only increase
the productive activities and general welfare of the nation, but encourage
progressive development of our transportation systems. initiative and the
Federal Valuation.—In Dec.. 1926, the 1.-S. C. Commission served its
tentative valuation of the property of The Pennsylvania
and its leased
lines as of June 30 1918. All of the companies in your RR.
System have now
Total leased lines
$388,346 received the reports and valuations required under
the Act of Congress
passed in March, 1913. The representatives of your
company have coGrand total
$45,103,400 operated in this extensive work which has cost
the Pennsylvania RR.
Changes in Other Assets—Under investments in affiliated companies, System $5,426.774 to Dec. 31 1926.
The
respective
dates of valuation of the companies in the System were
the increase of $23,562,676 in advances represents additional amounts
advanced affiliated companies during the year for new construction and as of June 30 in the various years between 1915 and 1918, but the Commisother capital account purposes. The increase of $16.408,249 in stocks, sion uniformly used prices in the inventories which is considered represented
conditions as of June 30 1914, and valued the lands as of the
under other investments, is due principally
respective
the purchase of additional dates of valuation. The
findings of the Commission do not, of course,
shares of common and preferred stocks of to
Norfolk & Vi estern By. reflect what the properties are
worth at this time, because at least $500,000.Company is now the owner of $56.823,200 ofthe
common and 612,098,000 of 000 have been expended
for additions thereto and improvements thereof
preferred stocks of the Norfolk & Western By. The purchase of these
since the valuations were made.
shares, as well as additional securities of affiliated companies,
advances
The total assets so found for the entire 80 companies comprising
to them, together with heavy expenditures for additions and and
the Pennbetterments,
and to pay off maturing obligations, explain the reduction in the holdings sylvania RR. System were as follows:
of U. S. Uovertunent securities, cash and other current assets. The in- The total ofthe commission's cost ofreproduction new IS. _ _$1,7
4
9
2
0
5:4
66
30
5:5
068
77
crease of $9,863,106 in material and supplies was due to the necessity of Its value of the lands
having ample material on hand to maintain the roadway and equipment at But in addition the companies had:
Materials and supplies
a high standard, and for new work in the shops and on the line.
69,664,113
Working capital (including special deposits)
Changes in Capital Obligations and Other Liabilities.—The increase of
44,747,260
Securities of corporations not operated as a portion of its
10.703,049 in equipment trust obligations was due to the issuance of
system, which cost
7,030,000 of these obligations, less the payment of $6,205,951 of prior
157,628,474
ues which matured during the year.
Making a total of
The increase of $6,685,176 in audited accounts and wages payable is
$2,488,135,492
due largely to an increase in the amount of vouchers outstanding
Against the foregoing figures of the system is to be placed the total par
which had
not been presented for payment at the close of
year. The decrease of value of stocks, bonds and other securities outstanding on the dates at which
$8,071.093 in miscellaneous accounts payable isthe
principally on account of the respective valuations were made. The total par value of all securities
withdrawal, by various affiliated companies, of funds
on deposit with com- outstanding on the dates mentioned was $1.793.240,093.
pany. The increases aggregating $8,570,721 in
Of the total of $1,793,240,093 in stocks, bonds and other securities
depreciation are
the net result of normal provision for depreciationaccrued
equipment and other outstanding, $471,275,607 were owned by companies comprising then
on
the
property. The increase of $7.965.775 in other unadjusted
Pennsylvania RR. System, either directly or through sinking funds, insurdue
credits
Is
chiefly to accrued depreciation on road and equipment of your leased lines.
ance or trust funds, leaving capital issues in the hands of the public
of
only
Lease of the Pennsylvania Ohio & Detroit RR.—The 1.-S. C. Commission $1,321,964,486 as against total assets of $2,488,135,491.
has approved of the lease to the company of the property
As several legal questions are involved in the making of these valuations,
and franchises
of the rennsylvania Ohio & Detroit RR.(V. 123. ii•
and some differences as to facts, protests have been filed,
and the various
979.)
Public Service Rendered.—The lines embraced in the Pennsylvania RR. companies in the system will be given an opportunity to present their arguSystem continue to be important factors in the great manufacturing and ments before the I.-S. C. Commission.
Employeea Representation Plan—Our Company's Plan ofEmployees
producing territory which they serve, not
from the standpoint of sentation
Reprecontinued to function successfully, and contributed to
service rendered, but through the expenditureonly
in 1926,for instance, of over
satisa half billion dollars to meet operating expenses, in addition to many factory operating results obtained during the past year. The the
plan was
millions spent for improvements. A division of these expenditures shows established on the sound principle that the interests of both management
and
employees
are identical. The fact that the public has enjoyed an unthat they amounted to approximately $260,000,000 for materials and
supplies and for improvement work: about $390,000,000
transportation service, the employees good wages,
in wages paid to interrupted
agreeable
working conditions and steady employment, and the
217,000 persons, while for the support ofour national, State,
county
and
a greater
participation in the general prosperity in the country,company
municipal governments approximately $40.500,000 was paid in taxes.
is ample evidence
The traffic handled by the Pennsylvania RR.System in 1926 was equiva- that a plan of this kind would promote all interests concerned
with translent to moving one ton offreight 49 billion miles. and to carrying one passen- portation.
The Watson Parker Bill became a law, but its
ger a distance of 6}i billion miles. During
year 16,764,825 tons of modification
provisions required no
fuel were consumed by locomotives, and the that
of The Pennsylvania RR. Employees Representatio
maintenance of the property previously
n Plan
required the installation of 5,381,042 cross-ties and 217,995
in operation. The purpose of
of
tons
new
new legislation was that labor
heavy steel rail. Nearly 4,300 miles of main track are now laid with disputes should as far as possible be settledthis
in conference in a spirit of mutual
understanding, which is the basis of this company's
130 pound rail.
plan.
The following statement shows the operating ratio of the Pennsylvania
Stockholders.—Capital stock of company is owned by 141,202 holders,
RR. System, which is the percentage of operating revenues used to pay and the average holding is about 71 shares. It is held
largely for investment,
operating expenses, beginning with the year 1921. which was the first full
which imposes a great responsibility on the management.
The
success of the company in the past has been due
year of private operation following the Federal control period:
the fact that the stock
is owned principally in the territory served by the to
railroad,
and
the
1921
87.56%11923
manage81.77%11925
78.32% ment has sought to protect and promote the mutual interests of the
1922
public.
82.35%11924
80.16%11926
77.52% the security holders and the employees. The stockholders
may look
It will be observed from this statement that there has been a progressive confidence to a continuation of that policy. To save time andforward
reduce
decline in the operating ratio, and when it is realized that a reduction of 1% expense, arrangements are being made whereby foreign stockholders
will
Is equal to saving approximately $7.000,000, the continued efforts of the be able to deposit their stock certificates for transfer and receive new
management to produce the maximum amount of transportation with the certificates in London, Eng. The certificates registered in London will
also be accepted in Philadelphia and New York for sale and
greatest economy and efficiency will be appreciated.
transfer, the
Motor Traffic.—Company is continuing to study the development of same as the stock certificates registered in those cities.
motor transportation. Wherever the public demonstrates its preference
TRAFFIC STATISTICS PENNSYLVANIA RR. REGIONAL SYSTEM.
for the use of private and commercial motor vehicles in the territory served
Calendar Years—
1925.
1928.
1924.
by your lines, efforts are being made to adjust the rail service accordingly.
1923.
140,184,822
144,852,089
but in some cases short stretches of railroad mileage have had to be aban- No.of pass. carried__ 137,141,841
151.953,5136
doned where the revenues were not sufficient to pay the costs of operation No. pass. carr. 1 mile 4,918,301,580 4,880,581,038 4,940,338,748 5,208,471,435
and taxes. The management recognizes that the prviate motor car, the Avge. revenue from
each passenger....
109.2 eta.
113 eta.
107.4 eta.
107.9 eta.
motor bus and truck furnish very flexible instruments of transportation.
They are especially adapted to light loads and short distances, and to Average revenue per
Passenger per mile_
3.149 eta.
3.159 eta.
3.149 eta.
3.150 ate.
service demanding prompt changes to meet varying conditions and character No.
of
pass. carried
of traffic. For that reason it has co-operated with various companies
per mile of road_ _ _
14,088
13,927
14,274
specializing in this form of transportation, and, in addition, applied for a
15,022
No.of rev.tons carr'd 244,704,115
229,509,598
215,487,808
248.905,248
charter for the operation of its own motor service in the various counties No.
of revenue tons
in Pennsylvania now served by your rail lines. The application was denied,
carried 1 mile_ _ _ _49,118,891,088 45,025,731,078 41,755,039,974 48,822,873,727
but the subject is receiving careful consideration and proper steps will be
Avg.train load (toes)
806
824
781
811
taken from time to time to protect the interests of your company.
Avge. rev. per ton_ __
$2.05
$2.08
$2.07
$2.08
Railroad Consolidation.—Congressional committees have been conduting Average revenue per
hearings on the proposed bill providing for the consolidation of the railroads
ton per mile
1.045 eta.
1.024 eta.
1.087 eta.
1.045-eta.
of the country, but no legislation has been enacted. It is apparent that No. of rev, tons carno substantial progress can be made under the present consolidation proried per mile of rd_
22.467
21,080
10,873
22,640
visions of the Transportation Act, and, therefore, company has favored Gross revenue per
new legislation which will permit of voluntary consolidations, and which
mile of road
$48,194
$43,209
$40.872
$46,592
L1
sq
THE CHRONICLE
Am 9 1927.]
INCOME STATEMENT FOR YEARS ENDED DECEMBER 31
1924.
1923.
1925.
1926.
Mileage (including 67 miles of
10,582
10,577
10,575
canals and ferries)
10,594
Railway Operating Revenues$
$
$
$
497,424,226 465,013,724 440,567,310 502.698,606
Freight
Passenger
147,976,357 144.989.963 147,523,905 155,516,003
Mail, express, &c
42,872,757 42,087,354 38,526,191 41,816,898
Incidental
20,974,876 19,149.262 18,727,545 21,324.982
Cr.40,919
Cr.569,233 Dr.916,659 Dr.45,776
Joint facility (net)
Total railway over. revenues-709,817,450
Railway Operating ExpensesMaint. of way and structures__ 92,362,198
Maintenance of equipment
161,880,739
8,884,633
Traffic
259,815,202
Transportation
9,228,605
Miscellaneous operations
18,642,827
General
Transportation for investment_ Cr.453,625
672,136,982 645,299,176 721.397,408
8.5.003,417
162,033,562
8,175,440
245,226.488
8,734,359
18,203,608
Cr.237,507
74.025.530 85,383,281
158,884,751 188,577,703
7.846,321„
250,364,384 281,851,982
9,409,244
9,772.346
17,222,321 17,345,432
Cr.301,878 Cr.167,454
Total railway over. expenses_550,360,578 527,139,347 517,450,673 590,518,030
Net rev, from railway operations_159,456,872 144,997,615 127,848,503 130,879.378
Railway tax accruals
37,110.193 31,700,789 30,457,970 32,690,522
212,947
Uncollectible railway revenues..
279,063
124,598
261,611
Railway operating income._ _122,085,068 113,016,963 97.177.586 98,064,258
Hire of equipment-Debit bal.__ 14,921,271 12,723,961 18,034,348 13,927,103
Joint facility rents
Dr.731,039 Dr.184,995 Dr.343,325 Dr.590,487
Net railway operating income_106,432,757 100,108,008 78,799,913 83,546.667
Non-Operating IncomeIncome from lease of road
6,464
5,736
100,542
5,890
Miscellaneous rent Income
2.684,429
2,352,543
2,397,274
2,641,008
Misc, non-oper, physical prep.__
46,536
52,002
68,586
56,362
Separately operated prop., profit
115,682
132.437
77,126
66,806
Dividend income
24,038,838 21,804,028 20.456.357 19.802,002
Income from funded securities_ _ _ 6,808,091
2,208,528
2,335.475
2,588,627
Inc.from unfunded sees.& accts. 3,452,541
2,987,081
7,415,582
5,805,915
Inc.from skg. & other res. funds_ 2,958,214
2.850,618
2,530,049
2,491,766
Release of prem, on funded debt.
3,921
3,921
3,921
3,921
Miscellaneous income
2,001
50,648
1,487
29,100
Total non-operating income-- 39,890,036 37.281,490 31,008,921 33,262,610
Gross income
146,322,793 137.389,498 109.808.834 116,809,278
Deductions45,927.919 44,385,949 38,291,126 35,246,256
Rent for leased roads
Operating deficits of branch roads
474,999 Cr.957,984
154,858
206,305
borne by Pennsylvania RR__
1,226,473
1,210,820
1,242,826
Miscel aneous rents
1,163.997
123,769
115,092
118,369
Miscellaneous tax accruals
209,569
30,013,723 28,261,040 30,527,956 28,062,553
Interest on funded debt
976,81(
Interest on unfunded debt
742,411
841,204
715,888
Miscellaneous income charges_ _ _
299,003
279,838
302,991
705,594
78,754,835 75,169,173 71.671,157 65,271,200
Total deductions
Net income
67,567,959 62,220,324 38,134,677 51,538.078
Disposition of Net IncomeSinking and other reserve funds
4,108,483
4.090.091
3,871,837
5.112,397
Dividends
(634 %)32,451,339(6)29950,404(6)29,950404(6)29950,404
Balance, surplus
31,008,137 28,179,829
She, of cap. stk. outsVg (Par 850) 9,985,314
9,985.314
Earns, per share on capital stock_
$6.77
86.23
4,312,435
9,985,314
87.18
16,475,277
9,985,314
$6.55
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT.
[Showing per cent of net railway operating income on property investment.]
Cal.
Property
Net Railway P.C. Cal.
Property
Net Railway P.C.
Year. Investment. Oper.Income. Inc. Year. Investment. Operincome. Inc.
1910_ _$1,533,111,360 $76,966,497 5.0 1919_ _82,069,968,807 *510,034,053 *.05
1911.. 1,568,863,769
74,020,181 4.7 1920_ _ 2,092,052,738df*62,742,376
1912_ 1,606,721,857 81.089,138 5.0 1921.. 2,102,582,603 40.926,284 1.9
1913_ _ 1,681,779,771
67,850,644 4.0 1922_ 2,112,565,888
79,832,502 3.8
1914_ 1,710,368,222 61,980,355 3.6 1923_ _ 2,198,947,406 88,065,252 4.0
1915.. 1,739,081,326
83,747,573 4.8 1924_ _ 2,258,292,092 84,010,909 3.72
1916_ _ 1,799,055,282 102,201,922 5.7 1925_ 2,302,802,826 107,792,415 4.68
1917_ _ 1,872,315,915
77,800,154 4.2 1926_. 2,375,674,983 113,151,122 4.76
1918_ 1,952.017.162 *27.017.878 *1.4
•Based on result of Federal operation and taxes and expenses of the corporations.
Property investment above stated does not include material and supplies or workng capital. Net railway operating income includes income from lease of road.
GENERAL BALANCE SHEET DECEMBER 31.
1925.
1926.
AssetsInvestment inRoad
501,804,351 488.158,595
Equipment...487,544,508 447,592,922
Gen'l expend_ 1,222,984
1,109,027
Impt. on leased
railway prop_ 65,521,876 74,129,774
Sinking funds__
83,822
102,176
Dep. in lieu of
mtg.prop.sold 1,170,851
80,894
MISC. phys. prop
964,522
972,949
Inv.in MM.cos.:
Stocks
273,050,639 271,047,362
Bonds
21,749,028 21.022,932
Notes
67,376,375 65,412,388
Advances_ _ _109,973,030 83,320.353
Inv.in sec. lead,
/MUM.or carr.
as liability by
accounting co.
633,529
211,800
0th.investin'ts_129,340,322 125,014,629
Cash
29,303,128 34,749,108
Demand loans,
time drafts &
deposits
15,860.292 30,813,963
Special deposits_ 2,856,103
7,829,048
Loans & bills rec
5,227,832
143,090
Trait. & car serv.
balances rec
11,003,074 11,241,496
Net bal. rec. fr.
agts.& conduct 11,240,350
9,866,352
Misc,accts. rec_ 13,639,328 15,000,346
Mat'l & supplies 55.260,984 45,397,878
Int. & divs. rec_ 3,147,764
2.065,308
0th. curr. assets
784,699
1,514,412
Work,fund adv.
379,450
220,333
Insur.& 0th. fds 66,177,679 63,605,293
Other def. assets
79,121
143,293
Unadjus. debits 15,082,233 12,700,010
Total
1885392 362 1818550,564
-V. 124, p. 1507.
1926.
LiabilitiesCapital stock_ _ _499,265,700
Prem. on stock_ 7,254,248
Grants in aid of
construction._
100
Funded debt__ A28,577,360
Fund.dt. of acq
cos. assum. by
Penna. RR__ 39,670,600
Fund. dt. assum 30,325,000
Guaranteed stk.
trust ctfs____ 7,478,250
Equip. tr. oblig_ 97,200,175
Girard P. Stor.
Co.lst M.3As 1,695,000
NItges.& ground
rents payable. 3.741,317
Loans& bills pay
109,800
Tref.& car serv.
balances pay_ 8,316,076
Audited accts. &
wages payable 38,884,463
Misc. accts. pay 17,366.923
Int. mat. unpaid
531,838
Div mat.unpaid
180,533
Fund, debt mat.
unpaid
67,571
Unmet Ant.accr. 7,019,448
Unmat.rents ace 8,370,871
Oth. curr. Habil_ 1,690,010
0th. del. Hahn's 2,521,479
Tax liability
33,067.387
Prem. on fd. cll.
131.689
Accrued deprec.
road & equip_166,930,980
0th. unadj. cred 85,058,145
Add'ns to Prop.
thr.inc.& sur.212,251.147
Fund.dt.retired
thr. Inc.&sur_ 4,587,172
Sinking fund res. 1,015,722
52,386,998
Misc,fund res
Approp. surplus
not specif.inv. 8,737,377
Prof.& loss, bal.120,958.983
Total
1925.
499,173,400
7,254,248
52,650
428,656,310
39,720,100
30,790,000
7,478,250
86,497,125
1,718,000
3,246,588
782,810
8,420,397
32,199,282
25,218,017
539,319
184,592
67,571
7,031,326
7,751,675
852,271
2,116,594
30,247,882
135,610
158,360,260
78,264,210
212,223,346
4,101,087
984,576
48,603,915
7,487,601
88,391,547
1 885,392,3621818 550 564
Southern Pacific Company.
(43rd Annual Report-Year Ending Dec. 311926.)
On subsequent pages of this issue will be found extended
extracts from the report of Henry W. De Forest, Chairman of the Executive Committee, together with the income
c3ount and the balance sheet as of Dec. 311926.
2109
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1926.
1924.
1925.
1923.
Average miles of road__ 13,280
12,950
11,151
11.396
Passenger Traffic-Rail pass. carried, No...
_ - 14.284.559 14.409,391 15,319,208 16.538,453
Rail pass. carried 1 mile_1837935341 1858621.528 1841391.408 1946415,712
Av.rec. per pass. per m- 2.866 eta. 2.882 eta. 2.931 eta. 3.046 eta.
Freight TrafficTons carried rev. freight 59,156.625 59.749,130 54,283,524 53,472,860
Tons carr. 1 m.,all fgt._14724692862145814345961479049824214792294317
Av. per ton p. m.rev.fgt 1.401 eta. 1.382 eta. 1.397 eta. 1.437 cts.
Net tons per train, all fgt
628.97
617.74
631.11
641.25
INCOME ACCOUNT FOR CALENDAR YEARS.
'Southern Pacific Co. and Proprietary Companies.)
1926.
1925.
1923.
1924.
Operating Income-$
$
$
$
Freight
216,625,764 211,314,582 193,692.958 199.591.192
Passenger
55,262,330 56,101.353 56.566.134 62,158,876
Mail
111.434,005 11,054,123 11,649.054 j3,864,973
Express
17.748,345
All other transportation_ 9,055,585 8,052.861
7.430,607 6,802,889
Incidental
7,383,699 6.822.288 6,459.204 6.921,630
Jointfacility-Credit__ _
418,678
260.824
181.099
175,771
Joint facility.-Debt.
1,379.062
531,478
74.946
59.041
Total railway op.rervs.298.800.998 293,074.553 275.904,111 287,204,635
Maint. of way & struc__ 42,464,362 40.110.806 39.367.717 41,235,817
Maint. of equipment__ - 50,637.576 49.196,333 47,213.238 50,451,491
'Traffic
6,359.578 5.638.295 5.239,731
4,990.768
Transportation_
102,132.950 106.977.411 99.119.568 98,559,831
Miscellaneous operations 4,997,186 4.706.362 4.105.406 4,347,543
General
10,788,767 10,513,786 9,399.614 8,590.865
Tra sp. for invest.-Cr. 1,784,939
1,533.675
1.009,728
1,393.945
Total railway op. exp.215,595,480 215,609,318 203,051.329 207,166,588
Net rev. from ry. oper 83,205,518 77,465,235 72,852.782 80,038.047
Railway tax accruals,,... 21,476,811 21,275.282 19,867.104 20,365,328
Uncollectible railway rev
80,823
95,349
144.539
87.738
Equipment, rents-net. 5,636,727 5.764,352 4,802,215 5,555,374
Joint facility rents-net.
16,492
214,439
Cr62.492 Cr198,417
Netrailway oper. inc. 55,796,718 50,313,759 48,101.416 54,228,023
Non-Operating Income-
Inc.from lease of road__
95,316
Miscall. rent income_ ___ 1,525,836
Misc. non-op.phys.prop.
260,961
Separately operated properties, profit
Dividend income
2,995,796
Income from funded secs. 3,191.375
Income from unfunded
securities & accounts_ 2,273,964
Income from sinking, &c.,
reserve funds
993,577
Other raised'. income...
571,198
81.853
1.493.683
314,464
90,657
1.110.185
261,024
88,144
1,009,653
300.461
2.780.977
3,772.912
2.787.677
5,852.059
16,889
4.443.170
6,045,373
2,365,930
1,084.931
509.276
947.738
536.887
925.102
385.440
887,573
81.050
Gross income
67.703,740 62,613.202 60,598.491 67.609,607
Rents for leased roads
232.968
227,880
242,104
239.108
Miscellaneous rents....
760,992
762,002
743,735
774,198
Miscell. tax accruals_ __ _
542,567
130.092
206,700
178,732
Interest on funded debt- 27,035,588 25.339.335 23.091,183 21.175,721
Int. on unfunded debt
97.122
228,624
392,905
212.341
Amortization of discount
64.211
on funded debt
76,563
72.737
30.199
Maint. of invest't org'n- . 92,413
38.880
23.376
28,276
Misc,income charges...
296,497
152,180
139,466
140.665
Total deductions
Netincome
Income applied to sinking, &c.,funds
Income appropriated for
invest. in phys. prop_
Dividends(6%)
28,912,367 26,955.792 24,844.076 23.057.125
38,791,374 35.657.410 35.754.415 44.552,482
1,413,351
1,232.776
1,203,379
1,165.183
204,842
126,669
191,308
372.348
22,342,854 22,342,854 20,942,854 20,662,854
Balance
14,830.327 11,955,111 13,410.875 22,352,097
Earns. per sh. on cap.stk.
$9.57
$12.94
$10.15
$10.42
BALANCE SHEET DEC. 31 SOUTHERN PACIFIC CO. AND TRANSPORTATION SYSTEM COMPANIES COMBINED.
1924.
1925.
1926.
Assets$
$
$
Investment in road and equip_ -1.400,075.851 1,341,287,495 1,258,253,731
Improvs. on leased rail. prop__
,
193,510
244,285
Sinking funds
18,375,660
18,746,877
21,838.332
Deps.in lieu of mtge.prop.sold_
893.057
2.984,391
1,860,350
Miscellaneous physical prop...
12,523.188
3,993,582
16.914,246
Invest, in affiliated companies
Stocks
366.788,164 312.726.308 297,401,875
Bonds
162.184,644 151.019.824 154,409,544
Other stocks and bonds
56,968,034
54,503.340
54.407,340
Notes
28,922,468
25,618.499
28.900.840
Advances
36.956,474
87,518,748 155,342,620
Other investments
20,603,883
4,258,817
5,882,434
Cash
24.916,418
26,033.638
24,467.095
Demand loans and deposits...
12,851
13,049,244
Special deposits
317,580
149,069
150.662
Time drafts & deposits
20.063.292
Loans and bills receivable
688,902
687.499
895.785
Traff. and car serv. bal. rec....
2,755,618
2,757.169
3,439.435
Net bal. rec,from agts. & cond.
3,468,942
3,107,897
3,574,807
Miscellaneous accts. receivable.
7,492,251
6.747,556
7,970,251
Material and supplies
30,496,820
42.582,351
32,940,085
Interest & dividends receivable_
3,094,657
2,516,947
2.907.153
Rents receivable
5,833
5,833
5,833
Other current assets
198,575
205,850
224,894
Working fund advances
109,931
140,473
88.555
Insurance, &c., funds
25,360
25,360
25,360
Other deferred assets
2,387,434
14,476,234
4,127.184
Rents & insur. prem. paid in adv
184,001
155,630
211,088
Discount on capital stock
3,988,600
3,988,600
3,988,600
Discount on funded debt
1,721,182
2,024,001
2,088,212
Other unadjusted debts
11.332,362
11.750,561
10.809.863
LiabilitiesCapital stock
372.380,906 372,380.906 372,380,906
do trans. system companies 398.029,900 398,004.900
382,254,900
Premium on capital stock
6,304,440
6,304,440
6,304,440
Funded debt
737,287,629 729.265,275 657.045,368
Non-neg. debt to affil. comp
40,997,591
37,718.421
35,924,020
Traffic and car serv. bal. pay...
5,919.662
5,113,950
6,266.647
Audited accts, and wages pay.. 20,297,418
15.691,578
17.208.279
Loans & bills payable
50,000
18,715
125.000
Miscellaneous accts. payable...
1,365.573
1,454.783
1.417.385
Interest matured unpaid
4,118.339
4,516,623
4.514,834
Dividends matured unpaid..
5,670,766
5.655.754
5,665,833
Funded debt matured unpaid
20.713
14.000
15,000
Unmatured dividends declared.
600,000
250,000
250,000
Unmatured interest accrued...
5.300,334
6,274,465
6,236,425
Unmatured rents accrued
90,020
143,553
91,327
Other current liabilities
1.481.313
939.406
880,496
Deferred liabilities
1,445,317
354.631
941,996
Liability for provident funds...
18.774
Tax liability
477-21:Wri
14,561.817
8,318,129
Insurance and casualty reserves
2,906.704
3.665,161
3.301,095
Accr. deprec. of road and equip. 97.428.693
80.231.407
88.458,962
Other unadjusted credits
48,949,991 130.466,147
Add'ns to prop. thro inc. & sum. 42,948.044
8,950,513
7.452,271
8,323,891
Fund, debt ret. thro inc. & Sur. 26,945,067
25,844,110
26.613.409
Sinking fund reserves
20.315,815
14,375,028
15.174,538
Miscall. fund res
,
52802
Approp. sur, not spec. invested
3,818,178
3,818.178
8,818.178
Profit and loss
373,911.681 358,914.179 337.420.557
Total
-V. 124. p. 641, 917. 1063. 2,183,597.003 2.147,365.134 2,113,746.933
2110
THE CHRONICLE
Reading Company.
(29th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Andrew T. Dice, together with
comparative income account tables and balance sheet for the
fiscal year ended Dec. 311926, will be found under "Reports
and Documents" on subsequent pages.
[VOL. 124
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
5.038
5.042
5,044
Avge. miles ofroad operFreight revenue
Passenger revenue
Mail, express, &c
1923.
5,040
116,617 329 111.118,085 103,038,588 101,680,240
22,142,710 22,799,553 23,846,817 26,001,967
8,376,492 8,326,669 8,620,273
8,693,466
Total income
147,136,530 142.244,307 135,505,677 136,375,673
Expenses-Maint. way_ 21,715,672 20,332,051 19,792,804 18,285,584
TRAFFIC STATISTICS-YEAR ENDED DEC. 31.
Maint. of equipment- 33,029,477 32.149,513 31,731,417 '34,429,992
1924.
1926.
1925.
Traffic expenses
3.061,003
2,895,007
2,765,867
2,715,811
Average miles operated
1,139
1.138
1,148
Transportation exp- _ _ 50,658,351 49,144,204 49,510,658 50,587,533
Number tons mdse.freight carried__ _ 32,414,703 29.976,987 28,859,386
Miscell. & gen. exp_
4,417,565 4.111,246 3,741.972
3,637,322
Number tons anthracite coal carried
13.089,144 11,589,089 13,050,187
Transp.
for
inv.-Cr
419,668
229,765
415.821
191,152
Number tons bituminous coal carried- 25,253,774 22.488,706 19,21.1,092
Number tons all freight carried
70,757,621 64.054,782 61.200.665
Total expenses
112,462,391 108,402.256 107.126,897 109.865,090
Average revenue per ton per mile_ __ _0.01165 cts. 0.01174 etc. 0.01241 cts. Net
from
railroad
34,674.140 33,842,051 28,378,780 26,510,583
Number passengers carried
24,336,283 23,995,631 24.858,448
7,92338
27:7
642 7,049,363
6.189,994
6,372,310
Number passengers carried 1 mile_ _ _ _403,347,107 400.960.131 413,497.696 Taxes
Uncollectible revenue.
32,569
34,752
192,000
Average distance per pass. (miles)
16.71
16.63 Equipment rents (net)_ _ Cr.812,459
16.57
Total passenger revenue
$9,794,351 $9,881,422 $10,187.574 Joint facility rents (not)_ Dr.495,500 Cr.518,467 Cr.448,911 Cr.938,977
Dr.339,968 Dr.311,571 Dr.212.106
Average faro per passenger per mile
2.464 cts.
2,428 cts. 2.464 etc
Net ry. oper. income_ 27,039,319 26,938,619 22,291,374 20,673,143
RESULTS FOR CALENDAR YEARS.
Non-operating income
3,783,224
3,219.503
3,016,252
2,926,429
1926.
1924.
1925.
1923.
Rg. Oper. Revenues16
Total income
30,822,543 30.158,123 25,307,626 23,599,572
Coal
40.824,725 34,914,501 36,056,193 42.842.557 Int.
on
funded
debt_
_
_
_
11,023,086
Merchandise
11.155,143 10,792,167 9,746,846
43,196,361 41,668,495 40,860.078 45,480.722 Other deductions
377.346
Passenger
302,270
382,665
353,792
9.794,351
9,881,422 10,187,574 10,635,380
Mall and express
1,860.890
1,948,145
1,906,490 2,048,862
Net
income
19.422,111 18,700,711 14.132,794 13,498,935
Miscell. operations__ _ _ _ 2,242,860
1,951,432
2,082,035 3.116.890 Dividends
7,020,000 7,020,000 5,850.000
Incidental& joint facility 1.325,350
1,031,668
1,041,487
1.783,737 Income applic. to BK.fd_ 8,190,000
328
13.479
116,550
111,642
13,379
118,824
Total
14,300
99,290,136 91,496,379 92.088.258 105,807,431 Miscell. approp. of inc__
109,460
lig. Oper. ExpensesBalance,
surplus
11,218,404
11,548,408
Maint.of way & struct
6,981,943 7,427,833
13,744,846 12,055,882 11,289.010 10,778,240 Profit & loss, surplus....
71,336,122 59,143.936 47,487,546 x42,020,179
Maint. of equipment_.. 21,642,240 20,581,954 21,798,359 23,940,444 Earns
per sb. on cap. stk
$16.60
$15.98
$12.08
TraffIc939247
$11.54
862.644
840.987
952,083
x
After
deducting
a
stock
dividend
of 624i %,amounting to 545,000,000.
Transportation
34,958:858 33,152.857 34,030.945 38.271,934 -V. 124. p.
917.
Miscell. operations
165.847
163,345
137.607
245,905
Generalexpenses
2,235,982 2.236.259
2,261,209 2,645,903
Southern California Edison Co.
Transp. for Invest.-Cr175,767
221.928
51,560
75.604
Total
73,508.751 68,633,516 70,306,556 76.758,910
Net rev,from ry. oper_ _ 25,781,386 22,862.864 21,781,702 29,048,522
Railway tax accruals_ _ _ 5,531.266 4,349,772 4,284,018 4,952,592
Uncollectible ry. revs_ _ _
5.740
5,612
6.010
26.239
Total ry. oper.Income 20,244,378 18,507,480 17.491,674 24,069,691
Non-Operating IncomeHire of freight cars-net 1,415,769
1,537,334
1,169,012 2,254.342
Other equip. rents-net.
317.713
256,083
219,058
274.178
Joint facility rents-net.
55.002
53,732
87,997
57,215
Total
1,788,484
1,847,149
1,476,067
2,585,734
Netrailway oper.Income 22,032,863 20,354,629 18,967,741 26,6a5.425
Other Non-Oper. IncomeMiscell. rent income_ _ _ _
635,387
578,222
526,351
256.813
Misc.non-op.phy-s.prop.
313,700
307,567
251,869
162.449
ar. oper. prop., profit
258,624
134,323
D vidend income
2,431,778 2,760,347 2,590.434
5,95:3.118
Inc.from funded secur
761,489
829,818
818,880
477,433
Income from unfunded
securities & accounts_
383,758
567,532
433.079
555,329
Inc.from sink.. &c.,fds_
30,393
29%845
34.731
30,654
Release of premiums on
•
funded debt
5,203
5.203
5,203
7.523
Miscellaneous income_ _ _
16,356
7,468
8.229
12.504
Tot.other non-opine. 4.836.688
5,220,324
7,457.823
4,668,776
Gross income
26.869,551 25,574,953 23.636.517 34,113,248
DeductionsRent for leased roads__ _ 2,829,032
2.829.443
2,831,656 2,832,262
Miscellaneous rents_ _
1,445
1,968
1,954
2,840
Misc,tax accruals
169,720
168,568
115,202
159,469
Int. on funded debt_
4,972,058
5,085,742
5.059.158
5,213,930
Int. on unfunded debt _ _
37,235
41,999
28.233
265,978
Amortization of discount
on funded debt
27.007
27.007
27.007
27.008
Misc,income charges_ _ _
301,931
260,605
296,333
381,248
Total deductions
8,338,429 8,415,334
8,515,201
8.727,077
Net income
18,531.122 17,153.619 15,121,316 25,386,171
Disposition of Net Inc.
Inc. applied to sinking,
&c.,reserve funds_ _ _ _
46,753
46,244
47,031
48,914
Inc. approp. for invest.
in physical property
4.670,000 4,090.292
3,577,343
3,217,332
Income balance
First pref. dive.(4%)...
Second prof. dive.(4%).
Common dive.(6
-
13,814.329 13.023.084 11,496.942 22,119,924
1.120,000
1.120.000
1,120,000
1,120,000
1,680,000
1.680,000
1,680,000
1,680.000
5,600,000
5,600,000
5,600,000
5,600,000
Balance, surplus
5,414.329 4,623,084 3.096,942
1.400.000
1,400.000
1,400.000
$11.23
$10.25
$8.80
GENERAL BALANCE SHEET DEC. 31.
1926.
1925.
1926.
AssetsLiabilities$
Invested in road
1st pref. stock__ 27.991.200
dc equipment_ 282,643,871 276,960,427 2d pref. stock_ 41.970,650
Impts. on leased
Common stock_ 69,989,100
railway prop_ 26,260,005. 22,426,369 Long-term debt_121,900,591
Deposited in lieu
Traffic dc car serof mortgaged
vice bale. pay. 3,800,600
property. old
951.886
839,899 Audited accts. &
Miec.phys.prop_ 13,541,703 14,248,444
wages payable 6,570,858
Inv.in Mill. cos.:
Misc.accts. pay.
314,392
Stocks
22,429,619 21,380,592 Int. mat'd unpd. 1,405,306
Bonds
10,274,564 10,368,237 Divs.mat'd unpd
146
Advances_
7,512,539 6,549,662 Funded debt maOther investm'te 39,034,445 38,851,5431
Lured unpaid_
57,889
9,440,432 4.962,235 Unmatured dive.
Cash
33,014
Special deposits.
34,071
declared
3,219,271
280,494
Loans & bills rec.
278,063 Unmatured inTraffic and car
terest accrued
828,656
serv, bale. rec. 2,210,780 1,985,204 Unmatured rents
Net balance reaccrued
264,223
from
ceivable
Other curr. Habil
183,333
agts.& conduc 2,170,684 1.792,112 Def'd liabilities_
205,571
Misc. accts. rec_ 2,075,103 2,071,569 Unadjus. credits 54,084,519
Mat'ls & suPo- - 7,478,146 9,447,862 Add'ns to prop.
through Inc.
Int. & dive. rec. 1,038,742 1,146,034
35,751
33,337
and surplus.. 87,072,146
Rents receivable
23,083 Fund, debt ret'd
0th. curr. assets
811,238
701,648
through Inc.
Deferred assets_
and surplus._ 1,738,000
Unadjust. debits 3,593,589 3,544,508
P.dr L. balance_ 10,220,144
SilS.COM.011tSt.(par $50)
Earns, per share on Corn-
431,816,594 417,644,917
Total
-V. 124. IL 1817.
Total
13.719.924
1,400.000
$16.13
1925.
$
27,991.200
41,970,650
69,989,100
124,334,766
3,908,314
5,073,096
355,558
1,420,369
148
57,889
1,819,488
897,113
264,534
148,494
247,396
46,981,437
82,414,686
1,738,000
8,032,679
431,816,594 417,644,917
Louisville& Nashville Railroad.
(76th Annual Report-Year Ending Dec. 31 1926.)
The report, signed by Chairman H. Walters and President
W. R. Cole, together with income account, comparative
balance sheet as of Dec. 31 1926 and other statistical data,
will be found under "Reports and Documents" on subsequent
pages of this issue.
(31st Annual Report-Year Ended Dec. 31 1926.)
The report of President John B. Miller, together with the
income account and balance sheet for 1926, will be found
under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
System output (k.w.h.)_2227879772 1998,856,927 1687886,2061548896,000
Delivered to consumers:
Lighting (k. w. h.)__ _175,558,311 143.913,806 119.066.532 99,358,552
Power(k.w.
1589,076,297 1414346.773 1234857,015 1080783.640
Connected load meters..
355.165
327,070
294,557
247,953
Connected load horsepow 1.450,298
1,237,598
899,950
1,003.485
ResultsGross earnings
327.377.616 $24,322.680 $20.973,563 $19,824,959
'Oper. dc maint. expense 9,784,709 8.217,704 12,993,779
8.847.792
Net earnings
$17,592,907 $16,050,976 37,979 784 810,977.167
Int., diva., &c., received
468,902
509,722
415,936
386.201
Gross income_ _ _
$18,061,809 $16,560,698 $8.395,720 $11,363 368
Int. on bonds & deben's_ 6,336,018 6,422,509 6 306 555
4,974,648
Miscellaneous Interest...
467,910
321,243
279,894
415,721
Construction account.... _Cr1,350,952 Cr1,305,685 Cr2,009,011 Cr2,359,314
Amort.of bd. disc., &c
419.403
381.746
380,233
363,039
Reserve for depreciation 3,329,969 y3 490.756 2,000,000 2,005,635
Reserve for contingencies
810.000
Balance
$8,859,462 87,340,129 $1.438.050 $5,153,639
Previous surplus
2.371,601
1.465,913
3,393.008 2,786.891
Withdrawals from con
tingency reserves provided in advance for
low wester connections
1,581,191
Total
$11,231,063 $8,806,042 $6,412,249 37,940.530
Ser."A' pref. diva.(7%) 1 765 551
1.545.632
772.516
510,715
Ser."B"pref. dive.(6%) 1,576 767
782,642
299,627
Original pref. diva.($%)
320.000
320,000
320.000
320,000
Common dividends(8%) 3,796.858 3,761,372
3,661,950
3,469.121
Miscellaneous adJust's___Dr.270,964 Dr.24.794 Cr.107,757 Dr.247.685
Total P.& L.surplus_ 33,500,923 $2.371,601 $1,465,913 $3,393,009
Shs.of com.out.(par $25) 1.766,028
x432.710
x418.334
x404,780
Earn. per share on com.
82.94
$10.84
$0.11
$8.74
* Includes taxes amounting to $2,486,525 in 1926 81,970,603 In 1925.
31.680,120 in 1924 and $1,899,594 In 1923.
x Shares of $100 par value. y Includes $457,483 additional reserve for
1924.
BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
AssetsLiabilities-$
$
$
$
Plants & prop_ _253,173,197 208,727,519 Capital stock:
Cash with true_
236,904
Original pref. 4,000,000 4,000,000
259,227
Invest., &c., in
7% pref. "A" 25,462,000 24,962,900
subsidiary cos. 5,666,480 3,301,642 6% pref. "B" 32,766,800 20,520,300
Sundry Invest'ts
14,408
14,461
Common stk. 44,150,797 43,271,072
Com.stock subs. x4,299.786 5,468,281 Subscr, by em pi,
Cash
2,106,409 3,237.970
of cap. stock_ 4,618,475 5,150,500
Cash securities_
2,250,000 Public subscrip.
Working funds_
123,180
121,380
capital stock_ 2,518,900 3,014,800
Notes and accts.
Funded debt._ _117,896,700
receivable.... y2,655,873 2,551,891 Accts. payable. 2,724,614 113,080.000
2,424.026
Material & supp 4,730,240 5,400,253 Notes payable__ 11,750,000 5,000,000
Unamortized dieConsum. depos_
324,1i4
288.662
count and preConsumer's adv. 1,371,330 1,346,725
mlnum on bde 10,026,217 6,439,964 Interest accrued 1,154,044 1,984,231
On cap.stock_ 1,155,439
993,886 Taxes accrued.. 2,500,738 1,357,566
Miseell. deferred
Deprec'n reserve 12.425.729 10,789,309
charges
2,020,410 1.628,375 Sundry reserves
962.480
755,156
Dividends pay__
80,000
80,000
Surplus
3,500,923 2,371,601
Total
268,207.643 240,394,849
Total
268,207,643 240,394,849
x Due by officials, employees and public on stock subscriptions. y After
deducting $67,652 reserve for uncollectible accounts.-V. 124, p. 1822.
The Hocking Valley Railway Co.
(28th Annual Report-Year Ended Dec. 311926.)
On subsequent pages will be found the text of the annual
report, signed by Chairman 0. P. Van Sweringen and President W. J. Harahan, together with balance sheet as of
Dec. 31 1926 and the results for the calendar year 1926.
GENERAL STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1923.
1924.
Revenue coal and coke
carried (tons)
18,713,789 18,929,125 16.412,043 13,546,468
0th.rev.frt. car.(tona)_ 4,184,142
3,925,127
3,884,980
3,889,525
Av.rev, per ton ofrev.
coal per mile
0.545 cts. 0.549 cts. 0.555 cts. 0.618 cts.
Other per mile
1.236 cts.
1.255 cts.
1.259 eta.
1.291 cts.
Passengers carried
381,584
410.684
648,485
506,735
Pass.carried 1 mlle
24.186,694 24,898.904 26,068.051 32,305,564
Rev. per pass. per mile
3.248 eta.
3.281 as. 3.449 cts.
3.448 cts.
Rev. freight tons carried 22.897.931 22.854,252 20,301.568 17,431,448
Rev, tons carried 1 mile- 2596271626 2613880450 2259716943 2043870203
Rev, per ten per mile.... 0.655 cts. 0.654 etc
9.656 eta. 0.742 cts
APR. 9 1927.]
THE CHRONICLE
2111
The usual comparative income account was published in,
A comparative income account was published in V. 124,
V. 124, p. 1970.
p. 1811.
BALANCE SHEET DEC. 31.
1926.
1925. •
1926.
AssetsLiabilities$
$
$
Road & equipm't_59,189,578 60,130,266 Capital stock
11,000,000
Securities of Milli1st cons. M.4 Yis_15,895,000
ated, &c.,cos.:
1st M.C.ScH.V.4s. 1.4013100
Stocks pledged_ 108,089
108,089 1st M.C.&T.RR.48 2,44repo
Bonds pledged__ 300,000
300,000 10-year coll. notes_
Misc. unpledged 1,590,135 1,477,146 6-year coll. notes_
Sinking funds_ _ _ _
590
2-yr. secured notes
Other Investments. 361,000
6 months 5% seDep.In lieu of mtg.
cured notes_... _ 6,000,000
1,071,520
Non netot. debt.
prop.sold
10,128
Gen. M.6% bonds 7,500,000 10,653,000 Gen. M.6% bonds
not out(contra).12,801,000
750,000
Time drafts & dep. 750,000
418,954 Equip. trust °Wig_ 7,326,992
Special deposits__ 403,678
10,000 Misc. accts. pay'le 115,096
10,000
Loans & bills rec..
2,563,972 2,598,068 Traffic balances_ _ 403,038
Cash
886.567 1,231,849 Vouchers & wages_ 1,110,157
Inventories
963,003 Miscellaneous....
Traffic balances_ _ 731,301
10,651
27,687 Matured interest,
Agents' balances_. 35,269
439,077
dividends, &c_ _ 404,710
Misc.accts. receiv. 475,009
Miscellaneous_ _ _ 58,268
54,679 Unmat'd interest,
dividends, &c_ _ 241,671
Securities in treasury (unpledged). 5,301,500 2,562,000 Taxes accrued_ .._ _ 988,208
Insurance and casAdv. to propriety,
aMl.& con. cos_
ualty reserve...97,178
60,387
Special depos. with
Acceured depree'n. 4,796.915
1,075,733 Deferred items_ _ _ 752,488
trus. (mtge. Id.)
522,724 Appropr'd surplus. 505,977
Other def'd items_ 459,386
Profit and loss_ ...15,494,654
Total
81,795,862 83,382,661
-V. 124, p. 1811.
Total
1925.
$
11,000,000
16,022,000
1,401,000
2,441,000
1,665,000
700,000
6,000,000
12,801.000
7,556,837
116.971
917,389
1,340,662
18,383
409,797
264,218
664,457
86,113
4,716,637
728,768
487,426
14,045,001
81,795,862 83,382,661
International Business Machine Corp. & Subsidiaries.
(15th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Thomas J. Watson, together
with the income account and balance sheet, will be found
under "Reports and Documents" on a subsequent page of
this issue.
BALANCE SHEET DEC. 31.
'[Kansas City Southern Ry., Texarkana & Fort Smith Ry.]
1926.
1925.
1926.
1925.
Assets$
5
Liabilities$
$
Invested in road
Common stock_ 29,959,900 29.959,900•
& equipment_109,628,337 110,225,431 Preferred stock_ 21,000,000 21.000,000'
Deposited in lieu
Grants in aid of
wil
of mortgeged
construction_
121,912
7,483
property sold_ 4,798,505
4.247 1st M.3% g.bds 30,000,000 30,000,000
Misc.phys.prop. 1,048,687
973.647 Ref.&imp.M.5s_ 21,000,000 21,000,000'
Inv.in affil.cos.:
. 1st M.5)4%bds.
Stocks
2,000,208 2,030,208
of Texas & Ft.
Bonds
897,915
804,915
Smith Ry
10,000,000
Notes
101,281
173,825 Equip.Trust No.
Advances_.
1,548,282 1,352,812 346% notes__
572,400
636,000
Other investm'ts
13,117
10,328 Equip. Tr.53.6% 1,296,000 1,404,000'
Secure. in course
Misc,fund. debt
12,189
15,236
of acquisition_ 25,092,863 25,092,863 Liab.& commit's
Cash
1,457,234 1,685,537 in connection
Special deposits_ 1,555,359 1,113,556
with securities
Loans& bills rec.
1,278
2,253
being acquired 14.076,892 19,337,510
Traffic and car
Traffic & car serservice balanvice bals. pay.
908.328
736,526.
ces receivable.
679,062
718,419 Audited sects. &
Net balance rewages payable 1,889,418 1,957,054ceivable from
Pa, Misc.accts. pay.
58,855
60,068
agts.& cond'rs
322,029
250,274 Int. & dive. maIs t
-WV
620,578
Misc,sects. tee_
767,727
tured unpaid.
574,988
$70,518
Material & supp. 1,990,732 1,873,738 Unmat'd diva.,
Int. & dive. rec_
int. & rents__
3,138
5,176
774,108
562,184
0th. curr. assets
25,757
13,490 Other eurr.liabil.
122,318
122,020
Work fun , advs.
19,881
15,671 Other def'd Habil
465,604
504,778
Other def.
. assets
28,029
35,311 Tax liability_ _ _ 1,434,698 1,407,612
Rents&ins.prem.
Accr.depr.equIty 2,299,869 1,956,562
paid in adv__ _
70,442
71,905 Other unadtcred
368,795
647,644
Disc, on funded
Add'ns to prop.
debt
153,544.
thro. income
U. S. Govt. Inand surplus _ _
432.409
418,416
come guaranty
277,099
277,099 Appr. surp. not
Other accounts_
561,449
641,212 spec.Invested.
648,973
771,243.
Profit and loss
credit balance 14,877,150 15,064.688
Total
152.894,805 148,139,443 Total
152,894,805 148,139,444.
INCOME ACCOUNT FOR CALENDAR YEARS.
-V. 124, p. 1970.
1926.
1925.
1924.
1923.
$6,039,165 $4,956,259 $4,069,749 $3,659,537
xNet profit
Central of Georgia Railway Company.
335,162
343,152
349.542
387,255
Bond,&c.,interest
1,118,888
1,055,586
Depreciation
979.810
813,372
(32nd
Annual Report-Year Ended Dec. 31 1926.)
368.866
353.988
Develop. & patent exp..
315,060
297,535
450,000
Federal tax (estimated)_
375,000
200.000
200,000
INCOME ACCOUNT FOR CALENDAR YEARS.
71,237
Amortiz. of patents_ _ -74,837
74.265
76.289
Railway Oper. Revenues- 1926.
1924.
1923.
1925.
$23,078.804 521,452.533 519,375.562 518.040,942'
$3,695,012 $2,753,696 $2,151,072 51.885,087 Freight
Net income
Dividends
(53.25)1,880.066($8)1329,610(58)1205.416 (56)874.573 Passenger
Mail, express, &c
2:
8 0.377
'0
1, .
1:899:923
1.952,580
.841,76
701.548
723.159
527.680
44
86
3:4
707
84
Balance, surplus
$1,814,946 $1.424,086
$945,656 $1,010.514 Incidental
57.162
49.888
54.416
Prey. capital & surp_ _ _y524,160,753 $21,647,086 $20,701,430 $18,249.713 Joint facility
Total ry. oper. revs_ 431,825.369 830,229,408 $27.173.209 526.198,846
Total surplus
$25,975,699 $23.041.172 $21,647,086 $19.260,227
Railway Opec.Exp.Sale ofstock
Cr.1,004,629
0%1.427.386 Maint. of way & struc__ $4,496.326 54,663.221 $4,201,129 53,414.982
Accum.royalt. prior yrs. Cr.425.530
Maint. of equipment_ - - 5,498,449
5.191.129 4.866,691
5,605.847
Amt. rec'd in lawsuit_ _ _
Cr.513,818 Traffic_
___
931,545
875,500
823.287
835,118.
Res. for contingencies..
400,000
500,000 Transportation
11,659.308 10,970.861 10.148.631 10.197.285
Cost oflist. & issuing shs.
4,629
240,236
Miscellaneous operations
194,060
139,963
113,187
1.192.510
1.111,113
1,070.221
996.165Declared cap. & surp_526,801,230 824,041,173 $21.647.086 $20,701,430 General
268.402
Transp'n for invest.-Cr. 245,836
178,871
24,514
Shares of capital stock
outstanding (no par)_
578,643
192.881
150.688
150.688
Total railway oper.exp$23,772,538
521.071,051 521.138.070'
Earn. per sh.on cap.stk.
$6.39
$14.27
$14.28
$12.51 Net rev,from ry. oper__ 58,052,831 522,737.482
57.491.927 56.102.159 55.060,776x Net profit of subsid. cos. after writing down inventories of raw materials
1,339.921
1.344,503
1.177,929
to cost or market, whichever was lower, and deducting maintenance repairs, Railway tax accruals....1,519.852
9.300
9,363
20.542
35.910.
provision for doubtful accounts, the proportion of net profit applicable to Uncollectible railway rev
unacquired shares, and expenses of International Business Machines Corp.
Railway opr. income_ $6.523.679 56,142.642 54.737.113 53,846,937
(formerly Computing-Tabulating-Recording Co.) is as shown. y Includes
Other income
Dr.570,388 Dr.674,898 br.181.310
97.434
$89.580 undistributed surplus of foreign subsidiaries, not previouslyIncl.
Balance Sheet Dec. 31.
Net ry. oper. income_ 55,953,291 55,467,744 $4.555.803 53.944,371.
Non-Oper. Income1925.
1926.
1926.
1925.
Assets5
$
$1.012,575
LiabilitiesDividend income
5571.408
5515.833 32,430.789
$
$
Plant, good-will,
166,433
Capital & surplus x26,001,230 24,071,172 Income from funded sec_
110.821
109.030
180.630'
&c
a20,173,252 19,818,726 Sub. cos.' stocks__ 196,530
106,909
105,768
107.218
106.154
162.589 Misc, rent income
Cash
1,337,396 1,444,056 Funded debt
149,360
334.082
305.953
150,015.
5,473,500 5,481.500 Misc. non-oper. income_
Callloans(secured) 2,300,000 1,000,000 Accts. pay'le,&c
999,714
793,498
Notes & accts. ree.b4,535,145 4,050.696 Contingency reirve 902,454
Total non-oper. inc__ 51,435.276 51.122.079 51,038,035 $2.887.590.
458,256
Sinking fund
69,818
1,470 Federal tax (est.). 450,000
$7,388,568 56.589,823 55,593.838 56,811.961
375,000 Gross income
Inventories
3,545,833 3,481,134 Divs. payable... 578,493
Deductions385,364
Investments
2,540,565 1,832,808 Accrued interest
2,795,481
2,686.240
2,403,650.
164,355
165,255 Int. on funded debt- _ _ - 3,038.128
Deferred assets... 264,267
263,744
Int. on non-negot'le debt
36.585
33.922
to affiliated companies
38.372
117,948
Total
34,766,275 31.892,634
Total
373.243
373,360
372,959
34,766,275 31,892,634 Rent for leased roads...
372.710
265.218
281,947
259.971
261,996
a Plant, property, equip., mach., patents and good-will, $29,170,765. Miscellaneous
less reserves for depreciation and amortization, $8,997,513; total, $20.173,252. b After deducting $396,707 reserve for doubtful accounts. x DeNetincome
$3.675.393 53,105.113 52,236,294 $3,656,354
Glared capital ($18,642,065) and surplus, represented by 578,643 shares Preferred divs. (6%)900.000
(6%)1.200,000 (6)1.200.000(6)1.200.000 (5)250,000
of no par value.-V.124, p. 1227.
Common diva
International Cement Corporation.
(8th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President Holger Struckmann, together
with the comparative income account and balance sheet as
of Dec. 31 1926, will be found under "Reports and Documents" on subsequent pages.
Balance, surplus
52,475.393 $1,905,113 51,036.294 52.506,354
Shs.ofcom.out.(par$100)
200.000
200.000
200,000
200,000
Earns, per sh. on corn$18.38
$15.53
$11.18
$13.78
-V. 124, p. 105.
Calendar Years1926.
1925.
1924.
1923.
Sales, loss disc'ts, &c_ _ _521,623,582 $17,713,900 $13,683.504 $11,289,117
Mfg. and shipping costs_ 12,253.368 10,021,390 7,843,273
6,382,770
Prov.for deprec. & depl- 1,724,151
1,154.627
697,987
822,074
Sell., admin.& gen. exp. 2,618.452
2,064,055
1,505.852
1.214,104
Net profit from oper__ $5,027,610 $4.473,827 $3,636,391 $2,870,169
Miscellaneous income...
208.610
164,994
135,006
102.261
Total income
$5,236,220 $4,638,821 $3.771,397 52,972,430
Int., taxes & miscell_ _ _ _
881,020
662.436
723,890
549,853
Pref. dividends (7%) _
457,922
685,759
193,591
103,351
Common dividends
2,125,000
1.800.000
1,476,006
1.164.537
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1926.
1925.
1924.
1923.
Freight revenues
521,282,110 516,876,047 516.873.194 518,093,633
Pa,ssenger, mail & express
835.510
849.353
1,133,681
1,014.575
Other transportation... 1,760,918
1,136,779
1.100.669
1,101,034'
Balance, surplus
$1,544,441 $1,718.463 $1,377,910 $1,154.689
No. of corn. shs.(no par)
562.500
500.060
400.000
364.167
Earns. per corn. share...
$6.52
$7.03
$7.14
$6.37
-v. 124. p. 932.
•
Kansas City Southern Railway.
(27th Annual Report-Year Ended Dec. 31 1926.)
A complete annual report will be ready for distribution about may 15,
which will be furnished stockholders and others upon
Virginian Railway Company.
•
(17th Annual Report-Year Ended Dec. 31 1926.)
Railway oper. revenue$23.878,539 $18,862,179 518.988.439 520.328.348.
Maint. of way & struc-- 3.052,952
2,700,209
2,490.590 2,219,868
Maint. of equipment..__ 4.456,406 4,102,491
4,077,656
5,344,302.
Transportation, rail line. 5,196,932 4,462.199
5,141.383
5.536,112
Other expenses
533.378
504.583
499.817
511.139,
Net railway oper.rev_510,688.870 57.092,697 56.778,992 $6.716,927
Taxes
1.689.100
1.390.228
1.181,790.
1,288,048
Uncollectible railway rev
2.428
792
15,633
916
Railway oper.income- $8.948.978 55,789.017 $5.387,848 $5.532.711
Rent of tracks, &c
72,940
71.174
77,720
70.754
Dividend income
36,697
51,697
136.697
136.697
Hire of equipment (net)293.359
102.049
622,618
852.895
Other income
541,936
1,336,065
1,119,077
824,585
Gross income
$10,840,875 57,738,163 56.948.833 56.477.643
Int. on funded debt,&c_ 3.295.527
3.069.849 2,818,537 2,156,243
application.
Disc.
on
114,452
69.466
bonds
and
notes
119.745
126,107
GENERAL STATISTICS FOR CALENDAR YEARS.
Rent of tracks.&c
665,026
557,621
659,129
666,128
1926.
1924.
1925.
1923.
Tax
on
35.676
bond
Int.
&
22,869
misc.
29,663
36,065
operated
Mileage
865
865
854
842
StatisticsNet income
56.717.047 53,859,777 53,315.141 53.671.445
passengers carried
603,297
724,364
1,041.183
1,323.840 Preferred dividends__ %)1,677.300(6)1,677.300(6)1,677.300(6)1,677.300
Pass. carried 1 mile
48,997,298 51,675,305 59,875,457 70.450.352 Common dividends- _(6
_($7)2,189,005($6)1876,290(54)1250,860(54)1250,860
Rev, per pass. per mile.. 3.297 cts.
3.385 cts. 3.432 cts.
3.439 eta.
Rev,freight carr'd (tons) 8,090,227
7.303,324
6.958,838
7,046,132
Balance.
surplus
$306.187
5386.981
5743.284
Rev.fr't cared 1 mile_ _1733,662.983 1592310,943 1542245.437 1684014.389 Shs.nom.out.(par $100) 52,850,742
312,715
312.715
312.715
312,715
Rev. per ton per mile
1.050 cts.
1.095 cts.
1.098 cts.
1.074 cts. Earns. per share on cm.
516.12
$6.98
$5.24
$8.38
mile
of
road_
_
Rev. per
525.340
$24,466
$24,616
$26,719 -V.124. p. 917.
2112
THE CHRONICLE
(Vol_ 124.
Chesapeake & Ohio Railway Co.
Maine Central Railroad Co.
(49th Annual Report-Year Ended Dec. 31 1926.)
(66th Annual Report-Year Ended Dec. 31 1926.)
The text of the report, signed by Chairman 0. P. Van
President Morris McDonald, Portland, Me., March 25,
Sweringen and President W. J. Harahan, together with the wrote in substance:
Operating Results.--The net income for the year was $1,270,397, an
income account and balance sheet, will be found under
increase of $93,396 compared with the previous
year. Operating revenues
"Reports and Documents" on subsequent pages
increased $353,225,of which $307,173 represents increase
in freight revenue.
Passenger revenue decreased $1,012, a much smaller decrease than
for
several years past.
Total Payroll1928.
1925.
Maine Central
58.905.235 38.709,486 inc. $195,749 2.2%
Portland Terminal
2,860,908
2,994,656 dec. 133.748 4.5%
Taxes.-There was an increase in taxes
of $42,861 as shown by the
following table:
1926.
1925.
State of Maine
6913,769
$915,450
State of New Hampshire
58,434
58,781
State of Vermont
6.775
6,775
Province of Quebec
1,586
Province of New Brunswick
510
510
United States Government
125,572
85,172
Cities and towns
121,980 • 115,906
Total
$1.227,041 $1,184.180
Profit dt Loss Account.-The profit and loss account shows the various
financial changes for the year. This account was credited with the balance
of the income account$ 1,120.397, and was charged with dividends paid
on common stock during the year, the amount
paid account of purchase
of capital stock of the Hereford Ry. and the discount
on Maine Central
RR. series D bonds issued during the year. These items,
miscellaneous adjustments, increased the credit balance at the end ofwith
the year to
$4.395,272, or $349,787 in excess of the credit balance shown on
Dec. 31
1925.
Stockholders.-On Dec. 31 1926 the company had 1.973 common stockholders as compared with 2,043 on Dec. 31 1925. Leaving
out the block
of 28,815 shares held in the company's treasury, the average held
by the
remaining stockholders on Dec. 31 1926 was 61 shares; and on Dec.
31
1925, 59 shares.
Dividends.-The dividends on the preferred stock are cumulative at
rate of 5% per annum. Dividends on the preferred stock were not paid
currently from Dec. 1 1920 to Sept. 1 1924, a period of four full years and
during that time back dividends to the amount of $20 per share cumulated.
These back dividends were paid as follows: June 15 1925, $2.50 per share;
Dec. 11925, $2.50 per share; Jan. 15 1926, $7.50 per share; March 1 1926.
$7.50 per share.
Beginning Dec. 1 1924, preferred dividends at the rate of $1.25 per
share were paid currently each quarter.
Dividends of
per share were paid on the common stock on each of the
following dates, June 15 1928 and Dec. 15 1926. The payment of dividends on the common stock during the year 1927 will be given careful
consideration by directors as and when the cash position of the company
warrants such action.
Funded Debt.-Company's funded debt held by the public was increased
during the year $330.000. This increase is explained as follows: $4,Net railway oper. inc.. 37,011,025 30,018,071 21.892,920 19,135.356 000,000 Maine Central RR. 1st & ref. mtge. 6% bonds, series D, due
Dec. 1 1935, were sold Jan. 11 1926. The proceeds from the sale of this
Inc. from 0th. Sourcesissue were
to the retirement of outstanding obligations as follows:
Int.from invest. & accts. 2,210.735
1.332.966
1,710,108
1,348.630 6% notes applied
to United States due Oct. 27 1935, 61,653,000: 6% note to
Miscellaneous
193,658
161.799
867,418 United States
175,972
due Jan. 27 1931, 3320,000: 6% note to United States due
1 1931. 3400,000;6% note to Director-General of ERs., due March 1
Gross inccme
39.415,418 31,512,836 23,779.000 21,351,404 Sept.
1930. $750,000; short-term loans due banks and bankers, $880,000.
Deductions fr.
. Gross Inc.
The following were paid at maturity and retired: 6% equip, gold notes
Interest on debt
9,696.867 11,035.252 11,263.067 11,991,208 due Jan. 15 1926. $79.000;
% equip. trust certificates of 1923, due
Rents for leased roads
281,695
180,289
194,417
139.995 April 1 1926, 540,000; Oct. 11926,
$40,000; 534% Equip, trust certificates
Loss on C.&0.grain elev.
23,328 of 1924, due June 11926. $44.000; Dec.
18,015
18,187
15,793
11926. $44,000.
Miscellaneous
217.443
241,333
251.109
204.653
Portland
$300.000
&
Rumford
Falls
Preferred dividend- _(63i %)322.995(63)815.247(614)816302(634)816 302 1935, previously shown in the balanceRy. debenture 4% bonds due June 1
sheet as "funded debt," has been
Common dividend_(12%)13.635.760(4)3,035,885 (4)2,619.500 (4)2,591,032 transferred to account "deferred
liabilities" in accord with instructions
received from the I.-S. C. Commission.
Total deductions
24.206,866 15,335,970 15,113,733 15,779.308
Additions and Betterments to Property.-There was a net increase of $48.270
Net income
15.208,751 16,176.867
5,572.096 in the road and equipment account, representing
8,665,267
net additions abd betterCorn.stk.(par $100) outments during the year.
standing at end of yr.... 1,170,503sh 906,912 sh 672.657 sh 654.257 sh
Improvements to Leased Roads.-The net amount expended during the
Earns, per corn. sh
$24.64
521.18
$12.48
516.78
Year for additions and betterments to leased roads was 664.427.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
GENERAL BALANCE SHEET DECEMBER 31.
1926.
1925.
1924,
[Excluding stocks and bonds owned by the C. & 0. Ry. of Indiana and of
1923.
Average miles operated_
1,121
1,199
1,208
1,201
the C. & 0. Equipment Corporation.]
Revenue pass. carried__ 2,159,247
2,197,977
2.523,614
2,894,194
Rev.
pass.
carried
1
mile
108,355,815
108,446,099
1925.
1928.
118,709,804 134,918,167
1926.
1925.
Rev.
per pass. per mile__ 3.582 cts. 3.580 eta.
AssetsLiabilities3.576 cts. 3.551 cts.
$
3
Inv. in road and
Common stock _117,050,392 90,691,281 Rev, tons freight carried 7,704,978 7,403,651
7457.669
7,854,985
Rev,tons frt. car. 1 mile 873,172,743 854,533856 865,395.023 8913,817,181
equipment_ _ _368,589,277 358,517,770 655% cum.cony
pref. stk."A" 1.943,500 12,097.500 Rev, per ton per nide_ _ _ 1.669 cts.
1.669 cts. 1.631 eta.
Inv. In affiliated
1.641 cts.
companies. _ _ 54,991,610 34,040,820 1st pref. stock__
3,000
3,000
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
pref.DI
Other invest'ts_ 1,016,102 1,459,026
stock_ _ _
200
200
Common(C.&0.
&curs. issued or
1926.
1925. •
1924.
1923.
Freight
revenue (rail)_ _ _$14,572,299 514,265.126 514,114,259 $14,715,624
__
Ind.)
a78,114,000
76,124,000
Ry.
of
assumed
1,200
1,200
519,231
514,202 Funded debt_ _ _ 150,840,024 166,723,524 Passenger revenue (rail)_ 3,881,134
Inv. phys. prop.
3.882,146 4,244,950 4,790,612
Mail, express, &c
Equip. tr. obllg.
Impts. on leased
1,438,910
1,495,344
1,464,639
1,345,986
and contracts. 42,563,200 47,137,000 Water line revenue
59,023
railway prop_
174,335
54,475
49,480
57,904
56,259
Sinking funds_ _
357,850
354,667 1st lien & imp.5sa75,045,000 75,045,000 Incidental
378,589
378,491
296,585
283,782
Gen. mtge. 4345 a1,039,000 1,039,000 Joint facility
Depos. In lieu of
98,405
mtg. prop.sold
236,036
604,044 1st mtge. It & S.
Total ry. oper. rev__ _620,423,812 $20,070,587 $20,178,336 621,192,284
W.Ry.4s.,. 840,000
Cash
6,391,775 8,911,128
40,000
Operating ExpensesLoans and bills
Cash dep. to pay
3,923,441 2,977,934
payable
int. & diva
50.783 Maint, of way & struc__ $3,013,982 $2,986,147 $3,251,444 $3,329,873
Traffic,&c., bal.
,Cash dep.-pref.
353.780
‘
520,725 Maint, of equipment... 3,872,810 3,908,765
3,939,243 4,137,833
Traffic
stock ser."A"
574,321 1,252,573 Audited accts. &
172,182
168,039
167,434
164,734
Cash dep.-Spec
wages payable_ _ 8,939,538 9,173,007 Transport-rail line_
8,092,830 7,941,517 8,489,031
9,531,741
Transport
-water
fund for add's
Misc.accts. pay. 463,970
line
483,037
89,184
70,876
85,957
84,888
Miscellaneous operations
& bett'ts, now
Matured int. &
20,760
20,085
18,900
19,311
equip.; &c___ 3,446,270 9,930,886
3,146,448 2,906,235 General expenses
dive. unpaid
605,097
595,153
578,018
575,912
Transport,
for inv.-Cr.
Cash dep.to Pay
Matured funded
3,575
2,791
1,475
950
equip.tr. prin.
714,674
19,174
4,920,000
debt unpd__ _
Total ry. oper. exp_ _ _$15,843,270 $15,887,792 516,528.551 $17,843,123
(IWO
126,211 0th. curr. liab.
Misc. cash depos
123,932
40,712
Net
rev,from ry. oper__ $4,580,542 $4,402,795 $3,849,785 $3,349.141
Loans& bills rec 1,444,704
142,734 Unmatured int.
Traffic,&o., bal. 4,497,825 5,361,823 & rents acc'd_ 2,678,075 2,849,072 Railway tax accruals_ __ 1,227,041
1,184,180* 1,216,288
1,182,489
577,914
431,135 Uncollectible ry. revs.._
Agents & condue
956.246
721,907 Deferred liabiL _
4,453
2,477
4,950
4,186
Misc.accts. ree_ 1,497,584 1,715,766 Tax liability_ _ _ _ 5,983,590 4,287,841
Railway oper.income_ 33,349.048 $3,216,138 $2,428,548 32,162,465
158,401 Accrued depr'n_ 29.170,020 24,623,928
73,450
0th. curr. assets
Total
non-oper. income_
Material & amp. 8,167,900 6,292,177 Oth.unadJ.credits 4,272,517 4,315,791
503,293
559,155
610.573
479,722
Int., diva, and
Addlis to prop.
Gross income
rents receiv'le
126,527
through inc.
126,908
$3,852,341 $3,775,293 $3,039,122 $2,642,187
DeductionsDeferred assets_
448,708
and surplus 25,479,654 25,235,859
415,007
354,687 Hire of freight cars357,850
0th. unadJ. deb. 2,691,417 3,277,253 Sinking fund res.
debit balance
Insur.& casualty
$213,003
180,426 Rent for equipment..._ $145,552
214,616
$116,930
reserve
$123,967
$1,098
Joint facility rents
298,293
Funded debt re310,635
366,218
165,749
Rent
for leased roads
814,423
902,121
tired through
192,896
905,590
517,126 Miscellaneous rents.. _ _ _
647,650
7.626
Income & sum
8.725
7,679
7,600
Miscell, tax accruals_ __ _
6,431
Profit and loss6,882
6,435
6,868
62,670,891 49,256,147 Interest on funded debt_ 1,246,804
1,213,994
balance
1,183,442
1,139.701
Int. on unfunded debt_ 46,447
1,547
6,130
46,233
Sep.
oper. prop. loss_ __ _
534,320,442 518,004,260
7,129
3,037
Total
534,320,442 518,004,260
Total
Misc,income charges_ _ _
3,412
40,246
3,229
3,550
a Held by or for company at date see contra.).
Improv'ts to leased roads
92,434
Note.-Company is also liable as guarantor of the following securities:
Total deductions
Western Pocahontas Fuel Co. coupon 5% notes, due 1919 and
$2,581,944 $2,598,293 $2,650,100 $2,631,723
$1.000.000 Net income
1921 ($500,000 each year), owned by this company
$1,270,397 $1.177.000
$389,022
$10,464
Disposition of Net IncomeChes. & Ohio Grain Elev. Co. 1st mtge. 4% bonds, due 1938-:. 820.000
Income applied to sinkRichmond-Washington Co. coll, trust mtge.(C. & 0. proportion
ing., &c.,reserve
10.000,000
1-6) 4% bonds due 1943
4,281
Pref,div. appropriation_
Louisville & Jeffersonville Bridge & RR. Co. bills payable
150,000
450.000
a337,500
147,000 Common dividends
(C. & 0. proportion 1-3) 6% notes due 1931
240,142
Louisville & Jeffersonville Bridge & RR. Co. mortgage (C. & 0.
4,500,000
proportion 1-3) bonds due 1945
Income balance
$727,000
$880,255
$5-.522
$6,179
Western Pocahontas Corp. 1st mtge. 434% bonds due 1945
750.000 Shares of common stock
Western Pocahontas Corp. ext. M. No. 1,434%bonds due 1945
97.000
outstanding (par $100)
120,071
120.069
120,069
12O69
c bonds due 1946
Western Pocahontas Corp. ext. M.No. 2, 4
51,000 Earns, per sh. on corn...
$13.33
$8.55
$2.00
rtil
Norfolk Terminal & Transp. Co. 1st mtge.5 bonds due 1948- 500,000
a Includes $37.500 div. No.36 on pref.stock paid Dec. 1 1924(131%)and
-V.124, p. 1215.
$300,000 reservefund for payment of dive,accumulated on pref.stocic.1
TRAFFIC STATISTICS, CALENDAR YEARS.
1926.
1925.
1924.
1923.
Avge. mileage operated_
2,646
2,615
2,556
2,553
Revenue coal and coke
carried (tons)
56,398,551 52.241.959 41.747.672 35,377.871
0th.rev. fgt. carr.(tons) 11,464.742 11,754,347 11,917,940 12,571,623
Avge.rev. per rev. ton-$1.756
$1.692
$1.718
$1.777
Av.rev, per ton per mile
from all rev.freight
0.602 cts. 0.620 eta. 0.846 cts. 0.687 cts.
No.of passengers carried 5,370.176
5,811.872
6,845,756
7.430,827
No.pass. carr. one mile_264,544.106 280,509.871 312,427.518 334,582,773
No. pass. carried per m.
ofroad
2,183
2.335
3,038
2.795
Avg.rev.from each pass.
$1.69
$1.66
$1.59
61.57
Av. rev, per pass. per m. 3.433 cts. 3.431 cts. 3.473 cts. 3.482 cts.
Oper rev, per mile oper.
$50,627
$47.107
$42.272
539,948
Net open rev. p. m.open
$16,250
$13.079
$9,881
$ 9.044
RESULTS FOR CALENDAR YEARS.
1926
1925.
1924.
1923.
Operating Revenuess
Freight traffic
119,155,160 108,283.190 92.223,413 85,202,379
Passenger traffic
9,082,094
9,623,037 10,851,180 11,650,941
Transportation of mails_
894,146
897.747
876,645
822.373
Transpyn of express
1,144,349
1,247,091
1.183,615
1,278,851
Miscellaneous
3.694.681
3.136,639
2,898,596
3.021.253
Total oper. revenue-- _133,974,031 123,184,103 108,033.448 101,975.798
Operating ExpcnsesMaint. of way & struc_ 19,059,976 18,778,635 15,551.838 12,847.570
Maint. of equipment__ _ 30,667.370 31,128,451 30,116,566 28,693.866
Traffic
1,438,937
1,310,419
1,173.219
1,040,339
Transportation
36,415.924 34,730.786 314,127,514 33.725.951
Miscellaneous operations
423,490
444.148
431.926
418,951
General
3,004,815
2.677,903
2,521,742
2.248,921
Transp'n for invest't
Cr39,724
Cr88,924 Cr141,102
Cr85,822
.3Total oper. expenses__ 90.970,788 88,981,419 82,781,702 78.889,776
Net operating revenue__ 43.003.242 34,202,684 25,251.746 23,086.021
Railway tax accruals__ _ 8.240.412
6,776.290 4,628.463
4,687.394
Uncollec. railway revs__
15.211
36,000
160,206
29,275
IP Railway oper.income_ 34,747,619 27,390,394 20,403.078 18,369,351
Equipment rents (net).- 3,611,403
3,857,576
2.748.747
2,155.899
Joint facility rents (net). Dr1.347,997Dr1,229,898 Dr1.318.903 Dr1.389,894
APR. 9 1927.]
9.
THE CHRONICLE
2113
RESULTS FOR CALENDAR YEARS.
BALANCE SHEET DEC. 31.
Operating Revenues1926.
1924.
1925.
1923.
1926.
1925.
1926.
1925.
$
$
-n
Freight
$26,907,818 $26,062,655 $25,107,743 525,309,886
AssetsLiabilities•
4,494,547 4,879,229 5,151,130 5,789,354
* Invested in road
Preferred stock.... 3,000,0003,000,000 Passenger
1,237,551
1,295,657
1,464.897
1,634,739
and equipment _46,866,951 46,818,680 Common stock_ _ _14,888,600 -14,888,600 Mail, express, &c
597.749
662,353
795,191
890,297
Improv'ts on leased
Stk.liab. for cony_
19,017 Dining, hotel, &c
792,643
729,570
492,598
963,219
railway property 274,135
208,277 Fund.debt unmat_26,495,000 26,248,000 Miscellaneous
Misc. phys. prop_ _ 413,229
409,578 Loans & bills pay_
880,000
oper.
revenues_
Total
_534,030,309 333.629,463 $33,011.558 $34,587,496
Inv.in Wird cos_ _ 3,302,145 3,641,560 Traffic & car serv.
Operating Expenses-Other investments. 483,689
715,618 balances payable 678,641
516,422
Maint. of way & struc
55.899,265 $5.742,197 $6.128,432 $5.534,639
Cash
1,796,950 1,251,943 Audited accounts
5,948,303 9,151,008 9,653,291
Special deposits__ _
17,689 az wages payable 997,701
10,132
884.923 Maint. of equipment- 6,242,158
Traffic
675,673
652,277
615,702
591.502
Loans & bills ree'le
30,103 Misc. accts. pay'le
30,102
9,219
16,585 Transportation
10,304.180 10,835,670 11,378,447 12,698.471
Traffic & car serv.
Int. matured unpd.
75,868
75,105
561,335
623,420
669.891
574,466
balances reedy_ 544,748
493,874 Unmat. dim decl_
450,000 Miscellaneous operations
1,051,033
1,042,650
1,015.083
1.034.556
Net balances rec'le
Divs. mar'd unp'd.
13
28,686 General
119.830
50,269
291.156
132.210
from agents and
Fund.dt.matunrid
8,500
3,500 Transp. for invest.-Cr_
98,561 Unmat'd in seer_ 118.154
conductors
78.721
158,160
Total oper. expenses-524,614,314 524.794,249 328,591,457 530.030.669
Misc.accts. receiv. 485,022
415,095 Unmat.rents accr.
73,123
81,934 Net
revenue from oper
9,415,995 8,835,215 4.420,101
4.556.827
Materials & suPP- 1,845,365 1,920,367 Other current nab. 117,487
160.421
2,430,000 2,316,092
1,986,335
1,885,130
Interest and diviDeferred liabilities 406,813 1,183,884 Tax accruals
4,172
7,385
9,837
8.137
dends receivable
25,678
24,474 Tax liability
32,114 Uncollectible revenues
25.000
Other curs. assets.
89,312
60,509 Accr. depr., equip. 6,023,925 5,623,144
Total oper. income_ _ - $6.981,823 36.511,738 52,423.929 $2,663,560
Deferred assets._ _
4,139 1,080,062 0th. unadj. credits 352,434
377,463
Income
Non-operating
Rents & ins. prem.
Additions to prop.
paid in advance.
15,725
14,067 taro. in & sur_ 2,025,545 2,024.853 Hire of frt. cars-rec'ts- $1,684,141 51,415,882 $1,550,614 52,039.970
Rentfrom equipment_ _ 152.995
234.010
163.328
153.585
Other unadjusted
Fd.debt ret'd thro.
facility rent income
456,252
475,066
432,024
debits
434,837
832,378
821,827 income & surplus 866,130
866,130 Joint
Miscell. rent income_ _ _ _
72.759
82,820
57,372
58.807
Securities issued or
Profit and loss20,291
15.406
16.147
18,154
assum., unpledg. 3,459,000 3,542,143 credit balance 4,395,272 4,045,485 Misc. non-op. phys. prop
Income from unfunded
securities & accounts_
90,759
129,786
62.681
48,482
Total
60,557,423 61,564,427 Total
60,557,423 61,564,427 Miscellaneous
income_
510
651
409
347
* Does not include property of leased roads.-V. 124, p. 231.
Total non-oper. inc $2,626,765 $2,204,563 $2,282,576 32.754.184
Gross
income
9.608,588 8,716.301 4.706,504 5,417,744
Denver & Rio Grande Western Railroad Co.
Deductions(3rd Annual Report-Year Ended Dec. 311926.) • Hire of freight carsPayments
$1,563,526 51.583.938 51.837.359
President J. S. Pyeatt, Denver, Colo., March 31, wrote in Rent for equipment_ - $1,553,501
33,140
29,628
29,426
47,914
Joint facility rents
181,417
171,246
182,311
174,863
substance:
Rent for leased roads.....
413,223
107,301
102,865
447,212
Results.-Operations for the year 1926 show a surplus of 53.346,203 after Miscellaneous rents_ _
964
1,021
932
1,111
interest and sinking fund, an increase of $783,217 or 30.56% over 1925.
Int.on bds.,ctfs. & mtgs 3,665,553 3,619,230 5,321,926 4,974.658
Operating Revenues.-Freight revenues increased 3.24%. Passenger Int. on adj. mtg. bonds_
677,419
700.000
revenue decreased 7.88%, there having been a decrease of 10% in local Int. on unfunded debt
74,422
18,846
52,805
6.283
ticket sales account increased use of commercial buses and private auto- Misc. income charges_
38,458
30,756
36.739
27,600
mobiles, with a loss of 4% in foreign ticket sales and 9% in local coupon Income applic. to sk. fd253,064
261,500
298,080
298,080
sales. Mail revenue decreased 2.18%, due primarily to routing of mail Inc. appplic. to redemp
of equip. trusts
from Kansas City gateway via Pueblo instead of Denver,reducing our haul
240,000
310,000
300,000
395,833
120 miles. Express revenue decreased 5.85%, due principally to higher
Balance, sum., transf.
rates in effect the first two months of 1925: the reduction in rates applicable
& L $3,346,203 $2,562,986d1$4.167,784d153.356.410
to cred.
to this line being approximately 30%. Dining, hotel and restaurant revenues decreased 9.75%. due to reduction in passenger traffic.
GENERAL BALANCE SHEET DECEMBER 31.
Operating Expenses.-Maintenance of way and structures increased
1926.
1925.
1926.
1925.
Assets2.74%, due principally to expenditures incidental to improvement work.
s
Liabilities$
$
$
Maintenance of equipment increased 4.94%, due to increase in rates of de- Inv.in rd.& eq _197,743,370 189,993,990 Common stock. 72,457,539 72,457,539
preciation charged- effective July 11925;larger value offreight cars owned, Impts. on leased
Preferred stock. 16,445,600 16,445,600
and increase of 38
railway prop.
'locomotives given classified repairs. Traffic increased
776,362
390,738 Funded debt_ _116,350,000 114,985,000
3.59%. due principally to the appointment of an Assistant Traffic Manager Deposits in lieu
'Prat & car serv.
at Salt Lake City, Utah, and strengthening of soliciting forces at other
of intgd. prop569.928
bals. payable_
536.424
points.
31,955
erty sold
31,955 Aud. acc'ts and
Transportation decreased 4.91%, with an increase of 8.97% in freight Misc.phys.prop.
304,999
304,372
wages payable 2,565,127 2,301,201
gross ton miles, due principally to an increase in the average gross train Inv.in MM.cos. 11,028,774 10,918,178 Misc.acc'ts pay.
51.003
49.761
load, average speed of freight trains and improved fuel performance, latter Cash (incl. $1,Int. mat'd unpd. 1,212,498 1.213,612
being favorably affected by increased use of cheaper coal on engines equipped
212,498 to pay
Unmatured int.
with stokers and other modern appliances. Miscellaneous operations debond coupons) 5,731,840 6,184,960 accrued
317,498
304,348
creased 9.88%, due to reduction of expenses in keeping with shrinkage in Special deposits_
4,040
1,935 Unmatured rents
revenue. General expenses increased 0.80%, because of additional pension- Loans.9 bills rec.
500
accrued
41,378
41,730
ers and increased cost of valuation work.
Traffic and car
Unreported preserv. baits. rec. 1,180,677 1,039,985 pay freight_
40,360
60,371
Railway Tax Accruals.-Increased 4.92%, due entirely to additional acNet bals. rec. fr.
Def'd liabilities_
103.928
101,117
crual for Federal income tax on increased net income.
114,462
105,752 Tax liability... 2,029,366 1,793,678
agts. & cond.
Interest and Sinking Fund.-Increased
due to interest and sink- Misc.accts. rec_ 1,388,769 1,852,977 Accrued deprec.,
ing fund on $1,725,000 equipment trust3.37%,
certificates Series B. issued in Mat'l & supplies 3,004,745 3,146,487 equipment_ _ _ 1,422,457
637,402
part payment of 10 locomotives, 200 automobile cars and 500 gondola cars.
Rents receivable
35,000
0th. unadj. cred
739,411
507.668
Additions and Betterments.-Excluding expenditures on leased lines, the Other cur. assets
11,158
12,912 Add'ns to prop.
cost of improvements charged to capital account was $8,387,873. Charges Work. fd. advs.
11,089
thru. income
10,981
to operating expenses, in connection with these improvements,amounted to Rents and Insur.
229,861
213,885
and surplus...
$1,185,448. Property retired and not replaced amounted to $638,493.
prems. paid in
Sink, fund res.. 1,599,751
905,837
leaving a net increase in capital account of $7,749,38.0.
6,124
6,122 P.& L. surplus_ 4,501.238 1,466,672
advance
corresponding
The
figure for 1925 was 52,017,900 and the annual average for the period July 1 Other unadjust.
1914 to date was $2,454,882.
69.270
154,621
cd debits...
Changes in Capital Stork.-Preferred stock outstanding was increased
221,442.508 214,156,591
Total
221,442,508 214,156,591
Total
$449,200 by exchange from that held for conversion, leaving $232,000 yet
-V. 124. P. 1975.
to be converted.
Valuation.-During the year informal conferences were held with the Cincinnati New Orleans &
Texas Pacific Railway Co.
Engineering and Land sections of the Bureau of Valuation, resulting in
additional allowances. Likewise a conference with the Accounting Section
(5th Annual Report-Year Ended Dec. 31 1926.)
of the Bureau resulted in substantial concessions in the restatement of the
INCOME ACCOUNT FOR CALENDAR YEARS.
investment account and in the report of original cost of the property to date.
Operating Revenues1926.
1923.
1924.
1925.
The tentative valuation served Feb. 19 1927 states a value as of June 30
Freight
317,668,368 317,574,392 $16,624,457 $17,407,411
1919, "for rate making purposes," of the property owned and
used, of
4,263,501
4,557,8234,143,293 4.520,807
$96,000,000; allows $96,465,948 as the value of property owned: and $98,- Passenger
&c
express,
Mail,
953,547
834,999
867,544
774,106
520,359 as the value of property used. We shall in due course and form
Incidental, &c
423,914
433,485
347,068
348,918
protest the valuation.
New Industries.-74 new industries were located on the line of the comTotal oper. revenues_523,310,331 323,433.243 321,951,667 323,049,393
pany in 1926.
Operating ExpensesMotor Bus and Truck Operations.-The Denver Colorado Springs Pueblo Maintenance
of way,&c. $3,703,361 52,768,505 53,126.750 53.134,703
Motor Way, Inc., was organized to take over the equipment and assets
of Maint. of equipment_ _ _ 4,435,575 4,046,282 4,465.183 5,185,537
the Greeley Transportation Co., which had been operating passenger
expenses
Traffic
520,668
460.592
527,830
481,575
buses between Denver and Colorado Springs, Celo., 75 miles. Company Transportation
6,566,377 6,407,538 6.479,175 7,052,468
purchased 50% of the authorized stock, the Colorado
& Southern Ry. 25% Miscellaneous operations
228.804
214,253
131,025
145.847
and the Greeley Transportation Co. interests 25%. Operation by the Generalexpenses
632,005
609.958
558.035
579,508
new company between Denver, Colorado Springs and Pueblo, 120 miles Transport'n for invest
Cr.4,592
Cr.101
Cr.76
Cr.227
commenced April 25 1926. Earnings for the period Apri125 to Dec.
192
after caring for operation, depreciation and taxes, amounted to31
Total oper. expenses_516,082,198 314,574,266 515,277,812 516,522,285
$8.0
or 13.47% on $60,000 stock outstanding.
revenue from oper.. 7,228,133 8,858,977 6,673,855 6,527.108
The Western Slope Motor Way, Inc., was organized to take over the Net
Taxes
1.424,709
1,340,594
994,315
1,033.020
equipment and assets of the Motor Transportation Co., which operated
Uncollectible revenues
970
4,436
4,213
2,593
both passenger and freight service between Grand Junction, Delta, Paonia Hire
equipment
of
23,400
116,304
' 37,132
563,243
and Montrose, Colo., 103 miles. Company purchased two-thirds of the Joint facility rents
71.364
68,912
70,703
65.372
stock issued, the remaining third being retained by the Motor Transportation Co. interests. Operation commenced June 1 1926 under the superOperating income_ --- $5,707,689 $7,328,954 $5,574,443 34,856.706
vision of the new company. Earnings for the period June 1 1926 to Dec.31
Non-Operating Income1926, after caring for operation, depreciation, replacements and taxes, were Income
from lease ofroad
$1,235
51.235
$1,235
$1,235
51,675, or 3.2% on $52,500 outstanding stock.
Misc,rent income
36,215
24.682
24,584
38,190
Through railroad control of these bus lines, and with certificates of public Income
from leased rail_
11,093
22,184
13,370
25,984
convenience and necessity granted by the P. U. Commission of Colorado,
Dividend income
7,330
1,073
279,764
1,060
it is possible to retain for the railroads interested passenger and freight Inc.
from
funded secur_ _
563.995
232,485
425,227
307,794
business which would otherwise go to various small independent operators, Inc.from untsec.&accts_
97.062
69,537
69,745
90.351
and which has steadily increased in the past few years with resultant loss in
traffic to the railroads.
Gross income
56,424,620 88,177,091 56,004,845 35,207.903
DeductionsCLASSIFICATION OF FREIGHT TONNAGE.
Rent from leased roads- 51,445,294 $1,434,461 31.429,207 $1,407.701
(Tons) Agricul. Animals. Coal,ece.
Forest. Mfrs.,dec. Miscellaneous rents_ _
Ore.
31,867
31,888
31.867
31,867
900,435 262.460 6.689.659
1926
967,052 451.930 1,552,961 Int. on equip. obligations
131,720
193,139
164,749
221,867
1.009.418 262.328 6,852,288 1,056,927 398,064 1.424,650 Int. on unfunded debt
1925
3,074
5,649
22,144
4,909
860.927 254.114 6.706.743
1924
961.558 309,851 1.396,247 Misc. income charges_ _ _
878
1,081
1,241
699
895.588 260.204 6,383,904
1923
990.738 308,636 1,323,423
777.519 232.677 6,460.917
1922
774.910 246,356 1,151,918 Net income
60
70
0
12
32:6
$4,315,173 $3,6
54.759,303
$6,512,015
857.472 198.111 5,439.898
1921
670.504 222,658 1.120,982 Preferred dividends(5%)
122,670
122,670
122,670
851,495 236,219 8,156,087
1920
812,799 329,234 1,566,455 Common dividends_ _ _(11 %)986,700 (13)388.700 (13)388,700 (13)388,700
842,740 295,772 6,263,927 2.960,922 309,839 1,099,098 Additions and betterm'ts,
1919
796,022 286,645 6,009.978 4,986,816 327,056 1.524,992
1918
charges to income_ _ _ 1.393,700
469,332
884,847
429,793
TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER 31.
Bal, carried to credit
1924.
1926.
11925.
1923.
of profit and loss_ _ _ 52,256,233 55,570,852 $2,918,957 $2.651,961
Average miles operated..
2,600
2,571
2,563
2,596 Shares of common outPassengers carried
910.919
1717,9641 '828,002
1,099,890
standing
29,900
29.900
(par $100)__
29,900
89.700
Pass. carried one mile_ -163,286,868 180,077,107 182,060,997 207,769,288 Earns, per sh.
$140.22
on corn__
$117.39
$213.73
$551.69
Rate per pass. per mile
2.82 cts.
2.75 cts.
2.71 cts.
2.79 cts.
The profit and loss as at Dec. 31 1926 shows: Credit balance Dec. 31
Revenue'freight (tons) 10,824,497 11,003.684 10,489,440 10,162.493 1925. 322.163.390, add credit balance of income for year, $2,256,233. deduct
Rev.freight 1 mile (tons)1944114202 1854855114 1770901992 1712121686 $5,980,000 common stock dividend of 200%. net miscellaneous debits.
Rate per ton permlle...... 1.384 cis.
1.405 eta. 1.418 cts. 1.478 cis. $6.429, total credit balance Dec. 31 1926. 518,433,194.-V. 123, p. 2650.
2114
THE CHRONICLE
Mobile & Ohio Railroad.
(79th Annual Report-Year Ended Dec. 31 1926.)
President Fairfax Harrison, Mobile, Ala., March 14,
wrote in part:
[VOL. 124.
usual dividends of 5% on the first and second preferred stocks were
pakt
during the year. An initial annual dividend of 5% on the
common stock
was declared on Oct. 26 1926. A balance of $464,917 was credited
to the
profit and loss account.
An outstanding improvement undertaken during the
was the
'a it tion of automatic electric block signals, including year
train control
The gross operating revenue amounted to $19,342,804, an increase of devices, on the line between Macon and Jacksonville. This new facility
$87.741, or 0.46%, compared with 1925. Revenue from freight traffic to expedite and protect train movement is nearing completion and will be
Increased $315,946, or 1.90%. Revenue from passenger traffic declined placed in operation in the near future. The cost of the project will be in
$166,961, or 10.47%. Operating expenses increased $337,066, or 2.43%. excess of$1,300,000.
The net income remaining after the payment of rents and interest charges
TRAFFIC STATISTICS FOR CALENDAR YEARS.
amounted to $1,886,338. compared with $2,187,622 in the preceding year.
The regular dividend of 7%, as well as an extra dividend of 3%. were
1926.
1925.
1924.
1923.
paid on the capital stock during the year, and a balance of $1,284,568 Miles operated
402
402
402
402
Passengers carried
carried to thep rofit and loss account.
448,356
479,386
450.410
509.857
During the seven years since the end of Federal operation, the company Passengers carried 1 mile 53.518.424 57.290.858 41,810,175 41,733,950
has spent $4.600,000 in enlarging and improving its shop, station and Receipts per pass. per m. 3.356 cts. 3.373 cts. 3.376 cts. 3.387 cts.
track facilities, and has contracted for new engines and cars costing a Tons freight carried- _ _ _ 3,067,521
1.861.024
2,558,273
1,896,003
total of $9,971,752, on account of which payments in the amount of 33.- Tons freight carried 1 m_340,458,614 489.873.744 320.622.307 305,806,723
189.752 have been made, the remainder of such cost being represented Rate per ton per mile_ _ _ 0.829 cts. 0.872 cts. 1.052 cts. 1.130 cts.
by unmatured equipment trust obligations. This improvement program Gross earnings per mile_
$16,499
$16,333
$12,664
$12.812
has been carried on without the issue of any securities other than equipment
The usual comparative income account was published in
trust certificates. Thus a total of nearly $8,000,000 of
cash derived
from earnings has been ploughed back into the property in the past seven V. 124, p. 1970.
years.
GENERAL BALANCE SHEET DEC. 31.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
•
1926.
1925.
1926.
1925.
1926.
1925.
1924.
1923.
Assets
Average miles operated_
Liabilities$
1,161
1.161
1,165
1,165
Invest. in road __ _10,957,878 10,560,036 Common stock_ _ 2,000,000 2,000,000
OperationsPassengers carried
684,000
816,931
1,034,016
1,509,933 Invest. in equip-- 3,822,627 3,842,806 1st prof. stock_ _ _ _ 684,000
1,363,904
Pass. carried one mile
Sinking fund for
2d pref. stock__ 1,084,000 1,084,000
44,459,957 49,180,022 55,258,934
Av.rate per pass. p.m.. 3.210 cts. 3.242 cts. 3.335 cts. 58,998,558
retirement of deFunded debt
6,386,272 6,386,272
3.464 cts.
Revenue tons moved_ _ _ 6,915,708
bentures
21,438
12,898 Equip, trust oblig_ 1,110,000 1,195,000
6,828,683 7.282.813
7.587.637
Tons moved one mile_ _1,832,964,830 1786260,717 1788761,000 1902116.000
Misc. phys. prop_
45,614 Traffic & car serv48.953
Avge. rate per ton p. en_ 0.923 cts. 0.930 ere. 0.923 cts. 0.890 cts. Inv. in affil. cos.:
316,663
ice bals. payable 146,456
Avge.rev. tr.-load (tons)
Stocks
73,865
73,865 Audited accounts
630.69
600.70
600.91
587.44
Gross earnings per mile_
ttdvances
642,198
3,750
3,750 & wages payable 910,735
$16,221
$16,125
$16,251
$1b,798
Other investments
56,419
63.298
3,807
17,301 Misc. accts. pay_
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Cash
377,684
785,102 Int. mat'd, unpaid,
1925.
1926.
Special deposits... 102,847
101,382
1924.
102,652 incl.int.dueJan.1 101,950
1923.
Freight
$16,919,528 $16,603.582 $16,512,963 $16,937.78r Traffic & car ser1,085
713
Divs. mat'd unp'd
Passenger
1,427,346
13,632
1,594.307
12,900
ice bats. receiv_ 314,664
1,842,690 2,043,608
247,119 Unmet. int. accr'd
Mail, express, &c
8,292
730,554
788,519
8,181
818,648
Unmat.rents accr_
832,029 Balances due from
Incidental &joint facility
51,212
105,049
agents & conduc.
4,493
16,940 Other curr. liabil's
(net)
265,377
268,655
3,683
3,813
290.080
337,367 Deferred liabilities
298.997 Misc.accts.reedy. 375,614
207,692
Mat'l & supplies.. 800,128
480,152 Taxes accrued.... 164,303
Total oper,revenues.319.342,805 $19,255,064 $19,464,381 $20,112,416 Other curr. assets.
94,238
57,037
3,783
13,108 Operating reserves
Operating ExpensesDeferred assets...
1,297
1,297 Accrued deprec'n
Maint. of way & struc__ $2,858,604 $2,809,052 $2,847,032 $2,812.790 Unadjusted debits 192,141
837,635
908,341
243,752
on equip., &c_
Maint. of equipment..__ 3,503,595
3,282,239
306,014
3.538,048 4.556.580 Securs. of company
Other unadj. ere& 298,560
Traffic
644,213
605,342
575,792
held by it-un553,662
Add'ns to property
Transportation
6,645.210 6,638.250 6,746.967
pledged_31,237,884
7,360.708
June
30
'07
since
Miscellaneous operations
3,924
41,276
3,914'
41.459
4,877
3.874
thro. inc. & surp
General
572.345
549.470
3,071.739 2,609,232
582,006
556,434
Profit and lossTransp. for invest.-Cr_
8,182
5.623
4,322
6,990
17,104,968 16,733,761
Total
17,104,968 16,783,761
Total
Total oper. expenses_ _314,219,710 $13,882,643 $14,290,401 $15,837,060
Net revenue from oper__ $5,123.095 $5,372,421 $5,173,980 $4,275,356 -V.124. p. 1970.
Taxes
1,223.872
1,152,829
981,3q1
1,062,373
Uncollectible revenues
7.429
4,845
6,065
Ulster 8c Delaware Railroad Co.
4.529
Hire ofequipment
194.436
272,750
305,806
321.894
Joint facility rents
(Annual Report-Year Ended Dec. 31 1926.)
292,592
299.078
267,580
272,593
OPERATING RESULTS FOR CALENDAR YEARS.
Total other expenses_ - $1.718,329 61,729,5021,641,824 31.580,347
Operating income
1923.
1926.
$3,404.766 $3,642,919 '3,532,155 $2,695.009
1925.
1924.
Non-Operating IncomeFreightrevenue
$882,615
$556,365
$720,895
$600,475
Income from lease of rd_
437.808
273,949
$167
362,675
312,553
$159
$169
$150 Passenger revenue
Miscall,rent income_ _ _ _
421,579
411,959
418,559
36,901
421,413
36.890
34.848 Mall, express, Stc
34,709
Income from rail leased_
24,800
24.508
33,680
22,823
Dividend income
Operating revenue.._ 81.242,253 81,331,587 31,504,984 $1,742,002
6,170
6,170
1,770
1,773
Income from funded secs
216,985
200,387
217,900
224,841
6,070
5,260
17,635 Maint. of way & struc__
4,985
Income from unfunded
Maint. of equipment__ _
192,783
188.627
269,512
201,376
securities & accounts_
837,300
707,082
620,482
658,565
90,198
92,867
55,625
63,905 Transportation expenses
Miscellaneous Income.,_ _
19,972
30,804
22,223
21,390
862
1,796
380 Traffic expenses
1,184
General
64,172
91,395
68,314
76.155
Total gross income_-- $3.569,935 $3,810,569 $3,653,421 $2,847,382 Misuellaneous
944
DeductionsMiscellaneous rents_ _ _ _
Operating expenses__ - 51,093,639 $1.158.037 51.231.687 $1.447,855
*7,848
$7.767
$7.493
$8,809
Separately oper. prop's_
$273,297
$294,147
8173,550
255.584 Net operating revenue__ $148.615
Int. on unfunded debt__
40,197
4,529
4.942 Railway tax accruals &
6,376
Misc. income charges..-uncollectibie ry. rev__
66.128
62.162
69.102
5,112
69.056
4.660
4,412
4,392
Interest on funded debt_ 1,353,840
1,353,840
1,353,840
1,353.840
Int.on equip.obligations
Total open income_ .. _
$228,019
$211,135
$104,448
$79,559
276.599
252,150
93.162
198,912
Non-operating income__
28.244
25,704
38,966
25,086
Net income
$1,886,339 $2,187,623 $2,081,700
Common dividends__ -(10%)601,680 (10)601,680 (7)421,176 $1.127,968
Gross income
8266,984
8239,379
$104,645
$130.151
(7)421.176
Joint facility,Ste., rents_
4,462
3.386
2,709
2,651
Bal. carried to credit
Int. on funded debt_ _
140,000
140,000'
140,000
140,000
of profit and lo,s___ $1,284,659 $1,585,943 $1,659,894
106,728.
84,868
82.424
73,691
$706.79 Other deductions
Shares of capital stock
Dividends
See (x)
outstanding (par $100)
60,168
60,168
60.168
60,168
Earns, per sh. on cap.stk
Balance
def$111,697 def$94,982
$15,796
$11.125
$31.35
$36.36
$34.59
$18.75
The profit and loss account Dec. 31 1926 shows: Credit balance Dec. 31
x The profit and loss account for the year ended Dec. 31 1925 showed
1925, $12,2974932: add credit balance of income for year 1926. $1,284,659; a dividend appropriation ofincome of$1.250,000. This entry,the company
total, $13.582,591; deduct miscellaneous debits, $58,013: credit balance Informed us, relates to a transaction in 1922 and a cross entry was made in
Dec. 31 1926, $13,524.578.
1925 to bring company's accounting in conformity with the requirements
of the I.-8. C. Commission. It does not relate to any transaction in the
GENERAL BALANCE SHEET DECEMBER 31.
year 1925.
1928.
1925.
1025.
1926.
GENERAL BALANCE SHEET DEC. 31.
Assets5
5
Ltaaitities$
Road & Equipm't_55,321,334 52,957,619 Common stock_ _ _ 6,016,800 6,016,800
1925.
Assets1926.
Liabilities1925.
1926.
Cash dep,in lieu of
51,000,000 $1,000,000
Funded debt
28.171,000 28,171.000 Road & equipm't_36,146,449 36,146,155 Capital stock
mortgaged prop.
59,273 1st cons. M.bonds 2,000,000 2,000,000
32,607
250
250 Equip, trust obllg_ 5,776,500 5,031,000 Cash
Physical property_ 515,188
5,2651st ref. M. bonds_ 1,000,000 1,000,000
4.800
515,299 Government grants 208,081
222,738 Special deposits_._
186,277 Current liabilities_ 172,918
Inv. In attn. cos.:
Loans & bills pay- 500,000 1,000,000 Materials & supP- 180,498
201,054
Stocks
14,756 Tax liability
10,879
172,504
172,504 Traffic, &c„ bals_ 144.042
240,927 Misc. accts. recle_
3,052
Bonds
24,199 Accr. depre2iation,
603,000
603,000 Accounts & wages_ 2,090,555 2,028,054 Traf.& car ser. bal. 24,965
Notes
178,172
equipment
178,172 Misc. accts. pay
114,438 Bal.rec.from agts.
100,272
631,953
802,408
Advances
5,358 Other unadjusted
and conductors_
6,070
25,000
25,000 Int. matured unpd 156,640
141,442
Other investments
464
324
credits
35,376
45,376 Divs. mat'd untid_ 210.6E0
110,743
563,001 Other curr. assets_
28,028
Cash
29,705 Add'ns to property
1,791,142 2,362,054 Funded debt mat'd
29,665
64,810
5,000
64,810
5,700 Deferred assets__
U.S.Treas. notes_ 109,434
23,922 Profit and loss_ __. 584,685
28,852
105,377 Interest accrued_ _ 324,437
696,022
305,585 Unadjusted debits.
Special deposits_ _ _ 1,143.966 1,459,781 Other curr. liabil's 102,052
219,048
Total
Total
Loans & bills me_
$8,485,109 $8,495,374
5,685
$66,465,109 86,465,374
9,565 Deferred liabilities 221,122
189,312
Traffic, &c., bale_ 409,406
372,375 Taxes
370,958
323,028 -V.122, p. 2243.
Balances due from
Operating reserves 171,930
192,197
agents & condue.
59,411
92,896 Accrued depreciaBangor 8c Aroostock Railroad Co.
Misc.accts. reedy. 402,512
485,768
tion on equip't _ _ 3,338,880 3,041,615
Materials & suppl's 1,450,745 1,392,036 Other unadl. erect_ 1,137,597 1,125,209
Report-Year Ended Dec. 311926.)
Annual
(3rd
32,917
Other assets
38,748 Additions to proDeferred assets- _ 153,857
Pres. Percy P. Todd, Bangor, Me., Feb. 23, wrote in
188,028
erty through inUnadjusted debits 551,556
602,498
come & surplus_ 390,349
377,318 substance:
Profit and loss.._ _ 13,524,578 12,297,932
Freight Traffic.-The earnings received from the transportation of freight
62,961,453 61,607,246
Total
Total
62,961,453 61,607,246 during the year were $5.852,025, a decrease of $15,677 or 0.26% as compared
with last year. The total number of revenue tons carried were
Note.-Unpledged securities of the company held by it amount to
2,000.553 as compared with 2,088.807 last year. The number of tons of
$2,215,200.
-V. 124, p. 231.
revenue freight carried one mile was 259,840,324, as against 269,688,735
last year. The freight revenue per ton per mile was $.02252, as compared
Georgia Southern & Florida Railway.
with $.02176 last year.
Passenger Traffic.-The earnings received from passenger traffic for the.
(33d Annual Report-Year Ended Dec. 31 1926.)
year amounted to 3764,640, an increase of 1170.228 or 10.1% over last
Pres. Fairfax Harrison, Macon, Ga., March 14, wrote in year. The number of passengers carried was 471.210, as compared with.
407,701 last year. The passengers carried one mile were 18,558,000, as
brief:
compared with 16,054,000 last year. The revenue per passenger per
The gross operating revenue amounted to $6,764,553. an increase mile was $.04119 as compared with $.04326 last year.
Other Reeenue from Transportation.-Other revenue from items coming
$15,251, or 0.23%. over the preceding year. Revenue from freight traffic
increased $209,105. or 4.90%. Revenue from passenger traffic declined under this head amounted to $257,881, an increase of $30,576, or 13.4%
$136,588, or 7.07%. Operating expenses increased $656,534, or 14.87%• over the previous year. This is accounted for principally by an increase
The major portion of this increase in expenses was in the maintenance in express revenue.
The incidental revenue for the year was $53,055, a decrease of $20,012,
accounts. Heavy charges to those accounts were made necessary by the
laying of 85-lb. rail to replace lighter rail, as well as by the expenditures or 27.3% as compared with last year. The decrease was due principally
required to maintain the rolling stock to the standard exacted by the to cancellation of certain charges for the use of refrigerator cars.
Expenses.-The operating expenses for the year were 34,829,407, a
demands of the heavy traffic.
Net income for 1926 remaining after the payment of rents and interest decrease of 884.458, or 1.7% as compared with last year. Tho reduction
charges amounted LO $653,317, compared with $1.003.779 In 1925. The was all in transportation and maintenance of way and structure expenses.
AI'R. 91927.]
THE CHRONICLE
2115
•.
Transportation expenses for the year were 41,866,829, a decrease o
$21,393, or 1.1% as compared with last year. The principal item of
decrease coming under this heading was locomotive fuel due to decrease
in tonnage handled and increased efficiency of employees in the handling
of same.
The total expenditures for maintenance of way and structures for the
year were $1,143,112, a decrease of $125,802 or 9.9% as compared with
last year. The decrease in these expenses was largely due to lower expense
for track laying, ballasting, repairs to buildings. &c., as compared with
the previous year on account of abnormal expenditures for those items
last year and several years previous.
There was expended for maintenance of equipment during the year,
$1,447,214, an Increase of $36,861, or 2.6%. The increase was mostly
due to the retirement of 4 locomotives during the year and increased repairs to freight cars.
New Equipment.-During the year your company constructed at its own
car shops at Derby 100 new steel underframe box cars of80,000 lbs. capacity.
There was an accumulated balance Dec. 31 1926 credited to reserves
for accrued depreciation on all classes of equipment, of $1,986,536.
Funded Debt.-There was no funded debt issued in 1926 but payment
made on funded debt. exclusive of equipment trusts, during the year were
as follows: American Locomotive Co.. $94,500 (final payment two years
In advance of maturity).
Floating Debt.-As of Dec. 31 company had no bank loans or other
floating debt.
Dividends.-Regular quarterly dividends aggregating 7% for the year
on the preferred capital stock ($100 par) and $3 per share, or 6% on the
common stock 1$50 par) were paid during the year.
Valuaiion.-There has been no change in the status of our valuation
from that reported during the last three years.
Improvements in Freight Operation.-The following comparative figures
as reported to the I.-S. C. Commission show the improvement in freight
operation between 1921 and 1926:
Freight Train Service.
1921.
1926.
Gross tons per train
981
838
Gross ton miles per train hour
12,786
10,191
Miles per car day
16.7
12.4
Net ton miles per car day
212
163
Pounds of coal per 1,000g. t• m
146
172
General.-Company handled during the year a total of 29,727 carloads
of potatoes, or 20,261.633 bushels; this compares with 32.744 cars, containing 22,673,770 bushels, last year. The farmers and shippers received
a good price for their potatoes during the year, which has immensely improved the financial condition of Aroostook County generally and the
prospect is bright for their receiving a price which will permit of a reasonable profit throughout the winter and spring of 1927.
Among the new industries located on the line during the year was a
hard wood mill at Smyrna Mills, which is expected to give company considerable revenue and the prospects are bright for the establishment of
some new industries next year.
The former St. John Lumber Co.'s mill at Van Buren, the largest saw
mill in the east, which became involved in financial difficulties in 1924.
was sold in the early part of the year to the Madawaska Co. who have
operated it continuously since May.
TRAFFIC STATISTICS, CALENDAR YEARS.
1926.
1925.
1924.
1923.
Tens revenue freight _ _ _ 2,000,553
2,088,807
2,176,378
2,056,891
Ton miles, rev. freight...259,840,334 269.688,735 266,478,652 252,398,942
Passengers carried
471,210
465,572
407,701
504,094
Pass. miles-revenue
18.559,256 16,053,796 18,727.924 21,163,029
Freight revenue
45.852,025 $5,867,703 $5,831,831 $5,589.827
Passenger revenue
$694,413
$764.641
$884,634
$788,445
Av. frt. rev. p. m.road_
$9,509
$9,525
$9.464
$9,071
INCOME ACCOUNT CALENDAR YEARS.
1926.
1924.
1925.
1923.
Freight revenue
45,852,025 $5,867,703 $5,831,831 $5.589,827
Passenger revenue
764.641
694.413
788.445
884.634
Mail, express, &c
310,937
303,839
300,372
295,341
Railway oper. revenue $6,927.603 $6,862,488 $6,924,115 $6,769,802
Maint. of way & struc__ 1,143,112
1,268,914
1,217,016
1,241.658
Maintenance of equip__ 1,447.214
1,410,353
1,432,680
1,586.408
Traffic
61,505
57,353
50.125
51.005
Transportation
1,866.829
1,888,222
1,980,447
2,115.696
General & miscellaneous
292,224
313.790
241,413
266,494
Transp. for invest. (Cr.)
3.042
3,199
2,678
1,450
Net oper.revenue_ _ _ _ $2,098.195 $1,948,621
Tax accruals & uncollec_
552,693
$1,825,076 $1,690,027
572,440
519,946
531.684
Railway oper. income_ $1,545,502 $1.376,181
Hire of equipment
332.716
Other income
r
80,345
Cr.327,196
71,623
$1,305,130
Cr.434,398
81,158,343
Cr.507,759
66.454
Dr.4.348
Gross income
$1,958,564 $1,775,000 $1,805,983 $1,661,754
Interest on funded debt. 1,023,942
1,031.651
1,045,175
1,042,719
Int. on unfunded debt
6,118
7,017
11,346
11,113
Miscellaneous charges..
11,333
11.387
23.238
11,906
Amort.of disc. on fd. dt_
1,947
2,216
3,474
1.106
Preferred div. (7%)_ -- _
243,600
243,600
243,600
243.600
Common dividend__-(6%)231,600 (6)231,600(530221,950(53)221,950
Cecil S. Ashdown, Vice-President and Comptroller, summarizes the changes in the financial position since the end
of the previous year as follows:
Net profits for the year
$2,597,345
Add-Increase in general reserves
243.893
Deer.in Remington-Noiseless Typewriter Corp. current acct
526,359
Total
$3,367.596
Utilized as follows: Increase in working capital, i. e., increase in
current assets, 4698,894; less increase in current liabilities,
4118,998' balance
4579,896
Retirement of series 9 lst preferred stock
1,313,205
1st pref. dive., $322.476: 2d pref. dive., $400.000; total
722.478
Increases in charges paid in advance
49.988
Increases in investments-misc, and insurance fund assets
625,415
Net increase in property accounts
76.616
Total
43,367.596
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
Net after taxes & deprec.x$2,597,345 42.369,571 $1,754.747 $1,678.657
Interest
56.072
75.840
Net income
First pref. dividends_
Second pref. dividends
$2,597,345 $2,369.571
322.476
354.394
400.000 y1.197,576
Surplus
$1,874.869
Previous surplus
6.700,553
Add itemsappl.topr.yrs.
Total surplus
Prem. pd. on retirement
of 1st pref. ser. S stock
Loss Flushing plant__
4817,601
5,882.952
41,698,674 $1,602.817
354.001
y810.099
y598.788
99.798
$745.885
4.911.525
4692.920
4,702.870
225.542
48,575,422 $6,700,554 $5.882,952 $55,395,790
100,805
484.265
Profit & loss surplus
$8.474.617 $6.700,554 $55,882,952 54,911.525
Earns, per sh. on 99,960
sh.com.stk.(par 4100)
F18.76
$16.17
$9.35
$8.39
x After deducting in 1926 5461,306 res, for deprec. and $440.000 prov.
for Fed, taxes, and in 1925 $426,522 res. for deprec. and 4425,000 prov. for
Fed. taxes. y Including dividends paid on account of accumulations
(amounting in 1925 to 4798,384i.
CONSOLIDATED BALANCE SHEET DEC. 31.
1926.
Assets$
Real est.,b1dgs.,&c.x3,040,927
Patents. goodwill,
Arc
14,023,555
Advances
Inv. in capital stk.
of Rem.-N.T.Co 765,718
6,437.784
Inventories
Accts.& notes rec- 6,240,368
Cash and U. S.
Treasury notes_ 1,392,505
Prepaid charges.. 102,226
151,464
Ins. fund & raise__
1925.
Liabilities-$
2,964,310 7% let pref. stock_
8% 2d pref. stock..
14,023.555 Common stock....
526,358 Accounts payable_
Reserve for U.S.&
nreign taxe%___
5,526,764 Dividends payable
5,702,422 Sundry reserve___
Surplus
2,142,577
52,238
291,787
1928.
1925.
3,998,000 5,210,400
4,994.000 4,994,000
9,996.000 9,996,000
1,168,776 1,089,475
1,279,838 1,221,5C0
170,000
188,553
2,073,316 1,829,420
8,474,618 6.700,553
32,154.548 31.229,991
Total
Total
32,154,548 31.229,991
x After deducting $3,600,973 reserve for denreciation.-17. 124.p. 1678.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Repair of Locomotives.-Class 1 railroads on March 15 had 10,042 locomotives in need of repair, or 16.2% of the number on line, according to
reports filed by the carriers with the Car Sorvici Division of the American
Railway Association. This was an increase of 494 compared with the number in need of repair on March 1 at which time there were 9,548. or 15.4%.
Of the total number of locomotives in need of repair on March 15, 5.315,
or 8.6%. were in need of classified repairs, an increase of 364 compared
with March 1, while 4,727, or 7.6%, were in need of running repair, an
Increase of 130 compared with the number in need of such repairs on
March 1. Serviceable locomotives in storage on March 15 totaled 5,310,
compared with 5,124 on March 1.
Freight Car Repairs.-Freight cars in need of repair on March 15 totaled
133.997. or 5.8% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was a decrease of 4,295 cars under the number reported on March 1,
at which time there were 138,292, or 6.1%. It was also a decrease of
31,261 cars, compared with the same date last year. Freight cars in need
of heavy repair on March 15 totaled 94853, or 4.1%, a decrease of 678
cars compared with March 1, while freight cars in need of light repair
totaled 39,144, or 1.77, a decrease of 3.617 cars compared with March 1.
Matters Covered in "Chronicle" April 2.-(a) Inter-State Commerce Commission decides to base valuation of roads on cost of 1914 instead of later
x38,600
$4.55
higher levels-Recapture of excess earnings-First ruling in St. Louis
& O'Fallon case-D. 1898-1903. (b) Loading of revenue freight again
exceeds one million cars-p. 1905. (c) A. Davies Warfield denied that
Southern RR. rates will be drastically lowered-p. 1930.
Inv. in road & eq_32,522,594 32,477,267 Preferred stock-- 3,480,000 3.480,000
Deposits in lieu of
Atchison Topeka & Santa Fe Ry.-Extra Dividend of
4
3 of 1% on Common Stock.-The directors on April 5 declared
an extra dividend of 4
3 of 1% in addition to the regular
quarterly dividend of 13
4% on the outstanding $232,409,500
Balance, surplus_ ____
$439,126
Shs.corn. outst.(par $50)
77,200
Earns. per sh. on corn__
$8.69
x Shares of $100 par value.
77.200
$257,200
77,200
$6.22
$6.21
$248,428
$129.360
BALANCE SHEET DECEMBER 31.
•
Assets-,
mtgd. prop. sold
Misc. plus. prop__
28,794
Inv.In atilt. cos_ _ _
512,500
Cash
100,939
Special deposits.... 341,875
Loans & bills rec._
1,191
Traffic & car serv.
bale. receivable_
326.344
Net bal. rec. from
agents & cond'rs
28.728
Misc. acc'ts receiv.
83,249
Material & suppl's 762,204
Int. rec. accrued...92
Divs.rec. accrued..
3.750
Other cur. assets
96,506
Working fund adv.
234
Other def'd assets_
866
Unadjusted debits 165,396
Liabilities-
2,779
21,613
558,853
194,368
339.380
12,816
287,508
13.968
98,805
973,081
148
3,750
66,670
3.824
959
88,249
34,975.260 35,143,837
Total
-V. 124. p.
@FedFRASER