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The
INCLUDING
Railway& industrial Compendium
State & Municipal Compendium
VOL. 123.
financial,
rontde
Public Utility Compendium
Railway Earnings Section
SATURDAY, AUGUST 28 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3192.
has been careful to point out the excellent character of such reports as those of the United States
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CHICAGO OFFICE-1n charge of Fred. II. Gray, Western Representative,
208 South La Salle Street. Telephone Harrison 5616.
provided by the railroad companies are of inesLONDON Orrics—Edwards & Smith, 1 Drapers' (jardens. London, E. C.
value and appreciated by stockholders and
timable
WILLIAM B. DANA COMPANY, Publishers,
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bankers. The task suggested for the Federal Trade
Published every Saturday morning by WILLIAM B. DANA COMPANY. Commission would be a colossal one and also a deliPresident and Editor. Jacob Seibert: Business Manager, William D. Riggs;
Treas. William l)ana Seibert;Sec. Herbert D.Seibert. Addresses of all, Office of CO. cate one, involving many dangers. Full consideration should be given to a matter of this kind before
The Financial Situation.
any steps are taken.
During the week security prices, both of bonds
It is a real question whether the Stock Exchanges
and stocks, have drifted slightly lower, partly under cannot serve the public better in this why than could
the influence of a slight hardening of money rates the Federal Government. In any event, the task
and partly under the influence of persistent selling would be far more difficult than has been that of
pressure induced by a further increase in brokers' handling railroad accounting, as each industry
loans and the altitude of the industrial price aver- would require special expert knowledge. Professor
age. Prevailing sentiment has keveral times recently Ripley is performing a valuable service in emphasizswung sharply from optimism to pessimism and vice ing the need for better corporate accounting, but
versa. On Tuesday morning the market was buoy- notwithstanding the professor's views to the conant under the impression made by a statement of the trary, we are inclined to think the remedy lies with
General Motors Co. in respect to August business, the shareholders who by collective action can bring
namely a probable production of 130,000 cars, this pressure to bear upon directors unmindful of their
breaking all records at any season of the year, ac- duties in that respect.
companied by the report that every department of
A considerable increase in the number of bond ofthe great corporation was oversold. Before the day ferings during the week heralded the approaching
was over, however, there was a veritable deluge of end of the vacation season, the most conspicuous
selling and sentiment seemed completely turned.
issue being that of $30,000,000 Westinghouse ElecThis change was accompanied by statements that tric & Manufacturing Co. 20-year rs, 1946, offered
certain prominent operators had turned bearish and by Kuhn, Loeb & Co. at 99, yielding 5.05%. A comwere selling out United States Steel and other manding issue such as this of the highest qualitystocks, preparing to go abroad; but of greater influ- met an excellent reception, the bonds being immeence than these rumors was news of an article on diately taken and advancing on the day of offering
corporation practices by Professor Ripley of Har- to a premium of 1
/
4%.
vard. Apparently, advance copies of the "Atlantic
The idea is gaining headway that we are coming
Monthly" for September were available on Tuesday, into a better market for railway shares. This
whereas delivery to the public was not made until thought is expressed more persistently than any
Thursday. Professor Ripley has contributed an- other by market commentators and the brokerage
other important discussion on corporation practices. houses are almost a unit in advocating railroad
He complains of the inadequacy of many corpora- stocks for purchase at present, in some cases pertion reports, pointing out that the public which haps not whole-heartedly, but at least in preference
issues corporate charters, and is called upon to own to stocks on the industrial list. Every investor
corporate stocks, has a right to know the facts as knows that in years gone by railroad stocks formed
fully and as correctly as they can be presented. He the backlog of American investments, as well as afis undoubtedly entirely right in this respect. He fording the ammunition for all great speculative
Thronute
THE CHRONICLE
1014
movements until well into the present century; he
also knows that some time after the days of Harriman the railroad list fell into disrepute, but that
during the past five years there has been a change
for the better and that now well-informed investors
are buying railroad stocks freely again, and these
stocks are generally thought to be working back into
their former position.
There is sufficient identity of the securities entering into the Dow-Jones railroad average to give
real meaning to its wide swings over the past 25
years. The figures are of interest:
Low
High
Low
High
Low
High
Sept.24 1900
Sept. 9 1902
Sept.28 1902
Jan. 22 1906
Nov. 21 1907
Aug. 14 1909
73.77
129.36
88.80
138.36
81.41
134.46
Low
High
Low
High
Low
High
Dec. 24 1914
Oct. 4 1916
Dec. 19 1917
Nov. 9 1918
June 20 1921
Aug. 25 1926
87.40
112.28
70.75
92.91
65.52
118.83
Here is an almost perfect example of the theory
that the market swings back and forth without
progress or any real headway, but such a theory is
somewhat upset if one considers the Dow-Jones industrial average at 67.77 at its high in September
1909, at 63.90 at its low in 1921, and at 166.64 a few
days ago. In the case of the industrial group there
has been great growth in values, modified somewhat
by the swings of business cycles, but in the case of
the railroads there has been for the most part a
swinging back and forth with waxing and waning
hopes.
To conclude from a study of the rail averages
that we are now at or near a new high point, and
about to swing back to a lower level, would be blindly
to follow precedent and utterly ignore the real significance of actual developments. With prices of
railroad stocks not as high as in 1900 there may lie
ahead an advance in price to reflect the accumulated
growth in value over many years, provided, of
course, the railroads are actually coming into their
own and can command the leadership to earn an
adequate return on actual investment. No student
of values can be influenced by the fact that the DowJones railroad average has moved during the past
five years upward from 65.52 to 118.85 into believing that prices are now unduly high, unless the executives of railroad properties are failing to provide good management or unless conditions are still
inimical. A correct analysis to-day of the real
trend in railroad values is likely to be very much
worth while.
In 1920 the railroads were on the brink of disaster.
The downward tendencies which had prevailed during the decade previous to the beginning of the war,
and the conditions during and following the war,
had brought the railroads into a financial situation
which threatened a general breakdown unless something drastic and immediate was done. The railroad law of 1920 was enacted to meet this situation.
The progress made during the ensuing six years has
been sufficiently great to give promise that the law
as it now stands may eventually prove to be nearly
adequate. The main objectives of Congress were to
provide means for regulating rates so as to produce
a reasonable return upon actual investment, to make
possible consolidation of the mileage of the country
into large systems so that the public should have
the advantage of high efficiency and adequate competition and to provide means for discussion of labor
conditions so as to achieve justice for railroad labor,
railroad owners and the public in general. Already
much has been accomplished in restoring railroad
[VoL. 123.
revenues, which have increased steadily since the
passage of the law, although they are as yet far
from adequate. Developments under the other provisions of the law have not yet reached a point
where it is possible to pass judgment as to the adequacy of the enactment, but it is quite clear that the
provisions of the law have been helpful along both
lines.
The market swings of the railroads average have
little or no meaning for the future. The question is,
are the railroads to be allowed, and will they be
able to achieve complete financial health? The market apparently is ready to discount at least an approximate affirmative answer, but seems to be awaiting something. That something is probably largely
concerned with the lack of progress in connection
with consolidations. The Inter-State Commerce
Commission tentative plan of consolidation was produced in 1921; a final plan has not been produced,
and the Commerce Commission does not wish to
make one, and has asked for legal relief. Leadership in volunteer plans was slow in coming forward,
but a number of important movements are now under way. The question is, have we the basis for their
success? At the present time minority interests
are blocking the way. .Holders of a very small
amount of Big Four- stock are opposing the plans
of New York Central to bring about complete consolidation. The minority interests in the Nickel
Plate merger have so far been completely successful
in frustrating the plans of the Van Sweringens.
The Pennsylvania has not yet had its way in connection with Norfolk & Western and Virginian, and
the great Eastern systems are apparently at loggerheads in relation to the general scheme for Eastern
territory. The market for railroad shares is waiting for demonstration that a formula of success in
consolidation has been achieved, one that will
achieve objectives, avoid injustice to minority stockholders and find a way of successfully dealing with
obstructive tactics.
The danger is that if progress is not made rapidly enough the Government will intervene and
make consolidations mandatory. Such a development would be sure to cause mischief. No one could
foretell the consequences of forced combinations not
conceived in the interests of profitable operation.
The railroads are not likely to enjoy an unexcelled
market for their securities, for which, apparently,
the foundation has been laid, until the certainty exists of progress in consolidations. To work out a
successful plan is very much worth while. Railroad
executives should spare no effort nor shrink from
any sacrifice to achieve that end.
There was some unusual deterioration in the condition of the cotton crop during the first two weeks
of August, according to the Department of Agriculture in its mid-August report issued on Monday of
this week." The decline during that period was somewhat greater than occurred a year ago or in the
corresponding two weeks of 1924. Going back to an
earlier date this year, however, either July 16 or
June 25, the decline in condition this year, up to
Aug. 16, the date of the latest report, is not so great
as it was a year ago. The Department makes a
double- guess as to the probable yield this year.
Should developments during the remainder of the
season, from Aug. 16 on, continue the same as for
AUG. 28 1926.]
THE CHRONICLE
1015
points for the first two
the corresponding period of 1925, or for 1924, a pro- decline for that State of 3
Carolina and TenSouth
year.
this
August
of
weeks
would
This
result.
may
duction of 16,221,000 bales
condition, and for Missouri
exceed the record crop of last year, which was 16,- nessee show no change in
this year, but for North
103,679 bales. Should, however, conditions cause there is a decline of 3 points
for Aug. 16 the present
73%
deterioration during the rest of the season to an Carolina a condition of
1 condition and conAug.
the
above
extent equal to that of 1921-22 and '23, the produc- year is 3 points
Of the 16 cotton
1925.
16
Aug.
75%
trasts with
tion would be only 14,800,000 bales.
report on cotton
detailed
the
in
enumerated
The condition of the crop on Aug. 16 of this year States
a high average
with
States
12
were
there
condition,
is put at 63.5% of normal. This contrasts with a
above 70%,
one
but
1925—all
16
Aug.
on
condition
condition of 62.0% at the corresponding date of last
States,
three
were
There
80%.
above
four
and
year and 64.9% on Aug. 16 1924. The decline in conconlow
a
with
Carolina,
South
and
Georgia
Texas,
this
year
of
August
dition for the first two weeks
was 6.3 points; for the same period of 1925 there dition.
Omitting Texas, where conditions last year were
was a decline of 3.6 points and in 1924, 2.4 points.
the
If the comparison for the current year is carried exceptionally low, there are 12 States where
the
at
was
it
than
lower
is
back to July 16, the decline in condition to Aug. 16 Aug. 16 1926 condition
of
all
nearly
to
as
and
1925,
of
date
this year has been 7.2 points, whereas for the same corresponding
The
quite
material.
is
decline
the
time in 1925 the loss was 8.4 points. Still, the con- these 12 States
dition this year is 1.5 points higher on Aug. 16 than exceptions (again omitting Texas) are South Caroit was a year ago. The average abandonment of lina, where the same low average condition prevails
area planted to cotton during the past ten years has in both years, New Mexico and Calrfornia, the last
been 1,745,000 acres, and if applied to 1926 would two States being unimportant cotton producers. The
leave 47,153,000 acres for harvest. A yield of 154.6 same comparison as to 1924 covering the same 15
pounds of lint to the acre, which is the official Aug. States (omitting Texas) is only slightly different.
16 estimate of the Department for this year, would Out of these 15 States there are nine where the Aug.
produce a crop of 15,248,000 bales, a decline of 373,- 16 1926 condition is lower than the condition shown
000 bales from the estimate based on the Aug. 1 con- for Aug. 16 1924 and six where the condition this
dition this year. For Aug. 16 1925, an estimate of year is higher than it was two years ago. Two of
13,900,000 bales was made by the Department of these six States, however, Virginia and California,
Agriculture, which was an increase of 334,000 bales show only small yields. For Texas the percentage
over the indicated yield as shown by the Aug. 1 1925 of condition is the same for both years. Relying
condition. The average yield per acre of 154.6 upon the accuracy of the facts, it is apparent from
pounds, now made by the Department for this year, this showing that the existing situation may be concontrasts with 158.3 pounds, the estimate of two sidered somewhat critical in comparison with the
weeks earlier, and with 167.2 pounds the final esti- two preceding years.
mate of yield for 1925.
Greece has experienced another revolution. It
In the closipg week of July this year fruiting was
making satisfactory progress, although the crop was took place in the early hours of the morning of Aug.
a week or ten days late. In the succeeding two 22. It seems that "the revolt against the Greek dicweeks, however, unusually adverse conditions pre- tator was headed by General Gieorge Condylis,leader
vailed. There was too much rain in all of the Gulf of the Nationalist Republican Party, and looks to
States, likewise in Georgia, Oklahoma and Arkan- the restoration of a constitutional regime." He oversas, and this "caused a growth of plants at the ex- threw "General Theodore Pangalos, who staged a
pense of fruit"; it also favored the development of Fascist coup d'etat fourteen months ago," and
insects, including the boll weevil. This is particu- was supported by the army and the navy. The whole
larly unfortunate just at the present time. The boll proceeding was outlined in part as follows by the
worm and boll weevil are represented as doing great Athens correspondent of the New York "Herald
damage in Texas and serious losses are reported Tribune" in a dispatch on Aug. 22: "Admiral Paul
from root rot, the latter being unusually bad this Condouriotis was summoned to-day to reassume the
year. The condition of the crop in that State for Presidency,from which he was deposed by Pangalos,
Aug. 16 is placed by the Department at 61% of nor- and General Condylis has issued a manifesto callmal, which contrasts with 73% for Aug. 1,46% Aug. ing for the re-establishment of popular liberties.
16 1925 and 61% Aug. 16 1924. The decline in Greece's latest revolution was as bloodless as its
Texas for the first two weeks of August this year predecessors. The sudden and swift uprising took
was 12 points. For Oklahoma the decline during the the dictatorship by surprise, and Pangalos, who was
same period was 13 points, and a condition of 66% vacationing at Spetsae, was arrested and hustled
for that State on Aug. 16, contrasts with 74% a aboard a destroyer, bound for the capital, before he
year ago. In no other State does the loss in condi- had time to realize that a revolt was afoot. The detion during the two weeks under review approach stroyer, however, failed to arrive to-night and other
the above figures. Arkansas shows a loss of 4 points ships were ordered to pursue her. The destroyer
for the first two weeks of August, a percentage of was overtaken and the deposed dictator was again
67 for Aug. 16, contrasting with 79% a year ago. placed under arrest. Bearing all the marks of elabThe three important Gulf States, Alabama, Missis- orate preparation, the revolt was staged at 3 o'Clock
sippi and Louisiana, show a loss, respectively, of this morning, when the troops of the National Reonly two, one and three points. The Aug. 16 condi- publican Guard here were called out and immedition this year of the first two States mentioned is ately occupied the Government and telegraph offices
5 points and 10 points, respectively, under a year and other public buildings. General Tseroulis, Minago. Georgia shows a condition this year of 56% of ister of War, was arrested while on his way to the
normal in contrast with 61% a year ago; there is a Republican Guard barracks. All the other mem-
1016
THE CHRONICLE
[Vox.. 123.
bers of the Cabinet were arrested in their homes, the beginning of the century.
Big demonstrations
which are now guarded by soldiers."
have been held in the principal cities acclaiming the
According to a special Athens dispatch to the coup of General Condylis. Greek currency, which
New York "Times" on Aug. 22, "General Condylis the policy of the deposed Government failed
to imdeclared his intention to form a Coalition Govern- prove, has quickly responded to the new conditions,
ment, himself remaining chief of the revolution un- showing a strong upward tendency on the exchange
til the elections, which he said, will be carried out market to-day, reflecting confidence in financial
soon and be absolutely free." In a sketch of his pub- quarters. The newspapers, which suffered heavily
lic career, the New York "Times" said: "Many under the suppressive policy of Pangalos,
are pleased
thousands of Greeks looked upon Condylis as the at their new-found freedom."
.strongest man in the republic. He is described as
Apparently the new regime decided to take no
:being hard and relentless, trained in the ways of the chances with General Pangalos after capturing him.
soldier and possessing an abrupt manner, powerful Word came from Athens on Aug. 24, through
a speperseverance and much self-confidence. At the be- cial cable dispatch to the New York "Times," that
ginning of the first Balkan War he was a Corporal. "General Pangalos, deposed President of Greece,
He fought through both Balkan wars, in Macedonia was transferred from Athens to the Island
of Aegina
during the World War and then in Anatolia, rising at noon to-day, the reason given by the
authorities
to the rank of Colonel. He was one of those who in being that they had been informed the General's per1917 assisted Venizelos in setting up a revolutionary sonal safety was endangered
while he remained in
Government at Saloniki, and when King Constantine Athens. Both Mme. Pangalos, who was recognized
returlied to qieece late in 1920 Condylis went to on visiting the military hospital where her husband
Constantinople with other dissatisfied officers. was confined, and the General were loudly hooted
When Constantine was again dethroned two years by passersby on his removal.
Some spat upon the
later, Condylis returned to the army, but during the General."
Former King George of Greece,
Lausanne Treaty negotiations he resigned to be- who with his Queen has been in England
come a Deputy in Parliament and to fight for the for Some time, was quoted in a special wireless
Republican cause. In April 1924 he was appointed message from London to the New York "Times" on
Minister of War by Prime Minister Papanastasion. Aug. 23 as saying that "I have no personal desire
Four months afterwards he resigned his portfolio for the throne of Greece, but if is
it for the good of
when the Prime Minister received a delegation of my country, then I am willing to return at
any
soldiers and sailors whom Condylis merely consid- time." It was added in the same dispatch that "the
ered to be mutineers. His resignation precipitated ex-King is said to regard the revolution
as another
the fall of the Papanastasion Government, and later move toward the ultimate restoration of the monCondylis was exiled with a number of politicians archy."
and journalists who were accused of sedition. On
the occasion of General Pangalos becoming PresiScarcely had Admiral Condouriotis had time to
dent in April of this year, General Condylis and decide upon a policy when "a heavy cannonade"
the other exiles were permitted to return to was reported "a few miles south of*he Greco-BulGreece."
garian frontier near the village of Alvatovo, southeast of Saloniki, Greece." The Associated Press corGeneral Pangalos did not manage to escape. In respondent in Sofia, Bulgaria, cabled on Aug. 24
a special Athens dispatch to the New York "Times" that "it was reported the garrison at Saloniki had
under date of Aug. 23, announcement was made that been attacked and a civil war has broken out." As
"the destroyer tLeon,' which had been sent by the to the new revolutionary leader's plans, the correnew Condylis regime to prevent the escape of Gen- spondent said that Admiral Condouriotis has deeral Pangalos, deposed President, found the de- cided to resume the Presidency until the new Greek
stroyer Pergamos,' on which he was fleeing, near elections can be held. This is regarded by all classes
Cape Matapan last night. The `Pergamos' refused as an important step toward the improvement of the
to heave to at first, but after warning shots had been domestic situation." It was added that "leaders of
fired she surrendered." It was added that "Gen- the various political parties agreed at a conference
eral Pangalos was found hiding on board in spite to the formation of a Coalition Cabinet as the only
of the commander's denials. The warships returned solution to the present political problem. It is not
here about 6.80 o'clock this morning. Pangalos is known who is favored for the Premiership." It was
now confined under close guard in the military hos- stated in a subsequent dispatch from Athens to the
pital here. General Pangalos will be put on trial New York "Times" that "the proposed formation of
before the High Court of Justice with the other de- a Coalition Government was received with approposed Ministers." The Associated Press represen- bation to-day by the commercial, industrial and
tative in Athens said in a dispatch on Aug. 23 that labor organizations of all Greece, who sent a joint
"the measures to be taken against the deposed dic- delegation to General Condylis and party
tator have not been announced officially, but it is leaders, recommending that they arrive at a
understood that he will be tried by a national tri- prompt understanding to expedite the re-establishbunal presided over by M. Zilsmon, President of ment of normal conditions politically and the army's
Aeropagus. The fallen dictator himself presided return forthwith to its proper sphere." It was sugover a special court in 1922 which passed death sen- gested also that "the question of the Premiership of
tences upon General Gounaris and five other men such a Government does not appear likely to be difbecause of the Greek reverses in Asia Minor."
ficult. Probably it will be left to General Condylis,
As to the first effects of the revolution, the same who will also take over the Ministries of War and
correspondent said in part: "Greece is settling Marine, appoining civilian Under Secretaries."
down comfortably with her eighth revolution since
Aust. 28 1926.]
THE CHRONICLE
The plan for a Coalition Government did not succeed. This became known through an Associated
Press dispatch from Athens on Aug. 25. It stated
that "the party leaders failed this evening to reach
an agreement for the formation of a Coalition Cabinet, and General Condylis, who carried out the recent coup ousting the Pangalos Government, will
form a temporary Cabinet on the understanding that
elections shall be held not later than October. Admiral Condouriotis has issued a statement to the
people of Greece, accepting the post of President,
thus resuming the Presidential duties to which he
was called by the vote of the fourth National Assembly." It seems, however, according to an Associated Press dispatch from Athens the next day, that
there was a strong popular demand for a Coalition
Government. The correspondent said that "a huge
mass meeting in Constitution Square passed a resolution demanding a Coalition Cabinet for Greece,
and the Chairman of the meeting, M. Hadjikiriakos,
presented the resolution to Admiral Condouriotis,
who has resumed the Presidency. He told the Presfdent that the meeting had commissioned him to say
the people of Greece would repudiate any party leaders who obstructed the formation of a Coalition
Government, which it was believed alone could save
the country from further catastrophies. The spokesman added there were even some persons among the
crowd prepared to lynch obstructors of the demand.
Admiral Condouriotis replied he fully shared the
people's desire, but that unfortunately there was
little prospect of agreement between the political
leaders."
Premier Poincare of France and his Cabinet have
continued to give special attention to financial and
economic problems,largely domestic it scope. Economy has been the watchword. To this end a communique was issued, following a Cabinet meeting on
Aug. 20, "in which it was set forth that the Premier
had decided that clients in high-class restaurants eat
too much, and that henceforth only two meat dishes
would be allowed at a meal; soup and dessert not
counting." The Paris representative of the New
York "Times" cabled that "another measure of the
Government looks to the establishment of good but
popular restaurants for that part of the 'population
particularly hit by the high cost of living,' which
the Government offers to aid and encourage." Further essential details of the plan were outlined in
part as follows: "Merchants selling objects other
than luxury articles will in future have to post their
price lists on the door of their establishments, which
price lists will be the subject of a daily inspection
by Government officials. Then there will be a Government commission which will study the markets
and decide what are fair and average quotations.
Special attention will be paid to the prices of the
central markets and stock yards. It was also made
plain that the policy of brown bread will be carried
out by adding other grains to wheat, to limit the importations, which otherwise would have been necessary owing to the poor French crop."
The Government's plan with respect to economy
was summarized as follows in a special cable dispatch to the New York "Herald Tribune" from the
French capital: "France is on war-time rations to
bring the franc back to security. This declaration
of drastic economy, which will directly affect the
1017
daily life of every French citizen, was announced by
the Poincare Government to-day following a Council of Ministers, at which striking restrictions were
adopted on State expenditures and the individual
standards of living. Just as the Belgian people are
eating black bread and doing with less luxuries, so
will the emergency regime inaugurated in France attempt every possible saving in order to aid the nation's battle to regain stability. According to the
comprehensive economy program worked out by the
Ministers, France's high cost of living will be attacked by two main offensives—by cutting down
Governmental expenses all along the line and by
applying the closest husbandry to the every-day
* rench citizens. This national application
needs of F
of thrift means a sharp cut in the expenditures of
every Ministry of the Government. It also means a
genuine 'stomach retrenchment,' by which the use
of bread, that most popular staple of the French
people, will be curtailed and the use of as much stale
bread as possible will be demanded. In addition, it
is decreed that the quantity of food consumption in
restaurants must be reduced, with the meals of the
luxury cafes ordered limited to two courses."
The question as to whether France will seek foreign loans to stabilize the franc bobs up at nearly
every turn. In discussing the economy program of
the Government in a dispatch on Aug. 21 the Paris
correspondent of the Associated Press said that
"Premier Poincare, by the publication of his drastic
economic program calling for a 'period of penitence,'
has removed any doubt he intends to try to stabilize
the franc by internal means alone, without having
recourse to foreign credits, which cannot be obtained
without first ratifying the Washington and British
debt accords, a procedure at present impracticable
owing to the political situation in France." He declared also that "the announcement of these new
measures has been well received, on the whole, as
attesting the Government's firm determination to
deal with the financial statement without vacillation and as bringing home to the population in general the real seriousness of conditions in a practical,
as opposed to an academic, manner. There is a certain amount of skepticism regarding some of the
measures the Government intends to put into operation, notably those controlling trade."
Poland, like France, Italy and Belgium, is wrestling with financial problems. According to Warsaw dispatches this week, Finance Minister Klarner
has had to contend with steady opposition from supporters of.Marshal Pilsudski. In a special wireless
message to the New York "Times" from Warsaw on
Aug. 20 it was asserted that "the greatest concern
over Poland's financial future is being expressed in
the foreign circles of Warsaw, following concerted
attacks against Finance Minister Klarner, who is
to-day reported to be on the eve of resigning under
the fire of Marshal Pilsudski's followers." The
"Times" correspondent even asserted that "the effects of the proposed resignation are manifold, and
it is likely to mark the passage of the country back
to the chaotic conditions which existed before the
revolution in May." He further explained the situation as follows: "First of all, Klarner, who is an
eminent banker, has been in the closest collaboration with the Kemmerer Commission and has advo-
1018
THE CHRONICLE
cated all the reforms the Americans suggested. Secondly, he is already forcing to the conference stage
a number of reforms designed to lift Poland out of
its condition of despondency, these including the
establishment of a dollar bank, a more elastic constitution for the Bank of Poland and the consolidation of the three present Government banks for
agriculture, savings and general trade. A third
point in consideration is the war upon Finance Minister Klarner conducted chiefly through Socialistic
channels, including the newspaper 'Mos Prawdz,'
joinly owned by Marshal Pilsudski's unofficial army
of 100,000 members. The attacks against the Minister may be understood to be sanctioned by the
Marshal and indirectly aimed at the American mission in the Socialists' contention that Poland is able
to care for itself without foreign dictation. The
resignation of Finance Minister Klarner, who has
asserted that his part of the Government is anxious
to receive the American suggestions, would practically wipe out the effects of the Kemmerer Commission's work, since by the time a successor would
be qualified the Commission's work would be ended."
In discussing the events of the following day hay
ing to do directly with this situation, the New York
"Times" representative said in part: "Despite continued attacks, Minister of Finance Klarner, whose
future is closely allied to execution of the Kemmerer
Commission's recommendations, continued his urgent campaign to put his policies and those of his
American advisers into operation. A decree lifting
the ban upon transactions in foreign currencies in
Poland was issued this evening and dollars and other
money can now be bought freely, but exported only
under severe rules, including payment through the
Bank of Poland and its branches authorized to do
foreign business, first, for the purchase of foreign
goods and the settlement of foreign debts; second,
insurance abroad; third, for dividends on Polish securities held abroad; fourth, for the livelihood of
relatives abroad, but not exceeding 1,000 zloty
($100) monthly for one family. Persons carrying
foreign passports are permitted to take out only the
equivalent of 1,000 zloty in currency of other lands.
The Finance Minister to-day presided at a conference dealing with proposed elasticity in issuing bank
notes, the disposition of bank funds and the administration of communal savings banks, in which hot
opposition developed to his reported plan of liquidation of the Agricultural Bank. Not only did the
Finance Minister come under fire, but Professor
Kemmerer, who declared he had been falsely quoted
in regard to dissolution of the bank and that he had
given no newspaper any statement on this matter."
That the new Polish Government is determined to
establish a place for itself among the other Powers
of Europe was claimed in a special wireless dispatch
from Warsaw to the New York "Times" on Aug. 24.
The correspondent said that,"in a determined effort
to demonstrate that Poland has definitely assumed
her place among the important nations of the world.
Foreign Minister Zaleski will leave to-morrow for
Geneva to begin a battle to convince the other Powers of this fact. The final conference of Government
officials to-day enabled M. Zaleski to take to the conference of the League a record of achievement which
the self-admittedly inexperienced Polish Govern-
[voL. 123.
ment believes will prove good faith to the rest of the
world. In other words, the new Republic is on the
eve of its genuine debut, officials here consider, and
its appearance before the League will be more of a
bid for world approbation of its course since the
May revolution than for any theoretical political
benefits to be derived from the session."
As for Pilsudski's military policy, the "Times"
correspondent said in the same dispatch that "General Pilsudski has called a conference of all the Generals assigned under his new General Inspectorship
at Posen, Vilna, Lemburg and Cracow, for the purpose of reducing the present host of army posts as
centres of the new army sections. The question of
cutting the standing army to a minimum, but with
strong reserves, is receiving the attention of the conference. It is doubtful, however, whether the dictator, with his inherent fear of Poland's neighbors,
will allow the scheme to arrive at the stage of realization."
Other steps were taken in rapid succession with
a view to completing the new form of Government.
They were given in part as follows in a special wireless message from Warsaw to the New York "Times"
on Aug. 26: "Fifty-five decrees will be issued by
President Moscicki in the course of the next few
days under the authority recently conferred upon
him by the Legislature to administer the affairs of
the country in this manner during recesses of the
Diet. Most of the decrees have been prepared by
Finance Minister Klarner, who, despite Socialist
attacks, has been increasing his efforts to establish
a sound, workable financial system for the State.
Thus the whole list goes into effect almost at once,
instead of waiting for the winter's wrangling in
Parliament. The changes largely have to do with
the mechanics of the country's finances, but their
effect is held to be of the utmost importance. A still
greater blow to the old system of legislation came
to-day with the announcement of the completion of
the so-called legal council, which is designed to head
off freak legislation,. log-rolling measures and those
unsympathetic to the Government. Until this body
has approved a bill, not only as to its expediency but
also as to its legality, it cannot be presented to the
Sejm. There are 26 regular members of the council,
but provision is made for special committees to act
under its direction."
The effect of the steps that have been taken to
strengthen the financial situation in Italy is discernible already. Concrete proof of the improvement was furnished by the Treasury statement for
July. In a special wireless message from Rome to
the New York "Times" on Aug. 20 it was stated that
"the steady improvement in the Italian financial
situation is indicated by the figures in the Treasury
statement issued to-day showing that the budget surplus of the first month in the present fiscal year
amounts to 84,000,000 lire." The "Times" correspondent furnished the following synopsis of the
statement: "This marks an improvement of 13,000,000 lire over the corresponding period last year, despite the fact that 21,000,000 spent for railroad construction were included in the ordinary budget for
the first time this year, as formerly such expenses
were carried in a separate account by the Government. The Treasury cash account shows that the
AUG. 28 1926.]
T H Pi CHRONICLE
1019
were prominent at the start and in the early days of
that regime, are out, their places having been taken
by leaders who, it is claimed, represent less radical
ideas with respect to Government. On Aug. 20 the
New York "Times" representative in Moscow cabled
that "Leo Kameneff has been removed from the
Council of Labor and Defense, his place being taken
by the Caucasian, Mikoyan, who also replaced him
as Trade Commissar. Henceforth he can devote his
time to a life of Lenin which he is said to be writing."
He said also that "hardly one Opposition leader
now exercises more than nominal activity or plays
more than a nominal part in Russian affairs. Their
names are not mentioned in the press and they are
apparently condemned to disappear from the stage."
Discussing the situation still further he said: "The
question remains: Will these men who figured so
prominently in the first years of the revolution be
content to accept the negative roles allotted to them?
It seems unlikely, but it is obvious that they cannot
at present buck the Administration machine with
any chance of success. It is believed here that they
are inclined to adopt guerrilla tactics: Putting forward no fixed platform, risking no mass offensive,
but missing no opportunity of emphasizing the errors and shortcomings of the Administration's policy. Having failed to justify themselves before their
fellow members of the Communist Party, they hope
to be justified by events. If they take such a line it
Premier and Dictator Mussolini of Italy continues may annoy the Administration considerably, but it
to put into effect measures to tighten his hold on the really makes its task easier."
Italian Government. His latest official acts to this
end were outlined in an Associated Press cable mesThe news relative to lhe British coal miners' strike
sage from Rome on Aug. 25, in part as follows: has not been encouraging. Neither side seems in"Every city, town and village in Italy will be gov- clined to yield on vital points, and, according to the
erned by a representative appointed by the national latest dispatches, the men have not returned to work
Fascist Government under the terms of a new de- in as large numbers in the aggregate as at first recree which will be adopted on Aug. 30 by the Coun- ported. On Aug. 21 the London representative of
cil of Ministers, according to well-informed polit- the New York "Times" cabled that "the hopes of
ical circles. The new system, which was drawn up peace in the British coal war have been disappointed
by Luigi Federzoni, National Secretary of the Fas- again. The collapse of the last conference here becist Party, amounts to an extension of the. podesta tween the representatives of the coal owners and the
system already used in communes of less than 5,000 striking coal miners has once more dimmed these
population. It will be put into effect within a year. hopes and plunged the most sanguine of optimists
The type of municipal administration in large cities into another fit of gloom. To-day the mine owners
has not been decided, but it is probable that there are as obdurate as ever against the granting of the
will be a Governorship such as exists in Rome, a strikers' demands and the leaders of the latter are
High Commission such as in Naples and Milan, or a setting forth into coal fields to argue the strikers
podesta as in the smaller towns. One of the first into Continued resistance." The same correspondconsequences of the new system will be the revoca- ent cabled the next day that, "while leaders of the
tion of the right of administrative suffrage granted coal strike are trying desperately to stem the tide
to women by a recent law, since elections of all sorts of the strikers who are returning to work, Premier
will be abolished. The innovation, in addition to Baldwin left London to-day for a holiday at Aix-lescomplying with the Fascist principle of the centrali- Bains, in France, heeding the advice of his doctors,
zation of political power in the hands of the national who want him to take the rest, even if only a short
State, is expected to achieve notable economies. one. His departure is taken to mean that the GovThese, particularly, will include the elimination of ernment adheres to its policy of non-intervention
the 2,000,000 lire expenses in the formation and for the present in the coal war."
maintaining of electoral lists and the management
of elections. The decision will make permanent PreRepresentatives of the striking British coal miners
mier Mussolini's recent temporary suspension of continue to seek financial assistance outside of
the communal, municipal and provincial elections. Great Britain. In a special wireless message to the
This latter order was issued because the podesta sys- New York "Times" from Berlin on Aug. 21 it was
tem has proved successful in eliminating dissension stated that "delegates of the British miners' unions
in communes and is effecting economies."
will meet special representatives of the Moscow
Government here on Monday in an attempt to outthe
in
of
personnel
changes
Significant
the Soviet line a new campaign to insure the British miners
to
be
in
continue
Russia
Government
reported at winning their strike. The program, in which the
many
intervals.
Apparently
of
those who Moscow delegates mean to play the main role, infrequent
ordinary and extraordinary revenue during the
month exceeded the ordinary and extraordinary expenditure by 732,000,000 lire. The difference between this sum and the 84,000,000 held as the surplus
in the budget was in part applied to the payment of
interest on the public debt falling due on July 1, and
in part to increasing the cash in the Treasury's reserve, which now amounts to 3,500,000,000 lire,
against 1,500,000,000 one year ago. The public debt
now amounts to 89,860,000,000 lire, or almost 1,500,000,000 lire less than a month ago. This result has
been obtained by setting aside the budget surplus of
the last financial year, which was slightly less than
1,500,000,000 lire, almost entirely to this reduction
of the public debt. On July 31 the paper circulation
amounted to 20,419,000,000 lire, showing a reduction of 24,000,000 as compared with the previous
month." He added that "the economic crisis which
Italy, in common with almost all European nations,
is now suffering, is reflected in the figures of Italy's
foreign trade. In the first six month of the present
calendar year, Italy exported 284,000,000 lire worth
of goods less than last year, while the importations
were only 168,000,000 lire less than in the corresponding period last year. The excess of importations over exportations for the six -months amounts
to 5,946,000,000 lire, against 5,827,000,000 lire in the
first six months of last year."
1020
THE CHRONICLE
eludes reorganization of the general council charged
with conducting the British strike. Stressing the
fact that the Russian workers have contributed
5,000,000 rubles, the last half million of which has
just been made available for distribution to the
strikers, the Russian delegates will stress the experience of the Soviet and insist that a member of the
inner circle in Moscow be given full freedom of conducting the campaign against the mine owners and
the British Government.. As soon as this is agreed
to and Moscow is in full charge, a special miners'
conference, including all countries, will be called in
the Soviet capital." The movement begun in the
United States several weeks ago to secure funds for
the striking British miners has continued, although
Miss Ellen Wilkinson, M. P.,"who has been touring
in several cities for three weeks to raise funds for
the miners' families in England, sailed for home
Tuesday night on the "Aquitania." Announcement
was made the same evening that "Ben Tillett and
several associates of Miss Wilkinson are remaining
.in this country for some time longer."
[vol.. 123.
penned by a Minister of the British Crown.'" Continuing his account of the incident, the correspondent said: "Mr. Lloyd George accused his colleague
in the Liberal and Coalition Cabinets of leading the
Prime Minister 'with rather cruel "impetuosity"
around a ring' and declared it was no surprise that
'the poor man has sought refuge in Aix-les-Bains.'
'Baldwin wrote his letter to America, so where else
could I send my reply,' Mr. Lloyd George asked his
hearers. 'When a mission went to America to appeal for funds to feed the miners and their families,
Mr. Baldwin wrote a letter to discourage Americans
from subscribing to that fund. I called that a mean
letter and I call it so again. I am told I am vilifying the Prime Minister. He is villifying the 1,000,000 gallant miners of this country.'"
Hopes that a proposed conference between representatives of the miners' union and the Government
would lead to a settlement of the strike were not
realized, according to a special wireless message to
the New York "Times" on Aug. 26: "The officials
of the Miners' Federation had an interview to-day
with the Chancellor of the Exchequer, the Minister
of Labor and the Minister of Mines. The hopes
which had been eherished that the request by the
men's officials for a conference with the Government
might lead to a settlement of the coal dispute are,
however, unlikely to be realized. It is understood
that the officials had nothing new to propose and
that no progress was made for a resumption of negotiations. The position at the end of the interview
was precisely what it had been at the beginning, and
the coal stoppage will on Sunday enter the eighteenth week with no sign of a settlement."
That the miners had not returned to work to the
extent claimed in earlier cable advices was asserted
in a special wireless message from London to the
New York "Evening Post" on Aug. 24. The correspondent said that "the expected rush of men back
to the mines has not materialized to-day, despite
country-wide press reports that the coal strike was
near an end. These reports were based on bulletins
given out by operators in the Mansfield division of
Nottinghamshire that up to yesterday 12,000 miners
had signed contracts to resume work on the basis
of a 7/
1
2-hour day and pre-strike wages. The bulletins also said the breakaway movement had spread
to Derbyshire, Leicestershire and South Wales. ToAccording to cable advices received from Vienna
day, according to the owners, official figures, only this week, the Hungaria
n National Bank has reduced
2,744 men actually began work, while the unions its discount rate from 7%
to 6%. Aside from this
admit only 1,290. The owners' figures are said to no change has been noted in official bank
rates at
include safety men, who were not included in the leading European centres from 7/
1
2% in Paris; 7%
strike. Together with the negligible number of men in Belgium, Italy and Austria;
1
2%
in Berlin; 5/
who resumed work in other districts, the total is in Denmark and Norway; 5% in London and Macertainly not over 5,000 out of the total of 900,000 drid; 41/
2% in Sweden and 3/
1
2% in Holland and
miners involved." According to a special wireless Switzerland. In London open market discount rates
message from London to the New York "Times" on were firm and finished at 4 9-16(4)4%% for both long
Aug. 24, the strikers have adopted a comprehensive and short bills, the same as last week. Money on
picketing system to keep the men away from the call at the British centre continues strong, and
mines who were inclined to return. Force was said advanced to as high as 434%,but closed at 3%%,the
to have been used in some cases. Announcement same as on Friday of last week. At Paris the open
was made on the same date that "Parliament will market discount rate remains at 7% and in Switzermeet next Monday for two or three days to author- land at 214%.
ize continuance of the emergency regulations in view
of the prolongation of the coal stoppage. The main
The Bank of England continues to add to its gold
feature of the situation meanwhile is the success holdings and in its statement for the week ending
with which the strikers are using intimidation and Aug. 25 reported a gain of £661,386 at the same time
mass picketing to prevent their less recalcitrant that reserve rose £944,000 as a result of shrinkage
comrades from returning to work."
in note circulation of £282,000. There was, howFormer Premier Lloyd George has injected him- ever, a decrease in the proportion of reserve to liaself into the strike situation. In a special London bilities to 26.70%, from 27.38% a week ago. In the
dispatch to the New York "Times" on Aug. 23 it was corresponding week of 1925 the ratio stood at 3034%
stated that, "just at the time when Great Britain's and the year previous at 18/
1
2%. Public deposits
coal strike seemed to many observers to have been were heavily increased, viz., £9,177,000, but "other"
on its last legs, David Lloyd George has entered the deposits fell £2,771,000. The Bank's temporary
fray on the side of the miners with his usual impetu- loans to the Government expanded £4,441,000, while
osity. He replied vigorously at Anglesey to-night loans on other securities were augmented £1,095,to Winston Churchill's week-end attack on him for 000. Gold holdings total £154,805,514, which comhis article in the American press calling Prime Min- pares with £163,194,222 last year and £128,315,380
ister Baldwin's letter 'the meanest document ever in 1924 (before the transfer to the Bank of England
THE CHRONICLE
of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note Issue). The reserve total is £34,285,000, as against £38,677,352 last
year and £22,693,356 a year earlier. Loans aggregate £73,314,000. Last year the total was £70,114,076 and in 1924 £76,903,827. Note circulation is
£140,271,000, in comparison with £144,266,870 and
125,372,030 one and two years ago, respectively.
Clearings through the London banks for the week
totaled £674,932,000, as compared with £743,555,000
last week and £634,281,000 a year ago. The Bank's
official discount rate remains unchanged at 5%.
We append comparisons of the different items of
the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1926.
1925.
1923.
1922.
Aug. 26.
Aug. 25.
Aug. 27.
Aug. 29.
Aug. 30,
b140.271,000
Circulation
26,116,000
Public deposits
102,058.000
Other deposits
Govern't securities_ 38,772,000
73,314,000
Other securities_
Reserve notes Sr coin 34,285.000
Coin and bullion _a154,805,514
Proportion of reserve
26.70%
to liabilities
5%
Bank rate
144,266,870
21,812,962
104,218.070
35,414.033
70,114,076
38,677,352
163,194,222
125,372,030
17.041,827
105,392,435
40.998.443
76,903,827
22,693,356
128,315.380
124,604,970
16,581,038
103.549.889
46.280,601
69,208,122
22.788,210
127,643,180
123,918,885
26,226,587
98,096.484
44,357,645
76,120,602
21,942,287
127,411,172
301%
4%%
18%
4%
19%
179%
4%
3%
a Includes, beginning with April 29 1925, 127,000,000 gold coin and bullion
previously held as security for currency note issues 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 statement of the Bank of France this week
showed a further contraction in note circulation of
511,833,000 frame. The total of notes in circulation
is thus brought down to 55,146,933,585 francs, which
compares with 44,701,670,745 francs at the corresponding period last year and with 40,034,484,070
francs the year before. By a gain of 1,900 francs
during the week gold holdings were increased to
5,548,695,425 francs. In 1925 gold holdings amounted to 5,546,998,052 and in 1925 to 5,543,800,844.
The State repaid the Bank 500,000,000 francs more
this • week of its indebtedness to the Institution.
Advances to the State now stand at 36,450,000,000
francs, against 27,750,000,000 francs a year ago and
only 22,800,000,000 francs two years ago. Changes
among the other items in the Bank's report were:
Silver gained 149,000 francs, Treasury deposits were
increased 83,261,000 francs and general deposits
rose 80,313,000 francs. On the other hand, bills
discounted fell off 226,976,000 francs and trade
advances were diminished 29,742,000 francs. Comparisons of the various • items in this week's return
with the statement of last week and with corresponding dates in both 1925 and 1924 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
Inc.
1,900
In France
Unchanged
Abroad
COMPARATIVE STATEMENT.
Status as o
Aug. 25 1926. Aug. 27 1925. Aug. 30 1924.
Francs.
Francs.
Francs,
3,684,374,518 3,682,677,144 3,679,475.936
1,864,320,907 1,864,320.907 1,864,320,907
Inc.
1,900
Total
Inc.
149,000
Silver
13111sdLscounted.Dee. 226,976,000
Trade advances.—Dec. 29,742,000
Note clreulation 1ee. 511,833,000
Treasury deposits_Ine. 83,261.000
General deposIt5 Inc. 80,313,000
Advances to State_Dee. 500,000,000
5,548.695,425
338,787,664
5,740,821,964
2,198,031,528
55,146,933,585
109,553.447
3,237,647,603
36,450,000,000
5,546,998,052
311,015,935
3,493,877,519
2,862,259.531
44,701.670,745
42,049,165
2,387,239,138
27,750,000,090
5,543,800,844
300,667.428
4,406,044,461
2,703,664,286
40,034,484,070
16,146.105
1,983.581,736
22,800,000,000
The Bank of Germany again reported contraction
in note circulation, its report issued under date of
Aug. 23, showing a decline of 105,475,000 marks.
However, other maturing obligations increased 100,461,000 marks, while other liabilities went up 6,311,000 marks. On the assets side the Bank reported a
reduction of 42,719,000 marks in holdings of bills of
1021 -
exchange and checks, although advances increased
1,776,000 marks. Deposits abroad were reduced
31,414,000 marks and reserve in foreign currencies
declined 21,769,000 marks, but there were increases
in silver and other coins of 5,629,000 marks, notes
on other banks 4,397,000 marks, and other assets
43,734,000 marks. Gold and bullion holdings expanded 249,000 marks, thus bringing total gold
holdings to 1,492,824,000 marks, as against 1,137,231,000 marks last year and 507,004,000 marks in
1924. Note circulation now outstanding aggregates
2,756,050,000 marks.
The Federal Reserve banks' weekly statements,
issued on Thursday afternoon, showed expansion in
rediscounting so far as the System is concerned, but
a small decline locally. Open market trading at
New York was correspondingly larger. For the
banks as a group a gain in gold of $6,300,000 was
reported. Rediscounts of Goyernment secured paper increased $23,200,000 and other bills of $12,900,000, an increase for the week in total bills discounted
of $36,100,000. Holdings of bills bought in the open
market for the System remained virtually unchanged, gaining $500,000. Total bills and securities (earning assets) decreased $1,700,000, while deposits fell $14,400,000. Member bank reserve accounts declined $11,600,000. At New York a loss in
gold of $4,600,000 was shown, with contraction in
the rediscounting of paper secured by Government
obligations of $11,600,000. "Other" bills, however,
expanded $5,800,000, so that the net result of the
week's rediscounting operations was a decline in
total bills discounted of $5,800,000. Open market
purchases were larger, expanding $5,600,000. Total
bills and securities were reduced, $10,700,000, and
deposits declined $20,900,000, while member bank
reserve accounts fell off $27,500,000. Federal Reserve notes in actual circulation rose $6,900,000 for
the combined System, but dropped $4,400,000 at
New York. As to the reserve ratios, shrinkage in
deposits combined with changes in the gold position, brought about a small advance. The ratio of
the New York institution advanced 1.2%, to 83.6%,
while that of the group banks moved up to 75.4%,
a rise of 0.3%.
Last Saturday's statement of the New York Clearing House banks and trust companies indicated recovery in showing a gain in surplus reserves of over
$19,000,000. The features of the report were a decline in loans and discounts of $17,410,000 and an
addition of $19,250,000 to the reserves of member
banks at the Federal Reserve institution, the latter
factor being responsible for the large addition to
surplus reserves. Net demand deposits increased
$6,217,000, to $4,310,949,000, which is exclusive of
Government deposits to the amount of $16,226,000.
Time deposits, on the other hand, fell off $9,569,000,
to $623,263,000. Cash in own vaults of members of
the Federal institution gained $1,458,000, to $45,778,000, although this item is not counted as reserve.
Increases were shown in the reserve of State banks
and trust companies in own vault of $35,000 and in
the reserve kept by these institutions in other depositories of $337,000. As a result of the addition to surplus reserves outlined above, total excess reserve
was raised to $25,4E5,800. The figures here given
for surplus reserve are based on legal reserve re-
1022
THE CHRONICLE
quirements of 13% against demand deposits for
member banks of the Federal Reserve System, but
not including $45,778,000 cash in vault held by these
members on Saturday last.
[vol.. 123.
bankers' acceptances the posted rate of the American
Acceptance Council remains at 4%. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal Reserve banks 39i% bid and 35
4% asked for bills running 30 days; 37
4% bid and 3Y1 asked for 60 days;
4% bid and 3.4 asked for 90 days, and 120 days, and
44% bid and 4% asked for bills running 150 days
and 180 days. Open market quotations follow:
The advance in call money that had been predicted
by some authorities came this week. Wednesday a
5% quotation was recorded, against 4/
1
2% for about
a week without change. The 5% level was maintained throughout the business session on Thursday
SPOT DELIVERY.
and yesterday. Time money was firmer on both days,
90 Days.
30 Days.
80 Days.
Prime e
IC
3%0U
Mani
loans for the longer periods being quoted at 5%.
FOR DELIVERY WITHIN THIRTY DAYS.
This trend of the money market is only what is ex- Prim
ble bills
3,‘ bid
b
non-member banks
374 bid
pected during the harvesting and moving of the
bulk of the season's crops. Because of the unusual
There have been no changes this week in Federal
speculative activity in the stock market during the Reserve Bank rates.
The following is the schedule
present summer, brokers' loans have continued t of rates now in effect for the
various classes of paper
increase for some weeks, with little or no interrup- at the different Reserve
banks:
tion. The statement of the Federal Reserve Board DISCOUNT RATES OF FEDERAL
RESERVE BANKS IN EFFECT
for the week ended Aug. 18 showed a further expanAUG. 27 1928.
sion in these brokers'.loans of $22,056,000. While
Paper Maturing—
the trading in stocks on the New York Stock ExAfter 90 After
but
Day8, but
change has been somewhat less active, apparently
Within 90 Days.
VVIthin TVVhin 9
FEDERAL RESERVE
Month:. Months.
there has not been sufficient liquidation to change
BANK.
Com'retal Secured
the loan account greatly. Car loadings for the week
Aorta tt by U. S. Bankers' Trade Aoricid.* Agricurt
Livestock Govern't Accepand
and
Accepended Aug. 14 totaled 1,109,557. This was the 12th
Payer. Obttga- faeces. lances. Livestock Livestock
n.8.8.
lions.
Paget.
Payer.
week this year that the figures had been above the Boston
—
4
4
4
4
4
4
New York
4
1,000,000 level. With a few exceptions railroad Philadelphia
4
4
4
4
4
4
4
4
4
4
4
4
earnings for July have disclosed good-sized, and Cleveland
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
even large, increases over the same month of last Chicago
4
4
4
4
4
4
Louis
4
4
4
4
4
4
year. The investment market continues only mod- St.
Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
erately active.
Dallas
4
4
4
4
4
4
San Franci•co
4
4
4
4
4
4
Including bankers' acceptances drawn for an agricultural purpose and secured
Dealing with specific rates for money, loans on by•warehouse
receipts, dre.
call during the week covered a range of 44@5%,
as compared with a single quotation of 432% last
In the sterling exchange market the feature o
week. Monday and Tuesday all loans on call were the week just closed was the distinct trend toward
put through at 44% (the only figure named). lower price levels which marked trading and which
Wednesday, firmness set in and call rates went up was generally regarded as a forerunner of the auto 5%, although renewals continued at 44%, which tumnal selling movement customary at this season
was the low. Thursday's range was again 4M@ of the year. Offerings of commercial bills began
5%, with 44% the renewal basis. Preparations to to make their appearance (particularly cotton) early
meet month-end settlements caused a slight flurry in the week, and although the supply at no time
on Friday and loans renewed at 5%. For the first could be called excessive, it was of sufficient volume
time since June 30 this was the only rate quoted, to cause a gradual but steady decline that sent
and the high and low for the day.
demand bills from 4 85 7-16 at the opening to
In time money the tendency was toward slightly 4 843
4. This is the first time since the second
higher levels, and before the close all maturities week in May that demand has sold below the level
from sixty days to six months were quoted at 43
4 of 4 85, and the question that came in for discus@5%, which compares with 4%@,4%% for sixty sion in banking quarters was how far the market
and ninety days and 4Y
i@5% for four, five and would be allowed to drift befere buying support
six months' money a week ago. This is the first was put forth to stop the decline. Trading was not
time that sixty day money has been quoted at 5% especially active. Buyers continue to maintain an
during the current year. Much of the limited attitude of indifference, at least So far as speculative
trading, however, was done at 47
4%. The market effort is concerned, and sellers found it necessary
was dull throughout.
to make concessions in order to dispose of their
•
Mercantile paper ruled firm with the range still holdings. In addition to pressure from domestic
I @44% for four to six months' names of choice sources, considerable foreign selling developed; hence
43'.
character, and 44@43
4% required for names not London cable rates came lower, which as usual
so well known, the same as last week. New England tended to depress local values. Aside from the demill paper and the shorter choice names continue to pression caused by the factors above noted, however,
be dealt in at 43%. Trading was fairly active. the underlying situation was regarded as favorable.
Offerings were freer, and a good demand was reported, Indications that the British coal strike is about
especially from country banks.
ready to fall of its own weight, revived hopes that
Rates for banks' and bankers' acceptances have this incubus might soon be removed and Great
again advanced, another
of 1% being added to all Britain's industrial activities return to normal promaturities in the open market list. There was not portions. In fact, the market was thought to
much doing, however, and the market was quiet and have given a good account of itself, since it is genfeatureless, as is usually the case when firmness pre- erally understood that England was a liberal seller
vails in the call loan division. For call loans against of sterling, presumably in preparation for approach-
Atm 28 1926.]
THE CHRONICLE
ing payments on funded indebtedness to this country.
Much of the confidence felt is undoubtedly due to
the gold arrivals from Australia reported at the
close of last week.
Referring to the day-to-day rates, sterling exchange
on Saturday last was easier on freer offering of commercial bills and demand declined a fraction, to
4 85 5-16@4 85 7-16, and cable transfers to 485 13-16
@,4 85 15-16; trading was quiet. Monday's market
was dull and heavy; further easing in tone sent rates'
down to 4 85 3-16@4 85 7-32 for demand and
4 85 11-16@4 85 23-32 for cable transfers. Sterling
continued to sag on Tuesday, with the Tesult that
demand declined to 4 85% (one rate) and cable
transfers to 4 85%; the supply of bills offering was
large, but a prime cause in the weakness was lack
of interest on the part of buyers. On Wednesday
oreign selling, as well as free offering of commercial
bills, resulted in a further lowering to 4 847A()
4 85 1-32 for demand and 4 85%@4 85 17-32 for
cable transfers. Sterling again sold off to a new low
on the current movement on Thursday and demand
bills ranged between 4 84,3
4 nod 4 847A and cable
transfers at 4 85%@4 85 i. trading, however, was
only moderately active. Friday's market was quiet,
and weak, with only one rate quoted, namely 4 84%
for demand and 4 853 for cable transfers. Closing
quotations were 4 843
% for demand and 4 853 for
cable transfers. Quotations on bankers' long bills
have been discontinued. Commercial sight bills
finished at 4 84%, sixty days at 4 81%, ninety days
at 4 783
%, documents for payment (sixty days) at
4803/8, and seven-day grain bills at 4 84. Cotton
and grain for payment closed at 4 84%.
No gold was reported for either import or export
this week. The Bank of England added substantially to its stocks of the precious metal. Purchases
included £400,000 in sovereigns from South Africa,
and gold bars amounting to £298,000. The Bank
exported 01,000 in sovereigns to India and £5,000
to Singapore.
Inauguration of what was regarded as actual trading in German reichsmarks, and renewed activity in
Italian lire, constituted the outstanding features of
the week in the Continental exchanges. In the early
dealings lire attracted wide attention by a sudden
outbreak of activity in futures. This was followed
by sharp declines, so that lire for 30 days' delivery
sold at a discount of 16 points, against 5 points two
weeks ago, while 90 days went up to 25 points discount, against 14 points a short time ago. Heavy
buying of spot lire by a prominent Italian banking
concern, with official connections, in conjunction
with sales of futures, led to the belief that this movement had the approval of the Italian Government.
In fact later on, it was claimed that the whole was
little more than an effort on the part of Government
operators to squeeze out the large outstanding short
interest, which is said to be standing in the way of
Italy's stabilization plans. It is understood that
shorts have been persistently extending their positions
by covering their futures as they fall due, by buying
spot and simultaneously selling new futures. The
theory, therefore, that gained most general credence
was that semi-official interests close to the Italian
Government were supporting spot rates while at the
same time depressing futures, making it thus expensive to extend short positions. The results of this
maneuvering was to induce extensive fluctuations in
1023
quotations and spot lire declined locally from 3.273/
2
to 3'.20; then up to 3.29, off to 3.223/i and back again
to 3.31, closing at 3.253, although dealers in this
market took only a. minor part in the transactions
and quotations were simply a reflex of movements
abroad. •
Later in the week reichsmarks, which have been
held at within a fraction of 23.81 since the replacing
of the old German mark with the new currency
under the operation of the Dawes Plan, advanced
23/2 points to 23.833/2 (for cables). The movement
attracted much attention, and following as it does
so shortly the lifting of official supervision and
removal of the ban on free trading in marks, was
interpreted as foreshadowing the re-establishment
of a free gold market in Germany in the very near
future. It was claimed that withdrawal of the
$30,000,000 earmarked gold from the New York
Federal Reserve Bank was preparatory to this
move. What lent color to this belief was the receipt
of cable advices from London to the effect that
the Reichsbank was contemplating the removal of
restrictions so that mark rates could fluctuate
between gold points, in accordance with current
market conditions. None of this, however, was
officially confirmed, and before the close there was a
recession to 23.81.
French francs were relegated to second place and
were somewhat neglected. Trading was relatively
quiet and rate changes confined to about 5 to 8
points, the range being 2.87 to 2.793/
2. The outlook
is regarded as more encouraging and the undertone
was buoyant much of the time, the feeling being that
France's financial and economic affairs are now in
capable hands and that an excellent start toward
recovery has been made. What was regarded as a
peculiarly encouragir g feature was the progress that
has been made in the direction of deflation, as shown
in recent Bank of France statements. Belgian
francs were inactive but firm, at about 10 points
under the French unit. Greek exchange responded
to the new Military revolution by an advance of more
than 7 points, carrying the drachmae up to 1.173/2;
this was regarded by some as indicating general
approval of the new regime and confidence in the
policies of President Condylis and his Government.
Traders here, however, did not take the advance very
seriously, pointing out that similar advances have
accompanied most previous revolutions and very
rarely proven permanent. As a matter of fact, before
the close the quotation dropped back to 1.13. In
the minor Central European division, movements
were unimportant. Polish zloties were firm and
advanced to 11.70, while Rumanian lei rose to
%, though without special activity to account
0.483
therefor. In the late dealings, as already noted, a
falling off in drachmae quotations occurred in conjunction with the withdrawals of quotations from
Athens. The action caused no alarm, since no
matter what political coup is contemplated by the
new Greek Government losses in this market would
be trifling. American interests have for years past
kept drachmae balances down to a minimum.
The London check rate on Paris finished at 169.00,
as compared with 172.00 a week ago. In New York
sight bills on the French centre closed at 2.86, against
2.853; cable transfers at 2.87, against 2.863., and
commercial sight bills at 2.85, against 2.843 the previous week. Quotations on sixty-day bills have been
dropped because of the falling off in the volume of
1024
[VoL. 123.
THE CHRONICLE
business transacted in long bills. Antwerp francs
finished at 2.763/ for checks and at 2.773/ for.cable
transfers, in comparison with 2.74 and 2.75 a week
earlier. Final quotations for Berlin marks were 23.81
for checks and 23.83 for cable transfers, against 23.79
and 23.81, the previous figures. Austrian schillings,
however, continue to rule nominally at 143/
8. Lire
finished the week at 3.25%for bankers'sight bills and
at 3.2634for cable transfers. A week ago the close was
3.273/i and 3.2834. Exchange on Czechoslovakia
closed at 2.96M (unchanged) on Bucharest at
0.484, against 0.47; on Finland at 2.52, against
2.5234, and on Poland at 11.70, against 11.00 last
week. Greek exchange finished at 1.13 for checks
and at 1.13% for cable transfers, as compared with
1.103/2 and 1.11 a week ago.
Trading in the smaller Continental currencies (the
former neutrals) was colorless and exceptionally dull.
Rate variations showed no particular trend, though
the market was inclined to weakness. Guilders declined in sympathy with sterling, and touched as low
as 40.033/2. Swiss francs were fractionally. off. The
Scandinavians were steady but closed at small net
declines. Spanish pesetas ruled firm for a while,
then sagged off some 20 points to 15.293/
2, chiefly on
realizing sales.
Bankers' sight on Amsterdam finished at 40.033/
2,
against40.08; cable transfers at40.053/2,against40.10,
and commercialsight at 39.9932,against 40.04 a week
ago. Swiss francs closed at 19.29 for bankers' sight
bills and at 19.30 for cable transfers. This compares
with 19.3134 and 19.3234 the preceding week. Copenhagen checks finished slightly easier at 26.50 and cable
transfers at 26.54, against 26.54 and 26.58. Checks on
Sweden closed at 26.72 for checks and at 26.76 for
cable transfers, against 26.74 and 26.78, while checks
on Norway finished at 21.86 for checks and at 21.90
for cable transfers, against 21.89 and 21.93 the week
previous. Spanish pesetas closed the week at 15.2934
for checks and 15.313 for cable remittances,in comparison with 15.49 and 15.51 last week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUG. 21 1926 TO AUG. 27 1926, INCLUSIVE.
Noon Butane Sale for COM Transfers in New York.
Value In Untied States Money.
Country and Monetary
Unit.
Aug. 21. Aug. 23.Aug. 24.Aug. 25. Aug. 26.Aug. 27.
EUROPE$
$
$
S
$
Austria, whiling
.14077
.14076
.14082
.14074
.14082
.14093
Belgium. franc
.0275
.0272
.0275
.0274
.0275
.0275
Bulgaria. ley
.007306 .007250 .007272 .007256 .007261 .007256
Czechoslovakia, krone .029619 .029611 .029619 .029621 .029620 .029619
Denmark, krone
.2657
.2656
.2656
.2655
.2655
.2655
England. Pound sterling
.8579
.8564
4.8559
4.8547
4.8533
8518
Finland, markka
.025200 .025200 .025202 .025207 .025207 .025208
France, franc
.0286
.0283
.0284
.0285
.0285
.0286
Germany, reichsmark .2381
.2381
.2381
.2382
.2383
.2383
Greece, drachma
.011041 .011327 .011680 .011758 .011510 .011335
Holland, guilder
.4010
.4008
.4008
.4007
.4005
.4005
Hungary, pengo
.1755
.1755
.1755
.1756
.1755
.1758
Italy, lira_
.0327
.0323
.0325
.0330
.0328
.0326
Norway, krone
.2192
.2192
.2192
.2192
.2191
.2190
Poland,zloty
.1070
.1095
.1098
.1093
.1108
.1098
Portugal, escudo
.0512
.0513
.0513
.0514
.0513
.0513
Rumania,leu
.004681 .004734 .004811 .004832 .004818 .004847
Spain, peseta
1547
.1541
.1539
.1531
.1534
.1540
Sweden, krona
.2677
.2676
.2677
.2676
.2676
.2676
Switzerland. franc
.1932
.1931
.1931
.1930
.1930
.1931
Yugoslavia, dinar
.017654 .017652 .017646 .017650 .017643 .017642
ASIAChinaChefoo, tadl
.7069
.7158
.7196
.7183
.7198
.7190
Rankest.,tadl
.6939
.7053
.7102
.7113
.7105
.7094
Shanghai, tael
.6803
.6848
.6914
.6896
.6904
.6890
Tientsin, tael
.7094
.7163
.7210
.7183
.7190
.7196
Hong Kong, dollar_ .5267
.5298
.5329
.5331
.5325
.5354
Mexican dollar__ - _ .4983
.5019
.4968
.5013
.5038
.5018
Tientsin or Pelyang.
dollar
.4904
.4925
.4971
.4930
.4954
.4958
Yuan, dollar
.5013
.4892
.4917
.4925
.4942
.4938
India. rupee
.3642
.3639
.3636
.3636
.3636
.3637
Japan, yen
.4799
.4793
.4775
.4789
.4784
.4793
Singapore(S.S.).dollar .5613
.5613
.5608
.5608
.5613
.5615
NORTH AMER.Canada, dollar
1.001418 1.001417 1.001479 1.001531 1.001615 1.001696
Cuba. peso
.999219 .999219 .999219 .999219 .999250 .999373
Mexico. peso
.486833 .486500 .486733 .487500 .487333 .487500
Newfo.mdland, dollar .998656 .998688 .999688 .998719 .999063 .999094
SOUTH AMER.Argentina. peso (gold' .9195
.9192
.9178
.9178
.9178
.9180
milreis
.1538
.1537
.1534
.1532
.1534
.1533
Chile, peso
.1213
.1213
.1213
.1213
.1213
.1213
Uruguay,peso
1.0076
1.0007
1.0085
1.0072
1.0060
1.0663
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,202,194 net in cash as a result of the currency movements for the week ended Aug. 27.
Their receipts from the interior have aggregated
$7,345,094, while the shipments have reached $1,142,900, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended Aug. 27.
Banks'Interior movement
Into
Banks.
$7.345,094
Out of
Banks.
Gain or Loss
to Banks.
$1.142,900 Gain $6.202.104
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The FedSthrth American exchange was easier and only eral Reserve Bank of New York was creditor at the
moderately active. Argentine paper pesos after Clearing House each day as follows:
ruling at 40.45, turned weak and declined to 40.37 DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK
for checks and 40.42 for cable transfers, then finished
AT CLEARING HOUSE.
at 40.44 and 40.49, against 40.46 and 40.51 last week, Saturday, Monday,
Tuesday. Wednesd'y, Thursday. Friday,
Aggregate
while Brazilian milreis also lost ground but finished Aug.21. Aug. 23. Aug.
24. Aug. 25. Aug. 26. Aug. 27.
for Week.
higher, at 15.35 for checks and 15.40 for cable trans$
$
fers, in comparison with 15.31 and 15.36 a week ago 78,000.000 93,000.000 80,000,000 83.000,000 75.000,000 77,000,000 Cr. 486,000,000
-The foregoing heavy credits reflect the huge mass of checks which come
Chilean exchange was strong, advancing to 12.20, toNote.
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.
then reacting and closing at 12.10, against 12.05, however,
reflect only a part of the Reserve Bank's operations with the Clearing
while exchange on Peru moved up to 3 90 and finished House institutions,
as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
at 3 87, against 3 86 last week.
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
The Far Eastern exchanges were quieter. Recovery Bank
for collection for the account of the local Clearing House banks.
in silver had a strengthening influence on the Chinese
currencies, while Japanese yen lost ground slightly.
The following table indicates the amount of bulThe remainder of the list was unchanged. Hong lion in the principal European banks:
Kong finished at 53 15-16@54%, against 53.00(4)
Aug. 28 1926.
Aug. 27 1925:
53.20; Shanghai at 69M@)70, against 683'@68%; Bank* of
Gold.
Silver.
Yokohama at 47.85@48.00, against 48.25@48.30;
Total.
Gold.
Total.
Silver.
2@49%; Singapore,
Manila, 49/
8@49 i, against 493/
£ •
England -- 154.805,514
154.805.514 163.194 222
163,194.222
56/@)56%,(unchanged); Calcutta 363@36%,(un- France a__ 147.374,981 13,520,000160,894,981
147,307.086 12,440.000 59,747.086
Germany e 61,612.000 d994, 00 62.606.600 51.640.750 d994.600 52.635.3W
changed), and Bombay 363/2@36% (unchanged). Spain
102.253,000 26.759.000 129.012.000 101.465.000 26.176,000 27,641.000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secrets/y of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Italy
Netherrds.
Nat. Bela.
Switzeri'd.
Sweden_
Denmark
Norway
35,470.000
35.019.000
10,955.000
16.807,000
12,1 74.01)0
11,619.000
8,180,000
2,290.000
2,324,000
3.438,000
3,527,000
37.760.000
37,343.000
14,393.000
20.334.000
12.674.000
854.000 12,473.000
8.180.000
35.607.000
34,535.000
10,891,000
20.936.000
12,957.000
11.635.000
8,180.000
38.953,000
36.467,000
14.188.000
24,505.000
12.957.000
1,150.000 12.785,000
8,180.000
3,346.000
1,932.000
3,297,000
3,569,000
Total week 596,769,495(53.700.600650.476.095598.348.058 52,904.600 651,252.658
Prey. week 596.111,033 53,747.600649,858 633607.297,953 52.885,600660.183.553
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. C Gold holdings of the Bank of Germany this year are exclusive
of £13,015,000 held abroad. d As Of Oct. 7 1924:
Auc. 281926.]
THE CHRONICLE
Revolution and Parliamentary Government in
Greece.
the
to
seems
fate
be
of Greece to go rapidly from
It
revolution
another,
to
each of the series as sudone
den and insubstantial as its predecessor. On Jan. 3
General Pangalos, who was also Premier, declared
himself dictator, for the purpose, it was said, of ridding Greece of the evils of Parliamentary Government. Last Sunday morning the people of Athens
learned that Pangalos had been overthrown by another soldier politician, General Condylis, who promised a coalition Government and a new election,
General Pangalos, who was captured while trying
to escape, is reported to have been imprisoned in
Crete, and a number of army officers and others have
been arrested. Neither of these revolutions, it
would seem, differs greatly from most of those
which have gone before, and each illustrates the political instability and restless desire for change
which, to many observers, seem inherent in the
States and peoples of southeastern Europe.
The story is worth recalling.. On the heels of the
collapse of the Greek war with Turkey in Asia Minor,
in September 1922, a military revolution headed by
Colonel Plastiras overturned the then existing Ministry and forced King Constantine to resign. At the
orders of the new Ministry, three former Premiers,
two former Ministers, and a general who was held
responsible for the disaster in Asia. Minor, were
tried for treason, and in December were executed
with a brutality which sent a shock throughout
Europe and America. The King's brother, Prince
Andrew, was also tried for treason, deprived of his
honors and exiled, and in January 1923, King Constantine died at Palermo, Sicily. Before the year
was over the Corfu incident, in which Greece was
mulcted in damages to the amount of 50,000,000 lire
on account of the assassination of five Italian boundary commissioners in Albania, prepared the way
for further political changes. Backed by a strongly
anti-monarchist National Assembly which was
elected in December, the provisional Government
under which the country was still administered
drove out George II, the successor of Constantine,
with his Queen. Then came a regency, a short-lived
Ministry under Venizelos, and a rapid succession of
other Ministries, ending in March 1924 with the
transformation of Greece into a republic, duly proclaimed on May 1 after a plebiscite had endorsed the
change by a vote of about two to one.
Under this regime, with the Regent acting as ternporary head of the State, Greece continued until
June 1925, when General Pangalos suddenly demanded the resignation of the Michalakopoulis Government, which had held office since the previous
October, and threatened to bombard Athens if the
demand were refused. Pangalos, who had taken a
prominent part in the events of 1922 and 1923, was
the recognized leader of the Greek militarists, and
the Government lost no time in yielding to his ultimatum. Thereupon Pangalos assumed the Premiership, extracted from Parliament a vote of confidence,
and prorogued that body until October, at which
time he promised that an election should be held.
His administration as Premier, however, was a dietatorship in all but name, and the coup d'etat which
he executed on Jan. 3 of the present year amounted
to nothing more, as far as the substance of Greek
1025
government was concerned, than a recognition by
fiat of a state of personal rule which had all along
obtained.
The inauguration of the formal dictatorship was
immediately followed by the virtual suspension of
the Greek Constitution, the prohibition of the promised election of Senators and Deputies, and a general repudiation of Parliamentary Government
voiced in a style strongly suggestive of Mussolini.
The particular reasons for the dictatorship, aside
from the general incompetence of the previous Ministry, were declared to be the irritation of Greece at
the violent attacks upon the country in the press of
Jugoslavia, the neutrality agreement between Russia and Turkey, the negotiations of certain Balkan
Governments with Turkey, and the failure of Greek
diplomacy to prevent the humiliation of Greece at
Geneva in the settlement of the controversy between
Greece and Bulgaria. Unfortunately, the rule of
Pangalos was attended by few reforms comparable
to those which have seemed to make the tenure of
Mussolini secure and reconstructive. The most spectacular feat was the decree of Jan. 23, dealing with
currency and finance. By the terms of the decree
the nominal value of bank notes in circulation, except notes actually deposited in banks and notes of
25 drachmas or less, was reduced one-fourth, while
notes of denominations over 25 drachmas were ordered to be cut into two unequal parts, the larger
part representing thereafter three-fourths of the
value of the original note, while the smaller portion
constituted one share in a new forced loan bearing
interest at 6%. The amount of the loan which was
obtained by this extraordinary process was estimated at 1,250,000 drachmas.
Every dictatorship encounters opposition sooner
or later, and that of Pangalos was no exception to
the rule. Rumors of anti-Government plots led in
February last to the arrest of two former Premiers
and a number of officers, and their exile to remote
islands, and a number of Opposition newspapers
were suppressed. In March Admiral Condouriotis,
who had been Provisional President since the formation of the republic, resigned, apparently unwilling to continue longer in an office which Pangalos
had rendered merely ornamental. The resignation
was immediately followed by an election, conducted,
however, in a fashion which made it a farce. Alleging that it had been impossible to complete arrangements for the election in 23 of the 35 provinces, the
polling in those provinces, which was to have taken
place on April 4, was postponed by the dictator for
one week at a day's notice. In the other provinces
Pangalos received about 90% of the votes, and the
same percentage was recorded when the 23 provinces
finally voted on April 11. Before the second vote
had been taken, Pangalos announced that he would
continue to hold the office of Premier, together with
that of President, until Parliament met. On April 6,
still five days before the 23 provinces were to vote,
a decree was issued altering the Constitution so as
to authorize the President to dissolve the Chamber
of Deputies at any time during its term. On April
18 Pangalos was duly inaugurated as President, p0.
litical prisoners, including a number of journalists,
were released, and assurance was given that the dictatorship would end the following day. The ending
did not arrive; before another month the dictator
had changed his mind, and the nation was presently
1026
THE CHRONICLE
[VOL. 123.
informed that the dictatorship would continue in- industry rather than persons we might, after a fashdefinitely.
ion, reverse the order of primacy. Power that turns
The month of July saw further Ministerial the wheels comes from electricity generated by the
changes, with more arrests and exiles, and the an- use of coal or by steam derived in the same way.
nouncement of elections early in September. It was Employment of these agencies is well-nigh universal
to end, nominally at least, this unconstitutional re- among the people. Electric light, heat and power
gime, restore Parliamentary Government and insure companies are operating in almost every community.
a free choice of members of Parliament, that the Small plants are being linked into local systems and
coup of last Sunday night appears to have been the dream of joining these systems into one giganplanned and carried through. The Pangalos Gov- tic system for the whole country, a unified system
ernment fell without resistance, and a new revolu- capable of interchanging these utilities in one nevertionary administration headed by General Condylis failing comprehensive service, is entirely within the
took its place. Admiral Condouriotis has resumed bounds of financial and practical reason.
the office of President to which the fourth National
Mr. Insull has performed a distinctive service to
Assembly originally elected him, and the army and public thought at this time by emphasizing the difnavy, it is reported, are ready with their accustomed ference between ownership by the public at large as
support. The attempt to form a coalition Govern- individuals and ownership by the municipality or
ment, however, which was one of the professed ob- State. And it is, to put it in other words, the difjects of the new group of revolutionary leaders, ap- ference between private ownership and paternalism
pears to have encountered difficulties, and late dis- or Socialism with the State in charge of these utilipatches report the formation of a so-called "business ties. Save for some instances of municipal ownerCabinet," with General Condylis as Premier and ship, we have private corporations engaged in furvirtual dictator. The long-deferred Parliamentary nishing these utilities to the people. Owing to the
elections are now, it is said, to be held on Oct. 24, necessity of applying to political powers for priviunder a new electoral law which establishes a sys- leges essential to operation, there has grown up
tem of proportional representation.
what are known as Public Service Commissions inThere is small reason as yet for believing that the stituted for the purpose of supervision, regulation
new Government of General Condylis will have a less and control. These Commissions have been insticheckered career than that of General Pangalos, or tuted in an atmosphere, if we may use the term, of
'that Parliamentary institutions will grow in popu- antagonism to corporations, arising, often, in politlar esteem as long as Governments are made and ical rivalry and popular sophistry. Monopolies have
unmade at the whim of military leaders and with been the animadversion of both. That this feeling is
the aid of troops and ships of war. The most that dying out may be attributed to two influences—the
may be hoped for at the moment, apparently, is that appreciation of the service performed and the physthe Condylis Government may so conduct itself as to ical spread of the companies. The city plants have
give no occasion for outside intervention. The po- been extending their antennae into the country. The
litical situation in the Balkans and the eastern Med- home has come more and more to depend on the geniterranean is too delicate just at this time to be dis- eral service. And the transmission has become so
turbed without risk of serious consequences.
scientific and universal that the advantages gained
by franchises have been constantly reduced. Now,
there are evidences that transmission will some time
"Public Ownership" vs. "Municipal"—
be able to dispense with wires, making still more
Mr. Insull's Views.
free the service to the people, regardless of political
‘. . . What I am deliberately after is public divisions and subdivisions. It does not follow that
ownership—not municipal ownership, but public all forms of regulation by the State will disappear,
ownership, that will result in a vast army of stock- but it does follow that the old fear of monopoly enholders (and we have 500,000 of them in the State gendered by Governmentally granted privileges to
of Illinois to-day) to stand guard over their own use streets and highways will largely disappear.
property. When the junior securities of all these
If, then, stock ownership is disseminated among
public utilities are owned by the people themselves, the masses we shall have a new attitude not only
as individuals, you will hear less about municipal toward corporations themselves, but toward the
ownership; you will hear less about attacks upon idea of regulation and control by the State. A study
public utility interests, and you will find that the of the securities put out by public utility corporasenior securities we have put out will be very desir- tions in recent years will disclose that this linking
able collateral." So spoke Samuel Insull to an inter- up process (often called consolidation) has
been proviewer who wrote of him as follows in the New York ceeding constantly and upon lines that are independ"Times" Magazine of Aug. 15. "To-day Insull is the ent of political divisions. The geography of these
directing head of utility properties with an aggregate consolidated light, heat and power companies
is
value in excess of $1,000,000,000. In none of them, guided to a great extent by the necessities of conso far as the records show, are his stock holdings gested populations, the location
of facilities for the
dominant. With a dozen presidencies and chairman- manufacture of the
services both as to fuel and
ships, he is perhaps the most important public-ser- plant. And it is perfectly true
that the sale of these
vice employee in the world."
securities and stocks over wide areas will prove an
The growth and spread of utilities companies in educational factor in solving many
of the problems
the United States is one of the most interesting and associated with private ownership
and management,
important phases of our industrial advance. Utili- and non-ownership regulation and
control by Govties are those things we must have, the necessaries ernmental divisions or entities.
One of the greatest
of life. Light is first, heat second and power third. disadvantages of this so-called
State or municipal
Yet, when we apply these utilities to the service of control by Commissions is that in a rigid application
1
AUG. 28 1926,]
THE CHRONICLE
1027
of their political power they tend to prevent a free tag of formal appraisal which each hearer and deand full dissemination or exchange of the service bater going home is to make for himself.
performed, advancing the cost by limiting the area
Much that was said went to the public through
and substituting an artificial and to a great extent the newspapers. But two events came so unexpectimpotent control for a real one founded in knowl- edly in the midst of labored address or in crowded
edge, interest and necessity.
hours that their full significance seems not to have
On the other hand, it cannot be said that State as been caught. One was an account of the sudden
opposed to national control is not without its bene- and decisive use of a recent scientific invention in
fits. Railroads and public utilities freed from the a great national emergency; the other the story of
supervision and quasi-control of States and then a heroic attempt at whatever cost to put an end for
consolidated into great all-embracing systems, all time to a bitter international controversy.
might, as we so often say, become stronger than the
Before a packed audience of the members in one
Government. This is only true, however, when we of the Conferences Sir James Irvine ventured to
think on Government as party-rule-in-office. Under turn aside from the discussion to tell of the remarkour Constitution, the corporation, being an arti- able service of the radio promptly taken over by the
ficial person with perpetual life, being a commer- British Government in the recent general strike.
cial and financial device for preserving private own- The morning of the strike, he said, Britain seemed
ership of property while at the same time diffusing suddenly to die. There was complete stagnation.
it among the people, has a right, save for nominal Alarm was everywhere. Rumor freighted with peril
restrictions, to exist without regard to size or loca- spread -with lightning rapidity. The Prime Ministion, though born of the State. It is commonly ter promptly seated himLelf at the radio and four
known in some form to all the States. The diffi- times daily spoke officially to the whole country.
culty is in exercising rigidly so many controls. The He told of the exact hourly situation. It was as if
advantages of consolidation lie in their conformity he was persona* addressing every Englishman.
to a natural and scientific advance which does not He repeated the Government's pledge of protection
and cannot know State lines or boundaries. It fol- for all. One by one as immediate need arose and
lows that more widespread ownership of shares will was described to the public it was met. Train schedbring a larger number of citizens into intimate study ales were announced frdm day to day as volunteers
and knowledge of these perplexing problems and re:ponded. Overworked girls, unable to go and come
result in a demand for a more liberal control by po- from their homes were carried back and forth in
litical powers and one more in conformity with the private cars, and Government officials working day
primal underlying laws that while they cannot be and night were given the hospitality of neighboring
evaded tend to make service the law of freedom.
houses. Within two days the supply was adequate.
The ownership of corporate shares by the people Calmly and accurately all current news, even the
has another advantage not to be overlooked. Great announcements of the strikers and of acts of vioconsolidated corporations that give the largest ser- lence, were reported. Mr. Stanley Baldwin himself
vice at the least cost are constantly changing the often spoke directly to the people and his melodious,
manners and customs of business. The small plant deliberate voice was quickly known to all, giving
that cannot stand against that service obtained new confidence.
through the large corporation must inevitably ultiAs the struggle proceeded Britain waited for inmately go down. Yet, due to the corporation, the struction. Among the listeners there was quick
small owners may become stockholders and not sel- demand for "loud speakers" that all the family or
dom to their advantage. It is not a valid argument group might hear for themselves. Even friends and
to say that small plants and small dealers are being relatives of the strikers participated, and many in"squeezed out." This "squeezing" process is due to dustrial firms reproduced its messages on printed
faulty human nature and not to the natural advance, sheets, and these were carried to the centres from
The diffusion of stock holdings among the users of which Communistic tales were irrespondbly disutilities gives them a legitimate share in the profits seminated. When the end came at 1 p.m. the last
to which they themselves contribute, while the dif- day and the announcer was saying that the milk
fusion of stock holdings among workers in the utili- supply in London was again.normal and 2,500 trains
ties must show them that they cannot sap the profits were running on the London North Western Bailin wages and still receive dividends. This form of road, he paused and said: "Listen, I have
an offipublic ownership will be and must continue to be cial communication from
No. 10 Downing Street.
free from political interference and control in just The general strike
is ended." You could almost hear
the proportion that State Commission control is the gasp of relief going
up from 40,000,000 people.
made to conform to natural laws of control. (Wring At 8 o'clock we were
summoned to listen to the proto a latent and sometimes active enmity, utility cor- ceedings of the Cabinet.
The leaders of the strike
porations have had often to fight for life and not had asked to be F;resent. They
spoke for themselves.
always have they fought fairly.
Then Mr. Baldwin was heard asking. "Did you say
the strike ends now?" "We said, 'Forthwith.'"
Two Notable Events at the Institute
"Then you mean, at once and unconditionally?" And
of Politics.
all England heard their answer: "We do," and the
The Institute at Williamstown has closed—the Minister's reply, "I thank God for that!" Then
folCaptains and the Kings, in the person of the experts lowed what was not less important;
Mr. Baldwin
and authorities, have departed; they were challenged spoke to the nation. He thanked them for
their refor their facts which were produced without reserve; sponse to the crisis and appealed for
magnanimity
discussion was eager and constant, from first to and even mercy to those who had
vainly attempted
last the desire for truth and its authority led, but to hold up a nation. The spirit of
vindictiveness
that was to be gathered and taken away without the was growing fast, and this appeal
saved the situa-
1028
THE CHRONICLE
[Vox.. 123.
tion. The evidence appeared the next day, when the seen by other eyes than those of the writer and the
agreement was read and Mr. J. H. Thomas, the recipient, the latter papers constituting 90% of the
leader of the trades unions, was heard saying to his whole, all were to be arranged and published with
constituents that the railway masters had shown strictest accuracy and without comment. Realizing
themselves to be big men and had done the "big the gravity of his task and the obloquy and rething," and urging the men to show their gratitude proaches that would surely fall upon him, of which
by honest work. The radio, which in large measure he has already ample experience, he could say that
defeated the strike, had also healed its wounds. En- he has undeviatingly adhered to his instruction.
thusiastic applause was the response to Sir James's When questioned as to his impartiality and sinceraddress.
ity, he could simply refer to his own heredity from
The other event occurred in the course of one of the men who in '48 staked their lives in the struggle
Dr. Mendelssohn-Bartholdy's public lectures on "The for freedom in Europe, and his own life-work as a
European Situation." After reviewing at length searcher of records for historic truth.
from early days the various conceptions of Europe
The record is now to be read of all. He has stated
as an entity, and coming down to to-day, he went out the case exactly as it is found in the German docuof his way to pay homage to Stanley Baldwin, the ments, and he added only the statement that no
British Premier, for the supreme deed of post-war monarch since Queen Victoria was tempted to disstatesmanship when he summoned Great Britain to closed himself in the way the Emperor was in writpay the war debt to the United States. He knew ing his mood of transient emotion, of anger or adthat the world needed restored confidence in a na- miration, disappointment or approval in a marginal
tion's keeping faith. Proceeding, he said he would note by his own hand on the documents his Ambaslike to see Europe going in the narrow path with sadors and Ministers laid before him. As recorder
Mr. Baldwin. Quoting the phrase "Only be clear he left it there.
about what is finally right, whether you can do it
At the opening of the next lecture he felt called
or not, and every day you will be more and more able upon, in reply to inquiries, to say: "I hold no brief
to do it if you try"; he spoke of debt as inevitable for the German Emperor. I was brought up as a
for all men, if only to their mothers, and of the spe- Republican, and I think I may say that I am on the
cial obligation of the debt owed to those who laid proscription list of our monarchists, but I am bound
down their lives for their country, believing in its in justice to say that William the Second, as the
good and true cause. Lip service will not do. We documents show him, was a man who strove for
are asked by them to pay by doing our best to sup- peace as hard as did any man of his time. He strove
ply for their children in every country what pre-war so hard that the militarists called him a coward and
politics have not done for them either here or there. more than once formed plans to depose him. I
Everywhere to-day there is searching of heart. As would add this, that in the one question where I
one who has lived through the last ten years in the think our Foreign Office was wholly wrong, the
middle of Europe, he could say that defeat is a great question of Germans going into Morocco, the Emstimulant. Few men would have said it in 1919; peror was from first to last opposed to the policy,
many can see it now. With those in the war there and did his best to smooth over every difficulty with
was a going down, down, down, till for all it seemed France growing out of it. Furthermore, there is
that the bottom of the well had been reached. absolutely no doubt about the Foreign Office having
Searching of heart there was. Then, to show what complete control of which documents should be laid
that means to-day in Germany, that all may know, before the Emperor and which should not. He never
he told this story:
got the reports of the Ambassadors directly, and in
In the summer of 1919 the German Government the last years before the war he was often kept in
determined that the secret cabinets of the Foreign the dark for weeks and months, and he complained
Office should be opened for a small, independent bitterly about it."
committee fixed at three, to seek and publish every
He gave illustrative details to show the completedocument bearing upon even the remotest origin of ness of this official and diplomatic responsibility,
the war. He was one of the three, and from one and the strength of the military and naval control
cause or another he becpme the only one to under- and the extent to which in consequence matters got
take the ask. Leaving his home in Hamburg and his out of even the Chancellor's hands and unmistakable
20 years of work as a student of legal procedure, he warnings were ignored. Had he needed he might
transferred himself to the innermost chambers of have used Great Britain's story of how at Brestthe Foreign Office in Berlin. There in closest seclu- Litovsk Ludendorff overrode and reversed
the Emsion he found 15,000 documents of the diplomacy of peror on the offer of an armistice to
Russia.
the great years from the Peace of Frankfort to the
The speaker offered no criticism, but referred to
days of Sarajevo, 43 years, as described in 1918, of the documents themselves and called attention
to
"the great game, now forever discredited, of the the fact that even in the most
critical hours the
balance of power." His task as to-day completed and records show that men entirely misapprehe
nded
coming forth in 55 volumes in Germany, to be trans- words addressed to them as now
proved by conflictlated in English and then epitomized in three vol- ing reports where there is no
reason to charge inumes, he proceeded to describe.
tent. Admitting that the statesmen of that day
Documents the most secret and of every kind from went the way which in Sir
Edward Grey's words
every cabinet were opened to him. Official papers leads to "disaster, death and damnation,
" and many
in the various forms in which they were changed think they tried to do their best
and that they could
passing through official hands, bearing even the fre- not prevent the mischief
he protests that their
quent and unreserved marginal comments of the method of alliances and ententes
based on armaEmperor, and also the reports and personal com- ments and conflicts and never on works of peace
munications to and from Foreign Ministers, never but with secret agreements and the great game of
AUG. 28 1926.]
THE CHRONICLE
the balance of power everywhere with the booty
policy in full swing, make them all responsible. An
atmosphere of lying on the greatest scale and of
make-believe which deceived nobody, made the war
when it came an utterly senseless thing!
He would not do away with diplomacy. We are
out for better things. This Institute of Politics is
giving invaluable help, he said, and others in London and Hamburg are trying to do the same. We
need all that the historians care to teach us for the
welfare of the world. We face a task which by its
grandeur, by the appeal it makes to every political
worker will drive the small quarrels and intrigues
of the past out of our life.
A storm of applause broke the profound silence
that had attended his words. He had modestly withdrawn, but once returned, and then he disappeared
while all stood to express their profound appreciation. The Institute had achieved a notable success
of which this was worthy evidence. The leading
personalities and the moving addresses, of both of
which there were not a few, will not be forgotten or
swallowed up in the four weeks of unceasing debate.
Extending Federal Reserve Charters.
[From the New York "Journal of Commerce," Aug. 27 1926.]
Oscar Wells, President of the American Bankers Association, in his call for the session at Los Angeles, comments
especially upon the "Federal legislation dealing with extension of the twelve Federal Reserve banks." He notes
that bankers who may attend the convention will be able
to find out what other bankers think about this and other
matters of professional significance and he remarks that in
general there is "no greater array of subjects of paramount
interest" that has ever been presented at a similar session
than will make their appearance at Los Angeles.
Undoubtedly Mr. Wells is right. He neglects to remind
the bankers that a number of these topics have been united
together into a single bill and have thus been prevented
from coming to full and free discussion. Particular harm
has been done by linking this question of the extension of
Reserve charters with a number of other topics which have
nothing to do with it. The question of the extension of
Reserve charters and the terms under which they should be
extended are of fundamental significance to every banker in
the country. The Los Angeles convention ought to express
itself about them and insist that Congress be given a chance
to vote on the subject free of any unrelated topic.
"Corn-Tassel" Currency.
[From the New York "Journal of 'Commerce," Aug. 17 1926.]
News that discussion is now in progress with a view to
bringing about the eligibility of "cottonseed notes" as collateral or as paper eligible for rediscount at Federal Reserve banks again calls to public attention the question of
our current standards of banking liquidity. When the Federal Reserve Act was under discussion in Congress sharp
exception was taken to it because of the fact that it did not
provide for making what was then called "farm paper" a
basis for note issue. The argument was pressed so strongly
and to such extremity at times that jocose legislators referred to it as a demand for "corn-tassel currency." But
the Federal Reserve Act was passed without any undue
concession to this interest, although bankers at the time
were very fearful of the possible result.
As time has gone on the management of the Federal Reserve System has yielded to the idea of discounting collateral paper instead of notes exclusively representing actual
sales. A very large percentage of paper which goes to
Reserve banks is now based upon commodities in storage
which have not been sold and whose sale is likely to be
deferred for a good while. Even bankers' acceptances which
were always said to be representative of particularly liquid
transactions have, especially those of the domestic variety,
come to be little more than warehouse paper. From time to
time one farm product after another has been added to the
1029
list which may be warehoused to be used as a basis for
borrowing on notes that are to be eligible in the Reserve
System. Tobacco is one of the latest, and there would
seem to be no reason why cottonseed should not be added.
The question how far we shall go in thus accepting farm
products or indeed any other "staple" article in warehouse
but not sold as a basis for currency through Reserve bank
rediscounting is one of utmost significance. It does not
figure very largely as an immediate problem at a time when
Reserve banks have a large supply of surplus gold and
when other countries are in no position to draw that gold
away from them. In any other circumstances it would be
of vital importance. Circumstances change and banking
conditions change with them. The bad precedents that are
being made now cannot be hastily thrown off but will continue to exert their effect for a long time hereafter. The
compromises already made in the Reserve System with the
discounting of non-liquid paper have gone much too far and
should be corrected.
But to correct them at all thoroughly it would be necessary to rectify a whole series of decisions and rulings.
Suggests State Regulation of the Investment
Trust.
Boston, Aug. 24 1926.*
Editor, The Commercial ctnd Financial Chronicle,
New York, N. Y.
Dear Sir: A new financial institution, the investment
trust, is developing in this country. The principle on which
it is founded is old, sound and successful. It is the principle
on which the insurance company is based. This new institution can be of great service to small capitalists who form
to-day so substantial a part of our total population.
Five years ago there were in this country few investment
trusts of any size offering to serve the public. To-day there
are many and the public is vastly interested in this new,
attractive and useful instrument. Like many a sound idea,
however, which is new, this one is subject to possible exploitation and misuse.
An investment trust is in essence an association of capitalists, usually of small means, who combine their surplus
resources so as to create a fund large enough to be invested
efficiently and safely. The mutual savings bank of Massachusetts and New York is somewhat the same sort of association with the emphasis on safety and quick availability.
An investment trust or a savings bank which offers to
serve the public is a public institution and the public should
be instructed and to some degree protected in its use. The
very name "Mutual Savings Bank" has come to signify
security. The use of this name is jealously guarded by
bank officials and by statute.
The name "trust" has always meant much in law, in
banking and in business generally. A high degree of confidence is placed in a trustee and he is consequently held
to a strict accountability by law. The statutes of some
States restrict the use of the word "trust" in connection
with the word "company" and the banking business.
Nearly every State in the Union regulates banks, trust
companies, savings and co-operative banks, insurance companies, public utilities and other enterprises. The investment trust, however, is as yet subject to little or no State
regulation. Nevertheless, it is a public financial institution
differing very little as far as public interest and welfare are
concerned from these other institutions which are publicly
regulated.
The participants in an investment trust of course desire
freedom from the investment rules which restrict savings
banks. The investment trust serves a different need and
should be free from such restriction. It caters to those who
perhaps already have enough money in the savings bank
but have still more capital which they wish to invest in a
different manner. Unless a person has capital of at least
$50,000 he finds it very difficult—for the average person
it is impossible—to follow correct principles of investing.
For such the investment trust fills a real need.
Regulation of investment trusts need not be as inclusive
as regulation of other institutions. But a financial institution of this nature seeking public patronage should certainly be willing and should be compelled to disclose a true
balance sheet and income statement to the public at regular intervals, at least once a year, and its affairs should be
subject to inspection by a public officer. Some investment
1030
THE CHRONICLE
trusts do furnish this information to the public and some
do not. The searchlight of complete publicity is the least
amount of regulation such an institution should be subjected
to. I am inclined to believe complete publicity is sufficient
regulation.
Public regulatory acts are seldom passed in cool deliberation to guide an institution or to correct or stabilize a situation that is developing. They are usually passed in the
[VoL. 123.
heat of discussion under the urge of a public smarting from
an unexpected blow. It is my suggestion that those who
are genuinely interested in the sound growth of the investment trust as an institution for public service, get together
and draft a suitable resolution for presentation to their
respective Legislatures.
Very truly yours,
A. VERB SHAW.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 27 1926.
To a certain extent trade has been curtailed by rains all
over the country. This applies both to wholesale and retail
trade. The big rains at the South have injured business,
as they have suggested the possibility of a somewhat
smaller cotton yield than was at one time expected. But
the big industries show a tendency to go ahead. The cotton
manufacturing business is rather conspicuous for its improving tendency under the spur of a recent advance in
raw cotton of some 2 cents a pound and the reduction in the
crop estimate in the last Government report to 15,248,000
bales. Temperatures .in the 50s over wide areas of the
South have tended to put up raw cotton further, and within
a week the rise is fully one cent. Heavy rains have fallen
In parts of the central and eastern sections of the cotton
belt. It is true that New. England spinners in many cases
are doubtful as to the correctness of the latest Government
report and have shown no disposition to buy at all freely of
either the actual cotton or cotton futures. Lancashire has
also been skeptical as to the soundness of the Government's
satisticians' conclusions and have also been very slow to
purchase during the past week. Continental spinners, on
the other hand, have seemingly been more disposed to buy.
It is true, on the other hand, that there is an ample carryover. This newspaper puts the total at 6,027,000 bales
(including some 298,000 bales of linters), or some 2,200,000
bales more than last year and approximately 2,800,000 more
than two years ago. So that even with a crop of 15,250,000
bales the season's supply would be 21,275,000 bales (not to
speak of linters, the crop of Which the past season was
1,112,580 bales), and if the world's consumption of American cotton this season should be 15,500,000 bales the next
carry-over could still be 5,775,000 bales. Under the circumstances the textile industries of this country are not inclined to follow an advance in the raw material at this
time. And while there was a burst of activity in speculation for a few days it has latterly simmered down, as the
price halted at around 18 cents.
Wheat has declined five cents as the export demand on
the whole has been small aside from an occasional spurt.
And foreign markets have declined with better weather in
this country and receipts large at the Western markets. It
looks as though the Canadian crop will be larger than had
been expected. The price of corn has also fallen with beneficial rains and the same is true of other grain. The corn
crop has made good progress in Indiana, Ohio, Illinois,
Iowa, Nebraska and Missouri. There is likely to be an
average corn crop if killing frost comes at about the usual
date. Raw sugar has advanced with the September liquidation not so fo.rmidable as had been expected in some quarters. But refined sugar prices have shown some irregularity and weakness. The foreign demand for provisions
has been disappointing. Coffee declined at one time on
some pressure to sell, especially of the near months, but
there was a later rally, with the Brazilian markets in the
main firm. Wool sales have been larger, especially of
Texas and Territory descriptions, but there is no improvement in prices. Perhaps the auction sale at Sydney, Australia, next week may be in some degree illuminative as to
the future of prices. In the main foreign wool niarkets are
firm, however. Anthracite coal has been in better demand.
The bituminous trade still feels the spur of the British
strike, even though the strike is said to be gradually disintegrating. Automobile production for August is apparently larger than that for July, although this, like the July
output, will be smaller than for the corresponding months
of 1925. Very large car loadings make it plain that the
aggregate trade in this country is still heavy, the car totals
being the largest, in fact, of any time this year It looks
as though consumers had put off buying for a considerable
period, owing partly to inclement weather conditions, and
were now forced to replenish supplies. Exports of merchandise in July turn out to have been larger than those of
June and also those of July last year. Present exports of
wheat and flour are running well ahead of those of this
time last year. The total thus far this season is some 22,300,000 bushels. It looks as though the exports of rye this
year would also be larger. It is said that European wheat
crops are over 100,000,000 bushels smaller than those of last
year. The trend of prices for most commodities has been
downward. It is feared that the quality of the grain and
cotton crops may be lowered by excessive rains in the last
month. Wall Street has had a smaller stock market, although to-day prices were higher and the transactions were
on a scale that would once have been considered enormous. Bonds were firm with a steady demand, and money
held at 5%. Lower rates for sterling had some effect on
the London stock market to-day and the British steel and
iron trade has naturally suffered by the prolonged coal
strike which has inevitably inured to the advantage of the
United States and Continental countries, notably France.
The decline in sterling here is traceable to export buying
of grain, cotton and coal. On the other hand, French francs
are about 9 points higher than a week ago. Belgian francs
have moved up 6 points, while silver exchanges have also
risen. To-day Hongkong rose 30 points and Shanghai 12.
The rise in francs, traceable in some degree to a somewhat
more cheerful Bank of France statement, is one of the
gratifying features of the fore:gn situation.
At Fall River, Mass., the print cloth division would have
shown an increase this week with the Shove Mills resuming
operations, but for the forced shutdown of the Arkwright
Mills because of a serious fire in the main belt box. For
the first time in nearly two years narrow looms are operating
at nearly full capacity. Fall River cotton mills are holding
for advances in many cases. The surgical trade is buying.
Fall River mill operations are at about 70%. New Bedford
curtailment is unchanged from the previous week, about
60% of the machinery being in operation. Accumulated
stocks have been Materially reduced. At New Bedford,
Mass., the Beacon Manufacturing Co. has resumed full time
operations and production is now normal. New Bedford
textile mills, it is reported, are to investigate selling methods
owing to muttering of dissatisfaction among stockholders.
At Worcester, Mass., M. J. Whittall Associates, Wilton
manufacturers, are working only 32 hours a week. About
1,200 employees began the four-day week on Monday last.
Competition of cheap Oriental rugs is given as the reason
for the reduced output.
At Leominster, Mass., on Aug. 24 striking employees of
the George W. Wheelwright Paper Co., who withdrew from
the plant three weeks ago because of the installation of the
point system of determining the production value of an
operative, returned to work. The point system will be
modified and given a two-months' trial. Under the new
system the operatives will receive increased wages and the
demand for a 25% increase was abandoned. At Manville,
R. I., agreement on all points in dispute except the demand
of the 1,000 strikers that all "outsiders" be discharged, was
reached on Aug. 24. The management, it is said, agreed to
the reinstatement of the discharzed President of the Loom
Fixers' Union, the resumption of work on a 48-hour schedule
and the re-employment of five loom fixers who were laid off,
•
as soon as business conditions warrant.
Charlotte, N. C., reports increased covering by short
interests and spinners holding prices firm. Absence of
stocks and likelihood of increased fall trade makes spinners'
position strong. At Columbia, S. C., all of the textile
mills of the Pacific group are now operating on full time for
AUG. 28 1926.]
1031
THE CHRONICLE
the first time in several months. At Abbeville, S. C., the
cotton mills have resumed full time after a long period of
curtailment for two days in the week. At Charlotte, N. C.,
two knitting mills and four cotton mills which have been
idle for a week, have begun regular operations again. At
Chattanooga, Tenn., Carter Bros., manufacturers of scatter
rugs, will increase their output about 75%. When the new
equipttent is installed the production will be 500 24x28
rugs a day.
It rained here almost continuously, and at times heavily,
from the 21st inst. to the 25th and in two weeks the rainfall
reached nearly 73/i inches. It rained again on the 27th. In
the South daily rainfalls were 1 to 4 inches, mostly east of
the Mississippi river. A tropical storm appeared in the Gulf
of Mexico Coast with hurricane of 75 to 100 miles an hour,
high tides and rains. At Winslow, Arkansas, there was a
light fall of snow on the 25th inst. with the thermometer
down to 50 degrees. In Oklahoma it was 51 and generally
in the Southwest, including Texas, it was 54 to 62 degrees
on the same day. As if to emphasize the freakish nature of
the weather a hot wave was advancing on Chicago from the
West. At Boise, Idaho it was 104 degrees and at Salt Lake
City, Utah and Spokane, Washington it was 98. It was 112
in Southern California. In New York on the 25th inst. it
was 65 to 71, at Chicago 60 to 74, at Cleveland 64 to 68, at
Kansas City 64 to 68, at Cincinnati 60 to 78 and at St. Paul
56 to 92. There has been a hot wave in Paris. To-day it
was in the main clear and warmer here with the temperature
at 76 at 3 p. m.
Federal Reserve Board's Summary of Business Conditions in United States-Production in Basic Industries Greater Than Usual Seasonal Levels.
"The Federal Reserve Board's index of production in basic
industries, which is adjusted for seasonal variations, increased
about 1% in July," says the Board in its monthly summary of
business and financial conditions in the United States, made
public yesterday.(Aug. 27). The summary continues:
Production.
Declines in the output of iron and steel and anthracite and in the activity
of textile mills were larger than the usual seasonal reductions, while the
production of flour, copper, zinc, cement and petroleum increased. The
manufacture of automobiles declined further and was smaller than a year
ago. Factory employment and pay rolls showed the usual seasonal decline
in July, which is due largely to closing for stock-taking and repairs and to
summer vacations. Declines were noted in nearly all the important industries for which reports were received, with the exception of leather and shoes
and certain food products and building materials. Building contracts
awarded in 37 States east of the Rocky Mountains declined in July for the
fourth consecutive month, and as in June were smaller than a year ago.
Figures for the first three weeks in August were also below those for the corresponding period of last year. The principal.decreases were in the New
York and Atlanta districts. The composite condition of all crops, as reported by the Department of Agriculture, shows an improvement of 2%
in July, owing largely to the increase in the expected production of wheat.
Cotton production, on the basis of Aug. 16 conditions, is estimated at
15,248,000 bales, compared with an output of 16.104.000 in 1925.
decrease reported in almost two years. Two factors contributing to this decline, it is announced, were the shorter
working month this year and the strike in the cloak and
suit trade. Decreases compared with a year ago occurred
in 9 out of 15 lines and were particularly large in the clothing
and cotton trades. The foregoing is from the Sept. 1
"Monthly Revie* of Credit and Business Conditions,"
issued by the New York Reserve Bank, which also has the
following to say regarding wholesale trade:
There were also sharp reductions in sales of diamonds and jewelry, and
the largest year-to-year decrease since last August was reported by wholesale grocery houses.
On the other hand, sales of paper, stationery, drugs, machine tools and
shoes continued in larger volume than a year ago, and the first year-to-year
increase in silk since February brought July sales to the highest level for
that month in six years.
Stocks of groceries, silks, drugs, hardware and diamonds and jewelry
continued larger than last year, while cotton goods stocks remained smaller
and stocks of shoes, which in June were larger than a year ago for the
first time in several months, showed a decrease in July.
Collections averaged close to those of a year ago compared with a 4%
-reduction in June. Accounts outstanding at the end of the month were
slightly smaller than last year.
Percentage Change
July 1926
from June 1926.
Commodity.
Net
Sales.
Stock
End of
Month.
Percentage Change
July 1926 from July 1925.
Net
Sales.
Stock
End of
Month,
Accounts
Recedeable.
,
+3.6
-1-4
+5.2
+11:7
Colletlions.
+3.3
-4.2
-2.5
-0.2
Groceries
-4.9
____
-__+76.1
Men's clothing
Women's dresses
---Kii ---zif.i
____
____ -70.3
Women's coats and suits- _ +30.0
-3.2 -20.0 -13.6'
-7.6
+8.3
Cotton goods-Jobbers_ +18.2
_
Cotton goods-commission -18.8-8.8
+1.7 +*-23.11 -:iilii -1-i6.8
+1.4 +-*12
Silk goods
+4.7
+0.6 -29.9 -20.9
+9.4
-15.2
Shoes
-2.5
+2.3 +16.9
+2.5
+6.5
+3.7
Drugs
+4.1 .
+0.9
+4.4
-2.5
-2.1
-11.5
Hardware
nery--- Statio
Machine tools
+13.1
--__
+6.9
__
-4.9
-0.1 -20.5
- -+5.3
---10.4
Paper
_
-8.7 f -9.8
-I0
+4.0 1
Diamonds
7
. -I--2-3:7
+-2-1.8
-13.0 I
-33.2
Jewelry
-1.7'
-0.2
-12.1
+7.8
Weighted average
-1-1:8
I
•Stock at first of month-quantity, not value.
New York Federal Reserve
District.
With reference to chain store business the Sept. 1 "Monthly
Review of Credit and Business Conditions" by the Federal
Reserve Agent at New York says:
Gain in Chain Store Sales in
Total sales of reporting chain store systems showed a considerably larger
larger ingain over last year in July than in June, due primarily to the
creases in sales of variety, grocery and drug stores. The increase in numthat the
ber of stores in operation was slightly smaller than last month, so
sales per store were substantially larger than a year ago, whereas in June
they about equaled the previous year.
largest year-to-year inSales of variety and shoe stores showed the
sales exceeded
creases since last October and the gain in ten-cent store
this year. Tobacco chains reported even larger
that of any other month'
increases than in recent months.
Increases in sales per store compared with last year were reported by
reported the largest
all types of chain stores except candy. Grocery firms
year-to-year increase in more than four years, and variety stores the largest
in over three years.
Trade.
Percentage Change July 1926 from July 1925.
decline
seasonal
further
and
a
showed
wholesale
at
retail
Volume of trade
Sales
Number
in July but continued to be large. Retail trade was larger than a year ago.
Per
of
while wholesale trade was slightly smaller. Sales of department stores and
Store.
Saks.
Stores.
Type of Store+19.4
+40.2
+17.4
mail order houses declined less than is usual at this season and were 4% Variety
+28.6
+13.9
+12.9
and 13%, respectively, larger than in July of last year. Merchandise in- Grocers,
+24.9
+0.8
+23.9
ventories at department stores continued to decline in July, and at the end Drug
+2.8
+17.9
+14.6
of the month were In about the same volume as last year. Stocks of meat, Shoe
+14.6
+3.7
+10.4
Tobacco
+13.0
+5.8
dry goods and shoes carried by wholesale firms were smaller than a year Ten Cent
+6.8
+6.9
-9.5
+18.2
ago, but stocks of groceries, hardware and drugs were larger. Shipments of Candy
goods by railroads were maintained at a high level during July for nearly ad
+24.0
+10.2
+12.5
Total
types of commodities. Loadings of grain were larger than for any month
since October 1924, and were in record volume for July.
Prices.
in Department Store Sales in New York
'
The Bureau of Labor Statistics index of wholesale commodity prices de- Increase
clined about 1% in July to the lowest level since September 1924. Price
Federal Reserve District During July as Compared
declines'were shown for most cornmoditity groups, particularly farm prodwith Year Ago.
ucts and foods, while prices of steel and other metals advanced. In the first
three weeks of August the prices of grain, cotton and rubber declined fur"Sales of department stores in this district during July
ther, while cattle, hogs, Potatoes, coal and coke advanced in price.
larger than a year ago despite the fact that there
were
Bank Credit.
selling day this year in New York City and oneless
one
was
Between the middle of July and the middle of August, total loans and investments of member banks in leading cities increased slightly, reflecting a half day less in up-State cities," says the Federal Reserve
growth in the seasonal demand for credit for commercial purposes. Loans Bank of New York in its Sept. 1 "Monthly Review." The
on securities on Aug. 18 were in about the same volume as a month earlier,
reports further as follows:
while the banks' investments declined. Between July 21 and Aug. 18 dis- Bank
Except in Buffalo, Syracuse and the Capital District, increases were
counts for member banks and holdings of acceptances increased considerably
southern New
while United States security holdings were somewhat reduced, with the con- reported in all sections, and in Westchester and central and
half. Sales
sequence that the total volume of Reserve bank credit increased by about York State the gains were the largest in more than a year and a
with
compared
stores
apparel
13%
sales
of
increased 14% and mail order
$50,000,000.
Money market conditions became firmer in August. The rate on commer- last July.
Stocks of merchandise in department stores at the end of the month
cial paper, which was 4% in June and July, increased to 41<C-U4%,and the
turnover was
rate on 90-day bankers' acceptances advanced to 3% %. The discount were only 3% larger than last year, so that the rate of
(this
rate of the Federal Reserve Bank of New York was advanced on Aug. 13 higher for the third consecutive month. The accompanying diagram
we omit.-Ed.j indicates that although in the early months of this year
from 3 to 4%•
outstanding orders were higher relative to volume of business than in the
two preceding years, the increase in orders from June to July was not so
July Wholesale Trade in Federal Reserve District of large as in 1924 and 1925.
Collections on regular accounts showed a slightly smaller increase comThan
New York Lower
Year Ago.
pared with last year than in June, but outstanding accounts at the end of
July wholesale trade in the New York Federal Reserve the month showed a considerably larger gain, following a heavier increase,
District averaged 12% smaller than a year ago, the largest in sales in July than in June.
04%
1032
THE CHRONICLE
Percentage Change July 1926from July 1925.
Locality.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District_
Capital district
Westchester District
All department stores
Appuel stores
Mall order houses
+4.2
-0.6
+7.0
-2.1
+10.8
+16.4
+10.7
+3.0
+16.7
+12.7
+12.8
-4.3
+29.7
+5.6
+13.8
+12.8
Stock on
Hand End
of Month.
+2.3
+0.7
+2.9
Collec:Ions.*
*Accounts
Receivalbe.
+4.6
-3.6
+13.3
+17.8
-4.1
+23.2
+9.4'
+5.7
+3.9
+-fa
-1.9
•Exclusive of installment accounts.
Sales of men's and women's apparel showed the largest gains over last
year, whereas sales of linens and handkerchiefs, silverware and jewelry,
and luggage and leather goods, which have been unusually good in most
of the previous months this year, fell below last year's level in July.
Net Sales Stock on Hand
P. C. Change P. C. Change
July 1926 July 31 1926
from
from
July 1925. July 311925.
Women's and misses' ready-to-wear
Men's and boys' wear
Men's fureishings
Books aid stationery
Women's ready-to-wear accessories
Shoes
Toys and martin seeds
Furniture
Hosiery
Silks and velvets_
Home furniqhWs
Toilet articlw%ed drugs
Luggage and other loather goods
Linens and handkerchiefs
Silverware and jewelry
Musical instruments sad radio
Cotton goods
Woolen goods
Miscellaneous
+21.6
+14.2
-15.7
+7.8
+13.9
+9.9
+8.8
+8.4
+7.3
+6.7
+6.3
+4.0
+8.1
-11.9
--3.0
+8.3
+13.0
--1.6
-4.1
+8.6
+17.9
+12.9
+5.0
+1.8
+0.9
+0.4
-0.2
-6.1
-6.4
-12.5
-12.8
-43.5
-6.1
-17.7
-34.5
-8.5
Increase in Output and Sales of Electric Power in
Philadelphia Federal Reserve District During July.
Output and sales of electricity by 14 systems in the Philadelphia Federal Reserve District were larger in July than
In June and considerably ahead of the figures for last year,
according to the Department of Statistics and Research, of
the Federal.Reserve Bank of Philadelphia. Continued industrial stability in the district is reflected by an increase
of 2.4% over the previous month in sales to industries. As
compared with 1925, industrial purchases of electric power
were 15.6% greater, while sales to most other passes of
consumers were also considerably larger.
Electric Power.
July 1926.*
Bated generator capacity
Generated output
Hydro-electric
Steam •
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
' All other sales
Change
from
June
1926.
Change
from
July
1925.
1,327,000 k.w.
+5.5% +16.9%
366.060.000 k.w.h +2.1% +13.8%
5,138,000 " -22.0% -7.9%
317.043,000 "
+3.7% +14.5%
43,879.000 "
-5.2% +12.1%
294,731,000 "
+2.3% +15.4%
49,693.000 "
-1.7% +20.4%
6,354,000 "
+2.4% +9.8%
43,339,000 "
-2.3% +22.1%
211,650,000
+2.2% +10.7%
1,851,000
+2.3% +11.0%
.0
43.075,000
+1.4% -1.0%
.•
166,724.000
+2.4% +15.8%
33.388.000
+9.8% +45.1%
• 14 systems.
Continued Expansion in Loading of Railroad Revenue
Freight.
Loading of revenue freight for the week ended on Aug. 14
totaled 1,109,557 cars, according to reports filed by the
carriers with the Car Service Division of the American Railway Association. The total for the week of Aug. 14 was an
increase of 45,081 cars above the same week last year and
an increase of 156,149 cars above the same week in 1924.
It was the twelfth week this year that loadings have exceeded the million-car mark. The total for the week of Aug.
14 was an increase of 26,358 cars above the preceding week,
increases in the loading of all commodities being reported
compared with the previous week except grain and grain
products, coke and merchandise and less-than-carload-lot
freight, which showed small reductions. Further details
follow:
Coal loading for the week amounted to 193.184 cars, an increase of
10.096 cars over the preceding week this year and 1.705 cars over the
same week in 1925. It also was 47,921 cars above the same week in 1924.
Miscellaneous freight loading totaled 401,799 cars, an increase of 7.728
cars above the week before and 18,627 cars over the same week in 1925.
It also was 52.722 cars above the same week in 1924.
Loading of grain and grain products amounted to 58,397 cars, a decrease
of 1,602 cars under the preceding week buy 3.804 cars above the corresponding week in 1925. Compared with the same week In 1924, it was
a decrease of 1.723 cars. In the western districts alone, grain and grain
[VOL. 123.
products loading totaled 36,306 .cars, an increase of 831 cars over the
corresponding week last year.
Loading of merchandise and less-than-carload-lot freight amounted to
262,894 cars, a decrease of 999 cars under the week before but 3,902 cars
above the same week in 1925 and 20,956 cars above the corresponding
week in 1924.
Forget products loading totaled 71,825 cars, 2,243 cars above the week
before and 931 cars above the same week in 1925 as well as 2,272 cars
above the same week in 1924.
Live stock loading for the week amounted to 30,540 cars, allisincrease
of 5,153 cars above the week before but 314 cars under the same week
week in 1925. It also was an Increase of 175 cars above the same week
In 1924. In the western districts alone 23,582 cars were loaded with
live stock during the week, 494 cars above the same week last year.
Ore loading totaled 79,370 cars, an increase of 3,798 cars over the pr ceding week and 14,620 cars above the corresponding week in 1925. Compared with the same week in 1924. it was also an increase of 29.192 cars.
Coke loading totaled 11,548 cars, a decrease of 59 cars under the preceding week but 1,806 cars above the corresponding week in 1925. Compared with the same week in 1924. it was also an increase of 4,634 cars.
All districts showed increases in' the total loading of all commodities
not only over the preceding week this year. but also over the corresponding
weeks in 1924 and 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
Four weeks in April
Five weeks in May
Four weeks in June
Five weeks in July
Week of Aug. 7
Week of Aug. 14
Total
1926.
4,432,010
3,676,449
3,877,139
3.795,837
5,142,879
4,112,150
5,245,267
1,083,199
1,109,557
1925.
4,456,949
3.623,047
3,702,413
3,726,830
4.853,379
3,965,872
4,945,091
1,052,518
1,064,476
1924.
4,294,270
3,631.819
3,681,922
3,498,230
4,473.729
3,625,182
4,470,522
941,407
953,408
32,474,487
31,390,575
29,550,489
Automobile Production now Smaller than a Year Ago.
July production of motor vehicles in the United States, as
reported to the Department of Commerce, was 355,446, of
which 315,861 were passenger cars and 39,585 were trucks,
as compared with 383,652 passenger cars and trucks in June
and 389,009 in July 1925. The Canadian figures are
supplied by the Dominion Bureau of Statistics, and are not
yet available.
The table below is based on figures received from 172 manufacturers for recent months, 65 making passenger cars and
124 making trucks (17 making both passenger cars and
trucks). Data for earlier months include 77 additional
manufacturers now out of business while July data for 14
small firms, mostly truck manufacturers, were not received
in time for inclusion in this report. Figures on truck
production include fire apparatus, street sweepers and buses.
AUTOMOBILE PRODUCTION (NUMBER OF' MACHINES).
Passenger Cars.
Trucks.
Total.
U. S.
213,851
253.955
334,214
393,262
384,548
366.510
360,124
205,550
243.176
321,200
377.747
366,197
352.261
348,984
8,301
10,779
13,014
15,515
18,351
14.249
11.140
28,203
34,482
45,180
47,984
45,719
38,151
41.870
26,638
32.789
43,091
46.408
43,831
36.357
40.025
1,565
1.693
2,089
1,576
1,888
1,794
1,845
Total (7 months). 2,306,464 .216.115
a Canada.
Total.
U. S.
a Canada.
1925.
January
February
March
April
May
June
July
August
September
October
November
December
Total
91,349
281.589
269,139
12,450
216,087
263,855
394.096
328,694
278,643
7,430
10,372
13,921
8.741
7,498
37,850
60,482
46,013
40,048
34,488
36,364
58.002
44,323
37,811
32,757
1,486
2,480
1,690
2,237
1,731
3835.801 3.696.490
139,311
500,470
478.396
22.074
11,781
14,781
17,989
17,929
21,429
18,818
*33,461
*41,685
*49,233
*53,887
*51,343
*47,043
*29,763
*37,608
*44,848
*50,314
*47,838
*44,110
4,385
223.517
274.227
408,017
337,435
286,141
1926.
January
February
March
April
May
June
July
*284.703
*334,524
*399,105
*401,836
*394.569
*358,360
272,922
319,763
381,116
383,907
373,140
339,542
315,861
b
39,585
3,698
4,077
3,573
3,505
2,933
b
Total (7 months)2,386,251
294,066
* Revised. a Reported by Dominion Bureau of Statistics since Jan. 1 1926'
b Not yet available.
New Models and Price Changes in the Automobile
Market.
Several new models of automobiles have been introduced
during the week just closed and a few changes in prices have
been announced. One price change of interest is the reduction by the Flint Motor Co. on various models from $25
to $300. The new list prices range from $960 to $2,125,
against a former list of from $1,085 to $2,395. The announcement of a new 1927 model with three body styles in the
Peerless V-type 90 degree 8-cylinder line has been made
by the Peerless Motor Car Corp. The new body styles will
be known as the Standard models, to distinguish them from
the present custom built line of automobiles offered by the
company on its 8-cylinder chassis. The 5-passenger coupe
will sell at $2,795, the 5-passenger sedan at $2,995, and the
7-passenger sedan at $3,095.
A 2-passenger coupe, priced at $3,100 at Buffalo, has been
introduced by the Force Arrow Mctor Car Co.
AUG. 28 1926.]
THE CHRONICLE
1033
Stewart McDonald, President of the Moon Motor Car Co.,
on Aug. 25 announced that the company is planning to
manufacture closed bodies for its new light six model. Formerly all Moon bodies have been made by companies not
affiliated with the Moon company.
Additions to the line of Autocar motor trucks include trucks
with engine out in front under the hood. The company,
it is reported, will not abandon the policy of the engine under
the seat design, which gives the truck a very short wheelbase
and corresponding ease in handling in modern traffic.
Graham Brothers, the Dodge truck organization, has
added two new types of 2-ton capacity to its line of trucks.
Two chassis lengths only are made. The shorter, for 9-foot
bodies, has a wheel base of 137 inches, and the longer,
which is for 12-foot bodies, has a wheel base of 162 inches.
Lumber Production, Shipments and Orders Increase.
Telegraphic reports received by the National Lumber
Manufacturers Association from 366 of the larger softwood, and 119 of the chief hardwood, mills of the country,
for the week ended Aug. 21, show gratifying increases in
production, shipments and new business, when compared
with reports for the previous week, when nine more mills
reported. In comparison with reports for the same period
a year ago, when, again, nine more mills reported, some
decreases in production and new business, and an increase
in shipments were noted.
The hardwood operations showed nominal decreases in
production and new business, and a trivial increase in
shipments for the week, when compared with reports for
the week earlier, when five more mills reported, adds the
association's report, from which we quote additional details
Decline in July Sales of Automobiles in Philadelphia as follows:
Federal Reserve District Except in Case of Medium
Unfilled Orders.
Priced Cars.
The unfilled orders of 231 Southern Pine and West Coast mills at the
week amounted to 668,559.778 ft., as against 678,875.129 ft.
July sales of automobile, reported by 15 distributers in end of last
for 232 mills the previous week. The 123 identical Southern Pine mills
the Philadelphia Federal Reserve District, were seasonally in the group showed unfilled orders of 258,521,462 ft. last week, as against
smaller, both in number and value of cars sold, than in the 255,596,302 ft. for the week before. For the 103 West Coast mills the
orders were 410,038,316 ft., as against 423,278,827 ft. for 109
previous month, it is learned from the statistics issued by unfilled
mills a week earlier.
Department
of
Statistics
and
the
Research of the Federal
Altogether the 348 comparably reporting softwood mills had shipments
For the Southern Pine
Reserve Bank of Philadelphia. Wholesale transactions 104% and orders 98% of actual production.
mills these percentages were respectively 107 and 112; and for the West
were less for all classes of cars, but the largest declines Coast mills 104 and 91.
occurred in the low-priced and high-priced groups. Retail
Of the reporting mills, the 322 with an established normal production
ft., gave actual production 103%. shipments
sales of these two classes also showed large declines, but for the week of 224,691,474
108%, and orders 100% thereof.
the
medium-priced automobiles increased over the
sales of
The following table compares the national softwood lumber movement,
June totals. In July a larger number of used cars were sold as reflected by the reporting mills of seven regional associations, for the
than in June, but the dollar volume was considerably three weeks indicated:
Preceding Week
Correspondiny
Past
1926 (Revised).
Week 1925.
smaller, indicating a lower average price per car. Stocks
Week.
357
357
348
Mills
of cars also were reduced from June to July, although used Production
240,812,651
245,528.480
243,722,466
238,939,923
236,759,333
253,327,710
Shipments
car stocks were only slightly less.
231,992,283
250,526,028
238,521,107
Orders (new business)
As compared with the same month of last year, says the
The following revised figures compare the softwood lumber movement
bank, July sales at wholesale were considerably less, al- of the same seven regional associations for the first 33 weeks of 1926 with
though the medium-priced group reported a substantial gain the same period of 1925:
Orders.
Shipments.
Production.
7,954,202,111
7,941,187.378
7,728,893,768
In business. Retail sales of new cars, except for the high- 1926
7,688,155.767
7,824,346,236
842,688,793
7
priced group, and of used cars, showed considerable gain 1925
The mills of the California White and Sugar Pine Association make weekly
over 1925, but lower average prices are reflected in the fact reports, but they have been found not truly comparable in respect to orders
that the increase in number of cars sold was greater than in with those of other mills. Consequently the former are not now represented
In any of the foregoing figures or in the regional tabulation below. Eighteen
the dollar volume of business.
of these mills, representing 49% of the cut of the California pine region,
production for the week as 28,417,000 feet, shipments 20.306,000
AUTOMOBILE TRADE PHILADELPHIA FEDERAL RESERVE DISTRICT. gave their
and new business 22,298.000.
(15 Distributors.)
The reports of the Southern Cypress Manufacturers' Association of New
Orleans have been discontinued for the present.
July 1926 Change FromWest Coast Movement.
June 1926.
July 1925.
The West Coast Lumbermen's Association wires from Seattle that new
Number.
business for the 108 mills reporting for the week ended Aug.21 was9% below
Value.
Number.
Value.
Production, and shipments were 4% above production. Of all new business
Bales of new cars at wholesale
-28.1% -24.6% -14.4% -15.6%
taken during the week, 38% was for future water delivery, amounting to
Cars selling under $1,000
-38.9% -34.6% -22.7% -23.5%
Cars selling from $1000 to $2,000- -5.1%
39,323,400 feet, of which 30,082,756 feet was for domestic cargo delivery,
-4.4% +25.9%
+9.6%
Cars selling over $2.000
-34.3% -39.6% -29.4% -28.5%
and 9,240.644 feet export. New business by rail amounted to 56,778,582
Sales of new cars at retail
-13.0% -15.5% +11-1%
-8.7%
feet, or 56% of the week's new business. Forty-six per cent of the week's
Cars selling under $1,000
-13.1% -13.1% +59.4% +40.3%
shipments moved by water, amounting to 53,900,072 feet, of which 33,508.Cars selling from $1,000 to $2,000_ +11.7%
+6.3% +28.8% +20.6%
Cars selling over $2,000
600 feet moved coastwise and intercoastal. and 20.391,472 feet export.
-32.7% -32.7% -20.5% -24.1%
Stocks of new cars
-12.3%
-9.7% +11.7% +23.1%
Rail shipments totaled 56,400,633 feet, or 49% of the week's shipments,and
Cars selling under $1,000
-8.2%
-8.0%
-2.3%
-6.2%
local deliveries 6,278,619 feet. Unshipped domestic cargo orders totaled
Cars selling from $1,000 to $2,000. -25.9% -21.5%
-9.7%
-9.5%
159,367,678 feet, foreign 120,159,790 feet and rail trade 130,510,848 feet.
Cars selling over 52,000
-3.6%
-3.3% +76.4% +59.1%
Sales of used cars
+8.9% -17.0% +18.5%
+3.1%
Labor.
Stocks of used cars
-0.7%
-0.3% +21.4%
-3.4%
Retail sales on deferred payment.
-25.3% -30.0%
+0.9%
-1.0%
In the Douglas fir districts, taken as a whole, there is less actual logging
being done than the August average of the past three years, according to
the Four L Employment Service. A recent survey taken shows that on an
Resumption of Large Scale Automobile Production average only 65% of the camps are active. Mill-owned operations average
Expected in September.
75% active in both Oregon and Washington. It is stated by authorities
logging will generally be resumed only following a soaking rain, which
According to Automotive Industries, activity in the that
will remove the fire risk. No log shortage has been reported from any disautomobile manufacturing industry is proceeding at a rate trict. Lumber production during August has held at about the June level.
which points to resumption of large scale operations soon There are a few more night shifts at work now than in June, but there are
also some mills shut down. Woods work is becoming more active in parts
after Sept. 1, and by that time a large volume of orders will of
the Inland Empire. Forest fires are still demanding the attention of
be built up against manufacturing schedules. Active buy- many hundreds of men. There are fewer extra shifts in the pine districts
there were two months ago and production is lower tlfbo it was during
than
ing by States in the Middle West is becoming more evident
August 1925. Labor turnover is above normal.
and the Eastern industrial centres are showing a resumption
of interest such as was in effect during the early part of the
year says Automotive Industries, in its current issue:
Conditions in the retail field in the United States continue to show steady
improvement. Dealer conditions are generally better, due in large part to
active co-operation from factories, both with regard to control of shipments
and assistance in developing retail business along sound lines. The good
financial position of most factories is permitting a more extensive dealer
development program than ever before.
The prospect of large demand from foreign markets is also giving manufacturers much cheer. Export sales have shown a steadily mounting tendency throughout the year, and in many countries the best season for
automobile sales is still ahead. Demand for cars abroad is limited to a
considerable extent by road inadequacy, but this is being steadily overcome largely through interest and co-operation of American car builders.
A satement by Roy D. Chapin, Chairman of the Highway Committee of
the National Automobile Chamber of Commerce.shows that approximately
$800,000,000 worth of highways are contemplated in foreign countries in
the immediate future. The largest part of this development will be in
countries that have no automotive industry of their own. This fact immediately forecasts a large demand for American road-building machinery,
with an assured larger motor car demand later.
Southern Pine Reports,
The Southern Pine Association reportsfrom New Orleans that for 123 mills
reporting, shipments were 7.39% above production and orders 11.67%
above production and 3.99% above shipments. New business taken during the week amounted to 76,242,206 feet. shipments 73,317.046 feet and
production 68,272,718 feet. The normal production of these mills is 76.715.938 feet.
Of the 119 mills reporting running time, 79 operated full time, 21 of the
latter overtime. Two mills were shut down, and the rest operated from
one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., with
four more mills reporting, shows some increase in production and shipments, and new business somewhat below that reported for the previous
weeks.
The California Redwood Association of San Francisco, Calif., with one
less mill reporting, shows a nominal increase in production, shipments
and new business about the same.
The North Carolina Pine Association of Norfolk, Va., with seven fewer
mills reporting, shows considerable increase in production, a notable
decrease in shipments, and a big increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn,
with two fewer mills reporting, shows noticeable decreases in production
1034
THE CHRONICLE
[VOL. 123.
and shipments, and new business well in advance of that reported for the
Details for the seven months are as follows:
week earlier.
PULP.
The Northern Hemlock and Hardwood Manufacturers Association of
--7 Months 1928---7 Months 1925-Tons.
Oshkosh. Wis. fin its softwood production), reports a marked decrease in
Tons.
Mechanical
195,833
$5,833,749
163,180 54.778.011
production,some decrease in shipments and new business about the same.
Sulphite, bleached
116.188
9,096,787
106,123
7,865,849
Sulphite,
unbleached
Hardwood Reports.
152,101
8,852,617
145,569
7,739,058
The hardwood mills of the Northern Hemlock and Hardwood Manufac- Sulphate
96,773 6,040,035
83,545
5,133,616
turers Association reported from 17 mills, production as 903.000 feet,
560,895 $29,823,188
498,417 525,516,534
shipments 2,768,000 and orders 2,670,000.
PAPER.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported Newsprint
968,881 583.866,812
784.990 555,319,290
from 102 units, production as 17,136,023 feet, shipments 17,829.854 and Wrapping
11,651
1,459,392
12,055
1,645,615
orders 17,556.740. The normal production of these units is 17,761,000 feet. Books (cvrta.)
28.272
250,646
21,074
199,027
Writing
12,938
98,140
6,793
57,992
For the past 33 weeks all hardwood mills reporting to the National All other
2,824,512
2,494.791
Lumber Manufacturers Association gave production 970,796,774 feet,
shipments 929,879,351 and orders 055.399,660 feet.
568.297,502
$59.718,715
Exports of wood pulp in the seven months period showed an increase over
the corresponding months in 1925 of 62.478 tons, or nearly
13%•
West Coast Lumbermen's Association.
Newsprint exports show the greatest gain and reflect the increased
production
by
Canadian
mills since the beginning of the year. Compared
One hundred nine mills reporting to the West Coast
with the first seven months of 1925 there has been an increase in newsprint
Lumbermen's Association for the week ended Aug. 14 manu- exports
of 183,891 tons, or over 23%. It is interesting to note that for
factured 111,948,078 feet, sold 100,207,774 feet and shipped the year up to date the exports of newsprint were greater than in the full
108,979,795 feet. New business was 11,740,304 feet less than year of 1922, when the total for 12 months was 959,914 tons.
Pulpwood
have been somewhat smaller this year than in 1925.
production and shipments 2,968,283 fret less than produc- For the firstexports
seven months of the year there were exported 797,631 cords
of pulpwood, valued at $7,754,977, compared with 919,108 cords, valued
tion.
at $8,072,358, exported in corresponding months of 1925.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Week EndedAug. 14.
Aug. 7.
July 31.
Number of mills reporting
109
107
108
Production (feet)
111.948,078 106,391,040 109,312,646
New business (feet)
100,207,774 101,357,724 114,197,486
Shipments (feet)
108,979,795 104,700,065 110,990,975
Unshipped balances:
Rail (feet)
129.817,949 134.571,146 139,710,569
Domestic ca go (feet)... 160,803,477 158.125,021 176,362,620
Export (feet)
132,657,401 132,045,784 135,313,828
Total (feet)
First 33 WeeksProduction (feet)
New business (feet)
Shipments (feet)
BUSINESS,
July 24.
104
104,719,755
112,936,279
105,398,588
138,372,960
165,258,230
135,595,813
423,278,827 424,741,951 451,387,017 437.227,003
1926.
1925.
1924.
1923.
3 371.136.057 3,284,270,249 3,042,746,031 3,246,637,066
3,537,824,244 3,408.988,328 3,053.545,282 3,304,430,425
3 491,350,554 3,453,738,730 3,193,850,312 3,482,934,960
Increase in Rubber Shipments.
Shipments of plantation rubber at 271,911 tons to the end
of June 1926 show an Increase of about 50,661 tons over the
same period of 1925, while total world shipments from producing countries at 292,135 tons show an increase of about
54,912 tons, as compared with the same period of 1925, according to data received by Bankers Trust Co. of New York
from its British Information Service, which indicates that
the United States retained approximately 205,487 tons of
rubber during the first six months of this year, compared
with 185,798 tons retained in the same period last year. The
trust company on Aug. 26 adds:
The United Kingdom retained 38,849 tons in the first half of the present
year, compared with a deficit of 17,164 tons in the same period last year.
The total amount of rubber retained up to June 1926 was approximately
308,460 tons, compared with 242,307 in the same period last year.
During the first six months of this year the United Kingdom consumed
a total of 20,746 tons of rubber and at the end of June had a stock on
hand of 25,205 tons. For the same period the United States consumed
184,950 tons and at the end of June had 60,460 tons of rubber on hand.
These figures compare with consumption in the United Kingdom of 29,806
tons for the entire year 1925, stock at the end of the year amounting to
6,220 tons; while the United States consumed a total of 384,644 during
1925 and at the end of the year had a stock of 51,215 tons. It is estimated that during 1926 the United States will require 420,000 tons of
rubber and the United Kingdom will require 35,000 tons.
Increase in July in Canadian Exports of Pulp and
Paper.
According to the Montreal "Gazette" of Aug. 26, the
regular report, issued by the Canadian Pulp and Paper
Association, states that the exports of pulp and paper from
Canada in the month of July were valued at $15,053,695.
This was an increase of $366,570 over the previous month
and of $3,144,276 over the total for July 1925. Wood-pulp
exports in July were valued at $4,510,586, and exports of
paper at $10,543,109, as compared with $4,690,574 and
$9,996,551, respectively, for the month of June, says the
'Gazette," which gives details for the various grades of
pulp and paper as follows:
Mechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Newsprint
wrapping
Book (cwts.)
Writing
All other
PULP.
July 1928
Tam.
41,749 $1,299,903
16.617
1.308,314
18,744
1,075.721
13,209
826,648
JU4/1925----Tons.
27,530
13,250
21,077
12,456
3855,380
1,013.213
1,162,490
759,861
90,319 64,510,586
PAPER.
150.778 39,935.328
1,955
231,546
3.451
34.646
3,174
23,177
318,412
107.767 57.577,908
1.206
156,370
4,964
51.205
1,174
8.491
____
325,492
810,543.109
$8,118,468
74,313 53,790,953
For the first seven months of the year the exports of pulp and paper were
valued at $97,920,690, compared with a total of $85,233,249 for the
corresponding months of 1925; an increase for the current year of $12,687,441. or nearly 15%•
Wood pulp exports for the seven months period were valued at $29.623,188, and exports of paper at $68,297,502. With corresponding figures for
last year $25,516,534 and $59,716,715, respectively.
Preliminary Report on Hosiery Industry in Philadelphia Federal Reserve District.
The Federal Reserve Bank of Philadelphia makes public
the following table, compiled by the Bureau of the Census,
showing the activities of the hosiery mills in the Third Federal Reserve District in July and a comparison with those
of June:
Men's.
Women's.
Full-fashioned.
Seamless.
P. C.
Change
July
from
1926. June
1926.
P. C.
Change
July from
1926. June
1926.
(In Doz. Pairs.)
Production
21,821
Shipments
17,307
Stock,finished &
In the gray_ __ 80,203
Orders booked__ 16,218
Cancellations r
ceived
192
Unfilled orders
and of month_ 27,172
-26.0214.353
-36.6194.166
464,831
-42.71199,777
July
1928.
P. C.
Change
from
June
1926.
--7.6 496,120 --11.1
--9.2 439,744 --16.8
Wi
-85.0I 7,897 -42.1
+32.3417.119
Full-fashioned.
Boys' and
Misses'.
Children's and
Infants'.
P. C.
Change
July
from
1926.
June
1926.
P. C.
Change
July
from
1926. June
1926.
16,360 -64.3
P. C.
Chanct
from
June
1926.
159,999 -6.3
149.5661-20.7
2,669-54.9
-6.5 171,893 -1.4
Athletic and
Sport.
July
1928.
July
1928.
322,727
144,507
gall;
+0.21,860,451
Seamless.
P. C.
Chang
from
June
1928.
Total.
P. C.
Production
14,976 --11.5 42,454 ---45.2
31,780 --37.4 981.503-13.5
Shipments
12,433 --49.6 73,791 -40.0 40,140 --32.0 927,147-20.4
Stock,finished &
in the gray... 2,504
245,595
55.528
1,749.335
Orders booked...15,335 -59.7 71,947 -23.8 28,277
781,988
Cancellations received
6,992 +1.221.71 8,144 +227.7
6,802 +283.9 48,856--31.3
Unfilled orders
and of month.38,582 -13.0 86,944 --10.5
18,745 -49.12.620,906 --5.7
•Not comparable with June data, due to a change in collecting statistics.
Activity in the Cotton Spinning Industry for July 1926.
The preliminary figures compiled by the Bureau Of the
Census of the Department of Commerce,given out on Aug.21,
showing the activity in the cotton spinning industry for
July 1926, will be found on page 1132 of thjs issue.
Higher Prices for Beef Cattle Producers Looked for
Within Next Eighteen Months.
Higher prices for beef cattle are in prospect within the
next eighteen months for both the feeders and range producers, according to the report on the outlook for beef
cattle made by the Department of Agriculture on Aug. 25.
An upward trend is probable over the next two or three
years, the Department says. The numbers of breeding
stock, of cattle on feed, and of young stock seems to be
materially lower than for several years, so that reduction
in the market movement is expected, the Departments notes,
adding:
While no considerable reduction in the number of stock held by range
men ,was made for some time after the break of 1920, the number of steers
has been reduced during the last three or four years accompanied by a less
rapid reduction in the number of cows. The increasing number of cows
and heifers now being slaughtered indicates further reductions in breeding
stock still being made. It does not appear, therefore, that the number of
cows is sufficient to.long maintain the present high rate of slaughter, the
report shows.
All indications are for smaller supplies of cattle on the markets during
the next few months also, the Department states. The movement ef all
cattle so far during 1926 has been less than for the same periods last
year, and the best information from the range States indicates a considerably lighter run of grass cattle during the next three months than a year
ago. In the Southwest there are lighter supplies of cattle available than
a year ago. As the 1926 calf crop was good, the number of calves to be
offered from the Southwest this fall will compare favorably with the past
AUG. 281926.)
THE CHRONICLE
three years, however. Good range conditions and an improved financial
situation have placed the Southwestern cattlemen in a position so they
would not be forced to sell on an unfavorable market.
The number of cattle in certain areas of the northern Great Plains
region, which have recently suffered from drought, has been so reduced
already that light movement may be expected next year, the report states,
and there is a possibility of the cattlemen in that area becoming active
buyers with changing conditions. The full extent of the reductions which
have taken place should be apparent by the autumn of 1927 and by that
time improved conditions might prompt restocking of the ranges which
would still further reduce market supplies.
No competition from foreign supplies of beef or cattle which would
affect the situation are seen. Present indications are that consumptive
demand for beef during the next twelve months will continue good, although no better and possibly somewhat below that of the past year.
Increasing competition from hogs, especially during 1927, will also have
some influence on beef prices.
The situation in regard to the probable demand for feeder cattle this
fall is uncertain. The margin between the present price of fed cattle and
feeder cattle is exceptionally narrow, and the present prospects are for a
corn crop considerably smaller than last year, but there will be a heavy
carryover of old corn and the number of hogs is still low.
Prospects for a fair supply of corn, only a slight increase in the number of hogs to be fed, and a decrease in cattle available for feeding will
tend to maintain the price of feeders on a level slightly higher than that
which prevailed in the fall of 1925, according to the report. Lighter
weight cattle in the feed lots will enable feeders to distribute market
supplies over.a longer period and in accordance with the movement of
prices. Together with the reduced supplies, this may result in higher
prices of fed cattle during the winter and spring of 1927 than a year
earlier. Heavy fed cattle will top the market next year if feeders swing
too heavily to light cattle this fall and winter. In the fall of 1927 range
cattle prices probably will show a marked effect of the impending shortage and average higher than for several years past.
Slight Reductions in Crude Oil and Gasoline Prices.
Prices of crude oil and gasoline were slightly reduced in
limited areasithroughout the week, whereas, kerosene prices
showed a tendency to advance. The price of Louisiana
crude oil declined on Aug. 26 when the Louisiana Oil Refining
Corp. reduced the price of Urania crude oil 15 cents a barrel
in La Salle Parish, making the new price $1 a barrel.
Gasoline prices showed a few variations in price but these
were confined to certain localities and were more in the
nature of adjustments. The Gulf Oil Co. on Aug. 24
reduced the retail price of gasoline 2c. per gal., to 19c., in
Dallas and Fort Worth, while on Aug. 26 gasoline prices at
Louisville, Ky., were reduced lc. a gal., to 19c. tank wagon
by the principal marketers.
On the other hand, the price of kerosene was advanced
by the Standard Oil of New Jersey on Aug. 19 lc. per gal.
in its entire territory, the new tank wagon price becoming
17c. per gal. The Standard Oil of Indiana advanced the
tank wagon price of kerosene lc. a gal. The price is 15.5c.
at Chicago. The Sinclair Consolidated Oil Co. on Aug. 28
advanced the price of kerosene %c. a gal. to 11c, tank carlots at New York, Philadelphia and Atlantic Coast terminals.
Wholesale prices were also advanced, kerosene 41-43 water
white reaching 95i(g.93ic. per gal. on Aug. 25, an increase
of
per gal. United States motor grade gasoline was,
quoted at 10%©113'o. a gal.
1035
against 9,850 barrels; Wewoka, 32.050 barrels, against 33.000 barrels;
Seminole, 14.700 barrels, against 14,400 barrels.
In North Texas, Hutchinson County is reported at 97,650 barrels, against
86,850 barrels, and balance Panhandle,9,000 barrels, against 9,200 barrels:
In East Central Texas, Corsicana Powell, 27,350 barrels, against 27.750
barrels; Nigger Creek, 12,850 barrels, against 6.750 barrels; Reagan County,
West Central Texas, 28,900 barrels, against 29,350 barrels; Crane and
Upton counties, 5.450 barrels, against 4,500 barrels; and in the Southwest
Texas field, Luling, 21,600 barrels, against 21,900 barrels; Laredo District,
17,400 barrels, against 16,800 barrels; Lytton Springs, 4.200 barrels, against
4,000 barrels. In North Louisiana, Haynesville is reported at 9,500 barrels. no change; Urania. 14,250 barre,e, against 13,800 barrels; and in
Arkansas. Smackover light. 14,800 barrels, against 14,900 barrels; heavy,
122,000 barrels, against 121,650 barrels, and Libson, 9,000 barrels, against
9.550 barrels. In the Gulf Ccast field, Hull Is reported at 15,250 barrels,
against 17,250 barrels; West Columbia, 9,250 barrels. against 9,850 barrels:
Spindletop, 75,700 barrels, against 78,300 barrels; Orange County. 7,800
barrels, against 9.650 barrels, and South Liberty, 4,900 barrels, against
5.700 barrels.
In Wyoming, Salt Creek is reported at 48.700 barrels, against 49,050
barrels; and Sunburst, Montana. 25,000 barrels, against 23,500 barrels.
In California, Santa Fe Springs is reported at 49,000 barrels, against
49.500 barrels; Long Beach, 102.000 barrels, against 104,500 barrels: Huntington Beach, 45,500 barrels, against 45,000 barrels; Torrance, 28.500 barrels, no change; Dominguez, 21,500 barrels, no change: Rosecra,ps, 15,000
barrels, against 15,500 barrels; Inglewood, 45,000 barrels, against 46,000
barrels; Midway Sunset. 94,500 barrels, no change; Ventura Avenue. 45,100
barrels, against 45,600 barrels.
Steel Prices Stable as Operations Keep on at High Rate
-Pig Iron Market Moderate.
of manufacturing consumers and the
activities
Current
continued high rate of rolling mill operations confirm the
general expectation of early August that the month would
depart but little from the remarkable performance of July
declares the market review issued by the "Iron Age" on
Aug. 26th.
Shipments from the mills have been well distributed over
the full range of ultimate consumption, and the fact that
meanwhile there has been no building up of mill stocks in
the lighter lines in which such stocks are carried leads some
producers to plan for several weeks more of the present
scale of output, observes the "Iron Age" in its weekly
survey of trade conditions from which we quote further as
follows:
The Steel Corporation's ingot output is again somewhat below 85%, and
there is some reduction in its blast furnace schedules in view of a recent
accumulation of steel-making pig iron. In the Chicago district as a whole
ingot production has fallen off slightly and is now 84%. For the entire
industry the ingot rate for August is likely to be somewhat less than 80%.
The extent to which new business develops next month in the heavier
lines, to take the place of July-August shipments, will be an important
factor in the determination of the price situation for the fourth quarter.
As an indication that little change is likely is the fact that business has
been taken for that delivery'on the same basis as for the liberal bookings of
late June and early July.
Pipe and tin plate shipments, which have been notably large for several
months, are likely to show some slackening in the next 30 days. Tin mill
operations are at 85 to 90% of capacity. A fair amount of tin plate export
business is ahead, and by another 60 days early 1927 supplies will begin to
show in mill schedules.
Wire mills will open their books for the last quarter early in September,
so that the trade will not be long in uncertainty as to recent reports of a
new price.
Automobile builders have put out inquiries for sheets and cold rolled
strip steel for part, and in some cases all, of the fourth quarter. What they
Small Increase Reported in Crude Oil Production.
develop as to the price trend will be closely watched.
The Pennsylvania RR. has contracted for the r building of 2,000 steel
The American Petroleum Institute estimated that the
cars, requiring 15.000 to 20,000 tons of steel, and three roads have
hopper
daily average gross crude oil production in the United States placed orders
for a total of 50 locomotives. Rail buying on any scale is not
for the week ended Aug.21 was 2,170,500 barrels as compared looked for until October. At Chicago there is inquiry for 10,000 tons.
with 2,162,050 barrels for the preceding week, an increase of The latest Canadian Pacific order taken by the Nova Scotia mill is for 25,000
8,450 barrels. The daily average production east of Cali- tons.
A marked falling off in structural steel work up for bids is offset to some
fornia was 1,564,400 barrels, as compared with 1,551,450 extent by a good total of awards for this time of year. Of 29.000 tons contons for a New York apartment
barrels, an increase of 12,950 barrels. The following are tracted for, the largest project was 5,000
building. A Chicago office building calls for 3,200 tons. The Bethlehem
estimates of daily average gross production by districts for Steel Corp. and the McClintic-Marshall Co. were low bidders on two
the weeks indicated:
Staten Island-New Jersey bridges for which award of 31,000 tons of steel
is expected soon.
DAILY AVERAGE PRODUCTION.
Bookings of fabricated structural steel in July are estimated at Washing(In Barrels.)
Aug. 21 '26. Aug. 14 '26. Aug. 7'26. Aug. 22'25.
and shipments were 265.350
Oklahoma
467.9009,450
453,050 ton at 216.550 tons (219,660 tons in June)
Kansas
111:050
112,650
or 87% of capacity. For seven months of this year bookings were
tons,
110,450
110.900
North Texas
189,900
180.450
173,550
78.700 1,460,950 tons, compared with 1,391,750 tons in 1925 to July 31. Ship61,950
East Central Texas
56,550
53,300
91,250 ments in the same periods were 1,650.050 tons this year (12% above
West Central Texas_ _ _ 91,800
92,750
92,700
77,850
45.850
Southwest Texas
45,400
45,300
44.900 bookings) and 1,534.150 tons last year.
56,850
North LouLsiana
56,600
56.800
Taking another index of activity, steel castings. July had bookings of
49,500
156.700
156,850
Arkansas
160,150
233,750 82,628 tons, or 21.5% more than the 68,030 tons of June. Railroad buy159.200
Gulf Coast
167.500
154,750
93,400 ing, commonly the backbone of the steel casting industry, has been only
109,500
Eastern
108.500
107,000
106,500
70,150
Wyoming
71,000
69,850
85,150 moderate since Jan. 1, representing but 58% of the capacity for railroad
27,950
26,500
Montana
25.000
15.000 specialties, while in miscellaneous castings the orders were 78% of capacity.
8.850
8,900
Colorado
9,950
4,450
In New England foreign steel bars and structural shapes are giving
5.150
4,500
New Mexico
4.900
3,950
at
606,100
610,600
California
618,100
672.500 domestic mills more competition. German shapes have been offered
Boston, duty paid, at $6 to $8 a ton below domestic prices.
2,170,500 2.162.050 2.141,250 2.120,850
Total
in
sales
steel
Sheet
July by independent manufacturers were the largest
The estimated daily average gross production of the Mid-Continent field, since the 370,361 tons of November, 1925, totaling 352.414 tons. They
Including Oklahoma, Kansas, North, East Central, West Central and were 68,095 tons ahead of June sales.
Southwest Texas, North Louisiana and Arkansas. for the week ended Aug.
The pig iron market reflects uncertainty as to prices and as to the require21 was 1,183,600 barrels, as compared with 1.164,550 barrels for the preced- ments of foundries in the fourth quarter. At Buffalo a sale of 10,000
ing week, an increase of 19,050 barrels. The Mid-Continent production, t0114 of basic was made to a steel company. On the Atlantic seaboard
excluding Smackover, Ark., heavy oil, was 1,061,600 barrels, as compared German iron has again become a factor; but the enforcement of demurrage
charges after 48 hours instead of 15 days as heretofore has introduced a new
with 1,042.900 barrels, an increase of 18,700 barrels.
In Oklahoma, production of South Braman is reported at 8,800 barrels, I hazard in the handling of all foreign irons.
Heavy melting steel has been more active in the East and in the Pittsagainst 7,800 barrels; Tonkawa, 35,750 barrels against 37,200 barrels: I
Garber, 32;350 barrels, against 33,300 barrels; Burbank, 49,300 barrels, burgh district. The Pittsburgh market has been holding well up to the
against 49,250 barrels; Bristow-Slick, 28,050 barrels, against 28,250 barrels; $18 level despite only moderate consumer interest. At the same time
Cromwell, 16,450 barrels, against 16,550 barrels; Papoose. 9.650 barrels. basic pig iron is available at $17.50 at Valley furnace.
1036
THE CHRONICLE
For the tenth successive week the Iron Age composite price of finished
steel stands at 2.431c. per lb., being about 1)4% above that of one /ear
ago. For seven weeks the pig iron composite has been
$19 46 per ton, or
2.1% higher than a year ago. The usual table of composite prices now
stands as follows:
Finished Steel-Aug.24 1926. 2.431c. per Pound.
Based on prices ofsteel bars, beams,tank One week ago
2.431c.
plates, plain wire, open-hearth rails, One month ago
2.431c.
black pipe and black sheets. constitut- One year ago
2.396c.
log 87% of the U.S. output
10-year pre-war average--1.689c.
Pig Iron-Aug.24 1926. $19 46 per Gross Ton.
Based on average of basic iron at Valley One week ago
$19 46
furnace and foundry irons at Chicago, One month ago
19 46
Philadelphia, Buffalo, Valley and One year ago
19 04
Birmingham
10-year pre-war average-- 15 72
Finished Steel
Pig Iron
High.
Low.
High.
Low.
1926-2.453c. Jan. 5 2.403c. May 18 $21 54 Jan. 5 $1946 July 13
1925_2.560c. Jan. 6 2.396c. Aug. 18 22 50 Jan. 13 18 96 July 7
1924_2.789c. Jan. 15 2.460c, Oct. 14
22 88 Feb. 26 19 21 Nov. 3
1923_-_2.824c. April 24 2.466c. Jan. 2 30 86 Mar. 20 20
77 Nov. 20
August bookings and production have served to round out
sustained record of heavy business for the summer period
that is without parallel in the steel industry, states the
"Iron Trade Review" this week. During the past three
months the mills have entered, produced and shipped well
over 1,063,000 tons more than during the corresponding
period in 1925 when the high yearly output of steel was
established. Activities of the past three months have averaged approximately 80% of capacity, or on the basis of an
ingot year of 44,000,000 tons. This is at the rate of fully
5,000,000 to 6,000,000 tons per annum ahead of that shown
in the June-August period last year, when production averaged slightly over 70%, continues the "Review" which in
its summary issued Aug. 25 gave the following details:
Except for the usual variations incident to the season, the general high
pressure for material is unchanged. New requirements are large and steady
and the situation has yet to develop trustworthy evidence pointing to
permanent sagging in the recent pitch of consumption. While some steelworks' blast furnaces recently were bolwn out and three others are slated
to follow shortly, these are more than offset by stacks going in.
August movement of Lake Superior iron ore from the mines to lower lake
docks promises to break all records for that month but probably will fall
short of July.
Despite some statements to the contrary, prices in leading steel products
rare holding and in certain lines, manifestly sheets, are stronger. Producers are now accepting business for fourth quarter on
steel bars, shapes
and plates at third quarter prices.
Announcement will be made this week by the mills of a revised schedule
of differentials on sheets which, by modifying base since,
will materially
advance the lighter gages. July sales by independent sheet
mills were
352,414 tons, equivalent to 113.6% of capacity. This volume is eclipsed
by one three months on record and is the largest since November
1925.
Award of 31,813 tons of plain structural steel to Bethlehem Steel Co. for
the Staten Island bridges, Is indicated by bids opened
this week.
British pig iron production in July fell again to
17,900 tons with eight
furnaces now active. Steel production was 32,100 tons.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products for the fifth consecutive week remains unchanged at $37 61.
The Eastern section of the country shows more inquiry
than the West with a number of lots, ranging from 500 to
1,000 tons, under discussion, says the market report of
Rogers, Brown & Crocker Bros., Inc., which adds:
Some of these tonnages have already been placed. The price situation
remains unchanged, but in the Philadelphia market the situation is helped
by the absence of distress foreign iron.
While foundry coke remains inactive and unchanged, furnace and
heating cokes are firmer, due to contracts placed by some of the steel
companies and to export demand.
Steel and Iron Foundry Operations in Philadelphia
Federal Reserve District Lower in July Than in June.
Except for a gain of 37.6% over the output of malleable
iron castings a year ago, operations at iron foundries in the
Philadelphia Reserve District in July decreased below those
in June and in July 1925, as is shown by the subjoined table
furnished by the Department of Statistics and Research
of the Federal Reserve Bank of Philadelphia. Stocks of
pig iron and scrap at the end of July were heavier than those
on the same date last month and the year previous.
IRON FOUNDRY OPERATIONS-THIRD FED.
RESERVE DIST.
July 1926.
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stockPig iron
11.817 tons
5,552 "
355 "
5.197 "
3.710 "
1,487 "
4.863 "
$675.085
5.068 tons
$779.464
% Change % Change
MonthAgo. Year Ago.
-7.4
-8.3
-74
-5,9
-11.2
-9.5
-2.8
-3.9
-0.8
-1.4
+37.6
-3.2
-8.2
+11.8
-9.8
-5.9
-13.5
-11.4
[you 128.
STEEL FOUNDRY OPERATIONS-THIRD FED. RESERVE DIST.
July 1926.
Capacity
Production
Shipments
Value
Unfilled orders
Value
Raw stockPig iron
Scrap
Coke
% Change % Change
MonthAgo Year Ago.
12,240 tons
7,012 "
5.298 "
$787,181
5,459 tons
$1.019,859
-20.2
-7.2
-9.5
-17.3
-15.9
+21.3
+2.9
-13.4
+107.1
+98.3
2.302 tons
7.780 "
920 "
+8.4
-5.4
-20.1
+1.2
-19.6
-13.3
Export Coal Keeps Bituminous Market Up-Anthracite
Trade Better.
The influence of export shipments still predominates in
the bituminous coal markets of the country. General domestic business is heavy, though somewhat unevenly distributed, but the movement for inland consumption is largely.
routine. The export trade, on the other hand, leaves its
impress on both tonnage and prices and adds to the market
that element of speculative interest in what each week may
bring which lifts day-to-day trading out of the doldrums,
records the "Coal Age" this week in its market summary.
Measured by the total output of the bituminous mines,
the actual quantity of soft coal loaded for overseas shipment is inconsequential. Considered in relation to normal
performance in that field, however, these shipments assume
a deep importance. Last week, for example, between 450,000 and 500,000 net tons were loaded for the United Kingdom. Total export and foreign bunker business from Hampton Roads to Aug. 15 was nearly 3,000,000 tons ahead of
last year. Temporary as these gains admittedly are, for
the time being their effect upon sentiment and actual prices
cannot be denied, adds the "Age" in its Aug. 26 issue, from
which we quote the following:
Quotations on low volatile coals have reacted much more violently the
past fortnight than was the case when the export buying first began to
affect the high volatiles. Navy Standard at the Roads for New England
delivery went up 35@50 cents per ton in a week. Prices on lump Pocahontas and New River at Chicago advanced 25@50 cents. Pool 1 coal for
New York tidewater shipment, on the other hand, weakened slightly.
These gains and increases in prices on central Pennsylvania coals and
scattering sizes of other grades in certain markets, checked the effect of
the declines in other directions-notably in spot gas coals, both Pittsburgh
and West Virginia, and in open market prices on steam sizes in the Illinois and Indiana districts. The "Coal Age" index of spot bituminous prices
on Aug. 23 stood at 165 and the corresponding price was $2, an increase
of one point and one cent over the figures for Aug. 16.
Weekly production holds well over 10,000,000 tons. The output for the
week ended Aug. 14 was estimated at 10,626,000 net tons. Preliminary
data for last week indicate only a slight recession in the average raised.
Overseas exports are absorbing about 5% of the current output. The lake
trade is taking close to 10%. Dumpings at the lower lake ports during
the week ended Aug. 22 totaled 807,843 tons of cargo and 53,192 tons of
vessel fuel. This brings the season's total to 17,458,215 tons, as against
15,328,093 tons last year and 12,926,230 tons in 1924.
There is a distinctly more optimistic tone in the anthracite trade as
the fall season approaches. Unless there should be a last-minute shift in
plans, there is little likelihood that the large company producers will
make any change .in their circulars on the domestic sizes. Independent
shippers undoubtedly will try to recover what they lost in sacrifice sales
this summer as soon as conditions warrant. The spot steam coal market
is slightly stronger.
Contract inquiries for Connellsville furnace coke tonnage have caused
many producers to revise their ideas of what their product should bring.
Although some business is understood to have been closed at less than
$3 25, ovens now talk of $3 50 as a proper minimum on future contract
business.
Bituminous Coal and Anthracite Production Show
Increases-Coke Practically Unchanged.
Rallying from the decline in production the previous
week, the output of bituminous coal was increased by about
476,000 tons and anthracite by about 90,000 tons, during the
week ended Aug. 14. Coke output, on the other hand, remained much the same, according to the United States Bureau of Mines statistics, which are given herewith:
Recovering from a temporary halt, production of soft
coal during the
week ended Aug. 14 reached a total of 10,626,000 net tons. This is an
increase of 476,000 tons, or 4.7%, over output in the preceding
week, and
is the highest figure attained in any week since
March.
&denoted United States Production of Bituminous Coal (Net Tons)n, Ind. Coal Coked
1926-1925
Week.
Cal. Yr. to Date.
Week, Cal. Yr.to Date.b
July 31
10,540.000
310,979.000
273,411,000
9,457.000
Daily average
1,757,000
1,735,000
1.526,000
1,576,000
Aug. 7_c
10,150,000
321.129,000
283,382,000
9,971,000
Daily average
1,692,000
1,733,000
1,530,000
1,662,000
Aug. 14.d
5.688
10,628,000
331,755,000
293.843,000
10,261,000
Daily average
1,771,000
1,734,000
1.538,000
1,710.000
H
,I
8
IItilScrap
Coke
a
Original
estimates
corrected
for usual error, which in past has averaged 2%.
+4.8
b Minus one day's production first week
in
January
days in
equalize
number
of
to
Regarding steel foundry operations in the District for the two years. c Revised since last report. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
the month of July, the bank says:
Aug. 14 (approximately 191 working days) amounts to 331,755,000 net
The physical volume of production, shipments and unfilled orders
of
steel castings in this district during July was noticeably below that in the tons. Figures for corresponding periods in other recent years are as
follows:
preceding month, but it exceeded greatly that in July 1925, the large gain
329,780.000 net tons
in unfilled orders being explained by a substantial increase in tonnage at 1920
1923
349,107,000 net tons
1921
245,283.000 net tons
1924
281,026,000 net tons
one foundry. Details are given in the following table:
1922
218,122,000 net tons
1925
293,643,000 net tons
AUG. 28 1926.]
THE CHRONICLE
ANTHRACITE.
Production of anthracite during the week ended Aug. 14 is estimated,
subject to slight revision, at 1,934,000 net tons, an increase of approximately 90,000 tons, or 3.2%, over output in the preceding week.
Estimated United States Production of Anthracite(Na Tons).
1926
1925
WeekEndedWeek.
Cal. Yr.to Date. Week. Cal. Yr.to Date.a
July 31
2,066,000
44,682,000
2.036.000
52,508,000
Aug. 7
1.843,000
46,525.000
2,011,000
54,519,000
Aug. 14_b
1,934,000
48,459,000
1,857,000
56,376,000
a Minus one day first week In January to equalise number of days in the two
years. b Subject to revision.
Total production of anthracite from Jan. 1 to Aug. 14 amounts to 48,459,000 tons. Figures for corresponding periods in other recent years are
given below:
1922
1923
22,531,000 net tons
61,550,000 net tons
1924
1925
54,924,000 net tons
56,376,000 net tons
BEEHIVE COKE.
The amount of coke produced at beehive ovens continues to show little
change. Total output during the week ended Aug. 14 is estimated at 163,000 net tons.
Estimated Production of Beehive Coke (Na Tons).
Week Ended6
1926
1925
Aug.14'26.b Aug.7'26.c Aug.15'25. to Date.
to Date.a
Pennsylvania and Ohio-- 132,000
133,000
89,000 6,287,000 4,575.000
West Virginia
15.000
14,00010,000
475,000
378.000
Ala., Ky., Tenn. & Ga..3,000 . 7,000
12,000
457.000
596,000
Virginia
5,000
5,000
233.000
5.000
229,000
Colorado and New Mexico_
5,000
4,000
5.000
173.000
150,000
Washington and Utah
3,000
3,000
3,000
112,000
129,000
United States total
163,000
166,000
124.000 7,737,000 6.057.000
Daily average
27,000
28,000
21,000
41,000
41,000
a Adjusted to make comparable the number of days covered In the two years,
b Subject to revision. c Revised since last report.
Production of Bituminous Coal During Month of July.
The table below presents estimates by the Bureau of
Mines, Department of Commerce, of soft coal production,
by States, in July. Total production during the month
amounted to 43,472,000 net tons, an increase of 1,480,000
tons, or 3.5%, over the output in June, according to the
statistics compiled by the United States Bureau of Mines.
The number of working days was the same in the two
months. As indicated by the detailed figures, Utah was
the only State in which production decreased appreciably;
most States show gains. In the Appalachian region, increases averaged 2.7%; in the Eastern interior, consisting
of Illinois, Indiana and western Kentucky, 5%; in the
States west of the Mississippi, 6%.
The last three columns in the table show the total amount
of soft coal produced in each State during the first seven
months of the present year. Similar data, given for corresponding periods in 1925 and 1924, make possible an interesting comparison. It should be remembered, however, that
only the figures for 1924 are final.
sisted of crude materials, and how much of manufactures,
and in what state, and how much of foodstuffs and whether
crude or partly or wholly manufactured. The following is
the report in full:
(Value in 1,000 Dollars.)
Total Production forJuly 1926.
I
Month. DailyAo. Month. DailyAv.
Jan. 1-July 31.
1926.
Ala_ 1,638.000 63.000 1,731.000 66,600 12,412,000
Ark.__
104.000
4,000
123,000
4.700
819.000
Colo __
592,000 22,800 666.000 25.600 5.304.000
Ill_ 4,415,000 169,800 4,689,000 180.300 38,045.000
Ind.__ 1,322,000 50,800 1,394.000 53,600 11,822,000
Iowa__
350,000 13,500
356.000 13,700 2.879.000
Kan __
272,000 10,500
316,000 12,200 2.286,000
I
East 3,778,000 145,300 3,835,000 147,500 24,845,000
West 1,058,000 40,700 1,052,000 40,500 8,077,000
Md.__
258,000
9,900
265,000 10,200 1,897,000
Mich _
20,000
800
23.000
900
330,000
Mo___
159,000
6,100
180,000
6,900 1,363,000
Mont _
139.000
5.800
145.000
5,600 1,218,000
N.Mex
215,000
214,000
8,300
8,200 1,583.000
N.Dak
60,000
2,300
61,000
2.300
527,000
Ohio- 1,828,000 70,300 1,842.000 70,800 15,209,000
146,000
Okla5,600
169,000
6,500 1,216,000
10.606,000
Pa-407,90011.271,000 433,500 82,214.000
430,000 16,500
Tenn 455,000 17,500 3,273.000
71,000
Texas2,700
83,000
3,200
510,000
391.000 15,000
Utah331,000 12,700 2,359,000
Vs_. 1,087,000 41,800 1,116,000 42,900 7.519,000
168,000
6,500
Wash _
164,000
6,300 1,286,000
W.Va.12,498,000 480,70012,554.000 482.800 80,436,000
378,000 14,500
Wyo._
428.000 16,500 3,489,000
9,000
300 •
Otherb
9,000
300
60,000
1925.
1924.
11,216,000 10,520,000
707.000
737,000
5.035.000 5,656,000
35,336,000 37,095,000
11,848,000 11.961,000
2.573.000 3,073.000
2,123,000 2.276.000
21,782,000 19,149,000
5,722,000 4,897,000
1,271,000 1,197,000
357,000
481,000
1,285,000 1,373,000
1,275.000 • 1,535.000
1,362,000 1,541,000
532.000
628.000
13,400,000 17,419,000
1,189.000 1,273,000
75,147,000 75,979,000
3,176,000 2,484,000
464,000
616,000
2,304.000 2,338,000
6,816,000 5,951,000
1.257,000 1,503,000
64,910,000 55.250,000
3,327,000 3,520.000
54,000
154,000
,ms., 53,UU'J 3035,uuud1u,Uio,uUO5*4,4(jS,Q(J02685o
„
6o90,
a Revised. b This group is not strictly comparable In the three years.
The total amount of anthracite produced in Pennsylvania in July amounted to 8,429,000 net tons, as against
8,937,000 tons in June-a decrease, in July, of 508,000 tons,
or 5.7%.
Analysis of Imports and Exports of the United States
for July.
The Department of Commerce at Washington Aug. 26
issued its analysis of the foreign trade of the United States
for the month of July and the seven months ending with
July. This statement enables one to see how much of the
merchandise imports and exports for 1926 and 1925 con-
Seven Months Ending Jul,.
Mona of July.
Groups.
1925.
1926.
1925.
Per
Per
Value. Cent. Value. Cent. Value.
Domestic ExportsCrude materials
56,854
Crude foodstuffs and food
animals
22,546
Manufactured foodstuffs 43,346
Semi-manufactures
57,782
Finished manufactures 151,146
1926.
Per
Cent. Value.
Per
Cent.
17.1 72,093 20.0 680,545 25.7 569,440 22.6
6.8 33,908 9.4 194,716 7.3 138.330 5.5
13.1 35,418 9.8 322,913 12.2 272,026 10.8
17.4 53,145 14.7 402,968 15.2 370.088 14.7
45.6 165,930 46.1 1,050,693 39.6 1,165,265 46.4
Total domestic exports331,674 100.0360,494 100.02,651,835 100.02,515,149 100.0
7,986
7,865
51,145
60,124
Foreign exports
Total
368,359
39,660
ImportsCrude materials
125,483
Crude foodstuffs and food
animals
42,368
Manufactured foodstuffs 34,095
Semi-manufactures
58,791
Finished manufactures._ 64,911
-_-_.
2,702,980
2,575,273
38.5131,215 38.7 956,404 40.0 1,119,753 42.4
13.0
10.5
18.1
19.9
ne .0.4o Inn
42,209 12.4 273,831 11.5 309,248 11.7
29,312 8.6 279,063 11.7 242,517 9.2
65,775 19.4 436,483 18.2 480.813 18.2
70,721 20.9 443,624 18.6 489,775 18.5
ngOn WV, Inn riq gen .111C.Inn /In .40 MR "Inn n
Domestic Exports of Grains and Grain Products.
The Department of Commerce at Washington gave out en
Aug. 24 its monthly report on the exports of principal grains
and grain products for July and the seven months ending
with July, as compared with the corresponding periods a year
ago, For the first time in many months the total value of
these exports increased as compared with the same month of
1925. The value of the shipments. as $36,230,000 in July
1926, against $25,427,000 in the corresponding month of the
previous year, but for the seven months ending with July
1926 the value was no more than $147,249,000, as against
$225,340,000 in the same seven months a year ago. The oat
exports in July 1926 were only 817,000 bushels, as against
3,799,000 bushels in July 1925; rye exports no more than
2,185,000 bushels, as against 2,359,000 bushels, and barley
exports only 1,386,000 bushels, against 1,940,000 bushels.
Wheat, however, went out in greatly increased quantities,
16,083,000 bushels having been shipped in July 1926, compared with but 5,295,000 bushels in July 1925. Rice, corn
and wheat flour also went out in increased quantities. The
details are as follows
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS'
ESTIMATED PRODUCTION OF SOFT COAL, BY STATES, IN JULY 1926
AND IN THE FIRST SEVEN MONTHS OF THE LAST THREE
CALENDAR YEARS (NET TONS).
tune 1926.a
1037
Seven Months Ended July.
July.
June 1926.
1925.
Barley
bush.
Value
bush.
Malt
Buckwheatbush
Corn
bush
Value
Cornmeal_ _bbls
Hominy and
lbs
grits
Oats
bush
Value
Oatmeal_ _ _ _lbs
Rice
lbs.
Value_ _ _t _____
Rue
bush.
Value
Wheat
bush.
Value
Flour
bbls.
Value
BiscuitsUnsweet'd __lbs.
Sweetened __lbs.
Macaroni_ __lbs.
Torsi
17/1.1115
1925.
1926.
1.940.000 1,386,000 1,352,000
$957,000
51,907,000 51,119,000
345,000
363,000
270,000
2,000
31,000
733,000 1,227,000 1,722,000
$907.000 $1,080,000 51,532,000
27.000
28,000
33,000
1926.
8,429,000
5,997,000
$8,676,000 $4,645,000
3,267,000
2,083,000
10.000
86,000
5,440,000 16,310,000
87.049,000 $14,341,000
174,000
242,000
3.172,000 2,716,000 1,831,000 10,199,000 16.378.000
9,454,000
3,799,000
817,000 1.817,000 10,905.000
$917,000 $5,982,000 $4,722,000
$2,006,000
8366,000
9,307,000 12,496,000 11,740.000 65.924,000 74.264,000
885,000 2,016,000 L955,000 28,278,000 17.09.0000
$104,000 $1,683,000
5916,000
546,000
885,000
3.784,000 2,185,000 1,082,000 26,373.000
8,605.000
$4.287,000 82.359,000 81,099,000 $34,717,000 18.923.000
5.295,000 16,083,000 8,074,000 56,489,000 43,940.000
88,764.000 824,020,000 $11,865,000 $102,394,000 546,596.000
776,000
6.552,000
667,000
793,000
4,991,000
$5,917,000 85,620.000 $4,857,000 552,286,000 536,555,000
1,450,000
591,000
623,000
599,000
729,000
652.000
425,000
639,000
9,950,000
5,137,000
5,219,000
3,220,000
4,785,000
$25.427 111111 525 72n non 522.773.000 1225_3401100 5147_249.000
PRINCIPAL COUNTRIES OF DESTINATION AND AMOUNTS SHIPPED•
Barley.-United Kingdom, 963; Norway, 196.000; Germany, 98,000; Canada.
61.000; Belgium. 57.000.
Matt.-Canada, 95,000; Mexico, 56.000; Brazil, 48,000: Cuba, 17.000; Colombia.
12,000.
Corn.-Mexico. 404,000; Canada, 401,000; United Kingdom, 161,000; Cuba,
144.000; Denmark. 43,000; Guatemala, 33,000.
Cornmeal and Flour.-Canada,5,000; United Kingdom,5,000; Dutch West Indies,
4,000; Jamaica. 3.000; Other British West Indies, 3,000; Cuba, 3,000; Netherlands.
2,000; Japan, 1.000.
Hon:Pty.-Denmark. 738.000; United Kingdom, 665,000: Canada, 464,000; Germany, 440.000: British West Indies, 260,000; Mexico, 79,000.
Oats.-United Kingdom,221,000; France, 174,000; Netherlands. 132.000; Canada,
117.000; Cuba, 102,000.
oatmeal.-United Kingdom. 3,578,000; Netherlands, 3,242.000: Finland, 1,247,000; Belgium, 589,000: Canada, 543,000; Denmark, 528.000; Irish
Free Stare.
444.000; Mexlco. 428.000: China, 201.000; Argentina. 150.000; India, 149.000;
Columbia. 141,000; Brazil, 123.000; Newfoundland, 116,000; British Malaya,
111.000.
Rice -Cuba, 392.000; United Kingdom, 253,000; Germany, 242,000; Japan.
209.000; Honduras, 167,000; Belgium, 165,000; Colombia, 159.000; Canada, 124,000.
Wheat -United Kingdom.8.286,000; Netherlands. 2,970,000; Belgium, 1.068.000;
Germany, 968.000; Canada, 667,000; Japan, 628,000; Italy, 573,000; France, 304,000; Brazil, 187,000; Peru, 165,000.
Flour.-Cuba. 78,000: United Kingdom. 78.000: Brazil, 65,000: Greece. 64.000;
Netherlands, 59.000; Germany, 59,000; Hongkong. 57.000; PhiliPPince.
31000;
Finland, 33,000; Haiti, 26,000; Mexico, 18,000.
Biscuits(Sweetened).-Cuba, 171,000; Canada, 125,000: Colombia.83,000; Mexico.
53.000: Venezeula. 38,000; Dominican Republic, 28.000; Panama, 22.000.
Biscuits (Unsweetened).-Colombia. 191,000; Venezuela, 88,000; Cuba, 68.060
Mexico. 63,000; Panama, 46,000; Canada, 35,000.
THE CHRONICLE
Macaroni.—Domlnlean Republic. 167,000; Canada. 163,000; United Kingdom,
106,000; Mexico, 103,000; Cuba, 39,000; Panama, 36,000; Australia, 34.000.
[VOL. 123.
DOMESTIC EXPORTS OF FEEDS (IN SHORT TONS).
DOMESTIC EXPORTS OF HOPS,STARCH,YEAST AND BAKING POWDER.
July.
Seven Mos. Ended July.
June 1928
July.
Seven Mos. Ended July.
1926. .
1925.
1926.
§§
CO
8
liCc
642,000
lbs.
143,000
126.000 11,442,000 5,285,000
$100,000 . 845.000
833.000 52,171,000 $1,376,000
lbs. 17,209,000 15.574,000 12.559,000 120,935,000 105,494,000
$624.000 $472,000 .5406.000 54,415,000 53,256,000
lbs.
192,000 1,867,00(
885,000 1.773,000 9,073.000
$262,000
$13.00( • $48,000
$25,000
$93,000
BM.
287.00( '29i,00(
270,000 1.944,000 2,055.000
$89,00(
571,000
876,00(
8542.000
$496,000
lbs.
292,00(
283.00(
274,000 2.472,000 2.539,000
8922,000
$103.00( $115.00C
899.000
5943.000
.N
1925.
Hops
Value.
Corn starck
Value
Other starch
. Value
yeast
Value
Baking powder
Value
Hay
845
Cottonseed cake
12,104
Linseed cake
20,440
Other oil cake
.
• 857
Cottonseed meal
7.653
Linseed meal
894
Other oil meal
7
Bran, dm
207
Screenings
330
Other mill feeds
259
Prepared feeds not medicinal
1.413,000
Total value in thousands $1012000
1926.
1925.
00.4...0100M
June 1920.
1925.
1,114
6,326
18,979
1,124
6,055
975
6
236
35
554
13,425
144,065
199,283
7.240
57,726
4,428
8.223
2,671
2,222
12.038
1926.
8,785
117,039
175,712
5.638
41.117
3;445
535
2,125
2.999
5.421
892.000 10,211,000 10,185.000
51 428,000 MO 409 0110 514.611.000
Current Events and Diseussions
The Week with the Federal Reserve Banks.
. The consolidated statement of condition of the Federal
Reserve banks on Aug. 25, made public by the Federal
Reserve Board, and which deals with the results• for the
twelve Reserve banks combined, shows increases of $5,700,000 in cash reserves and $6,800,000 in Federal Reserve note
circulation, and declines of $1,700,000 in bill and security
holdings and $14,300,000 in total deposits. Holdings of
discounted bills increased $36,100,000 and of acceptances
purchased in open market $500,000, while Government security holdings declined $38,800,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
and an increase of $8,000,000 in investments. These
changes were accompanied by an increase of $18,000,000 in
time deposits and decreases of $118,000,000 in net demand
deposits and $7,000,000 in borrowings from the Federal
Reserve Bank. Member banks in New York City reported
reductions of $31,000,000 in loans and discounts, $4,000,000
in investments, $26,000,000 in net demand deposits,
$14,000,000 in time deposits and $38,000,000 in borrowings
from the Federal Reserve Bank. As already noted, the
figures for these member banks are always a week behind
those for the Reserve banks themselves.
Loans on stocks and bonds, including United States govNine of the Federal Reserve banks report increased holdings of discounted
ernment
obligations, were $55,000,000 below the previous
bills, the largest increases being $16,400,000 for the Chicago bank, $10.190,000 for San Francisco and $7,700,000 for Philadelphia. A decrease of week's total, the principal reductions being $39,000,000 in
$5.900,000 in discount holdings was reported by the Federal Reserve Bank the New York district and $7,000,000 in the Philadelphia
of New York, of $1,600,000 by the Cleveland bank, and of $1,300,000 by
St. Louis. The New York bank reports an increase of $5,600,000 in hold- district. "All other" loans and discounts increased $12,ings of acceptances bought in the open market, the Boston bank a decrease 000,000, of which $7,000,000 was reported by banks in the
of $3,100,000 and the Atlanta and Chicago banks decreases of $2,400,000 San Francisco district.
Total loans to brokers and dealers,
and $2,100.000, respectively. The System's holdings of United States
bonds were $38.600,000 below the previous week's total, while holdings of secured by stocks and bonds, made by reporting member
other United States securities remained practically unchanged.
banks in New York City were $22,000,000 above the Aug. 11
The principal changes in Federal Reserve note circulation during the week total,
loans for own account having declined $18,000,000,
comprise increases of 86,200.000 at the Cleveland bank, $5,000,000 at
Chicago. and $2,100.000 at Boston, and decreases of $4,400,000 at New while those for out-of-town banks and for others increased
York and 82,100,000 at Atlanta.
$15,000,000 and $25,000,000, respectively.
Holdings of United States securities decline $16.000.000. of which
The statement in full, in comparison with the preceding
$13,000,000 was reported by banks in the New York district. Holdings of
week and with the corresponding date last year, will be found other bonds, stocks and securities went up $24.000,000, the principal inon subsequent pages—nainely, pages 1087 and 1088. A creases being $14,000,000 in the New York district and $6,000,000 in the
summary of changes in the principal assets and liabilities of Chicago district.
Net demand deposits
$118,000,000 below the Aug. 11 total, reducthe Reserve banks during the week and the year ending tions being reported for were
all districts except Kansas City, Dallas and San
Francisco. The principal reductions in this item were: 854,000,000 in the
Aug. 25 1926 is as follows:
Increases (+)or.Decreases(—)
.uunria
Week.
- Year.
Total reserves
+890,400,000
+85,700.000
Gold reserves
+6,300.000
+78,500.000
Total bills and securities
—1,700,000
+23.900.000
Bills discounted, total
+36.100,000
—9,000,000
Secured by U. S. Govt. obligations.-.- +23,300,000
—.19,300.000
Other bills discounted
+10,300,000
+12,800,000
Bills bought in open market
+53,100,000
+500,000
U. S. Govt. securities, total
—38.800.000
—11,000,000
Bonds
—38,600.000
—24.000,000
Treasury notes
—13,300,000
—200,000
Certificates of indebtedness
+26,300,000
Federal Reserve notes in circulation
+76.800,000
+6.800,000
Total deposits
—14.300,000
+21.400,000
Members' reserve deposits
—11.600,000
+29,100,000
Government deposits
—7,200,000
—3,100,000
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the
week ending May 19, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with the report of the Reserve banks for the
next week. The Reserve authorities have not succeeded
in expediting the time of the appearance of the figures, and
they are made public the following week on'Mondays instead
of on Thursdays. Under this arrangement the report for
the week ending Aug. 18 was given out after the close of
business on Monday of the present week.
The Federal Reserve Board's weekly condition statement
of Aug. 18 of 697 reporting member banks in leading cities
shows a decline of $45,000,000 in loans and discounts, and
New York district, $14,000,000 each in the Boston and Philadelphia districts, $12,000,000 in the Richmond district, and $9,000,000 each in the
Chicago and St. Louis districts.
Time deposits were $18,000,000 above the previous week's figure at al
reporting banks and $19.000,000 above at banks in the New York District.
Borrowings from the Federal Reserve Banks were reduced 87,000.000
during the week, the principal changes including a reduction of $42.000.000
in the New York district and increases of 812.000,000 in the Boston district,
$7,000,000 In the Philadelphia district and $6,000,000 each n the Chicago
and St. Louis districts.
On a subsequent page—that is, on page 1088—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 a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Increases (+) or Decreases (—
During
Week.
Year.
—$45,000.000
+1692,000.000
—1,000,000
—29,000,000
—55,000,000
+369,000,000
+11,000,000
+352,000,000'
+8.000,000
+141,000,000
—16,000,000
+24,000,000
Reserve balance with Federal Reserve Banks.. _
—10,000,000
Cash in vault
—12,000,000
Net demand deposits
—118,000,000
Time deposits
+18,000,000
Government deposits
—12,000,000
Total borrowings from Federal Reserve Banks-- _
—7,000,000
—38.000,000
+179,000,000
+7,000,000
+2.000,000
+34,000,000
+544,000,000
+59.000,000
—28,000,000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Washington releases for
publication. to-day (Aug. 28) the following summary of
conditions abroad, based on advices by cable and other
means of communication.
CANADA.
Wheat harvesting has begun in the Prairie Provinces. Agricultural implements, automobile, and textile industries are showing greater activity.
The aggregate of building authorizations of 63 Canadian cities during the
seven months ended July 31 aPproximated $97,500.000 as compared with
less than 879,000.000 during the same period of 1925. The output of pig
AUG. 28 1926.]
THE CHRONICLE
1039
iron during July was about 5% less than the June volume, but production
from January to July, inclusive, exceeded the total during the same months
or last year by about 40%. Loadings of revenue freight from the beginning
of January through August 7 totaled 1,782,382 cars, as compared with
1,577,532 during the corresponding period of 1926.
LITHUANIA.
The strike in the boot and shoe industry has been partly settled by the
owners granting an increase in wages, a six-day week and several other
minor demands. Strict economy has been enjoined on all Ministries by
the Minister of Finance in order to improve the budgetary situation.
GREAT BRITAIN.
At a conference in London on Aug. 17. the delegates of the coal miners
authorized the Executive Committee of the Miners' Federation to reopen
negotiations with the Government and with the mine owners with a view
to finding a basis for ending the deadlock. Accordingly, a meeting between
the miners and the owners took place on Aug. 19, but there have been no
Indications of progress toward an agreement. Unemployment on Aug. 9.
exclusive of the disagreeing coal miners, numbered 1,594,200, as compared
with 1,618.800 persons on Aug. 2.
The knit goods manufacturers, application for a 45% tariff on the importation of knit goods has been rejected by the Board of Trade committee
that heard the appeal. The committee, however, has suggested a future
application in the event that the proportion of imported knit goods increases substantially, and if there is a decrease of employment within the
industry.
FRANCE.
French Government revenues in July amounted to 3,661.000,000 francs,
the highest figure since January, while the total revenues for the first seven
months of the present year were 19,707,000,000 francs. The direct tax
yield for July shows a large increase due to advance payments of 1926
taxes.
The foreign trade balance for the first seven months of 1926 was largely
unfavorable, imports being valued at 34,430,000,000 francs and exports
at 31,967,000.000 francs. July trade showed a favorable balance of
228.000,000 francs as compared with an unfavorable balance of 509,000,000
francs in June.
The Comte des Forges, the central organization of the French iron and
steel producers, states that the agreement between iron and steel producers
of France, Germany. Belgium and Luxemburg will probably be signed
Sept. 15. The statement of the Bank of France for the week ended Aug. 18
shows advances to the State amounting to 36.950,000,000 francs and a note
circulation of 55,658,000,000 francs. These figures represent a decline
from previous high levels which is especially marked in the note circulation.
By a decree of Aug. 14 the specific duties on imports, with a few exceptions,
were increased by 30%.
AUSTRIA.
The industrial trade depression in Austria continued during August with
little apparent change. However, an IncreaseiIn the quantity of orders in
the textile, iron and steel, and electro-technical industries is considered as a
sign of comi g improvement. Favorable weather which has set in following
the heavy rains of June and July, has somewhat improved the crop prospects, but in the Danube basin both quality and quantity are below last
year's standard. The total number of unemployed receiving Government
assistance in Austria at the end of July showed no change and remained
at 138,000. While the total value of May imports, exclusive of precious
metals, amounted to $29,000,000, representing a decline of $2,000,000 from
the April figure, there was no change in the value of exports, the total for
both months being $19,000,000. The alue of exports to the United States
amounted to $975,000 in July as against $943,000 in June.
DENMARK.
Considerable attention is being devoted to the formulation of satisfactory
plans for rendering financial assistance to industry and agriculture. The
English strike, in addition to adversely affecting Danish agricultural export
trade, has caused several cement, brick and other building material ranches
to lose down because coal pri es have become so high that operation is
unprofitable. Danish imports during the first six months of this year
totaled 802,000,000 crowns and exports 784,000.000 crowns, thus leaving
an import excess of 18,000,000 crowns, as compared with 71,000,000 crowns
and 147,000,000 crowns, respectively, for the corresponding period in 1925
and 1924. Increased raw material consumption following the readjustment
in wage levels is expected to result in a continuation for several months of
the monthly import surplus.
NORWAY.
A strike of about 12,700 laborers in the Norwegian paper industry began
on Aug. 17 1926 in opposition to a reduction of 27% in piece work wages
and one of 45% (about 10 cents) in hourly wage rates. There is also a
conflict in the electro-chemical industry, which embraces approximately
3,000 workers. It is, therefore, evident that wage readjustment is one of
the most important phases in Norwegian economic reconstruction. Each
conflict has an adverse effect on industry, which is poorly occupied. Commercial turnover is reported to be decreasing steadily. The Prohibition
referendum, which is to take place on Oct. 18, is of economic importance
because of its possible effect on Government revenues.
SWEDEN.
The Swedish economic situation did not change materially during the
past month, basic factors continuing t indicate in general a favorable
development. Largely as a result of minimum credit demands for industrial
expansion, the money market eased up during the last few weeks. Deposits
in commercial banks have been decreasing for several months, but this has
now been checked and the upward swing has apparently started. A slight
downward movement has taken place in wholesale and retail prices. The
lumber market is quiet, but prices are firmer and advance sales on Aug. 15
were estimated at approximately 1,188,000,000 board feet.
ITALY.
The projected international iron and steel agreement between
French,
Belgian, Luxemburg and German producers has occasioned considerable
interest in Italian industry, which claims that the dependence of the Italian
iron and steel industry on these foreign sources of supply would weaken
Italy's competitive position in the products of the mechanical industries
if foreign control were to be exercised over basic materials. It is reported
that the regulations regarding broad making will become effective Sept. 1.
FINLAND.
The financial situation in Finland showed further improvement during
the first week of August. Lumber exporters are becoming concerned over
continued low prices and the unsatisfactory condition of the world market.
LATVIA.
The export of butter was very active during July, particularly to Geranticipation
of an increase in the import duty. Flax sales have
many, in
also been very active, resulting in an almost complete disposal of stocks at
satisfactory prices. The crop situation and timber-floating activities have
been greatly improved by heavy rains.
ESTHONIA.
Esthonia's trade balance for June was favorable by 240,000,000 Est.
marks ($640,000). Dairy and meat products made up 45% of the total
export.
GREECE.
The Greek financial situation is increasingly difficult as the Government
has been unable to check the continued fall in the drachma.
Several decrees against speculation were issued as emergency measures before the
change of Government and exchange transactions wore rigorously restricted.
The cost of living continues to rise rapidly, bread prices having gone up
15% during July and the cost of living index figure being 1790.7 for June
as compared with 1741.3 for May 1926. Business activity in general is
showing a seasonal decline.
TURKEY.
Although the Constantinople market remains quite steady, activity is
far below average for this season, particularly in the export field. There
is, nevertheless, considerably less uncertainty and more optimism in the
general business situation since the settlement of the Mosul agreement,
opening the Mesopotamian oil field for exploitation. The Ministry of Finance has announced that the 1926-27 budget win shortly be balanced by
cuts in appropriations. The consumption tax has been modified, making
it possible to pay a lump sum on minimum annual business turnover, rather
than a stamp tax on every individual transaction. Permission has now
been granted for the free importation of sugar and petroleum, subject only
to registration and payment of the monopoly tax. Industrial construction
is continuing throughout the country.
SYRIA.
The almond crop is above average. Disturbed conditions still prevail,
however, in the Damascus area, hampering general agricultural production
in that district. Conditions are more nearly normal in the northern. or
Aleppo, region.
PALESTINE.
Economic conditions are not so favorable now as they have been during
the last few months, conditions having not yet returned to normal in the
Tel Aviv area because of over-extension of credits and too rapid building.
However, savings deposits of the ten leading banks of the country are reported to have reached a total of over £3,000,000. and immigration is
continuing.
JAPAN.
General business in Japan is somewhat more optimistic owing to continued favorable crop conditions. The sheet steel market is improved and
rails, black and galvanized plate, pipe and tin plate are also fairly active.
Building construction Is active in Tokio and Osaka, but the tariff on structural steel makes American competition difficult. Further increases in
the tariff on steel products are under consideration.
The continued advance in Japanese exchange is adversely affecting
Japan's export business, particularly in raw silk, cotton yarns and textiles.
However, buying in the raw silk market has been stimulated by sacrifice
sales by filatures and reelers to secure funds for tho O'Bob festival settlement period. July silk exports were slightly larger than June, but far
below the same month of 1925.
CHINA.
The general tone of business in China is quiet owing to continued uncertainty regarding military and political developments and the consequent
unwillingness of merchants to place orders for future delivery. General
business is restricted to immediate demands.
The Shanghai iron and steel market is somewhat better, but business is
restricted by unfavorable exchange and hand-to-mouth buying by interior
dealers. The railways of North China and Manchuria are reported to be
in the market for rails and track equipment. Most other import markets
are dull without noticeable features.
PHILIPPINE ISLANDS
The rainy season has caused Philippine business to be somewhat slower,
but slight improvement in most lines was witnessed the early part of August.
Registrations of automobiles in July were again record breaking and sales
of small cars and light trucks continued excellent Tire sales to small
consumers have been large. Because of the rains the textile market has
been loss active Import business in machinery, hardware and shoo lines
Is good.
HAWAII.
Well distributed general rains during July and August, together with
about 70% of sunshine, have enabled Hawaiian crops to catch up 'with
growth lost during the preceding droughty period. At the end of July
sugar was about 94% harvested. Latest estimates placed production at
790,000 short tons as compared with 776.072 short tons in 1925. Early
estimates for the next crop place the output at 800,000 short tons.
Hawaii is experiencing a record summer tourist business. In addition
to large numbers from the United States visiting the Islands, there are
quite a number of Australian and New Zealand visitors.
INDIA.
Indian business in most lines is seasonally dull, the normal slackness
being accentuated by the after effects of internal disturbance, but steady
recovery is apparent. Imports are being well maintained and the industrial
situation is showing gradual improvement. Bazaar trades are seasonally
slow, but there are prospects of increased buying activity In September.
Most important is the satisfactory progress of the monsoon and the good
condition of crops. Money is plentiful and practically unlendable owing
to the narrowness of the investment market. The Imperial Bank rate
has stood at 4% since Aug. 13 and the call rate for money is nominally
1%.
Owing to an early Jute crop and a late cotton crop the usual autumn
stringency in the money market is not expected this year. Cotton prices
are lower and the demand is weak. Jute is steady temporarily,
owing to
heavy rains which have prevented stocks from reaching the
market: the
price tendency is downward, however, owing to the recordtcrop.
BRITISH MALAYA.
General business conditions in British Malaya were regarded as satisfactory for July. though the country's total trade declined.
DUTCH EAST INDIES.
•
Improvement in business conditions noted in!June continued throughout
July. Native buying power continues good, particularly in east and central Java. Government finances show improvement. Collections are
better and credits somewhat easier. Export crops are bringing
fair Prices
and imports are moving fairly well. Textile trado improved. Export
trade of Java and Madura at record figure in June.
INDO-CHINA.
Indo-China's export market is uncertain, business witlfboth Europe and
Far Eastern countries showing little activity. Transactions are.difficidt.
1040
THE CHRONICLE
[Vol.. 123.
owing to scarcity of paddy, which is still retained up country, leaving the due to the
steady increase in the tourist trade and the prosperity of the
mills short of supplies. The rice crop is a month late, but current reports recently
established building companies. Although the supply of labor
are that it is now growing vigorously as a result of steady rains. Ship- has been
plentiful, wages ef both skilled and unskilled workers have risen
ments of rice during July totaled 77,700 metric tons as compared with 117,- considerably,
with a fa
able reaction on the retail trade. Building con000 the previous month. Of the July exports 66,000 tons were white rice, struction during
the arter ended June 30 1926 progressed rapidly and the
15,000 broken, 6,000 flour and 700 tons cargo rice. The official exchange new Fort M.
ta
otel has practically been completed.
rate of the piaster on July 31 was quoted at 29.30 francs or a dollar value
Total lin rt nto the Bahama Islands for the quarter ended June 30
of $0.5512.
1926 wer $2 6,548, an increase of $430,000 over the same quarter of
SIAM.
1925.
xp s decreased from $584,447 in the second quarter of 1925 to
Siam's import market is reported very dull The continued slack busi- $435, .4
the same period of 1926. The leading commodities showing a
ness is due to inactivity in the country's principal export market—rice. clocl e
re sponges, tortoise shell, cascarilla bark and pineapples. There
Prices of rice are still high and stocks available for export are not over wa s
tantial increase in the export of lumber from Abaco, the majority
400,000 metric tons.
0 W
h was shipped to Cuba.
COLOMBIA.
The upper Magdalena River, the stretch from Beltram to Girardet,
dian Curency Report—Evidence Given by Governor
in good condition and navigable, while the lower river is navigable exce
at a point just north of Puerto Berrie, which is 500 miles from the coa
Strong of Federal Reserve Bank of New York.
and 250 miles from Bogota The congestion of freight at the transfer
In addition to the extended reference made in our issue
points of La Dorado and Beltram is acute, while some congestion also exists
at Glrardot.
of last week (page 913) to the recommendations of the
AUSTRALIA.
Indian Currency Commission, we are making room to-day
Australian business conditions during August showed little change from
the preceding month. Winter clearance sales continue and merchants are for editorial comment on the report in the London "Finannow looking forward to spring business. Wheat remains inactive, awaiting cial News," in which reference is made to tile evidence supdevelopments. The wool season has commenced and receipts at Sydney plied
to the Commission, during its preparation of the reare larger than for the corresponding period of List year, indicating an early
season. The Federal Parliament has adjourned and except for a brief port, by Governor Strong of the Federal Reserve Bank of
session at Melbourne during the early part of 1927 all future sessions will New York. The following editorial appeared
in the "Finanbe held at Canberra, the new Federal capital.
In Queensland the pastoral and agricultural outlook at present is some- cial News" of Aug. 5:
what dubious. The lack of rain has caused heavy losses to sheep owners,
INDIA AND GOLD.
and unless the drought is broken shortly a reduced wheat crop is expected.
The Report of the Royal Commission on Indian Currency contains so
ARGENTINA.
much matter of interest that no apology is needed for returning to it. A
Unfavorable conditions in Argentine trade continue with no cessation feature of the report is the evidence given by Mr. Benjamin Strong, Govof the rainy weather and its resultant adverse effect on grain shipments. ernor of the Federal Reserve Bank of New York, and two distinguished
The market for cattle is dull, but that for hides is active. A decrease of experts who accompanied him, Professor Sprague, of Harvard, and Pro10% in the value of exports from Argentina during the first six months of fessor Hollander, of Johns Ifopkins. The first point of interest about their
this year as compared with the same period in 1925 is reported. The evidence is that it was given at all. It is a notable event that the chief
Argentine Congress has enacted a law extending the 1925 budget through executive banking authority in the United States should have visited Lonthe present year:
don in order to assist a British inquiry into the currency of India. No
more striking proof could be given of the closeness with which the counBRAZIL.
Slight improvement in business conditions .n Brazil is believed to be tries of the world are being knit together by the bonds of financial ormaterializing, attributable in part to deposits of State Government funds ganization. Truly, in matters of currency and high finance, we are all
in Sao Paulo banks to be used for commercial loans against stocks of mer- members one of another. • The occasion should not be allowed to pass
chandise, Government bonds, stock of first-class railways or endorsements without due public recognition in this country of the cordial spirit of
of two acceptable firms. The interest charged on these loans will not co-operation shown in this matter by the authorities of the United States.
exceed 9%. It is intended to have 100,000,000 milreis available for loans It is a fair augury for the scientific development of the currency systems
of this nature which should greatly relieve the stringent credit situation, of the world that so much good will should be manifested between the
at least tempeearily. A delegation from the Brazilian textile industry chief monetary centres of civilization.
The evidence of Mr. Governor Strong and his experts will be full of
petitioned the finance committee of the Chamber of Deputies to increase
the duty on textiles from 30 to 100% in order that domestic manufactures interest for the British public. It appears to have been directed prinmay compete with imported textiles, which are benefited by the present cipally towards the tentative proposal put forward by the officials of the
appreciated exchange. Coffee was firm and exchange steady during the Finance Department of the Government of India for a gold circulation for
India. To put that proposal into effect would require the export to India
week ended Aug. 21.
of 2100,000,000 in gold in the course of the next ten years, in addition
CHILE.
The slight improvement in Chilean trade previously reported continues. to her normal requirements. It would also entail the sale during that
The Government has accepted the offer of an American banking institution period of an amount of silver equal to three times the total annual producfor a $10,000,000 loan required to pay arrears in salaries of civil employees. tion of the world. The American evidence, it seems, was directly strongly
The terms are 5% interest, payable semi-annually, and 3.6% commission. against this proposal. As regards gold, the evidence of Mr. Governor
Redemption will be made from the proceeds of a 7,825.000 pound sterling Strong was that it was an illusion to suppose that there was a great airconsolidation loan, authorization for which is now being requested from plus of gold in the United States of which the States are anxious to be rid.
In his view, the States have no more gold to spare than is barely adequate
Congress.
for the essential purpose of the restoration of the gold standard in the
PERU.
Old World, and that wtat is surplus beyond that is no more than is
There is no change apparent in the generally slack condition of Peruvian
needed to supply the normal expansion of the business of the United States
trade which has existed during the past few months. Exchange is firm at
in the near future. So authoritative a testimony against so popular an
$3 84 to the Peruvian pound as compared with $3 80 on Aug. 14. but with error is of
exceptional interest.
few transactions reported. The $30,000.000 loan law authorized in order
As regards the silver position, it seems that the American evidence was
to retire Government obligations to the tax collecting monopoly to stabilize
equally adverse. Silver is very largely a by-product of the production of
exchange and to repay short-term advances for sanitation works has been
the base metals. It is therefore natural to find the silver, copper, lead
signed by the President.
and tin interests in the United States in arms against a proposal which
URUGUAY.
would result in a serious depreciation in the value of silver. Such a result
Continued heavy rains in Uruguay have adversely affected the agricul- must follow from the demonetization of
silver in India and the forced sale
tural and livestock industries, and have interrupted transportation between of her enormous stocks of rupees.
Montevideo and the interi ,r, causing practical commercial paralyzation.
The scheme of the officials of the Indian Finance Department could only
These difficulties, combined with the seasonal cessation of cattle and wool be carried out with the help of credits raised in
the United States against
trading, make the present outlook less favorable than at any time during which to draw gold. The opinion of the United
States banking authorities
the past two years.
being so definitely adverse to the proposal, it is not surprising that the
MEXICO.
Commission came to the conclusion that insuperable difficulties would be
There has been no improvement in the business situation in Mexico during encountered in raising such credits and that the scheme is impracticable.
the past week and unsettled conditions previously reported still prevail, We have no doubt that the officials of the Finance Department, when they
although the s, ecific effects of the boycott are has noticeable In some have perused the report, and the American evidence, will be the first to
sections.
come to the conclusion that the essential conditions which they laid down
COSTA RICA.
in order that their scheme for a gold circulation should be effectiee are
Conditions throughout the Port Limon district were normal during the impossible of fulfillment. We believe that the ends which they had in
first half of the year. Labor was well employed at stable wages and dealers view in proposing that scheme—that is, the acceleration of the education
were not overstocked with goods. Imports and exports were satisfactory of the Indian peasant in the habits of deposit and investment—can be as
in volume. The import trade was somewhat less than for the same period well—if not better—served by the proposals of the Commission for a gold
of 1925, while most experts showed a slight increase.
bullion standard without a gold circulation. The secondary proposal
for
Imports for the first six months of 1926 were 41.989 tons as compared the sale of savings certificates repayable in gold bullion appears to us to
with 44,787 tons for the same period of 1925. Imports from the Atlantic be particularly ingenious, and likely to be particularly valuable in furtherports of the United States remained at about the same level, but there was ing the same end.
The report conveys the strongest impressions that Mr. Governor Strong
a considerable decline in those from Gulf ports. Imports from other countries showed an increase. Exports of coffee increased about 10% during has done excellent service to the cause of sound finance, and the restorathe first half of the year. Banana production continued good as a result tion of the gold standard, which are synonymous terms, by his frank and
of favorable weather conditions and shipments increased as the result of helpful evidence.
greater activity on the part of smaller producers. The output of pineIn the following editorial, also (Aug. 4), the "Financial
apples continues to grow. Exports of cacao showed a drop of 25% as compared with the first six months of 1925. No sugar was exported during News" referred to the views presented to the Commisthe first six months of 1926.
sion by Governor Strong:
PORTO RICO.
A STABLE RUPEE.
Commercial transactions continue light with San Juan bank clearings
On another page will be found the recommendations of the Indian Curslightly less than in 1925. The rebuilding of sheds, barns and small houses
damaged by the storm, especially in the togacco district, continues and is rency Commission, together with an announcement from the India Office
causing a movement from seaports of construction materials, chiefly lum- as to the adoption of that part of the report dealing with the immediate
ber and roofing. Lumber importers are complaining of the recent increase stabilization of the rupee at is. 6d. It is well that this announcement
in freight rates from Gulf ports. Sugar shipments from Jan. 1 through should have been made concurrently with the issue of the report. Had any
Aug. 16 were 499.000 tons as compared with 482,000 tons during the corre- doubt been left as to the intentions of the Government of India, it must
sponding period of 1025. Recent climatic conditions are favoring grow- have involved an undesirable uncertainty in the exchange market and
opportunities for profit to the speculator at the expense of legitimate trade.
ing crops.
THE BAHAMAS.
The report is undoubtedly an epoch-making document. The Commission
The general feeling of depreislon which was prevalent during May has has laid no timid hand upon the formidable task imposed upon it. It has
gradually disappeared and the business community is more optimistic, gone boldly to the root of the matter and has propounded a scheme for
AUG. 28 1926.]
THE CHRONICLE
the construction of a scientific currency system in India, undistracted by
errors of economics in the past or the confusion of politics in the present.
The Commission, it has to be remembered, is the first of the all-too-many
inquiries into Indian currency that has had the advantage of a close study
of the problem on the spot. It has acquainted itself with the Indian mind
and with Indian conditions. Those who share that acquaintance will not
be surprised to find that the Commission is unable to recommend as a
permanent standard for the currency of the Indian people that abstract and
intangible standard which is known as the exchange standard. It would
seem that the Commission found that Indian public opinion was crying out
for what it considered to be the simplicity and certainty of a gold standard, with a gold circulation. The Commission has accepted what was reasonable and prudent in that outcry—the demand for a full gold standard
—end it has rejected what was, for the present, at least, imprudent therein
—the demand for a gold circulation.
The report points out that a gold circulation for India in the foreseeable
future means a drain of gold from the rest of the world that might indefinitely delay the general restoration of a gold standard and react most
harmfully on Indian trade. It further points out that a gold circulation
for India means of necessity a blow to the silver market, which would
be a grave injury to the millions of peasantry in India who are wont to
hoard in silver. Backed as they are by the full weight of the authoritative
evidence of the Governors of the Bank of England and of the Federal Reserve Bank of New York, these contentions have overwhelming force. We
shall not be surprised if, after there has been time for reflection, public
opinion in India were not well contented with the substance of the gold
bullion standard, without the shadow of a gold currency. The gold bullion standard, as recommended by the Commission, will give to India the
practical benefits of a rupee with a firmly stabilized gold value. It will
give it a note issue of the highest possible status, unshakably based upon
a right of convertibility into gold for all purposes. What could a gold
currency give in addition? Nothing but expense, imminent danger of
serious disturbance to her foreign trade, and grave injury to her vital interests as the world's biggest holder of silver.
No less important than its recommendation concerning the standard is
the recommendation of the committee that the control of the note issue shall
be transferred to a new central bank. India will thus quit her period of
tutelage in currency and will be placed in this matter upon the same
footing as every other nation of the same degree of civilization. As regards the constitution of the bank, it is satisfactory to observe that the
Commission have been unintimated by whatever difference there may be
in political conditions of India and of other countries with great financial
interests. It hal fearlessly adopted the principles which have been found
essential elsewhere, that the central bank must be, in effect, independent
of official control, making only a minor but prudent concession to special
local circumstances by admitting to the governing body of the bank a
minority of official members.
As to the recommendation that the rupee should be stabilized at the
current rate of 18d., we need only say that it appears to us quite impossible that any responsible body of men should have recommended any
other rate. There is the strongest possible presumption that conditions in
India are substantially adjusted to that rate, which has now been current
for some twelve months. How the rate has been maintaind is totally
irrelevant. The relevant fact is that it has been maintained and that conditions have become adjusted to it. The evidence of the adjustment adduced in the report is conclusive. The argument for is. 4d. is based upon
a semi-superstitious regard for the pre-war rate. But this superstition
probably owes its origin to those whose interests in the is. 4d. rate is a
very practical one. They are the manufacturers concerned in industries in
which capital and credit were frozen fast in the post-war slump, and who
would gladly welcome a measure of inflation in order to thaw themselves
out. That is a sectional point of view which is present all over the world.
It is represented in this report by a note of dissent, signed by Sir Purshotamdas Thakurdas, who is closely identified with this attitude both by his
previous political activities in the Assembly and by his association with
Bombay interests. It is the duty of responsible Governments to disregard
such sectional interests, who in this matter do not even know what is good
for their sectional selves. It is their business to do what is best for the
people as a whole, and to avoid those mischievous disturbances which must
ever accompany measures of inflation. It is clear that it is an 18d. rate
that is best for the people of India.
We believe that the plan of the report is a well-thought-out and practical
plan, that its adoption will inaugurate a period of prosperity and stability,
and put an end for good and all to the inveterate and embittered controversies which have distracted Indian opinion in this region.
1041
characteristics inherent in an exchange standard make it unsuitable to the
needs of a vast community or collection of communities, the various members of which are of all degrees of education, and indeed of all degrees of
civilization." Whether an exchange standard is really much more difficult
to understand than any other monetary system is a question on which
much might be said; but if it be true that a large body of public opinion
in India is suspicious of the mechanism of an exchange standard there is
no need to look further for arguments against it. Since at present "Indian
public opinion will have confidence in one thing only as solid enough for a
backing for its currency, and that is gold," the case for the bullion standard is irresistible; and if some day, when the question of the gold market
is clearer, India likes to go a step further and have a gold currency in circulation, its way will have been cleared, as the Commission points out,
by the system now proposed.
Secretary of Treasury Mellon in Conference with
Benjamin Strong and S. Parker Gilbert, Jr.
Among the information which has come through the press
regarding the movements abroad of Secretary of the Treasury
Andrew W. Mellon, is the following from Evian, France,
Aug. 23 (Associated Press):
Benjamin Strong. Governor of the Federal Reserve Bank in New York;
Seymour Parker Gilbert. Jr., Agent General for reparation payments and
Theodore Rousseau, of the Guarantee Trust Company of Paris, left for
Paris last night after several days in conference with Andrew W. Mellon,
United States Secretary of the Treasury.
Although on vacation Mr. Mellon has found time to see a good deal of Sir
Robert Horne, former British Chancellor of the Exchequer, who frequently
motors here from Aix-lee Balm and lunches or dines with Mr. Mellon.
Field Marshal Earl Haig almost daily is Mr. Mellon's opponent at golf.
Mr. Mellon told the Associated Press that his conferences with finanders
hero had no significance, but the prominent Americans and French aristocrats, with whom the hotel is packed, are finding Mr. Mellon's confabs
more and more interesting. The Secretary of the Treasury says he expects
to sail for the United States Sept. 11, probably visiting Paris and London
after another week's stay in Evian.
Denial of a report of a conference looking toward financial
aid for France has been made by Secretary Mellon, as to
which we quote the following from the "Wall Street Journal"
of Aug. 26:
Andrew W. Mellon says the report which stated he had engaged in a
conference at Evian concerning finanial assistance for France was false.
A Paris newspaper had said that Mellon, Sir Robert Horne, former
British Chancellor of the Exchequer, Benjamin Strong, Governor of the
New York Federal Relerve Bank, and S. Parker Gilbert, Dawes Plan Agent
General, with an unofficial representative of Premier Poincare, had discussed funds for France after the Mellon-Berenger Debt Funding Agreement had been ratified by the French Parliament.
"The report of a conference on the subject stated was incorrect and
unfounded," Mellon said.
Previous references to conversations abroad of Secretary
Mellon appeared in these columns Aug. 7, page 647 and
Aug. 14, page 789.
Report That Federal Reserve Bank of New York Had
Made Secret Loans to France and Belgium
Denied by Acting Secretary Winston.
Associated Press advices from Washington announce that
Acting Secretary Winston of the Treasury denied on Aug. 26
a statement contained in a circular letter sent to some banks
throughout the country that the Federal Reserve Bank of
New York had made secret loans to the Belgian and French
Governments. The dispatches state that Mr. Winston said
the letter had been sent by Percy Jay Fuller of New York.
Incidentally it is learned that Governor Strong in testify- France Obtains $12,000,000 Loan from Zurich
Credit
ing before the Commission explained that the United States
Bank.
had parted with about $134,000,000 in gold during the last
Under date of Aug. 23 Associated Press cablegrams from
year and that the residuum of free gold available is not in Paris stated:
excess of the probable requirements of other countries for
France has obtained a loan in Switzerland. A Ministerial decree issued
purposes of reconstruction. This point of view, it is said, to-night approves a contract entered into between Raymond Poincare,
Premier and Minister of Finance, and the Swiss Credit Bank of Zurich
was accepted by the Commission. The London "Economist" for
a 60,000.000 Swiss franc loan. (The current value of the Swiss franc
is 19.30c.) The loan agreement provides for 7% interest and amortization
of Aug. 7 in referring to this says:
On the subject of the future of the gold market, so interesting to all
consumers, producers and investors, the Commission found it impossible
to arrive at any definite conclusion, but was convinced that it would be
most imprudent to ignore the "possibility, indeed the probability, that,
unless great economy is exercised in the use of gold . . . we have to
look forward to a prolonged period of steadily falling commodity prices
throughout the world." As to the huge stock of gold in America, the Commission learned that "the residuum of free gold available is not in excess
of the probable requirements of other countries for purposes of reconstruction." As to 'he raising of the required credits, both the Governor of the
Bank of England and the Governor of the Federal Reserve Bank of New
York "view the proposal with alarm, on the grounds that it would retard
the progress of monetary reconstruction in Europe, would upset world prices,
and would be fundamentally harmful both to India and to the rest of the
world." Moreover, the bankers of the United States could not be expected to encourage a proposal which would deal "such a blow to the
silver market as the addition to supplies of thrice the whole of the world's
production for a year," and it therefore appeared that insuperable difficulties would be encountered in obtaining the necessary credits.
For these and other reasons, which appear to be overwhelming in their
force, the Commission rejected the proposal for a gold currency, the effect
of which in curing the hoarding habit looks, at this distance, highly dubious. The reasons for which it also rejected proposals for a sterling exchange, or gold exchange, standard are less convincing; it considers that
an exchange standard has a "refined" mechanism, and that "some knowl. . The uninstructed
edge of economics is necessary to understand it.
see nothing tangible behind the token currency to assure its value. These
within 25 years.
Loan of $30,000,000 to Prussia Expected—Due on
Market Here Soon, with Harris Forbes & Co.
as Head of Syndicate.
The following is from the New York "Times" of Aug. 24:
A $30.000,000 loan to the State of Prussia is expected to be made in
the autumn by a New York banking group headed by Harris. Forbes & Co.
The Prussian loan is one of many in Germany that have been under discussion by New York bankers for months. Several of these have been
blocked by the development of cheap money rates in Germany, which
has enabled the domestic flotation of issues that might otherwise have
come to the New York market.
The trend is illustrated by the 25,000.000-mark domestic loan recently
brought out by the Prussian State Bank and the Giro Contrale. This
was placed on a 7% basis, as against 8% for the preceding loan. Many
German municipal loans have been placed in the domestic market, and
a German sugar industry loan of $20.000.000. which had been contemplated for the American market by the J. Henry Schroeder Banking Corp.,
has been called off for the time being.
Negotiations still are in progress, however, for a considerable volume
of German loans, among them the Prussian State project. Harris, Forbes
& Co., together with the Equitable Trust Co., this year brought out a
similar loan of $25,000,000 for the State of Bavaria.
Several banking groups are submitting bids for a large Colombian bang
and Bolivia also is in the market as a borrower.
•
1042
THE CHRONICLE
[VOL. 123.
Removal of Reichsmark "Peg" Established under and It is quite possible that some devices copied from this side of the water
will find a place in the British financial structure. At any rate, there is no
Dawes Plan.
sign of any of the various evils said to grow out of branch banking that have
The official "peg," which has held the German reichsmark been feared in the United States.
virtually motionless since the establishment of the new currency under the Dawes Plan, was removed on Aug. 25, it Iron Stoppage in England—Production Practically
is noted in the New York "Times," which observes that as a
Ceases Because of Coal Strike.
consequence the reichsmark moved up two points in the New
The following copyright cablegram from London, Aug. 22,
York foreign exchange market. The "Times" makes the appeared
in the New York "Times":
following further comments:
Production of iron and steel has practically ceased, owing to the coal
While the advance amounted only to one-fiftieth of a cent, it was considered signifcant in Wall Street becauSe of the conditions that lie behind
the change. After almost two years of steady progress under the Dawes
Plan, the German Government considers its financial position sufficiently
strong to restore free trading in its exchange.
The first quotation on. the new reichsmark was made on Nov. 7 1924,
the par being established at 23.80c. During most of the time since then
the exchange rate has been stabilized at 23.81c., though it has been as
high as 23.82c. Yesterday, on removal of the official control of the rate,
it moved up to 23.83c. Future movements will be watched with interest
here, though it is considered assured that official measures will be taken
to prevent excessive fluctuations.
Gold Shipments Started Movement.
The action of the German authorities was forecast several weeks ago,
when the Federal Reserve Bank of New York began shipping gold to
Germany. The shipments consisted of "earmarked" gold held here as
external reserves of the Reichsbank. In the last three weeks a total of
$15.000,000 of this gold has been transferred, representing the desire of
Germany to strengthen its gold position in preparation for the resumption
of free trading in exchange. When other countries have taken similar
action since the war they usually have protected their position by obtaining
large foreign credits, but this was not considered necessary in the case of
Germany.
The question immediately raised in Wall Street was whether Germany
would announce a removal of the ban against gold exports. If this Is
done it is considered likely that American banks and other institutions
will increase their balances in the Reichsbank and other banks in Germany.
It is possible also that an enlarged movement of gold will take place.
Since the establishment of the Dawes Plan the only gold movements
between this country and Germany have been of the "earmarked" stocks
and of gold accumulated here by German interests as a result of commercial transactions.
Due to Enlarged German Exchange.
One effect of the change is expected to be an enlargement of the trading
in German exchange, which has been confined to narrow limits for the
last two years. The present reichsmark, when the Dawes Plan went
into effect, took the place of the old German mark: which had collapsed
after the Armistice and had sunk to a level of millions to the cent. In
the last year German financial and economic conditions improved to a
marked extent, which has resulted in a strong upward movementin stock
prices on the Berlin Boerse and in the doestic flotation of many securities
issues that had been scheduled for sale abroad.
Banking in Great Britain-100 New Branches
to One New Church.
Associated Press advices from London Aug. 24 report
that the "Big Five" banks are extending so fast throughout
the country that for every church erected in a year it is
estimated that 100 banks are built. Ten times as many
banks as cinemas are built yearly, says the account, which
also observes:
Branch
Since the war these five banks have entered into competition in every
town in the country and have spent millions of pounds on the campaign.
Among them they own premises worth between £50.000,000 and £60,000,000
and this is being added to nearly,every week.
Each of the banks has opened on an average one new branch every week
during the past twelve months. They buy famous old inns and shops in
market squares of country towns and pull them down to make way for
branch banks.
The above has occasioned the following editorial comment
in the New York "Journal of Commerce" of Aug. 26.
A press correspondent apparently suddenly alive to the branch banking
development of England cables that the "big five" banks are "extending so
fast throughout the country that for every church erected in a year it is
estimated that 100 banks are built." He does not say whether this disparity is due to a reduction in church going or to an increase in the need for
banking, but he complains that at the present time the premises owned by
these banks are worth upward of some 8300,000,000.
Branch banking in England has been on the increase for a good while,
but since the war the advance in the number of offices has been remarkable.
The small country banks in Great Britain which were either single institutions--"unil banks" as it is popular to call them in this country—or banks
with a very few local branches, have largely disappeared. They have surrendered their note issue privilege to the Bank of England and they have
given up their deposits as savings business to the big banks with branches.
Thus the development which is now tardily reported in the news dispatches
of the day has gone forward.
Not long ago a careful survey was made for the purpose of ascertaining
what the effect of this development had been. Practically no complaint
was elicited concerning lack of credit, but on the contrary there was some
opinion that the competition of the big banks through their branches had
rather overextended local credit. Rates of interest to-day are low throughout England and are steadily working lower. Returns on savings deposits
and general facilities for the transaction of business are better than they ever
have been. As to these points there is very substantial accord. Of late
there has been a demand in England for the organization of a land mortgage
system somewhat similar to our Farm Loan system, but it is an interesting
thing to note that along with this proposal has gone a recommendation that
commercial banking laws should be amended in such a way as to enable the
branch banks to perform all short term functions for the farmer on a larger
scale than is practicable at the present time. There is some reason to suppose that this legislation will be adopted in the near future.
Opinion in England undoubtedly favors the expansion of the branch
system and holds to the view that tt has been beneficilal in the promotion
of Bri ish development and of popular convenience. It will unquestionably
be supplemented more and more by specialized institutions of various kinds.
shortage. The output of pig iron in July was 17,900 tons, against 41,800
in June and 494,700 tons in July 1925. Steel production was 32,100
tons, against 34,500 tons in June and 590,400 in July 1925.
On the eve of the coal strike 147 furnaces were operating, but by the
end of May there were only 23, at the end of June, 11, and at the end of
July only 8. In the month preceding the strike the output of pig iron
was 539,100, and steel, 671.000.
British May Drop Three-Penny Bits Used Since Reign
of Elizabeth.
The following London Associated Press advices Aug. 21
are from the New York "Times":
The silver "three-penny bits," which came into existence about the time
of Queen Elizabeth, may be withdrawn from circulation in favor of a
larger coin of nickel to be valued at one-hundredth part of a pound.
Three-penny silver pieces are very small and often get lost, but there
is a sentimental value about them and in many churches they form the
bulk of the coin in collection plates.
Death of Col. H. H. Harjes, of Morgan, Harjes 8c Co.
Colonel H. Herman Harjes, senior member of Morgan,
Harjes & Co., of Paris, died at a hospital in Trouville.
France, on Aug. 21, from injuries received when thrown
from his mount on the polo field at Deauville on Aug. 20.
At the funeral services in Paris on Aug. 24 financial leaders
of the various countries were represented as well as the
American and British colonies in France, the French Government and Parliament and French and American banks.
Not only were the heads of the principal world financial institutions represented personally, but scores of banks in the
United States and Great Britain sent flowers. J. P. Morgan and Dwight W. Morrow represented Mr. Hades's American associates. Among other Americans present were Benjamin Strong, Governor of the,Federal Reserve Bank of
New York; S. Parker Gilbert, Agent-General for Reparations Payments; General John J. Pershing and John Grier
Hibben, President of Princeton University. President Doumergue was represented by a Colonel on his staff, Premier
Poincare by the head of his Financial Bureau and the Government officially by MM. Tardieu and Bokanowski. Several Deputies and Senators represented Parliament, while
the Diplomatic Corps sent four representatives. The army
was represented by Marshal Petain and an officer who came
on behalf of Marshal Foch.
Colonel Hades was born in Paris in 1875 and was educated by private tutors in England and America. He began
as a clerk in the office of J. P. Morgan & Co. in 1896 and in
1898 was admitted to partnership in Morgan, Harjes & Co.
During the World War he served as President of the American Relief Clearing House in Paris from 1914 to 1917 and
from 1914 to 1916 was representative of the American Red
Cross in France. He enlisted at the time of the entry in
the war of the United States and shortly after his enlistment was made Lieutenant-Colonel, serving,as Chief Liaison Officer with the American Expeditionary Forces until
1919. In August 1918 he was wounded in action. The
Croix de Guerre was conferred on him. It is reported that
J. Ridgely Carter has become senior partner of Morgan,
Harjes & Co., succeeding Colonel Hades.
France Resorts to War Time Food Measures to Effect
Financial Stabilization—Restaurant.Meals
Curtailed.
Measures taken in France by the Poincare administration to bring about the stabilization of the franc include the
adoption of food regulations governing not only imports of
wheat, but restricting the sale of food, the regulation of
prices and the curtailment of restaurant courses. The
Associated Press advices from Paris Aug.20- thus summarized
the Government's proposals:
The Poincare Cabinet to-day outlined a drastic program of restrictions
in an effort to prevent exportation of French money abroad and to restore
the franc to some sort of stability.
The restrictions deal with the importation of grain and other products
as well as curtailment in the use of necessities produced within France.
Additional limitation of the importation of wheat by the compulsory
Introduction of other flours in bread, as outlined at yesterday's meeting of
the Cabinet, is part of the present program.
Aug. 28 1926.]
THE CHRONTCLE
The Cabinet has appealed to the patriotism of the nation to aid it in its
campaign, and proposes by a strict scrutiny of imported products to cut
down the amount of necessities brought into the country. The Ministry
plans at the same time to set up machinery to insure fair prices for all food
products and to encourage the strictest economy in private as well as
public expenditure.
le Among the measures to be taken will be to provide ways and means for
the economical marketing of all products to cheapen the cost of distribution
and to avoid all waste.
While only the larger outlines of the Cabinet program were made public
to-day, it is expected the complete details will be formulated within a few
days and the program will be put into effect as soon as possible. Meanwhile
the Government is ready to set an example in economy by consolidating
a number of departments. It will call on the Department of Municipalities
to suppress all officials and municipal bodies except those strictly necessary
to the country's everyday life.
In one of the first decrees the Cabinet plans to restrict restaurant service.
The plan now under contemplation is limitation of restaurant meals to two
meat or fish courses instead of three, four or even more,as is popular among
certain classes of the French people.
Another important regulation will compel bakers to sell only bread that
has become more or less "stale." It is estimated that if the French people
are forced to eat bread that is not fresh from the oven,consumption will be
decreased by more than one-quarter.
Regulation of restaurant menus is considered indispensable, especially in
regard to the more luxurious places frequented by the wealthier foreigners.
A complete food distribution system, under Government control, will be
instituted and endowed with wide powers concerning consumption and price
fixing.
Imported food products will be most carefully scrutinized and their use
n any quantity discouraged unless it is absolutely necessary for the welfare
of the people. Fair price committees will be set up throughout the country.
1043
Discusses Tourists.
"Of course," said Ambassador Herrick, "there has been some antagonism
to the great distress of the French Government and public. Paris this
summer was crowded with tourists from all countries, well supplied with
money.
"Perhaps it was only natural for natives to feel resentful toward prosperous and indifferent Americans who, by profuse purchases in the shops,
forced prices far beyond the means of the French resident. It Is my
opinion that the cases of irritation have been magnified. Supposing our
dollar depreciated six times its value within a year and that our country
was full of prosperous travelers. Shopkeepers, finding the dollar growing
less each day, while demand grew apace, would naturally raise prices.
"However," continued the Ambassador, "I can say truly that I am optimistic over the general outlook in France. To-day the nation is a great
harvest field. Every nook and corner is under cultivation and crops of
all kinds promise to be enormous. Although the virile man power of France
was virtually wiped out by the war and the children of that period are not
yet old enough to be much of a factor in production, nevertheless, I am informed that French agriculture was aided this season by as many as 2,000,000 laborers from other countries.
French Back Poincare.
"In my judgment the French people have unlimited confidence in the
honesty of Poincare. He is patriotic and an expert in governmental affairs.
This Government or 'sadi ed union' comprises all the great leaders. There
has been, I believe, a revival in patriotism in France and a submergence,
temporarily,at least, of obstructive politics. The taxation problem remains
troublesome, but I would not care to comment on this question, as I am not
an expert. othe than to say that a great step has been taken by the new
law passed by Poincare. No;I do not care to venture an opinion regarding
the collection of the internal tax assessments.
"I believe that France is fundamentally saund. But I believe that the
condition resulting in the debacle of the franc is directly the result of loss of
It was also announced that another measure of economy confidence.
The rise of the franc with the entrance of the Ponicare Govordered by the Cabinet included a rigorous control of the eminent proves this. Wi.h the return of conf donee, I am confident that
wholesale and retail selling prices, with the elimination of the franc will go up and that France will return to normalcy.
"There are some rivers to cross yet, but as long as conditions are so good
middlemen as far as possible. It was added:
and confidence is returning, there is no reason why their troubles should
plans
at
the
same
time
to
Ministry
set
up
machinery
to
The
insure fair not be ironed our before long."
prices for all food products and to ancourage the strictest economy in
Ambassador Herrick is here on his annual vacation, during
private as well as public expenditure.
Among the measures to be taken will be to provide ways and means which he will visit President Coolidge.
economical
marketings
of
all products,to cheapen the cost of disfor the
tribution to consumers and to avoid all waste.
In a further cablegram from Paris Aug. 21 the Associated Clark Williams upon Return from Abroad Reports
Conditions in France Generally Favorable.
Press said:
Premier Poincare, by the publication of his drastic economic program
Clark Williams, head of the investment banking firm of
calling for a "period of penitence," has removed any doubt he it ends to Clark Williams & Co., and formerly Superintendent of Banktry to stabilize the franc by internal means alone, without having recourse
to foreign credits, which cannot be obtained without first ratifying the ing in the State of New York, upon his return to this country
Washington and debt accords, a procedure at present impracticable owing last week said conditions in France were generally favorable.
to the political situation in France.
Mr. Williams discredited the recent reports that American
The principal feature of the Premier's program is an attempt to restrict
imports of wheat by banning the sale of fresh bread, by restricting specula- travelers were abused by French natives, and characterized
tion in wheat, by registering the wheat producing areas and generally such reports as untrue. Mr. Williams visited France on
controlling the wheat trade to make the best possible use of the country's
commission from General Charles P. Summerall, in the interproduction of the cereal.
The announcement of these new measures has been well received, on est of the First Division. He visited the sites of battle monthe whole, as attesting the Government's firm determination to deal with uments, and as a result of this trip was enabled to observe
the financial statement with vacillation and as bringing home to the population in general the real seriousness of conditions in a practical, as opposed economic conditions generally. In presenting his views Mr.
Williams said:
to an academic, manner.
There is a certain amount of skepticism regarding some of the measures
the Government intends to put into operation, notably those controlling
trade.
Later accounts (Aug. 22) from Paris (Associated Press)
said:
The first official communique in France's new war against high prices
brought threescore and ten women to the pulotry section of the Central
Markets to-day to compete for about thirty chickens. The poultry was
not sufficient to go around and some of the housewives fell back on lobster
or other seafood. Even then there were more buyers than provisions.
The market officials say that the experiment promises good results just
the same, because to-day's arrivals were below normal in everything but
vegetables.
The official market communique is intended to inform the people just
what provisions have arrived, the quantity and the quality. The public is
notified that all quantities remaining unsold when the wholesale bidding is
over will be offered for sale at retail. The effect hoped for is suppression
of the old habit of storing all provisions unsold to wholesalers, so as not to
gorge the market and affect prices.
The regulations tending to encourage the consumption of stale bread, it Is
admitted by some of the bakers, will decrease consumption, but not as
much as the uninitiated surmise, because the regulations preventing night
work in the bakeries already have reduced the consumption offresh bread.
Every one agrees, however,that all the measures proposed by the Government will be useful in helping to discipline the consumer and curb the
appetitites of the dealers.
The cutting of wheat importations was noted in our issue
of a week ago, page 928.
Ambassador Herrick Returns to the United States
Optimistic over Outlook in France.
Expressing himself as "optimistic over the general outlook
in France," Myron T. Herrick, American Ambassador to
France, with his arrival in the United States on the steamer
Mauretania on Aug. 17, indicated it as his belief that France
is fundamentally sound, and that "with the return of confidence . . . the franc will go up and France will return
to normalcy." The following as to his expression of views is
from the New York "Journal of Commerce":
Ambassador Herrick asserted the intensive' agricultural cultivation in
France foreshadowed bumper crops. He characterized the reports of
French attacks on Americans and "unsafe travel conditions nonsense."
With rare exceptions, he found that American tourist's in France conducted
themselves with proper decorum. He emphasized that balanced Frenchmen and Governmental officials deplored the exaggerated current reports
of ill-feeling manifested against Americans.
Aside from the monetary situation France is in a prosperous state. Her
crops are in exceedingly fine shape except in a few isolated sections. I
have never seen such stands of wheat and oats. Although there is an
apparent lack of man power the country was in the midst of its harvest
and this is apparently being successfully accomplished.
There is general prosperity throughout France especially in the farming
sections. The cities and towns however also appear to be actively engaged
In handling the distribution of merchandise and produce. Not having
been abroad since 1918 I was particularly impressed by the rapid restoration of towns and cities which were absolute ruins then and are now entirely
rebuilt.
As an American traveler I experienced no incivility on the part of the
French. I was surprised to hear reports to the effect that Americans were
being abused in France. My trip on behalf of the First Division Society
enabled me to visit each of the five national cemeteries in France. A visit
to these cemeteries would be a source of deep consolation to any American
citizen. They are beautifully placed and are remarkably well cared for.
Plan of Chinese Government to Back New Loan of
$25,000,000 by Customs Revenues Draws Protest
from United States.
Through John van A. MacMurray, American Minister
to China, the State Department at Washington has protested against the proposed issuance by China of a domstie
loan of $25,000,000 to be secured by the revenues from
maritime customs. The United States in its protest points
out that debts to American citizens and organizations are
"entitled to an automatic priority over debts subsequently
contracted respecting the use of any customs surplus funds
which may become available as a result of the retirement
of loans hiterto secured on customs revenues." In insisting that "the Chinese authorities concerned have no
right to utilize as the security for new domestic financing
the amount of approximately $11,000,000 per annum to
become available upon the extinction of the ninth year
domestic loan," the note adds that the United States "could
only regard any such action taken by the Chinese authorities
as a further failure to observe good faith to the American
creditors to China." The text of the note as made public
at Washington on Aug. 25 follows:
The American Legation presents its compliments to the Ministry of
Foreign Affairs and has the honor to state that it has received information indicating:an _intention on the part of the Chinese authorities con-
1044
THE CHRONICLE
corned to issue new domestic loan bonds to a par value of silver dollars
25.000,000 for the purpose of meeting administrative expenses and for
the redemption of certain short-term domestic debts.
It is understood that the security for this loan is to be approximately
silver dollars 11.000.000 per year at present paid from the maritime customs revenues for the service of the ninth-year domestic loan, which
allowing for the postponement of amortization dates, is duo to become
extinguished in 1927.
In these circumstances the Legation finds it necessary to remind the
Chinese authorities once again of the unfulfilled liabilities in respect of
the arrears of service of the Chinese Governmental obligations due to
American citizens and companies. The list is long and should be well
known. It includes the American share in the Hu Huang Ry loan, also
loans made by the Continental & Commercial Trust & Savings Bank. the
Pacific Development Corp., the Riggs National Bank and the Munsey
Trust Co.
Other accounts which are entirely in arrears are also due to the following American creditors:
American International Corp., American Locomotive Co., American
Metals Co., American Trading Co. Anderson, Mayer & Co., Ltd., Ault
& Wiborg China Co., Baldwin Locomotive Works, China-American
Trading Co., China Electric Co, Fearon Daniel & Co., Fowler & Co.,
W. W. Frazer & Co., General American Car Co., Robert Dollar Co.,
United States Steel Products Co., Wilkinson & Co.
These creditors, whose claims are long past due, have all either supplied materials to various departments of the Chinese Government or
made advances to them.
In addition to the above list, there are also a large number of American
firms and individuals to whom are owed various sums in compensation
for looting outrages committed by military bandits for damages to property
and for loss of life.
The Legation would also remind the Chinese authorities that under
the terms of the agreements for many of the American obligations, the
Chinese Government engaged. In the event of a default or of the specific
security pledged becoming ineffective, to provide from other sources the
sums necessary for payment of principal and interest.
The Legation must therefore point out to the Chinese authorities that
these debts to American citizens and organizations are thus entitled to an
automatic priority over debts subsequently contracted respecting the use of
any customs surplus funds which may become available as a result of the
retirement of loans hitherto secured on customs revenues. The Chinese
authorities having failed to make effective the guarantees provided in various loan agreements and contracts for the purchase of materials, now rest
under the manifest duty to make provision for the defaulted payments
from any available exams of customs surplus resulting from the extinction
of a consolidated loan charge such as the ninth year domestic loan.
The Legation specifically denies the Justice of the position adopted by
the Chinese Government to the effect that the consolidated domestic loans
enjoy a preferential right to the use of customs surplus funds after services
of the pre-Boxer loans, the Boxer indercuilties and the regulation loan of
1913 have been met.
The American Legation therefore insists that the Chinese authorities
concerned have no right to utilize as the security for new domestic financing
the amount of approximately $11,000,000 per annum to become available
upon the extinction of the ninth year domestic loan, and could only regard
any such action taken by the Chinese authorities as a further failure to
observe good faith toward American creditors of China.
The American Legation therefore emphatically protests against the
Issuance of the reported $25.000,000 domestic loan bonds.
German Business Survey Reveals Decline in Earnings
and Dividend Payments.
German companies, which in the business year 1913-14
averaged net profits of 10.5% on capital, earned only 4.4%
in 1924-25, according to a recent survey made by the German Statistical Office, states Richard Eldridge, Division
of Regional Information, Department of Commerce. In
indicating this on Aug. 26 the Department adds:
Of the total number of companies, 69%, with 40% of total capitalization, failed to pay any dividend, although 65% showed a net profit. The
greater number of companies which failed to declare dividends, however,
had a capitalization of less than 50,000 marks, while the companies with
a capitalization between one and twenty-five million marks showed the
highest percentage of dividend declarations. The decline in dividend payments becomes more striking in view of the fact that general interest
2%.
/
levels have risen to about 10% from a pre-war average of about 41
Measured according to the yield on the market value, the companies
war.
averaged 5.8% in 1924-25, as compared with 4.6% before the
The necessity of reconstituting operating funds wiped out by currency
Inflation has caused share companies to sacrifice a portion of possible
dividends.
In considering the consolidated balance sheet of German companies for
1924-25, allowance must be made for this policy of not declaring dividends. The high interest rates which now prevail and the urgent necessity for re-creating operating capital funds which were wiped out during
the period of inflation have both conduced to conservatism not only in
production methods but also in financial policy.
Although the market valuation of German stocks now averages considerably below that of the pre-war period, present quotations nevertheless
may be considered proportionately high in view of the fact that the
average yield on domestic bond issues has advanced to approximately
10%. Present high levels of quotations are due to a number of factors,
including not only the heavy capital reductions, the heavy inflow of
foreign capital on the Berlin Bourse, and the diversion of liquid funds
into stock investment as a result of business depression, but also largely
to the favorable results anticipated in Germany from the present consolidation movement of German industry and to the important benefits derived
from the international agreements in basic industries which are now being
negotiated between the principal European countries.
The rapid readjustment of German industry, which was largely in the
form of vertical trusts during the war and inflation periods, has been a
result of the pressure of business depression and financial stringency. The
change usually is dated from June 1925, at the commencement of the
liquidation of the Stinnes group, and has been characterized by horizontal
fusions of principal producers into one or more groups, with the absorption of smaller firms or their elimination through bankruptcy. Such a
shift has been evident in coal, iron and steel, chemical, machinery and
many finishing industries. The background of this movement has been
repeatedly described—the loss of foreign markets, growth of new corn.
petitora abroad, increased industrialization of various countries, and finally,
[VoL. 123.
the losses from the war and the inflation periods, which disorganized proand wiped out the greater part of German liquid capital.
The German Statistical Office has recently published an analysis of the
statements of 7,666 companies, which comprise three-fourths of the total
capitalization of the German share companies. The analysis indicates that
the earning capacity of German industry is at present considerably less
than before the war, in spite of the writing off of bonded indebtedness
which occurred after currency inflation. On the other hand, considerable
progress has been made since the beginning of the stabilization period.
Of the 7,666 companies surveyed, 4,988, or 65%, showed a profit, 2,287,
or 29%, showed a loss, while 391 companies closed their accounts with
neither a profit nor a loss. With the exception of lignite mines, the
mining industries showed yields below the average. The chemical, textile
and utility industries, banks and breweries, yielded earnings far above the
average. The total amount paid out in dividends by those companies during 1925 was 447,790,000 marks, as compared with 974,476,000 marks in
1914. The dividends paid, therefore, show a decline of 53.5% without
allowance for the depreciation of gold, the relative rise in interest rates,
or the lower quotations on the Stock Exchanges as compared with the prewar period. Total capitalization of the pre-war companies (including
reserves) fell from 14,597,000,000 marks before the war to 11,969,000,000
marks in 1924-25. Reserves alone declined from 3,022,000,000 to 1,529,000,000 marks, and stock capitalization from 11,575,000,000 to 10,440,000,000 marks.
If banks and insurance companies be excepted the figures indicate that
bonded indebtedness of German business now is about 12% of the pre-war
figure, or approximately the figure fixed by the revalorization law of July
16 1925. Other liabilities without fixed interest charges are about 11%
above the pre-war figure. During the business year 1924-25, although share
capital remained practically unchanged, liabilities in the form of bonds
and mortgages showed a marked increase, amounting to 2,600,000,000
reichsmarks for industry and 4,500,000,000 for bank and insurance companies.
The heavy increase in bonds and other obligations during the business
year 1924-25 reflects a tendency to return to the pre-war ratio of liabilities to total capitalization. Whereas before the war the proportion of
outside capital to total capital was 41.4%, the proportion at the time of
stabilization in December 1923 was 19.9%, and in the 1924-25 balance
sheet 27.4%. The companies formed during and after the war show outside obligations of 26% in December 1923 and of 42.3% in 1925. In the
Iron and steel, metal, textile and foodstuffs companies a particularly high
proportion of short-time obligations is reported.
duction
Old Debt of Austria and Hungary—Stage Towards
Resumed Services.
The following is from the London "Financial News" of
Aug. 14:
Reuter's Agency is informed that the Reparations Commission has completed Its labors in connection with the distribution of the most important
categories of the former Austrian and Hungarian public debts as follows:
Austrian 4% gold annuity.
Hungarian 4% gold annuity.
2% Treasury certificates-1914 issue.
/
Austrian 41
2% annuity-1913 and 1914 issues.
/
Hungarian 41
Hungarian 4% annuities in four currencies-1910 issue.
Austrian 3% railway bonds in francs (old system and supplementary
system) and Austrian 4% railway bonds in francs-1910 issue.
The settlement adopted for those debts is that established by the Innsbruck Protocol, completed by the Prague Agreement and the additional
Protocol of Paris.
According to this system,the "Joint Office of Bondholders of the pro-war
Austrian and Hungarian Public Debts" (Caisse Commune), a body specially created by the holders' associations, and inw having its head office
at 22 Boulevard de Courcelles, Paris, is entrustcd with the collection of the
payments of the States declared to be debtors and with the distribution of
the sums thus collected to the holders.
The Caisse Commune will shortly begin the census of the bonds and the
new issue of coupon sheets, with a view to the resumption of the service.
The Reparations Commission has Just sent to all the Governments concerned a circular note indicating the procedure to be followed by their nationals in order to benefit by the settlement.
The bonds stamped outside the territory of the Succession and Cessionary
States of the former Austro-Hungarian Empire will be admitted without
further formalities to the above operations of the Caisse Commune.
A time limit of twelve months has been fixed for the presentation of the
bonds: this time limit will begin to run as from the date which will be fixed.
for each category of debt, in the notices of the new issue of coupons, which
will be published in good time by the Caisse Commune.
Austria Issues "Pengoe," New State Currency.
An Associated Press cablegram from Vienna, Aug. 25, is
published as follows by the New York "Journal of Commerce":
Austria to-day began chopping off the useless ciphers from its currency
with the issuance of kronen notes surcharged with their value in the new
currency, the "pengoe."
Thus a 1,000.000-kronen note is now surcharged with its value of 80
perigee.
Polish President to Sign Fifty-Five Financial and
Other Decrees.
The following copyright adyices from Warsaw, Aug. 26,
are from the New York "Times":
Fifty-five decrees will be issued by President Moscicki in the course of
the next few days under the authority recently conferred upon him by
the Legislature to administer the affairs of the country In this manner
during recesses of the Diet.
Most of the decrees have been prepared by Finance Minister Klarner,
who, despite Socialist attacks, has been increasing his efforts to establish
a sound, workable financial system for the State.
Thus the whole list goes into effect almost at once, instead of waiting
for the winter's wrangling in Parliament.
The changes largely have to do with the mechanics of the country's
finances, but their effect is held to be of the utmost importance.
A still greater blow to the old system of legislation came to-day with
the announcement of the completion of the so-called legal council, which
Is designed to head off freak legislation, log-rolling measures and those
unsympathetic to the Government.
AUG. 28 1926.1
THE CHRONICLE
1045
tourists abroad would have to be deducted to arrive at- a net figure. Conditions have improved since the war-time slump, and in spite of the bad
weather experienced in 1925, the financial results of the hotels were better during that year than in 1924—thanks chiefly to the stabilization of the
currencies in Central Europe, which made it possible for many visitors to
come again to Switzerland after many years of abstention. Statistics compiled by the Swiss Tourist Office covering a group of the most important
tourist centres in Switzerland show that 60% of all the visitors were forfixed.
/
2%, English 10% and Americans
eigners, Germans comprising about 221
The Government has been planning the measure from the time of the
The incidental expenditure incurred by such tourists on traveling,
revolt, but it was considered unwise to announce it before the excitement 8%.
according to the category and
varying
greatly
estimate,
hard
to
etc., is
had abated and the hostile parties had been brought back to tractability.
the traveler. Thus English visitors, who generally travel
W th the flood of new decrees was one, establishing Marshal Pilsudski nationality of
in parties, are found to spend less and less in Switzerland. The "Bulletin.
as supreme head of the army, answerable to nobody. This was planned
estimates, however, that the net revenue from this source increased considfor a long time, but the experts worked on the text to make sure of its
erably in 1925, and has probably now somewhat advanced upon the preironclad form before allowing the President to sign it.
be put between 260 and 300 million
Meantime. Government officials are satisfied with the progress of the war figure. The net return may
must be deducted the expenditure of Swiss citizens
country in the past two months, as constant reports of improvement are francs and from this
received. The Stock Exchange continued its boom to-day,trading reaching traveling abroad. Their number has considerably increased, but owing
countries visited it may be
30,000,000 zlotys and buying centring about the Lilipot Railway Car Co. to the depreciation of the exchanges in the
taken that their net expenditure has not increased in proportion. It may
shares. 33.000 being turned over.
50
It was also announced to-day that a passport and border customs treaty be estimated at 65 million francs, as against 55 millions in 1924 and
between Germany and Poland had been signed, thus pointing the way millions in 1913.
the
transit
traffio
(3) The chief item under the heading of "Services" is
to a completion of a trade treaty after the Geneva conference.
of the railways. Receipts from this source fell off in 1925 owing to the
practical cessation of reparations deliveries of coal to Italy, while the
Greek Exchange Experiences Upward Tendency Under traffic between west and east has been adversely affected by the high
goods tariff of the Federal Railways. The revenue from this sburce may
New Government.
be put at approximately 30-35 million francs, as compared with 50 milAthens (Greece) Associated Press advices, Aug. 23, said: lions in 1924. Insurance premiums received by Swiss companies working
Greece is settling down comfortably with her eighth revolution since the abroad formed another source of revenue.
(4) The balance of revenue is most difficult to estimate owing to lack
beginning of the century. Big demonstrations have been held in the
principal cities acclaiming the coup of General Condylis, who overthrew of data. No recent calculations are available of the amount of Swiss
President Pangalos and his government early Sunday, and denouncing the capital invested abroad, and the amount of foreign securities held by Swiss
shortcomings and errors of the Pangalos regime.
investors. It is, moreover, impossible to estimate the amount of foreign
Pangalos has been brought back to Athens as a prisoner, having been capital in Switzerland. Before the war the net balance from these sources
escape
from
the
Island
of
attempt
to
Spetzae
on
the
his
captured after
was put at between 250 and 275 million francs. After shrinking steadily
destroyer Pergamos.
in 1922 and 1923, it would seem that the results have been much more
Greek currency, which the policy of the deposed Government failed to favorable to Switzerland in the last two years, since monetary stability
Improve, has quickly responded to the new conditions, showing a strong has been realized in countries where Swiss investors have large interests,
upward tendency on the exchange market to-day, reflecting confidence in while on the other hand Swiss investors have in the last few years taken
financial quarters.
a great interest in high-yielding securities issued abroad. Switzerland's
The newspapers which suffered heavily under the suppressive policy of American debt has also been greatly reduced. The net balance in favor of
Pangalos are pleased at their new found freedom.
Switzerland may be calculated at 305 million francs, as compared with 210
The circumstances of the deposed President's attempt to escape aboard million francs during 1924.
the Pergamos and his efforts to hide in the wireless turret of the destroyer,
In conclusion the "Bulletin" points out that in making thle
as related here, have made him ridiculous in the eyes of the general public.
Almost the only governmental action for which he is given credit is the study, account has only been taken of the permanent
elewith
particularly
Jugoslavia,
and
Balkan
agreements,
it
conclusion of the
is understood that General Condylis intends to carry out all these agree- ments in the balance of payments, temporary movements of
ments and maintain the foreign policy on the same lines as Pangalos so far capital which may affect the balance one way or another,
as the Balkans are concerned.
have not been considered. In a period of economic and poTwo of Pangalos's aides were arrested aboard the Pergamos, which was
overtaken by the battleship Leon and threatened with destruction if it litical troubles such as the present, there are and will be
did not surrender.
again, movements of funds which form no part of the essen-
Until this body has approved a bill, not only as to its expediency but
also as to its legality, it cannot be presented to the Seim. There are
26 regular members of the council, but provision is made for special committees to act under its direction.
The Socialists hold that the creation of the council is almost as revolutionary as Pilsudski's May uprising, but there is little chance of preventing its operation, since the date of the first session has already been
The Swiss Balance of Payments.
The "Monthly Bulletin" just issued by the Swiss Bank
Corporation deals with the Swiss balance of payments in
1925, and emphasizes the importance of this factor in judging the general economic situation of a country. If the
balance of payments is favorable, the debtor country must
pay the difference in gold, or by advances, credits, etc., to
the creditor countries. Such a settlement can, however,
only be of temporary value. If the adverse nature of the
balance becomes permanent, imports must of necessity fall
off, and the general economic situation become weakened
until some re-arrangement can be effected. The statement
goes on to say:
tial and normal factors of the country's balance of payments, although their influence is far from being negligible. During the war Switzerland was one of the refuges
for floating capital of this class. Later, under the threat of
the Socialist movement for the capital levy, there was an
exodus of funds, which had its effect on the exchange. Today there seems to be a fresh movement from abroad, but
this influx, the amount of whieh it is impossible to determine, is far from having the importance generally attributed to it, and even if this unstable element is deducted, the
balance of payments seems at present to be favorable to
Switzerland.
How Italy Secured Budgetary Surplus—Official
In Switzerland, although there is always a large adverse trade balance,
the balance of payments was in pre-war days never seriously unfavorable—
Explanation of Means Employed to Eliminate
thanks to the revenue from the tourist industry, and from Switzerland's
Deficits.
large holding of foreign securities. During and immediately after the
war it was impossible to estimate the balance of payments with any acWe are this week in receipt of the following statement
curacy. It is certain, however, that between 1915 and 1918, Switzerland
issued by Romolo Angelone,commercial attache of the Royal
bought back on favorable terms the majority of Swiss securities held by
foreigners, and thus greatly reduced the amount which had to be paid out Italian Embassy, relative to some aspects of the Italian
of the country annually in interest. On the other hand, Switzerland suf- economic situation and prepared as an answer to a special
fered heavy losses on her own foreign investments through the collapse of
the currency of various Continental countries. It is impossible to deter- co/respondence which has recently appeared in a daily commine the amount of these losses, but they were probably more than 50% mercial paper:
of the pre-war value of the foreign securities held by Swiss citizens.
The following communication, received from the commercial attache at
The tourist industry, moreover, went through a time of great crisis, and the Italian Embassy. is in reply to a letter sent tby a special correspondent
produced practically no revenue during and after the war. These factors from Turin. July 25,and published in "The Journal of Commerce," Aug. 13:
were largely responsible for the temporary weakness of the exchange, but
"There is no open-minded person who has carefully studied Italy's situasince 1923 the situation has visibly improved in spite of the continued tion without reaching the firm conclusion that Italy has made during ths
difficulties of the export industries.
past throe years marked and steady progress toward complete economic
According to the Swiss Bank Corporation's calculations, which are based rehabilitation. A huge budget
deficit was turned into a surplus, as Is
upon such material as is available and revised in the light of general shown in the following table:
experience, the Swiss balance of payments for 1913, 1924 and 1925 has been
as follows:
Italian Budget Situation.
1925.
1924.
1913.
Fiscal YearsDeficit (Lire)'.
Surplus(Lire)
(In millions of francs.)
1920-1921
14.235.000.000
367
1. Foreign Trade
—326
—581
1921-1922
7.299,000.000
2. Tourist traffic
+205
+150
+215
1922-1923
3,029.000.000
3. Services
+80-85
+85-90
+110-150 1923-1924
418,000,000
4. Investments
+305
+210
+150-165 1924-1925
417 000000
1925-1926________________________________________
1 249 000 000
+223-228
+120-124
—51-106 1926-1927 (estimates)
365.000,000
(1) With the exception of 1916, Switzerland has shown an excess of
"The large increase in the surplus during the last fiscal year was in part
imports. In 1924 this amounted to orily 434 million francs, but in 1925
due to the elimination of
lire from the expenditures for the
the value of imports increased, and exports fell off, so that the trade service of the foreign debt 542,000.000
as a result of the funding agreements of Washingdeficit was about 600 millions. Shipments of coined metal are not included ton and London.
in the above total, and account for a balance of 171 million francs in favor
"A substantial part of the surplus was employed in the reduction of the
of Switzerland during 1925, against 59 million francs in 1924. The reventernal public debt, which on July 30 last amounted to 89,860,000.000 lire,
nue obtained from the export of electric current is, moreover, not included as against 92.033.000.000
lire on May 31.
In the trade returns, and is calculated to have brought in 13,600,000 francs
"Such satisfactory results were made possible by pursuing a fixed Pollc7
In 1925, against 13 millions in 1924.
of decreasing expenditures on one hand and a gradual expansion of revenues
(2) In 1912, the total brought in by foreign tourists was estimated at on the other, through a
substantial increase in rates of taxation and in the
265-270 million francs per year, from which the expenditure of Swiss number of taxpayers.
1046
THE CHRONICLE
[VOL. 123.
"Currency inflation has been completely arrested: the trend of total Premier Mussolini, say Associated Press cablegrams from
paper money in circulation is toward substantial contraction: on June 30 Rome, which also contain the following Information:
the currency circulation was 19,680.000.000 lire, as against 21.117.000.000
Fascist lawyers will be prohibited from representing anti-Fascist clients
lire one year earlier. The sound monetary situation has had stabilizing
or accepting cases involving conflict with the party tendencies. The Seceffects over the price structure, as shown by the following table, in which
retary of the party is empowered to use his discretion as to the activities
may be compared the movement of wholesale price index numbers, prepared
anti-social or gravely immoral crimes.
by the Chamber of Commerce of Milan. during the past twelve-month of the lawyers in cases involving
Most of to-night's session was devoted to a comprehensive survey of the
period:
trips to Apulia, Calabria and
Describing
internal condition of the party.
Wholesale Prices in Italy.
Sicily, the Secretary, Augusto Turati, asserted that the great mass of the
Purchasing
Purchasing
black shirts "feel profoundly their responsibility to the party in this
Index Power of 100 moment of the national life when the regime has undertaken a grave,
Index Power of 100
Num- Paper Lire
M011111-Num- Paper Lire
Month—
decisive economic battle."
ber. 1913-100.
1925—
ber. 1913-100. 1926—
At the same time, he declared, abnormal conditions necessitating
15.2
659
July
January
668
15.0
disciplinary action still existed in Trieste, Udine, Rovigo, Ancona and a
15.3
655
August
February
14.5
685
few other provinces.
15.6
640
September
March
14.8
676
"In certain provinces," Secretary Turati declared, "various leaders
15.7
April
636
October
14.9
672
appear unfitted to handle the task allotted to them."
15.6
May
643
15.1
November
663
After listening to the speeches, Premier Mussolini said they made him
15.3
June
654
15.1
December
661
feel that Fascism had arrived at its maturity. He then outlined steps it
of
that
is
situation
Italian
the
in
"Another reassuring factor
economic
was intended to take to raise the value of the lira and to defend the unit.
unemployment, which is practically nil. The trend of unemployment in This part of the Premier's remarks was not made public.
Italy during the past years Is recorded in the following table:
Unemployment in Italy.
Premier Bruce, of Australia, Seeks Amendment to
125,803
541,725 February 1926
December 1921
Regulate Industrial Employment.
109.471
'122,200 March 1926
December 1923
98.216
122,200 April 1926
December 1925
The following advices were contained in Associated Press
98.490
January 1926
156.139 May 1926
"If need be, an interesting confirmation of the increased activity of the cablegrams from Melbourne, Aug. 12:
Premier Bruce, outlining the questions contained in the coming referenItalian industry and trade is offered by the continued increase in the import
of raw materials, a large part of which are re-exported as manufactured dum involving far-reaching amendments to the Australian Constitution, has
products. In the following table a comparison was made of the importa- expressed the opinion that the Commonwealth Parliament should be empowered to establish authorities to regulate the terms and conditions of
tion of the most important raw products during the years 1922 and 1925:
industrial employment and the rights and duties of employees and emTotal Imports—Quintals.
ployers. It is essential, the Premier says, 'that trade unions should be
1925.
•
1922.
covered by legislation.
2,395.642
Cotton
1,776,958
In the referendum the Government proposes to constitute a permanent
416,660
457.412
Wool
Commonwealth court of arbitration. If the powers sought by the Govern10.517.705
Coal*
9.103.007
ment are granted the new court will supersede the existing State arbitra2.650.550
Pig iron*
1,362.829
tion courts, fix hours and wages, regulate and determine the terms and
9,579.299
Scrap iron
3,060,413
conditions
of employment and also decide on the rights and duties of both
144.875
Rubber
65,793
employers and employed. It Will further have power to delegate its duties
658,959
Copper
435,729
to State conciliation tribunals.
813.488
Mineral oil
667.894
As matters stand at present, different hours and conditions of labor
1,892.405
Gasoline
1.146,817
in different States.
obtain
1.391,361
Cellulose
804.131
* Tons.
"Another favorable index which denotes confidence and security is offered
by the rapid growth of new enterprises, as witnessed by the increase in
number and capitalization of Italian joint stock companies.
Italian Ikint-Stock Companies.
Number
Date—
Companies. Capital (Lira)
5,634.000.000
December 1913
3,069
10,259.000.000
December 1918
3,886
21,293.000,000
December 1922
6.734
28,261.000.000
December 1924
8.946
36.278.000.000
December 1925
10.515
38,822,000,000
1926
December
11,285
"If the lira has slightly depreciated during the past months, such a
movement was, no doubt, temporary in character and mainly representing
indirect efforts from a more serious depreciation suffered by other Con'
tinental currencies. But, even in this field of international finance. the
Fascist Government has not failed to study and adopt various measures
designed to promote the economical and practical use of the nation's own
resources, simultaneously reducing imports from abroad to the minimum.
It must be remembered that the economic policy offthe Fascist Government is realistically based upon the peculiar situation of the country,
which has a restricted territory, largely mountainous or otherwise unfit for
cultivation, a territory poor in natural resources. Italy's relatively high
density of population for the habitable and tillable area has to be considered in the light of the fact that the excess of births over deaths and net
emigration is annually averaging in excess of a quarter of a million. Therefore, a policy of strict economy is not only justified, but necessary
"The measures adopted by the Government on June 30 termed as 'legal
adulteration' by your 'special correspondent' are but part of the program
which aims at a better equilibrium of Italy's balance of international
payments. In fact, by those measures, the metal industries are urged to
perfect their technical and commercial organization and to make fuller use
of Italian ores, and, when possible, fuels: expenditure on unessentials is
discouraged; a downward revision of Government expenditure will be
effected; workers are called on to help reduce production costs by consenting
to an extra hour of work at normal rate of pay.
"The courage of the Government and the willingness of the Italian people
to face their economic problems wighout flinching and with the determination
to make every sacrifice necessary for the solution of those problems not only
are factors of the greatest importance. but also offer the best guarantee of
further provost; during future years."
Under date of Aug. 27 Romolo Angelone, Commercial
Attache of the Italian Embassy announces the receipt of a
'cablegram from Count Volpi, the Italian Minister of Finance,
dealing with the Treasury Account of the Italian State on
July 311926, Mr. Angelone, says:
On that date the Italian budget had an effective surplus of receipts over
expenditures of 84 million lire, showing an increase of 68 millions over the
estimates. On July 31. the cash on hand amounted to 3,475 million lire,
as against 3,003 millions on June 30th last; total Internal public debt
reached 89,860 million lire, as against 91.309 on June 30th last. This
substantial reduction of 1,449 million lire in the internal public debt, was
attained by employing for such a purpose, a substantial part of the budget
surplus of the last fiscal year ended on June 30 1926.
Lawyers in Italian Fascist Party to Be Under Control
of Secretary of Party.
The professional activities of lawyers belonging to the
Fascist Party henceforth are to be under the control of the
Secretary of the party, in consequence of a decision on Aug.
20 of the party's national directorate, presided ovdr by
Italy's Regulations Affecting Wheat.
The text of the Italian restrictive flour decree contains
the following provisions regarding the manufacture and
use of wheat flour, acc,ording to a cablegram received at
the Department of Commerce and made public Aug. 23:
Beginning Sept. 1 1926, commercial grades of wheat having a specific
gravity of 78 kilos per hectoliter and containing not more than 2% of
impurities, must be ground into standard grade flour with a rate of extraction of not under 85%.
Lower percentages not under 80 are permitted from wheat having correspondingly lower specific weights.
Provincial commissions will determine flour percentages relative to
grades of wheat.
The extraction of any by-product except bran is prohibited.
Pastry and cakes, even if home baked, are forbidden unless made from
prescribed grades of flour.
To Extend Podesta System in Italy.
Rome (Associated Press) advices Aug. 25 are reported as
follows by the New York "Journal of Commerce":
Every city, town and village In Italy will be governed by a representative appointed by the national Fascist Government under the terms of a
new decree which will be adopted on Aug. 30 by the Council of Ministers,
according to well-informed political circles.
The new system, which was drawn up by Luigi Foderzoni, National
Secretary of the Fascist Party, amounts to an extension of the Podesta
system already used in communes of less than 5,000 population. It will
be put into effect within a year.
The type of municipal administration in large cities has not been decided.
but it is probable that there will be a governorship such as exists in Rome,
a high commission such as in Naples and Milan, or a Podosta as in the
smaller towns.
Washington Denies Knowledge of Debt Overture by
Russia—Fulfilment of Conditions Precedent to
Recognition Still Awaited—About $187,000,000
Plus Interest Owing.
Proposals of the Soviet Government, alleged to be in prospect, looking to the securing of recognition of that Government by the United States and the settlement of the outstanding debt of Russia to the United States, have not been
made known officially in Washington, it was declared by
Government authorities on Aug. 19, according to the Washington Bureau of the New York "Journal of Commerce,"
which further said:
From time to time reports from Europe to the effect that efforts would
be made to straighten out the differences between the United States and
Russia have found their way into the newspapers, but thus far nothing
definite has come to any of the Government departments here.
At the Treasury Department it was explained that no arrangement relative to a debt settlement can be made with Russia before an agreement to
recognize the Government of that country is effected. It has been considered that there has been no Government in Russia with which this country
can deal. Inasmuch as the United States does not recognize the present
Russian administration it cannot, of course, deal with Russian agents. Thus
the first steps to be taken by Russia, it is pointed out, would be to approach
the State Department and seek to right that situation. There enters here
the requirement that not only shall Russia acknowledge and seek to fund
her debts to the United States, but shall fulfill certain other conditions
Am. 281926.]
THE CHRONICLE
that were laid down by former Secretary of State Hughes. It is declared
that these conditions have not in any wise been modified by the present
Administration. The Russian debt to the United States amounts to about
$187,000,000 plus accrued interest at 5% since 1917.
No information has come to the Russian Information Bureau a semiofficial • organization, which keeps in close touch with matters Of interest
jointly to the two countries. While no comment was made, it was pointed
out that rumors of this character have been coming out of Russia periodically over the past eighteen months. It is understood that because of these
reports the World War Foreign Debt Commission studied the situation
with a view to determining whether it had jurisdiction in this matter, and
that it came to the conclusion that the State Department first would have
to act.
Russians Call for Strict Economies—Communists Urge
Measures to Save "Weakening
Economic Structure."
The following Moscow, Russia, Associated Press advices
Aug. 17 are from the New York "Journal of Commerce":
Strict economy and renewed retrenchment in all Government institutions
and factories are urged by MM. Rykoff, Stalin and Kujbyaheff, acting for
the Communist Party, in an appeal broadcast to-day.
Declaring that most extreme measures must be taken to strengthen the
State's steadily weakening economic structure, the proclamation says that
the Soviet Government will punish severely all who impede the present
imperative economy campaign.
The significance of the appeal is felt to lie in the fact that it was
Issued by the Central Committee of the Communist Party and not as one
by the Government. This is felt to indicate that the party, in this case
at least, has risen superior to the Government and intends to deal with
Russia's dangerous economic crisis in its own way.
cite us to extort from the
.
"Some of our comrades," says the appeal, "ip
peasantry the greatest possible maximum money, but we refuse to impose
further burdens upon them, since it will pauperize the rural populations,
undermine the proletarian dictatorship and weaken the ties binding the
peasantry and the proletarian.
"Our real aim is to aggrandize, by the strictest economy in all departments, hundreds of millions of rubles which it will be possible to invest
In productive enterprises. We must improve and simplify the present complicated State apparatus and abolish existing red tape."
The Central Control Commission of the Communist Party, of whicl
Kujbysheff is Chairman, and the Commissariat of Workers and Peasants
Inspection are charged by the party and Government with superintendency
and realization sf this new regime of economy.
1047
Bulgaria to Get $2,000,000—Obtains Advance on
Refugee Loan from the Bank of England.
A copyright cablegram was reported as follows from Landon, Aug. 25, by the New York "Times":
A provisional agreement with the Bank of England was signed to-day
Bulgaria will
by the Bulgarian Minister of Finance as a result of which
receive an advance of $2.000,000 on the Bulgarian refugee loan.
the Bank of
,
to-morrow
operative
becomes
By the agreement, which
to the
England agrees to advance this sum on security which is subject
approval of the League of Nations.
Oharron,
Rene
by
controlled
Expenditures'of the sum advanced will be
League
who submitted the special report on the refugee question to the
sent memolast May. In this connection, the Yugoslav Government has
Bulgaria
randum to the League requesting it to invite representatives of
whevever
and its Balkan neighbors to sit with the Council of the League
discussion.
the refugee loan is under
of Bulgaria
It is understood that the law under which the National Bank
by the
is operating will shortly be modified. in accordance with suggestions
issue.
of
bank
League, and that it will thus become the central
Reopening of Commerce Chambers in Turkey Pending
Diplomatic Discussions.
Press cablegrams from ConstanAssociated
to
According
tinople, Aug. 20, foreign Chambers of Commerce in Turkey
recently ordered closed by the Government at Angora, have
been permitted to reopen pending diplomatic discussion of
the Government's ruling. The cablegrams announce further:
Information from official Turkish sources indicates that the chambers will
change their
be permitted to continue operations on condition that they
titles in conformity with present Turkish law.
the Ameriincluding
Commerce,
of
Chambers
The orders to close foreign
circles in Turkey.
can Chamber, have caused much discussion in business
business men.
The Government's attitude came as a great shock to foreign
Under date of Aug. 18 the Associated Press had the following to say in Constantinople advices:
CommisUnder instructions from the State Department, the American
the closing
sioner has filed a Protest with the Turkish authorities against
of the American Chamber of Commerce at Constantinople.
inIt is declared in the protest that this Chamber of Commerce was
corporated in Washington and cannot change its name, as suggested by the
Turks, or cease its activities on behalf of American business interests.
Protests have also been lodged with the Turks by British, French and
Belgian diplomatic representatives.
E. Mikoian, New Trade Commissioner for Russia.
Enasthasius Mikoian has been appointed Commissar of
Reference to the closing of the foreign Chambers of ComTrade to succeed Leon B. Kameneff. M. Mikoian is a member of the Central Executive Committee of the Union of merce was made in these columns Aug. 7: page 646, and
Soviet Socialist Republics and is the youngest member of Aug. 14, page 795.
the Soviet Cabinet being only 31 years old; announcement
of this was made in Associated Press cablegrams from Mos- United States of Brazil Redeems $300,000 of Bonds
cow Aug. 15.
at Par.
Dillon, Read & Co., who headed a syndicate which sold
Poland Lifts Ban on Foreign Money—Can Be Purchased in May in the American market $35,000,000 United States of
Freely, but Exportation Is Restricted—Elasticity
Brazil 6%To external sinking fund gold bonds, announce
of Bank Notes.
the call for redemption of $300,000 of these bonds. This
are
21,
Aug.
(copyright),
advices
The following Warsaw
represents the first sinking fund operation as provided in
from the New York "Times":
the Brazilian loan contract. Bonds so called were,desigDespite continued attacks to-day in critical articles in the pro-Pilsudski nated by lot. They consist of 286 bonds of $1,000 denominaorgans, the "Courier Poranny" and the "Courier Czerwony," Minister of
denomination. The bonds designated
Finance Klarner, whose future is closely allied to execution of the Kem- tion and 28 of $500
merer Commission's recommendations, continued his urgent campaign to for redemption are payable Oct. 1 at the office of Dillon,
put his policies and those of his American advisers into operation.
Read & Co., sinking fund trustee. They will be paid at
A decree lifting the ban upon transactions in foreign currencies in Poagainst the issue price of 90, the redemption thus repbe
can
now
money
other
dollars
and
and
100,
evening
this
land was issued
bought freely, but exported only under severe rules, including payment resenting an aggregate profit of $30,000 in less than six
through the Bank of Poland and its branches authorized to do foreign busithe holders whose bonds are to be redeemed. The
ness, first, for the purchase of foreign goods and the settlement of foreign years to
on
Polish
dividends
for
third,
securities
abroad;
offering was referred to in these columns May 22, page
debts; second, insurance
held abroad; fourth, for the livelihood of relatives abroad, but not ex- 2897, and May 29, page 3031. A later offering of $25,000,000
ceeding 1,000 zloty ($100) monthly for one family. Persons carrying
was noted in our issues of June 26, page 3545, and July 101,
foreign passports are permitted to take out only the equivalent of 1,000
zloty in currency of other lands.
The Finance Minister to-day presided at a conference dealing with proposed elasticity in issuing bank notes, the disposition of bank funds and
the administration of communal savings banks, in which hot opposition
developed to his reported plan of liquidation of the Agricultural Bank.
Not only did the Finance Minister come under fire, but Professor Kemmerer, who declared he had been falsely quoted in regard to dissolution
of the bank and that he had given no. newspaper any statement on this
matter.
The attack, however, was in line with the recent campaign led by Pilsudski's organs and the semi-official journals and despite the fact that
yesterday's proposal to consolidate banks interested in agricultural and
other State securities caused a sharp turn upwards in to-day's market, all
securities are likely to be affected.
Minister of Agriculture Raczynski, defending the program of the new
Cabinet, declared that exports of grains were expected to reach 90,000
carloads this year, an increase of 30,000 over last year and that there
was no danger of Poland being short of a grain reserve. Demands of past
years did not constitute the present basis, he declared, but he promised
that exports should be regulated in accordance with domestic needs.
page 151.
Approval of Policy of President Machado Toward
Treaty Between United States and Cuba.
The following advices (Associates Press) are reported
from Havana, Aug. 22:
The Cuban Society of International Law has approved the policy adopted
by President Machado, of Cuba, toward the permanent treaty between
Cuba and the United States, known hero as the Platt Amendment, signed
in 1903. This treaty regulates the relations between the two countries.
A resolution adopted by the Society recommends the transformation of
the permanent treaty into a treaty of alliance between Cuba and the
efil
United States.
Government of Sao Paulo Transferring Public Funds
to Banks.
The State Government of Sao Paulo is transferring public
following
American Bank of Poland Opened—To Finance Exports funds to the banks to relieve the industrial crisis
the Government in value of Brazilian currency, which has
of Raw Materials.
now reached a level that permits foreign goods to enter this
An American bank, the first in Poland, has been opened country, says
Associated Press advices from Rio Janeiro
under the name of the American Bank of Poland, with a
Aug. 22. Continuing, they state:
capital of $5,000,000, say Associated Press advices from
That for years was impracticable, because of the high tariff. The customs
Warsaw Aug. 23. It is stated that the bank is financed by dues are collected in gold and the improvement in the paper currency
the burden on the importers lees onerous.
renders
the International Match,Corporation, with the primary obIt is reported the Sao Paulo State Government will deposit a maximumiof
from
materials
raw
of
Poland.
ject to finance exportation
515,000,000 in banks of the City of Sao Paulo to be loaned on industrial
1048
THE CHRONICLE
propositions at interest not to exceed 9%, against, firstly, merchandise;
secondly, Government bonds and railroad shares, and thirdly, the endorsement of two good names.
The State is really forced to assist manufacturers thus with public money
because the banks themselves are so cautious in extending credit that they
seriously delay any recovery of business.
Republic of Honduras Bonds.
From the "Wall Street Journal" of last night (Aug. 27)
•
we take the following:
The Financial Agency of the Republic of Honduras, represented by Sr.
Julio Lozano, financial agent abroad, has concluded an agreement with the
National City Bank of New York whereby the latter is appointed agent for
the collection of the consular revenues of Honduras abroad. These funds
are to be applied to amortization of the external debt of Honduras under an
agreement concluded with the Corporation of Foreign Bondholders of
London. which is to be the depository of the Honduras external bonds of
1867. 1869 and 1870.
Chile's Minister of Finance Resigns.
Jorge Silva Somarriva, Chilean Minister of Finance in
the Ibanez Cabinet, has resigned, according to an Associated
Press cablegram from Santiago Aug. 24.
Uruguay First South American Nation to Recognize
Soviet Russia.
Uruguay has recognized the Soviet Union de jure, and is
the first South American State to do so, according to a wireless message (copyright) to the New York "Times" from
Moscow, Aug. 23. The advices also state:
Importance is attached to the news here in view of the arrival in Leningrad of a large party of Argentine tourists, including Senators, prominent
business men and other leaders who are expected to visit Moscow at the
end of the week.
The improvement of Soviet agriculture and growth in foreign trade have
not gone unnoticed in South America and a small group of Argentine politicians have been here several weeks on an unofficial errand. It also said
that Brazil rubber and coffee inteersts are investigating the possibilities of a
Russian market and dickering for the purchase of Russian products which
have hitherto been obtained through London and Hamburg.
The New Customs Tariff of Haiti.
A new customs tariff for the Republic of Haiti, adopted
in July, was promulgated on Aug. 9, according to a special
bulletin of the American Chamber of Commerce of Haiti.
A summary of some of the chief points of interest to American shippers, based on information received from the
American Chamber of Commerce of Haiti was made public as follows on Aug. 19 by the Chamber of Commerce of
the United States:
1. The aim of the new tariff is to protect Haitian products, encourage
agriculture and live stock raising, reduce duties on raw products, increase
duties on luxury goods and simplify customs procedure. Higher duties are
Imposed on articles which can readily be produced or manufactured in
Haiti. Duties have been greatly reduced on machinery, tools, equipment
and raw, materials used in industry and agriculture.
2. The former intricate combinations of duties and surtaxes are supplanted by a schedule of single rates, which will facilitate computation of
duties and expedite liquidation and removal of merchandise from customs
warehouse.
3. Old, obsolete units of weight and measure are replaced by metric
units, and most duties are specific rates based on the weight in kilograms.
4. The vague and antiquated terms of the old tariff give way to class'.
fications that are modernized and simplified. In the case of cotton textiles, for example, the new rates are based on weight, weave, finish and
value, whereas the old tariff was based on trade names, widths, general
descriptive words, etc.
, 5. An important change for shippers to observe in preparing consular
Invoices is the dutiable weight basis:
Merchandise dutiable on gross weight will be subject to duty on weight
inclusive of all packing and containers, without tare allowance.
Merchandise dutiable on net weight will be subject to duty on interior
or immediate packing. The dutiable weight does not cover exterior containers or packing, nor does it cover straw, shavings, sawdust and similar
materials between the exterior packing and the interior packing. Under
the old tariff net weight did not include the containers. But, in the case
of the new tariff, according to the American Chamber of Commerce to
Haiti, "declarations which show the net weight of the contents, in the
case of articles packed in tin, glass and similar heavy containers, are
certain to be underdeclated as to dutiable weight, with the result that
double duties will be imposed on the weights underdeclared."
6. Instructions to collectors of customs provide for certified consular
invoices on shipments other than by mail, and also provide for the temporary use of pro forma invoices, under bond for production of invoice
within three months, in emergency cases.
7. The law authorizes the General Receiver of Customs to remit or
reduce penalties for differences between the new customs classifications
and the declarations on consular invoices, in absence of fraud. Until Oct.
31 1926 collectors are given discretion to make such remissions of penalties, while shippers are familiarizing themselves with the new classifications.
8. The new law repeals vessels tonnage duties. Wharfage dues at Portau-Prince continue as before.
9. The new tariff applies to merchandise declared for entry on any date
subsequent to the date of promulgation (i. e. Aug. 9 1926).
It is stated by the Chamber that copies of the new tariff
have not yet been received. Shippers will be able to ascertain the new rates and verify the administrative requirements through the Division of Foreign Tariffs of the United
States Government Bureau of Foreign and Domestic Commerce on the arrival of copies of the new Haitian schedules.
[VoL. 123.
Offering of Stock in Belgian National Railways Co.
in Furtherance of Stabilization of Franc.
As an initial step in its program for the stabilization of
the Belgian franc, the Kingdom of Belgium is inviting
subscriptions in the leading markets of Europe to an issue
of 10,000,000,000 francs 6% guaranteed participating preferred stock of the Belgian National Railways Co. (Societe
Nationale des Chemins de fer Beiges). In the local market
subscriptions are invited by L. F. Rothschild & Co. and the
New York agency of the Banque Beige Pour l'Etranger. The
Belgian Government is giving holders of Treasury bonds
maturing on Dec. 1 1926 the option of exchanging their
bonds for these shares or of exchanging them for new bonds.
The Government's action is prompted by the violent exchange fluctuations which have upset all transactions, contracts and wage agreements. To right the situation stabilization of the currency in the shortest possible time is essential, but it was recognized that such stabilization was not
possible until the question Of refunding a part of the floating
debt was satisfactorily settled. The preferred stock of the
Belgian National Railways Co. will have a normal value of
500 francs and will bear interest at the rate of 6% plus a
variable dividend estimated at 2.70% exempt from taxation.
Payment of both capital and interest is guaranteed by the
the rate of 175 francs per pound
Belgian Government
sterling. Regarding the shares the descriptive circular
says:
They are entitled to:
share, pay1. A fixed dividend of 6% per annum; that is, 30 francs per
able every year Sept. 1.
2. A variab:e dividend amounting, for the whole of the 20 millions of
preferred shares, to one-half of the balance of the profits of the Societe
Nationale des Chemins de fer Beiges after the statutory deductions have
been made. It is anticipated this variable dividend will amount to from
2% to 3%, the investment yielding, therefore, from 8% to 9%, apart
from the guarantee of exchange mentioned hereafter.
The preferred stock will be redeemed at par within 65 years, starting on
the eleventh year, by means of drawings or repurchase on the Stock Exchange. The redeemed share will be replaced by a dividend share entitled
to the same privileges as the preferred share, except for the fixed dividend
and the redemption.
as
A right to redemption has been reserved to the Belgian Government
of the 21st year. If the Government exercises such right, the non-redeemed
preferred stock must be reimbursed at par; moreover, in order to indemnify the holders for the loss of their right to the second dividend, a premium of no less titan 250 francs a share will be paid the preferred shares
and the dividend shares replacing the redeemed preferred shares, if the
redemption takes place between the 21st and the 31st year, or a premium
of 150 francs if the redemption occurs after the 31st year.
The Government will assume the fixed dividend and the redemption cost.
For the fixed dividend of 6% as well as for the reimbursement of the
principal of the prefetred shares, the Government extends a guarantee of
exchange on a basis of 175 francs to the pound sterling. In other words,
the coupon of 6% fixed dividend—which could, in no case, be inferior to
30 francs per 500-franc share—would be paid on a basis proportionally
superior ,to 30 francs if during the first part of the fortnight preceding
the maturity date of the coupon the official average rate of the pound
sterling, on the Brussels Stock Exchange, would be in excess of the basis
rate of 175 francs per pound sterling (equal to $2 77 per 100 francs).
The same method of calculation will be applied to the redemption of
the principal of 500 francs per redeemed share.
Two yearly coupons will be attached to the preferred shares: one for the
fixed dividend of 6% will be paid on Sept. 1 of every year, and for the first
time on Sept. 1 1927; the other, for the variable dividend, will be paid
after the yearly general meeting.
The coupons will be payable by the Banque Nationale de Belgique, and
may be cashed through the offices of L. F. Rothschild St Co. and the New
York agency of the Banque Beige Pour l'Etranger.
The fixed interest, the dividend, the redemption of the principal and
the payment of the eventual redemption premium will be exonerated from
all Belgian present and future income taxes, and especially from the
supertax.
Dr. Winkler, of Moody's Investors Service, on Sale
Here of Belgian Railway Securities.
In a recent announcement by Moody's Investors Service
it was pointed out that in order to take care of
the country's floating debt, of which 1,800,000,000
francs will become due Dec. 1 1926, the Belgian Government is requesting bondholders to exchange their holdings for preference shares of the Belgian Railways Co.
"It will be remembered," says Dr. Max Winkler, Vice-President of Moody's Investors Service, "that Anglo-American
bankers some time ago, in negotiating with the Belgian
Government for the flotation of a Belgian loan of $150,000,000 insisted upon the industrialization of the Belgian lines,
permitting participation of private capital. These demands
were frowned upon by the Belgian Government and negotiations are believed to have fallen through on that account.
As a result of the formation of the new railways company,
It is believed that negotiations may be resumed in the near
future, and that the American investing public may be
'alled upon to take up a substantial portion of Belgian
Railway securities. In view of this, salient features regarding the Belgian Railway lines, as estimated for 1926
1
1049
THE CHRONICLE
AUG. 28 1926.]
fiduciary and trust funds under the
and as reported for the two preceding years and the last legal investment for all
Government and acceptable at
Federal
the
of
jurisdiction
in
(figures
gold
interest
pre-war year, should be of
par as security for Postal Savings. They are exempt from
francs)":
Federal, State, municipal and local taxation. The First
1928.
1925.
1924.
1913.
• 4,708
4.725
4.388
Length of lines, kilometers
Stock Land Bank of Montgomery operates in Georgia
Joint
Capital Invested, franc.s..2,920.000.000 3,258.000.000 3,358.000.000 3.400.000.000
342.000.000 390.000.000 407.000.000 422.000.000 and Alabama. The following is the bank's statement of
Revenues.francs
246,000.000 348.000.000 379.000.000 389.000.000
Expenditure, francs
28,000.000
42,000,000
53,000.000 condition as of July 12 1926.
98,000,000
Surplus, francs
In per cent of Invested
capital
Coefficient of operation._
Number of employees
3.29%
72%
78,700
1.29%
89%
107,500
0.83%
93%
100,400
1.55%
88%
Definitive Peruvian Bonds of 1925 Available in
Exchange for Temporary Bonds.
The Guaranty Trust Co. of New York announced on Aug.
23 that it would be prepared on and after Aug. 24 to deliver
definitive Republic of Peru 15-year external sinking fund
secured 7%% gold bonds of 1925, against surrender for cancellation of the outstanding temporary bonds.
Resources.
Mortgage loans
Accrued interest on mortgage loans (not matured)
United States Government bonds owned
Accrued interest on bonds owned
Cash on hand and in banks
Accounts receivable
Furniture and fixtures
Payments in process of collection
Other assets
$5,056,000 00
84.733 71
0
41
20
200
100.0
80 7
13
.3
1.
1
127
30
2.968 98
49
6.6
49
59
5
26
$6,279,689 32
Total
Liabilities.
$450.000 00
Capital stock
20.000 00
Surplus
34.100 00
Legal reserve
48
50.506
Undivided profits
9,000 00
Dividend account
00
5,550.000
Issued
and
authorized
bonds
Loan
Farm
58.507 62
Accrued interest on Farm Loan bonds (not matured)
6.550 00
Matured interest on Farm Loan bonds(coupons not presented)
3.307 49
Accounts payable
587 10
Amortization payments—paid in advance
81,742 60
Amortization payments on principal
00
11.290
Additional payments on principal
4.093 03
Other liabilities
Offering of $10,000,000 Republic of Chile 5% Treasury
Gold Notes.
A banking group headed by Blair & Co., Inc., and the
Chase Securities Corporation, with whom are associated
Brown Brothers & Co., the Equitable Trust Company of
86.279,689 32
Total
New York. E. H. Rollins & Sons, Graham, Parsons & Co.,
12 certifies
July
on
ident,
Vice-Pres
Esq.,
W. A. Howell,
the Illinois Merchants Trust Company of Chicago,the First
submitted
loans
mortgage
to
as
statements
following
the
Trust & Savings Bank of Chicago and the Continental &
Board:
Loan
Farm
the
Commercial Company of Chicago, offered on Aug. 26, $10,- to
000,000 Republic of Chile six months 5% Gold Treasury To Board of Directors, the First Joint Stock Land Bank of Montgomery.
Montgomery, Ala.:
Notes, dated Aug. 25 1926, and due Feb. 25 1927. The
Statement as to Mortgage Loans Submitted to Farm Loan Board.
notes were offered at 993 to yield approximately 5.25%. Amount
$5.739.500 00
of mortgage loans
18.404.531 72
our
in
was
made
Borrowers Valuation of land
An announcement regarding this loan
4.517.715 50
Borrowers valuation of improvements
issue of a week ago, page 932. Santiago (Chile) Associated
22
$22.922.247
Borrowers total valuation
Press advices carried information to the effect that "a de- Appraisers
13,935.468 72
valuation of land
00
3,268,083
improvements
of
valuation
Appraisers
cision has been reached by the Cabinet to contract a loan
$17,203.551 72
Appraisers total valuation
of $10,000,000 with Blair & Co., of New York. This money
2.473.330 00
Appraisers valuation of insurable improvements
will be used to meet several obligations of the AdministraOn Valuation by Federal Appraisers.
41.2
land
of
valuation
to
loan
of
Percentage
tion." The new Chilean offering, it is stated, represents the Percentage of loan to valuation of land and Insurable impts_
34.9
33.3
improvements
all
and
land
of
valuation
to
loan
of
Percentage
with
the
government
financial
transaction,
foreign
largest
to
loans
of
percentage
reduces
loans
of
principal
on
Paymeats
31.8
appraised value
exception of hist week's $16,000,000 Peruvian loan, since
$50.319.048 54
Borrowers gross worth.
40,077,588 70
the week ended last July 20th. It is noted that it is the first Borrowers net worth
11.4
of loans to borrowers gross worth
time that the Republic of Chile has obtained money from Percentage
14.3
Percentage of loans to borrowers net worth
22
842
Appraisers value per acre
the American market in nearly three years.
17 39
Average amount loaned per acre
or- $102,899 06
The new notes will be in bearer form in denomination of Taxes preceding year on property loaned on 31c, per acre
$6,446,738 63
revenue preceding season from property loaned on
$1,000. These notes will be the direct obligations of the Gross
which Ix 12% in excess of the amount loaned.
of their gross
1%
but
is
borrowers
of
charge
Annual tax and installment
Republic of Chile, which pledges its good faith and credit
worth and but 1.25% of their net worth.
of
principal and interest. The
for the punctual payment
Since organization, we have received applications to amount of $13,bankers announce that they are advised that the notes are 663.875. of which we have approved $8,822.500. and closed loans to amount
Only two loans are now In default. If delinquencies on
being issued to provide funds for the construction of public of $6,048.300. loans
of this bank were the average of all Joint Stock Land
installments on
works in accordance with Law 3835 of Jan. 11 1922. Prin- banks as of May 30 1926 (last Government report),ours would be $17,255 18,
paid. We would own real
cipal and interest will be payable in New York City in United whereas it was only $455, which has since been
and judgments to amount of $50,697 63 If ours
certificates
sheriff's
estate,
fineStates gold coin of the present standard of weight and
Only
was the average of all Joint Stock Land banks, whereas we own none.
ness at the principal office of the Chase National Bank of one loan reported delinquent in year 1925. We have not completed a
instituted, none now pending.
the City of New York and at the office of Blair & Co., as foreclosure since organization and only two
has approved all loans submitted them.
the holder may elect, without deduction for any Chilean The Farm Loan Board
Yours truly.
taxes, present or future.
W. A. HOWELL, Vice-President and Manager.
Offering of $250,000 Farm Loan Bonds of New York
Joint Stock Land Bank—Part of $1,000,000 Issue.
Clark Williams & Co., members New York Stock Exchange, are offering $250,000 New York Joint Stock Land
Bank 5% Farm Loan bonds, due May 1 1956 and optional
May 1 1936. The bonds are offered at 103.95, to yield
4.50% to optional date and 5% thereafter. The bonds are
part of the $1,000,000 issue offered in June and referred to
in these columns June 5, page 3155.
Offering of $500,000 5% Bonds of First Joint Stock
Land Bank of Montgomery.
At 103% and accrued interest, to yield about 4.55% to the
optional date and 5% thereafter, a $500,000 issue of 5%
farm loan bonds of the First Joint Stock Land Bank of Montgomery, Ala., was offered on Aug. 23 by Barr Brothers &
Co., Inc., New York, the Central Trust Co. of Illinois
Chicago, the Shawmut Corporation of Boston and the First
National Bank of Montgomery, Ala. The issim will be
dated July 1 1926, will mature July 1 1966 and will be
callable at par on July 1 1936 or any interest date thereafter.
The bonds are issued under the Federal Farm Loan Act.
They will be coupon bonds in $1,000 and $10,000 denominations, fully registerable and interchangeable. Principal and
semi-annual interest (Jan. 1 and July 1) will be payable at
the First Joint Stock Land Bank of Montgomery, Ala., or
the Chase National Bank, New York City. The bonds are
Federal and Joint Stock Land Banks in Competition in
Texas.
The Federal Land Bank of Houston, Texas, is making a
sharp fight for business against the joint stock land banks
operating in that state, the Farm Mortgage Bankers'
Association of America observes in a recent bulletin. In its
comments the Association says:
In the bulletin Issued by the Federal Land Bank for July. President
Gossett says of the two kinds of banks organized under the Farm Loan Act,
after commending the Federal Land banks:
The other is joint stocs land banks, organized for profit and In which
Individuals owning the stock receive all the profits during the life of the
loans.
Joint stock land banks do not serve agriculture as such, and except for
profit. They select their territory and serve only where the loans are large
enough to be profitable.
In another paragraph In the same article President Gossett demonstrates
that the farmer could save $3,767,In the II e of a $25,000 loan by borrowing
from the Federal Land Bank instead of from the joint stock land bank.
The Houston Bank has cut its interest rate to 5%. effective Aug. 11926.
It is evident that the Joints and the Federals will have a merry time in
Texas.
The statement of the Houston Bank for June 30 shows 82,420.774 declared as dividends to stockholders. As the dividends are paid to the local
associations, and the local associations use part of the dividends for paying
focal expenses, salary of secretary, etc., paying the balance over to the farm
borrowers, the general public would be interested to learn as to how much
of the dividends declared actually reached the farmers and helped reduce
their interest rates. Investgiations made by the Department of Agriculture
on a large number of loan associations two or three years ago showed that
less than half of the dividends actually reached the farm borrowers from
organization of the banks to the date of the investigation. It may be that
Texas has done better. Until Information Is given as to the amount of
dividend money that is consumed by expenses before reaching the farmer
these statements about dividends paid are meaningless.
1050
THE CHRONICLE
[Vol. 123.
The Houston Bank started business with $750,000 offree capital furnished the latter ended the
day at 149%rafter touching a: high of 153. The
by the United States Treasury. The earnings of all or part of this capital du Pont shares closed with
a net loss of 8 points. Other wide breaLs
on which the Government received no interest contributed to the divi- were recorded by Allied
Chemical & Dye, down 334 on the day; American
dends until the Houston Bank repaid the last of the free Federal loan in Ice Co., with a net
loss of 3;Atlantic Coast Line, with a net loss of
1923. In that year the balance of capital principal repaid was $177.885• 234; Case Threashing, with
a lget loss of 5; United States Cast Iron
During nearly all of this period or for about six years, the taxpayers were Pipe, off 11 points
on the day; General Asphalt, down 534, and Air Repaying interest on Liberty bonds to furnish free capital to help the Houston duction. down 3.
Bank to pay dividends. It would be more fair to the public if the Land
Comment by Brokers.
banks would give credit to the taxpayers for use of free capital when they
Earlier in the day leading brokerage houses had directed attention in
boast of their dividends and also state the portion of dividends consumed their
market comments to the article by Professor Ripley and its possible
by expenses before reaching the farm borrowers.
effect on
Against this benefit it will also be necessary to charge additional taxes severely price movements. The fact that individual companies were
criticized in the article for their failure to keep their stockholders
paid to real estate owners and others because of the investment of otherwise and
the public intelligently informed concerning their affairs was emtaxable wealth in tax-free bonds.
phasized for the bearish influence which such strictures were likely to have.
Professor Ripley charges that "balance sheets are prone
Federal Land Bank of New Orleans Cuts Interest to be inadequate or misleading in two principal respects.
Rates on Loans to 5%.
One is the downright omission of important items in the
Announcement was made on Aug. 20 by the Federal Land property account. Another is the failure to disclose the
Bank of New Orleans that the interest rate on its loans to method of the valuation, whether it be of property or of
farmers in Louisiana, Mississippi and Alabama had been stock in trade." In part he says:
reduced from 5.5% to 5%, effective Sept. 1. A statement
regarding the reduction was also made at Washington by
Federal Farm Loan Commissioner A. C. Williams, who
said:
The reduction of one-half of one per cent in the rate on new loans is in
keeping with the policy of the Board and the officers of the bank to give
to farm borrowers the lowest rate of interest consistent with sound banking
and conditions in the bond market. Only farmers who are actually engaged or soon to become engaged in the cultivation of the land mortgaged
are eligible to borrow from Federal Land banks. The reduction in rate
will result in a substantial saving to them.
Why should not the stockholders themselves, if necessary, bring about
a reform in this business of publicity? Do they rest inert and mute because
of their helplessness? There seem to be only two things which they can do.
One is to boycott the sealed-up corporations. The other would be to take
the bit in mouth and force the issue in open meeting. As for the boycott.
mysterious corporations which have turned out to be bonanzas have always
served as decoys for the public. The uninitiated are always ready enough to
try a fling. But, even among the more wary, the personality and reputation of managers often afford sufficient guaranty, at all events to take a
gambling chance, the more alluring because of the very mystery. The
danger arises, however, from the ease with which real responsibility and
power, under modern conditions, may often imperceptibly pass from strong
and competent hands into others of a quite different sort. This is what is
going on with great rapidity all about us at this time. And as for taking
the bit in mouth, to register the opinions of thousands stockholders is at
of
best an expensive, difficult, and often well-nigh impossible performance.
A similar reduction in interest rates by the Wichita
(Kan.) Federal Land Bank was noted in these columns last
week, page 932. Commenting on the lowering of the rate
Professor Ripley says "the advocacy of real informativo
by the New Orleans Federal Land Bank, T. F. Davis, publicity as a corrective
for certain of our present corporate
President of the institution, is quoted in the New Orleans ills must needs be placed in
its proper relation to the whole
"Time.-Picayune" as saying:
matter of democratization of control." He also says
It is
gratifying to the officers of the New Orleans bank to be in a position to supply farmers of Louisiana, Mississippi and Alabama with amounts
up to $25,000 to a single borrower at a cost much lower than those of any
or all farm mortgage companies in this territory. Agriculture, through
the New Orleans bank and its 365 national farm loan associations, is being
financed at interest rates which compare very favorably with those paid
by the great railroad systems and the strongest industrial and manufacturing companies in the country.
The New Orleans bank has more loans than any other bank in the
System. We are proud of the service we have been able to perform for the
farmers in the three States of our district The total loans since the bank
was organized in 1917 exceeeded $115,000,000 the first of this year and
more than 60,000 farmers were accommodated. They obtained their loans
through their local associations, of which we have 125 in Alabama, 81 in
Louisiana and 159 in Mississippi.
It requires no expert calculator to arrive at the enormous saving to a
farmer between the generally charged rate of 6% and additional commissions to other loaning concerns in this territory and the 5% loan of
the Federal Land bank. This System, meaning the twelve Federal Land
banks and their 4,925 national farm loan associations, has now lent more
than a billion dollars and is the largest farm mortgage system ever known
to the world. It is credited with reducing the interest rate on farm mortgages throughout the country from 1% to 2% and in most instances loans
can be obtained at lower rates than from other agencies.
The farm loan indebtedness in the three States of this district is now
approximately $200,000,000 to the New Orleans Federal Land bank. The
cumulative interest reduction has meant a saving of $4,000,000 annually
in the farmers' interest bill.
Federal Land bank loans are repaid in annual installments covering 35
years, each installment including the interest and a small payment on
principal. This installment, including both interest and principal, amounts
to only $8 on each $100 of the loan. In other words, it is equivalent to 8%.
Therefore a borrower from the Federal Land bank wipes out his loan by
simply paying 6% thereon for 35 years without having to pay any additional for retirement of principal.
in part:
Beyond peradventure of doubt the New York Stock Exchange is to-day
the leading influence in the nromotion of adequate corporate disclosure the
world over. The evident dig smitten to accept fully the responsibilities of its
status as the greatest organized market for securities in the world merits
high praise. Its list requirements at present are immeasurably advanced
beyond those of even ten years ago. It seeks to discover first that securities admitted to the trading list are sufficiently distributed so that there shall
be a free and open market. This calls for a statement as to the ownership
of the largest blocks of its stock including the ten largest shareholders
Then a constantly elaborated questionnaire approximating more nearly
year by year to the highest standards of accounting practice endeavors to
place everything of material value upon the file. This file it should be
noted is open to public inspection; and it is further noteworthy tha the
detail offered therein frequently greatly exceeds in specification that which
is flu nished to the shareholders in the published reports. For example
the sandard 011 Company of New Jersey has already been cited as distribte ing rather an inadequate statement of the leaflet type. But as far
back as 1920 the stock list application affords a much more complete
description of the business including such important matters as the equity
earnings of subsidiary companies by name. Or for American Can with
its curt official report there is submission to the Stock List Committee,
in 1926 of comparative statements of earnings for the preceding five years]
along with a lot of other things.
The International Business Machines Corporation in its stockholders'
leaflet report jumbles most of its possessions together as follows:
Plant property equipment machines patents and goodwill.
as per books after deducting surplus of subsidiary companies acquired at organization
$28 019 035 45
A contemporary stock list application however reveals that land buildings equipment and machines aggregate about $6 000 000 whereas patents
and goodwill are listed at $13 700 000. Why should not the shareholders,
even more than the Stock Exchange be entitled to know that two-thirds
of the listed assets aside from the inventory represent capitalized earning
power only? Whether such financial policy is wise or not depends upon
circumstances. The point here is merely that the shareholders are better
to know all about it than anybody else. These instances show
Stock Market Break Incident to Declarations of Prof. entitled
what a fund of information there is on file at the Stock Exchange free of
Ripley as to Misleading Financial Statements of
access even by public invitation for those who have a real interest in the
business.
Corporations—Authority of Federal Trade
These requirements for admittance to list are steadily improving as is
Commission to Require Adequate
also the discipline for failure to observe the conditions imposed.
there are distinct limitations, nevertheless, upon the activities of
But
Reports.
the New York Stock Exchange, this best of the private agencies. Its conOne of the factors having a bearing on the market the trol
is restricted solely to those corporations which seek admittance to that
Current Week is an article in the September number of the particular exchange. There always remain the unlisted securities handled
curb or over the counter; as well as on the other provincial exchanges
the
on
"Atlantic Monthly" by Pr f. William Z. Ripley, of Harvard
over the United States, which for many purposes are sufficient for corUniversity, in which the alleged lack of information in fin- all
pora tions of lesser size and importance, but among which there is the greatancial statements of corporations is criticised. "The Share- est diversity of standards. Unless Chicago, Boston, Pittsburgh and the
others
rise to the full measure of New York,as to requirements,a wide gap in
holders' Right to Adequate Information" forms the theme
supervision obtains. And it is, of course, for the lesser local corporations,
of Prof. Ripley's article, under the caption, "Stop, Look, more closely controlled and less susceptible to educational appeal, that
Listen." Advance knowledge in Wall Street of the criti- the greatest need of improvement exists. Local Jealousies count for something. Certain of the major public utilities with headquarters in Chicago
cisms of the statements of various corporations and Prof. adduce
local pride as a sufficient reason for refusing "to come to New York"
Ripley's declarations that the Federal Trade Commission for an open market. Such influences, where the desire for
modest seclusion
has power to require by general or special orders, the filing as rApects accounting exists, are accentuated by other motives. A security
not listed—that is to say, dealt with on the curb, over the counter, or in
of reports "in such form as the Commission might prescribe' a provincial exchange—remains more completely
under control of its own
brought a break in prices on the Stock Market on Tuesday, management as respects market price. But if once listed,
quite apart from
Aug'. 24, which was commented upon in the New York the obligation to file adequate data, there is the chance of having to support
the stock in open market against overt attack. For all these reasons,
"Times" of Aug. 25 as follows:
therefore, it is clear that, however wholesome and uplifting the practices of
Many stocks which have been leaders in recent upward movements the New York Stock Exchange may be, its
influence must of necessity rebroke violently under the pressure of a heavy concentration of selling main circumscribed within certain rather definite
limits.
orders.
Comprehensive and ambitious proposals for Federal incorporation or
General Motors and United States Steel, which have consistently held Federal license to engage in inter-State commerce need
hardly be considered
the leadership in recent advances, were among the first to sag in yesterday's in this particular connection of adequate publicity. Whether
or not, on the
decline. The former closed at 207 after selling as high as 214U, while ground of corporate shortcomings or abuses, such a proposal should
be ad-
AUG. 28 1926.]
THE CHRONICLE
vocated need not concern us for the moment. The far-reaching proposal
of President Taft, by special message to Congress on Jan. 7 1910, recommending Federal incorporation, turned out to be politically impracticable on
the one hand and economically inexpedient on the other. The immediate
Impulse was the decisive dissolution decrees of the Supreme Court of the
United States in the Standard 011 and the American Tobacco Company decisions. But the foregoing developments led forward logically to the enactment of the Federal Trade Commission Law of 1914, which is still in full
force and effect, as an amendment of the Sherman Anti Trust Law. This
statute, which is usually thought of in connection with unfair trade practices and the regulation of monopoly, contains in Section 6 a positive delegation of authority to this body which is entirely adequate to the performance of the service so greatly needed at the present time. The Federal
Trade Commission, had it chosen to exercise these powers, might since 1914
have gathered and compiled information—to paraphrase the statute—
concerning the organization, business and management of any large corporation engaged in commerce, except banks and common carriers.' Furthermore, it might require by general or special orders such corporations
to file with the Commission both annual and special reports in such form as
the Commission might prescribe, such reports to be rendered under oath.
The record of debate upon the subject makes it clear that Congress intended
this work to constitute one of its chief activities.
What is the explanation for the neglect of this section of the existing
lawn It is partly, perhaps, because the Commissioners have been legalistically rather than economically minded, preferring to institute proceedings
rather than to set constructive inquiries and practices on foot. Another
re s al is that since the war, with its concomitant overdevelopment of
ral power, a natural reaction against so-called paternalism supervene.
A L ird is that this body is still in its incubatory stage of development.
Es' n with the best of intent, it must of necessity, as did the Inter-State
Co,/mere° Commission for years, fight from point to point before the courts
for eTirmation of its powers under the law. A prime controversy now at
ism in the courts is an outcome of the rise of prices and the attendant price
fah g during and since the war. The Commission, by direction of the
Pre ident, had instituted special inquiries into the cost of steel production.
largdy for the use of the War Industries Board. Such data turned out to be
most valuable also for the Fuel Administration and for the other pricefixing or Federal purchasing agencies. Congress even made special appropriations for the collection of such material. In 1920, the peak year of
inflation, the Federal Trade Commission called upon the steel companies to
furnish balance sheets and income statements quarterly, along with other
supply and demand data every month. The account of this endeavor will
be found in its report on "War Time Profits and Costs ofthe Steel Industry."
Certain of the steel and coal companies refused to accede to these orders, on
• the ground that they were engaged in production and not in inter-State
commerce, and that they were therefore not subject to the jurisdiction of
the United States in this respect. Two decisions of the Federal courts have
already held that the Commission had no such authority. The matter has
been twice argued before the Supreme Court, indicative of considerable
doubt upon the point. The chances might indeed be against the affirmation of this Federal authority, were it not that the final outcome in most of
the trust and railroad litigation has heretofore in last resort been in favor
of the plenary authority of the United States.
Here, then, we have plainly indicated the most obvious, the simplest,
the most effective remedy of all. It lies inert in the hollow of the Executive
hand. No legislation is necessary. There is nothing revolutionary about
it—nothing paternalistic, to use a dreadful word, unless that means the
exercise by the Great White Father of his lawful prerogative on behalf of
some millions of our citizenry who are in need of help. Nor will it pauperize
—another ill-omened word—if the President declare it to be the policy of
the Administration to carry out this law. Quite the reverse. Nothing
will more surely conduce to popular thrift than to throw all possible safeguards about the investments of the common people. Let the word go
forth that the Federal Trade Commission is henceforward to address itself
vigorously to the matter of adequate and Intelligent corporate publicity.
and, with the helpful agencies already at work, the thing is as good as done.
F. L. Dame, of North American Co., in Answer to Professor Ripley on Appraisal of Company's Property.
A statement answering Professor Ripley's charges as to
the lack of information as to the basis of property appraisals
in the statements of the North American Co., was issued as
follows on Aug. 25 by Frank L. Dame, President of the
company:
Referring to the statement purported to be contained in an article by
Professor Ripley in the September "Atlantic Monthly," to the effect that
the North American Company's statements throw no light on the basis of
property appraisal, if such a statement has been correctly attributed to
Professor Ripley, he apparently has not read or has overlooked the 1922
and 1925 annual reports. In the 1925 report it was pointed out that the
property and plant account of the operating companies is over $30,000,(y0
in excess of the property and plant account as set forth in the North American Company's consolidated balance sheet, owing to book adjustments of
auditors for premiums and discounts on stocks of subsidiaries and for that
portion of surplus of subsidiaries accumulated prior to effective dates of
acquisition.
In both the 1922 and 1925 reports it was stated that practically all the
utility properties had been appraised by regulating commissions at average
costs during long periods before the war, and such appraisals, with additions
to date In each case, due to conservative practices of subsidiary companies,
are In excess of the capitalizations of the properties. As a result, the true
value of the property and plant is greatly in excess of the amount shown
on the consolidated balance sheet, and produces a ratio of property investment to gross earnings that compares very favorably with that of any group
of utility properties in the United States.
1051
BETHLEHEM STEEL CORPORATION
New York, August 26. 1926.
Dear Professor Ripley: In your splendid article "Stop, Look, Listen" in
September's Atlantic Monthly, after alluding to what you regard as the
prevailing "failure to make clear the method of inventory" you make the
following allusion to the Bethlehem Steel Co.
"But one turns in vain to such otherwise excellent statements as these
of the Bethlehem Steel Co., * • * for light as to whether the appraisal
is based upon prices paid, upon the market value, upon reproduction cost,
'prudent investment,' or what not."
I appreciate the praise implied in the expression "otherwise excellent"
and am sure that you would not have qualified your praise if you had had
before you our annual report of Dec. 31 1923, to which our subsequent
annual reports refer. In that report we showed in detail the basis upon
which we valued our properties. Our subsequent reports clearly show the
additions to and deductions from those values.
In addition, each annual statement shows that our inventories are taken
"at cost or market whichever was lower, and do not include any interdepartment profit."
I am writing you this letter because we believe strongly in the policy of
keeping our stockholders, as well as the investment public, thoroughly
informed regarding our affairs and had prided ourselves in the fullness and
completeness of our annual reports. Indeed, for some time, we have been
supplementing our annual reports by quarterly statements.
I am venturing to enclose for your information our annual report for the
fiscal year ending Dec. 31 1923, and subsequent reports together with our
last quarterly report.
Very truly yours.
(Signed) E. G. GRACE
President.
Professor William Z. Ripley, Harvard University, Cambridge, Mass.
Sentiment in Congress to Strengthen Power of Federal
Trade Commission Over Corporations—Views of
Commission Toward Professor Ripley's Statements Regarding Publicity of Financial
Information by Corporations.
Professor William Z. Ripley's article in "The Atlantic
Monthly" for September concerning wide powers of the
Federal Trade Commission over corporations, to which was
attributed the sudden bearish movement in Wall Street
this week, is likely to become of major interest when Congress meets,says a special dispatch to the New York "Times"
from Washington, Aug. 26. In its further observations the
dispatch says:
There is a dispute over Professor Ripley's contention that the Commission's power to obtain reports from corporations is without limit, and the
prominence given to the subject by his article Is practically certain to arouse
those who agree with him. There is strong sentiment in Congress for
making the Trade Commission's authority more extensive, and it would
not be surprising if a movement were begun to "put teeth" in the statute to
accomplish what Professor Ripley advocates.
The United States Supreme Court has hold that the power of the Commission to call for reports from corporations is not unlimited. In an
opinion handed down on March 16 1925 it held that even when the Commission had reason to believe that the law had been violated, it might
inspect books and papers and compel the submission of reports "only when
investigating the conduct of the particular corporation, but not when
investigating general conditions in any trade or industry."
Intention of Congress.
It is contended, nevertheless, that the Act creating the Commission,
passed on Sept 26 1914, and the interpretation of the debates in Congress
which led to its passage, plainly indicate that it was the intention of Congress
to give the Commission the unlimited powers which Professor Ripley
asserts belong to it.
Professor Ripley cited Section 6 of the Trade Commission Act as showing
that body has unlimited powers. The section provides:
"That the Commission shall also have power (a) to gather and compile
information concerning and to investigate from time to time the organization, business, conduct, practices and management of any corporation
engaged in commerce, excepting banks and common carriers subject to the
Act to regulate commerce, and its relation to other corporations and to
Individuals, associations and partnerships.
"(b) To require, by general or special orders, corporations engaged in
commerce to file with the Commission in such form as the Commission may
prescribe annual or special, or both annual and special, reports or answers
in writing to specific questions,furnishing to the Commission such information as it may require as to the organization, business, conduct, practices,
management and relation to other corporations, partnerships and individuals of the respective corporations filing such reports or answers in
vrriting.
Provision for Publicity.
"To make public from time to time such portions of the information obtained by it hereunder, except trade secrets and names of customers, as it
shall deem expedient in the public interest, and to make annual and special
reports to the Congress and to submit therewith recommendations for additional legislation, and to provide for the publication of Its record and
decisions in such form and manner as may be best adapted for public information and use."
In the debate on the bill in the Senate the late Senator Cummins of Iowa.
who later was Chairman of the Committee on Inter-State Commerce and
one of the proponents of the bill, said in answer to questions that there was
nothing in the Act to prevent the Commission from calling on all corporations for reports at any time that the Commission saw fit to demand them
The late John W. Weeks. then a Senator from Massachusetts, who opposed
the more drastic features of the measure, agreed with Senator Cummins as
to the limitless powers which the bill conferred on the Commission.
With reference to the views of members of the CommisEugene G. Grace in Answer to Prof. Ripley's Statement
sion the same paper, in advices from Washington, Aug. 25,
Regarding Publicity Policy of Bethlehem Steel
stated:
Corporation.
Members of the Federal Trade Commission now in Washington do not
Some of the corporations whose policies have been com- regard as practicable recommendations made by Professor William Z.
mented upon or criticised in the article by Prof. William Z. Ripley that there should be greater publicity in the affairs of inter-state
corporations. Some of them go so far as to say that Mr. Ripley's proposal
Ripley in the September number of the "Atlantic Monthly" borders on illegality.
have taken occasion to answer the author. Eugene G. This is the view of the commission majority. but It is not shared by
Thompson and John F. Nugent, who for more than a Year have
Grace, President of the Bethlehem Steel Corp. writes Huston resisted
stoutly
the majority rules designed to assure more secrecy in the
Prof. Ripley as follows:
work of inquiry conducted from time to time by the Federal body.
1052
THE CHRONICLE
Officials here are of the opinion that Commissioners Thompson and
Nugent probably would endorse Professor Ripley's view that Section 6 of
the Federal Trade Commission act, which authorizes the commission to'
exact complete financial reports from corporations and to give such reports
to the public, should be enforced to the letter. The majority, which is
said to be more responsive to Administration information, takes the contrary
view.
One commission member to-day said: "We can't go out promiscuously
and engage in fishing expeditions." He said further that the commission
had demanded reports in given eases under the authority of Section 6, but
that It was regarded by the majority as Impracticable and too expensive a
procedure to call for financial reports from all big corporations.
Lawyers connected with the commission pointed out that the courts had
Imposed restrictions upon the commission's power in collecting evidence.
It was held by Justice Holmes In the tobacco case that the commission, in
demanding Information from corporations, had to make specific requests
and could not enter upon "fishing expeditions" In the examination of books
and papers of corporations subject to its jurisdiction. The same point was
raised in pending cases that probably will be acted upon by the United
States Supreme Court in the October term.
"There is no ground for Professor Ripley's statement or for the reported
agitation In Wall Street." said a member of the commission. "We are not
going to be swept. off our feet. Furthermore, we have no appropriations to
defray the cost of extensive questionaires."
The commission has been In a turmoil for months over questions relating
to publicity. Messrs. Thompson and Nugent urging that ail proceedings.
except preliminary investigations, be thrown open to the public. The
majority has contended that injury has been done to the interests of Individual corporations by publicity concerning complaints and charges brought.
during examinations.
Professor Riley's article may widen the breach within the commission
with respect to publicity. The majority. as made over by appointments
made by Presieent Coolies°, is strongly opposed to general publicity.
Ii Ming that all information obtained In the course of investigation should
be withheld until the commission reaches final conclusions.'
The majority's views in this regard have prompted attacks in Congress,
where charge:, have bean made that the commission was no longer fulfilling
the duties imposed by law, and that it shaold be abolished.
[VOL. 123.
This does not mean that the Government is taking action that would
discourage inventive genius by depriving Inventors of the fruits of their
discoveries. It means that when a patent owner (seldom the inventor)
sets up a patent as a justification for acts otherwise in restraint of trade,
the Government will inquire into the validity of the asserted defense; and
if it is found that the patents are not all that they are claimed to be, the
Government will proceed as It would In a case where no question of patent
rights is involved.
Another feature of the recent activities of the department under the
anti-trust laws has been the effort to proceed against proposed combinations
in advance of their formation. The obvious advantages of this procedure
are:
I. That it saves time and money in enabling the Government to obtain
a judgment upon a plan of consolidation without taking volumihous proofs.
as to the consummation and operation of the plan; and
2. That it permits the frustration of the plan without the necessity for
long dissolution proceedings aimed at the segregation of properties already
brought under common ownership and control.
Ward Food Products Corporation.
The two most conspicuous cases of this kind were those against the Ward
Food Products Corporation and the National Food Products Corporation.
The former suit was filed within a week after the granting of a charter to
the Ward Food Products Corporation and before It had issued a share of
stock or acquired a bit of property. The decree not only dissolved the
Food Products Corporation, but enjoined the three great Nanking companies it was formed to take over from any form of intercorporate relations.
Need for Strengthening Anti-Trust Laws.
The Ward Food Products case illustratesthe contention recentlyadvanced
in some quarters that the anti-trust laws need strengthening if it is the
desire of the country to prohibit all forms of combination. The three
constituent companies, Continental Baking Corporation. General Baking
Corporation and Ward Baking Corporation, each owns a considerable
number of bakeries. To the extent that they have acquired these bakeries
from others, tiey have been careful to select plants so located that they did
not servo the same territory in any substantial degree.
The bringing of a considerable number of bakeries under common control
may be regarded by many as an undesirable thi•g. But there is nothing in
the Federal anti-trust laws that prevents the combining of purely mancompetitive units. Hence, while the anti-trust laws were adequate to
prevent a merger of the three great companies, they having many bakeries
serving a common territory, such laws could not be invoked against such
companies individually because of the evident care taken by them to avoid
•
the acquisition of competing bakeries.
Cases under ,the anti-trust laws usually involve complicated statements
of fact and often require years to try. Such trials necessitate great outlays
for counsel fees and other expenses and frequently result in serious injury
to the goodwill of the industrials affected, regardless of the outcome of the
litigation. The advantages of consent decrees are therefore obvious and
an examination of the decrees recently entered will show that the public
Interest has been fully protected.
In many such cases the Government has obtained even a larger measure
of relief than it could have obtained in a contested case. The,reason for
this is that the representatives of industry frequently prefer to meet the
views of the Government, even to the extent of ceasing practices which they
believe they have the right to follow, rather than to engage in long-drawnout litigation with the Government.
Attorney-General Sargent Reviews Activities of Department of Justice under Sherman Anti-Trust Law.
According to a statement issued on Aug. 22 by United
States Attorney-General Sargent, reviewing the operations
of the Department of Justice under the Sherman Anti-Trust
Law, a larger number of cases were terminated during the
past year than in any previous year under the law. The
termination of a number of proceedings by consent decreeq
in which an agreement wsa reached by the parties was defended by the Attorney-General as avoiding delay and expense indicent to protracted trials, and the results accomplished by the Department through the policy of proceeding
against proposed combinations in advance of their formation
were also dealt with in the Attorney-General's review. The
proceedings in the case of the Ward Food Products Corporaon
..
tion and the National Food Production Corporation were Daily Statement of New York Stock ..Exchange
Call Money Market.
referred to as "the two most conspicuous cases of this kind."
In I is statement the Attorney-General said:
The following are the daily statements issued this week by
The records of the department show that out of 111 decrees obtained by the New York Stook Exchange regarding the call money
the Government in civil suits under the anti-trust laws sixty-seven were
consent decrees. It is plain, therefore, that the practice is not a new one. market:
but one that has been f Bowed whenever appropriate since the enactment
of the Sherman Act in 1890. It has received an impetus during the last
few years due to increasing number and Importance of the suits brought
and the growing tendency to avoid litigation.
There has probably been a greater number of cases terminated during the
past twelve months than in any previous year under the operations of the
Sherman Act. A vigorous effort was made to close up an accumulation of
old cases. The Government was compelled to drop a number of these
cases following the decision of the Supreme Court in the Maple Flooring
Cement cases, which legalized certain phases of national trade association
activities. Seven cases were dropped as being controlled by those decisions.
A number of pending criminal cases were terminated by the entry of pleas
of guilty and nob contendere and the Imposition of fines. Among these
were the furniture cases, the red cedar pole case, the New York fish case
and the malleable castings case. The fines in the latter case, totaling more
than $200.000, brought up the fines imposed under cases settled during the
year to total collections of 8524.000.
In the past year the Department's activities have been directed to
combinations controlling bread, fish, poultry and all forms of groceries.
building materials. lumber, hardware, plumbing supplies and electric lamps.
and combinations in some of the comforts and even luxuries of life, such as
gasoline, cut flowers and cameras.
Not only have the operations of the department been notable because of
the diversity of commodities affected, but also because of the variety and
intricacy of the questions presented.
In the case against the several Standard Oil Companies and others for
alleged restraint of Inter-State commerce in so-called "cracked" gasoline.
In the suit against the General Electric Company involving the manufacture
of electric lamps and in the suit against the Porcel lin Products Company
involving the manufacture of porcelain Insulators the department is attacking Combinations based in whole or in part on alleged patent monopolies.
The patent laws and the trust laws have different, and, to some extent
conflicting purposes. and the problem of reconciliation is an important and
difficult one. In these cases the Government asserts:
1. That combinations or pools of competing patents (as distinguished
from merely overlapping patents) are violative of the law.
2. That the restraints which may be legally imposed in licenses under
patents or in sales of patents or in sales of patented articles, must be no
greater than are necessary to protect the patent monopoly.
3. That, in any event, the patents relied on must be valid patents sufficiently broad In scope really to cover the production of the articles in
question.
Thus In both the "cracking" case and in the porcelain appliance case the
Government has alleged that the patents relied on are invalid. In the
"cracking" case the Government by a supplemental petition has charged
by one of the principal defendants was
that certain of the patents owned
fraud.
obtained from the Patent Office by
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
Aug. 23—Open, 431; renewal, 434; high. 434; low, 434; last, 434. On a
normal volume of business the situation remains as has been the
case for some days past. A free supply with funds over at the
close.
Aug. 24—Renewal, 434: high, 434;low. 434; last, 434. On a light business
the same easy conditions prevailed which have been in evidence
for some little time past.
Aug. 25—Renewal. 434; high, 5; low. 434; last, 5. Turnover quite heavy
owing to calling of loans and money in supply at 5% at close.
Aug. 26—Renewal, 5; high, 5; low, 5; last, 5. The advance in the renewal
rate brought free offerings, with a substantial amount unloaned
the end of the day.
Aug. 27—Renewal, 5; high, 5; low, 5; last, 5. An easy condition prevailed
throughout the day with a normal business and ample accomodaMon at all times.
Statements of previous weeks appeared in our issues of
July 10, page 155; July 17, page 279; July 24, page 411;
July 31, page 527; Aug. 7, page 658; Aug. 14, page 796 and
Aug. 21, page 936.
G. A. Anderson in Symposium Conducted by National
Association of Credit Men, Sees Installments
Affecting Capital-Labor Relations.
Foreseeing a further broadening of the gap between capital and labor through the effects of installment selling,
Goodwin A. Anderson of Milwaukee said on Aug. 21 in a
symposium conducted by Rodman Gilder, Editor of "Credit
Monthly," the official publication of the National Association of Credit Men:
The consumer is unwisely burdened with debts because of his installment purchases. The installment business, then, tends to making the business man richer, and the employee-consumer poorer. The inevitable result,
no doubt, will be a further broadening of the gap between capital and
labor. In this connection, the old story of "save and have" for times of
unemployment, illness, old age and other contingencies, is a theme which
we are throwing to the four winds in the present day. To be sure, savings bank deposits have largely increased in recent years, but it is the
general opinion that the installment buyer has contributed only a very
small portion to the heavy gains in total savings deposits,
AUG. 28 1926.]
THE CITRONTCLE
In pointing out the weakness in installment credits, Mr.
Anderson stated:
The weaknesses of this type of credit risk are well known to us. In the
first place the installment buyer is usually of very limited means. Secondly, he is generally of uncertain income, and thirdly, he generally
knows little about the budgeting of his receipts and disbursements.
1053
saying that many large units of organized labor would become identified,
directly or indirectly, with the company.
Nor could it be learned yesterday whether or not the Brotherhood of Locomotive Engineers had frowned on his connection with the company,as an individual, while he still retained an active connection with the brotherhood.
At any rate, it was said at the office of the Brotherhood of Locomotive Engineers' Securities Corporation, according to reports, that the negotiation was
off, that no agreements had been signed and that Mr. Murphy had resigned
some time ago.
"The aftermath of this inflation, no doubt, will be reflected in unemployment and accompanying failure of
labor to pay its installments and other debts," Mr. AnderBonus for Australian Cotton Grower Planned.
son says. "A result will probably be the accumulation of
The following Washington advices Aug. 23 appeared in
a lot of second-hand merchandise acquired through forethe New York "Journal of Commerce":
closure of chattel mortgages, installment contracts and
The question of substituting a system of bonuses for Australian cotton
other property liens. The resulting disorganization occur- growers for the present system of guaranteed prices is expectA to be
the Federal Parliament, according
ring in business and finance is a problem which we should taken up in the forthccming session of Commerce
here.
to ads ices reaching the Department of
make ready to solve."
Director
of Cotton Culture in the QueensEvans,
connection,
G.
In this
H. E. Gilbert in Publication of National Association
of Credit Men Suggests Reserve Funds to
Safeguard Installment Sales.
To make installment selling safer, H. E. Gilbert of the
Ohio Buick Co., of Cleveland, Ohio, in the current issue
of the National Association of Credit Men's "Credit Monthly"
suggests the creation of reserve funds, or insurance, to
meet any unusual hazard. Mr. Gilbert says that in installment selling first, the recognized rules of handling credits
must be observed; second, that reserves or insurance should
be employed to safeguard risks, and third, that the value
of the article at any time during an installment transaction
should never be less than the payments that are due, for,
as Mr. Gilbert says, "no one of us enjoys paying for a
'dead horse.'" Mr. Gilbert says that installment selling
experience to date has been infinitely better than the average of other credits. "A proper time payment plan," Mr.
Gilbert says, "used in connection with the sale of merchandise to which it properly applies, based upon sound credits,
has a proper place in the field of commercial activities today. There are certain fundamental laws which must be
applied to make it successful, the transgression of which
will lead to disaster."
In discussing the need of reserves to meet conversion or
the selling of merchandise by the buyer and the failure to
make the remaining payments, Mr. Gilbert states:
Conversion is one of the additional hazards which one of the Industries
which is a large user of time payment sales has to contend with; but conversion can be practically eliminated by a selection of risk or by getting
additional signers on the transaction—not primarily for the purpose of
making a third party pay for merchandise which the principal absconds
with, but for the very practical reason of having a third party interested
In helping find the principal and obtain the return of the merchandise
or the payment for it.
land Department of Agriculture, states that it is the contention in some
quarters that cotton should be released from Government control and that
instead of assistance in the form of guaranteed prices, a bonus should be
hd. per pound on all seed cotton arriving at the gin, irresubstituted of 1,
spective of quality.
Egypt to Cut Cotton Area—Hopes Thus to Stem
Falling Prices and Give Water for Other Crops.
The Egyptian Government is preparing a bill to limit the
growing of cotton to one-third of the aereage of all cultivable land, because the slump in cotton prices is thought
to be due partly to overproduction, according to a wireless
message (copyright) to the New York "Times" from Cairo,
Aug. 23, which goes on to say:
It is further argued that as cotton requires large quantities of water it
also impoverishes the soil and thereby diminishes other crops.
Meanwhile, the disagreement regarding the Gebel-Awlia scheme continues. Last night the Minister of Agriculture informed the Chamber that
the project has not been postponed but abandoned. The Premier, however, declared that this is not so, and that a definite decision will not be
made until the feasibility of again raising the Assuan Dam is finally determined.
Demand for Seats on New York Produce Exchange.
Regular memberships on the New York Produce Exchange
have been in lively demand during the past week, several
sales being negotiated at $4,000, as compared with the previous price of $3,900. The associate memberships have been
changing hands at $3,200 and $3,300, as compared with
$800 in February last, according to an announcement by
the Exchange on Aug. 24. Upon the recommendation of
the Admissions Committee, of which John E. Seaver is
Chairman, Rowland W. Betts and Roscoe C. Conklin have
been admitted as regular members and Harry E. Browne,
Joseph B. Cleaver and Lloyd F. Requa as associate members.
The Board of Managers on Aug. 23 admitted the firm of
John F. Clark & Co., members of the New York Stock
Exchange and the New York Cotton Exchange, as members
of the New York Grain Clearing Corp.
G. L. Miller Company's Labor Head Q iits—Realty
Investment House Denies Action Means AgreeExports and Imports of Cotton Goods Reflect Increased
ment is Off.
Textile Industry.
The following is from the New York "Journal of Com- Favorable Trade Balance for Cotton
Exports and imports of cotton goods show an increased
merce" of yesterday (Aug. 27):
Luke J. Murphy, who headed the group of labor bankers, labor union favorable,trade balance for the cotton textile industry for
executives and business men, announced recently as having taken over
fiscal year as against the preceding year. On the
control of the G. L. Miller & Co. real estate investment house, has resigned the last
as President, it became known yesterday. At the same time the Miller
basis of reports compiled by the Department of Commerce
company denied reports that the deal with the labor group had fallen the Association of Cotton Textile Merchants estimate that
through.
over imports of cotton goods
The resignation of Mr. Murphy took place a week after the announce- last year's excess of exports
ment by the Miller company that negotiations had been completed with the was 11% greater than for the previous comparable period.
labor group and that Mr. Murphy would succeed G. L. Miller as President.
The assoc:ation, under date of Aug. 19, also says:
At the offices of the company it was said yesterday that he had spent a
week at the East 42d Street headquarters, had then offered his resignation,
which was accepted, and later had gone to Florida. Mr. Murphy was formerly executive vice-president of the Brotherhood of Locomotive Engineers'
Co-Operative Trust Co., which was sold by the brotherhood about a month
ago.
While no official explanation was given for Mr. Murphy's sudden retiremont, W C Wheeler, Vice-President of the Miller company, said that his
action had no effect on the agreement with the labor men, since they took
over control as individuals, not as representing the brotherhood or any
other organized labor groups. A written agreement was entered into, he
declared, and initial cash payments made. A new President has not yet
been chosen.
Charter Not Received.
At the time the negotiations were made public, it was said that a holding
corporation would be formed. The new corporation has not yet received its
charter, although plans to that end have been worked out, it was said.
providing for an increase in capitalization over the present company's cap•
italization of $3,000,000.
"The acquisition of the Miller Company by the group I represent marks
One of the most advanced steps taken by labor interests to enter the financial
fl aid," Mr. Murphy said at the time he became President. "We have alraady interested a very important unit of the building trades in this new
venture, and feel confident that we will have the support of organized labor
generally. It is our aim to have associated with us representatives of
every important element of organized labor in this country."
Brotherhood Not Interested.
Whether or not Mr. Murphy attempted to win such support before
his resignation could not be learned. The American Federation of Labor
was not sponsoring the movement, he said at the time, but he felt safe in
While both exports and imports of cotton cloths declined during the
year, imports decreased much more than exports. The result was a favorable beance last year, about 60,000,000 square yards greater than the
favorable balance the year before.
For the fiscal year 1925-26 exports of cotton cloth were approximately
450,000,000 square yards more than imports. For the fiscal year 1924-25
exports were approximately 400,000,000 square yards more than imports.
The decline in exports during the year was relatively small and was
directly in line with the year's total export movement frcm the United
States. The decline in imports, on the other hand, was not only unusually
large, but also contrary to the total movement of the country's imports.
The fact that imports of cotton cloths decreased while total imports
increased is viewed as a direct result of the greater demand for products
of domestic cotton mills.
It also reflects the successful efforts of American manufacturers to produce materials superior in quality to the foreign product. American
buyers are finding that demestic mills cannot only compete in quality of
goods with foreign manufacturers, but can surpass them.
Department of Commerce figures for the first five months of the year
show an increase of 1.8% in billings and of 4.5% in shipments of domestic
finished goods compared with the same period in 1925; while in orders
received for gray yardage an increase was reported of 6.2%.
Growth in Resources and Deposits of New York State
Banking Institutions.
Figures made public by Frank-H. Warder, Superintendent
of Banks of the State of New York, on Aug. 23 show a
noteworthy growth in resources, deposits, capital and sur-
1054
THE CHRONICLE
plus for the past year. A gain of $525,937,000 in resources,
$351,687,000 in deposits, $22,660,000 in capital employed, and
$104,017,000 in surplus and undivided profits is shown, the
figures for June 30 1926 being as follows: Resources, $11,280,477,000; deposits, $9,703,265,000; capital, $309,355,000,
and surplus and undivided profits, $896,299,000. The figures
for these items on June 30 1925 were as follows: Resources,
$10,754,540,000; deposits, $9,351,578,000; capital, $286,695,000, and surplus and undivided profits, $792,282,000.
The figures submitted include 265 banks of discount, 120
trust companies, 69 private bankers and 148 savings banks,
against 264 banks of discount, 109 trust companies, 75 private bankers and 147 savings banks on June 30 1925, a net
gain of seven institutions in the year. In addition to the
growth in resources and deposits, the figures indicate a
substantial strengthening in the security afforded the depositors of these institutions. The 602 institutions reporting to the Superintendent of Banks of the State of New
2% in resources of
York represent 71/
2% in number and 443/
all the national banks in the United States. The figures
reported do not, it Is announced, include approximately 600
other institutions under the supervision of the New York
State Banking Department, such as savings and loan associations, investment companies, safe deposit companies, personal loan companies and credit unions. The resources of
7,978 national banks in the United States, Hawaii and
Alaska on June 30 1926 were $25,315,624,000, according to
the figures made public by the Comptroller of the Currency.
These figures represent an increase since June 30 1925 of
about $1,000,000,000.
[Vol,. 123.
"The bankers invite more adequate supervision and examination. They
advocate a longer term of ofice for bank examiners and frankly state that
present salaries are inadequate.
"The committee expects to meet again within 30 days.
New Hours for Banks Announced by Los Angeles
Clearing House.
Stricter observance of banking hours by the banks of
Los Angeles became effective on July 15 as the result of an
action taken by the Executive Committee of the Los Angeles
Clearing House Association. This is learned from the
Los Angeles "Times," which says:
The hours agreed upon and now in effect are Monday to Friday, 10 a. in.
to 3 p. m. Saturday, 9:45 a. m..to 12 noon, and 6 to 8 p. m.for those banks
desiring to keep open Saturday evenings.
Exceptions were made in the cases of four branch banks, the International branch of the Bank of Italy. Second and Spring Street branch of
the California Bank, Third and Broadway branch of the Citizens Trust &
Savings Bank and the Sixth and Main Street branch of the Hellman Commercial Trust & Savings Bank. These banks will be permitted to open
from 9 to 4 from Monday to Friday'and 9 to 1 and 6 to 8 on Saturday.
The banking hours of these branches, however, will be reduced April 1.
next year, to comply with the hours effective yesterday for the other
banks and branches.
No further extension of the privilege of longer banking hours will be
granted by the Clearing House after April 1. All banks are required to
conspicuously post the hours upon their doors and to strictly adhere to
them.
Survey of Labor Banks in United States—Trade Unions
Own and Control Financial Institutions with
Resources in Excess of $150,000,000.
Organized labor owns and controls banks and investment
companies in the United States with total resources in excess of $150,000,000, according to a national survey of labor
financial institutions just completed by the Research BuMembers of Nebraska Bankers Association Calls for reau of G. L. Miller & Co., real estate investment bond
house. Summarizing labor's financial activities, the survey
Removal of State Banking Department from
shows:
Political Control--Seek Full Information
That there are 38 labor banks with a total capitalization of $10,435,180.
from Guarantee Fund Commission.
That deposits in labor banks on June 30 1926 amounted to $108,531,664,
Resolutions calling for changes in the administration of a gain of 10% since Dec. 31 1925.
That there are several large banking institutions with combined rethe Nebraska Banking Department were adopted on Aug.
sources in excess of $108,000,000 in which labor organizations have sub18 at Omaha by 75 State bankers, members of the State stantial but not controlling interest.
That there are labor investment companies with a combined capitalizaBank Committee of the Nebraska Bankers Association,
of $31,000,000.
according to the Omaha "Bee," which in its report of the tion
That the Brotherhood of Locomotive Engineers have founded fifteen
meeting says:
banks with resources well over $54,600,000 and eight investment comIn the changes as passed are: first, more stringent regulations regarding panies with a combined capitalization of $23,500,000.
the issuance of charters; second, the removal of the Department of Banking "from the hands of politicians"; third, bank examiners be chosen not
from a political "pull" but solely because of merit, fitness and training;
fourth, the establishment of a policy whereby the State bankers can be
furnished complete information as to the operations of the Guarantee Fund
Commission; fifth, use of all State bank examination fees for the use of
the State Banking Department; sixth, more adequate supervision and examination; and, seventh, a longer term and snore salary for bank examiners.
The bankers in session said that the State had made in the last biennium
$40,000 in profits from the State bank examination fees.
The meeting was presided over by Phil L. Hall, Greenwood, Neb.,
banker and candidate for State Treasurer.
That the largest labor bank is the Brotherhood of Locomotive Engineers
Co-operative National Bank of Cleveland, Ohio, with resources of nearly
$27,000,000.
That the "most representative labor bank on the American continent"
is the Federation Bank & Trust Co. of New York, with resources close to
$18,000,000.
The survey, made pubic Aug. 21, also says:
Banks are now located in 35 cities in 20 States under the control and
auspices of a highly diversified group of trade unions. The business of
these banks is varied. Some are primarily savings banks; others do a
large commercial business, and it is reasonable to expect that they will
eventually enter into all the manifold activities of finance, which have
always engaged the attention of established banking institutions.
The Brotherhood of Locmotive Engineers, pioneers in the labor bank
movement, which is now a little over six years old, have the largest
single group of financial institutions. They have founded 15 banks and
eight investment companies. The total resources of these banking enter.
prises are well over $80,000,000.
During the last few months, however, there have been indications that
the Brotherhood of Locomotive Engineers was unloading some of their
financial holdings. They are reported to have withdrawn a large portion
of their interest in the Empire Trust Co. and to have sold to a private
capital group, the Brotherhood of Locomotive Engineers Co-operative
Trust Co. in New York. It was also recently announced that they had
also sold their controlling interest in the Equitable Building Corporation.
•
Federation Bank Most Representative.
The largest of the independent labor banks is the Federation Bank &
Trust Co. of New York, of which Peter J. Brady is President. This bank
is known as the "most representative labor bank on the American continent," because the stock of this institution has been so widely distributed
among all branches of the labor movement.
The Federation Bank & Trust Co. opened in May 1923, with capital and
surplus of $500,000 under the name of the Federation Bank of New York.
Such substantial progress was made that this was increased to one and
one-half million dollars in October 1926, and the charter changed from
a commercial bank to trust company. The bank now has deposits of approximately $15,000,000.
The Amalgamated Bank of New York, third in size, has also had a
rapid growth since its establishment on June 2 1923. To-day it has more
than 12,000 depositors and total resources of approximately $8,000,000.
A feature of this bank, and the Amalgamated Bank in Chicago, has been
its service for the immigrant worker in this country through a foreign
exchange department. From April 14 1923 to Dec. 31 1925 the Amalgamated Bank of New York alone sent 338,800 orders to foreign countries
amounting to $12,176,393.
Banking statistics show that there have been few labor bank failures.
On May 4 1925 a Philadelphia labor bank was forced into receivership
because of "frozen credits," and recently a labor trust company in Atlanta,
Ga., went into receivership.
Text of Statement.
Following is a statement issued by the bank committee following the
meeting:
"A large number of State bankers from different sections of the State.
comprising the State Bank Committee of the Nebraska Bankers Association, met to-day at the offices of the Nebraska Bankers Association in the
Woodiness Building, approximately 75 State bankers present. This was
the first meeting held by this committee.
"The meeting was called to discuss measures to safeguard the guarantee
law. Due to their operations under the guarantee law, the State bankers
have come into possession of between $10,000,000 and $20,000,000 in
assets of failed institutions, the handling of which has become a gigantic
and important task to which the State bankers feel they should give their
closest attention.
"They have repeatedly affirmed their wish and intention to uphold and
maintain the guarantee principle as it now stands and met to-day to discuss possible actions to strengthen their position.
"Resolutions were prepared which will be submitted to the individual
banks for their adoption by a referendum vote. The resolutions as submitted by the committee to the individual banks reaffirmed the strict
adherence of the bankers to the guarantee fund law, under which no depositor in any Nebraska State bank has suffered loss. They register their
opposition to any change in the law which will in any wise tend to obstruct, hinder or delay any depositor in any Nebraska State bank in the
collection of his deposit.
Failures Hinder Law.
"The bankers aver that an excessive number of banks produces weak
banks through excessive competition, in turn increasing unsound practices
and resultant failures, each failure rendering it increasingly difficult for the
sound banks to maintain the guarantee fund. Therefore they favor more
stringent regulations regarding the issuance of new bank charters.
"They favor Such changes in our law as will remove the Department of
Banking as far as possible from political influences and control. They
feel that examiners should be chosen solely because of merit, training and
fitness.
"The bankers recommend to the Guarantee Fund Commission the establishment of the policy of furnishing to the State banks full, complete and
detailed information as to all commission operations.
Labor Plane Many New Banks.
"The bankers feel that the full sum paid by the State banks as examinaThe labor banking movement began May 15 1920—a little over six years
tion fees should be available for the use of the Banking Department solely, ago—when the International Association of Machinists acquired a 50%
investigation having shown that the State has in the last biennium made a interest in the Mount Vernon Savings Bank in Washington D. 0. In
profit of more than $40,000 on examination fees.
November of the same year the Brotherhood of Locomotive Engineers
THE CHRONICLE
Aug. 28 1926.]
opened their Cleveland bank. Since that time the labor bank movement
has grown more rapidly and more successfully than any other new enterprise of labor, and there is no sign of any lull in the growth of existing
institutions or in the addition of new ones. There is at present nearly a
score of new labor banks in process of promotion or establishment.
Labor banks are no longer an experiment. There is every indication
that labor has gone into the banking business in dead earnest, on a sound
basis and is determined to serve the wage earner, thus adding to the
strength, solidarity, prestige and power of the labor movement.
It is quite evident that organized labor through its own banks hopes
eventually to control the savings of the wage earners of the country,
which are estimated to total from $6,000,000,000 to $7,000,000,000
annually.
The American Federation of Labor has adopted a cautious but sympathetic attitude toward labor banks, and is now making a survey of labor
banks with a view of determining labor's future course.
The outstanding features of labor banks as compared with the ordinary
commercial banks are: Ownership and control by labor, limitation of
dividends to stockholders, higher rates of interest to depositors, services in
acquiring a home, advice on stocks, bonds and securities, long hours for
business so that workers can come to the bank on their own time and at
their own convenience.
Name of Ban*.
Banks Savo Workers Aron Swindlers.
Like every successful venture, the labor banking movement has attracted a swarm of promoters, parasites and stockholders who seek to
unload stocks in holding companies and similar concerns that are simply
"blind pools" not under the regulation of State and Federal banking laws.
The sale of such stock has been cheeked in some States. Where the labor
banks are in close touch with all the unions in a community the swindlers
have little chance.
Money that formerly went into wildcat schemes is now being more carefully invested, as the result of the educational work of labor banks.
These institutions have already saved many dollars of workers' funds by
warning the unwary.
Europeans, who are the pioneers of co-operative workers' efforts, have
been startled out of their complacency by the success of labor banks and
the participation in finance, on a large scale, by the American trade unionists. and are now profiting by our example by the organization and operation of similar institutions in European countries,
The following list of labor banks and trust companies now
in operation, with figures indicating their capital, deposits
and total resources, is furnished by the Research Bureau,:
*Empire Trust Company
Control.
Location.
First National Bank
Bakersfield, Calif
Brotherhood of Locomotive Engineers Bank & Trust Co
Birmingham, Ala
Brotherhood of Locomotive Engineers National Bank
Boston, Mass
Brotherhood of Locomotive Engineers Bank
Buffalo, N.Y
Amalgamated Trust & Savings Bank
Chicago, Ill
Brotherhood of Railway Clerks National Bank
Cincinnati, Ohio
Brotherhood of Locomotive Engineers Co-operative National Bank.. Cleveland, Ohio
Labor National Bank
Great Falls. Mont
People's Co-operative State Bank
Hammond, Ind
Labor Bank & Trust Co
Houston, Texas
United Labor Bank & Trust Co
Indianapolis,Ind
Farmers' & Workingmen's Savings Bank
Jackson, Mich
Union Labor National Bank
Jersey City, N. J
Brotherhood State Dank
Kansas City, Kan
People's National Bank
Los Angeles, Calif
Transportation Brotherhood National Bank
Minneapolis, Minn _____
Nottingham Savings & Banking Company
Nottingham, Ohio
Labor Co-operative National Bank
Newark, N. J
Amalgamated Bank of New York
New York
*Brotherhood of Locomotive Engineers Co-operative Trust Co_ _ __ New York City
City
Federation Bank & Trust Co
New York City
International Union Bank
New York City
Labor Co-operative National Bank
Paterson, N .1
Brotherhood of Locomotive Engineers Title dt Trust Co
Philadelphia, Pa
Brotherhood Savings & Trust Co
Pittsburgh, Pa
Brotherhood Co-operative National Bank
Portland, Ore
Hawkins County Bank
Rogersville. Tenn
Telegraphers National Bank
St. Louis, Mo
San Bernardino Valley Bank
San Bernardino, Calif_
Brotherhood National Bank
San Francisco, Calif_
Brotherhood Bank dr Trust Co
Seattle, Wash
Brotherhood Co-operative National Bank
Spokane, Wash
Brotherhood State Bank (11111yard)
Spokane. Wash
Brotherhood Co-operative National Bank
• Tacoma, Wash
Labor National Bank
Three Forks, Mont
The American Bank
Toledo, Ohio
United Bank & Trust Co
Tucson, Aria
Mt. Vernon Savings Bank
Washington, D.C
Total number of banks
38
Banks Partially Controlled by LaborCommercial National Bank
•
Washington, D.C
New York City
1055
Capital.
Labor Groups
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Amalgamated Clothing Workers__
Railway Clerks
Locomotive Engineers
Labor Groups
Locomotive Engineers
Labor Groups
Labor Groups
Railroad Unions
Labor Groups
Labor Groups
Labor Groups
Transportation Brotherhoods_ __ _
Locomotive Engineers
Labor Groups
Amalgamated Clothing Workers__
Locomotive Engineers
Labor Groups
Needle Trades
Labor Groups
Locomotive Engineers
Railroad Unions
Locomotive Engineers
Printing Pressmen's Union
Railway Telegraphers
Railroad Unions
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Flint Glass Workers
Labor Groups
,
Machinists
Deposits.
$100,000 $1,377,050
500,000
1,329,175
500,000
3,503,000
500,000
200,000
3302,215
200,000
3,811.756
1,000,000 23,997,139
100,000
439,024
100,000
1,606,694
100,000
230,273
225,000
782.820
100,000 • 719,044
270,180
1,017,000
100,000
617,300
500,000
3,192,674
200,000
2,089,605
75,000
434,454
250,000
2,119,456
300,000
7,141,583
700,000
6,062,628
750,000 15,441,485
250,000
3,561,545
200,000
3,207,964
500,000
1.103.956
160,000
200,000
1,875,126
50.000
504,000
500,000
5,860,635
i75,000
1,1106,382
500,00
250,000
826.621
200,000
2,577,767
25,000
205,627
200,000
2,492,184
25,000
144,348
200,000
509,946
70.000
503,780
160,000
4.237,408
Total
Resources.
$1,594,152
1,957.598
4,135,828
3,484,182
4,271.566
26,760,227
IL. .553,392
L 1,779,412
340,273
1,025,222
835,322
1.300,000
731,662
3,878,102
2,420,835
823,694
2,514,732
7,746.605
7,315,349
17,805.651
4.069,085
3,777,140
1.942.339
750,000
2.327,205
619,500
6,775.800
2,110.758
1,126,621
3,060,428
236,386
2,929,338
178,464
761,393
575,292
4,825,216
510,435,180 $108,531,664 $127.368,803
Machinists (largest
stockholder)
individual
Locomotive Engineers(largestockholder)
Total
$1,000,000 $14,592,281 517,574.720
44000,000
82,000,000
II
90,800,000
35,000.000 $96 592 281• 108.374,720
•Reported sold to private capital group.
LABOR INVESTMENT COMPANIES.
Name of Bank.
Brotherhood Holding Co
Brotherhood Investment Co
Pacific Brotherhood Investment Co
New York Empire Co.. Inc
Brotherhood of Locomotive Engineers' Securities Corporation of New
Southern Brotherhood of Locomotive Engineers' Securities Corporation York
Brotherhood of Locomotive Engineers' Securities Corporation of
Pennsylvania
Dispatchers' Investment Co
Union Labor Investment Co, Corporation
California Brotherhood Investment Corporation
Location.
Cleveland, Ohio
Cleveland, Ohio
Portland, Ore
New York City
New York City
Birmingham. Ala
Philadelphia. Pa
Chicago. Ill
Jersey City, N.J
San Francisco, Calif
Controlling Body.
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
• °motive Engineers
Locomotive Engineers
Locomotive Engineers
Locomotive Engineers
Crain Dispatchers
Labor Groups
Locomotive Engineers
Capital.
$1,000,000
10,000,000
3,000,000
500,000
3.000,000
2,000,000
3,000,000
2,500,000
5,000,000
1,0°0.00
Total companies
331,001 000
Representative Wingo in Address Before Bankers of
As modified by the Hull Amendments and passed by the House of Representatives, the McFadden Bill granted relief to those national banks
Middle West, Says McFadden Branch Banking Bill
operating in territory where the competition of State branch banking is
Cannot Pass House without Hull Amendments.
permitted by State law. But the Hull Amendments added protection to
The fate of the American system of independent banks all independent banks operating in territory where branch banking is not
now
practically insuring them that branch banking would not
will be seriously endangered by a further spread of branch crosspermissible,
state lines into territory where it is now outlawed.
banking, according to Representative Otis Wingo of ArkanIn the opinion of several leaders of the House the McFadden
Banking
sas, ill an address in Chicago before a group of Chicago and Bill cannot pass that body without the Hull Amendments. During
all
the time the McFadden Bill has been before Congress no alternative
has
Middle West bankers at a luncheon given in his honor at been suggested offering
anything like the protection to independent banking
the Union League Club. He also urged the bankers of the extended by the Hull Amendments. Bankers should pin their faith to the
United States to stand solidly behind the Hull Amendments Hull Amendments,stand solidly behind them and insist upon their incorporation in the McFadden Bill as the only real protection for
independent
to the McFadden Banking Bill, and to insist that these banking against the attacks
of those who would impose branch banking
amendments be accepted by Congress for the protection of upon our American banking system.
ndependent banking against possible Federal legislation permitting an extension of branch banking. Representative Branch Banking Compromise Aim of Representative
_Wingo is the ranking member of the Banking and Currency
McFadden.
Committee of the House and the one House member of the
Under date of Aug. 24 the New York "Commercial"
Joint Conference Committee, to which the McFadden Bill publishes the following advices from Washington:
Efforts to obtain an agreement on banking legislation, on 'which
was referred after the Senate had struck out the Hull Amendthe
Senate and House conferees were deadlocked in the last session, will be
ments which restricted branch banking to the 22 States in renewed
as soon as Congress reconvenes in December, Representative
which it is now permitted by State law, who refused to sign McFadden of Pennsylvania, Chairman of the House Banking and Curthe conference report. In his address, Representative Wingo rency Committee, said to-day.
Mr McFadden indicated that he was hopeful that it would be possible
said:
to reach some sort of
A majority of the bankers of the United States have demanded for years
that branch banking be restricted, but there is a small group of men who
have labored long to fasten this system upon us.
compromise on the branch bank provisions but
that so far nothing had been accomplished in this direction.
Action which may be taken at the convention of the American Bankers
Association in Los Angeles in October may be a factor in the situation
1056
THE CHRONICLE
Mr McFadden said. The so-called Hull amendments prohibiting branch
banking forever in States which now do not approve branches was accepted
by the American Bankers Association at a previous convention and its
advocates are expected to seek a renewal of this endorsement. Branch
bank advocates will oppose such action. It is possible that Mr. McFadden
may attend the convention.
Mr. McFadden indicated that he Is aware of activities by advocates
of the Hull amendment and he expects that the task of reconciling differences of opinion will be difficult. The Hull amendment forces are
known to he perfecting an organization with headquarters at Chicago.
The McFadden banking bill, which is designed to place national banks
on a competitive basis with State banks, was passed by both Houses In
conferees
the last session of Congress but unless the Senate and House
are able to reach an agreement the legislation will die with the end of the
present Congress on March 4 next.
(VoL. 123.
examiners on the condition of nationally chartered banks in eastern Pennsylvania that do a fiduciary business. This, the council declared, was a
move in the interest of better banking in the State.
Backing for Securities Bureau.
In the absence of E. E. Shields, of the Franklin-Fourth Street National
Bank, Chairman of the association's "Blue Sky" committee. Mr. Zimmerman urged the membership to stand firmly behind the State Securities Bureau in its efforts to eliminate the sale of fraudulent securities in Pennsylvania. He said recent action of the bureau in throwing additional safeguards around the investors of the Commonwealth had been followed by
efforts to restrict the bureau's operations.
Banks of Floyd County, Iowa, to Charge for Checking
Accounts.
advices
Aug. 19 to the Des Moines
Iowa,
City,
Charles
to
Committee of One Hundred on Hull Amendments
state:
"Register"
Unsatisand
Bill
Banking
Branch
McFadden
the
The banks of Floyd County have agreed to charge 50 cents per month
factory Amendments.
for checking balances that fall below $50.
An analysis of the checking accounts of Chasid; City banks revealed
The Committee of One Hundred, which, we indicated in
that from 55 to 75% of the checking accounts had balances of less than
an item a week ago (page 938) has been formed by execu- $50 and that the total of the checking deposits of this class amounted to
tives of national and State banks, members of the American only a small part of the total checking deposits of the banks. A schedule
of other charges has been prepared by the Floyd County Bankers AssociaBankers Associastion, to take steps against the spread of tion
and will go into effect Sept. 15. Safety box rentals will be 50 cents
branch banking, summarizes in the following statement the each inch with a minimum charge of $1.
Mcthe
to
amendments
Hull
the
legislation proposed In
Fadden branch banking bill, and what it terms as the "unRepresentative Madden Confers with President
satisfactory amendments" proposed by the Senate and the
Coolidge on Government Appropriations—
conferees:
Little Likelihood of Tax Reduction—
The McFadden Bill.
Answers Criticisms of Tariff.
The McFadden banking bill was introduced into Congress to correct
According to Representative Madden, Chairman of the
inequalities in the restrictions surrounding the operations of national banks.
Toward that end, it would authorize national banks to make loans on House Committee on Appropriations, the total proposed
real estate fcr periods extending beyond the present limit of one year;
year 1928 will
to make loans on real estate to an aggregate amount of more than the expenditures by the Government in the fiscal
present limit of one-third of time deposits; it would remove present limits be considerably below the actual expenditures for 1927,
and
acceptance
upon national bank charters which interfere with the
perhaps by a quarter of a billion dollars. The Associated
execution of long-term or perpetual trusts, and would liberalize the restrictions upon the purchase and sale of securities. These elements of the bill Press dispatches from Paul Smith's (N. Y.) on Aug. 25,
seem to arouse few, if any, differences of opinion.
from which this is learned, said:
A 13 C's of the Hull Amendments.
A.—With respect to branch banking, the original form of the McFadden
bill authorized national banks to open branches in cities of 25,000 or more,
in States where branch banking was permitted by State law.
B.—The Hull Amendments added "at the time of the approval of this
Act" to the above—limiting national bank branches and branches of State
bank members of the Federal Reserve System to those 22 States where "at
the time of the approval of this Act" branch banking Is permitted by State
Laws.
C.—The Hull Amendments destroy the community of interest contained
in the original McFadden bill between national and State banks, which, in
an effort to engage In branch banking, would otherwise seek to secure State
legislation favorable to branch banking in the 26 States where it cannot now
lawfully be practised. For instance, in a State where branch banking is now
prohibited. large State banks would find it almost impossible to enlist the
co-operation of national banks In securing permissive branch bank State
legislation because national banks could not under the McFadden bill with
the Hull Amendments automatically open branches the moment the State
law was changed. Likewise, large State banks members of the Federal
Reserve System would have no motive in trying to secure State legislation
permissive of branch banking because they would be required to give up
membership In the Federal Reserve System before they could avail themselves of such a privilege. This is why the Hull Amendments can be relied
upon to prevent the spread of branch banking into the 26 States where it is
now not permitted by State law. This explains the efforts to show the Hull
Amendraents as "unfair."
Unsatisfactory Substitutes.
The Senate teak out the Hull amendments (B) and included the "contiguous territory" provision, authorizing branch banks outside of city
limits in the 22 States where branch banking is now permitted.
The Conference Committee took the House bill and the Senate bill and
Is its report omitted the Hull amendments (B) and included the "contiguous territory" provision.
The Conference Committee also changed from 25.000 to 100,000 the
minimum population of cities where national banks might have branches—
claiming that this took the place of the Hull amendments (B), but in
reality leaving at the mercy of State branch banking, all national banks
cities of 26,000 to 100,000.
While the Illinois Representative did not go into details, after discussing
the appropriation situation for next year with President Coolidge. he said
the Governn ent would not be confronted with as heavy outlays as was the
case this year on the postal pay Increase voted two years ago, or on the
soldiers' bonus and other special items, which in the fiscal year 1927 have
,laced a extia burden on the Government of $300.000,000.
Total expenditures for 1927 have been limited by the President at $3,600.000.000, compared with approximately $3.620.000.000 In 1926, $3,529,000.000 in 1925 and $3,506,000.000 in 1924, the lowest expenditures year
since the war. The budi,et for next year has been limited t • $3.270,000.000,
but this does not include postal costs or such indeterminate items as tax
refunds.
In going over the financial situation with Mr. Madden, Mr. Coolidge
emphasized the economy program of the Administration and urged that
no unjustifiable expenditures be made. Mr. Madden, who left for Chicago
this noon after being an overnight guest at White Pine Camp, plans to go
to Washington soon and confer with Brigadier-General Lord. Director of
the Budget. The hearings of the House Appropriations Committee on the
supply measures for next year, he said, would begin in Washington about
Nov. 5.
While no provision has yet been included in the budget estimates for
next year to carry out the $165,000.000 public buildings program, Mr.
Madden Indicated that some amount would be provided with the maximum
for any one year limited to $25,000.000.
Mr. Madden made it clear that he had not and was sot prepared to give
any opinion as to whether the interest from funded war-time foreign debts
should be used for tax reduction, retirement of the public debt or any
other special purpose.
Representative Madden was also reported as expressing
the opinion that until the refunding of all the war debts of
foreign countries to the United States is completed there
will be no chance of further tax reduction. Thus quoting
Press accounts of Aug. 24 added:
As was reported by us last week, Walter W. Head, Presi- him, Associated
Denying that he was carrying any tax reduction program to the President,
dent of the Omaha National Bank, of Omaha, Neb., Is Mr. Madden said there should be none at the coming short session of
Congress, although the situation might warrant an attempt at reduction
'Chairman of the Committee of One Hundred.
In the session of the new Congress beginning in Dec. 1927.
The Government should complete its adjustment of foreign debts and
see how things stand before attempting any tax reductions, he emphasized.
Commenting Informally on the tax situation, Mr. Madden before entering
the camp made public a formal statement praising the financial program of
the Coolidge Administration and defending the protective tariff. The
statement also urged development of the inland waterways of the country.
As for any suggestions he cared to make on ways for achieving tax reduction, Mr. Madden referred to a magazine article he had written a year ago,
going into that question thoroughly. That art.cle, he said, pointed out
how $360.000,000 could be saved annually in taxes through other savings,
including $150.000.000 now put in the sinking fund against the public
debt, which he believes should not be so used.
'Council of Administration of Pennsylvania Bankers
Association Urges Adoption of McFadden Branch
Banking Bill at Next Session of Congress.
A resolution urging the passage of the McFadden-Pepper
Banking Bill with the Hull amendment relating to branch
banking, at the next session of Congress, was adopted by
the Council of Administration of the Pennsylvania Bankers
Association at a meeting in the Bellevue-Stratford in PhilaThe same authority carried the following advices from
delphia on July 17, according to the Philadelphia "Ledger,"
Paul Smith's on Aug. 25:
from which we also take the following:
Adoption of the resolution, which reiterated views expressed by the membership of the association at its annual convention in 1925. followed an outline of the bill by Representative McFadden of Pennsylvania, Chairman of
the House Committee on flanking and Currency.
Mr. McFadden, a member of the association, pointed out that unfortunately the renewal of a charter for the Federal Reserve hanks had been
linked up with the branch banking question, and that it was necessary for
business men and the banking community to know where they stood with
regard to the continuation of the Federal Reserve System.
..ssemealai legislation, such as Is embraced in the McFadden-Pepper hill.
necessary to prevent national banks from withdrawing from the Government system and taking out State charters," he said.
The council also went on record as favoring a plan advanced by Secretary
Pennsylvania. which would enable his department
f Banking Cameron, of
of the Currency reports of national bank
0 obtain from the Comptroller
Before leaving to-day after a conference with the President, Representative Madden denied he had suggested use of $150,000,000 interest payments
of the foreign debts for tax reduction.
" I am not proposing at this time that the interest money should be used
to reduce taxes." he said.
Mr. Madden feels the Government should wait until the war debts are
settled and the co di ion of t 'treasury is more certain before entering
Into another tax reduction program.
A statement in which he undertook to answer criticisms
leveled against the Administration's tariff policy was issued
as follows by Representative Madden on Aug. 24:
The economy program of the Administration has produced far-reaching
requite, among which the payment of more than $6,000.000.000 of the public
debt, the 51,750,000,000 annual reductions in taxes, the $250,000,000 an-
AUG. 28 1926.1
THE CHRONTCLE
nual reduction In Interest on the public debt, are notable achievements,
and it must not be forgotten that while this process of stabilization has been
going on more than $3.000.000.000 has been expended on the care of the
men who fought in the World War and their families, and that there is still
being expended on their account as a part of the annual cost of Government
$500.000.000. Including $120.000.000 set apart to meet the obligations of
the Government under the adjusted compensation.
And it must not be forgotten that there is appropriated about $500.000.000 annually to the credit of the sinking fund-used to pay off the public
debt and counted as part of the current expense. No such achievement
has ever before been accomplished. Does anyone doubt that the people
approve the policy which has made this possible?
We hear occasional criticism of our tariff policy. Some think the rates
should be revised downward, some upward, some profess to think we are
not liberal enough in the admission of foreign-made goods, others that we
are too liberal. The beat evidence of the wisdom of the existing rates Is
the amount of revenue produced-$585,000.000 a year, $250.000.000 more
than under any previous Act.
Let me take the revisionists back to the Underwood Act, which opened
American ports to the free admission of foreign-made goods, opened Europ van factories, employed European workmen and closed American factories
a td forced more than five million American workmen into kileneas. To-day
under the beneficent rule of the Republican Party, no man who wants work
need be idle and wages are higher than ever before In the country's history.
Why take a chance? Why transfer the economic advantage America now
enjoys to Europe? Why destroy the American market? Why give Europe
our markets on better terms than we have? Why not continue the policy
of protecting the American market for the American people?
Inland Waterways.
The time has come to push our river improvements and thus afford agriculture lower rates for the transportation of its products. The Illinois.
Ohio, Missouri and Mississippi system of water transportation when completed will afford the interior cheaper transportation and supply what soon
must be a necessary supplement to the railroads. The cost of railroad
terminals will become so enormous in the cities at no distant day that the
river improvements must be pushed If the country is to keep pace with the
growing transportation needs.
There is no merit in the arguments made in Congress during the last SOR•
Edon that the Improvemeat of the Illinois River will lower the Lake levels.
It Is not true that Chicago Is responsible for existing lake levels. The water
diverted from the lake at Chicago for sanitary purposes have lowered the
lakes 5 inches, not more, and will not lower them more, no matter how
long the diversion continues.
The lack of rainfall is responsible for 22 Inches of the lowering. The
deepening of the St. Clair River at Detroit is responsible for six inches: the
diversion at Niagara Falls for power purposes Is responsible for three and
one-half inches. and the retention of the water in Lake Superior for power
purposes is reanonsible for throe inches. But the water power propagandists
attributed all to Chicago.
Milo of the important problems calling for solution is the Colorado River
. development. In it Is involved the future prosperity of the States bordering
on the river. The proper sett foment of the questions involved Is of the
• greatest importance, to arrive at which means a comprehensive. acie vtific
engineering study. No haphazard plan should be adopted. The interests
of all the municipalities in the seven State.; in a proper share of the water
supply for domestic and power purposes should be protected. Flood control should be provitici for and Irrigation to protect the future of agriculture
In the seven States bordering on the river should not be lost sight of.
Foreign Holdings of Shares of United States Steel
Corporation.
The table showing the number of shares of United States
Steel Corporation distributed as between brokers and inYestors on June 30 1926 and June 30 1925 as g:ven in our
issue of July 31 1926 contained several errors. Following we give corrected figures:
CommonBrokers. domestic and foreign
Investors, domestic and foreign
PreferredBrokers, domestic and foreign
Investors, domestic and foreign
June 80
June 30
1026.
Rano.
Retie.
1025.
1 22.5.304 24.10 1,293.743 25.45
3.857,721 75.90 3,789.272 74.55
171.883 4.77
171.203 4.75
3,430.922 95.23 3,431,808 95.25
1057
which can be easily refinanced in 1928. Crediting of foreign debt payments against the sinking fund would interfere with these purchases and
make it more difficult to refinance this bond issue
Wage Demands of Conductors and Trainmen to be
Submitted to Board of Arbitration.
The demands of trainmen, conductors and firemen of the
Eastern railroads for a 20% increase in wages are to be
submitted to arbitration. An agreement to this end was
signed on Aug.25 by representatives of the Eastern railroads
and the Brotherhood of Railway Conductors and Trainmen.
The agreement was effected through the Federal Board of
Mediation, created under the Walton-Parker Railroad Act.
The signing of the agreement followed hearings which were
begun in this city by the Mediation Board on August 9,
and which were referred to in these columns August 14,
page 803. The sessions of the Board it is understood were
suspended from August 14 until August 24. In announcing
the agreement reached on August 25, Samuel E. Winslow,
Chairman of the Mediation Board, said:
After frank, friendly and thorough consideration of the questions involved
it appeared that the discussion could not be settled through mediation.
All parties interested willingly agreed at the request of the Board of Mediation to arbitration proceedings as provided by law. Arbitration proceedings
will be in New York at a time and place to be hereafter determined.
Pointing out that the issue is the first to be submitted
under the new Act, the New York "Journal of Commerce"
of Aug. 26, said:
A board of six, two representatives of the railroads. two representatives
of the employees and two representatives of the public, is to be chosen.
The Brotherhood of Railroad Trainmen selected Daniel L. Cease, for
thirty-six years editor and manager of the-Rail,o id Trainman."the official
publication of the 200.000 members of the br th aired. to represent them.
The Crder of Railway Conductors notified the board that its appointee for
the committee is T. P. Curtis, general secretary and treasurer of the order.
Two Neutral ltlenbers.
The railroad managers' committee will select two arbitrators to represent
tho carriers in a few days. The four arbitrators thus appointed will choose
two neutral members, or, in the event of their failure to agree within fifteen
days. the remaining two members will be selected by the Board of Mediation.
The articles of agreement for arbitration were signed by the committee
representing the railroads east of Chicago and north of the Ohio River,
headed by John G. Waiber, Vice-President of the New York Central Lines,
and by the two executive committees of the emplbyces led by William G.
Lee. President of the Brotherhood of Railroad Trainmen, and by L. B.
Shepherd, President of the Order of Railway Conductors.
Precedent of 1913.
The last time a railroad wage dispute was settled by arbitration occurred
in 1913, when conductors and trainmen of the Eastern carriers asked for
Increases ranging from 12% to 14%. A board of arbitration consisting of
the late Seth Low and Dr. P. Finley. neutral members: W. W. Atterbury.
then Vice-President of the Pennsylvania, and the late Alfred H. Smith,
then Vice-President of the New York Central, representing the railroads;
L. E. Shepherd, then Vice-President of the Order of Railway Conductors,
and Daniel L. Cease, representing the trainmen, awarded the men increases
amounting to 6% and 7%.
W.0. Lee, President of the Brotherhood of Railroad Trainmen, declared
that "future arbitration by trainmen will depend largely on the degree of
justice we receive by the agreement to arbitrate.
"We feel we have not In the past received the consideration due our
demands when left to arbitration, but we supported the new law while
before Congress, and, as good citizens, we will go the limit to give it a
tryout.
Mr. Lee said that the demand had been for $1 a day more than present
rates, which were $6 44 for an eight-hour day for freight conductors and
$4 84 for an eight-hour day for brakemen.
The folle,w ng is of interst, as it shows the holdings of Fund for Harvard Research Work Provided in Will of
brokers and investors in New York State:
Dr. Charles W. Eliot, President of Harvard for
June 30
10213.
Forty Years.
CommonJune1 5.
30 Rolfe.
1,142.648 22.48 1.206.420 21.77
Brokers
Investors
1,243,507 24.46 1,245.944 24.51
Dr. Charles W. Eliot, President Emeritus of Harvard
PreferredBrokers
146.888 4.07
144.608 4.01 University, died at the age of tr2 years, at his suninier home
Investors
1,480,455 41.09 1,497.821 41.58
at Northeast Harbor, Me., on Aug. 22. His will, filed for
probate at Cambridge, Mass., yesterday, establishes a fund
Acting Secretary of Treasury Winston Opposed to of an unannounced amount, to carry his name, which fund,
Tax Reduction Proposal of Representative Madden.
with certain restrictions, may be used at the discretion of
Rapid debt retirement, through the use of the statutory the President and fellows of the college to support Instrucsinking fund, payments from foreign nations and surplus tion and research. Associated Press advices add:
funds, was defended by Acting Secretary of the Treasury
No estimate of the total value of the estate was giver,. After the minor
Winston on Aug. 26, according to Washington advices to bequests to employees and relatives, the residue, "in the proportion to
which they are entitled," goes to Dr. Samuel A. Eliot, his only surviving
the New York "Commercial" which went on to say:,
son, and his four daughters. To each of the four daughters $7,500 is
That the debt should be paid off as much as possible while the nation is left from the Charles William Eliot fund. This is beside the one-eighth
prosperous is a sound business policy. Mr. Winston contended. A business share of the estate residue which each will receive.
depression In the future would reduce tax receipts and retard the rate of
The residue of the fund, after these bequests, is to go to the President
debt retirement, he indicated.
and fellows of Harvard College as a permanent university fund under the
The scheme of Representative Madden of Illinois, Chairman of the House name of the Charles illiam Eliot Fund, the income to be used for instrucCommittee on Appropriations, for diverting interest payments from foreign tion or research in landscape
architecture or preventive medicine.
nations to the current expense fund and making possible tax reduction to
The provision is made, however, that should any direct descendant of
that extent, was objected to on the ground that the foreign nations have the Dr. Eliot be in need of funds to obtain an education, the President and
option of making payments In American bonds. To use such Payments fellows shall make the necessary
allowance from the fund income.
toward current expenditures It would be necessary to sell the bonds.
Dr. Eliot was the son of Samuel A. Eliot, of Cambridge,
The proposal of Senate Democrats by which debt retirement by cancellation of American bonds received from foreign nations would be credited to who had served as Treasurer of Harvard. Dr. Eliot was
the sinking fund, thereby releasing that much cash for tax reduction. does born in Boston, March 20 1834, and was graduated from
not find favor with the Treasury for the reason that it would Interfere with
Harvard In 1853. Dr. El:ot was President of Harvard for
the program for the refinancing of Liberty bond Issues.
The Third Liberty Loan, of which $2.500.000.000 is outstanding, matures 40 years, front 1869 to 1909. An outstanding event in his
In 1928. Since July 1 the Treasury has used $60.000.000, from the sinking career after his retirement as an active educator was the
fund for the purchase and retirement of Third Liberty Loan bonds. These
purchases are to be continued with a view to reduce the total to an amount celebration of his 90th birthday, when he received the
1058
THE CHRONICLE
[vol.. 123.
felicitations and tributes of educators and Harvard men it was "extraordinary, Indeed, that an official representative of the Interfrom all parts of the world. Even after passing his 90th State Commerce Commission would now, as in this instance, openly
denounce
wage scale that was formulated and handed to the industry
birthday, Dr. Eliot appeared occasionally as a speaker at by anotherthe
Government agency."
public meetings and frequently expressed opinions on subThe alleged maladjustment of the coal rate structure was said by Mr.
Lewis to have arisen largely from the fact that since 1915 the rates from
jects of public interest.
the
Indiana mines to every principal market "have been increasedd_out
of all proportion to the rate increases from the mines in other States."
The following account of the findings of the examiner is
Labor Heads Visit President Coolidge—Conditions
from the "United States Daily" of Aug. 17:
"Reasonably Satisfactory"—Extension of WatsonThe complaints of Illinois and Indiana operators, taken collectively.
Parker Act to Industries.
allege that the rates are prejudicial as compared with those from mines in
William Green, President of the American Federation of western Kentucky and
in the so-called inner and outer crescents in PennsylLabor, and members of the Federation's Executive Council vania, Maryland, Virginia, West Virginia. eastern Kentucky and Tennessee.
The case centres largely around the 25-cent differential between the southern
were the guests of President Coolidge at a luncheon at Illinois
and western Kentucky groups, but the Indiana mines also seek
White Pine Camp, in the Adirondacks on Aug. 23, at which increased differentials between the
Indiana and western Kentucky groups.
time, it is stated, conditions in most industrial trades were
Losing Position, Says Report.
described to the President as being "reasonably satisfacThe Commission's examiner states that the coal mining industry in Illinois
tory." The Associated Press had the following to say in and Indiana is in a serious condition and finds that operators there are not
maintaining their relative position in the coal business, but holds:
its account of the visit of the labor chiefs:
"The present
Asserting that no politics was discussed, Mr. Green said: "It was a
purely social visit in response to the President's invitation. We don't want
anything and we merely came to pay our respects."
Some unemployment and some depression exists in the industrial field,
Mr. Green said to newspaper correspondents, mentioning bituminous coal,
textiles, shoes and trucking and hauling as examples. The metal trades are
none too active, he added, but building is much more active than a year
ago.
It was suggested by Mr. Green that both the textile and bituminous coal
industries were still feeling the effects of greatly stimulated production
during the war, while Daniel J. Tobin, President of the Brotherhood of
Teamsters and Chauffeurs, said overproductoin, due to modern machinery,
coupled with a lowering of the purchasing power of Europe, had brought
about a depression in trucking and hauling.
There are spotty places, Mr. Tobin added, with unemployment running
from 10 to 25%, but in Chicago and San Francisco, for example, conditions
are quite good.
Mr. Green declined to discuss Mexican affairs beyond saying he thought
"things were clearing up" there.
Principles of Watson-Parker Railway Labor Act as Applied to Other
Industries.
Asked whether the principles of the Watson-Parker Railway Labor Act
for Government supervision in certain contingencies of the adjustment of
labor disputes by joint committees of the carriers and the men could be
applied to other industries, Mr. Green answered in the negative. It is a
satisfactory arrangement for the railroad industry, he added, but would
"have no chance" in the coal or other industries. So far as he knew,
he said, no efforts were being made to extend it from the railroad to
other fields.
With Mr. Green as White House luncheon guests were Frank Morrison,
Secretary, and Mr. Tobin, Treasurer, of the Labor Federation; Peter J.
Brady, President of the Federation Rank & Trust Co. of New York, and
the following Vice-Presidents of the Labor Federation: Frank Duffy,
Secretary of the Brotherhood of Carpenters and Joiners; T. A. Richert,
President of the United Garment Workers; James A. Wilson, President of
the Pattern Makers' League of North America; Martin F. Ryan, President
of the Brotherhood of Railway Carmen, and James P. Noonan, President
of the Brotherhood of Electrical Workers.
Bituminous Coal Rates to Chicago not Unreasonable
According to Report to Inter-State Commerce
Commission—Contents Against High Wage
Scales Answered by John L. Lewis.
In answer to a petition of Illinois and Indiana Coal operators for a readjustment of freight rates on bituminous coal
shipments from Illinois and Indiana to the Chicago district
and certain territory in the West and Northwest, a tentative
report to the Inter-State Commerce Commission holds that
the existing rates are neither unreasonable nor unduly prejudicial. The report to the Commission, by AttorneyExaminer William A. Disque, was made pulblic on Aug. 16.
Coal operators in Indiana petitioned for a rate reduction of
35 cents a ton and a widening of the spread between the
Indiana rates and those from the non-union West Virginia
and Kentucky mines. Examiner Disque, in contending that
present rates are not unfair, described the miners' wage
scales in the complainant states as "so much higher than
those in non-union fields in other States" that the operators
'are having great difficulty in meeting their competitors'
prices." John L. Lewis, President of the United Mine
Workers' of America, made public on Aug. 22 a letter to
the Commission in which he 'described the report as an
"amazing and gratuitous attack upon the wage schedules
and living standards of the mine workers employed in the
industry," in Illinois and Indiana, and urged a reversal of
the findings of the examiner. Mr. Lewis is also reported as
saying in his letter:
differentials may be less than transportation conditions
alone would justify, but however that may be this record does not warrant
a change."
The report continues in part:
The establishment of the existing differentials was expected to increase
western Kentucky's shipments into Chicago and the northwest," he explained. "It has had that effect, but so far, not to an undue degree. The
three-year tonnage showing above set forth cannot be accepted as sufficient
to prove that there will be a continuous, substantial, permanent and undue
increase in the amount of business done by western Kentucky at the expense
of Illinois and Indiana.
Furthermore, sight should not be lost of the fact that an increase in the
rates from western Kentucky would put the operators there in less advantageous position to compete with crescent operators.
Kentucky Business Growing.
When the 25-cent differential was first fixed, the western Kentucky
operators were shipping very little coal to Chicago and the northwest, but
they are now doing considerable business there, largely at the expense of
the Illinois and Indiana operators. The production costs in western
Kentucky are so much less than those in Illinois and Indiana that the
western Kentucky operators are able to overcome to a large extent the rate
differential against them.
That complainants are not maintaining their relative position in the coal
business is very clear. The situation with respect to their Chicago sales is
particularly important.
Chicago is the principal and nearest largo market for Illinois and Indiana
coal. For years past it has obtained over half its supply from mines in
these States, but has been showing a strong tendency to prefer other coals.
In 1925 it received probably twice as much coal as it did in 1912, but the
amount shipped there by Illinois and Indiana operators in 1925 was only
about 20% over the 1912 tonnage.
Competitors Gain Ground.
In other words, the western Kentucky and crestend operators have
secured most of the increase in the Chicago business since 1912. Even
during the last three years, in which period there have been no material
changes in rates or production costs, the business of the Illinois and Indiana
operators has decreased.
There are certain conditions that tend to keep the rates to Chicago at or
below a reasonable maximum level. Chicago is the greatest coal market in
the country and producers In all the districts directly and indirectly involved
in these cases seek to sell there. Carriers, all-rail and rail-and-lake,
converging from different directions individually strive to participate in
the traffic to the greatest extent possible.
The rates assailed are not high compared with those on coal prescribed or
approved by this Commission from many points in the Illinois, Indiana.
Ohio and crescent districts to destinations in central and western trunk
line territories, involving hauls of similar length. Delivery expenses at
Chicago are unusually heavy.
Former Cases Cited.
Ratesfrom Illinois points to the northwest were found not unreasonable In
the Illinois Coal Cases, 1920, supra, and subsequently, under authority
of Lake Dock Coal Cases,89 I. C. C. 170. rates to Wisconsin and Minnesota
points were increased to remove undue prejudices to Lake Dock operators.
Illinois and Indiana coal brings the principal defendants a large proportion of their total revenue and any rate reductions sufficiently substantial
to be of real benefit to complainants would cost defendants millions of
dollars. It would be obviously impracticable to make any reductions that
would so increase traffic as to avoid this sacrifice. No rational reductions
would be of such material benefit to the industry as to justify what It would
cost the carriers.
As the relation between the rates from the west bank Lake Michigan
ports and those from the Illinois mines to Minnesota and Wisconsin points
was fixed in Lake Dock Coal Cases, supra, any reductions in the latter
would require reductions in the former, many of which are on the basis of
the scale prescribed in Homles & Hallowell vs. G. N. Ry. Co., 60 I. C. O.,
687: 69 I. C. C., 11, and 77 I. C. C., 683.
Condition of Industry.
The coal mining industry in Illinois and Indiana is in serious conditions,
due largely to the fact the miners' wage scales in those States, which are on
the basis of the so-called Jacksonville agreement and are to remain effective
at least until April 1 1927, are so much higher than those in non-union
fields in other States and so affect production costs that the operators are
having great difficulty in meeting their competitors' prices.
Complainants fear that the situation threatens the gradual etxinction of
their industry. Many of the mines, perhaps more than half of them, are
idle. Most of them that are still operating are doing so intermittently and
at little or no profit. A number are in receiverships.
The social and business life of the mining communities is in deplorable
I have never understood it to be any part of the functions of the Intercondition.
Thousands of miners and other people directly or indirectly
State Commerce Commission to attempt to batter down the wages of
dependent
have
Neither
labor.
I
upon the industry are out of work. Commercial activity in
understood
who
those
it to be the function of the
Commission to permit its decisions and rulings on rate questions to be general in the affected districts is at low ebb. Depression exists in other
made the vehicle by either party to an industrial wage controversy as has mining regions of the country, but perhaps in lesser degree. As is quite
commonly known, the industry in general is suffering from over-developbeen done in this precise instance.
Associated Press accounts from Washington, Aug. 22, also ment.
Rates Blamed, in Part.
stated:
Complainants and allied interests contend that the rate adjustment also
The mine union head pointed out that existing rates were those fixed is partly responsible for the present situation, and to remedy things they
by the United States Bituminous Coal Commission in 1020 and asserted desire a substantial widening of the rate differences or differentials in their
Atm. 281926.]
THE CHRONICLE
favor, to be brought about by reductions in the rates from the Illinois and
Indiana mines or by increases in the rates from the other mines or by a
combination of both means.
They do not base their prayers for relief primarily on the economic conditions above outlined, but ground them mainly on transportation conditions. The economic situation is urged merely as one of the facts to be
taken into consideration.
It may be said incidentally that the Illinois and Indiana operators hope
that by the time the present wage contracts expire they will be able to
arrange a somewhat less burdensome basis of pay, but say that it will not
be one which can reasonably be expected to save the industry.
Samuel Untermyer Declares that Country is Honeycombed with Trusts—Would Strengthen AntiTrust Laws—Views of President Coolidge.
On Aug. 23 Samuel Untermyer, commenting on the
Attorney-General's report on the activities of the Department of Justice in anti-trust cases, declared that the few
suits begun by the Administration against offenders of ,the
anti-trust laws "have been mere camouflage" and that "it
has emasculated and almost destroyed the effectiveness of
the statutes through the character of the President's appointments to the Federal Trade Commission." Mr. Untermyer says:
1059
The Bread Trust case is a fair illustration of the baneful effect of that
policy. At the time it was instituted the Commission had under consideration the charges of criminal combination and monopoly against
the Continental Baking Co., upon which considerable testimony had
been taken, but the taking of testimony was unfinished. Thereupon the
Government brought that camouflage suit against the Ward Baking Corp.,
the Continental Baking Co. and the Baking Products Corp. that was
to be reorganized, charging that each of these corporations separtely constituted a conspiracy in restraint of trade. Before the suit was brought
it was agreed with the offenders that the suit should forthwith be ended
by a "consent decree," to which the defendants other than the Continental Co. readily agreed as it did not and could not in the least injure
them so long as the Continental was left untouched. There was a "joker"
in the consent decree which transformed it into an overwhelming victory
for the Bread Trust. It provided that inasmuch as pro- eedjegs were
then pending against the Continental Baking Co. before the Federal Trade
Commission, the complaint against it should be dismissed, and it was
dismissed. The plain inference was, and the Court was doubtless led to
believe that the Government was retaining jurisdiction of the proceedings
against the Continental Co. through th) Commission, when in point of
fact the day before that decree was entered the proceedings against the
Continental Baking Co. before the Commission were dismissed—doubtless
as part of the deal. This was done secretly, so far as concerns the public,
against the strenuous protest of two of the five members of the Commission.
The opinon that they subsequently filed, and which was read upon the
floor of the Senate, resulting in the introduction of a resolution for investigation by Senator Walsh, exposes a situation that in former times,
when the public could be interested in the actions of its officials, would
have created a wave of indignation that would have swept the country.
There should be, and I believe there will be, in the next Congress an
Mr. Untermyer is also reported as commenting on the
investigation of the means by which the Anti-Trust laws are being trodden
underfoot by this Administration which will disprove all this propaganda reported views of President Coolidge on the administration
and will demonstrate that the Anti-Trust laws are being choked to death. of the anti-trust laws;from the New York "Times"
of Aug.23
These laws, if enforced, are adequate to protect the public agains the great
evils of trusts and monopolies. That has been proven whenever the en- we quote the following on this point:
Commenting upon the reported satisfaction of President Coolidge over
forcement was in honest hands. They should be strengthened in three
the
record of his Administration in enforcing anti-trust laws, as reported in
respects:
dispatches from Paul Smith's, Samuel Untermyer issued a statement yester(1) The publicity of the proceedings of the Federal Trade Commission
day, declaring that the President was a "joker" and that the claim that his
should be restored:
(2) Prosecutions should be under the control of the Commission through Administration had enforced these laws was "humbug." Mr. Untermyer
its own counsel, accompanied by supervision of the Department of Justice; asserted that the laws were being flouted openly.
a(3)
Mr. Untermyer linked the report of the President's satisfaction with his
It should be made unlawful for the owners of patents to acquire
Administration's anti-trust record with the visit to him on the same day
potentially competing patents. This could be made effective
of
by
providing that where competing patents are acquired without the consent of Owen D. Young, Chairman of the Executive Committee of the
the Commissioner of Patents, all patents hold by the offender should,therebY Electric Co. This company, Mr. Untermyer asserted, was oneGeneral
of
the
be voided.
greatest of the "Morgan trusts" and had been a persistent offender against
The cases of the General Electric Co. and the Radio Corporation of the anti-trust laws.
America (controlled by the General Electric Co.) furnish conspicuous in"In addition to the many other qualifications of the President, he has
stances of these evils. The General Electric Co. has through the acqui- added that of a satirical humorist." Mr Untermyer said.
"He appears in
sition of competing patents secured a complete monopoly of the business the role of a practical joker, but the joke is on the public.
With all due
of manufacturing, selling and distributing to the consumer the electric- respect to the public, it is better than anything that Will Rogers
has done.
lighting bulbus used throughout the country. The Radio Corporation of
Comments About Mr. Young.
America basin like manner secured a virtual monopoly of this new industry.
"Mr. Young is an estimable gentleman who has performed outstanding
Under the protecting wing of this Administration the trusts and combinations are accumulating at an alarming rate. The country is now honey- public service, but imagine him—the head of not only one of the greatest
the Morgan trusts but one of the greatest of all American trusts. the
of
combed with them in almost every line of industry. The situation has
become so intolerable that it will soon be, if it is not now, too late to ex- General Electric Co.—as an advisor to our Government on the enforcement
terminate them, and no alternative will be left to the public except to and strengthening of the anti-trust laws, against which his company has
been and is one of the most conspicuous offenders."
recognize and attempt to regulate them.
Mr. Untermyer declared that the General Electric Co., by an agreement
We also quote the following from Mr. Untermyer's with
the Westinghouse Co., controlled 100% of the electric bulb business.
statement relative to the report:
"not only the manufacture but the distribution all the way down to the
The report published at this time, addressed to no one in particular and consumer." lie said that the Lockwood Legislative Investigating Commapropos of nothing, is manifestly part of the widely circulated propaganda mittee. of which he was counsel, obtained the facts and called upon Harry M.
of the past few days by which the Administration is desperately seeking to Daugherty, then Attorney-General, for a criminal prosecution. He added
defend itself against the widespread and well-founded conviction that it is that the committee might just as well have appealed to a stone wall, for
and has been consistently hostile to the enforcement of the Anti-Trust laws It obtained no action.
"This Administration is and .has been throughout the champion of the
against powerful offenders; that the few suits it has begun against such offenders have been mere camouflage, and that it has emasculated and almost trusts," Mr. Untermyer said. "Under its protecting wing they have
destroyed the effectiveness of the statutes through the character of the multiplied and prospered as never before in our history until the entire
country is now honeycombed with illegal combinations in almost every
President's appointments to the Federal Trade Commission.
When the Progressives of the Senate did the best day's work of the much line of industry. The Lockwood committee, which was investigating only
single industrial phase, the building industry, convicted, dissolved and
a
have
they
done
work
in
good
forcing Harry M. Daugherty out of the office
of the Attorney-General, one of the chief grounds against him was his per- put out of business ten times as many criminals and convicted ten times
sistent refusal to enforce the Anti-Trust laws and the favoritism with which as many people in the few months that it was engaged in that work, and
he shielded the "Big Fellows" and the faked enforcement by sleecting a few within the circumscribed limits of the State of New York, as the present
obscure victims without influence. At that time there were upwards of Administration has done during its entire existence."
Under date of Aug. 20 a dispatch from Paul Smith's
60 cases of violations that had been placed before him by the Federal Trade
ComMstion as then constituted, accompanied by recommendations for
(N. Y.) had the following to say regarding the President's
prosecution, on which no action had been taken and on which none
has yet
been taken, although some of the cases have been more than a year in his views:
President Coolidge finds that the Department of Justice has made a
office.
There were also before him at that time upwards of 20 cases involving most satisfactory record in proceeding against monopolies in advance of
hundreds of influential individuals and corporations throughout the country their formation and in bringing about dissolution of so-called "trusts" by
that were placed before him as far back as 1921 by the New York Legis- decrees and injunctions.
This system, while not attracting much attention, he believes has been
lative Committee on Housing, known as the ockwood Committee, many
of which were fortified by confessions from the lips of the offenders. It advantageous to business and at the same time has afforded full protection
was impossible to secure action by him in more than two of theses cases— to the public against combinations that might tend to maintain prices
those against the Cement Trust and the Plate Glass Trust. Even these through monopolistic control.
In his opinion, the Department of Justice during his administration has
were secured only after constant public clamor and prodding,and the cases
were so badly botched and mismanaged, against the pu lic protest of accomplished much in this way, blocking the formation of trusts intended
the Committee, that it was apparent from the beginning that no results to injure legitimate business, protecting open competition and rigorously
upholding the anti-trust laws.
would be possible in those cases.
This record is the President's reliance against the charges of Senator
It would be interesting to know what has become of all these cases and
of the many other complaints which after investigation by the Federal Borah and others that the Administration represents "big business and has
Trade Commission (before it was "reorganized" by the President in the not been proceeding against the trusts."
President Coolidge is carefully studying the record of the Department
interest of the Trusts) were forwarded to the Department of Justice with
of
recommendations for prosectuion.
Justice to determine whether experience in the trust cases calls for a revision
Since the "reorganized" Commission has reversed the time-honored of the Clayton and Sherman anti-trust laws.
He thinks that perhaps the experience of the Department of Justice may
policy of every public body in the country by its amazing rule, adopted
against the protest of two of its members, that complaints filed with it show that there is some need of an adjustment of these laws to meet presentuntil
secret
after their determination and would be made day conditions. He is awaiting a report from Attorney-General Sargent,
would be kept
public only when sustained by the decision of the Commission, it has been who will confer with him soon.
It can be stated that if President Coolidge recommends any changes in
impossible for the public to learn anything of its real operations. All
manner of indictments, criminal complaints and civil suits are subject the anti-trust laws they will not be so sweeping as to destroy confidence of
business
publicity—even
the beginning of suits by the Departm nt of Justice
in the Administration or upset the present stable conditions under
to
without the intervention of the Commission, such as the abortive Bread which big corporations are operating.
That the President is preparing a plan in this direction for submission to
Trust case, are blazoned forth in the public prints the moment the complaints are filed by the Department of Justice. But the proceedings of the next Congress is known here. Some idea of its scope may bo known
the Federal Trade Commission,are apparently so scared that they, forsooth, after he has had his conference with the Attorney-General.
Owen D. Young, co-author of the Dawes plan, who will come here tomust be withheld from public knwolectge through the fear of "hurting
morrow, will be consulted about the anti-trust laws as well at business
business."
This departure from all known precedents is strongly in line with the conditions.
manifest policy of the Administration in reconstituting the Commission
The same paper in special adviees from Paul Smith's on
and with its operations since that time.
Aug. 20 had the following
say in part:
to
1060
THE CHRONTCLE
President Coolidge views the present plan of attacking trusts in advance
of their formation as a most satisfactory way to proceed. This plan has
been followed by previous Administrations but not so extensively. Fines
amounting to more than $520,000 were imposed in anti-trust cases in the
last year.
Indications are that subserviency to Wall Street and big business is to be
one of the major counts in the Democratic Party's indictment of the Coolidge Administration in the Congresssional election campaign this Fall. The
Administration, the Democrats charge, has controlled the Federal Trade
Commission, created to regulate business, and has been lax in the enforcement of the Sherman Anti-Trust act. Trusts, they say, are again becoming
rampant, and unfair competition is running riot once more, without hindrance by the Trade Commission.
The President has taken note of these accusations, to some of which
Senator Borah and other independent or insurgent Republicans also have
subscribed, and in due time will cause them to be answered directly or
indirectly. His attitude is one of challenge to his critics to prove their
case, for he is confident that he can prove his to the satisfaction of the
public.
Contract with Dwight Morrow.
The Democrats make a point of the circumstance that Dwight Morrow
of the house of Morgan is an old Amherst College chum of the President
and frequently his guest in Washington. Mr. Morrow, according to the
Democrats, exercises an influence over Mr. Coolidge that results in tempering the Coolidge policy in dealing with aggregations of capital.
The President refuses to get excited over such innuendoes, perhaps
because he in convinced nobody is taking them seriously. If the truth were
known, says the President's defenders, the only contact there has ever
been between the White House and Wall Street has been in the matter of
bankers' loans to foreign nations. Mr. Coolidge opposed the leading of
American money to European Governments that had not made arrangements to Pay their war debts to the United States, and requested the
bankers of the country to lend abroad only with the sanction of the
Government.
The policy of the Administration on enforcement of the Anti-Trust laws
and the regulation of business is so thoroughly in accord with the Coolidge
temperament and theories of economics and functions of Government
that the President has no fear, that they will be attributed by unprejudiced
persons to the influence of Wall Street. He has said repeatedly that under
his Administration the Anti-Trust laws would be enfotced vigorously, but
that neither big business nor little would be harassed. He has said that it
Is necessary to watch the conduct of business vigilantly, to halt and prevent
combinations and methods and practices prejudicial to competition and oppressive of consumers, but that he will not tolerate persecution of business.
The Trade Commission.
Early in his Administration he entered upon a reorganization of the
Federal Trade Commission, which he was convinced had become unduly
meddlesome in business. He found that Democratic members of the Commission were framing resolutions directing themselves to investigate this
and that alleged business iniquity and sending them up to Senator La Follette or,Senator Norris, to introduce in the Senate. They were invaraibly
passed by the coalition of Democrats and insurgent Republicans.
The policies of the Commission were toned down when it eventually came
under control of a majority of Coolidge appointees. Recently the President appointed to the Commission Abram Myers, who has been in charge
of trust cases in the Department of Justice.
The term of Huston Thompson, a Commissioner appointed by Woodrow
Wilson when President, will expire next month, and he will not be reappointbd, it was said here to-day. He is not seeking to retain the place, it
is understood, but intends to be a candidate for United States Senator in
Colorado. He would not be reappointed anyway, for he has been particularly accu.ed by Republican leaders of using his office for political purposes.
Another so accused is John F. Nugent, Chairman of the Commission, who
intends to resign if nominated for the Senate by the Idaho Democrats.
In reply to Senator Borah's attack on the Administration, embodying the assertion that nothing is being done to destroy combinations or prevent their rise, the following record of the Department of Justice is given as
an official answer:
F. A. Walker Opposed to Shorter Work Day Proposed
by Newspaper Unions—Would Base Pay on
Production.
Opposition to a growing determination on the part of
newspaper unions to lessen the hours of a days' labor was
voiced by Fred A. Walker, Chairman of the Publishers'
Association of New York City, in an address on Aug. 25
before the Pressmen's Union at the latter's annual convention
at Pressmen's Home, Tenn. Mr. Walker, who is also a
member of the Executive Board of the New•York "Sun and
of the New York "Telegram," urged that wages be based on
individual production, and he predicted that within a few
years "the question of the comparative production in any
office will be the determining factor in the wages paid."
The following account as to what Mr. Walker had to say
is from the New York "Herald Tribune":
"Personally," said Mr. Walker,"I do not think there is any fairer way to
fix the amount which shall be paid to a man than to measure what he does
and pay him accordingly. I know that unions in general are opposed to
piecework—to the determination of wages upon individual production—
but the determination of wages by the product of the least efficient workman
works a hardship to the employer by the establishing of a low standard
and works a hardship to the more efficient workman, since he may not
command for his efforts any better wage than his less productive fellow."
Urges Joint Committee.
Citing the number of men required by contract to man an octuple press
as varying from five in Chattanooga and eight in Knoxville to ten in
Los Angeles, Oakland and San Francisco and to thirteen or fourteen in
Boston, Mr. Walker urged the convention to name a committee to confer
with a publishers' committee to determine scientifically what the proper
requirements are.
Referring to efforts of the labor unions connected with the newspaper
business to lessen the hours of labor, Mr. Walker said:
"In the figuring of production, the time required, the number of hours
worked without overtime and at the basic wage, is another factor of major
importance. There seems to be a growing determination on the part of
many unions connected with the newspaper business to lessen the hours of a
day's labor. The old slogan used to be eight hours for work, eight hours
for sleep, eight hours for recreation. I think that the world in general has
come to recognize that as an equitable division of the day, equitable alike to
the employer and the employee. But the laboring world seems not to be
satisfied, and constant demands are being made on the publishing business
for a shorter day. This does not mean, nor is it claimed by the labor leaders
to mean, that the workman will work any less hours. It does mean in
realty that they will work just as many hours as they work now, but for a
certain proportion of those hours they will receive an overtime rate. It is
only an indirect way of increasing wages without giving any compensating
concession to the employer.
Holds Shorter Day Unfeasible.
"It must be perfectly plain to every man who works on a newspaper that
the proprietor cannot control events nor assign the time for their happening. He must be ready when the news comes to pass it on to the world
through the medium of his product, and he must therefore be ready with
his equipment and with his fellow workman expeditiously to do his duty.
The shorter workday is so wholly unfeasible that the publishers of New
York have mandated every committee negotiating a wage contract not to
grant any diminution in the hours required for a day's work."
Discussing the negotiation of contracts, Mr. Walker referred to a proposal of the New York local that in computing overtime the rate shall be
double price instead of price and a half, and that instead of actual overtime
worked the time shall be computed by the hour.
"I do not conceive," he said, "that there is any basis, either in the value
of the labor to the publisher or the hardship of the labor to the employee,
for charging twice as much for the ninth hour of work as for the eithth.
and I am altogether certain that no man has a right to demand pay for a
service not rendered and seek to collect an hour's pay for anything less
than sixty minutes of labor. This proposal of the New York local is a
reversion to a condition which was most prolific of disagreement and
trouble."
Commending the attitude of the Pressmen's Union on arbitration, the
speaker characterized this method of settling disputes as "the soundest
principle ever designed to apply to human relations, unless we except the
commandment to 'love thy neighbor as thyself.'"
Universal obedience to that commandment, he said, would render contracts and arbitrations unnecessary, but under the circumstances the attitude of the union on arbitration "is all that any publisher can ask," said
Mr. Walker, because there are no restrictions imposed and no limitations
provided. With this principle in force there should never be another
strike involving the pressmen of North America."
Mr. Walker advocated reduction of the four-year apprenticeship established by an inflexible rule of the union, arguing that it ought not to take
as long to make a good pressman as a good doctor or lawyer.
Problems of Installment Selling, Taxation and Other
Subjects to Be Considered at A. B. A. Convention in Los Angeles.
Legislation affecting banking, methods for protecting
banks against bandits and many other subjects of general
public importance will fill the sessions of the American
Bankers Association convention to be held in Los Angeles,
Cal., Oct. 4 to 7, it is announced by Oscar Wells, President
of the organization, in a call to members made public In
New York on Aug. 25. Mr. Wells says:
No greater array of subjects of paramount interest and importance to
the individual banker has ever been presented at any convention of the
American Bankers Association than will crowd the sessions this October at
Los Angeles. Effective methods have been developed for quelling bank
banditry through co-operative efforts by banks along lines suited to their
circumstances, and these will be fully discussed.
The rapid extension of special banking functions, such as those having
to do with savings, fiduciary services and investments by classes of banks
formerly not engaged in these activities, has created a need for more complete interchange of experience related to these subjects, and this will be
fully provided through the various technical discussions at the convention.
The present is fraught with much interest among bankers in the subject
of legislation and particularly Federal legislation dealing with the extention of the charters of the twelve Federal Reserve banks, the control of
branch banking, the equalizing of rights between national banks and
State-chartered institutions, and the widening of the provisions for lending
money on real estate under the laws governing the conduct of national
banks. Bankers attending the annual conventions of the association are
afforded spendid opportunities for knowing how other bankers regard these
things. A question of prime importance to every banker is the growing
movement for more equitable State taxation for banks and the discussions
at the convention will suggest means for this end in your State.
In the broader view of general business there is the problem of installment selling, the underlying conditions of business which have been sub.
ject to so much uncertainty and questioning during the year and other
equally important subjects which will add to the profits of attending this
meeting.
Discussions at Annual Convention of A. B. A.
Legislation affecting banking, methods for protecting
banks against bandits and many other subjects of general
public importance will occupy the attention of the American
Bankers Association during its convention to be held in
Los Angeles, Oct. 4 to 7, according to an announcement
by Oscar Wells, President of the Association. Mr. Wells
says:
No greater array of subjects of paramount interest and importance to
the individual banker has ever been presented at any convention of the
American Bankers Association than will crowd the sessions this October
at Los Angeles. Effective methods have been developed for quellin; bank
banditry through co-operative efforts by banks along lines suited to their
circumstances and these will be fully discussed.
The rapid extension of special banking functions, such as those having
to do with savings, fiduciary services and investments by classes of banks
formerly not engaged in these activities has created a need for more complete interchange of experience related to these subjects and this will be
fully provided through the various technical discussions at the convention.
The present is fraught with much interest among bankers in the subject
of legislation and particularly Federal legislation dealing with the extension
of the charters of the twelve Federal Reserve banks, the control of branch
banking, the equalizing of rights between national banks and State-char-
AUG. 28 1926.]
THE CHRONICLE
1061
organization. In recent years he was active in the development of the New York Community Trust in which he held
the post of Acting Director. At the time of his death he
was Chairman of the Community Trust Committee of the
Trust Company Division, A. B. A. In his 54th year, at the
time of his death, Mr. Parsons was devoted to outdoor
sports. He was a member of the Bankers Club, New York;
Maplewood Club, Maplewood, N. J:, and the South Ormige
Field Club, South Orange, N. J. Among his outside interh
ITEMS ABOUT BANKS, TRUST COMPANIES. &C.
ests was the New York Osteopathic Clinic, of which he was
The New York Stock Exchangl membership of James Park a trustee. His home was in Washington Park, Maplewoodf
was reported posted for transfer this week to Henry E. Coe, N. J.
the consideration being stated as $152,000. This is the same
It is planned to increase the capital of the Harlem Bank
as the last preceding sale.
of Commerce at 2118 Second Avenue, this city, from $200,The New York Cotton Exchange membership of Thomas 000 to $500,000. The increase was recommended by the
P. Flaherty was reported sold this week to Samuel T. Hub- directors at their regular meeting Aug. 19 and a meeting
bard, Jr., for another, the consideration being stated as of the stockholders will be held in September to approve
$27,000. The last preceding sale was for $25,000.
the recommendation. The par value of the stock is $100
and the proposed new stock will be sold at a price to be
The Governing Committee of the New York Stock Ex- determined by the stockholders. The bank, which began
change voted on Aug.26 to grant an extra holiday on Sept. 4, business on May 2 1925, has declared its first quarterly
the Saturday preceding Labor Day. The petition to close disbursement-11
/
2%—payable on Oct. 1 to stockholders of
the Exchange on that day was signed by 552 members.
record of Sept. 15. Benjamin Weeks has been elected VicePresident of the bank.
_
It is reported that the Interstate Trust Co. of this city,
the organization of which was undertaken early this year,
According to the Brooklyn "Eagle" of Aug. 14, the folwill locate in the downtown financial district at 59 Liberty lowing resolution was passed by the directors of the GreenSt. It is understood that the trust company will have point Bank on Aug. 12:
Governor George S. Silzer of New Jersey, as its President.
We, the members of the Finance Committee of the Greenpoint Bank, in.:
Others reported as identified with its organization are: dividually and as a body, deem it fitting and proper that this special note
made upon its minute book. Our committee, continued in office by apbe
John W. Doty, Chairman of the Foundation Co.; Eugene P. pointment
of our presidents, most of us from the very inception
the
Thomas, President of the United States Steel Corporation; bank, has grown through many years of association to respect and of
appreother
as
friends
as well as business associates; in breaking this
Ralph Wolf,of Hays,Hershfield & Wolf;Isaac Alpern, Presi- ciate each
connection we desire to be recorded as wishing the continuance of that
dent of the Perth Amboy Trust Co.; Curtis Fetterolf, Vice- friendship, even
though we shall not have the privilege of seeing each
President of the International Mercantile Marine Co.; other as often.
To David E. Freudenberger, our President and our guide, we wish to
Samuel J.Bloomingdale,of Bloomingdale Bros.,Inc.;John W.
express continued appreciation of him as a man, a banker and a friend. .
Burrows, President of the American Woolen Co., and De
(Signed) E. E. Huber, Chairman; Edw. F. Cook, John W. Dolan, Morris
Witt Millhaustr, of Speyer & Co. The trust company will Salzman, Fenwick B. Small, Cornelius H. Tiebout Jr., John Trounstine.
have a capital of $2,000,000 and surplus of $500,000. The
As indicated in our issue of Aug. 14 (page 805), the Greensubscription books, which were opened this month, have, point Bank has been taken over and continued
as the
it is said, already been closed. The stock was offered at Greenpoint office of the Bank of the Manhattan
Company;
$130, par value $100. Reference to the organization of the This office will continue under the direction
of the former'
new company was made in our issue of March 20, page 1564. officers of the Greenpoint Bank. Mr.
Freudenberger, the.
President, having become a Vice-President of the Manhattan
John A. Stewart, founder and Chairman of the board of
Company.
directors of the United States Trust Co. of New York, and
•.
who was Assistant Secretary of the Treasury during the
William S. Irish, heretofore Vice-President of the First
Civil War, celebrated his 104th birthday at his home in National Bank of Brooklyn, has become President,
succeedMorristown, N. J., on Aug. 26. Mr. Stewart organized ing Joseph Huber, who is now Chairman
of the Board,
the trust company in 1853 and served as President until John W. Weber, who has been Vice-President,
has becomd
1902, except for the time he was in President Lincoln's Vice-Chairman of the Board. Ansel P. Verity
has been
Cabinet. ,He is the oldest living graduate of Columbia elected Vice-President, succeeding Mr. Irish.
University and the oldest living trustee of Princeton University.
Plans to increase the capital of the Bank of Glendale, at
William C. Potter, President of the Guaranty Trust Co. Glendale, Long Island, have been approved by the State
of New York, announced on Aug. 20 that George G. Allen Banking Department. The capital will be enlarged from
has been elected a director of the trust company. Mr. L00,000 to $150,000. The additional stock has already been
Allen is President of the Duke Power Co., Vice-Chairman authorized by the stockholders and the enlarged capital will:
of the British-American Tobacco Co. and executor of the become effective Sept. 1. The price at which the new stock
has been placed is $150 per $100 share.
James B. Duke estate.
The Boston Five Cents Savings Bank, after 72 years of
The Guaranty Trust Co. o- f New York has opened an
Atlanta office at 1002 Atlanta Trust Co. Building, under constant growth, will open its new home at 30 School Street,
the management of Henry T. Dunn. Mr. Dunn, a native of Boston, on Monday, Aug. 30. An inspection of the building
Florida, has been engaged in the bond business for many is invited by the officers and trustees.
years and goes to Atlanta after experience with leading
The officers and board of managers of the Girard Trust
investment firms in New York City and Washington, D. C.
Co. of Philadelphia invites the banking fraternity to make
The Guaranty Trust Co. of New York announces the ap- the company's offices their
headquarters should they attend
pointment of Frederick S. Parker as an Assistant Treas- the Sesqui-Centenn
ial or visit Philadelphia on any other
urer.
occasion.
tered institutions and the widening of the provisions for lending money to
real estate under the laws governing the conduct of national banks. Bankers attending the annual conventions of the association are afforded splendid
opportunities for knowing how other bankers regard these things. A
question of prime importance to every banker is the growing movement
for more equitable State taxation for banks and the discussions at the
convention will suggest means for this end in your State.
In the broader view of general business, there is the problem of Installment selling, the underlying conditions of business which have been subject
to so much uncertainty and questioning during the y ar and other equally
important subjects which will add to the profits of attending this meeting.
Frank J. Parsons, Vice-Pr-esident of the United States
Mortgage & Trust Co. of New York, died suddenly Aug. 23
at Klrhonkson, N. Y., where he had spent the summer in
search of health. Mr. Parsons entered the service of the
company on Nov. 11 1895 and had been a Vice-President
since Sept. 23 1910. On Nov. 12 1925 the Executive Committee, by resolution, took note of and extended congratulations to Mr. Parsons on the thirtieth anniversary of his connection with the company. He wrote extensively and spoke
on real estate lending before banking and investment gatherings. Mr. Parsons was also closely identified with the
Investment Bankers Association of America, having been a
member of the Real Estate Securities Committee of that
George M. Kovachy, Assistant Treasurer of the Union
Trust Co., Cleveland, and now at its Buckeye-East 89th
Street office, has been selected as Manager of the new
Union Trust office, to be opened early this fall at Buckeye
and East 118th Street, officials of the bank announced recently. Mr. Kovachy entered the service of the Woodland
Avenue Savings & Trust Co. in May 1901 at the age of 17,
In June 1909, when the Buckeye Road office of the Woodland Avenue Savings & Trust Co. was opened, Mr. Kovachy
was there made Assistant Secretary and Assistant Manager.
When both these banks were merged with the Union Tru#
Co., Mr. Kovachy was made Assistant Treasurer of the
Union Trust.
1062
[Vot. 122.
THE CHRONICLE
Cotton Movement and Crop of 1925-26..
Our statement of the cotton crop of the United States for
the year ended July 31 1926 will be found below. It will be
seen that the totai commercial crop reaches 15,452,267 bales,
while the exports are 8,246,016 bales and the spinners' takings are 7,223,930 bales, leaving a stock on hand at the ports
at the close of the year of 464,570 bales. The whole movement for the twelve months is given in the following pages,
with such suggestions and explanations as the peculiar features of the year appear to require. The first table shows
the export movement for the past year (1925-26) in detail,
:and the totals for each year back to 1920-21. The second
table indicates the stock at each port July 31 1926, 1925,
1924 and 1923, and the receipts at the ports for each of the
;past four years.
Exports for Year Ending July 31 1926 toFrom
Ports of
Great
Britain.
Ger-'Japan tic
once. many. I Italy. 'Russia.' China.
Texas_ _ _.1,045,581658,038
Louisiana_ 528.064 191,754
Georgia _ 256,204 20.859
Alabama
93,039 10,934
Florida_ __
17,579
758
Mississippi
So. Caro _
80.156 1,873
No. Caro_
9.000
Virginia_ _ 140,398
100
New York
75,892 25,373
Boston_ _ _
6.094
Baltimore.
4,579
1,051
Philadella
100
1.275
San Fran _
Los Ang_b
36.656 2.900
Seattle_
Tacoma_
Portl., Ore
ToCanada
Other.
Total.
747.013 380.125 194,173; 406,001 447.0813,878,012
284.463254.980 51,215 336,224 187,645 1,834.345
322,776 9,315
182.519, 79,168 870,841
7,570 149.613
35,57
1,000
1,500,
33,844
532
449
4.150
10,376
112,579
28.706 56.800
131,395 3.849
52,465 30,863
887
5.879
100 1,444
100
10,382 1.164
6.561
1 7
200
21,650
43.5051
81,274
3,932
56,820
26.706 282,890
99,506
5,000
13,693 311.085
68,762 297.060
14,686
7,705
10,458
2,998
303
82,917
268
57,623
2,589
57.120
300
0251.707 0251.707
Year Ending July 31Receipts at ports
Shipments from
direct to mills
1925-26.
1924-25.
Total cotton crop for year__ _bales 15.452.267 14.715.619 1 L326.700 11.245.224
The result of these figui es is a total crop of 15,452,267
bales (weighing 7,910,892,917 pounds) for the year ended
July 31 1926, against a crop of 14,715,639 bales (weighing
7,523,144,619 pounds) for the year ended July 31 1925.
NORTHERN AND SOUTHERN SPINNERS' TAKINGS
in 1925-26 have been as follows:
Total crop of the United States, as before stated
bales_15,452,267
Stock on hand at commencement of year (Aug 1 1925)At Northern ports
62,457
At Southern ports
144,281- 206,738
Total supply during the year ending Aug. 1 1926
15,659.005
Of this supply there has been exported
to foreign ports during the year
07,994.309
Less foreign cotton imported_b
325,511-7,668,798
Sent to Canada direct from West
251,707
Burnt North and South_c
50.000
Stock on hand end of year (Aug. 1 1926)At Northern ports
68,084
At Southern ports
396,486- 464.570 8,435,075
Total takings by spinners in the United States for year ending
July 31 1926
7,223,930
Consumption by'Southern spinners (included in above total)_ _ 4.760,701
Total taken by Northern spinners
2,463,229
a Not including Canada by rail. b Figures are given in 500-1b. bales and
include 238,620 bales from Egypt, 16,637 bales from Peru, 22,453 bales
from China, 23,553 bales from Mexico, 22,143 bales from British India and
2,105 bales from other countries. c Burnt includes not only what has been
thus destroyed at the Northern and Southern °Moons,but also all burnt on
Northern Rr.'s and In Northern factories. •These are U.S.Census figures.
Takings or Consumption-1925-26.
North-takings
South-consumption
Total all .290,989 917,268 1.738,812 745,868 245,588 1,199,151 1,110,3408,246.016
Tot. 24-2
546 272900 759 1 887 316733 824241 598 921,048 1,032,7678,263.584
Tot.'23-24 1,719.135720.028 1.309,782 553,061184.711 573,780 774,983 5,835,480
Tot.'22-23 1,285.926 632,938 995,593 488,380
647.835 817,159 4.867.831
Tot.'21-22 1.778.885 771.794 1,471,717 517.345;
913,479 884,549 6.337.769
Tot.'20-21 1.751,784 584,390 1,346,722 510,258
737,317 875,8545,806,325
Total, except to Canad
To Canada by rail
Receipts for Year Ending-
Boles.
Total
July 31
1924.
July 31 July 31 July 31 July 31 July 31
1923.
1926. 1925. I 1924. 1923.
4,947.382 5,616,241 3,995,756 3,176,732 153,067
Texas
Louisiana 2.416,264 1.907.050 1,372.664 1.365.382 152.265
,•
456.972 480.850 27.073
1,003,201
•Ceorgia
86,344 90,562 3,389
Alabama__ _ 242,302 152,712
8,692
16.262
9,336
899
33.915
Florida
4.279
6.661
4,502
Mississippi _
South Caro_ 333.590 280.520 192,228 137.964 12,698
North Caro_ 191.702 203.485 190.308 159.687 7.095
Virginia__ 427.911 327.466 370,194 275,084 40,000
25.053
24,252
9.541 56.883
58,849
New York a
76,464 4,177
39,172 44,907
44.453
Boston a__ _
31,594
21,347
500
35,684
44.272
Baltimore _a
1,361
4,942 4,224
1,045
PhUidella a
9,850
San Fran'co
2.300
Los Angeles
Seattle
Tacoma__
Porti'd, Ore
To Canada_
Bales.
7,223,930 6,758,707 5.730,266
rail
Total exports
Burnt during yea
7,994,309 8,063,533 5,689,824
251,707
200.051
145,656
8,246.016 8,263.584 5,835,480
50,000
26,000
15,000
Total distributed
15,519,946 15.048,291 11,580,746
Add-Stock increase or decrease, together with cotton imported
867,679 8332,652 8253,956
15,452,267 14,715,639 11,326,790
S Deductions.
51,573 41,954 18.675
49,275 50,702 47,595
7,572 8.390 12,201
1,303
850
557
157 1,679 2,622
In the following table we show the changes in Northern
mill stocks and also Northern consumption as distinct from
the takings:
7,319 13,702 23.870
7,082 1.828 5,180
20,000 16.000 21,000
57.042 80.759 42,729
1,431 4,402 5.307
500
500 1.160
3,455 3,363 3,893
Northern mills' stocks Aug. 1
Takings, &c
28
1
2.226
2.656
2
Total__ ,753,691 9.229.8896.782.734 5.819,096 464,570 206,738 226,062 187,730
a These figures are only the portion of the receipts at these Ports which arrived
by rail overland from Tennessee, dco.
The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports the past year have been 9,753,691
bales, against 9,229,889 bales last year, and that the exports
have been 8,246,016 bales, against 8,263,584 bales last season
and 5,835,480 bales the year before. As in previous years,
Great Britain stands at the head of the list of countries consuming American cotton, getting out of this crop 2,290,989
bales, which, however, compares with 2,546,272 bales in the
previous season, though with only 1,719,135 bales in 1923-24.
But another fact worth noting is that Germany stands next
to Great Britain among the consumers of American cotton,
having taken the past season 1,736,812 bales, against 1,887,316 bales in 1924-25 and 1,309,782 bales in 1923-24. Another
interesting feature is the growth in the takings by Japan
and China (mainly Japan), the exports to those two countries having been 1,199,151 bales, against 921,048 bales in
the previous season and only 573,780 bales two years ago.
If we now add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern consumption,
we have the following as the crop statement for the four
years:
1923-24.
Bales.
Exports-
Totalcrop
July 31
1925.
1924-25.
2,463,229 2,298,649 1.677.949
4,760.701 4,460,058 4,052.317
Stocks.
forts of
July 31
1926.
1922-23.
Total
10,691.566 10.255,581 7.274,473 6.761,597
Manufactured South, not incl. above_ 4.760.701 4,460.058 4,052,317 4,486,627
Total _ ,290.989 917,268 1,736,812 745,868 245,588 1,199,151 1,099,029 8,234,705
Peep cot.
11,311
export
I 11,311
b Includes exports from San Diego and San Pedro. d Shipments by rail to Canada.
1923-24.
bales 9,753.691 9,229,889 6,782,734 5,819,096
1 A
Tennessee, Ace.,
937,875 1,025,692
491.739
942,501
• Total
Consumption-North
South
1925-26-589,954
7,223.930
1924,25-----399,171
6,758,707
7,813,884
7,157,878
a2,300.0001
82,135,9561
a4,760,7011 7,060.701 84,431,968J 6,567,924
Northern mills'stks. end yr
753,183
589,954
a Exclusive of 28.405 bales of foreign co ton consumed in the South and
252,030 bales In rest of country.
S Exclusive of 28,090 bales of foreign cotton consumed in the South and
246.300 bales in rest of country.
Cotton Production and Consumption in the United
States and in Europe.
UNITED STATES.-In presenting at the present time
our annual review of the cotton crop of the United States
for the season which closed on July 31 1926, the point which
attracts attention at the outset is that we are dealing with
the largest crop on record. Our own compilations relate
entirely to what is known as the commercial crop, that is
the cotton which reaches the markets or comes directly into
view so as to be included in current commercial statistics,
as distinguished from the cotton grown or harvested, but
the statement as to the size of the crop is true, whether we
consider the commercial crop or the year's growth. In
either case the total for 1925-26 is the largest it has ever
been our privilege to record. The circumstances responsible
for this distinctive feature are worth recounting before we
proceed to discuss at length the figures themselves. In the
first place the acreage planted to cotton exceeded anything
ever before known, and that fact is worth keeping in mind
since the acreage in cotton for the current or new season
Is of equal magnitude, in fact is even slightly larger, according to the preliminary estimates of the Agricultural
Bureau at Washington. No reduction has occurred the present season in any large producing area except in those por-
AUG. 28 1926.]
THE CHRONICLE
1063
tions of the Southwest where winter wheat was so badly to our original premise that the size of the crop was due in
damaged in 1925 and the abandoned lands were then no small measure to the size of the acreage.
As the extent of the commercial crop depends more or less
plowed up and put into cotton. The winter wheat crop of
1926 in the same sections has had no such unfortunate ex- on the crop raised, though the two are far from being idenperience, but has this year yielded one of the best crops tical, the foregoing retrospect of the conditions which
ever harvested; *therefore, such land did not again become governed the production during the past year should be
available for cotton the present season. With this excep- helpful to an intelligent understanding of the causes respontion cotton area in 1926 has been fully maintained, and sible for the further increase in the crop. In the tables
even increased over the huge figures of 1925. That the use presented at the beginning of this review we have shown the
of the word "huge" is not an exaggeration will appear precise extent of the commercial crop for the past year and
when we say that the Agricultural Bureau in its final esti- found, as already remarked, that it was unquestionably the
mate of the cotton acreage for 1925 made the total area largest crop on record, though we might add here that, as
planted to cotton somewhat over 48,000.000 acres, the exact in the case of the actual production of cotton, the commerfigure being 48,090,000 acres. This compares with 42,641,- cial crop of 1925-26 did not, after all, run so very, much
000 acres planted in 1924; 38,709,000 acres in 1923 and 34,- ahead of that of 1914-15, eleven years before, the commer016.000 acres in 1922. There was a somewhat larger aban- cial crop for this latest season (in running bales) having
donment of acreage in 1925 than usual, but nevertheless, the been 15,452,267 bales and the earlier one 15,067,247 bales.
acreage picked was 46,053,000 acres, or by far the largest But what was the actual growth of cotton? According to
ever reached, and comparing with 41,360,000 acres in 1924 the United States Census ginning returns, the production of
(in itself the largest acreage on record up to that time), lint cotton in 1925-26 was 16,122,516 bales, against 13,639,with 37,420,000 acres in 1923 and 33,036,000 acres in 1922 399 bales grown in 1924; 10,170,694 bales grown in 1923;
9,729,306 bales in 1922; 7,977,778 bales in the disastrous
—an increase of 40% in three years.
Thus an unparalleled acreage was one of the most potent year of 1921, but comparing with 15,905,840 bales back in
Influences in raising the 1925-26 crop to unprecedented size. 1914. In equivalent 500-pound bales the figures differ
But the 1925 season had other advantages which have not somewhat from these here given, but the general showing
thus far in 1926 found an exact counterpart. The season is the same. In the following table we indicate the growth
then was early and far in advance of the ordinary while of cotton in each of the different States of the Cotton Belt
now it is late and extremely backward. Perhaps even more for the past seven years. This brings out the fact that the
Important than the early start in 1925, was that the crop yield in Texas as compared with 1924 was greatly reduced
had the benefit of a long open season, extremely favorable by reason of the drought and also that quite a number of
for the maturity and picking of cotton, and for the first the older cotton producing States, more particularly Georgia
time in some years a substantial ,"top" crop was raised in and South Carolina, while having greatly increased their
many different parts of the South. This last counted as production during the last two or three years, in their 1925
more than in offset to the lessened production in Texas, figures nevertheless fall far behind their best totals in
which latter State, it is proper to say, proved an excep- some of the earlier years. On the other hand, certain other
tion to the favorable conditions experienced elsewhere in States, like Oklahoma, Mississippi, Arkansas and Louisiana,
the South last year. Whether the same propitious state of have left their earlier totals far behind.
PRODUCTION OF LINT COTTON BY STATES—UNITED STATES
things is to attend the growth of cotton the present season
CENSUS GINNING RETURNS.
remains for the future to determine. At the same time
Gross Bales of
1919.
1920.
1921.
1922.
1923.
1924.
weevil damage in 1925 was greatly reduced. There was a
1925.
500 Lbs.
variety of reasons for this. In the first place the hot, dry Alabama
1 356,719 985.601 588,724 823,49 580,222 662.611 713.236
59,849
45,323 103.121
118,588 107,606 77,520 46,74
weather, which a large part of the Cotton Belt experienced, Arizona
Arkansas
1,604,628 1.097,98 627.535 1,018,021 796.931.1,214.448 884.473
56,107
75.183
34,108
28,423
54,373
77.823
121,795
Californiadrought
the
with
in common
-stricken districts of Texas and
18,114 15,92
10,901
12.345 25,021
18,961
38,182
Florida
other parts of the Southwest, was not favorable for the Georgia
1,163,885 1.003,77 588,236 714,99 757,084 1,415,12 1,659,529
910,468 492,654 367,882 343,274 278.858 387.663 297.681
development of the pest. In the second place planters have Louisiana
M ississippi._ 1,990.537 1.098,63 603,808 989,273 813.014 895.312 960.886
64,031
78.8
294,262 189,115 120.894 142,529 69.931
Missouri
learned better how to deal with the weevil and to minimize
6.050
12,19
64,444 55.243 27.657
New Mexico—
851,937 778.222 924.761 830.293
the possibility of harm from their activities. In the third NorthCarolina 1,101,798 825,324 1,020,139 627.419
481.186 1.336,29 1.016,129
Oklahoma _ .... 1,691,000 1,510,570 655.558
754,5. 1.823.07 1,426.148
place, and by no means of least consequence, the weevil, South
Carolina 888,060 806,594 770.165 492,4
310,044
356.189 227.941 390,99 301,956 325.0
517,276
Tennessee—
like many other plagues in the past, appears to have passed Texas
4.345,282 ,098.967
.221.8882,198.158
4,342,298
4,185.374 4,951.059
21,337 22,523
26.5151 16,368
38,746 50,581
52,535
the height of its destructiveness and to have definitely en- Virginia
7,115
6,015
12,062
All other Sates 23,521
1 2,656 13.239 4.947
tered upon the period of its decline. " There may be a recru_ 1610357913627036 10139671 '.762.0607.053.641 13439603 11420 763
Tntni
descence of the pest the present season, owing to the pro
The foregoing figures tell only part of the story of the
longation of wet weather, which is considered especially
favorable for weevil growth, but we may be sure they will magnitude of the crop. They relate wholly to the production
never again attain their former extreme powers of de- of lint cotton. In addition, the crop of linters is steadily
struction. Insect evils seem to have their well-defined lim- increasing and has become a growing item in the total proits the same as everything else. Under the operation of the duction. As explained in previous annual reviews, linters
laws of nature, aided by the wisdom of man, a curative are the small portion of the fibre that remains adhering to
process begins when the situation reaches a critical stage the seed when the cotton passes through the gin and which
and apparently is beyond control. In other words, evils of is saved when the seed is crushed and pressed in the process
that kind run their course and then pass away, though not of making cotton seed oil. Linters obviously would not
always as quickly as they came. At all events, whether or answer in the manufacture of the finer grades of cotton, but
not the culmination of the movement has been reached, the can be used for many other purposes. Plainly, they must
activities of the weevil last season were at a minimum, and be taken into consideration, and they also form part of the
this counted, along with other favoring circumstances, in statistical tabulations presented by the Census in its elaborate report on cotton production and distribution. The
increasing the size of the crop.
It is worth noting, as bearing on this point, that notwith- production of linters in recent years has been increasing
standing the poor results in Texas, where relief from the relatively faster than the quantity of cotton ginned. The
drought did not come until too late in the season to be of amount of linters produced cannot be known until the end
any great advantage, the yield per acre for the Cotton Belt of the crop season on July 31, as the crushing of the seed
as a whole improved, and reached 167 pounds, against 157 continues throughout the different months, and the figures
pounds per acre in 1924 and only a little over 130 pounds in for the late crop yield have just become available in the
1923, when the weevil were doing their worst. It must not, monthly Cotton Seed Oil report issued under date of Aug.
however, be supposed that this enlarged yield can be looked 18. From this it appears that in the process of cleaning and
upon as anything out of the ordinary, or that conditions crushing the seed no less than 1,112,580 bales of cotton fibre
were exceptionally favorable, notwithstanding the enjoy- were obtained in 1925-26. This compares with 897,ment of certain special advantages as outlined above. Back 375 bales in 1924-25, with 668,600 bales in 1923-24, with
In 1914-15, when the crop was almost identical in size with 607,779 bales in 1922-23 and with only 397,752 bales similarly
that of the year under review, the yield per acre was as high derived from the preceding season's growth of cotton. Inas 209 pounds. At that time the area planted to cotton was cluding the linters, therefore, the crop the past season
no more than 37,406,000 acres, and the area picked 36,832,000 reached almost 1714 million bales—to be precise, 17,216,259
acres, while in 1925, as we have already seen, no less than bales, as against 14,525,311 baleS in 1924-25, 10,808,271 bales
48,090,000 acres were planted and 46,053,000 acres remained in 1923-24, 10,369,839 bales in 1922-23, and only 8,351,393
to be picked. In the last analysis, therefore, we come back bales in 1921-22, but with 13,879,916 bales in 1920-21, Owing
1064
THE CHRONICLE
to the general disposition to ignore the linters in discussions
of the subject, and the importance of including the item,
we introduce here the following table, showing the product.
tion of lint cotton and of linters, separately and combined,
for each year from 1899 to 1925 (season of 1925-26), In..clusive:
[VOL. 123.
Two things stand out in the past season's cotton manufacturing business in the United States. First, the decided
change in the kind of merchandise made by a great many
mills; second, the large increase in the use of off-color and
low grade cotton. Style was largely responsible for the
action of such a large number of mills, who changed their
YEARLY PRODUCTION OF COTTON IN UNITED STATES.
machinery in efforts to produce merchandise that would
be
salable. The past season in cotton dress fabrics was
Running bales.
Equivalent
Total all,
Linters,
, Growth Year. counting round
chiefly a vogue of prints—to the extent that there was
500-Pound
Equivalent Equivalent
as half bales.
bales.
500-Pound 500-Pound
!
virtually no call for woven color fancy fabrics. Silks exerbales.
bales.
cised
a dominating Influence on the situation throughout
1925
16:122,516
16,103,679 1,112,580
17,216.259
1924
13.639,399
13.6/7,936
897,375
/4.525,311 the past twelve month. Silk merchandise declined so low
'1923
10.170,694
10.139.671
10,808,271
668.600
1922
0.729,306
9,762.069
607,779
10,369,839 in price, particularly toward the latter part of the season,
1921
7.977.778
7.953.641
397.752
8.351,393
1920
13,270,970
13.439.603
440.313
13,879,916 that cottons found the competition exceedingly difficult and
1919
11,325,532
11,420,763
12,028,732
607,969
usually very close. The vogue for printed fabrics meant
1918
11.906.480
12,040,532
929.516
12,970.048
1917
11.248,242
11,302,375 1.125,719
that
12,428.094
mills making ginghams and cloth of similar character
1916
11,363,915
11,449,930 1.330,714
12.780,644
1915
11,068,173
11,191.820
931.141
12.122,961 found their market narrowed to an extreme. The natural
1914
15.905.840
16,134.930
856,900
16.991,830
1913
13.982.811
14,156.486
638,881
14.795.367 change for them was to endeavor to imitate silks—and this
1912
13.488.539
13.703.421
609,594
14.313,015 gave rise to the introduction of
1911
rayon or artificial silk into
15.55.3.073
15.692,701
557.575
16,250.276
1910
11,568.334
11.608.616
397,072
12.005.688 a large number of mills which had heretofore used only
•1909
10.072,731
10.004.949
310.433
10.315.382
1908
13,086,005
13.241,799
345,507
13,587,306 cotton.
1907
11,057,822
11,107.179
268,282
11.375.461
During the latter part of 1925 and the early part of 1926
.1906
12.983,201
13,273,809
13.595.498
321.689
1905
10.495,105
10.575,017
229.539
10,804.556 a veritable boom developed for
1904
rayon and cotton mixed
13.451.337
13,438,012
241,942
13.679.954
.1903
9.819.969
9,851,129
194,486
10.045,615 fabrics. It was a boom in the sense that practically every
1902
10.588.250
10.630,945
196,223
10,827.168
1901
9.582.520
9.569.745
166,026
9,675.771 mill that had difficulty in disposing of its product, entered
1900
10.102,102
16.123.027
143.500
10,266.5n the rayon field.
1899
It was an experiment because rayon re9,393.242
9.345,391
114.544
9,459,935
quires considerable skill in handling, and this skill is acOur own compilations, as already stated, dea , not with quired only by long
experience. There are several mills
the actual production or yield, or size of the crop, but with which have been handling
rayon for many years, and they
what is known as the commercial crop—that is the cotton had .perfected the
art of producing beautiful merchandise
actually marketed, not the crop raised from the acreage from this fibre.
But the great majority found the change
planted at the beginning of the season. This has been our difficult and, as a result,
huge quantities of inferior cloths
practice ever since we started the compilations nearly 60 were thrown upon the
market. During the early spring of
years ago, and, indeech is the practice of all similar compila- 1926 this mass of
lower grade rayon and cotton mixed goods
tions. The importance of bearing this distinction in mind proved a boomerang
to the entire range of rayon fabrics.
is very apparent on the present occasion, since though the Mills and converters
were both caught with accumulations
actual production of lint and linters combined the present which were sacrificed
at fifty cents on the dollar. Considseason aggregated, as we have just seen, 17,216,259 bales, erable losses
were undoubtedly taken by a great many. In
the commercial crop according to our tabulations was
no the past few months mills have been changing again, and
more than 154452,267 bales. The explanation of the differ- there has
for the present developed, among many in the
ence between the two sets of figures is, of course, very
sim- cotton industry, a prejudice against the new fibre.
ple. The cotton unrepresented in the commercial crop
It was apparent last autumn that mills would have to
has
not yet found,its way to market or come into sight in
such adapt themselves to a much greater use of low grade cota way that it has become part of the commercial statistics. ton. The
percentage of off-color and lower grades in the
From the returns of the United States Census it appears last crop
was so great that the difference in price between
that on July 31 1926 there were 1,936,662 bales of lint cot- these and
the white staples was tremendous. There was
ton in public Storage and at compresses, against only 514,006 a range
of between ten and fifteen cents a pound discount
bales on July 31 1925. This is an Increase for the twelve for the off
-colors. Mills which never in their careers had
months of 1,422,656 bales, only a small portion of which is handled anything
but white cotton, found the competition
represented in the commercial statistics. Then there were so strenuous and
so impossible that they had no alternative
In consuming establishments 1,096,521 bales of lint cotton but to plan
their own manufacturing, so they could spin loNv
the present year, against 865,842 bales last year and not all grades and
meet prices, which otherwise would have been
.of the increase here, either, has found its way into the com- ruinous. This
started in such colored goods as denims.
,mercial statistics. Furthermore, some of the season's However, the first real
indication of what was going on
growth of cotton, It is reasonable to suppose, must remain came in osnaburgs last autumn.
The prices on osnaburgs
on the plantations and not yet have come even under the had been holding fairly
high, because during the 1925 sea.vigil eye of the Census authorities.
son low grades were not so plentiful. But as the new
crop, with its preponderance of low grade came on the
*Cotton Consumption in the United States and in
market and it became known that mills had been able to
Europe.
buy cotton suitable for their use at prices ranging down to
In view of the extent of the year's production of cotton, 12 cents and as
low as 8 cents, the prices of osnaburgs broke
the circumstances and conditions relating to tile consump- several cents per yard. Next low grades were
introduced
tion and demand for the staple are matters of great impor- into sheetings and drills. The Saco-Lowell
shops, manufactance and of deep interest. As far as foreign takings of turers of preparatory machinery for spinning
mills, did a
American cotton are concerned, it has already been shown tremendous business during the early part
of this year
in the tables at the very beginning of this rev iew, that the selling improved opening and cleaning
machinery and as a
exports for the past crop year in the matter of the
grand result, to-day the majority of our mills are able to handle
aggregate did not differ very greatly from those of the
pre- cotton which a year ago would have been absolutely unceding year, the amount of this item for 1925-26 having been usable for them. Cotton mills enlarged their opening
rooms
8,246,016 bales and for the year preceding 8,263,584 bales. 90 they could mix more bales of 'cotton, and
in this way
It should be remembered, however, that there was a pro- just mix enough of low grades and off-color to help
bring
digious increase in the foreign takings of American cotton down the average cost of cotton. Another important
deIn the two years preceding and that therefore it must be velopment in this regard was that quite a few of the
users
considered satisfactory that the large exports of 1924-25 of cotton fabrics who had always insisted upon good merwere so well maintained in 1925-26. As against exports of chandise made of white cotton. experimented and discov8,246,016 bales in 1925-26 and 8,263,584 in 1924-25, the quan- ered that many of the tinges would bleach well. Furthertity of cotton that went out in 1923-24 was only 5,835,480 more, the automobile tire industry, which had always been
bales and no more than 4,867,831 bales in 1922-23.
rather fussy about the cotton which was used in their fabric,
. As far as domestic consumption is concerned, this was undertook to use considerable ouantities of low grades.
further added to •during the past season. Entirely apart
Prices for cotton goods generally declined to exceedingly
from this, an examination of the cotton goods trade of this low levels during the early spring of 1926, and the market
country during the past twelve months reveals quite a num- underwent a repetition of the situation of the year previous.
ber of special features which are of more than ordinary In the summer of 1925 a degree of curtailment of producgonsequence in their bearing on the past and on the future. tion had been necessary because of poor business. Condi-
AUG. 28 1926.]
THE CHRONICLE
1065
the textions improved in the early fall of 1925. But at the same in New England, have decided to liquidate and quit
these
three
of
one
companies
An
of
official
business.
tile
continued
Georgia
in
and
Carolinas
in
the
drought
time a
the matuntil the water supplies in the reservoirs were so low that told the writer that his directors had considered
for the particular kind of
mills getting power from the large power companies could ter carefully and decided that
to take this
run only a few days a week. This kept on until the early goods they were equipped to make, it was best
intact and the condipart of the winter. The curtailment took so much yardage action while the assets were entirely
out of the market that prices advanced sharply in the tion of the company was sound.
In another instance the mill retiring from business had
autumn, attended by active buying. As soon as the water
was a little
supply was replenished by rains, and mills were able to been making tire fabrics, The situation here
large
the
manufacyears
two
past
the
During
different.
was
caat
resumed
production
get their normal power,
by one, been acquiring
pacity, and by the early months of 1926 it became evident turers of automobile tires have, one
new plants. This has
that the industry was again facing over-production. With their own cotton mills or building
year. One authority
past
the
during
true
particularly
been
our tremendous producing ability, it does not take long for
now produce
supply to catch up with demand. The early indication of estimated that the large tire manufacturers
This
they
consume.
which
fabric
tire
the
of
one-half
over
on
a
put
damper
to
another large acreage in cotton helped
which an "outthe buying of goods, which lasted practically from March naturally limits considerably the business
the
through June. The situation, however, was not as bad side" mill making tire fabrics can do. Furthermore,
tire
the
by
manufacturers
control
greater
for
is
tendency
as it could have been, in view of the fact that the mills
The large tire companies
undertook to curtail production starting in May, whereas of the materials which they use.
Fall River, as well as
and
Bedford
New
in
mills
own
now
this ordinarily would not have started until July.
and have been expanding
Cotton mills have been working in closer co-operation in other parts of New England,
during the past year than ever before, in that they have mills which they own in the South.
There have been no important developments during the
developed a system of exchanging figures on production,
concerning changes in wage scale in cotton mills.
year
is
all
which
of
that
hand,
had
on
information
stocks
sales,
or South. There have, however, been new policies
North
never previously been available. These figures showed in
handled
April that a serious situation was approaching. The mem- put into effect with regard to the equipment to be
more
and
more
are
giving
Mills
operator.
individual
the
by
at
orable meeting of the South Carolina manufacturers
which one
Spartanburg in April, at which a group of twenty-two New attention to increasing the number of looms
automatic
York commission merchants, representing the largest houses weaver can handle, and where the most modern
nature
this
of
results
used,
remarkable
being
is
machinery
in the market, were present, was the first step in the curhave been achieved. In several instances, labor leaders
tailment program.
There has been a general re-awakening both North and have vigorously fought such changes, but cotton mills have
won their point
South during the past year to a realization of the great been fair in their propositions, and have
time.
each
had
Hoover
Secretary
of
in
operating.
the
methods
laxity
Last year saw less, with regard to movement of New Engtold the leading cotton manufacturers that their industry
years. One of
was one of the most poorly managed of any in the country. land mills to the South, than the few prior
Co., of
Manufacturing
Pepperell
the
mills,
important
the
He urged co-operation through some organization. This
new plant, at Opelika,
advice was taken seriously, owing to the depressed condi- Biddeford, Me., started operating at a
Lowell, Mass., purchased the
tions and the fact that mills were losing so much money. Ala., and the Appleton Co., of
C., marking another imporSomething had to be done for their own salvation. In May Brogan mills, of Anderson, S.
South. The new Appleton
the
into
entry
Northern
tant
ManuCotton
American
the
of
the
meeting
annual
at
1926,
to
make blankets.
expected
is
Anderson
at
facturers' Association in Atlanta, a committee of ten promi- plant
While on the subject of blankets, it is worthy of note
nent manufacturers was appointed to decide upon some
where competition
plan which would help to bring about stabilization in the that here, in a branch of the business
greatly above deindustry over a period of years. The Cotton Textile Insti- has been exceedingly keen, and capacity
increased.
tute, which was announced on July 20, was the result of mand, production next year is to be considerably
just been
has
Company
Appleton
the
of
production
the deliberations of this committee. One of the most im- The
Houston, Texas,
portant functions which this Institute will have, when it mentioned. The Houston Textile Mills, of
Co., and which
gets under way, will be to find new uses for cotton goods, which is controlled by Anderson, Clayton &
a year, will
and thereby increase the consumption of raw cotton. The has been producing one-half million blankets
mill being built
new
a
output;
present
this
doUble
to
able
for
the
be
need
is
obviate
It
to
curtailing.
believed that
idea is
one-half million
in the South alone, if the farmers could be induced to use at Newnan, Ga., will turn out one and
cotton cloth instead of burlap for pick sacks and feed bags blankets a year.
The New England mill which has a branch plant in the
and a few other uses, the consumption could be increased
manufacturer
a million bales a year. The Institute plans to study the South has an advantage over the Northern
been brought
has
This
affiliation.
Southern
to
help
the
no
and
has
industry
trade,
increase the yardage who
export
England mill
that is shipped abroad. Other phases of the Institute's out a number of times during the year by New
even
functions are expected to make for constructive competition treasurers, who stated that their Southern plants,
about
information
complete
them
give
small,
which, it is hoped, will place the industry on a profitable though they be
costs below the Mason and Dixon line, placing them in the
basis.
been
most
hard
hit
which
have
mills
during the past position where they know exactly what kind of competition
The
year have been those making low and colored goods. This they must meet.
This is the first year during which New Bedford has not
is the general opinion in the market and includes such types
of goods as denims, tickings, chambrays, cheviots, etc. been able to hold its own. The fine goods situation during
Prices for most of these items reached levels that were con- the first half of the year was fairly satisfactory, inasmuch
sidered ruinous. Yet a fact of interest is that in cham- as mills were able to get enough business to keep them
brays for the work shirt trade there seemed to be always going. But there has been a considerable change during
of
a market for merchandise, provided they could be bought 1926, up to the present time. With only a few kinds
cheap enough. At several periods, certain mills sold these combed goods wanted, and these not in large quantities,
chambrays at extraordinarily low levels in order to dis- New Bedford found itself facing one of the most difficult
goods
pose of stocks which had accumulated. The situation on problems in its history. This applies also to fine
South.
these low-end colored goods has shown indications of im- mills elsewhere in New England as well as in the
the
proving during the past thirty to forty-five days, although One of the best selling items in combed cloths was
pongee, which is being used for printing with neat patterns.
there has continued to be considerable irregularity.
New England developments have been extremely interest- There has developed increased interest in printed batistes
Howing. There is an important element which has faith in and this resulted in larger sales of combed lawns.
many of New England's mills, and this faith has been jus- ever, the combed lawn business is merely a bucketful,
tified up to this time, and gives promise of holding true for when compared with the volume which the trade knew some
the future. Management has been shown to be the funda- years ago.
Last year silk and cotton crepes were a very important
mental essential in mill operation, regardless of location.
A number of New England mills with aggressive, enterpris- factor with the fine goods mills, but in 1926 the situation
ing treasurers, have proved this beyond a question of a almost completely reversed itself and the market value of
doubt. On the other hand there have been three instances these fabrics dropped to such an extent that mills hesitated
where mills of long standing and fine reputation, located about making these crepes for stock. The manufacturer
1066
THE CHRONICLE
[VOL. 123.
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1
of fine yarn merchandise really has been
so situated that New York price of spot cotton for each day of the whole
because of uncertainty as to what the trade
would want, twelve months:
he could not keep his looms running
except on orders. PRICES OF MIDDLING UPLAND SPOT COTTON IN
NEW YORK, DAILY.
Within the past several months it has been
FOR SEASON OF 1925-26.
estimated that
New Bedford was operating to only about
409" of capacity, Month and Aug.
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Ayr. May June
with the remainder of the looms shut down.
July
Year.
1925. 1925. 1925. 1925. 1925. 1926. 1926. 1926 1928. 1926. 1926. 1926.
New Bedford
has been hit hardest probably by the fact that
Days.
fancy woven
1
goods have been almost entirely out of demand. Where
24.86
Sun. 20.75 Hol.
19.45 19.35 18.95 18.85 18.40
a 2
Sun.
19.90 21.10 Hol.
19.25 Hol. Sun. 18.85 18.25
year ago jacquards sold freely and brought
3
24.65
Hol. 20.85 Sun.
a premium 4
19.45 Hol. 18.95 18.85 Hol.
24.40
20.45 20.75 20.85
because commitments had been made so far ahead, 5
19.55 Sun. 18.85 18.80 Sun.
24.50
21.00 20.65 20.40
19.50 19.20 18.90 18.70 Hol.
6
24.50
Interest in them recently has been limited and
21.00 Sun. 20.55
19.55 19.20 19.35 Sun. 18.40
inconse- 7
24.55
20.80 20.65 20.65
Sun. 19.30 19.20 18.75 18.55
8
quential.
24.35
Sun. 20.60 20.75
19.45 19.30 19.25 18.85 18.70
9
Sun.
19.95 20.20 20.65
19.60 19.30 Sun. 18.80 19.05
One of the great disappointments was the failure of
10
23.85
20.50 19.75 Sun.
the 11
19.40 19.40 19.10 18.50 18.10
24.05
21.10 19.70 20.55
54-inch fabrics to register this season. Last summer
19.25 Sun. 19.10 18.15 Sun.
12
24.25
54- 13
20.80 19.50 20.70
19.55 19.45 19.00 18.00 17.85
23.50
inch goods in silks and in cottons sold freely,
20.90 sun. 20.70
19.35 19.45 18.85 Sun. 18.55
with the 14
23.75
21.15 19.35 20.70
Sun. 19.45 18.95 18.15 18.55
15
supply insufficient to meet the demand. Predictions
23.60
Sun. 19.80 21.05
19.35 19.35 18.85 18.05 18.55
then 16
Sun.
21.00 19.45 21.20
19.40
19.15 Sun. 18.20 18.55
were made that this was to be the new •trend, and
17
23.65
21.10 19.35 Sun.
that 18
19.30 19.10 18.70 18.35 18.55
23.60
21.10 19.4021.25
instead of 36 and 40-inch goods, preference would be given 19
19.30 Sun. 18.70 18.35 Sun.
23.60
21.00 19.40 21.05
19.30 19.05 18.76 18.35 18.40
23.55
to 54-inch. As a result, quite a good deal of wide looms 20
20.80 Sun. 21.05
19.10 19.05 18.75 Sun. 18.50
21
23.65
21.65 19.30 20.90
Sun 19.05 18.75 18.30 18.80
were sold. Furthermore, several of the important finish- 22
23.65
Sun. 19.15 20.85
19.25 18.90 18.90 18.55 18.76
23
Sun.
21.45 19.4021.00
19.15 18.90 Sun. 18.35 18.85
ing companies made extensive installations of equipme
24
23.50
21.50 19.80 Sun.
nt 25
19.05 18.90 18.75 18.55 19.10
23.25
21.40 Hol. 21.00
to handle goods of this width. The losses suffered by
19.30 Sun. 18.85 18.55 Sun.
23.05
all, 26
Hol. Hol. 20.80
19.25 18.75 18.90 18.70 19.20
27
23.05
including the converter who bought the merchandise, were
21.35 Sun. 20.90
19.26 18.90 18.90 Sun. 19.15
28
22.85
21.00 20.6520.90
Sun 18.85 18.90 18.70 19.35
tremendous. Up to this time there has been very little 29
22.60
Sun. 20.9020.80
19.40
18.85 Hol. 18.50 19.35
30
Sun.
20.65 20.45 20.90
19.55 18.90 Sun. 18.40 19.15
heard about preparing 54-inch fabrics for 1927, indicating 31
22.20
__ _ 20.70 Sun.
19.25 __ _ Hal. .. __ 19.05
that the trade is not going to take any chances on these for
To indicate how the prices for 1925-26 compare with those
next year.
for earlier years, we have compiled from our records the folAs indicating the course of values of cotton goods from
lowing, which shows the highest, lowest and average prices
week to week during the season, we introduce here the of
middling uplands in the New York market for each
Fairchild index numbers, which show for each week (1) the season.
weekly average price of spot cotton in New York; (2) the
High.
Low
Average
High.
Low
Average.
c.
e.
c.
e.
C.
c.
weekly average price of gray goods; (3) the weekly aver- 1925-28
24.75
17.85
20.38 1906-07
13.50
1148
9.60
1924-25
22.15
24.74 1905-06
age price of finished goods, and (4) the weekly composite 1923-24 ____37.85
12.60
9.86
11.20
23.50
31.11 1904-05
11.65
8.85
9.13
1922-23 ___31.30
price of cotton goods.
20.35
26.30 1903-04
17.25
9.60
12.58
1921-22
FAIRCHILD INDEX FIGURES.
1925.
Aug. 1
8
15
22
29
Sept.5
12
19
28
Oct. 3
10
17
24 •
31
Nov.7
14
21
28
Dec. 4
11
18
24
31
Weekly
Average
Price
New York
SpotCotton.
Weekly
Average
Gray
Goods
Price.
Weekly
Average
Finished
Goods
Price
25.22
24.49
23.83
23.61
23.05
22.52
23.77
24.55
23.96
23.35
22.47
21.70
21.92
20.24
20.63
20.73
21.00
21.47
20.85
20.24
19.48
19.41
20.68
11.386
11.302
11.278
11.262
11.214
11.159
11.292
11.545
11.625
11.636
11.578
11.475
11.393
11.175
10.986
10.941
10.956
10.984
10.939
10.834
10.739
10.661
10.661
20.853
20.914
21.326
21.365
21.288
21.288
21.250
21.336
21.346
21.442
21.461
21.442
21.461
21.369
21.292
21.234
21.196
21.119
21.062
20.834
20.593
20.554
20.554
Weekly
Composite
Cotton
Goods
Index.
14.805
14.773
14.907
14.910
14.852
14.817
14.888
15.080
15.149
15.177
15.147
15.074
15.029
14.856
14.707
14.658
14.654
14.644
14.595
14.442
14.294
14.234
14.234
1928.
Jan. 8
15
22
2)
Feb. 5
12
19
29
Mar.5
12
19
26
April 2
9
16
23
30
&1ay 7
14
21
28
Tune 4
11
18
25
Tub/ 2
9
16
23
30
20.64
20.73
21.05
20.90
20.81
20.80
20.64
20.34
19.49
19.47
19.33
19.18
19.36
19.26
19.37
19.01
18.86
19.03
19.04
18.75
18.87
18.84
18.63
18.18
18.44
18.49
18.68
18.36
18.64
19.22
10.667
10.704
10.674
10.694
10.710
10.676
10.695
10.623
10.485
10.322
10.186
10.095
10.026
9.970
9.951
9.889
9.856
9.731
9.682
9.650
9.564
9.489
9.399
9.306
9.194
9.142
9.114
9.195
9.269
9.375
20.516
20.305
20.247
20.209
20.055
20.209
20.055
19.920
19.863
19.756
19.679
19.583
19.430
19.391
19.391
19.391
19.314
19.078
18.943
18.797
18.681
18.585
18.495
18.466
18.370
18.312
18.293
18.293
18.308
18.288
14.224
14.171
14.131
14.129
14.085
14.119
14.075
13.981
13.870
13.729
13.614
13.522
13.422
13.372
13.360
13.321
13.272
13.106
13.027
12.953
12.857
12.774
12.684
12.614
12.507
12.454
12.429
12.480
12.533
12.582
4
23.75
1920-21
40.00
1919-20
43.75
1918-19
38.20
1917-18
1916-17
27.65
1915-18 _-__13.45
1914-15 -___10.60
1913-14
14.50
1912-13
13.40
1911-12
13.40
1910-11
19.75
1909-10
18.45
1908-09 -___13.15
1907-08
13.55
12.80
10.85
28.85
25.00
21.20
13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
18.92
17.95
38.25
31.04
29.65
19.12
11.98
8.97
13.30
12.30
10.83
15.50
15.37
10.42
11.30
1902-03
1901-02
1900-01
1899-00
13.50
934
12
1034
1897-98 -----834
1896-97 -----83.4
1595-98
9%
1894-95-----7%
1893-94
851.
1892-93
10
1891-92
8111s
1890-91
1234
1839-90
1231
1888-89
115is
8.30
7111.
81.1
651
55ie
511,.
7111
7114
55,1
8111.
7114
61111
8
1051
9%
10.28
9111
951
934
6111
8511
7111e
854
851e
71114
73(
934
11.5.4
101is
In the following table we also show the price of printing
cloth, 28-inch, (14 x 64, at Fall River each day of the season:
DAILY PRICES OF PRINTING CLOTHS (28-INCH.
84 SQUARES) AT
FALL RIVER FOR SEASON OF 1925-1926.
Month and Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Mar. Ayr. May June
Year.
1925. 1925. 1925. 1925. 1925. 1926. 1926. 1928. 1928 1926 1926. July
1928.
Days.
1
734 7
734 Sun. 631 Ho'. 634 854
534 554 534
2
Sun. 7
7% 63.4 654 634 63.4 654
Sun. 554 554
3
735 7
755 Hol. 631 Sun. 694 654
531
554 534
4
734 7
Sun. 8% 631 634 654 6% Sun. 5% 555 Sun.
5
7% 635 6% 634 635 834
734 7
551 534 Hol.
6
735 Sun. 754 634 Sun. 655 855 1331
535 Sun. 534
7
734 7
734 7
631 855 Sun Sun.
554 555 5%
8
755 Sun. 631 654 655 651
734 7
554
554 555
9
Sun. 7
735 7
8% 6.34 1354 831
Sun. 554 534
10
734 734 734 6% 831 Sun
854 04
554 534 534
11
755 734 Sun. 834 634 835 634 654 Sun. 534 555 Bun.
12
734 73.4 754 674 655 635 654 655 53.4 555 535 5%
13
735 Sun. 755 634 Sun
634 63.4 634 534 555
14
755 734 735 834 654 634 Sun. Sun. 535 554 Sun. 534
534 554
15
755 734 734 Sun. 854 834 634 634 574 554 534
16
Sun. 755 754 6% 634 655 654 63.4 574 Sun. 554 554
555
17
735 754 755 635 655 Sun
634 634 554 554 534 534
18
754 755 Sun. 635 634 634 654 634 Sun. 554 555
Sun.
19
7
734 734 634 1354 654 634 634 531 555 534 534
20
7
Sun. 734 1335 Sun
655 635 834 5% 555 Sun. 555
21
7
734 755 634 855 635 Sun. Bun. 551 535 535 555
22
7
755 755 Sun
634 655 654 634 554 534 534 535
23
Sun. 754 7
6% 634 634 634 654 554 Sun. 555 554
7
24
734 7
654 634 Sun. 654 655 554 555 535 555
7
25
755 Sun
651 Hol 635 635 655 Sun. 555 554 Sun.
7
26
110!. 655 654 635 6
734 7
554 534 535 534
27
7
Sun. 635 6% Sun. 635 635 6
531 555 Sun. 554
7
75.5 634 651 635 654 Sun. Sun.
28
551 555 554 535
7
7% 1355 Sun. 655 835 - _- 6
29
554 534 554 555
Sun.
30
755 635 851 654 654 .- -. 8
551 Sun. 555 555
11
7
634 ._ ._ 614 Sun. __
6
5 vs
_
MA
We also subjoin the following compilation to show the
range of prices of printing cloths for a series of years. Like
the table above it sets out the highest and lowest quotations
for 64 squares 28-inch printing cloths at Fall River in each
of the last thirty seasons-1895-96 to 1925-26, inclusive.
The figures here are striking in their significance.
High. Low.
In
High. Low.
High. Low.
Cis. Cts.
nearly every case the lowest level is recorded at or near the
Cts.
Cts. Cts.
1925-26____ 7.00 5.00 1914-15____ 3.50 Cu.
2.88
1904-053.50 2.62
and
season
the
the
1924-25end of
__ 7.75 6.75 1913-14-_-- 4.00
extent of the decline is almost
1923-24---- 8.75 6.88 1912-13_--- 4.06 3.62 1903-04____ 4.12 3.00
3.75 1902-03_--- 3.37 3.00
startling. The average spot price of cotton at the opening 1922-23---- 8.75 6.88 1911-12_.
__ 4.00
1921-22---- 7.12 4.75 1910-11-- 3.88 3.12 1901-02._ 3.25 2.37
of the season WAS 25.22 cents, at the close it was only 19.22 1920-21-3.62 1900-01-- 3.25 2.37
--14.00 4.62 1909-10---- 4.25 3.62
1899-00-- 3.50 2.75
1919-20.
-17.50 11.00 1908-09-cents; gray goods dropped from 11.386 at the beginning to
1918-19----13.00 6.75 1907-08--_- 3.62 3.00 1898-99-- 2.75 1.94
5.25 3.00 1897-98__- 2.62 1.94
9.275 at the end and in the early weeks of July was even 1917-18____14.00 7.25 1906-07.__ 5.25
3.38 1896-97- -- 2.62 2.44
1916-17-- 8.00 4.25 1905-06--__ 3.81 3.37
1895-96-___ 3.06 2.44.
somewhat lower than this. The weekly average on finished 1915
-16-- 4.25 3.25
goods stood at 20.853 cents at the opening of the season and
It is an interesting and important fact that despite all of
at 18.288 at the close, while the weekly composite cotton the curtailment of production during the
1925-1926 season,
goods index was 14.805 at the opening and 12.582 at the caused first, by the severe drought
in the Carolinas and in
season.
followin
the
the
In
g table we show the Georgia during the autumn, and then
close of
again this spring and
summer by trade conditions, consumption of cotton has been
maintained at a high pace. The theory has been advanced,
however, that the increased use of low grade cotton has
naturally added a great deal to the normal waste in manufacturing and that this has been one of the elements helping to maintain the consumption figures.
As illustrating the further growth in cotton consumption
in the United States during the past season, we have compiled the following tables from the Census returns showing
the consumption of lint cotton for each month of the last
six years and also the consumption of linters for the entire
season in each of the same periods for six years. We give
the cotton growing States distinct from the rest of the country. The figures include foreign cotton, as well as American
cotton, and accordingly differ somewhat from those used in
the earlier part of this review.
COTTON CONSUMED IN COTTON-GROWING STATES-RUNNING BALES
1925.
August
September
October
November
December
January
February
March
April
May
June
July
Total
Linters
302,604
329,859
366,099
382.136
399.908
1926.
412,242
399,046
438.96
404,014
363,475
365,467
334,752
1924.*
245,779
305,255
373,339
347,823
355,262
1925.
404,868
372,560
31'1,027
399.279
359,010
337.768
327.040
1923.*
329,009
327.260
357.874
358,642
308.466
1924.
391,091
349,902
333,202
324,254
290,220
247,240
241,157
1922.*
338,588
326,591
346,095
364,331
324,412
1923.
383,959
356,098
392,169
363.477
392.585
351,181
308.262
1921.*
277.608
295,198
297.101
322,593
304.756
1922.
325,104
302.020
337,497
2s4.762
331.481
336.981
304.676
1920.*
284,311
281,101
244,552
214.122
193.385
1921.
234.944
246,925
263,336
248,676
268,492
272,784
244,843
4.497.998 4.220,010 3,858,317 4,247,748 3,729,777 2,997,471
248,070
154,483
241,402
239,946
192,527
291,108
Grand total_ 4.750.106 4 4511 AAA 4 OSO 544 4 454) 15A 23177.847 2 181 SIA4
COTTON CONSUMED IN OTHER STATES-RUNNING BALES.
1925.
August
September._
October
November
December
January
February
March
April
May
June
July
Total
Linters
146,061
153,407
177,580
160,962
175,363
1926.
170.950
168.198
196,197
171.785
153,283
153.037
126,166
1924.*
111,601
133.118
160,944
147,359
178,527
1925.
189.142
178,215
191,380
197,262
172,658
156,315
156,886
1923.•
163,474
158,405
185.386
174,060
155.323
1924.
187,377
158,775
152,638
154,329
123,747
102,781
105,942
1922.*
187.792
167.42
187.648
215,859
204,930
1923.
226,347
210.707
232.095
213,037
228,269
190,845
154.392
1921.*
189.451
189,523
197,216
205,347
206.169
1922.
201,594
170.319
182.264
148,747
163,856
172,237
153,326
1920.*
199,249
176.866
156,773
118.590
101.907
1921.
131.519
148.190
174,882
160,571
172,222
189,133
165,299
1,952,989 1,973,407 1,822,237 2,418,344 2,180.043 1,895.201
458,884
361.824
418,902
344,211
390.961
404,707
Grand total_ 2.411.873 2.392.309 2.188.445 2822 OM 2 571 n411 9 9R7 r195
COTTON CONSUMED IN WHOLE UNITED STATES-RUNNING BALES.
1925.
August
September
October
November
December
January
February
March
April
May
June
July
448,665
483,266
543,679
543,098
575,271
1926.
583,192
567,244
634.593
575,799
516,758
518,504
4C0,918
1067
THE CHRONICLE
AUG. 28 1926.]
1924.*
357.380
438,373
534,283
495.182
533.789
1925.
594.010
550.775
:83,407
596.541
531,668
494.083
483,926
1923..
492,483
485,665
543,260
532.702
463,789
1924.
578,468
508,677
485.840
478.583
413.967
350.021
347.099
1922.•
526,380
494,013
533.744
579,190
529,342
1923.
610.306
566.805
624,264
576,514
620,854
542,026
462.654
1921.•
467.059
484.718
494,317
527,940
510,925
1922.
526,698
472.336
519,761
443,509
495,337
509,218
458,002
1920.•
483,560
457,967
401,325
332.712
295.292
1921.
366.463
395,115
438.218
409,247
440,714
461.917
410,142
It will be seen that as recently as 1920-21 the South consumed 3,151,954 bales, against 2,257,025 bales by the North,
giving the former a lead of 894,929 bales. For the latest
year the consumption of the North, according to these Census figures, has risen only to 2,411,873 bales, while the consumption of the cotton growing States has mounted to
4,789,106 bales, giving them a lead of 2,377,233 bales.
Through the courtesy of the Census Office, we are again
able to present the following table, showing separately the
quantity of linters and of foreign cotton consumed in each
of the Southern States during the last two seasons in running bales:
COTTON CONSUMPTION IN SOUTHERN STATES YEARS END. JULY 31.•
American Cotton.
Lint (Bales).
Running Bales.
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton States
Total
1925-26
Foreign Cotton.
Linters (Bales). Bales.
Bales.
1924-25 1925-26 1924-25 1925-26 1924-25
104
121
493,886 429,947 7.614 7,010
1,008,719 952.568 34.938 31,618 6.636 13.756
1,374,986 1,325,194 17,320 15.833 16,747 9.600
1,075.721 1.028.727 1.829 3,839 2,245 1,070
313
164
130.299 114,889 35.638 22.179
6
121,237 110,877 58.240 41.103
264,745 229,459 135.529 118.364 2,492 3.500
4,469.5934.191.661 291.108 239.946 28.405 28.349
As supplementing what has already been said regarding
the dominance of the South in cotton manufacturing, as in
cotton raising, we add the following table showing the
number of cotton spindles in each of the leading Southern
States with the amount of cotton consumed by the mills
therein. We no longer make an independent investigation
of cotton consumption in the South, as was our practice up
to the season of 1921-22, but now adapt the Census returns
to Mr requirements. The table referred to is as follows. As
already stated, the figures beginning with the season of
1921-22, are entirely those of the Census Department; prior
to that they are the results of our own inquiry.
Number of Spindles.
Consumption.
Southern States.
Alive.
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton-growing
States
Tota1s-1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1914-15
1907-08
1902-03
1897-98
1,470,016
2.911,890
6,076,880
5,355,360
567.500
711.314
Running
in July.
1,421,296
2,751.446
5.661.676
5,206.588
516.348
694.070
Bales.
501.621
1,050.293
1.409.053
1.079,795
166.101
179,477
784.158
679,686
402.766
17,877.118
17.634.948
17,226.118
16.458.116
16,074.981
15,380,693
14,990.736
14,639.688
14.369,599
14.040,676
13.017.969
10.451.910
7.039,633
3.670.290
16,931,110
16.577.760
15.469,864
15.872.395
15.580.642
15,130,755
14,792.436
14.243.813
14.111,621
13.937.167
12,737.498
9.864.198
6,714,589
3.574.754
4,789.106
4,459.956
4,050,844
4.489.150
3,977,847
3,168.105
3.724.222
3,504,191
4.323.826
4,378,298
3.164.896
2,234,395
2,049,902
1,227,939
There has been no great change in spinning capacity
either in the North or in the South, but it is worth noting
that here also the South is slowly forging ahead while the
6.450,987 6,193,417 5,680,554 6,666,092 5.909,820 4.892.672
Total
in a small way is retrograding. On July 31 of the
658.848 • 536.738
749,992
646,109
Linters
639,033
516.'07 North
present year the number of active spindles in the North was
(1/93.1 tntal 7 28A WO 8852 985 A 917 909 7 Ito On
only 19,707,416, against 20,293,844 on July 31 1925 and 20,•Includes revisions made subsequent to the publication of the monthly figures.
577,930 on July 31 1924, while the South, on the other hand,
It will be observed that the consumption for the United now shows 17,877,118 spindles, against 17,634,948 last year
States as a whole has nearly got back again to the record and 17,226,118 two years ago. The following indicates the
spindles in the North and the South
figures reached in 1922. For the past crop year the quan- aggregate number of
separately for each of the last six annual dates:
tity was 7,200,979 bales, against 6,852,265 bales the preSpindles- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
vious crop year and 0,217,292 bales in the year before that, North
19.707,416 20 293,844 20,577,930 20,950.573 20,870,573 20,000,000
17,877,118 17,634,948 17,226,118 16.458,116 16,074.981 15,380.693
but in 1922, on the other hand, the total was 7,312,201 bales. South
37,928,792 37,804,048 37.408,689 36,945.554 35,380,693
37,584,534
Total
The feature of most importance is the almost uninterrupted
gauge by which to measure the
another
still
is
There
in
consumption
cotton
the South; the New Enggrowth of
activity of the cotton goods trade the past season.
relative
behind
far
their
lag
States
best
previous
years. The
land
We have reference to the statistics which the United States
cotton growing States on the other hand are year by year
Census publishes with great regularity once a month showenlarging their lead over the rest of the country. This lat- ing the number of spindles in place, the number active durter point is strikingly brought out in the little table we now ing the month and the aggregate number of hours during
which the spindles were employed during the month. The
subjoin:
record in this particular is set out in the following table for
COTTON CONSUMPTION NORTH AND SOUTH-LINT AND LINTERS.
each month of the last five years. It will be noted that
1925-26 1924-25 1923-24 1922-23 1921-22 1920-21
Running Bales.
there has been a marked decline in operations in recent
4,050.844
4.459,956
4.489.150
4,789.106
3,977,847 3,151.954 months, as measured by the number of active spindle hours.
South
2 411,873 2,392,309 2,166,448 2,823,051 2,571.006 2.257,025
North
For July the total was down to 6,770,297,939 hours, from
Excess of South_ _ 2,377,233 2.067,647 1.884.396 1,666,099 1.06.841 894,929 9,163,305,890 hours in March.
1068
THE CHRONICLE
COTTON-GROWING STATES.
Spinning Spindles.
In Place.
Active
End of Month. During Month.
Active
Spindle
Hours.
[VOL. 123.
ALL OTHER STATES.
Spinning Spindles.
In Place.
Active
End of Month. During Month.
Active
Spindle
Hours.
WHOLE UNITED STATES.
Spinning Spindles.
In Place.
Active
Endo,'Month. During Month.
Active
Spindle
HOWL
1921-1922.
1921-August
September
October
November
December
1922-January
February
March
April
May
June
July
15,859,712
15,877,997
15,892,013
15,922.974
15,942,218
16,018,533
16.025,890
16,037,419
16,043,032
16,047,393
16,050,840
16.074,981
14,757,822
15,272,654
15,391,979
15,489,965
15,503,716
15,631,678
15,621,269
15,532,124
15,503,563
15,518,365
15,546,977
15,580,642
3,627,302,416
3,792,438,037
3,855,725,173
4,059,364,599
3.830,693,420
4,190,496,957
3,878,261,718
4,248,606,712
3,806,051,772
4,255,671,132
4,282,316.017
4,014,184,322
20,735,520
20,739,056
20,744,512
20,765,632
20,794,963
20,815,913
20,819,003
20,820,458
20,831,277
20,829,154
20,833,911
20.870,573
18,175,933
18,591,254
18,814,200
18.938,374
18,935,426
18,809.741
18,134.090
16,340.718
15,886,132
16,122,776
16,335,565
16,471,178
3,611,911,681
3,599,695,809
3,727,858,842
3,651,838,827
3.904,059,541
3.738,277,857
3,244,719,142
3,521,134,462
2,836,088,160
3,241,062,261
3,365,494,248
3,025,360,771
36,595,232
36,617.053
36,636,525
36,688,606
36,737,181
36,834,446
36,844,893
36,857,877
36,874,309
36,876,547
36,884,751
36,945,554
32,933,755
33,863,908
34,206,179
34,428,339
34,439,142
34,441,419
33,755.359
31,872,842
31,389,695
31,641,141
31,882,542
32.051,820
7,239,214,097
7,392,133,846
7,583.584,015
7,711,203,426
7,734,752,961
7,928,774,814
7,122,980,860
7,769.741,174
6,642,139,932
7,496,733,393
7,647,810,265
7,039,545,093
1922-1923.
1922-August
September
October
November
December
1923-January
February
March
April
May
June
July
16,078,796
16,100,945
16,106,644
16,153,311
16.171,957
16.223.993
16,274,772
16,311,880
16,326,422
16,350,363
16,385,263
16.458,116
15,609,596
15,723,262
15,811,025
15,848,339
15,856,102
15.963.592
16,030,159
16,067,578
16,073,276
16,089,335
16,021,970
15,872,395
4,398,229,720
4,357,887,912
4,568,100,117
4,691,405,379
4,240,503,889
5,002,912,284
4,573,349,374
5,121,187,097
4,803,242,369
5,116,920,306
4,709,189,700
4,193,263,973
20,962,676
20,961,582
20,984,520
20,998.922
21,013,394
20,995,874
21,007,055
21,005,516
20.954,487
20,966,429
20.972,985
20,950,573
16,882,261
17,593,182
18,026,410
18,809,757
19.120,001
19,273,336
19,274,264
19,430,656
19,439.461
19,284,683
18,833.550
18,371,422
3,630.802,224
3,422,806,888
3,711,316,430
4,037,073,140
3,995.353,413
4,271,227.264
3,876,209,321
4,414,483,069
3,977,136.408
4.185,894,651
3,682,069.903
2,950,536,617
37,041,472
37,062,527
37,091,164
37,152,233
37,185,351
37,219,867
37,281,827
37,317,396
37,280,909
37,316,792
37,358,248
37,408,689
32,491,857
33,316,444
33,837,435
34,658,096
34.976.103
35,236,928
35,304,423
35,498,234
35,512,737
35,374,018
34,855,520
34.243.817
8,029,031,944
7,780,694,800
8,279,416,547
8,728,478,519
8,235,857,302
9,274,139.548
8,449,558,695.
9,535,670,166.
8,780.378,777
9,302,814,957
8,391,259,603
7,143.800.590
1923-1924
1923-August
September
October
November
December
1924-January
February
March
April
May
June
July
16,471426
16,533,760
16,619,138
16,687,216
16,734,332
16,803,700
16,846,542
16.922,768
17,019,124
17,072,058
17,129,120
17,226,118
15,863,174
16,009,196
16.043,318
16.164,912
16,258,108
16,342,508
16,298,424
16,181,926
16,109,218
15,773,684
15,593,242
15.469,864
4,456,159,678
4,409,612,099
4,838,758,068
4,653,584,790
4,071,199,038
5,024.068,904
4,223,105,203
4,315,537,290
4,136,631,416
3,743,338,688
3,400,515,954
3,326,046,554
20,939,362
20,923,208
20,904,998
20,888.882
20,885,992
20,919,668
20,878,790
20,821,190
20,743,982
20.713,356
20.683,044
20,577,930
17,841,656
17,921,752
18.292,612
17,958,820
17,791,744
16.937,418
16,412,198
16,190,052
15,754,236
14,710,368
13,626,242
13,328,890
3,087,006,753
3,096,515,364
3,568,384,993
3,368,403,441
3,081,035,413
3,322,670,459
2,876,668,213
2,755,957.564
2.639,191.693
2,165.100.312
1.943,755,086
1,856,447.064
37,410,388
37,456.968
37,524,136
37,576,098
37,620,324
37,723.368
37,725,332
37,743,958
37,763,106
37,785,414
37,812,164
37.804,048
33,704,830
33,930.948
34,335,930
34,123,732
34,049.852
33.279,926
32,710,622
32,371,978
31,863,454
30,484,052
29,219,484
28,798,754
7,543,166,431
7,506,127,463
8,407.143,061
8,021,988,231
7,152,234,451
8,346.739,363
7.099,773 416.
7,071,494,954
6,775,823,019
5,908,438,000
5,344,271,040
5,182,493,618
17,238,176
17,292,194
17,296,496
17,299,084
17.358,138
17,396,394
17,421,466
17.429,278
17,461,172
17,495,584
17,520,574
17,634,948
15.291,114
15,990,678
16,470,946
16,691.304
16,780,264
16,950,516
16.990,842
16,917,166
16.959,942
16,864,058
16,760,756
16,577,760
3,355,675,020
4,087,220,552
4,858,259,078
4,561,827,959
4,623,100.481
5,260,626,243
4,786,824,859
5,187,082.773
5,129,572,735
4,832,480,926
4,725,126,122
4,504,269,940
20.630,792
20,609,150
20.609,734
20,599,974
20,581.634
20,529,304
20,469,110
20,375.844
20,347,728
20.346,880
20,322,634
20.293,844
13,719,516
14,163,328
14,694,088
15,166,784
15,940.304
16.370.042
16,367,956
16.299.996
16,449,994
16,272,868
15,526,808
15,159,586
2.078.761,261
2.384.570,996
2,796,950,776
2,581,486,143
3,217.915.783
3,293,364,652
3,105.782,804
3,427,464,648
3,390,472,039
3,099,350.921
2,961,149,542
2,805,279,064
37,868,968
37,901,344
37,906,230
37,899,058
37,939,772
37.925,698
37,890,576
37,805,122
37.808,900
37,842,464
37,843,208
37,928,792
29,010.630
30,154,006
31.165,034
31.858,088
32,720.568
33,320,558
33.358,798
33,217,162
33,409.938
33,136,926
32,287,564
31,737.346
5,434,436,281
6,471,791,548
7,655,209,854
7,143,314,102
7,841.016,264
8,553,990,895
7,892,607,663
8.614,547,421
8,520,044,774
7,931,831,847
7,686,275,664
7,309,549,004
17,633,010
17,659,356
17,706,506
17.723,356
17,751,376
17,755,688
17,780,302
17,842,104
17,855,458
17,847,586
17.864.844
17.877,118
16,479,272
16,653,624
16,890,532
17,107,692
17,191,442
17,176,666
17,221.236
17,266.762
17,251,220
17,048.474
17.007.458
16.931,110
4,297,033,825
4,388,209,080
4,770,283,192
4,883,505,651
5,097,347,827
5,291.505,547
5.049,579,611
5,636,087,198
5,226,572,739
4,667,461.847
4.781.456.006
4,445.543,798
20,189,030
20,205,556
20,198,824
20,196,002
20,134,112
20,088,156
20,097,074
20,016,042
19,870.286
19.852,550
19.820,836
19,707,416
14,790,502
14,898,006
15,534.674
15,784,632
15,809,432
15,626,490
15,797,730
15,966,620
15,641,822
15,218,936
14.763.442
14.151,372
2,657,410,024
2,714,220,900
3.191,387,727
2,950,286,962
3,174.228,660
3,067,308.073
3,043,965,357
3,527.218,692
3,121,239,208
2,838,434.368
2.824.667.254
2,324,754,141
37,822,040
37,864,912
37,905,330
37,919,358
37,885,488
37.843,844
37.877,376
37,858,146
37,725,744
37,700,136
37.694680
37.584.534
31,269,774
31.551,530
32,425,206
32,892,324
33,000.874
32,803,156
33,028,966
33,233,382
32.893,042
32,267.410
31.770.900
31,082,482
6,954.443,849
7,102,429,980
7,961,670,919
7,833,792,613
8,271,576,487
8.358,813,620
8.093.544,968
9,163,305,890
8,347,811,947
7,505.896,215
7,6°6,123.260
6.770,297,939*
1924-1925.
1924-August_
September_
October_ _
November_
December _
1925-January__
February_ _
March
AprIL
May
June
July
_ __
---_ ---
1925-1926.
1925-August_
September_
October_
_
November_ ---December 1926-January.......
February _ - ---March
April..........
May
June
July
Carry-over of Cotton Fast Increasing.
Under the increase in the size of the past season's crop,
stocks of cotton are again rapidly rising-not so much at
the ports as at the interior towns, in warehouse and storage,
and at the mills. The so-called "carry-over" is therefore
again reaching comfortable proportions. In the following
table we undertake to indicate the entire world's carry-over
of American cotton, so far as figures are now available, both
of lint cotton and linters, at the close of each of the last five
seasons.
CARRY-OVER OF AMERICAN COTTON AT END OF SEASON.
Lint-
1926.
1925.
1924.
1923.
1922.
In U.S. consuming establIshmls 1,010,044 786,631 638,050 981,143 1.127,147
In U. S. public storage, &c
1,893,979 487,228 641,289 867,842 1,412,815
At Liverpool
483,000 314,000 168,000 143,000 473,000
At Manchester
58,000
74,000
32,000
24,000
45,000
At Continental ports
272,000 249,000 194,000 111,000 442,000
Afloat for Europe
137,000 143,000 142,000 109,000 171,000
MIlLs other than in U.8 •
1,100,000 1,000,000 815,000 750,000 1,200,000
Japan & China ports afloat*
250,000 300,000 200,000 250,000 300,000
Elsewhere in United States_a
510,000 230,000 160,000
60,000 125,000
Total lint cotton
5,730,023 3,567.859 2,990,339 3,295,985 5,295,962
LintersIn IJ. S.consuming establistun'ts 144,347 128,916 100,632
127,139 138,523
In U. S. public storage, &a
53,548
28,698
54,026
35,876
54,587
Elsewhere in United States
100,000 •100,000 •100.000 *150,000 *150,000
Total linters
297,895 257,614 254.658 313,015 343,110
Grand total
6 027 DIR 1 525 472 5244 027 2 Ana non A azo 079
a As estimated by United States Census
Estimated.
It will be seen from the foregoing that during the
past
two years the carry-over has increased from 3,244,997 bales
to 6,027,918 bales. The situation, however, is by no means
parallel to that of five years ago, for on July 31 1921 the
carry-over was no less than 10,021,799 bales.
EUROPE.-In looking back over the past twelve months
the period must be considered a disappointing one as regards
developments in the cotton industry in most European countries. Conditions have not taken the favorable turn which
was expected, and progress has again been held back by unsettling political events and pronounced irregularity in
rates of exchange. Owing to the failure of business to
expand the consumption of raw cotton has fallen below
expectations. It is evident the countries of Europe have
not yet recovered from the influences
of the Great War,
and stable conditions are not yet in sight.
One of the chief
drawbacks continues to be the uncertain financial situation, and merchants and traders of all kinds have been
hampered by the money stringency. A notable event has
been the weakness of the franc, but the cotton industry in
France has been generally prosperous owing to the healthy
home demand.
Great Britain.-It is discouraging to have to record
another year of depression in the English cotton industry.
Twelve months ago there were indications of a revival of
demand with an expectation of spinners and manufacturers being able to run their machinery
full time. The opinion was expressed that dealers in foreign outlets had allowed stocks of manufactured goods to be reduced, and that
the replenishment of supplies was absolutely necessary.
Now and again fair buying periods have
been experienced,
but these have been of comparatively short duration, and on
no occasion has the business done been sufficient
to
strengthen the position of producers. Buyers, therefore,
have been able to secure goods at cost or below, and the
Industry as a whole has been run on an unremunerative
basis. Naturally, the state of trade has commanded the
attention of all concerned, and numerous proposals have
been put forward which have been calculated to bring
relief. So far, however, no scheme has been acceptable to
the majority of spinners and manufacturers, and individual
firms have had to do their best under the trying conditions.
Towards the end of 1925 there was an agitation for the
industry to adopt a scheme by Mr. J. W. Platt, a director of
several companies, for the control and the sectionalization
of the spinning mills using American cotton. It was proposed that this branch of the industry should be divided
into four or five sections, according to the counts spun.
The committee in charge of the scheme would decide from
time to time the production necessary in each section. Arrangements were to be made for the creation of a fund to
compensate the operatives for loss of employment. For the
AUG. 28 1926.]
THE CHRONICLE
1069
proposals to be a success it was necessary to secure the unsatisfactory trade conditions in most parts of the world1.
unanimous support of all employers, and also the consent the consumption of raw material this season has not come
of the trade unions, as one of the vital points of the scheme up to expectations, with the result that the carry-over will"
was that if certain firms would not fall into- line and cur- be larger than at one time expected. There is a possibility
tail output on the scale recommended, it would be necessary of another substantial growth in the United States for
for the trade unions to withdraw labor from such mills. 1926-27, and in the circumstances distributers of manufac.
At one point in the negotiations there seemed to be a prob- tured goods are nervous as to the future level of values. It .
ability of the scheme being put into operation, but ulti- is agreed, however, there is every likelihood of a bigger
mately, at a joint conference between the employers and turn-over in Lancashire goods immediately merchants and
the leaders of the work people, there was pronounced dis- dealers are convinced that prices are safe.
Trading in piece goods throughout the past twelve
agreement, and it was decided that no further action should
be taken. A few months ago the Master Spinners' Federa- months has been on a disappointing scale. Only on rare
tion had a conference with the trade union officials, when occasions have buyers been prepared to place orders of
a strong statement was presented by the employers giving weight with manufacturers and for the most part merreasons why organized short time was necessary. As a chants have been inclined to limit their commitments as
result of a further joint meeting, it was decided to form a much as possible. This unsatisfactory state of affairs ha
small committee of employers and trade union officials been very largely due to the fact that prices have fallen
for the purpose of an inquiry into the trade depression, steadily and, as is usual in a falling market, distributer%
and to make recommendations for the betterment of the of goods have been afraid to act with freedom. It has been
industry. Several meetings have been held, but at the a very trying period for merchants and dealers, as goods
time of writing no report has been published. Quite re- when ready for distribution have been dear. In all weavl
cently the Master Spinners' Federation has had under con- ing districts production has been very irregular, and at
sideration the establishment of basic prices for American no time during the year has it been possible to run all the
yarns. Rather more than three years ago an attempt was looms at full speed.
The depression has been most acute in the branches demade to formulate proposals of this character, but the
movement was not a success and had to be abandoned. The voted to standard goods of the "bread and butter" type, and
new scheme, however, has met with better support. De- in such descriptions it has been quite impossible for makers
tails of the basis for prices have been published, and as a to secure sufficient contracts to keep machinery busy. Lan
• result of a ballot, the owners of about 94% of the spindles cashire firms continue to meet with more competition from
engaged on American cotton have promised not to sell at foreign countries, especially in common cloths, and more
less than the prices issued by the Federation. Owing to the manufacturers have endeavored to turn their machinery on
coal strike and the disorganization of production, it has to other styles Of goods. Taking the year as a whole, a
been decided not to proceed with the matter just at pres- fair amount of activity has shown itself in fancy fabricg
ent. A serious disability under which spinners and manu- and the finer makes of cloth, and many producers of spe,
facturers have endeavored to carry on their work has been cialties have not much to complain about.
Practically all foreign outlets have been affected in their
the strike of the coal miners at the end of April against
the
the claim of
employers for lower wages and longer activities by the unsettled feeling with regard to political
hours. In view of the fact that the output of coal has been and industrial matters. It must be remembered that Lan,
stopped for three months, it is surprising that the produc- cashire depends upon foreign trade to take off about 75%
tion of yarn and cloth has not been affected to a larger of her output, and when the world is in a disturbed state
extent. Stocks of fuel, when the dispute began, were sub- export trade is bound to be checked. Although India has
stantial, and employers were warned early in the year to not provided a big turnover, the general inquiry from month
be prepared for a stoppage. Supplies of foreign coal have to month has been persistent. Towards the end of 1925
also been fairly considerable, but the price required has there was an Increasing demand in light fabrics of various
been a stumbling block, and numerous firms cannot afford kinds, and the business done enabled producers, especially
to pay the rates quoted in view of the unprofitable prices of dhooties, to extend their engagements. On the other
offered for goods. The general strike at the beginning of hand, gray shirtings have not attracted any general atten,
May of the workers in all the vital industries was a shock tion, and producers are still in urgent need of relief. Alfor trade generally. During the ten days of this upheaval though India has her troubles, from a trade point of view
the disorganization of commerce was complete, but the the outlook in that important market may be considered
troublesome times were got through with very few caws healthy, The monsoon season began rather badly, and in
of violence, and the country as a whole may be congratu- the early part of June the rainfall was deficient. A little
lated upon the manner in which the emergency was dealt later, however, a recovery wds experienced, and the proswith. Thousands of voluntary workers were able to main- pects are distinctly brighter, there being every likelihood
tain skeleton services of transport, but it was certainly a of good grain crops. The competition of Japanese goods
In India is very severe, and the Indian Government has.
relief when the trade unions called the strike off.
In connection with the efforts that are being made in just appointed a Tariff Board to consider the representaLancashire to cope with the depression, a number of mill tions of the Bombay Mill Owners' Association on the quesdirectors have recently held meetings to see if something tion of some form of protection. It may be said that Japancould be done to improve the position of spinners. Provid- ese competition in India affects the local mill owners much
ing sufficient support Is available, it has been decided to more than Lancashire manufacturers. The unsettled conform a company to be called the American Yarn Associa- ditions in China have again had an adverse effect upon
tion, Ltd., the idea being for the members to combine to trade. The auction sales in Shanghai were re-started some
establish profitable prices for American yarns. It is pro- months ago, and fair clearances have taken place. The
posed that all yarns should be graded by experts and mini- prices secured, however, have not been equal to replace,
mum prices fixed. The scheme provides for severe penal- ment costs. Trading throughout the Far East is rendered
ties for those companies that sell at less than the figures difficult by the dangers of brigandage, and dealers in
agreed upon. It can scarcely be said that this scheme has Shanghai are afraid to send supplies to the up-country dis-•
so far been received with much enthusiasm and there is a tricts. Very unsatisfactory conditions have prevailed in.
possibility of it failing as a result of jealousy and dis- Hong Kong, and business for that part of the world has been
trust between the directors of the several groups of mills. practically at a standstill. For Java, Singapore and the
At the time of writing no decision has been reached, and Straits Settlements, demand has not been on a large scale,.
It is doubtful whether adequate support will be forthcoming but a fair amount of business has been done, the bulk of
to warrant the promoters to proceed with the matter.
the buying having been in bleaching cloths. During the
Probably one of the chief reasons for the absence of a latter part of 1925 trade was active for Egypt and the out-:
bigger trade in yarn and piece goods during the year has lets of the Near East, and manufacturers welcomed the
been the tendency of prices to fall. The downward move- considerable business done. It is now realized, howeverk
ment in values has been very discouraging to buyers. On that there was over-trading, and those niarkets have be-.
each occasion when merchants have taken a view of the come over-supplied, with the result that during the last
market and acted with some freedom, such a development few months demand has been flat. Disappointment has
has been followed by easier rates, and the goods bought been expressed at the failure of demand to broaden for
have looked dear. The big American crop for this season South America, but an improvement has shown itself in.
has been a surprise to many people and rates, of course, the orders booked for the markets of West and North.
are now lower than for nearly five years bar. Owing to Africa. For some time now trade with the Continent has.
1070
THE CHRONICLE
been upset by the abnormal rates of exchange, and there is
no probability of increased activity until financial conditions are more stable. Business for the United States has
again been irregular. The fall in values has been unfortunate for those buyers who placed fairly substantial orders
some time ago. On the whole, however, producers of poplins and other fine fabrics have done fairly well.
The year as a whole may be described as encouraging
so far as the home trade is concerned. The purchasing
power of the public has, of course, been affected by the
general trade depression, but compared with many years
ago the payments under the unemployment scheme make a
great difference to shop-keepers. So far this summer the
conditions have been favorable to healthy clearances in
light fancy materials. The wholesale houses to some extent have been affected by depreciation in the value of
stocks, but for some little time supplies in the hands of
distributers have been comparatively low. Given a settlement of the coal dispute, there is every expectation of
healthy trade this autumn.
Very few manufacturers have been able to run all their
machinery at full stretch during the year. There have been
more cases of weaving sheds closing down for an indefinite
period. Then large numbers of looms have had to stand
idle for want of orders. Production up to the beginning of
the coal strike was about 80% of the full capacity of the
machinery, but since the beginning of May there has been
a tendency towards greater curtailment, and at the moment
the output is not more than 65% of the full. Individual
firms have made their own arrangements as to the hours
worked, there being no scheme of organized restriction of
output.
The following table gives particulars of British foreign
trade in yarn and cloth for the twelve months ended June
30:
[VoL. 123.
Comparedwith the previous year, the experience of spinners of Egyptian cotton has not been so satisfactory. Trade
has been hampered by the wide fluctuations in raw material rates. The general demand for Egyptian yarns, however, has been much better than in the American section,
and apart from the effects of the coal strike, the mills have
worked practically full time. Early in June it was decided
that spinners in Bolton and district (where Egyptian yarns
are chiefly spun) should restrict their fuel consumption to
75% of normal.
Business in shipping yarns has not been at all encouraging. On no occasion has there been any imortant buying
movement. India has provided a very fair turnover in
fine counts, but there is more evidence than ever for believing that our trade In coarse and medium numbers has
been lost. Operations for European countries have been
very patchy, and the financial position in Germany has been
rather unfortunate for some spinners. The abnormal situation with regard to the franc has rendered business with
France very difficult. Now and again demand has been
fairly active in extra herds for the Near East.
The cotton mill share markets in Oldham and Manchester during the year have passed through a very trying
period. Owing to the continued trade depression prices
for mill shares have been weak, and there has been much
irregularity in quotations. A development of importance
has been that many more companies have had to call up
unpaid capital, and quite a number of firms have had to
apply to the courts for the approval of special schemes of
arrangement. As an indication of the state of trade it may
be mentioned that 30 spinning companies which have a total
paid-up share capital of £4,883,433 paid an average dividend
for the six months ended June last at the rate of 3.92% per
annum, against a distribution of 4.86% in December and
5.25% in June 1925.
BRITISH EXPORTS.
Employers and trade union officials may be congratu1925-26.
1924-25.
1923-24.
1922-23.
Yarn, pounds
180.622.200 172,420.800 162,280,400 165,137.4e0 lated upon the fact that throughout the past year there
Cloth, square yards
4 189,690,400 4,504,804,200 4,258,447,800 4,437,184,900
In dealing with the spinning section of the cotton trade has been no serious labor dispute. Minor difficulties have
in Great Britain some allowance must be made for the dif- arisen from time to time, but conciliatory methods have
ference in the conditions in the two branches of American been adopted and there has been no danger of any Indusand Egyptian yarns. The depression in the mills using trial upheaval. There has been no attempt on the part
American cotton has continued acute and producers have of either the employers or the trade union officials to bring
not been able to obtain any relief whatever. The financial about a reduction or an advance in the standard rates of
position of numerous companies is distinctly worse than a wages. Current wages remain at 95% above the lists and
year ago. More concerns have had to consult with their 90% higher than in July 1914. Owing to the large amount
shareholders and creditors for the purpose of considering of short time and irregular production, the operatives have
schemes of reorganization. A year ago the factories pro- suffered, but they have derived benefit from the Governducing yarns made from American cotton were working ment unemployment scheme.
Owing to the fall in prices for American cotton, there
393 hours per week in accordance with the recommendation of the Masters' Federation; the full working week be- has been a little anxiety as to the future of some of the
ing, of course, 48 hours. Owing to trade becoming worse, cotton growing projects in different parts of the British
the Federation in November 1925 recommended the mem- Empire, but the British Cotton Growing Association and
the Empire Cotton Growing Corporation continue their
bers to reduce production to 35 hours per week, but the
work, and in several directions excellent progress is being
proposal was rejected. Conditions remained very bad and
made. Lancashire spinners would like to see a bigger proearly in 1926 the Federation recommended spinners to curduction of cotton from Empire sources, and it must be said
tail output to a greater extent by running the factories only
that progress in many countries is still slow. An item of im30% hours per week. No ballot on this proposal was taken
portance is that last September the Liverpool market started
and the recommendation was not very fully observed, it
dealings in a new Futures Contract for Empire and Misbeing estimated that on the average the mills were workcellaneous Growths. Dealings have not so far been very
ing about 34 hours per week. In March last there was
extensive, but this development should encourage trade in
some surprise when The Federation recommended an inEmpire cotton. A successful .movement is now showing
crease in working hours from 30% hours to 35 per week, as
itself in India with regard to a bigger output of the finer
the trade situation did not warrant a larger output. It
grades, and according to recent experiments, there is every
:was understood, however, that this proposal was put forlikelihood in the near future of India producing a larger
ward with the idea of bringing all members into line, as
quantity of the finer qualities. In different parts of Africa
for several weeks spinners had been running more than 30%
the cotton growing schemes are being pressed forward, and
hours. The new schedule came into operation early in
there is hopeful expectation of important developments in
April. There was no improvement in trade and at the
the Sudan during the next few years. Quite good progress
beginning of May all the mills closed down for a full week,
continues to be made in Nigeria. All possible help is being
this stoppage coming at the time of the general strike. As
given by Lancashire to farmers in Australia, and it is exa result of the limited output, prices stiffened somewhat.
pected that increasing quantities of cotton will be received
strike
began, much uncertainty existed as to
When the coal
in England at an early date.
when the factories would have to close down indefinitely,
The number of spinning spindles in Great Britain is now
but the mills have kept runnivo. to an extent which was
estimated at 57,400,000.
scarcely expected. In order to meet the requirements of
The consumption of American cotton during the coming
the Coal Controller, the mills since early in June have season is
estimated at 2,500,000 bales.
restricted output to 50% of the full capacity of the machinery. In this regard the Federation recommended that
European Continent.—Production of cotton yarn and
the factories should run alternate weeks, but this sugges- cloth in most European countries has been irregular. On
tion has not been carried out very loyally. It may be said, certain occasions considerable activity has prevailed, but
however, that during the last couple of months the buying movements as a rule have been of short duration.
teverage production has been, if anything, rather less All traders have experienced very unsettled conditions, and
on the whole there has been a lack of stability. The chief
than 50%.
AUG. 28 1926.1
THE CHRONICLE
1071
„Although no organized short
hindrance to progress has been the uncertainty with regard ated from hand to mouth.
time movement has been in operation many spindles are
to finance and foreign exchange rates.
running only 40 hours per week.
Towards the end of 1925 business in Germany was brisk stopped, and some mills are
have also prevailed in the weavand the mills were well provided with work. During the Unsatisfactory conditions
been quite impossible for manufacturlast few months demand has fallen off, and a number of ing branch. It has
rates. The spinning spinremunerative
at
cloth
sell
to
ers
factories have had to close down. Spinners are now reported to hold very large stocks of yarn. In the circum- dles are estimated at 1,529,000.
In Denmark business has been generally slow and there
stances the prices ruling are very poor, and the rates being
obtained in certain directions do not cover more than the are loud complaints from all engaged in the industry. Spincost of cotton. For some time the weaving sheds have been ning spindles are estimated at 94,000.
Spinners in Norway,have reported an inadequate demand,
working only three days a week. Spinning spindles are
and owing to the limited trade done, producers have had to
estimated at 10,300,000.
For France it has been a year of prosperity. The spin- accept unprofitable prices for most of the year. Spinning
ning mills and weaving sheds have worked full time. In spindles are estimated at 58,000.
It is still difficult to obtain complete reports as to condisome districts cases have been mentioned of machinery being stopped due to the scarcity of labor. Production, how- tions in Russia, but during the year much progress has unever, Is not so large as before the war. Stocks of yarn and doubtedly been made. More spindles have got to work, and
cloth are very low. There is some nervousness as to the on the whole the production has been well taken off. Spinfuture in view of the uncertainty as to the value of the ning spindles are estimated at 7,246,000, but of these only
• about 5,000,000 are being worked.
franc. Spinning spindles are estimated at 9,446,000.
Advices from Holland have not been favorable. It is not
We are indebted to a special and well-informed European
possible to give any comparative figures as to profits, as
for the foregoing review of the spinning
correspondent
mills
and
weaving sheds are owned
most of the spinning
Great Britain and on the Continent in 1925-26.
in
industry
by private firms. Production remains very irregular, and
in conjunction with our remarks on the situation in
It has not been possible for producers to sell and deliver the Taken
States, presented further above, it covers quite
United
the
full output of the machinery. Spinning spindles are estiof the world that take chief rank in cot- •
countries
the
fully
•
mated at 853,000.
manufacturing.
ton
According to reports from Belgium, the mills during the
year have worked full time. In some districts attempts
We now add a brief summary by months of the course of
have been made to work two shifts, but the work people are the Manchester goods market during the season closing
against it, and it is not thought desirable to press this sys- with July 31 1926, and also of the Liverpool cotton market
tem. The general demand from month to month has been in the same form for the same period. In preparing these
encouraging, and spinners have not experienced much dif- summaries, we have drawn very largely upon the monthly
ficulty in securing fairly remunerative prices. The weav- reviews published by the "Manchester Guardian," and the
ing sheds have also worked full time, but conditions are details will, we think, prove an interesting and serviceable
not quite so healthy as six months ago. Prices are inflated, record for reference.
and there are fears that the prosperity will not last. SpinAUGUST.—Manchester.—Indla sent numerous inquiries
ning spindles are estimated at 1,830,000.
especially dhooties, and plaeed orders when
Conditions in Austria and Czechoslovakia have not been for light goods,
do business at low prices. Shirtings were
to
possible
was
it
and
the
position
of
spinners and manuat all satisfactory,
but a moderate trade was done in them
demand,
much
in
not
facturers is much worse than a year ago. During the latA decline in cotton in the second week of the
recently.
more
well
activity
was
1925
but
maintained,
of
since
ter part
discouraged buyers to some extent, but a partial
then business has fallen off to a marked extent. No organ- month
place in the third week. The mid-monthly
ized short time is in operation, but production in spinning recovery took
report, however, combined with genBureau
States
United
are
full.
There
no signs of any
Is only about 70% of the
reports, started a moderate decline
Immediate change for the better, and conditions can only erally good weather
Saturday, Aug. 29, middling on the spot at
be described as irregular and uncertain. Spinning spindles again, and on
down to 12.51d. per pound, with September
was
Liverpool
are estimated at 4,550,000.
and all later months except May below a
Many complaints have been received during the year futures at 12.05d.
regard to the uncertainty as to future
Having
shilling.
from spinners in Hungary, and the prices ruling for yarn
Manchester trade became quiet. China, which ID
and cloth have been very poor indeed. Profits have been values,
circumstances is Lancashire's second best customer,
adversely affected by over-production. Spinning spindles normal
orders to Manchester this month, but the country
more
sent
are estimated at 100,000.
unsettled to permit a large trade being done.
too
still
was
for
year
spinners
unsatisfactory
in
an
been
Italy.
It has
by the Russian Government early in the
sent
delegation
A
Export trade has fallen off and there has been a reduction
orders for yarn and cloth which were rein the demand from the home trade. On the whole the month placed
time to be large, but Blackburn and Burnley
weaving section has done better than spinning. Producers ported at the
have derived much benefit from them.
are hampered by large stocks of yarn. A few weeks ago do not appear to
18 of its mills closed and about 2,400
had
town
former
The
joint
action
and
take
close
to
decided
their facspinners
Employment Exchange register. The
the
on
were
operatives
tories one day per week. Latest advices, however, report
worksof the Lancashire textile
some improvement in business. Spinning spindles are esti- Russian delegation visited the
orders would be given out
large
that
stated
machinists
and
mated at 4,750,000.
Trade in Portugal has been very adversely affected by later if credit terms whieh satisfied them could be arranged.
all that they talked of as
the revolution. For some time business in cotton goods has They gave some orders, but not
been at a standstill, with irregular production in the mills. probable. Yarn and cloth business for various parts of the
most distant markets and for South America, the Continent
Spinning spindles are estimated at 503,000.
Egypt were moderately active, but prices were not good.
and
It has been an unfavorable year for spinners and manufacturers in Spain. For some time the mills have had to The Egyptian cotton section of the trade appeared to do a
work short time, although no organized scheme has been little better, some firms at any rate having booked fairly
in force. The demand has not been sufficient to meet the large orders for medium to coarse counts which left a small
requirements of producers, and in the circumstances the margin of profit. Spinners of finer counts, however, in
prices ruling have been very poor. Spinning spindles are many cases either had to reduce the working hours at the
mills or to put part of the output into stock. The weaving
estimated at 1,813,000.
Sweden
as
from
to
trade
Advices
during the past year branch continued depressed, and seemed likely to remain
crop came forward and the discount
have not been at all healthy. Spinners have felt rather so until Egypt's new
severely the competition of adjacent countries which have on futures disappeared. The Bolton Master Spinners' Assoat a meeting on Aug. 21 decisively rejected a suga depreciated currency. The prices secured have given no ciation,
satisfaction and in an irregular way a good deal of short gestion which had been made that organized short time
desirable. The month closed with fully good fair
time has been necessary. Depression has also existed in would be
Sakellaridis on the spot at Liverpool quoted 28.65d. per
the weaving section. Spinning spindles are estimated at
pound, as against 32.45d. at the end of July.
560,000.
SEPTEMBER.—Manchester.--This was not a wholly disThe spinning trade in Switzerland has been very bad,
and for most of the year yarn has been sold at below cost appointing month for the cotton trade, though salesmen did
price. Demand has continued slack, and buyers have oper- not do as well as they had hoped to do, either in the velum,
1072
THE CHRONICLE
122.
of their transactions or in the prices obtained. A statement largely increased before long. The number
of British spinWhich the Secretary of the Federation of Master Spinners' dles engaged on Egyptian cotton July 31
1926, according to
Associations made for publication the latter part of the the International Federation, was 18,438,000. At the
beginmonth attracted some attention. The Federation's Short- ning of 1923 it was 15,029,975 and a year later 20,174,000.
time Organization Committee had just met and examined Hence five million spindles were turned
over from American
the weekly statistics of production, sales, and deliveries to Egyptian cotton when the fine spinning
trade was doing
which members using American cotton had supplied. From much better than the coarser section, but
1,736,000 of them
these figures and from their own experience in the market went back again—over a million in 1925.
An important
the committee (the Secretary said) had formed, and ex- item of news during the month was that the
British Govpressed, a definite opinion "that a display of greater firm- ernment had decided, in principle, to guarantee
railway
ness on the part of spinners when quoting prices for yarn and port loans, etc., to East Africa, in
order to provide the
would result in more remunerative margins than were then necessary facilities for the transport of cotton,
which seems
being obtained." That was taken to mean that the annual likely to reach large dimensions a few
years hence.
holidays, with another week added, and the usual short-time
NOVEMBER.—Monch,ester.—The Federation's Shortworking had kept stocks down to manageable dimensions Time
Organization Committee came to the conclusion that
and that cloth buyers must be so short of supplies that they
yarn production was in excess of demand, and on Nov. 13 a
might be expected to pay more, proportionately to the price
circular was issued recommending members generally, in
of the raw material, than they had done for a considerable the
American Cotton Section, to reduce the working hours
time. The market generally took that view, and some pro- at
their mills in December and January from 39/
1
4 (which
ducers secured slightly better margins. Middling upland
had prevailed since July) to 35 per week. A ballot was
spot cotton in Liverpool was dawn to 12.10d. Sept. 1, but the
arranged, and the reception of voting papers was closed
tendency of prices thereafter was upward and when the
Nov. 26. In ordinary cases a short-time recommendation is
United States Bureau report for Sept. 1 came out (on Sept.
considered carried if, in a ballot, it is supported, as the
8) the upward movement received a further impetus, which
rules require it should be, by the owners of 80%
was further strengthened by private reports that the Ameriof the spindles in the section, but on this occasion
can crop had deteriorated considerably since the end of
the committee said they. could not regard 80% as suffiAugust, through drought and heat. The result was that cient.
The result of the voting was: For the reduction to
middling on the spot was up to 13.63d. on the 17th, and was 35
hours 73.47%, against it 20.87%, no replies, 5.64%. The
13.46d. on the 23d, when the mid-monthly report was issued. proposal
was therefore dropped, but the committee took
The United States Census ginnings, however, up to Sept. 15 the
opportunity of urging that the restriction to 39/
1
4 hours
were officially reported to have reached the "record" total per week
should be continued. The failure of the committee
for that period of 4,276,000 bales. The effect was that to
get the support they asked for appeared to be mainly
prices dropped back again and Sept. 30 were only about due
to a feeling that a more settled state of things might
half a penny higher than on Sept. 1. Early in the month arise
shortly, and that the trade should not be further
It was announced that Australia had suddenly imposed a
hampered by restrictions if events take a more favorable
heavy tariff on cotton tweeds, on the ground that they comturn in the ensuing weeks. Prices of Egyptian cotton tumpete with the coarser kinds of woolen cloth, which the Com- bled
still further, fully good fair Sakellaridis on the spot at
monwealth hopes to produce in increasing quantities. The
Liverpool having fallen 5%d. per pound in October, and a
Matter was not important to Lancashire trade as a whole,
little over 2d. in the first three weeks of November, bringbut a few Manchester firms who had specialized in cotton ing
it 10d. below the best quotation in January last. Twenty
tweeds for Australia were badly hit, their customers havpoints were recovered on the 23d, but 45 were later lost again.
ing immediately canceled nearly all the contracts. On the
Arrangements were made for giving British exporters of
Other hand, the trade received the welcome news that the
coarse yarns to Germany similar tariff privileges to those
German import license would be abolished Oct. 1, as far as which
were previously granted to Belgians. This was
cotton goods are concerned. An increased tariff came into claimed
under the most favored nation clause of the Angloforce at the same time, but this was not as injurious to German
Commercial Treaty, and the principle was at once
trade as the import licenses were, the latter, in practice, admitted.
The concession is limited to 1,500 metric tons
t!eing almost prohibitive as regards finished goods. Nearly (over
3,000,000 pounds) per annum and the yarn must be
all the mill operatives in Bombay were on strike against a of a
lower count than 47's.
reduction of wages, but this did not result in many orders
DECEMBER.—
Manchester.—The calendar year 1925 was
being placed in Manchester, as the mills had heavy stocks
a disappointing one to the cotton goods trade, and never
of goods on hand, and were able to meet their customers'
more so than at its close. Falling values acted as a deterrequirements. Reports from the British manufacturing
rent on purchases, and yarn and cloth buyers felt it was undistricts were generally unsatisfactory. Blackburn had
safe to go beyond filling their immediate requirements.
nearly 4,000 cotton operatives out of work and Burnley
The only important exception to this state of things was
stated that some of its firms had only booked orders in one
in the dhootie trade for India, in which East Lancashire
of the weeks for about one-tenth of the amount they were
took the lead. Orders for these goods were uncommonly
capable of producing. The fine spinning trade was also in
numerous in the closing months of the year, and most, if
a bad way.
not all, makers were booked up for two or three months
OCTOBER.—Manchester.—An intermittent revival of In- ahead. The complaints of bad trade and unremunerative
dian demand improved the position, of the East Lancashire prices came mostly from the spinners, but manufacturers
section of the cotton trade during this month, but the im- also felt the pinch. The year opened with middling Ameriprovement did not extend much beyond that. India placed can cotton on the spot at Liverpool at about 131hd. per
many substantial orders for dhooties and many makers pound. In December the price got down as low as 9.71d.,
were now unable to offer anything earlier than January- and it closed Dec. 31 at 10.27d. Egyptian cotton, which is
February delivery. Calcutta did an increased though not a used in the fine-spinning section, changed in value much
particularly important trade in shirtings, and other regular more than American. Rises or falls of 1d. to 1/
1
4d. per
lines were in moderate request for India. Russia placed pound in a day were not uncommon, and changes of %d. to
more orders for yarn and cloth, and the Amalgamated Cot- %d. were decidedly common. Fully good fair Egyptian
ton Mills Trust, which received some of them, reported that advanced the first three months of the year from about 29d.
Its subsidiaries "are at the present moment running better per pound to over 38d. Then came the fall. On July 31 the
time than for some years past." Trade with Germany, quotation was still above 32d., but Dec. 31 saw it down to
which was on a large scale in September, to forestall the 17.65d.
JANUARY.—Manchester.—The turn of the year brought
new tariff, continued fairly good, as import licenses were
no longer required on cotton goods, and the Anglo-German an increased inquiry for cotton goods, and in the last fortCommercial Treaty gives Great Britain benefits under the night rather more business was done. The prices offered at
most favored nation clause. The period of enormous prices first were on the old low scale, but many of them were
Tor Egyptian cotton appeared to be rapidly passing away, referred back and were subsequently raised. The month
'fully good fair Sakellaridis on the spot at Liverpool drop- was not a good one, however, either as regards the weight
ping over 5d. per pound this month. The Egyptian Govern- sold or the prices obtained, and such improvement as was
ment announced its intention to buy cotton, to support visible was not general. As far as spinners of American
prices, but this, it was thought, might prove risky in view cotton are concerned their Federation blamed them for not
of the fact that the supply of Sakellarldis was likely to be making the most of their opportunities. As a means of
AUG. 28 1926.]
THE CHRONICLE
1073
stiffening prices the Federation's Short-Time Organization Organization Committee said they were not entirely conCommittee recommended an extra week's stoppage of the vinced that the state of trade warranted this extension.
mills about Christmas, and this appears to have been gen- The 30% hours' arrangement had not been supported to the
had information
erally done. The yarn supply was thus brought into closer extent they had a right to expect, but they
relation to the demand, but the impression made upon buy- which led them to believe that many firms who could not
of 30% hours would agree
ers did not appear to amount to much, although the cur- see their way to full acceptance
was unanimously recomand
this
35,
to
restriction
a
to
worse.
from
becoming
matters
tailment may have prevented
The Short-Time Committee were dissatisfied with the posi- mended. If the proposal was not carried by the requisite
tion, and on Jan. 12 they decided to recommend a reduction percentage, the committee said, they would treat it as a
of the working hours, beginning Jan. 25, from 39% to 30% vote of no confidence and, for the time being, would cease
per week. No time limit was placed upon this new arrange- to issue recommendations. The ballot closed on March 30
ment—which, by the way, was made without following the and the result was that the 35-hour arrangement came into
usual procedure of taking a ballot upon it—but the com- force at Easter, April 4.
APRIL.—Manchester.—Trade continued dull. American
mittee announced that they would continue to meet weekly
to review the situation and deal with it as the circum- cotton did not vary much in price, but 32's cop twist, which
stances warranted. American cotton prices fluctuated needed an advance to make it generally profitable, receded
within a narrow range this month. India continued buying to a still lower level. The reason for this, of course, was
dhooties, and some makers of these goods were said to that the demand for cloth was sluggish. The fact that it
have orders on hand which would last them until August. was cheap did not help any, as buyers thought a further
Gray shirtings, too, were bought for the same destination, decline was possible and that the only safe thing to do was
but not often in the large lines which used to be common. to limit purchases to immediate necessities. Shanghai aucShanghai resumed its auctions—which had been suspended tions resulted in good clearances, but the prices obtained
seven months—on Jan. 12, and the results were said to have were low, and Chinese trade as a whole continued disapbeen encouraging. In the American spinning section, coarse pointing. Middling American cotton on the spot at Livercounts for the home trade kept some Royton and other com- pool has generally ruled within a few points—over or under
panies well engaged. This fine spinning section, which cen- —of 10d. per pound. Egyptian spot (fully good fair Sakeltres upon Bolton, had no organized short time since the laridis) ranged in value from 15.50d. to 15.95d. up to the
early days of the depression. It had difficult times in 1925, 20th of the month, when 16.05d. was reached, and 16.65d.
owing to the steep rise in Egyptian cotton and heavy fluc- was touched two days later, although 45 points were lost
tuations, but spinners were better placed the present month. by the 27th.
The Egyption Government bought cotton, to support prices,
MAY.—Manchester.—The cotton trade did not participate
and Sakellaridis rose more than American, but the ques- in the general strike in the first fortnight of May, but mills
tion what will happen when the Government has to sell spinning American cotton were closed in the first week, in
remained unsettled. The weaving branch of the fine trade pursuance of the Federation's production curtailment policy,
continued depressed, but was now in a more hopeful con- and there was extensive Whitsuntide closing in the fourth.
dition.
Mid-month trade would perhaps have been fairly good if
FEBRUARY.—Manchester.—Mr. Holroyd, President of the miners had returned to work, as the railways would
the Master Spinners' Federation, stated at the annual meet- then have given a full service, but the miners were still out
ing of that body on Feb. 19 that appalling losses were being and the stoppage seemed likely to last a long time, coal
and the railway companies,
sustained in the American cotton section of the trade, and users, including manufacturers
by about 50%. The net
consumption
their
reduce
to
had
dhooties
in
are
interests
nearly all except those whose
that the month proved one of the
agreed that their losses had been frequent and profits rare. result, therefore, was
that Great Britain ever experienced. A
Even a 30% hours working week, which loyal members of worst for trade
cotton started on May 6, and middling
of
price
the
in
rise
the Federation carried out since the 25th of January, proved
too much for present requirements. Apart from short time, American on the spot at Liverpool reached 10.36d. per pound
the miners'
the spinning section had 1,927 men and 820 women wholly on the 15th, as against 9.85d. on May-day, when
unemployed. In the manufacturing industry as a whole strike began. In the third and fourth weeks American cot2.7% of the operatives were without employment at the end ton was steady, but Egyptian kept on advancing, and on the
per pound, as
of January, and 5.5% were stopped temporarily. This,was 25th fully good fair Sakellaridis was 17.35d.
days of April. As
worse than the state of things in December. The trade in against 16.25d. on the first four market
the unavoiddhooties for India continued brisk, and makers generally a result of the upward movement in cotton and
offered only September delivery on new contracts. The able delay in delivering goods, Calcutta showed a greater
benefit to manufacturers, however, was merely sectional, desire to obtain supplies, and many orders for that market
of the bids had to
Great Harwood and Rishton being helped most, and after were booked, although a substantial part
The necesthem Blackburn. As regards superior cotton, the Egyptian be referred back because of their inadequacy.
was
also a
contracts
in
clause
strike
the
inserting
of
sity
its
continued
policy of supporting prices by
Government
purchases in the market, principally of Sakellaridis, the aim drawback in cases where the goods required, or acceptable
being to stabilize fully good fair at about 36 dollars per substitutes for them, could be obtained elsewhere. Conticanter (308% pounds). Up to Thursday night, Feb. 25, the nental trade was injured by heavy fall in the value of the
Government's purchases of Sakellaridis amounted to about franc and the lira, and there was little animation in other
30,000 bales of 400 pounds, but in spite of this prices dropped foreign markets. Spinners of American cotton held a mass
meeting in Manchester on the 18th to consider a proposal by
about a penny per pound at Liverpool.
Short-Time Organization Committee of the Federation
the
MARCH.—Manchester.—Activity in the placing of orders
Master
Spinners' Association that another attempt should
of
in
the
was
maintained
India
of
for
half
first
dhooties
for
to
establish basic prices for standard American
made
be
this month, but after that business tapered off. Some
of
makers, however, had enough orders to occupy them until yarns, in conjunction with short time. The Chairman
the
asked
the
and
proposed
outlined
committee
scheme,
the
they
cases
many
in
obtaining
in
succeeded
September, and
be
satisfactory prices. Gray shirtings were again difficult to meeting to approve it in principle, leaving the details to
of the preHe
worked
out
the
attributed
later.
non-success
low.
In
India
were
they
subject
prices
continued
and
sell
vious scheme to its attempting too much at once, and stated
to severe competition by Japanese cloths, which in large
gradually. The
numbers of cases were obtainable at prices much below the that the new movement would proceed more
involved, and
principle
meeting
the
approved
unanimously
The
Egyptian cotton
equivalent of Lancashire quotations.
Instructed the committee to complete the details and subsection had a rather better time than the larger section
mit them to a ballot of the members of the Federation in
which depends upon American cotton, but the decided downthe American cotton section at the earliest possible date.
ward movement in the price of the raw material used creThe working week continued, nominally, one of 35 hours.
and
January
good
February,
In
fully
difficulties.
ated
The matter was to have been reconsidered at the end of
fair Sakellaridis on the spot at Liverpool was frequently
May, but the general strike at first and the continuance
18.25d. to 18.95d. per pound, but in the present month it
of the miners' strike made this unnecessary, and a posthalf
of
the
last
month
the
Federagot as low as 15d. In the
ponement until some time in June was decided upon.
tion of Master Spinners' Associations took a ballot of the
JUNE.—Manchester.—Every branch of industry had a
section
on
question
the
cotton
American
spinners in the
coal mines having been
whether the working hours should be increased on April 5 bad time this month owing to the
cotton trade had spethe
and
April,
since
closed
the
of
end
the
circular
a
Short-Time
In
week.
per
35
from 30% to
1074
THE CHRONICLE
cial difficulties of its own added to those which were the
common lot. A committee of the Federation of Master
Spinners' Associations concluded early in the month that
it was necessary to close the mills spinning American cotton
In alternate weeks, so that the average running would be
reduced from thirty-five to twenty-four hours per week, and
It was understood that this was generally done, but there
were no complaints of yarn being scarce and prices actually
fell, although they were a shade better, relatively to middling spot cotton, than they had been at the end of May.
As a rule, manufacturers were unable to get enough coal to
run their looms more than half time, and some could not
even do that, although there were others who, having fuel
stocks of their own, were allowed to do more. Bolton, for
example, had little restriction imposed upon it, and Burnley
had special. permission to use more than its ration, in view
of the fact that the local holiday was coming on. The industry as a whole probably did not average more than
twenty-four hours per week. The effective demand this
month would have been larger than it actually was if sellers could have named early delivery dates and undertaken
to give delivery at the specified times. Many buyers, having
long been operating on the most cautious lines, refused to
wait if they could get what they wanted elsewhere. The
Federation Committee completed its basic prices scheme at
the beginning of the month and submitted it to a ballot of
the spinners of American cotton, with a request that they
should sign the following pledge and return it not later than
last Friday:
FoL. 123.
of Lancashire competitors. The margin between Egyptian
cotton (full good fair Sakellaridis) and 60's twist fell
nearly a penny per pound during the month and was 2d.
less than it was at the beginning of May, when the quotation for the raw material was the same as it was in the last
week of July. The Federation of Master Spinners' Associations secured further adhesions to its basic prices scheme.
On July 14 it was announced that the owners or controllers
of 92.18% of the spindles in the American cotton scheme
had promised their support and only 2.27% had voted
against it, but 5.55% had still refrained from sending in
replies. The majority was considered sufficient to warrant the committee in putting the scheme into operation,
but it was decided that this should not be done until normal conditions-largely dependent upon the coal trade dispute being settled-returned.
Other Cotton Growing Countries.
It is always interesting to have statistics regarding other
leading cotton producing countries in addition to those for
the United States. The two countries next in importance to.
our own as contributors to the world's supply of cotton are
India and Egypt. There has been nothing unusual about
the movement of the Egyptian crop the past season, though
efforts are now making to restrict production in view of
the great drop in price, and accordingly we present the
following table showing the exports of Egyptian cotton for
the past four seasons. The exports have run much the same,
It will be seen, the last four years, notwithstanding that
Provided that a practically unanimous majority of firms affected is the receipts have been rising, but on the other hand, stocks
agreeable, we hereby pledge ourselves to observe the Federation's minimum of cotton at Alexandria, after having been drawn down in
basic selling prices for standard counts of American yarns, and undertake the two years ending July 31
1924 from 220,000 bales to
not to sell our productions at less than the prices issued from time to time
51,000 bales, have since then been rising again; on July 31
by the Federation.
The scheme received the support of the owners of 87.26% 1925 they were reported at 55,000 bales, and now for July
31 1926 are up to 205,000 bales.
of the spindles affected and only 2.09% voted against it, but
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
10.65% sent no replies to the question submitted. The
Short-Time Organization Committee were unable to regard
Years Ending July 31.
Season
Season
Season
Season
1925-26.
1924-25.
1923-24. 1922-23.
87.26% as a "practically unanimous majority," and decided
total
receipts (interior gross
that the scheme could not be put in operation at once, but
weight),.
canters 7,974,401 7,270,797 6,417.083 6,683,809
they would endeavor to get answers from the 10.65% menExportsBales.
Bales.
Bales.
Bales.
tioned and be guided by the result. The month opened with To Liverpool
223,069
236,122
198,110
197,536
To Manchester
222,186
181,441
231,429
207,038
middling American cotton on the spot at 10.35d. per pounds To
other United Kingdom ports_
1100
but in a little under a fortnight it was below 10d., and it
Total to Great Britain
445,255
417,663
405.148
428,965
remained below 10d. thereafter. The lowest point touched
To France
123,084
129,885
141,779
111,849
was 9.47d., which was the price on the 22d and 24th. Egyp- To Spain
24,835
21,162
28,205
29,115
To Portugal
743
895
823
810
tion cotton fluctuated much more violently than American To Italy
42.808
44,049
40,971
50.947
To Switzerland
46,496
48,144
36,515
36,933
In the first half of the month. From 16.90d. on the first To
Austria
12,554
4,370
7,220
2,360
To Czechoslovakia
35,493
day fully good fair Sakellaridis advanced to 17.45d. in the To
40,822
24,756
8,963
Poland
3,738
5,794
6,218
5,285
next six market days, but in six market days after that it To Germany
22,213
27,945
45,332 V 38,236
To Holland
3.987
4j3,693
6,885
3,656
dropped to 16.40d., and on the 24th and again on June 30 it To Belgium
2,922
7,355 r 6,629
3,100
To
Greece
1,503
1,240 JW 1,650
2,389
was only 16.25d., a net fall of more than a halfpenny since To'Turkey and other countries_ -- _
1,026
4,098 IV 3,209
2,185
the end of May.
Total to
Continent
JULY.-Manchester.-For the third successive month the
cotton trade, in common with others, was more or less
crippled by the closing of the collieries, in consequence of
the wages dispute. Some mill owners, like the railway
companies, bought foreign coal, paying a high price for it,
and a few used oil fuel, but many others closed down, and
In the industry as a whole running hours probabily did not
average 24 per week. Even with this heavy curtailment,
however, the supply of yarn and cloth was equal to the
opportunities of selling, and as a rule business was done at
unprofitable prices. Two considerations kept business
small: The first that quotations for cotton for delivery in
distant months were decidedly below spot prices, and the
second that spinners and manufacturers were in difficulties
in the matter of specifying delivery dates, except for goods
in stock. American cotton advanced after the first seven
market days, but buyers still held back; they did not believe
the advance could be maintained, as it was only based on
reports of damage to the crop by the hopper flea, which it
was thought were greatly exaggerated for market manipulation purposes. For the first time since June 10 middling
American on the spot at Liverpool topped 10d. on July 26.
Egyptian spot (fully good fair Sakellaridis), after dropping to 15.80d. at the beginning of the month recovered to
16.25d. Calcutta demand for cloth was affected injuriously
by the continued disturbances there and, in the last few
days, by a decision of bazaar dealers to suspend purchases
of gray and white cloth. There was a pretty good inquiry,
however,from Bombay and other parts of India. The heavy
fall in French and Belgian francs enabled producers in
those countries to sell at very low prices, to the detriment
To United States of America
To India
To Japan and China
313,218
342,488
351,384
299,564
154,469
133,888
108,726
209,224
32,605
1 1,526
126,106
675
36,041
1971
44.4721
Total to all parts
Equal to cantars
917.504
937,946
932,997
963,167
6,881,280
7,081,497
7,063.129
7.303.791
The exports from India have continued large, but during
the past year fell 246,301 bales below those of the previous
year. Indian exports to Japan and China were well maintained, at the previous high figures, but the shipments to
the Continent of Europe were on a greatly reduced scale,
having been only 1,078,373 bales in 1925-26, against 1,245,265 bales in 1924-25 and 1,531,480 bales in 1923-24. The
subjoined statement gives the details for the past six years:
EXPORTS FROM ALL INDIA TO
Great
Japan dt
China.
Britain..
169,925
1,078,373
2,405,240
199,618
1,245,265
2,454,956
287.345
1,531,480
1,623.759
223,948
1,077,873
2,278.858
70,629
899,222
2,280,688
48,237
727,786
1,375,816
Season Ending July 311925-26
balm of 400 lbs.
1924-25
1923-24
1922-23
1921-22
1920-21
Total.
3.653.538
3,899,839
3,442,584
3.580,679
3,250,539
2,149,839
The Japanese statistics show that Japan is continuing to
enlarge its consumption of cotton. It is getting increasing
amounts of the staple from India, but is also steadily augmenting its purchases in the United States. The figures
furnished us cover the year ending June 30. Here IS the
statement of the imports of raw cotton into Japan for the
twelve months ending June 30 for the past four seasons:
IMPORTS OF RAW COTTON INTO JAPAN.
Years Ended June 30.
1925-26.
192425.
1922-24.
Imported
Picuts.
from-.
India
6.323,745
5,184,435
4,905,689
.
3,792,450
United States
3.240.492
2,368,012
China
916.994
1,156,095
773,136
258,672
222.948
All other countries
406,305
Total imports into japan.11,291.881
500-14.Bales.
EqUivalent in 500-1b. bales- 3,011,162
9,803,970
500-18-Balss.
2,614,392
8,453.142
600-ib.Bales.
2,254,171
1922-23.
Ptculs,
5,908,976
2,508,364
745,280
302.068
9,464.688
1500-0.Baks.
523,916
AUG. 28 1926.]
THE CHRONICLE
It will be seen from the foregoing that Japan
took decreased amounts of. Chinese cotton the past
season. The
position of China is a peculiar one. It Imports a
considerable amount of the staple, this coming mainly from
India,
being taken to meet the necessities of the Chinese
mills,
while on the other hand, much Chinese home cotton
is exported, this going mainly to Japan. It is exceedi
ngly difficult to get late statistics regarding anything pertain
ing to
China, and in fact statistics of any kind, and the
best we
can do is to give the returns for the calendar year,
obtained
at considerable labor and trouble. In the following
table
we give both the exports of raw cotton from China
and the
Imports of raw cotton into China for the past seven
calendar years:
EXPORTS OF RAW
Cal. Years1925.
1924.
DestinationPietas.
Picuis.
Exports toJapan, including Formosa_ 010,573 890,039
U. S., includ3;
Hawaii
•151,999 144,240
All other countries
*38,260
45,740
COTTON FROM CHINA.
1923. 1922. 1921. 1920.
Pietas. Picnic. Picnic. Picnic.
1919.
PicuIs.
803,505 644,385 561,106 220,312
192,897
112.826 138,540 34,015 119,649
112,050
58,243 59,085 14,310 36.269
47,093
Total exports
from China a800,832 1,080,019 974,574 842,010
609,481 376,230 352,040
a Figures are given In plaits (equivalent to 133 1-3
lbs. each), on which basis the
total exports from China in 1925, reduced to 500-lb.
bales, would be 213,555 bales.
* Estimated.
IMPORTS OF RAW COTTON INTO CHINA.
Cal. Years1925.
1924.
1923.
1922.
1921.
1920. 1919.
PlodsPicnic.
Pietas.
Pleats.
Piculs. Plods. Plods. Pietas.
Imported fromIndia
1 484.286 669,727 1,147,948 1,370,069 981,136
418,964
United States. .237.494 110,696
72.851 155,319 516,676 34,049 98.430
37,199
All others..._..108,715 474,881 411,445 332,482
192,326 235.483 106.174
Direct gross imports
1,830,495 1,355,284 1,632,244 1,857,870 1,690,138
688,496 241,803
Re-exported
abroad
23,045
13,403
17,873
77,252
7,612 10,199 2,800
Total net impt_1,807,450 1,241,881 1,614,371
1,780.818 1,682,526 678,297 239,003
•Estimated.
Among the smaller contributors to the
world's supply are
Brazil and Peru. In the case of the former
country the
latest official statistics we have been able
to obtain are
those for the year ending July 31 1925. They
show that in
a moderate way Brazil is steadily enlarging
its growth of
cotton, the production in 1924-25 having been
151,604 metric
tons, against 142,525 tons the previous year and
143,844 tons
the year before. The following table is self-ex
planatory and
covers the last twenty-four years:
PRODUCTION AND DISTRIBUTION OF BRAZILI
AN COTTON CROP.
Years
Ending July 31.
(Metric Tons.)
1901-1902
1902-03 to
1907-08 to
1912-13 to
1917-18 to
1922-23
1923-24
1924-25
1906-07_ ...
1911-12..
1916-17
1921-22...
CROPS.
Part ofthe Part of the
Crop that Crop concomes to tamed in
Markets. Interior.
35,837
323.417
295,788
367,681
428.976
119.870
124.875
131,204
7,127
64,684
59,157
73,535
87.790
23,974
17,850
20,400
ANNUAL AVERAGE.
Total.
42,764
388.101
354,945
441,216
516,766
143,844
142.525
151,604
Part ofthe Part ofthe
Crop that Crop concomes to sunted in
Markets. Interior,
35,637
64,683
89,158
73,536
85.795
119,870
124,875
131,204
7,127
12.937
11,831
14.707
17.558
23,974
17,650
20,400
•
Total.
42,764
77,620
70.989
88,243
103,353
143.844
142,525
151,604
1075
output also became negligible. During the past
two years
there has been a rapid recovery in both cotton growing
and
the textile industry. The crop of 1925 was more than
four
times the crop of 1923. Cotton textile production for
the
fiscal year ending Sept. 30 1925 was 177% greater than
production for the fiscal year ending Sept. 30 1923. Last
year's
crop was close to the pre-war average and the textile
industry is now approaching the rate of pre-war product
ion
in the present territory of the Soviet Union.
Textile mills aggregating nearly 40% of the output of the
former Russian Empire were lost to Russia as a result
of
territorial changes at the close of the war. However, none
of the cotton-growing territory was lost. Cotton is grown
in the Soviet Union in Central Asia and Transcaucasia,
the
former territory producing about 90% of the crop. Early
in July the crop for 1926 was estimated at less than 850,000
bales, a considerable decrease from last year, due to unfavorable weather conditions. The sown area was about
50,000 acres greater than last year.
Before the war Russia purchased annually upwards of
350,000 bales of American cotton. During the past three
years purchases in the American market have steadily revived. During 1925 they approximated the pre-war rate.
The following figures furnished by Mr. Kellock tell their
own story:
COTTON PRODUCTION IN THE SOVIET UNION.
(Bales of 500 Lbs.)1909-13 (average)
1922
1923
(Bales of 500 Lbs.)953.000 1924
68.500 1925
196,500
521,000
936.000
COTTON USED BY MANUFACTURING ESTABLISHMENTS
IN THE
SOVIET UNION.
(Bales 01 500 Lbs.)(Bales of 500 Lbs.)1910(Russian Empire)
1,197,600 1922-23 (fiscal year)
143,200
1913(Russian Empire)
1 994.000 1923-24 (fiscal year)
511,200
1913(In present territory)
1,100,000 1924-25 (fiscal year)
927,100
1920-21 (fiscal year)
68,400
HOME GROWN AND FOREIGN COTTON USED IN
SOVIET UNION.
(Bales of 500 Lbs.)Horne Grown.
Foreign.
1910
724,600
472.900
1920-21
68,400
None
1924-25
470.200
456,900
IMPORTED COTTON USED IN SOVIET MILLS (BY
COUNTRIES).
(Bales of 500 Lbs.)American. Egyptian. Persian.
Indian.
Total.
1910
354,600
82,400
26,500
9,400
472,900
1924-25
331,600
68.700
58.600
456,900
During the fiscal year 1924-25 the All-Russian
Textile
Syndicate of 120 Broadway, New York, an American corporation engaged in the purchase of cotton here for textile
mills of the Soviet Union, bought 297,848 bales of cotton in
the United States. In addition, in the neighborhood of
70,000 bales of American cotton were purchased abroad in
England and Germany. Purchases within the United States
during the present year are expected to be between 250,000
and 300,000 bales.
World Consumption and Production.
To complete our narrative of the world's progress in cotTotal 24 crops
1,827,448 354,317 2.181,765
ton production and manufacture, we now add our customAnnual average...76.143
14.783
6(1006
ary tables running back for a long series of years. Official
The Peruvian exports, after having heavily
increased in data are used in those cases so far and for as late periods as
1923-24, have fallen off again the past two
seasons, as will they can be obtained, but it is only proper to say that in
be seen by the following:
many cases the figures for the latest year are only estimates,
MONTHLY EXPORTS OF RAW COTTON FROM
based on the best information obtainable, it being too soon
PERU.
after the close of the season to have official and authentic
1922.
1923.
1924.
1925.
Months*Kilos.
*Kilos.
*Kilos.
August
figures. The compilation appended embraces substantially
5,087,837 6,398,792 7.076,008
September
4,115,300 8,321,199 4,194,465 6.624,102 the entire distribu
October
tion or consumption (expressed in bales
5,769.484 10.790,341 4,894.439 4,763.123
November
4,660.305 5,392.429 3,297.631 4.460.840 of 500 lbs. each net) of the commerc
December
ial cotton crops of the
2,471,030 3.637,166 4,697,205 2.345.594
1,802,269 world, and the portion
1923.
1924.
taken by each country.
1925.
January
1926.
1,083,853 1,229.422
2.883,945
1,799,716
925,075 1,324.889 1,689,383
876,491
1,177.401
711.278
855,360 1.888.642
702,145
810,322
517,918
765,550 1,942.463 1,871,425 1,605,812
2,732.509
Total 10 months ended May 31_27,632,621 40,156,48
7 31,413,285 28,588,76
5
June
3,361,996 4,547.106 5,013.266
July
4,508.689 6,092,715 7,840,125
Total for season
35,503,306 50,796,308 44,066,676
•The kilo Is equivalent to 2.2046 lbs.
February
March
April
May
Cotton in the Soviet Union.
Russia is again coming to the front both as
a producer
and a consumer of cotton and through the
kindness of
Harold Kellock, Statistical Director of the
Russian Information Bureau, we are able to present the facts
contained
In what follows. During the five years before the
war cotton production in the former Russian Empire
averaged
953,000 bales. There was a rapid decline during the
latter
years of the World War and virtual paralysis during
the
period of civil wars and intervention. The cotton
textile
THE WORLD'S ANNUAL COTTON CONSUMPTION.
CountriesBales of 500 Lbs. Net.
1925-28. 1924-25. 1923-24. 1922-23. 1921-22.
Great Britain
3,000,000 3,150,000 2,750,000 2,750,000 2,800,000
Continent
8,600,000 5,950,000 5.300,000 5,000,000 4,800,000
Total Europe
9,600,000 9,100.000 8,050.000 7.750,000 7.600.000
United States-North _ _ 2,496,000 2,330.000 2,098,000
2,689,500 2,328,000
South.._
4.683,000 4,362,000 3,922,000 4,378,820 3,898,323
Total united States___ 7,179.000 6,692,000 6,020,000
7,068.320 6,226.323
East Indies
1,1300,000 1,800,000 1.500,000 1,700,000 1,800.000
Japan
2,400,000 2,040,000 1.800,000 2,100,000 1,964,997
Canada
200,000
140,000
150,000
241,454
219,656
Mexico
200,000
175,000
120,000
100,000
70.000
Total India, Rze
4,400,000 4.155,000 3,570,000 4,141,454 4,054,653
countries
Other
2,200,000 1,900,000 2,000,000 2,000,000 1,800,000
Total world
23,379,000 21,847,000 19,640,000 20.959.774 19.680,97
8
From the foregoing table it would appear
that the world's
total consumption for 1925-26 shows an increase
from the
aggregate for a year ago of 1,532,000 bales.
The sources
which
from
cotton has been drawn in each of the last five
years are stated in the subjoined table of the world's
commercial crops, in bales of 500 lb& net each:
500 LBS. NET.
WORLD'S COMMERCIAL CROPS OF COTTON IN BALES OF
1921-22.
1922-23.
1923-24.
1924-25.
1925-26.
Countr4esBales.
Bales.
Bales.
Bales.
(Amount coming forward). Bales.
11.152,720
10,960,777
10,964,000
15,112,000 14,392,000
United States
4,400,000 4.800,000 4,750,000 4.700.000 4.700.000
East Indies_a
1,600,000 1,450,000 1,500,000 1,600,000 1,500,000
Egypt
3,000.000 2,000,000 2,460,000 2,700,000 2,450.000
Brazil, 3ze_d
24,112,000 22,642,000 19,674.000 19,960,777 19.802,720
Total
20,959,774 19,680,976
Consumption 52 weeks-23,379,000 21,847,000 19,640,000
121,744
34,000 k998,997
795,000
733,000
Surplus from year's crop
Visible and invisible stock:
6,980.048
7,101,792
6,102.795
Aug. 1 beginning year.... 6,931,795 6,136,795
6.102,795 7,101,792
Aug. 1 ending year ._ 7,664,795 6.931,795 6.136.795
and mill consumption
Japan
and
America
Europe.
to
exports
India's
Includes
a
at Bombay.
In India, Increased or decreased by excess or loss of stock
West Indies. &c., and
d Receipts Into Europe, dic., from Brazil, Smyrna. Peru,
mills.
Chinese
Japan and China cotton used in Japanese and
glumly.
k Delftfency in the year's new
The above statement indicates, in compact form, the
world's supply of cotton in each of the five years, the amount
invisiblci
consumed and also the extent to which visible and
stocks were augmented or diminished.
mills of
The augmentation of the spinning capacity of the
parbeing
Japan
year.
past
the
the world has been resumed
ion for
ticularly prominent in that respect. Our compilat
the world is as follows:
Great Britain
Continent
[VOL. 123.
THE CHRONICLE
1076
NUMBER OF SPINDLES IN THE WORLD.
1922.
1923.
1924.
1925.
1926.
56,500.000
57.400,000 56,700.000 56,700,000 56,500,000 43.900,000
43,900.000
45.000,000 44.000.000 44,000.000
Total Europe__
United StatesNorth
South
100,400,000
102,400,000 100,700,000 100,700,000 100,400,000
20,870,573
20.950,573
20,577,930
20,301.652
19,707,000
16,074,981
17,877,000 17.635.132 17,226,118 16,458.116
Total U.S
East Indies
Japan
China, Egypt, Sze
37,936,784 37.804,048 37,408,689 36,945,554
7,300.000 6,800.000
7,900.000
8,300.000
4,483,000
4,750.000
4,500.000
4,060,060
2.700,000 2,200,000
3,300,000 2.800,000
37,584.000
8,500.000
5,100,000
3,500,000
14.750,000 12,483,000
Total India, &c._ 17,100,000 16.260.000 15,200.000
1,375,000
1,200.000
1,100,000
1,100,000
1,200.000
Canada
2,500,000
2,750.000
2,750,000
2,750.000
Man., So. Am., &c_ 3,200,000
3,875.000
3,950,000
3,850.000
3.850,000
4,400,000
Total other
154.703,554
156,508,689
157,554,048
158,746,784
161,484,000
Total world
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
Visible
and
500-98. Invisible
Supply
Bales.
Beginning of
Year.
Commercial Crops.
UnUed
States.
All
Others.
1,489,169
1,021.602
1,057,988
1,845,970
1,254,759
5,419,890
1908-09. 4,855,093
1909-10. 5.676.526
1910-11_ 4.732.491
1911-12_ 4,844,744
1912-13. 6,808,927
1913-14. 6.462,899
Average
6 years
13,496,751
10.224,923
11,804,749
15,683.945
13.943,220
14.494,762
1914-15. 7,519,383
1915-16_ 8,351.668
1916-17_ 5,379,082
1.917-18_ 4,477,496
1918-19_ 4,163,478
1919-20. 5,336,330
kverage
6 years
14,766,467 1.812,487
12,633.960 1.737,207
12,670,099 1.353,238
11,547,650 5.238,010
11.410,192 5,551,767
11,814,452 6,396,919
7'otol.
Balance of Supply
End of Year.
Total
Actual
Consumplion.
Visible.
17,985,920 17,164,487 1,875,140
15,246,528 16.188,563 1.367.624
16,862,737 16,750,484 1,537,249
20,529.915 18,565,732 2,095,478
19.197,979 19,544,007 2.015,211
20,914,660 19,858,176 2,877,300
Invisible.
3,801,386
3.364,867
1,307,495
1,713,449
1,447,688
1,642,083
13,274,7255.181,565 18,456.290 18.011,908
19,578,954 18,746.669 4,496,289
1.7,371,166 20,343,752 3,045.485
18,023,337 18.924,923 2,585.490
16,785,560 1,7099,678 2,795,980
16,961.959 15,689,107 4,277,017
18.211,372 17,777,662 4.530.450
3.855,384
2,333,597
1,892,006
1,367.498
1,049,313
1,239,590
12,473,804 5.348,271 17,822,075 18,096,965
1,184,839
1920-21_ 5,770,040 11.173.918 6.680,000 17,853,918 16,643,830 5.795.209 3.501.792
[921-22_ 6,980,048 11,152,720 8,650,000 19,802,720 19,680,976 3,600,000 4,149,795
)922-23.. 7,101,792 10.960,777 9.000,000 19.960,777 20,959,774 1,953.000 4,146,796
923-24_ 6.102.795 10,964,000 8,710,000 19.674.000 19,640.000 1.990.000 4,781,795
24-25.. 6,136,795 14,392,000 8.250,600 22,642,000 21,847,000 ,150,000
25-26_ 6,931,795 15.112,000 9.000,001 24,112,000 23,379,000 ,850,00) 4,814.795
kv-rage
12.292.569 8.381,666 20.674.235 20,358,430
6 years
woald
To illustrate the preceding, take the last season. 1925-26, and the results
be as follows:
bales_ 6,931.795
Supply-Visible and invisible stock beginning of year
24.112,000
Total crop during year
31,043.795
Total supply-bales of 500 lbs
23,379,000
Distribution-Total consumption, cke
2.850.000
Leaving visible stock
4,814,795
Leaving invisible stock
7,664,795
Total visible and invisible stock at end of year
Overland Crop Movement.
Overland.-The movement of cotton overland in 1925-26
showed a substantial increase. To indicate the relation the
gross overland bears to the total yield in each of the last 13
years, we append the following:
Crop of-
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
Total Yield,
Bales.
Gross
Overland,
Bales.
15,452,267
14,715,639
11,326,790
11,248,224
11,494,720
11.355.180
12,217,552
11,602,634
11.911.896
12.975,569
12,953.450
15.067,247
14,884,801
1.801,238
1,666,152
1,239.603
1,526,373
2,042,570
1,993,876
2,394,645
2.421,283
2,929.052
2,728,469
2.499.150
2,146,152
1,758,069
Increase or Decrease.
In Size of Crop,
Per Cent.
Increase 0.5
Increase 29.9
Increase 0.7
Decrease 2.14
Increase 1.25
Decrease 7.05
Increase 5.30
Decrease 2.59
Decrease 8.20
Increase 0.17
Decrease 14.03
Increase 1.02
Increase 5.35
In Overland,
Per Cent.
Increase 8.1
Increase 34.5
Decrease 18.88
Decrease 25.23
Increase 2.44
Decrease 16.74
Decrease 1.11
Decrease 17.34
Increase 7.37
Increase 9.18
Increase 16.45
Increase 22.06
Increase 4.78
In the above we have revised some of the back figures by
later returns and some of them also to accord with those
compiled by the International Federation of Master Cotton
Spinners and Manufacturers' Associations.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumpFull particulars regarding the overland movement of the
figures
tion already presented, and the total of all. These
four years are shown in the table we now subjoin:
last
consumption,
are not the takings of the mills, but the actual
1925-26. 1924-25. 1923-24. 1922-23.
of 500 lbs. net.
and are in all eases expressed in bales
Bales.
Bales.
Bales.
Bales.
1908-09 to
Amount Shipped773.587 760,247 580.231 744.839
The figures in the table cover the years from
Via St. Louis
244,575
201.333
260.174
The
297,021
bales.
Via Mounds, ,lic
7.906
20,645
1925-26, Inclusive, and are given in thousands of
34,615
36.819
Rock Island
66.582
29,018
the twelve Via
53,214
65,817
Via Louisville
figures for 1913-14 to 1925-26, inclusive, cover
10,286
8.550
20.540
7.822
for the period Via Cincinnati
97,513
145.253 112.853 131,774
Via Virginia points
months ended July 31; all earlier years are
94.070
28.257
43.670
83,290
Via other routes East
261.602
239,795
31:
380.839
391,629
Sept. 1 to Aug.
Via routes West
WORLD'S COTTON CONSUMPTION.
278
449
448
512
618
676
17,164
16,189
16,750
18,566
19,544
19,858
1.599 1.209
18,012
1.538
1.747
1,775
1.650
1,700
1,763
VV04,
MNI
NCMVAN
MAC*A.00
18,747
20,344
18,925
17,100
15,689
17,777
1,649
1,723
1.723
1,631
1,602
1,530
881
1,055
1,087
1,357
1,352
1,522
I
Av.6 y'rs 3,250 4,033 7,283 2.941 3,725 6.666 1,643 1.696
1,705
1920-21 - 2,100 4,400 6,500 2.091 3,117 5,208 1,800
1,800 1,965
1921-22- 2.800 4.800 7.600 2.328 3,898 6.226
2.100
1.700
7.068
4,379
1922-23 _ 2,750 5,000 7.750 2,689
1,800
1923-24 ___ 2.750 5.300 8.050 2.098 3,922 6.020 1.500 2,040
1,800
I924-25 ___ 3.150 5,950 9.100 2.330 4.362 6.692
1925-26 ___ 3.001 6.60( 9,600 2.496 4.683 7.179 1,600 2.400
AU Alert, 9 7R0
R241
R
inn
9 120
SARI) 0200
1 900
Total to be deducted
1
Av.6 y'rs 3,922 5.727 9,649 2,486 2.572 5,058
1914-15 ___ 3.901 5,000 8.900 2,769 3,037 5,806
1912-16 _ 4.000 5.000 9.000 3,239 3,871 7,110
1916-17 ___ 3,000 4.000 7.000 3,194 4,237 7,431
1917-18 __ 2,90) 3.000 5,900 2.991 4.183 7,179
1918-19 ___ 2,50( 3,400 5.900 2.519 3,393 5,912
1919-20 -__ 3,200 3,800 7,000 2.935 3.627 6,562
All
Japan Others. Total.
A
CO
V
United States.
Europe.
East
500-1b. bales
Indies
0005 omttted Great ContiBrien. nem. Total North South Total.
2,469 4,912 1,653
1908-09 ___ 3,721) 5,720 9,440 2,448 2.267 4.533 1,517
1909-10 ___ 3,175 5,460 8,635 2.261
2,255 4,485 1,494
1910-11 ...._ 3,771 5,46(1 9,236 2,230 2.620
5,210 1,607
1911-12 ___ 4,160 5,720 9.880 2,590
5,531 1,643
2,849
2.682
1912-13 ___ 4,400 6,000 10.400
1,680
1913-14 ___ 4,300 6,000 10.300 2.701 2,979 5,680
9
nn',
809 18,097
1,430 16,643
2,090 19.681
2.341 20,959
2.270 19.640
2.21521.847
2.600 23,379
9 157
9n
MO
•Figures are subject to correction.
Another general table which we have compiled of late
a
years is needed in connection with the foregoing to furnish
this
of
n
the
expansio
and
the
extent
of
idea
comprehensive
the
Industry. It discloses the world's cotton supply and
Illusto
sought
we
points
have
special
The
it.
sources of
contribution
trate by the statements are, first, the relative
and by
by
the
States
United
material
raw
world's
to the
Figion.
distribut
follow
its
to
second,
other sources, and,
Aug. 31;
ures for 1908-09 to 1912-13 are for the year ending
figures are all
since then for the years ending July 31. The
Intended to be in bales of 500 pounds net.
1,239,603 1,527.373
1,801.238 1,666,152
Total gross overland *
Dedua Shipments157,424 100,153
dre
Boston,
York,
New
to
Overland
82.840
71.698
Between Interior towns
79,382
167,985
Galveston inland and local mills
319,396
400,675
mills
local
and
New Orleans Inland
6,845
9,000
Mobile inland and local mills
16.632
14,449
Sava nah Inland and local mills
3,312
14,427
mills
Charleston inland and local
16,543
14,411
North Carolina ports Inland and local mills
15,357
13,201
mills
local
and
niand
Virginia ports
93
Jacksonville inland and local consumption
863,363
640,460
102.915
106.918
124.280
334.575
7.224
25.851
4,441
11,511
29.418
731
112,294
42,820
88.089
250,725
6,884
31.923
36,450
6.811
6,125
2.751
747,864
584,872
937.875 1.025.692 491.739 942.501
Leavine total net overland •
amounted
•This total Includes shipments to Canada by rail, which during 1925-26
to 251,707 bales.
Details of the Crop of the United States.
CROP DETAILS.-We now proceed to give the details of
the crop of the United States for two years:
TEXAS.
Exported from Houston (port):-1925-26-----To Mexico
1,796.671
Other foreign ports
42,197
Coastwise anti inland ports_
Exported from Galveston:
To Mexico
2,081.307
Other foreign ports
885,819
Ca.stwise and inland ports
5,154
Burnt
Exported from Texas City:
To Mexico
Other foreign ports
15,094
Coastwise and Inland roans_
Exported from Laredo. Eagle Pass, &c.:
34
To Mexico
46.000
To other ports and inland
Stock at close of year:
At Galveston & Texas City_ 149,926
3,141-5,025,343
At Texas City
DeductReceived at Houston from
other ports
Received at Galveston from
19,388
other ports
Received at Texas City from
7.000
other ports
Received at Laredo, &c_ _
Stock at beginning of year:
At Galveston & Texas City 51.573- 77.961
4,947,382
_ bales.
o vement for year_.
1924-25---1,821.828
51,848
2,854.503
854,576
8.034
66,717
66
44,997
51,572
1-5,754.142
6,651
67,765
21.531
- 137.901
41.934
5,616,241
AUG. 28 1926.]
THE CHRONICLE
LOUISIANA.
1925-26
1924-25-----xTorted from New Orleans:
To foreign ports
1,834,345
1,379,102
To coastwise ports
181,481
245,929
Inland, by rail, &c
*634,031
*445.586
Manufactured
37,961
34,949
Stock at close of year
152.265-2,840.083
49,275--2,154.841
DeductReceived from Mobile
57.803
46.875
Rec'd from Texas points_- 312,543
145,744
Rec'd from New York,atc
4,198
4.470
Stock beginning of year__ _ _ 49,275- 423,819
50,702- 247,791
Movement for year__ _ _bales_
2,416,264
1,907.050
* In overland we have deducted the greater part of this.
ALABAMA.
1925-26
1077
TENNESSEE. ETC.
1925-26-1924-25To manufacturers-direct-net
overland
937,875
1,025,692
To New York, Boston, &c.,
by rail
157,424
100.153
Total marketed from Tennessee, &c
bales_1,095,299
1,125,845
Total product detailed in the foregoing by States for the year
ended July 31 1926
10.691.566
Consumed in the South, not included
4,760,701
Total crop of the U.S.for the year ended July 31 1926-bales_15.452.267
Below we give the total crop each year since 1886-87. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
1924-25-- The year 1912-13 consequently includes Aug. 1913, which is
also a put of 1913-14.
80.789
Exported from Mobile:
To foreign ports
149,613
Coastwise.inland,&c
*91331
71.951
Stock at close of year
3,389- 244,333
1,303- 154,043
DeductReceiptsfrom New Orl., &c.
728
774
Stock beginning of year -- _
1.3032.031
5571.331
Movement for year_ __ _bales_
242,302
152.712
* Under the head of coastwise shipments from Mobile are included 1,003
bales shipped inland by rail to Northern and Southern mills, &c.,
which with
local consumption (7,997 bales), are deducted in the overland
movement.
Years.
Bales.
Years.
Bales.
Years.
Bates.
1925-26
15.452.267 1911-12
16.043.316 1898-99
11.235.383
1924-25
14.715.639 1910-11
12.132.332 1897-98
11.180.960
1923-24
11.326.790 1909-10
10.650.961 1896-97
8,714.011
1922-23
11,248,224 1908-09
13.828.846 1895-96
7.162.473
1921-22
11.494.720 1907-08
11.581.829 1894-95
9392.766
1920-21
11.355.180 1906-07
13.550.760 1893-94
7.527.211
1919-20
12.217,552 1905-06
11.319.80 1892-93
6.717.142
1918-19
11.602.634 1904-05
13.556.841 1891-92
9.038.707
1917-18
11.911.896 1903-01
10.123.686 1890-91
8,655,518
1916-17
12.975.569 1902-03
10.758.326 1889-90
7.313.726
1915-16
12.953.450 1901-02
10.701.453 1888-89
GEORGIA.
6.935.082
1914-15
15,067.247 1900-01
10.425.141 1887-88
7.017.707
1925-26-1924-25- 1913-14
14,884.801 1899-00
9.439.559 1886-87
6.513.623
Exported from Savannah:
1912-13
14.128.902
To foreign ports-Upland__ 870.441
480,764
To foreign ports-Sea Isl d_
19
Movement of Cotton at Interior Towns.
To coastwise ports, ml,&c.:
Upland*
112.807
147,571
The
following
Island*
table shows the movement to the interior
Sea
52
286
Exported from Brunswick:
towns of the South during the last two seasons:
To foreign ports
400
To coastwise ports
602
Stock at close a year:
Year Ending July 31 1926.
Year Ending July 31 1925.
Towns.
Brunswick
At
At Savannah-Upland
ShipShip27,073
7.567
Receipts.
Sea Island.._
meats. Stocks. Receipts.
menu. Stocks.
-1,010,773
5- 636,814
DeductAla., Birmingham__
Rec d from Charleston. Ste.
103,081
102.330
811
52,115
52,771
60
Eufaula
3tock beginning of year:
19,7 2
18,350 1,715
20.143
20.700
343
Montgomery
At Brunswick
105,071
100,101 8,111
83,052
84.100 4,141
Selma
At Savannah-Upland
92.054
88,295 4,364
7,567
64.863
66.127
605
8.269
Ark., Helena
Sea Island....
84,617
66,173 19,083
63.210
63,388
5639
7,572
1218,390
Little Rock
231.627
200.550 32,633
206,011
209.213
1,556
Movement for year_ _ _ _bales_
Bluff
Pine
182,506
152,712
30,237
134,475
142,273
1,003,201
443
628,424 Ga., Albany
7,919
7,222 2,005
3.934
4,486 1.308
* The amounts shipped inland and
Athens
34,336
35,802 1,804
52.864
53,763 3.270
in 1925-26) are deducted in overland.taken for consumption (14,449 bales
Atlanta
Augusta
Columbus
Macon
Rome
235.145
224,630 15,272
229.670
230,398 4,757
369,989
347,450 32,850
239.046
236,646 10,311
89,752 1,142
90,239
27,046
32,007
655
73,589
69,993 5.424
51.289
52.502 1,828
924-25---56,921
Exported from Pensacola and
48,817 9,640
47.499
47,230 1,536
La., Shreveport
168,371
Jacksonville:
153.835 14,982
102,265
108,619
446
Miss., Columbus
47.138
To foreign ports
46.658
502
32.604
32,758
33.844
22
5,846
Clarksdale
237,207
To coastwise ports
189.811 49,271
112.674
115,157 1,875
983
5,012
Greenwood
224,933
Stock at close of year
181.337 44,598
135,186
145.018
899- 35,726
1,002
15711,015
Meridian
69,727
Deduct66,900 3.786
38.012
42,359
959
Natchez
58.773
Received at Jacksonville
55,950 3.709
42.774
43,638
886
Vicksburg
55.292
from Savannah
43,745 11.624
31.179
1,654
31,877
77
Yazoo City
53.019
Stock beginning of year......
43.906 9.226
___
33.140
36.103
157113
1,811
1,6791.679 Mo., St. Louis
783.812
773.587 12,9.15
759,590
760,247
2.710
No.Caro.,Greensboro
Movement for year.._ _ _bales_
76,007
63.111 16,238
72.566
62,623 3,342
33,915
9,336
Raleigh
31,847
31,256 1,241
•These figures represent this year, as heretofore,
15,700
16,378
650
only the shipments Okla., Altus
144,836
139.648 5.775
from the Florida outports. Florida cotton
216,885
217.593
587
has
also gone Inland to Savannah,
Chickasha
195.316
191,153 4,359
&c., but we have followed our usual custom of
155,000
155.596
196
counting that cotton at the
Oklahoma City
172,776
158,534 14.656
outports where it first appears.
138,597
138,800
414
So.Caro.. Greenville_
322,297
310.447 27,045
249,676
244,995 15,195
Greenwood
4,912
6,646 2,682
MISSISSIPPI.
13.264
19,139 4,416
Tenn.. Memphis
1,999,630 1,855,820 153,344 1,303.301 1,325,463 9,534
Nashville
1925-26----3,484
3,046
490
1924-25
950
Exported from Gulfport:
898
52
Texas,
Abilene
713,87
To foreign ports
71,360
235
Brenham
6.452
4,502 n
6,466 3,730
23.397
Stock close of year
2,162
3,744
Austin
87,581
87.630
186
4,502
37,021
Deduct37.102
---Dallas
187,263
160,15.5 8,749
198,720
Stock beginning of year_
199.137 1,641
Honey Grove
46.765
46.765
Houston
4,891,325
4,891.325
4,737,645
226,636
4,784,025 4,742.279 72,956
Movementfor year
Paris
114,910
114,410
500
4,502
93,224
93.251
San Antonio
26,457
26,779
375
66.157
65.565
697
SOUTH CAROLINA.
Fort Worth
97,747
94,671 3,419
159,757
159,069
343
1924 25Total, 41 towns__ 11.727,928 11,095.323 786.149 10,209.003 10.237,705
Exported from Charleston,&c.:
153,544
To
FLORIDA.*
1925-26------
c;Odd or:
0•NO+ t.t...51••• •I...COCO Oil 0 •.t•tnieletOt. •....-.00,C4..:
CiNN g'
-'"VVIell°361.
C.Cga°Clab t
)
;
.t'Ct*RC'tg°""'
-'°0
0.0;0;w0>C400,
0;040.:0040>C00>cpC000COOC90,
co
foreign ports-Upland
282,890
243,983
Sea Island
Record of Middling Upland Spot Prices of Cotton in
To Coastwise ports:*
Upland
Liverpool.
45,321
42,920
Sea Island
The following table shows the prices of middling upland
Stock at close of year:
Upland
spot cotton in Liverpool for each day of the past season:
12,698
7,319
Sea Island
- 340,909
294,222
DeductDAILY CLOSING PRICE OF MIDDLING UPLAND IN LIVERPOOL
.
Stock beginning of year:
Upland
7,319
13,702
Month
and
Aug.
Sept.
Oct.
Noe. Dec. Jan. Feb. Mar. Ayr. May. June. July
Sea Island
- 7.319
-- 13.702
Year.
1925. 1925. 1925. 1925. 1925. 1926. 1926. 1926. 1926. 1926. 1926.
1926
Movement for year_ _ _ _bales..
333.590
Days.
280.520
*Included in these items are 14,427
in 1925-26, the amount taken
1
Hol 12.10 12.62 Sun. 10.46 Hol. 10.63 10.01 10.16 9.85
by local mills and shipped to interior, allbales
of which is deducted in overland.
Bun 12.18 12.72 9.93 10.46 Hol. 10.60 9.82 Hol. Sun. 10.33
2
10.27
Hol 12.26 12.42 10.18 10.47 Sun. 10.61 9.81 Hol.
3
9.81 10.30
NORTH CAROLINA.
13.44 12.51 Sun 10.30 10.42 10.39 10.60 9.97 Sun.
4
9.8.5 10.32
5
13.30 12.3.5 12.36 10.44 10.30 10.38 10.80 9.95 Hol. 9.84
1925-2610.22
1924-25
13.38 Sun 12.41 10.49 Sun. 10.34 10.65 9.87 10.08
6
Exported from Wilmington:
9.98 Sun.
7
13.35 12.34 12.50 10.58 10.32 10.49 Sun. Sun. 10.06
To foreign ports
99,506
10.12
10.16
108,213
13.44
s
12.33 12.33 Sun. 10.34 10.54 10.66
To coastwise ports•
27,664
10.06 Hol. 10.24
24,433
Sun 12.58 11.53 10.63 10.27 10.70 10.55 9.85
9
Coastwise from Wash'n,
64,519
9.81 9.99 Sun. 10.18
65.585
13.37
10
12.89
Stock at close of year
11.57
10.20 10.13 Sun. 10.54 9.88 10.07 10.12 10.14
7.095- 198.784
7,082-- 205,313 11
13.00 13.01 Sun 10.43 10.17 10.68 10.54 9.81
Deduct13.02 13.17 11.34 10.70 10.08 10.66 10.52 9.90 Sun. 10.27 9.92
12
Stock at beginning of year.._
7,08210.10
7,082
9.75
1,828-13.12
13
Sun.
1.828
11.45 10.58 Sun. 10.74 10.54 9.95 10.14 10.25
10.26 Sun.
12.93 13.44 11.61 10.61 9.93 10.80 Sun. Sun.
14
Movement for year-- __bales_
191.702
10.11 10.23 9.66
13.06 13.53 11.41 Sun 9.81 10.84 10.46
203,485 15
9.92 10.16 10.36 9.64
Sun 13.43 11.54 10.79 10.01 10.96 10.37 0.98
t6
* Of these shipments 14,411 bales in 1925-26, covering shipments
10.13 Sun. 9.54
13.14 13.63 11.54 10.73 9.74 Bun. 10.29
Inland 17
by rail from Wilmington and local consumption,are
9.96 9.95 10.22 9.54
deducted in overland.
13.20 13.57 Sun 10.79 9.81 10.90 10.46
18
10.01
Sun. 10.20 9.61
13.20 13.51 11.46 10.74 9.83 10.95
19
VIRGINIA.
13.11 Sun 11.55 10.60 Bun. 10.79 10.57 10.08 9.95 10.31 9.63
20
10.60 10.05 9.92 10.28 Sun.
13.07
21
13.44 11.4310.54 9.71 10.83 Sun. Sun. 9.90 10.21
1925-26- -1924-25-9.53
Exported from Norfolk:
13.13 13.35 11.37 Sun. 9.72 10.76 10.55
22
To foreign ports
Sun 13.46 11.27 10.88 9.76 10.75 10.56 9.95 10.11 Hol. 9.47
311,085
23
252,226
10.09
10.01
Sun.
9.53
To coastwise ports_*
13.17
24
166.585
12.84 11.31 10.85 9.92 Sun. 10.43 10.01
150,903
10.01 Hol. 9.47
Exp.from Newport News,&c.:
13.02 12.91 Sun. 10.78 Hol, 10.81
25
10.38 9.96 Sun. 10.27 9.56
To foreign ports
12.89 12.97 11.29 10.95 Hol. 10.72 10.33
26
10.16
10.06
10.37 9.55
manufacture
Taken for
12.69 Sun. 10.73 10.74 Sun. 10.64
27
1,435
1.236
10.15 10.13 9.99 10.33 Sun.
Burnt
12.60 13.00 10.68 10.70 10.17 10.71
28
Sun.
Sun.
10.08
1101. 9.62
Stock end of year,Norfolk...._ 40.000-519.10
12.51
29
12.67 10.68 Sun. 10.26 10.63 _ - 10.17
20,000- 424,365 30
10.00 Hol. 9.48
DeductSun. 12.72 10.35 10.47 10.38 10.67
__ - 10.27 9.94 Sun. 9.30
Rec'd from Wilmincton,&c.
12.25
-31
6.675
-10.15
- __ 10.27 Sun.- __ 10.23 __ _ 10.35 __
15.314
-.
Rec'd from other Nor. Caro. 64,519
65.585
Stock beginning of year
20.000- 91.1
16,000- 96.899
Weight of Bales.
Movement for year---ba.es_
427.911 •
The average weight of bales and the gross weight
327.466
•
of the
crop we have made up as follows for this year, and give
* Includes 13,201 bales in 1925-26, shipped to the interior, which,
with
last
1.236 bales taken for manufacture, are deducted in overland.
year for comparison:
Year Ending July 31 1926.
Movement
Through-
[VOL. 123.
THE CHRONICLE
1078
Number of
Bales.
1Weight in
Pounds.
Year Ending July 31 1925.
Aver. Number of
Wahl. Bales.
Weight in
Pounds.
Aver.
Wahl.
4,947,382 2.590,449,215 523.60 5,616,241 2,951.446,970 525.52
Texas
2.416,264 1,242,467,111 514.21 1,907.050 976.733,658 512.17
Louisiana
81.104.175 516,52
157,214
242,302 126.258.726 521.08
Alabama a
637.760 318.950,153 500.11
1,037.116 520.051,447 501.44
Georgia b
136.613.240 487.00
280,520
485.00
161,791,150
333,590
South
327,466 160.458,340 490.00
427,911 213,953,500 500.00
CarolinaVlrgnls
99.300,680 488.00
203,485
92.783,768 484.00
101,702
North Carolina
2.798.537,403 501.00
5,585,903
506.00
2.063.136.000
5,856,000
Tennessee,
3,144,619 511.23
Total crop.___ 15.452.267 7,910,892.917 511.95 14,715,6397.52
•Including Mississippi. b Including Florida.
According to the foregoing, the average gross weight per
bale this season was 511.95 lbs., against 511.23 lbs. in 192425. or 0.72 lbs. more than last year. The relation of the
gross weights this year to previous years may be seen from
the following comparison:
Average
Weight,
Weight, Pounds. per Bale.
Crop.
' Season of
No. of Bales.
511.95
7,910.892,917
15,452,267
1925-26
511.23
7,523.144.619
14.715.639
1924-25
508.39
5.735.826.695
11.326.790
1923-24
510.47
5.741.884,193
11.248.224
1922-23
507.28
5.831.095.010
11,494.720
1921-22
514
5.836,947.956
11.355.180
1920-21
508.33
6.210,271.326
12.217.552
1919-20
510 69
5.925.386.182
11.602.634
1918-19
509.86
6.073.419.502
11.911.896
1917-18
512.82
6,654.058.545
12.975,569
1916-17
512.64
6,640.472.269
12.953.450
1915-16
515.79
7,771.592.194
15,067.247
1914-15
514.65
7,660.449.245
14.884.801
1913-14
518.59
7.327,100.905
14.128.902
1912-13
31.
to
1
Aug.
Sept.
period
the
Note.-All prior to years 1913-14 are for
08
FROM THE UNITED STATES
COMPLETE DETAILED STATEMENT SHOWING EXPORTS OF COTTON
BY PORTS AND COUNTRIES OF DESTINATION.
c
b
Boo- Balti- Phila- San
New
Pensa- Saran- Bruns- Cnarles- WU- NorGulfNew
Other
Total.
York. ton. more. &Fa. Fran.
cola. flail. wick. ton. 211.2'n folk.
Galveston. Houston. Texas. Orleans. port. Mobile.
1,862,138
800
32.774
5,307
60,762
81.976
9,000
60,812
81.958 17,219 182.586
450,258
223 4,057 425,439
Eng.-Liverpool ____ 454,803 423.883
399
58.058 13,618
19,344
360 73.608
11,081
77,796
44,930
121,965
1.473
23 1,100
Manchester
330
10
10
369
London
6
364
581
Bristol
581
989
Southampton
388
601
2.900 911,452
Scotland-Glasgow__
4,579
100 25.373
1,873
758 20,736
10,934
186,211
343,768 314,220
4.760
France-Havre
60
4,650
50
100
Dunkirk
100
63
Marseilles
63
893
Rouen
893
1,685,014
9.482
100
Bordeaux
'
519
400 86,895 27,770 131.395 52.266
34.389 10,376 316.164
272.720
51,798
1,000
Germany-Bremen __ 392.876 349.662
368
199
936
25,684
6,212
1,181
11.743
3.355
1.120
600 124.409
Hamburg
67
240
6,462 8.797
8.082
196 20,902
1.440
26.213
15,220
36.200
68.225
557
171
Holland-Rotterdam
543
969
13,943 1,000 3.417 3,685
126
19.614
8.870
15.330
75 159,813
Belgium-Antwerp__
35
203
627
4,681 4,000
5,287
44,401
32,350
68,154
35,202
Ghent
61
3,187 1,671
2,600
3,782
21,901
2,000
100
Denmark--Copenh'n
100
Vella
150
Norway-Christiania
150
Bergen
3,350
600
400
850
1,800
Oslo
44,940
1,463
502
8,055
6,702
28,218
55
Sweden--Gothenburg
55
Nykoping
589
389
200
Stockholm
3,488
ao
800
2,636
g Warberg
400
300
100
Uddevalla
75
300,395
28,107
336 44,558
30,690 _.,__ 5,904
63,947
500
Spain-Barcelona ___ 126,778
500
Cadts
1.011
11
1,000
1,100
k Malaga
200
500
400
425
g Passages
225
200
Bilboa
350
350
Cartagena
5,215
4,066
900
250
Portugal-Lisbon.
21,794
1,132
3,100
7,262
10,300
Oporto
919 1,164 541.296
5.879
00 3,849 20.169
449 9,115
1,000
174.813
160,390 106,749
40.554
Italy-Genoa
400
3.227
22.705
11,432
2,790
Naples
145,509
125
4,899
200
52,337
37,225
50.723
568
t Venice
668
Leghorn
17,741
2,000
5,125
5,137
5,479
200
Trieste
200
Savona
245,388
51,215
37,200 156,973
200
Russia-Murmansk _
200
1,455
ir Aba
1,380
75
50
Greece-Piraeus
50
269
!Felonies
269
So.Africa-Capetown
1,079,857
124,548
40,769
16,800
59,112
1,500 4,150 189,758
308.962
208,738 145,520
3,635
Japan
1,100
2,535
420
420
Kobe
112,013
16,358
Yokohama
2.736
4.850
2,464
11,661
27,262
36,107
10.575
3,226
700
China
2.526
406 2258,944
5 6,826
lo Shanghai
13
13
Canada
0,139
7
Halifax
300
39,798
34
12
Mexico-Vera Cruz__
12
BOO
Panama-Colon ___600
40
40
Guat'la-Pt. Barrios
2,661
Brazil-Rio Janeiro_
2,881
10
10
Porto Columbia._
325
Uruguay-Montev'o.
325
150
150
Felipe
San
250
Australia-Melb'ne__
250
1,503
20
Sydney
1,483
15,960
15,960
India-Bombay
3,474
Korachl
99
3,375
ao
Chile-Valparaiso50
1,500
1,500
Ecuador--Guayaquil
14
12
2
9.Amer.-Manzanilla
100
100
New Zealand-Auckl.
7amaica-Ringston.
400 282,890 99.506 311,085 297,060 14.686 10.458 2,998 197,660 8,234,705
149,613 33,844 870,441
34 1.834,345
2,081,307 1.796,671
Total
to Liverpool. 7,413, and
Pass to Mexico, 28; El Paso to Mexico, 6 c Includes from Jacksonville
•Includes 251,707 bales sh Dyed by rail. b Includes from Eagle
300, and to China, 3,224; San Diego to ManzanIlla, 1,500, to London, 1,000, and to
Canada.
to
53,596,
Japan,
to
Townsend
Port
from
Includes
to Bremen, 6,324. d
Havre, 2,900, to Hamburg 1,000, to Mexico. 6, to Bremen. 9,382, to Japan. 2,812. to China.
Liverpoo1.4,402; San Pedro to Liverpool, 27,222, to London, 100, to
to Rotterdam. 600, to Genoa, 1,164, to Yokohama, 420. and to Ghent, 75.
700. to Manchester. 3,932, to Antwerp. 407,
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market was strong and fairly active on Saturday
and again on Monday, and substantial advances were scored
in the industrial list and the rail, several of which were
carried to new peaks for the year. As the week advanced
however, price movements became increasingly irregular
though' the tone improved somewhat on Thursday and
Friday. Railroad shares as a group were the strongest
than
features of the week, and retained more of their gains
day
to
day
net
from
changes
though
stocks
industrial
the
final
the
were not particularly large. Vigorous buying in
issues
hour on Saturday carried many of the more active
The
levels.
the
above
early
points
eight
to
up from one
Genas
in
issues
such
noteworthy
especially
were
advances
year at an
eral Asphalt, which reached a new high for the
advance of more than 8 points, and Westinghouse Air Brake
which shot forward more than 6 points. General Motors
topped 203 at its high for the day and closed with a net
gain of 13 points at 2013/9. General Motors and United
States Steel common led the brisk upward movement on
Monday,followed by du Pont, Mack Truck, Hudson Motors
and General Asphalt preferred. Railroad shares were in
strong demand,' particularly Chicago Great Western pref.
and common, the former reaching a new top for the year.
Northern Pacific also reached a new high for the year. Chicago & North Western moved up more than a point and
crossed 48, and Atlantic Coast Line moved forward nearly
3 points.
Price movements were somewhat confused in the early
trading on Tuesday and shortly after the noon hour the
entire market moved slowly downward. Industrial shares.
AUG. 28 1926.]
THE CHRONICLE
led the decline and many stocks previously prominent in the
advances closed substantially lower. The weak stocks of
the day included Baldwin Locomotive, General Motors,
United States Steel and American Smelting. Railroad shares
also followed the downward trend, Baltimore & Ohio, New
York Central and Southern Railway receding from 1 to 3
points. Prices were again mixed on Wednesday,some issues
reaching the lowest point of the present reaction. On the
other hand, Northwestern rail shares were again conspicuously strong, such stocks as Northern Pacific, Chicago &
North Western, Great Northern preferred and Union Pacific
responding easily to a moderate amount of buying. Other
strong stocks in the railroad group included Wabash, Rock
Island, Wheeling & Lake Erie and Missouri Pacific. Delaware & Hudson moved forward nearly 4 points.
Moderate improvement characterized the movements of
the market during the greater part of the day on Thursday
and advances of 1 to 3 points were recorded by several of the
more active issues. Some stocks moved forward with considerable vigor, notably General Motors, which bounded
forward three points and United States Steel common which
advanced over 2 points. Railway shares as a group were in
strong demand at improving prices, and many of the specialties made good progress. The strong stocks of the day
included among the foremost of the rail group such issues
as
Southern Railway, Atlantic Coast Line and Chicago
Great
Western pref. Foundation Co., du Pont, Baldwin
Locomotive and Texas Gulf Sulphur were the outstanding
stocks
among the industrials. Good gains were also recorded
by
American Smelting and Allied Chemical & Dye.
Railroad
stocks moved into the foreground on Friday, Union
Pacific
crossing 160 for the first time this year,followed by
Atchison
com. which bounded forward to 151% though it slipped
back
later in the day and closed with a net gain of 3%
points at
1503
4. United States Rubber com, continued strong and
closed 33 points higher. General Asphalt pref.
closed with
a net advance of 73 and Brunswick Balke sold as
high as
37% against Thursdays low of 303.
TRANSACTIONS AT THE NEW YORK
STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ending Aug. 27.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Railroad,
tte.
Bonds.
State,
Municipal &
Foreign Bds.
559,000
1,450,831
1.692.095
1.576,708
1,522,178
1,371,300
82,235,000
4.053,500
5.054,000
4.761.000
4,424,000
5,808,000
81,254.000
1,796.000
2,158,500
2,976,000
1,888.600
1,384,000
5487,700
392,550
505.400
644,000
804,000
341,000
8,172,112
$26,335,500
$11.457.000
$3.175010
Week Ending Aug. 27.
1920.
Stocks-No, of shares.
Bonds.
Government bonds__ _
State & foreign bonds.
Railroad & misc. bonds
Total bonds
Stocks,
No.
Shares,
1925.
United
Stater
Bonds.
Jan.1 to Ang. 27.
1926.
1925.
8,172,112
8,113,274
296,932,516
262,208,493
53.175,650
11,457,000
26.335,500
$4,326,800
10,241,500
38,212,000
8184.058,550
425,2.55,950
1,370,653,200
$252,703,410
460,977,500
2,217,453,575
$40,968,150 $52,780,300 $1,979,967,700
52,931,134,485
DAILY TRANSACTIONS AT THE BOSTON,
PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ending
Aug. 27 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Boston.
Philadelphia,
Baltimore,
Shares. Bond Sales
Shares. Bond Sales
Shares. Bond Sales
7,550
16,339
20,838
19,913
13,633
6.950
$6,000
15,500
23,500
21,000
27.000
12,000
14,266
28,450
32,571
22,793
21,262
8,504
811.000
22.300
8.800
13,100
18.500
15,200
217
602
1,116
683
570
1,232
$15,000
33.000
15,000
10,900
22,500
45,000
85,223
$105,000
127,846
$88,900
4,420
$140,400
105,896
5146.600
155,312
563,700
5.509
$113,400
THE CURB MARKET.
Trading in the Curb Market this week was dull
and the
movement of prices decidedly erratic. For a time
declines
rule,
were the
but a stronger tone developed as the
week
closed. Genreal Motors, new stock, absorbed the
attention
and after an advance from 1367/
8 to 1423.., fell to 139. It
moved upward again, reaching 1433,the close to-da
y showing a reaction to 142%. Continental Baking, class
A, sold
up from 84 to 863 with the final transaction at 853
4, du
Pont de Nemours & Co. new stock lost about 5%
points
and
to 149
sold finally at 150. General Baking
Class A,
after fluctuating between 58% and 59% during the
week,
1079
to-day advanced to 61. Glen Alden Coal showed wide fluctuations. After an early loss from 175 to 174 it ran up to
181, closing to-day at 180. National Casket on few transactions jumped from 66% to 72, with the final transaction
at 70. Rand-Kardex sold up from 423.j to 4478 and at 44
finally. Warner Bros. Pictures ran up from 27% to 523.
reacting finally to 49%. Public utility issues were quiet
and changes were narrow. Amer. Gas & Elec. corn. gained
over two points to 983'. Oil stocks were quiet and changes
without significance. Humble Oil & Refining sold up from
5 @62%, reacted to 60 and closed to-day at 613
59%
4.
A complete record of Curb Market transactions for the
week will be found on page 1104.
DAILY TRANSACTIONS AT THE NEW YORK CURD MARKET
STOCKS(No. Shares).
Week Ending Aug. 27.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.AkMis.
Oil.
BONDS (Par Valise).
Mining. Domestic. Poen OM.
49,455
131,310
182,360
154,554
153,830
108,125
35.860
74,420
65,680
58,585
58,135
91,970
779,634
384.650
80.100
121,430
106.590
197.900
169,740
119,400
$974,000
1,430,000
1,495.000
1.823.000
1,426.000
1.723.000
$79,000
222,000
324,000
252,000
136,000
115;000
795,160 58,871.000 51,128.000
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London
Sit.
Mon.
Tues.
Wed.
Thurs.
Fri.
Week Ending Aug. 27- Aug.21. Aug.23. Aug.24. Aug.25. Aug.26. Aug.27.
Silver, per oz
d 2855
28 13-1629 1-16 283
28%
29 1-16
Gold, per flne ounce
84.93( 84.10M 84.1034 84.1134 84.1134 84.1154
Consols, 214 per cents
5511
5514
5534
5534
5554
British 5 per cents
10154
10154
10134
10154
10154
BritIsh434 per cents
9554
9554
955c
9534
9534
French Rentes On Paris)_ _fr_
49.90
49.70
49.95
49.90
50
FrenchWarLoan(inParia)_fr. _--53.82
53.60
53.60
53.25
53.10
The price of silver in New York on the same days has been:
Silver In N.Y..per oz.(etc):
62
Foreign
6214
6234
6245
623,
1
6255
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a satisfactory
increase 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, Aug. 28), bank exchanges for all the
cities of the United States from which it is possible to obtain weekly returns will aggregate 7.3% more than in the
corresponding week last year. The total stands at $8,448,078,191, against $7,870,903,104 for the same week in 1925.
At this centre there is a gain for the five days of 6.4%.
Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Aug. 28.
Per
Cent.
1926.
1925.
53,750.000.000
507.358.102
407.000.000
316.000,000
111.284.973
105.600.000
148.159,000
127.784,000
143.364.098
152.175,521
90,616,121
110,407.022
47.624,142
53.523.594.568
485,855.109
407,000.000
277,000.000
100,404.615
105.800.000
143.671,000
113.164.000
129,024.227
124.573,667
84.980.470
78,286.972
53,553,666
+10.8
-0.2
+3.1
+12.9
+11.1
+22.1
+6.6
+41.0
-11.1
86.017.352.979
1.022,712.180
85.626,928,294
955,590,520
+6.9
+7.0
Total all cities, five days
All cities, one day
$7,040,065,159
1,408,013,032
56.582.518,814
1,288,384.290
+6.9
+9.2
Total all cities for week
58.448.078.191
57.570.003 Ina
47A
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Thirteen cities, five days
Other cities, five days
•
+6.4
+4.4
-1-1-4:1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Aug. 21. For
that week there is an increase of 2.7%, the 1926 aggregate of the clearings being $8,914,811,551 and the 1925 aggregate $8,681,658,382. Outside of New York City the increase
is 3.6%, the bank exchanges at this centre having recorded
a gain of 2.1%. 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 an increase of 5.8% and in the New York Reserve
District (including this city) of 2.1%, but in the Philadelphia
Reserve District there is a falling off of 2.6%. The Cleve-
[VOL. 123.
TrrE CHRONICLE
8,138,436,158
3,541,567,062
O.15111,9
901 0.60 Add -I-In 9
6,291,957,996
3,152,558,818
Total
• 129 cities
Outside New York City..
8,914,811,55]
4,095.839,391
8,6E1,558,38 +2.7
3,963,558,220 +3.6
on, cal 990
%
+5.8
-1-2.1
-2.6
+5.8
-6.4
-17.1
+7.4
+7.6
-7.3
+7.3
+11.5
+11.1
Week Ended Aug. 21.
Clearings at
1928.
1925.
Inc. or
Dec.
1924.
1923.
First Federal Reserve Dist rict-Boston
621,822
711,964
Maine-Bangor
3,266,172
3,502,990
Portland
Mass.-Mass._ _ 410,000.000 385,000,000
1,972,627
2.122,356
Fall River....,. _
a
Holyoke
1,181,275
1.138,335
Lowell
a
a
Lynn
1,454,448
1,246,866
New Bedford_ _
5,170,382
4,700,018
Springfield.._
3.303,277
3,506,964
Worcester
11,745,782
11,648,604
Conn.-Hartford
6,003,474
6,928,431
New Haven_
11,850,000
11,373,600
R.I.-Providence
595,289
442,916
N. H.-Manch'r_
+14.5
+7.2
+6.5
+7.6
a
-3.6
a
-14.2
-9.1
+6.2
-0.8
+15.4
-4.0
-25.6
946,103
2.807.077
415,000,000
1,932,112
a
1.007,971
a
1,157.142
4,147,872
3,224,243
11,769,268
5,739,969
10,110,100
638,345
706,597
2,922,665
297,000,000
1.848,639
432.164,548
+5.8
458,480,202
336,645,251
Total(12 cities)
457,323,044
1,212,591
a
1,110,031
4,006,467
3,779,000
8,042,549
6,424,362
8,989.800
601,650
Second Feder al Reserve D Istrict-New York4,330,931
5,747,883 +8.2
4,943,256
6,222,202
N. Y.-Albany.
LI) 3,009
914,441
977.800 +1.3
991,052
Binghamton
45,312,915
42,613,044
55,452,465 -11.4
d49,159,997
Buffalo
586,745
786,119 +18.5
768,392
931.573
Elmira
1,182,451
1.745,870 -12.0
1,199,108
c1.536,571
Jamestown___ _
4,818,972,160 4,718,100,162 +2.1 4,596,869,096 .142,409,178
New York_
4.904,920
10,557,277 +9.0
8,947,863
11,522,663
Rochester
.758,840
4,008,313
5,229,138 +2.5
5.360,868
Syracuse
2,857,028
3,710,318 +1.5
2,836,082
c3.765,563
Conn.-Stamford
389,447
+48.3
441,953
433,719
643:57
-Montclair
N. J.
35,053,473
29,336,003 +13.4
27,481,400
33,280,547
Northern N. J_..
Total(11 cities) 4,932,386,553 4.832,076,754
+2.1 4.691,022,948 3,245,848,937
Third Federal Reserve Dist act-Philad elphia
1,414,047 +20.1
1,688,265
Pa.- Altoona_ _ _
4,482,395 -12.0
3,945,322
Bethlehem _ _ _ _
1,347,675 +24.3
1,674,779
Chester
2,540,848 -25.1
1.902,416
Lancaster
-2.8
521,000,000
506,000,000
Philadelphia
3,399,547 +15.4
3,922,964
Reading
.5.949,906 +2.1
6,075.506
Scranton
4.326.345 -2.6
d4,213.563
Wilkes-Barre_ _
2,188,107 -16.7
1,821,744
York
5,061,045 +21.9
6,169,402
N.J.-Trenton.._
a
a
Del.-Wilming'n
1,450,309
3,412,714
1,026,444
'2,395,444
441,000,000
2,881,259
5.134,840
3,893,919
1,386,562
4,021,547
a
1,369,857
4,360,347
1,291,723
2,580,766
432,000.000
2,992,002
5,071,019
3,530,138
1 .306,328
3.828,266
a
-2.6
466,603,038
458,330,446
Total(10 cities)
537,423,961
551.709,915
Fourth Feder al Reserve D istrict-Cle veland
5,214,000 +26.3
d6,584,000
Ohio-Akron,.._ _
3,525,444 +6.5
3,755,322
Canton
68.581.263 +7.2
73,534,851
Cincinnati
122,303,043 114,838.727 +6.5
Cleveland
13,311,600 +20.7
16,072,600
Columbus
-a
a
a
Dayton
a
a
a
Lima
a
a
Lorain
2,008,441 +19.1
Mansfield
d2,392,707
a
a
Springfield_ _
a
a
a
Toledo
4,039,142 +29.6
5,233,133
Youngstown__ _
a
a
a
Pa.-Erie
+2.1
Pittsburgh_ _
169,925,394 166,342,691
7,23100
3.747,130
59,137,687
96,892,496
11,968,900
a
a
a
1,684,725
a
a
3,222,504
a
143,906.358
152,792,296
+5.8
327,790,800
340,428,793
Fifth Federal Reserve Dist rict - Rich mond
1,725,638 --12.8
1,505,264
W.Va.-Hunt'g'n
7,484.439 --7.8
6,898,173
Va.-Norfolk ._
_
54,757,000 --13.2
47,499,000
Richmond
01,900,000
2,054,490 --7.5
_S.C.-Charleston
Md.-Baltimore _ 100,951,104 105,414,327 --4.2
23,717,319 +0.4
23,803,476
D.C.-Washing'n
1,509,820
6,815,214
52.542,000
1.775,156
83,736,212
20,620,000
1,760,576
6,207,428
45,901,000
1,746,309
81,563,970
18,364,440
195,153,213
-6.4
166,998,402
155,543.723
Sixth Federal R eserve Distri ct-Atlanta
6.665.049
d8.163,211
Tenn.-Chatt'ga.
2.769,509
3,076,035
Knoxville
21,530,043
22,679,667
Nashville
68,834.162
53,593,486
_
1,755,171
1,774,097
Augusta
1,902,653
1,737,001
Macon
a
a*
Savannah
27,544,075
23,476,362
Fla.-Jack'nville.
32,424,828
6.319.260
Miami
24,290,473
23,132,402
1,837.392
1,997,188
Mobile
1,594,000
1,640,000
Miss.-Jackson
324,812
355,732
Vicksburg
52,439,110
54,376,384
La.-NewOrleass
+22.5
+11.1
+5.3
-22.1
+1.1
-8.7
a
-14.8
-80.5
-4.8
+8.7
+2.9
+9.5
+3.7
6,415,562
2,520,031
17,535,536
48.248,887
1,070.532
1,620,570
a
13,102,282
2,858,441
21,725,750
1,454,100
849.206
233,367
50,200.198
6,693,035
2,496,205
16,228,539
42,410,852
1,125,609
1,163,509
a
10,537,967
202,320.825 243,911,277 --17.1
167,834,462
151,322,233
Total(8 cities)-
Total(6 cities)_
Total(13 Cities)
399,801,050
182,557,017
377,861,308
191,642
569,861
135,844.120
5,642,569
1,903,000
2,037,577
17,712,000
2,165,000
5,332,673
32.454,820
2,061,164
9,773,976
5,305,269
1,161,015
1,243,195
520,149,292
a
1,304,416
3,821,886
1,853,378
2,228,356
Total(20 cities) 968.386.367 901,849,500 +7.4
Eighth Federa I Reserve Dis trict-St. Lo 111114,808,400 +7.8
Ind.-Evansville
5.185,921
Mo.-St. Louis_ - 143,799,807 133,600,000 +7.6
30,338,137 +11.6
33,868,186
KY.-Louisville _
366,304 -19.9
293,517
Owensboro._ _ _
16,819,515 +6.7
17,947,970
Tenn.- Memphis
Ark.-Little Rock
13,279,986 +3.9
13,880,053
448,870 -6.5
419,645
Ill -Jacksonville
Quincy
1,868,930 -20.3
1,488,521
822,951,766
752,755,209
4,561,985
136.100,000
28.779,238
435,934
15,102,670
9,086,697
479,303
1,251,515
24,676,277
299,067
15,086,465
9,128,421
347,367
1,104,956
Total(8 cities)_ 216,883,620 201,530.142 +7.6
Ninth Federal Reserve Dia trict-Minn eapolls
7,817,787 --4.0
d7,509,218
Minn.-Duluth_ _
81,396,299 -8.0
74,919,810
Minneapolis -31,357,450 -7.1
29,144.021
St. Paul
1,648,262 +4.3
1,719,583
No. Dak.-Fargo
1,553,359 -18.0
1,273.321
S. D.-Aberdeen,
578,592 -3.1
555.992
Mont.-Billings
2,885,504 -3.4
2.786,237
Helena
195,797,342
54.929,391
7,807,871
63,583,570
27,936,694
2.802,960
1,404,089
486,027
2,478,417
8,396,869
61,851,959
30,664,667
1,862,165
1,366,821
423,355
2,895,554
Total (7 cities)_ 117,908,182 127,237.253 -7.3
Tenth Federal Reserve DI strict-Kan ass Cit
373,196 -21.5
d293,073
Neb.-Fremont_ _
531,750 -12.5
465,120
Hastings
3.977.722 +9.8
4,368,185
Lincoln
41,579,102 -2.2
40,666.668
Omaha
3,631,242 -17.1
d3,009.195
Kan.-Topeka
7,922,244 +7.6
8,528,835
Wichita
Mo.-KansasCitY 147,267,26 134,010,744 +9.9
6,991,174 +0.9
d7,051,969
St. Joseph_ _ _
a
a
a
Okla.-Muskogee
24,252,572 +20.2
Oklahoma City d29,144,500
a
a
Tulsa
+4.3
1,559,346
1,228,232
Colo.-Col. Spgs.
20,906,667 +2.0
21,328,833
Denver
1,088,887 +26.3
el.375,125
Pueblo
106,499,628
107,461.390
387,434
519,909
3,775,279
40,560,585
2,667,134
7,80.5,766
132,312,810
7,006,214
a
20,802,565
a
1,177,295
20,048,744
974,435
295,416
394,708
3,038,849
34,333,995
2,998,529
8,002,477
127,722,878
6,582,267
a
19,519,243
a
1,230,089
18,601,007
862,022
Total (12 cities) 264,726,991 246,824,646 +7.3
Eleventh Fede ral Reserve District D Ilas-1,955,894 -35.3
1,266,635
Texas-Austin__ _
44,183,135 +7.4
47.467,334
Dallas
11,706,991 +20.1
Fort Worth__ _ d14,058,788
8,097,000 +45.0
11,744,000
Galveston
a
a
a
Houston
5,481,857 -7.1
5,091,566
La.-Shreveport_
238,043,170
223,581.480
90I tral &PI
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
7,123,000
4,019,756
81.673,979
97,880,442
11,692,600
a
71,424,877
79.628,323
Total(5 cities).
Twelfth Feder al Reserve D Istrict-San
42,310.537
46,723,817
Wash -Seattle..
11,745,000
13,072,000
Spokane
a
a
Tacoma
1,514,951
1,459,717
Yakima
37,623,202
45,002,892
Ore.-Portland_ _
15,966,685
17,040,799
Utah-S. L. City
a
a
Nev.-Reno
a
Ariz.-Phoenix
3,746,437
4,248,312
Calif.-Fresno...
6,469,878
6,960,078
Long Beach_
Los Angeles_ _ _ 175,620,000 147,840,000
21,098.763
20,393,002
Oakland
5,271,711
5,62 .046
Pasadena
8,481,679
d8,563,501
Sacramento
4,766.670
5,770,224
San Diego_ _
San Francisco_ 195,523,000 183,347,000
2,987,371
2,825,294
San Jose
1,504,984
1,206,857
Santa Barbara_
2.089,381
2,395,779
Santa Monica_
3,150,700
c3,034,300
Stockton
17,919,502
01,200,000
692,167
176,891
50,677,957
MIN
4,286,838
1,384,915
29.538.694
10,701,531
9,019,928
a
3.820,072
1.780,089
31,741,563
8,561,910
9,200.819
a
3,586,077
54,463,140
+11.5
Franc isco37,249,141
+10.4
+11.3
11,360,000
a
a
1,140,352
-3.7
34,331,520
+19.6
14,576.782
+6.7
a
a
a
a
3,572,299
+13.4
6,116,426
+7.6
+18.8 126,868,000
15,602,969
-3.3
4.308,778
+6.7
11,812,683
+1.0
3.716.826
+21.0
+6.6 163,500,000
2,386.900
-5.4
957.044
-19.8
1,900,240
+14.7
-3.7
2.551.300
54,870,458
34.984,832
10,339,012
a
1.172,445
36,443,791
13,611.373
a
a
4,102,361
8,265,007
130,094,000
14,293,697
4,208,034
6,648,868
2,872.791
139,900,000
2,358.435
995.839
2,950,200
Total(17 cities) 555,465,618 499,914,949 +11.1 441,951,260 413,240.685
Grand total (129
8,914,811,551 8,681,658,382 +2.7 8,138,436,158 6,294,957,996
cities)
+3.6 3.541,567,062 3.152,548.818
Outside New York 4,095,839,391 3,963,558.220
Week Ended Aug. 19.
Clearings al1926.
33,601
'
1,8
3,:13,119
1923.
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_ _ _
Peterborough- _.
Sherbrooke
Kitchener
Windsor
Prince Albert-Moncton
Kingston
1925.
Inc. or
Dec.
$
98,762,983
80,410,360
40,481,202
16,645,721
6,195,383
6,006,223
2,590,810
4,652,065
5,825,327
2,192.742
1,9.56,111
2,487.267
4.620.585
4,220,020
726,551
538,147
1,915,743
1,064,100
872,238
669,333
663,366
249,954
708.000
1,090,938
937,545
3,512,693
342,268
738,369
767,600
%
+12.4
+18.2
-3.6
+6.0
+9.7
-11.2
+13.4
+4.4
+12.9
+13.2
+16.1
+4.4
+0.0
+8.0
-5.1
-5.8
+7.4
+8.5
+16.1
+11.4
+13.1
-0.7
+3.9
-5.9
-0.02
-13.0
+8.0
+4.0
+3.7
1923.
1924.
000.40020000N4N-4-4.W.000000.40.4..4..4,
$
330,515,251
3,245,818,937
458,330,446
340,128,793
155,513,723
151,322,233
752,755,209
51,929.391
107,461,390
223,581,480
51,870,458
413,240,6E5
$
432,164,548
4,832,076,754
551,709,915
377,861,30E
195,151,213
243,911,277
901,819.500
201,530,14
127,237,253
246.824,646
71,424,877
499,914,949
VelvIntin -00 niti.,..,
1923.
S
458,480,202
4,691,022,948
466,603,038
327,790,800
166,998,402
167,834,462
822,951,766
195,797,312
106,499,628
238,053,170
54,463,140
441,951,260
$
457,323,044
4,932,3E6,553
537,423,961
399,801,050
182,557,017
202,320,825
938,386,367
216,883,620
117,908,182
264,726,991
79,628,323
555,465,618
Inc. or
Dec.
▪ axo
1924
Federal Reserve Mats.
1st Bo9ton_ ___12 cities
2nd 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 KansasCity12 "
5 "
11th Dallas
12th San Fran....17 "
1925.
Seventh Feder al Reserve D strict- C111 cago197,915
215,888 +15.6
Mich.-Adrian __
249,698
765,280
904.979 +26.5
Ann Arbor_
1,144,882
186,990,333 179,889,225 +3.9 149,089,616
Detroit
6,766,762
8,281,025 +3.8
Grand Rapids_
8,598,885
2,210,000
2,544.528 +1.7
2,587,605
Lansing
2,161,956
2,520,471 +18.8
Ind.-Ft. Wayne
2,994,454
18,101,000
15,556,000 +39.6
21.722,000
Indianapolis_
1,921,029
2,783,067 -57.9
South Bend_
11,724,800
4,057.432
4,015,346 +18.1
Terre Haute__ _
4,741,486
34,265.528
38,386,142 +4.9
40,274,974
Wis.-Milwaukee
1,938,499
2,607.428 -6.5
Iowa-Cad. Rap
2.437,297
10,189,676
9,441,791 -5.1
DesMoines_ _ _
8,962.026
6,047,550
6,818,834 -6.4
Sioux City_ _ _ _
6,385,524
1,345,693
1,244,134 -11.4
1,102,700
Waterloo
1,235,835
Ill.-Bloomington
1,460,091 -2.9
1,418,625
655,828.451 613,805,025 +6.8 573,026,055
Chicago
a
8
a
a
Danville
1.398,327
1,765,560 -32.1
1,199,183
Decatur
3,921,417
4,597,581 +0.01
4,598,242
Peoria
2,029.805
2,498,836 +18.8
2,968,215
Rockford
2,282,391
2,512,649 -2.6
2,456,987
Springfield_ _ _ _
▪ 00
Inc.or
Dec.
1925.
1026.
Week End. Aug. 21 1926.
1926.
-000WW-0A004,1
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 21.
Clearings at
01000
1:01,
03.4W(n...10.4W0,
100000oPW.O.
ON00000C.N...P.1.AWO..4.C.400 ,
15.2.,..0.-.0
..,q000,
OW.M000aWWW.PW0000.
land Reserve District has a gain of 5.8%,the Chicago Reserve
District of 7.4% and the St. Louis Reserve District of 7.6%.
The Richmond Reserve District shows a decrease of 6.4%,
the Atlanta Reserve District of 17.1% and the Minneapolis
Reserve District of 7.3% . In the Kansas City Reserve
District the totals are larger by 7.3%, in the Dallas Reserve
District by 11.5% and in the San Francisco Reserve District
by 11.1%.
In the following we furnish a summary by Federal Reserve
districts:
CO
clia
-4-401o0b-im-a4b1-bcnctl'inCo;DWVcoopob.
CO
o-400-40c.wooww-40mo.-voucnowoch
COO
1080
I
$
95,515.583
89,628,844
31,008,170
14,236.176
5,509,771
6,524,630
2,537,290
5,479,138
4,475,084
2,825,719
2,022,438
2,442,260
3,832,679
3,359,354
589,022
548,915
1,621,583
1,153,143
989,188
1,159,158
0450,000
248,390
717,661
855,712
793,595
3,267,248
321,865
1,109,225
811,649
291 .582 200 291.842.644 +10.2 288.186.057 284,033.490
figures. c Week
a No longer report clearings. h Do not respond to requests for
Aug. 20. *Estimated.
ended Aug. 18. d Week ended Aug. 19. e Week ended
Pn401 /90 MARI
Atm. 281926.]
THE CHRONICLE
Public Debt of United States-Completed Returns
Showing Net Debt as of June 30 1926.
The statement of the public debt and Treasury cash holdings of the United States as officially issued June 30 1926,
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 1925.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
June 30 1926. June 30 1925.
Balance end month by daily statement. dm
$210,002,027 $217,835,732
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
+1,126.051
+2,143,709
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_ _ _
Settlement warrant checks
Total
$211.128.078
49,449,756
79.179,067
10.201,765
1,818,983
$140,649,571
$219,979,441
2,565,497
53,115,692
71.479,255
15,781,078
$142,941,522
Balance,deficit(-)or surplus(+1
+$70,478,507 +$77,037,919
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1926. June 30 1925.
7111e of LoanPayable.
$
$
2s, Consols of 1930
Q.-J
599.724.050
599,724.050
28 of 1916-1936
Q.-F.
48.954,180
48,954,180
25 of 1918-1938
Q.-F.
25.947,400
25,947,400
3501 1961
Q -M. • 49,800.000
49,800,000
38 Conversion bonds of 1946-1947
Q.-J.
28.894,500
28,894,500
Certificates of indebtedness
J.-J. 483,279,000
578,685,000
3348 First Liberty Loan, 1932-1947
.14. 1,397,689,100 1,409,995,950
4s First Liberty Loan, converted
.14).
5.156,800
5,243,350
4348 First Liberty Loan, converted
J -D. 532,874.250
532.788,200
4344 First Liberty Loan,second converted
J -D.
3,492.150
3,492,150
de Second Liberty Loan, 1927-1942
M.-N.
20,849.700
21,091,600
Ws Second Liberty Loan. converted
3,083,678,100 3.083.467,150
434s Third Liberty Loan of 1928
M.-S. 2,488.272,450 2,885,377,350
434s Fourth Liberty Loan of 1933-1938
A.-0. 6,324,471,950 6,324,481,200
4348 Treasury bonds of 1947-1952
763,948,300
763,948,300
48 Treasury bonds of 1944-1954
1,047.087,500 1,047,088,500
3345 Treasury bonds of 1946-1956
494,898,100
is War Savings and Thrift Stamps
Matured 359,809,690
386,690,091
2548 Postal Savings bonds
.1 -.I
12,540,040
11.995,880
5348 to 5348 Treasury notes
J D. 1,612,403,64)0 2,404,241,400
Aggregate of interest-bearing debt
19,383.770,860 20.210,906,251
Bearing no interest
246,084,419
275,122,994
Matured, interest ceased
13.327,800
c30,242,930
Total debt
a
20.516,272,175
Deduct-Treasury surplus or add Treasury deficit...-. 19,643,183,079
+70.478,507 +77,037,919
Net debt
b 19,572,704.572 520,439,234.256
a The total gross debt June 30 1926 on the basis of daily Treasury
statements was
$19,643,216,315 19. and the net amount of public debt redemption
and receipts
in transit, As., was $33,235 50.
b No deduction is made on account of obligations of foreign
Governments or
other Investments.
C Includes 21,438,750 4% Loan of 1925.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
of
Samuel Montagu & Co. of London, written under date
of
Aug. 11 1925:
GOLD.
The Bank of England gold reserve against notes on
the 4th inst. amounted
to £151,585,390, as compared with £150,873,425
on the previous Wednesday.
About £1,056,000 bar gold was available in the open
market this week.
£636,000 of this was of South African origin and the
balance from an
outside source. The Continent bought slightly over
half a million whilst
the Bank secured £492,000, the small balance being
divided between the
Trade and India.
The following movements of gold to and from the
Bank of England have
been announced since our last issue:
Aug. 5. Aug.6. Aug.7. Aug. 9. Aug. 10.
Aug. 11.
Received
£767,000 £225,000
Withdrawn
5,000 £12,000
The receipt on the 9th inst. consisted of
£500.000 sovereigns from South
Africa and £267,000 bar gold from the outside source
above mentioned and
that on the 10th was bar gold from South Africa.
The £17,000 sovereigns
withdrawn were destined as follows: £12,000 to
India and £5,000 to Spain.
During the week under review the Bank has received
on balance £975,000,
increasing the net influx since Jan. 1 1926 to
£9,217,000 and decreasing
the efflux since the resumption of an effective gold
standard to £2,378.000.
United Kingdom imports and exports of gold
during the week ending
August 4th were:
ImportsExportsBelgian Congo
4:30,723 Switzerland
£101,400
British West Africa
24,236 Spain
19.000
British South Africa
1,145,910 Austria
503.155
Other countries
2 Straits Settlements
15,850
Other countries
2,547
Total
£1,200,871
Total
£641,952
The Transvaal gold output for July, 1926 amounted
to 860.134 fine
ounces as compared with 852.145 fine ounces for June,
1926 and 818,202
fine ounces for July. 1925.
SILVER.
The market has been in the throes of speculation during the
week, and
prices have fluctuated in accord with a preponderating
balance of orders
from bulls or bears. On the whole the bears have prevailed.
This
is not
surprising in view of the disheartened condition of the
market following
the Currency Report. A second bear raid from the Indian
Bazaars carried
prices on Saturday to 2834d. for cash and 28 9-16d. for
two months'
delivery. These were the lowest quotations since
March, 1916 when
28 7-16d. was fixed for cash delivery (no forward quotation was
then made).
The future of the market lies mainly in the hands of the
bears, who if
persistent enough can maintain prices at the lower level, or
even depress
them still lower, the possibility of lower production checking the
fall being
slight whilst base metals command sufficient value to make the
extraction
of silver plentiful as a by-product.
United Kingdom imports and exports of silver during the week
ending
be 4th inst. were:
1081
ImportsExportsUnited States of America.--£35,391 France
British West Africa
34,317 Bombay
Other countries
9,677 Other countries
£29,188
10,512
250
Total
Total
£79,385
£39.950
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
July 15. July 22. July 31.
Notes in circulation
19409
19506
19748
Silver coin and bullion in India
9354
9445
9685
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
223
.
Gold coin and bullion out of India
Securities (Indian Government)
5723
5730
5731
Securities (British Government)
2100
2099
2100
The silver coinage during the week ending the 31st ult. amounted to 4
lacs of rupees.
The stock in Shanghai on the 7th inst. consisted of about 70,300,000
ounces in sycee, 63,000,000 dollars and 4,050 silver bars as compared with
about 70,300,000 ounces in sycee, 62.600,000 dollars and 3,930 sllver bars
on the 31st ult.
Statistics for the month of July last are appended:
-Bar Silver, Per Or. Std.Bar Gold,
Cash.
Per Oz. Fine.
2 Mos.
Highest
30 5-16d.
30 5-16d.
84s. 1134d.
Lowest
294d.
2934d.
84s. 934d.
Average
29.861d.
29.8985.
848. 10.9d.
Quotations during the week:
-Bar Saver. Per Or. Std.Bar Gold,
Cash.
Per Or. Fine.
2 Mos.
Aug. 5
29 1-185.
29 1-185.
848. 10d.
6
28%d.
28 11-16d.
845. 1034d.
7
2834d.
'
'1034d.
9
28 3-185.
2854d. '
84s.
10
.
28%d.
84s. lOyid.
2834d.
11
28 11-185.
2854d.
84s. 1154d.
Average
28.7185.
28.7685.
84s. 10.5dr
The silver quotations to-day for cash and two months' delivery are
espectively 9-185. and 34d. below those fixed a week ago.
grimuxercial andMiscellanecatsg,enTs
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE APPROVED.
Capital.
Aug. 23-The Mahopac National Bank, Mahopac, N. Y
$25,000
Correspondent, Edward S. Agor, Mahopac Falls, N. Y.
Aug. 23-The'Mega National Bank of Philadelphia Penn
200.000
Correspondent, Wilbur H. Zimermann. 3441
'
Old York
Road, Philadelphia, Pa.
APPLICATION TO CONVERT RECEIVED.
Aug. 23-The First National Bank of Hebbronville, Texas
$75,000
Conversion of the Hebbronville State Bank, Hebbronville, Texas.
APPLICATION TO CONVERT APPROVED.
Aug. 23-The Nat 1 Bank & Trust Co.of Monessen. Pa
$150,000
Conversion of the Monessem Trust CO., Monessen, Pa,
CHARTERS ISSUED.
Aug. 18-12979-First National Bank in Medford. Mass
$200,000
President, Richard B. Coolidge; Cashier, James B.
Melcher.
-Granite
National
-12980
of
Bank
19
Brooklyn
Aug.
in New York.
N.Y
300,000
President, A. W. J. Pohl; Cashier. M. J. Keish.
VOLUNTARY LIQUIDATIONS.
Aug. 16-4612-The Farmers National Bank of Augusta. Ky- - $50,000
Effective Aug. 15 1926. Liquidating Commission, B.F.
Barkley. M. Hargett and Ben Harbeson, Augusta, Ky.
Aug. 16-6876-The First National Bank of Mooresville. Ind35.000
Effective Aug. 16 1926. Liquidating Agent, 0. E.
Anderson, Mooresville, Ind. Succeeded by the Mooresville Trust Co., Mooresville, Incl.
Aug. 19-9499-The Farmers National Bank of Palouse. Wash
50.000
Effective July 311926. Liquidating Commission, A. L.
Maxwell, Chas. M. Mecklem, A. P. Murray. Palouse.
Wash.. J. H. McCroskey, Garfield, Wash., and Wm.
Huntly, Spokane. Wash. Succeeded by the Farmers
State Bank of Palouse.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange I were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. stocks.
$ per all-
25 U.S. Metal Cap & Seal, corn.,
par 510
11 Sutton & Derbyshire,Inc..pref
par $10
4 Sutton & Derbyshire, Inc., corn..
par $10
60 Keen & Woolf Oil, pf., par $10 $47
3 Keen & Woolf Oil, corn., no par
lot
250 J. 0. Galloway 011 Interests,
cl. B or com.. par $1
100 Sanitary Container Co., Calif
pref., Par 41
7 5-10 Lewis Oil Corp., corn., cl. A
interim ctfs., par $10
180 Bonner Charter Corp.. no par 1
780 Bonner-Charter Corp., no par 1
100 Wise Bros., Inc.. pref., $69
paid in liquidation
$26 lot
2,000 Wise Bros., Inc., pref., $89
paid in liquidation
$150 lot
125 Helena Light & Railway Co.,
corn. (undeposited)
2%
500 Larvex Corp., corn.. v. t. c
5e.
Bonds.
Per cent..
510.000 Larvex Corp.,3-yr.8%etim•
inc. gold deben. due Dec. 1 1928 10
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per oh
10 Nat. Shawmut Bank
24234 7 U. S. Envelope Co., corn. 16234 ex-div.
5 First Nat. Bank
340
100 Bay State Freezer, Inc., com15 Gloucester (Mass.) Safe Deposit
mon, par $5
$1 lot
& Trust Co
20554 2,500 Boston Coal & Fuel Co.,com10 Androscoggin Mills
52
mon,
par
lot
$1
3134
1 Continental Mills
67% 450 Mining Securities Corp., com.,
10 Lyman Mills
119
Par
lot
$5
$134
10 Manomet Mills
19
2 units First Peoples Trust
7334 .
10 Nonquitt Spinning Co
3734 10 Lowell Elec. Light Co., par $25- 5934
11 West Point Mfg. Co
13354-134% 20 Fall River El. Lt. Co.. par $25.- 4634
8 Cabot Mfg. Co
82 2 units First Peoples Trust
7334
5 Naumkeag Steam Cotton Co_ - -.15514 6 Springfield G. L. Co..
par $25_
5854
12 Lincoln Mfg. Co.. Fall River,._ 45
32 units First Peoples Trust
7334
25 West Point Nag, Co
13354
500 Arcade Malleable Iron Co.,
16 Draper Corp
152
Class A
3
1 American Glue Co.. preferred-34-15234
_ lI234 600 Arcade Smelt. & Refg. Co..
3 Plymouth Cordage Co
136
Class 13
25c.
50 New Bedford Gas& Edison Light
500 Arcade Malleable Iron Co.,
Co.. par $25
Class A
7934
3
20 Mass. Ltg. Cos.. 8% prey
115 600 Arcade Smelt. & Ref. Co.,
Lowell
Gas Light Co., par $25_ 5734
200
Class
D
25s.
40 New Bedford Gas& Edison Light
68
Boston
Woven Hose & Rubber 84
Co.,full paid, par 225
7854
Co., common
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per oh.
15 Androscoggin Mills
52
5 Draper Corporation
153
60 Hamilton Manufacturing Co_
800.
42 Pepperell Manufacturing Co_ __ _11934
50 Connecticut Mills, let pref
62
200 Daniel Boone Woolen Mills, par
$7 lot
825
•6 Mass. Ltg. Cos., common
73
2 Fall River Elec. Lt., par $25_ _ _ _ 4634
2 units First Peoples Trust
7334
25 special units First Peoples Trust. 51.1
23 units Amer. Founders Trust, new 77
$ per sh.
Shares. Stocks.
150 Amer.Founders Trust,common
3534-3534
10 Lowell Electric Light, par $25- 5944
7334
2 units First Peoples Trust
934
12 B. J. Baker Co., class A
50 Craton & Knight Co., corn., no
1034
par
50
5 Laconia Car Co., let pref
Per Cent.
Bonds
81,000 Rockport Granite Co. 6s,
76 & Int.
June 1934
By Barnes & Lofland, Philadelphia:
$ per oh.
Shares. Stocks.
25 Jefferson Title & Tr., par $50. _ _ 70
14 Burlington County Trust Co.,
275
Moorestown, N. J
336 34
16 Tenth National Bank
20 Columbia Avenue Trust Co_ ._.33734
50 Phila. Life Ins. Co.. par $10_ _ _ 14
75 Ins. Co. of Nor. Amer., par $10. 52
12 Tennessee Electric Power Co..
10234
lot 7% cum. pref
31
80 Southern Calif. Edison, corn__
20 Union Traction Co., par $50_ _ - 3934
20 L. F. Grammes & Sons, Inc.,
25
pref.. class A
2 William L. Douglas Shoe Co., pref 8134
2 National Bank of Germantown,
40534
par 850
7 Penn National Bank
600
5 Manayunk National Bank
46731
5 Union National Bank
268
25 Belmont Trust Co., par 850--- -118
13034
35 Mutual Trust Co., par 850
15 Mutual Trust Co., par $50
13034
2 Empire Title & Trust Co., par 550 47
5 Northern Cent. Tr. Co.. par 850.111
17 Moorestown Nat. Bank, N.J._ _375
S per oh.
Shares. Stocks.
50
20 Nixon & Co., Inc
30
6 Cosden & Co., corn., no par
5 13th & 15th Sta. Passenger Ry__ _168
ipo Hestimv. Mantua dr Fairmount
26
Passenger Ry., corn
130 Int. Clay Products Co., pref. S25 lot
5 Tacony-Paimrya Ferry, par 850 45
95
122 Hare & Chase. Inc., pref
66 Hare & Chase, Inc., corn., no par 2534
5 Phila.-Girard National Bank_ - -58034
Per Cent.
Bonds.
$500 Industrial Realty Corp., gen.
se
1945
1
July
6s.
10,000 marks City of Berlin, dated
1919. Sept. 1920 and all subse812 lot
quent coupons attached
5,000 marks City of Berlin, dated
1912, 1921 and 1922 coupons at$11 lot
tached
$200 Phila. Electric Co. lts4s. 1066. 86
Eastern
dr
Columbus
Indiana
55.000
Traction gen. & ref. 5s, Nov.
1926. May 1919 and all subse2
quent coupons attached
By A. J. Wright & Co., Buffalo:
8 per oh. Shares. Stocks.
Shares. Stocks.
7 Big Ledge. par $5
2 Buff. Niag. & East. Ry., pref.,
2534 100 March Gold, par $I
par 825
70.
1.500 Night Hawk, par El
$ per oh.
$1.50 lot
200.
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.
Railroads (Steam).
Chesapeake dr Ohio, corn. (guar.)
Erie & Pittsburgh (guar.)
.(qu.)
FondaJohnstown & Gloversv.. pf.
Gulf Mobile & Northern, pref. (guar.)._
Hocking Valley, corn.(guar.)
St. Joseph South Bend & Sou.. corn..
Preferred
St. Louis Southwestern. pref. (guar.)._
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Oct. 1 *Holders of rec. Sept. 8
•2
8734e. Sept. 10 Holders of rec. Aug. 31
134 Sept. 15 Holders of rec. Sept. 104
'134 Oct. 1 "Holders of rec. Sept. 15
Sept.30 *Holders of rec. Sept. 8
*2
'8734c Sept. 15 *Sept. 11 to Sept. 14
'234 Sept. 15 *Sept. 11 to Sept. 14
134 Sept. 30 Holders of rec. Sept. 15
Public Utilities.
Amer.Superpower Corp.,com.A & B(qu) *30c. Oct. 1 'Holders of rec. Sept. 1
"31.50 Oct. 1 *Holders of rec. Sept. 1
First preferred (guar.)
31.75 Sept. I Holders of rec. Aug. 21
American Utilities, pref.(guar.)
2
Oct. 15 Holders of rec. Sept.2
Bell Telephone of Canada (guar.)
Bell Telephone of Pa., pref. (guar.) _ _ •134 Oct. 15 'Holders of rec. Sept.2
134 Oct. 1 Holders of roe. Sept.
Boston Elevated Ry., corn.(guar.)
334 Oct. 1 Holders of rec. Sept.
Second preferred
011
Oct. 1 'Holders of rec. Sept.
Brooklyn Union Gas (guar.)
134 Sept.30 Sept. 21 to Sept.2
(guar.)
Chicago City Ry.
Chic. North Shore & Milw.. pr. lien (qu.) '134 Oct. 1 'Holders of roe. Sept. 1
•134 Oct. 1 *Holders of rec. Sept. 1
Preferred (guar.)
Chicago Rap. Tran., prior pf. (tmhlY.). '65e. Oct. 1 'Holders of rec. Sept. 2
•65e. Nov. 1 *Holders of roe. Oct. 1
Prior preferred (monthly)
"65c. Dec. 1 Holders of rec. Nov. 1
Prior preferred (monthly)
2
Oct. 1 Sept. 25 to Oct.
Chickasha Gas& Elec., corn.(guar.) -- 134 Oct. 1 Sept. 25 to Oct.
Preferred (guar.)
*144 Oct. 15 *Holders of rec. Sept.2
Diamond State Telep., pref. (guar.).Electric Power & Light, pref. (quar.)- - $1.75 Oct. 1 Holders of rec. Sept. 1
*50e. sept. 1 'Holders of rec. Aug. 2
Federal Water Service, clam A
2-3 Sept. 10 Holders of rec. Aug. 3
Foshay (W. B.) Co., corn. (monthly)_ _ _
7-12 Sept. 10 Holders of rec. Aug. 3
Seven per cent preferred (monthly).
2-3 Sept. 10 Holders of rec. Aug. 3
Preferred A (monthly)
General Gas & Elec.. corn. A (quar.) _ 3734e. Oct. 1 Holders of rec. Sept. 1
Oct. 1 Holders of rec. Sept. 1
$2
88 preferred class A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 1
$T preferred clam A (quar.)
31.75 Oct. 1 Holders of rec. Sept. 1
Preferred class B (guar.)
*2
Sept.30 *Holders of rec. Sept.2
Illinois Bell Telephone (guar.)
334 Oct.
Holders of rec. Sept. 1 a
Indianapolis Water Works. pref
•81.75 Oct.
*Holders of rec. Sept.
Interstate Power, pref.(quar.)
Kentucky Hydro-Elec. Co., pref.(qu.) *S1.75 Sept.20 "Holders of roe. Aug. 3
134 Oct.
Holders of rec. Sept. 84
Mackay Companies. common (guar.).
1
Oct.
Holders of rec. Sept. 8a
Preferred (guar.)
134 Oct.
Holders of roe. Sept. 10
Montana Power, common (quar.)
154 Oct.
Holders of rec. Sept. 10
Preferred (guar.)
*50e. Oct.
*Holders of rec. Sept. 15
Municipal Service, pref.(No. 1)
Holders of rec. Sept. 15
National Power & Light. pref.(guar.)_ _ - 81.75 Oct.
New England Pub. Serv., corn.(No. 1). "75c. Sept. 1 "Holders of roe. Sept. 1
*S1.75 Sept. 1 "Holders of rec. Aug. 31
Preferred(guar.)
*144 Oct. 1 *Holders of rec. Sept. 20
New York Telephone, pref.(guar.)
1250. Oct.
Holders of rec. Sept. 7
North American Co.. corn. (guar.)
750. Oct.
Holders of rec. Sept. 7
Preferred (guar.)
•lIf Oct.
'Holders of rec. Sept. 20
Ohio Bell Telephone, pref.(guar.)
'134 Sept.1 *Holders of rec. Aug. 3-1
Ottawa & Hull Power. pref.(guar.)
Sept. 18 to Sept. 30
Pennsylvania Gas & El., cow.(ottan)_ _. 134 Oct.
Sept. 18 to Sept. 30
154 Oct.
Preferred (guar.)
2
Oct.
Holders of rec. Sept. 17
Pennsylvania Water & Power (guar.)
'2
Nov. 1 *Holders of rec. Oct. 4
Peoples Gas Light & Coke (guar.)
Peoples Lt. & Pow., corn.. el. A (mthly.) 16 2-3c Sept. 1 Holders of rec. Aug. 31
7-12 Sept. 1 Holders of rec. Aug. 31
7% preferred (guar.)
2
Oct.
Sept.25 to Oct. 1
Public Service of Okla., corn.(guar.)_ _
134 Oct.
Sept. 25 to Oct. 1
Prior lien stock (guar.)
134 Oct.
Sept. 25 to Oct. 1
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 24
Shawinigan Water & Power (guar.)
Banks.
Commerce. National Bank of (guar.)._ _
(guar.)
National
Public
,moor Miscellaneous.
Irv
4
"4
'75c.
Advance-Rumely Co.. pref. (guar.)2
Aldred & Co.(guar.)
20c.
Amer. Home Products (guar.)
2
(guar.)
American Piano, common
151
Preferred (guar.)
75c.
(guar.)
Razor
Safety
Xmerican
2
Amer. Shipbuilding, common (guar.).- 151
Preferred (guar.)
[Vol.. 123.
THE CHRONICLE
1082
Oct.
Oct.
1 Holders of roe. Sept. 17a
1 *Holders of rec. Sept. 20
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
1 *Holders of rec. Sept. 15
1 Holders of rec. Sept. 17
1 Holders of rec. Sept. 154
1 Holders of rec. Sept. 15
1 Holders of rec. Sept. 15
1 Holdets of rec. Sept. 104
1 Holders of rec. Oct. 15
1 Holders of rec. Oct. 15
Name of Company.
Per •When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
154 Oct. 1 Holders of rec. Sept. 10
American Tobacco, pref. (guar.)
American Vitrified Products, corn. (M1.) *50e. Oct. 15 *Holders of rec. Oct. 5
1
Atlantic Terra Cotta Co., pref.(guar.)._
Sept. 16 Holders of rec. Sept. 6
"2
Auto Car Co., pref. (guar.)
Sept. 15 *Holders of rec. Sept. 4
Oct. 1 *Holders of rec. Sept. 16
*50c.
Barnacle]) Corp., class A and B (quar.). _
*50c. Oct. 1 *Holders of rec. Sept. 15
Bend's Corporation, class A (guar.)
Big Lake Oil
Sept.29 *Holders of rec. Sept.20
'25
950. Sept. 1 Holders of rec. Aug. 25
Burdines, Inc., preference (guar.)
Bush Terminal Co., deb. pref. (quar.).. •IM Oct. 15 *Holders of rec. Oct. I
Bush Terminal Bides., pref. (quar.)
'134 Oct. 1 *Holders of rec. Sept. 17
Claumet & Arizona Mining (quar.)
•51.50 Sept.20 *Holders of rec. Sept. 4
Canadian General Electric, pref. (qu.)
134 Oct. 1 Holders of rec. Sept. 15
134 Sept. 15 Holders of rec. Sept 10
Carter (William) Co., pref. (guar.)
Chicago Fuse (quar.)
'6234c Oct. 1 *Holders of rec. Sept.16
Chicago Mill & Lumber, pref. (guar.)._ - *1% Oct. 1 *Holders of rec. Sept.22
Cities Service Co.. common (monthly).. "Si Oct. 1 *Holders of rec. Sept. 15
Common (payable in common stock)..'
34 Oct. 1 *Holders of rec. Sept. 15
Preferred and preferred B (monthly)
Oet. 1 *Holders of rec. Sept. 15
Bankers shares (monthly)
*34 Oct. 1 *Holders of rec. Sept. 15
Congress Cigar, Inc. (guar.)
•75e. Oct. 1 *Holders of rec. Sept. 15
Dewey & Almy Chem. Co.,corn.(extra)- $I Sept. 1 Holders of rec. Aug. 31
Preferred
$3.50 Sept. 1 Holders of rec. Aug. 31
Dinkler Hotels, Inc., clam A (guar) _ 50e. Sept. 1 Holders of rec. Aug. 21
Emporium Corp. (quar.)
50e, Sept.21 Holders of rec. Sept. 1
Equitable Office Bldg., common (au.)- 31.25 Oct. 1 Holders of rec. Sept. 15
Euclid 011
3e. Sept.25 Holders of rec. Sept. 10
Federal Motor Truck, new no-par stock
•20c. Oct. 1 'Holders of rec. Sept.18
(guar.) (Nu. 1)
Stock dividend
.2% Oct. 5 *Holders of rec. Sept. 18
Fifth Ave. Bus Securities (guar.)
•16c. Oct. 16 "Holders of rec. Oct. 2
Gabriel Snubber Mfg.. corn. A & B (qu.) 6234e. Oct. 1 Holders of rec. Sept.15
Common A & B (extra)
6234c. Oct. 1 Holders of rec. Sept. 15
General Electric(guar.)
*75c. Oct. 28 *Holders of rec. Sept. 15
Special stock (guar.)
*15c. Oct. 28 *Holders of rec. Sept. 15
Girard & Co.. Inc., corn.(quar.)
25c. Sept. 10 Sept. 2 to Sept. 9
Preferred (quar.)
154 Sept. 10 Sept. 2 to Sept. 9
Preferred (extra)
g Sept. 10 Sept. 2 to Sept. 9
Globe Soap, first. second and special
preferred stock (guar.)
134 Sept. 15 Sept. 2 • to Sept. 15
Goodyear Tire dr Rubber. pref. (qu.)... 134 Oct. 1 Holders of rec. Sept. 1
Prior preference (guar.)
Oct. 1 Holders of rec. Sept. 15
2
Gulf States Steel, common (guar.)
•154 Oct. 1 'Holders of rec. Sept. 15
Hanes(P. H.) Knitting, pref. (guar.).- 13.1 Oct. 1 Holders of rec. Sept.20
Hathaway Baking, cony. pref.(No. 1).. *134 Sept.15 *Holders of rec. Sept. 1
Hudson Motor Car (guar.)
"8734e Oct. 1 *Holders of rec. Sept. 15
Inspiration Consul. Copper (guar.)
50e. Oct. 4 Holders of rec. Sept. 16
International Sliver, common (guar.).-134 Oct. 1 Holders of rec. Sept. 154
15a
Preferred (guar.)
13.4 Oct. I Holders of rec. Sept.26
Kilburn Mill (guar.)
Sept. 15 'Holders of rec. Aug.
*2
15
Sept.
rec.
Liggett de Myers Tobacco, pref. (quar.) •134 Oct. 1 "Holders of
Lake Shore Mines, Ltd.(quar.)_____ - - - 10
Sept. 15 Holders of rec. Sept. 1
Mallinson (H. R.)& Co., Inc., pf.(qu.). 13( Oct. 1 Holders of rec. Sept. 21
Mathieson Alkali Works, corn.(guar.) *S1
Oct. 1 *Holders of rec. Sept. 17
Preferred (guar.)
151 Oct. 1 *Holders of rec. Sept. 17
'
Merchants & Mfrs. Securities. corn.(qu.) 234 Oct. 1 Holders of rec. Sept. 15
Common (payable In common stock)_ _
Oct. 1 Holders of rec. Sept. 16
1
Motion Picture Capital Corp..corn.(qtr.) 3734e Sept. 15 Holders of rec. Sept. 8
Preferred (guar.)
50o. Oct. 15 Holders of rec. Oct. 1
Newberry (J. J.) Co., pref. (quay.)
134 Sept. 1 Holders of rec. Aug. 16
New York Canners. Inc., corn.(guar-)
50c. Sept.15 Holders of rec. Sept. 7a
Preferred (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 280
New York Transportation (guar.)
•50e. Oct. 1 *Holders of rec. Oct. 1
'Holders of rec. Sept. 10
North Amer. Provision, pref. (gnarl-- - '154 Oct.
'Holders of roe. Sept. 17
Omnibus Corporation. pref. (guar.).- - "2
Oct.
Holders of rec. Aug. 20
Fender (David) Grocery, clam A (gu.)- - 8754c. Sept.
*Holders of rec. Sept. 15
Phillips Petroleum (guar.)
*75c. Oct.
Plymouth 011 (monthly)
•50e. Sept.30 *Holders of rec. Sept. 20
Extra
"25e. Sept.3 *Holders of rec. Sept.20
rec. Aug. 26
Providence Ice, common (guar.)
'
134 Sept. 'Holders of
•13,‘ Oct.
*Holders of rec. Sept. 10
Pure 011,554% Preferred (guar.)
•1y.i Oct.
"Holders of rec. Sept. 10
Six per cent preferred (guar.)
'Holders of rev. Sept. 10
Eight per cent preferred (guar.)
Oct
2
.
Smith (Howard) Paper Mills, pref.(qu.) 2
Oct. 1 Holders of rec. Sept. 30
South Penn Oil (guar.)
•3754c Sept.3 *Holders of rec. Sent. 13
Holders of rec. Sept. 10
South Porto Rico Sugar, common (quar.) 114 Oct.
Holders of rec. Sept. 10
Preferred (guar.)
Oct.
2
Holders of rec. Sept. 15
South West Pa. Pipe Lines (guar.)
Oct.
$1
Holders of rec. Sept. 17
Standard Milling, common (guar.)
30
sent.
154
of rec. Sept. 17
Holders
134 sept.3
Preferred (guar.)
•15i Oct.
*Holders of rec. Sept. 20
Standard Plate GM.% prior Prof. (qtr.)
•1
'Holders of rec. Sept. 20
Stern Bros.. class A (guar.)
Oct.
"Holders of rec. Sept. 10
"61.50 Oct.
Stromberg Carburetor (guar.)
*Holders of rec. Sept. 10
Swift & Co.(guar.)
Oct.
'2
Holders of rec. Sept. lb
Oct.
50e.
Symington Company. class A (qual.)...
Holders of rec. Oct. 15
300. Nov.
Telautogranh Corporation, com
154 Oct. 1 Holders of rec. Sept. 30
Preferred (guar.)
Holders of rec. Sept. 3
30
750. Sept.
Texas Company (guar.)
sent. 1 "Holders of rec. Sept. 7
*S3
Texas Onlf Sulphur (guar.)
=ept. 2 *Holders of rec. Sept. 3
"S1
Todd Shipyards Corp. (guar.)
Holders of rec. Sept. 7a
31.25 Oct.
Union Carbide & Carbon (guar.)
Holders of rec. Aug. 204
134 =ept.
Union Mills. preferred (guar.)
of rec. Sept. 1
_Holders
1
=ept.
pref.
2
(guar.).Universal Chain Corp..
Oct. 10
Vulcan Detinning, pref. & pref. A (qu.). 13.4 Oct. 2
Oct. 10
Oct. 2
Preferred (acct. accum. dividends)... h2
'Sc. =ept.2 'Holders of rec. Sept. 15
Western Exploration (guar.)
'Holders of rec. Sept. 11
Oct.
Wheeling Steel Corp.. pref. A (quar.)... *82
*Holders of rec. Sept. 11
*h60e Oct.
Preferred A (acct. accum. div.)
*Holders of rec. Sept. 11
"82.50 Oct.
Preferred B (guar.)
"Holders of rec. Sept. 11
*h75e. Oct.
Preferred B (acct. accum. dive.)
of rec. Sept. 20
"Holders
•154
pf,
Oct.
Worthington Pump & Mach., . A (qu.)
'Holders of rec. Sept.20
•134 Oct.
Preferred B (quar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
23a
Atchison Topeka & Santa Fe, corn.(qu.) 134 Sept. 1 Holders of rec. July
134 Sept. 1 Holders of rec. July 174
Baltimore & Ohio, corn.(guar.).
170
July
rec.
of
Holders
1
Sept.
1
2
Preferred (guar.)
Sept. 30 Holders of rec. Aug. 314
Boston & Albany (quar.)
214 Oct. 1 Holders of rec. Sept. la
.2
Canadian Pacific, corn. (guar.)
Oct. 1 'Holders of roe. Sept. 1
Preferred
lo Sept. 3
Aug. 21
Sept.
Chestnut Hill (guar.)
1 Holders of roe. Aug.4144
41
Sept.
1m
750.
154
(qu.).
pref.
Pao.,
Tex.
&
On.
New
Cln.
Aug. 104
rec.
of
Holders
Sept.
Cleveland & Pittsburgh. reg. gu.(quar.)_
1 Holdesr of rec. Aug. 101
p
Sept.
Special guaranteed (guar.)
Aug. 144
rec.
of
Holders
Sept.
Cripple Creek Central. preferred
m Feb 1'27 Hold, of rec. Jan. 15'274
3
Cuba RR.. preferred
1,‘ Sept. 20 Holders of rec. Aug. 28a
Delaware & Hudson Co (guar.)
Sept. 1 Holders of rec. Aug. 34
Illinois Central, corn. (guar.)
Sept. 1 Holders of rec. Aug. 3a
3
2
Preferred
Holders of rec. Sept. la
COM
Louis,
St.
Louisville Henderson &
. 15 Holders of rec. Sept. la
pt4.
Serr
234 s
Preferred
138 Sept. 1 Holders of rec. Aug. 18
Maine Central, pref.(guar.)
13.4 Sept. 1 Hoidens of rec. Aug. 164
New Orleans Texas & Mexico (quar.)
16a
N. Y. Chicago & St. Louis. corn.(guar-) 234 Oct. 1 Holders of rec. Aug. 16a
Oct. 1 Holders of rec. Aug.
134
Preferred A (guar.)
31a
Aug.
rec.
of
Holders
18
Sept.
Norfolk dt Western, common (guar.).- 134
75e. Aug. 31 Holders of rec. Aug. 20
Pennsylvania RR.(guar.)
3
Sept.
to
21
Aug.
4
Sept.
$1.50
(qu.)
Norristown
Phila. Germantown &
154
Pitts. & West Virginia, corn.(guar.). - 134 Oct. 30 Holders of rec. Oct.
134 Jan. 31 Holdersof rec.Jan.15'274
Common (guar.)
Auo. 281926.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1083
Per
When
Boolca Closed.
Name of Company.
Cent. Payable.
Days Incturfy..
Railroads (Steam) (Concluded).
Public
Utilities
(Concluded)
.
Pittsb. Youngst. Ashuio., pre (qu.). 154 Sept. 1 Holders of
rec. Aug. 20a Wisconsin Power & Light. pref. (guar.). $1.75 Sept. 15 Holders
Reading Company, 1st preferred (guar.) 50c. sept. 9 Holders of
of roe. Aug. 316
rec. Aug. 230 Wisconsin Pub.Serv. Corp.,7% pf.(qu.) 154 Sept.
Second preferred (quar.)
Holders of rec. Aug. 31
50c. Oct. 14 Holders of rec. Sept.21a
preferred
(guar.)(No. 1)
634%
1,4 Sept.20 Holders of rec. Aug. 31
St.Louis-San Francisco Ry.,corn.
154 Oct. 1 Holders of roe. Sept. 15a
Preferred (oiler.)
I., soy. I (folders of rec. Oct. 150
Banks.
Southern Pacific (guar.)
134 Oct. 1 Holders of rec. Aug. 27s Chemical National (bi-monthly)
Sept. 1 Holders of roe. Aug. 21a
Union Pacific, cont. (quar.)
234 Oct. 1 Holders of rec. Sept. la Harlem Bank of Commerce (qu.)(No. 1) 4
*194 Oct. 1 *Holders of rec. Sept. 15
Preferred
2
Oct. 1 Holders of rec. Sept. la
Trust Companies.
Public Utilities.
Equitable (guar.)
8
Sept.30 Holders of roe. Sept.20a
American Power & Light, com.(quar.)... 25e. Sept. 1 Holders
of rec. Aug. 180
American Telegraph & Cable (guar.)._
154 Sept. 1 Holders of rec. Aug. 31a
Miscellaneous.
American Telep. & Teleg.(guar.)
254 Oct. 15 Holders of rec. Sept. 200 Abbott's Alderney Dairies.
let pref.(qu.) 154 Sept. 1 Holders of roe. Aug. 140
Quarterly
214J an 15'27 Holders of roe. Dec. 20a Acushnet 151111s
*134 Sept. 1 *Holders of roe. Aug. 19
Quarterly
2'45pr 1527 Holders of rec. Mar. 15a Adams Express(guar.)
(guar.)
$1.50 Sept.30 Holders of roe. Sept.
Associated Gas dr Elec., orig. prof.(qu.) 18750, Oct. 1 Holders
of rec. Aug. 31
Aluminum Manufactures,Inc..corn.(cm.) 50e. Sept. 30 Holders of rec. Sept.150
Original preferred (extra)
15a
112 Hc. Oct. 1 Holders of rec. Aug. 31
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.20a
$7 dividend series pref. (guar.)
41.75 Oct. 1 Holders
rec. Aug. 31
American Art Works, corn. & pref.(qu.) 134 Oct. 15 Holders of rec. Sept.
$6 dividend series preferred (guar.)-- isi 5 iiitt. I it liters of
$0
of rec. July 3Ia American Bank Note, corn. (quar.)____ 40c. Oct.
1 Holders of rec. Sept. 151
$634 dividend series preferred (guar )7, 1.6254 Sept. 1 Holders of roe.
July 31s
Preferred (quar.)
75c. Oct. 1 Holders of rec. Sept. 150
Baton Rouge Elec. Co., corn. (guar.)
6234c Sept. 1 Holders of rec. Aug. 18a American Chain. class A (guar.)
50e. Sept.30 Sept.21 to Sept.30
Preferred A (guar.)
154 Sept. 1 Holders of rec. Aug. lea American Chicle, coin. (qua?.)
75c. Oct. 1 Holders of rec. Sept. 150
Blackstone Valley Gas t5z El., corn.(qu.). $1.25 scot. 1
Holders of rec. Aug. 13
Six per cent preferred (guar.)
Brazilian Tract.. L.& Pow. ord.(quari) 1)4 Sept.
134 Oct. 1 Holders of rec. Sept. 156
I Holders of rec. July 31
Seven per cent preferred (guar.)
Brooklyn City RR.(guar.)
154 Oct. 1 Holders of rec. Sept. 15a
20e. seat I Holders of rec. Aug. 14a American Felt, pref. (guar.)
Brooklyn Edison Co. (guar.)
Sept. 1 *Holders of rec. Aug. 24
'134
2
Sept. 1 Holders of rec. Aug. 13a
American Hardware Corp (guar.)
51
Brooklyn-Manhat.Transit, pref. A (MO
Oct. 1 Holders of rec. Sept.166
134 Oct. 15 Holders of rec. Oct. 1
Quarterly
31
Jan 127 Holders of rem Dec. 160
Preferred series A (guar.)
I
Jan15'27 Holders of rec. Dec. 31
Amer. Home Products (monthly)
200. Sept. 1 Holders of rec. Aug. lea
Preferred series A (guar.)
I XA or 15'27 Holders of rec. Apr. 1
American
Linseed,
prof.
(quar.)
Buffalo, Nlag. & East Pr., corn.(guar.). 5.25c.
144 Oct. 1 Holders of rec. Sept.170
Preferred (guar.)
154 Jun 1'27 Holders of rec. Dec. 17a
Central Arkansas Ry.& Lt., pref. (qu.) 194 Sept.
1 Holders of rem Aug. 160
Preferred (guar.)
154 Aprl'27 Hold of rec.Mar.18 '270
Central Gas & Elec., pref.(guar.)
$1.75 -'ept. 1 Holders of rec. Aug. 15
American Locomotive, corn. (quar.)
$2
Sept.30 Holders of rec. Sept. 13a
Central Illinois Pub.Serv., pref.(guar.).
Oct.134
15 Holders of rec. Sept. 3ra
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. 13a
Central Indiana Power. pref.(guar.) _ _
1)4 Sept.
154 Oct. 1 Holders of rec. Sept.17
Chicago Rapid Tran., prior pref.(mthly.) 65e. Sept. 1 Holders of rec. Aug. 2(a American Mfg corn (guar.)
1 Holders of roe. Aug. 17a
Common (quar.)
Cleveland Elec. Ilium., 8% pref. (guar.) 154 Sept. 1
154 Dec. Si Holders of rec. Dec. 17
Holders of rec. Aug. 14
Prefetfed (quar.)
154 Oct. 1 Holders of rec. Sept.17
Columbus Ry.,Pr. az Lt.. let pref.(qu.)_
154 Oct. 1 Holders of rec. Sept. 15
Pre,Tref! (guar.)
1H Dec. 31 Holders of rec. Dec. 17
Series B preferred (guar.)
$1.63 Nov. 1 Holders of rec. Oct. 15
American Metal, common (guar.)
Sept. 1 Holders of roe. Aug. 20a
Community Power & 1.ight. prof. (quar.) 2
$1
'"ept. 1 Ana 22
Sept. I
Preferred (qua?.)..
Connecticut Power. corn.(guar.)
154 Sept. 1 Holders of rec. Aug. 211
nx Sept. 1 *Holders of to
rec. Aug. 20
American Multitimph, corn. (Oiler.)..
MM. Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
•154 Sept. 1 *Holders of rec. Aug. 20
Am,rican Radiator, common (quar.)
61
Sept.30 Holders of rec. Sept. 150
Consol. G.,El. L. az P.. Balt., corn.(qu.) 6234c Oct. 1
Holders of rec. Sept. 150 Amerbban R liway Express (Oiler.)
Series A preferred (quar.)
50 Sept.30 Holders of rem Sept.15
2
Oct. 1 Holders of rec. Sept. 150 Amer. Roiling MM. common (guar.)
50e.
Oct. 15 Holders of roe. Sept.306
Series B preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
154 Oct. 1 Holders of reo. Sept.15a
Series C preferred (guar.)
154 Oct. 1 Holders of reo. Sept. 15a Amer. Smelt.
& Ref , pref (guar.)
154 Sept. 1 Aug 7 to Aug. 31
Series D preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
American Stores Corp. (quar.)
50e. (let. 1 Sent 16 to Oct. 1
Consolidated Gas(N. Y.),common (qu.) 81.25
Sept.le Holders of rem Aug. 101 Amer. Sugar Refining, corn.
Consumers Power,6% Pref.(guar.)._ _
154 Oct. 2 Holders of rec. Sept. la
154 Oct.
Holders of rec. Sept. 15
Preferred (guar.)
154 Oct. 2 Holders of rec. Sept. la
8.8% preferred (guar.)
1.85 Oct.
Holders of rec. Sept. 15
Amer :sun an a con. Corp.. pf. (No. li $3.50 -ept. I
7% Preferred (guar.)
Mere 01 rec. Aug. 23.
1)4 Oct.
Holders
of
rec.
Sept.
American
Tobacco. corn. & corn. B (qu) $2 Sept. 1 Holders of roe. Aug. 100
15
8% preferred (monthly)
50e. Sept.
Holders of rec. Aug. 16
American Window Glass, pref
8% Preferred (monthly)
334 Sept. 1 Aug. 19 to Aug. 27
500. Oct.,
Holders of roe. Sept. 15
Armour & Co., lila.. prof.(quar.)
8.6% preferred (monthly)
154
Oct. 1 Holders of rec. Sept. 10
55e. Sept.
Holders of rec. Aug. 16
Armour & Co. of Del., pref. (quar.)
6.6% preferred (monthly)
154 Oct. 1 Holders of rec. Sept. 10
Oct.
Holders of rec. Sept. 15
Artloom Corp.. pref. (quer.)
Duquesne Light. 7% pref ser A (guar.)_ 55e.
1
Sept. 1 Holders of rec. Aug. 200
154
dept.
1
Holders
Of
rec.
Aug.
Associated
Goods,
Dry
14a
1st pref. (quar.)_
Eastern Shore Gas & Elec.134 Sept. 1 Holders of rec. Aug. 14
Second preferred (guar.)
151 Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
50e.
Atlas Portland Cement, COM.(quar.)
Engineers Public Service, pref. (guar.)._ $1.75 Sept. 1 Aug. 15 to Aug. 31
50c. Sept. 1 Holders of roe. Aug. 21
Oct.
Holders
of
rec.
Sept. Is
A tins Powder,coin.(Soar.)
$1
Federal Light az Tree., emu. (quar.)._ 20e.
sept. 10 Holders of rec. Aug. 310
Holders of roe. Sept. 151 Auburn Automobile (stock dividend)
e5
Common (payable In common stock). 150. Oct.
Nov. 2 Holders of rec. Oct. 206
Oct.
Holders of red. Sept. 152 Babcock dr Wilcox (qua?.)
154 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
154 Sept.
Holders
of rec. Aug. 142
Quarterly
154 Jan 2'27 Holders of rec. Dec. 20a
Galveston-Houston Electric Co., pref.-- 3
Sept. 1 Holders of rec. Sept. I
Quarterly
154 A pr 1'27 Hold.of rec. Mar.20'27a
Georgia Ry.& Power,corn.(guar.)
Sept.
Holders of rec. Aug. 14
Balaban dr Katz. corn.(monthly)
25c. Sept. 1 Holders of rec. Aug. 20
Ran. City Pow.& Lt., 1st pf.. ser A (qu.) 1
$1.75 Oct.
Holders of rec. Sept. 150
(monthly)
Common
25c.
Laclede Gas Light. corn.(quar)
Oct. 1 Holders of rec. Sept.20
2
Sept. 1
Holders of rec. Sept la Belding-Cortical, Ltd., pref.(quar.)
•154 Sept. 15 *Holders of rec. Aug. 31a
Louisville Gas dc El., corn. A & B
Manila Elec. Corp., common (guar.)._ _ 4354o. Sept.2 Holders of rec. Aug. 31a Belding-Heminway Co.. corn.(guar.)--- 75e. Oct. 1 Holders of rec. Sept. 20
50c. Jet
Holders of rec. Sept. 15a
Belgo-Canadian Paper. corn.(quar.)_
Common (guar.)
154 Oct. 11 Holders of rec. Sept. 300
Preferred (guar.)
Middle West UHL, prior lien stk. (M.1.)- 50e. Dee 3 graders of rec. Dec. 15a
154 Oct. 1 Sent. 4 to Sept. 5
- 2
Sept. 1 Holders of rec. Aug. 31
Bethlehem Steel Corp..7% Pt.(qu.).. 154 Oct. 1 Holders of rec. Sept.
Monongahela West Penn P.S., p1. (qu.) 4354o
la
Oct.
Holders of ree. Sept.15
Big Lake 011
ti1754 Aug. 30 'Holders of rec. Aug. 23
Municipal service coin
• `c
-ept.
•tb(,lers of rye Aug. 16
I3oott Mills(guar.)
154 Sept. 1 Holders of rec. Aug. 216
Nat.Power & Light,common (quar.)
20e. Sept.
Holders of rec. Aug. 14a
Borden Company,common (guar.)
Nat. Public Service Corp., cl. A (qu.). 40c.
$1
Sept.
1
Holders
of roe. Aug. 180
sept. 1
Holders of rec. Aug. 27
Common (extra)
25e, Sept. 1 Holders of rem Aug. lea
Nebraska Power. pref. (Oiler.) _____
;Pot
Holders of roe. Aug. 18
Borg & Beck (guar.)
75e. Oct. 1 Holders of tee. Sept.170
New England Telep. & Teieg. (quar.)
2
Sept 30 Holders of reo Sept 102 Boston Woven Hose az Rubb.. com.(qu.) 61.50 Sept. 15
Niagara kalls Power, common (quar.)_ _
Holders of rec. Sept. 1
50c. 'ept. 3o Holders of rec. Sept. 15
Brach t.E. d.( dr bolls. corn. (guar.)
Preferred (quar.)
'Zoe. -cut. 1 II. Mere of rec. Aug. 20
Iders of rec. Sept.30
Brill Corp., pref.(guar.)
Niagara Lockp & Ont. Pr.. corn (quar) 42He Oct. If: H,
1$4 Sept. 1 Holders of rec. Aug. 16
50o Sept 30 Holders of rec Sept 150
Manufacturing (guar.)
Preferred (quar)
.2 Sept. 1 oft niers of rec. Aug. 9
154 Oct 1 Holders of roe Sept 150 Britlah-Amer. Tob., ord. (interim)
North American Edison, pref. (guar.)
(k) Sept.30 Holders of coup. No.1141
$1.54)
North Amer. Utility Secure., let pf.(qu.) $1.50 ,ept. 1 Holders of rec. Aug. 160 13rittsh Columbia Fish & Packing (quar.) IX Sept.10 Holders of rec. Aug. 31
Sept.
lb
Holders
of
rec.
Quarterly
Aug. 31
1(4 Dee. 10 Holders of rec. Nov.30
First pref. allot. Mts. (guar.)
81.50
dept.
15 Holders of rem
Brown Shoe,common (guar.)
North Carolina Public Rerv.. pref (qu.)
31
50o. Sept. 1 Holders of rec. Aug. 203
1H "opt. 1 Holders of me. Aug.
Aug. 16
Buckeye Pipe Line (quar.)
Northern Texas Electric Co pref
$I
Sept. 15 Holders of rec. Aug. 206
3
Sept
1
Holders
of roe Aug 19
Extra
Northwestern Public Service, pref.(qu) 154
50C. Sept. 15 Holders of rec. Aug. 206
Sept 1 Holders of me Aug
Burns Bros., pref.(guar.)
Ohio Edison Co., 0% prof ((Pan)
154 Oct. 1 Holders of reo. Sept. 150
iSa sept. 1 Holders of rec. Aug. 20
Burroughs
16
Add. Mach. no par stk. (qtr.)
6.67 preferred (guar.)
75e. Sept.30 Holders of rec. Sept. 150
1.65 dept. 1 Holders of rec.
No par stock (special)
77 preferred (guar.)
$1
Aug. 31 Holders of roe. Aug. 130
154 Sept. 1 Holders of rec. Aug. 16
Aug. 16
Preferred (quar.)
6.6% preferred (monthly)
154 Sept.30 Holders of rec. Sept. 15
55e 'opt. 1 Holders of rec.
Aug. 16
California Packing (Mum.)
Oklahoma Gas az Elec., pref. (quar.)
$1
Sept. 15 Holders of rec. Aug. 3I0
154 Sept.15 Holders of reo. Aug.
California Petroleum (guar.)
Penn-Ohio Edison Co 7% prior of.(qu.) IX twin.
31
50c. Sept. 1 Holders of roe. Aug. 140
Calumet & Heels, Consol. Copy.(quan)Pennsylvania Gas & Elec., Cl. A (qu.)... 03750 Sept. I Holders of rec. Aug. 21
50e. Sept. 15 Holders of rec. Aug. 316
1 Holders of rec. Aug. 20
Canada Bread
Philadelphia Company, 5% wet
$2.50 Sept. 1 Holders of rec. Aug. 14
61.25 Sept. 1 Holders of rim. Aug.
Philadelphia Electric. corn.(guar.)
et x OM. 15 Holders of rec. Oct. 1
50c. .ept. lb Holders of rec. Aug. 10a Canada Dry LAnger Ale stk div (311.)
Stock dividend (guar.)
17a
Common (extra)
el 54 Jan15'27 Holders of rec.Jan 1'27
50e. -tent. 15
Philadelphia Suburban Water, p1. (qu.) 131 Sept. 1 Holders of rec. Aug. 17a Case (J. I.) Threash. Mach., pt. (qu.).1)4 Oct. 1 Holders of rec. Sep. 13a
Holders of rec. Aug.
Preferred (acct. accum. dive.)
Philadelphia Traction
7
Oct. 1 Holders of rec. Sep. 130
$2
Oct. 1 Holders of rec. Sept. ha Century
Ribbon Mills, pref. (guar-)--- lta
Pinellas County Power,7% pt. A (qu.)_
1 54 Sept. I I, ol,rs .1 rec. Aug. 200
11i Sept. 1 Holders of rec.
Aug.
Chesebrough Mfg. Cos.(quar.)
7% cum. pref. qu. ($50 par)
75e. Sept.30 Holders of rec. Sept.100
871.4r Sept. 1 Holders of rec. Aug. 20
Extra
20
Portland Electric Power,2d pref.(qt.)._
25c. Sept.30 Holders of rec. Sept. 100
1X Sept. 1 Holders of rec.
Aug. 14
Chicago Motor Coach, pref.(guar.)._ '134 Oct. 1 *Holders of rec. Sept.
Public Service Corp. of New Jersey20
Chicago 1 ellow Cab Co.(monthly).
Common (guar.)
-331.1,' ,eot. 1 ilotlers of rec. Aug. 200
$1.25 Sept.30 Holders of rec. Sept.
Monthly
30
Eight per cent preferred (guar.)
33 I-3e Oct. 1 Holders of rec. Sept. 200
2
Sept.30 Holders of
Monthly
Seven per cent preferred (guar.)
33 1-30 Nov. 1 Holders of rec. Oct. 200
154 Sept.30 Holders of ree. Sept. 3a
Monthly
Six per cent preferred (guar.)
33 1-30 Dec. 1 Holders of rec. Nov. 190
154 Sept.30 Holders of rec. Sept. 30
Sept. 3a Childs Company, common ((Mari
Public Sery. Elec. az Gas.7% pref.(qu.)_
60e. Sept. 10 Holders of roe. Aug. 276
154 Sept.30 Holders of rec.
rec.
Sept.
3
Preferred
Six per cent pref.(guar.)
(quar.)
154 Sept. 10 Holders of roe. Aug. 270
154 Sept.30 Holders of
rec.
Radio Corp. of America. pref. (guar.). _
Chile Cooper (guar.)
6214c Sept. 27 Holders of roe. Sept. la
1 51 Oct. 1 Holders of rec. Sept. 3
Sept. la Chrysler (•o porat Ion. corn. (quar.)---- 750. Sept.30
Rochester Gas dc Elea ,ser B pref (qu) 154 Sept
Holders of rec. Sept.154
1 Aug. 15 to Sept. 1
(guar.)
Preferred
Series C preferred (quar)
$2
Sept.30 Holders of roe Sept.150
134 Sept 1 Aug. 15 to
Preferred It(tar.)
Sept. I
Series D preferred (quar)
154 Sept 1
Jan 327 Holders of rec. Dec. 156
$2
Cities Service, common (monthly)
Southern Calif Edison. A pref (guar ). 4354c Sept 15 Aug. 15 to Sept. 1
11 Sept. 1 Holders of roe. Aug. 14
Holders of rec Aug 20
Series B preferred (guar.)
Common (payable in corn,stock)
37 He Sept 15
!Si Sept. 1 Holders of rec. Aug. 14
Preferred and prof. B(monthly)
Southern Cities Utilities, pref. (qua?)_ 58 1-3c Sept 10 Holders of ree Aug 20
54 Sept. 1 Holders of rec. Aug. 14
Banker shares (monthly)
Southern Colorado Power, pref. (guar.). 154 Sept. 15 Holders of rec Aug 14
34 Sept. 1 Holders of roe. Aug. 14
Banker shares (payable in stock)____
Southern Gm et Power Corp.(guar)_ /4354c Sept 15 Holders of rec. Aug. 31
34 Sept. 1 Holders of rec. Aug. 14
Southwestern Power & Light, pref. (qu.) 154 •ept. 1 Holders of rem Aug. 26
City Ice & Fuel (guar.)
50c. Sept. 1 holders of rec. Aug. 12
Holders
of
roe.
Cleveland
Aug.
Stone
(guar.)
18
Standard Gas & Electric$1.5,
1 Sept, 1 Holders of rec. Aug. 16
Coca-Cola Co., common (guar.)
Common (payable in common stock). 11-200 Oct. 25
of roe. Sept.300 Coca-Cola International, common (qu.)_ $1.75 Oct. 1 Holders of rec. Sept. 15a
Comm on (payable in common stock)... 11-200 lan25 27 Holders
$1.75 Oct. 1 Holders of rec. Sept. 152
Holders of rec. Dee. 210 Congoleum-Nairn. preferred
(quar.)___
Preferred (guar.)
et
154 Sept. 1 Holders of rec. Aug. 160
Sept.15
of rec. Aug. 31a Consolidated Cigar Corp.. Ore!.
Tennessee East.El. Co.$7 prof.(guar.). $1.75 •ept. 1 Holders
81:75 Sept. 1 Holders of rec Aug. 160
Holders of rec. Aug. 2a Continental Can, pref.
(guar.)
6% preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 200
1)4 4ept. 1 Holders of rec. Aug.
2a Continental 011 (guar.)
Tennessee Elec.Pow.,6% first pref.(qu.) 134 Oct. 1
25o. Sept. 15 Holders of rec. Aug. 14
Holders of rec.
Cooper Corporation, pref. (guar.)
Seven per cent first pref. (quar.)
174 Sept. 11 Sept. 2 to Sept. 15
154 Oct. 1 Holders of rec. Sept. 15
Coty Inc. (quar.(
7.2% first Preferred (guar.)
$1
Sept.30 Holders of rec. Sept. 200
1.80 Oct. 1 Holders of rec. Sept. 15
Sept. 15
Crane Company, corn. (quar.)
134 Sept. 15 Holders of rec. Sept. 1
Six per cent, first preferred (monthly) 50o. Sept. 1 Holders
Corn. (payable in common stock)..... 110
Six per cent, first preferred (monthly) 500. Oct. 1 Holders of rec. Aug. 18
Oct. 15 Holders of rec. Sept. 15
of
rec.
Preferred
(guar.)
Sept. 15
1H Sept 15 Holders of rec. Sept. 1
7.2% first preferred (monthly)
800. Sept. 1 Holders of
roe.
Crucible Steel, pref.((roar.)
194 Sept.30 Holders of roe. Sept.15a
7.2% first preferred (monthly)
60e. Oct. 1 Holders of rec. Aug. 16
Company.
common
Cuba
Sept.
15
(quar.)
$1 Sept. 1 Holders of r,e. Aug. 182
United Gas & Electric Coro . common__ 91
t. If, Holders of rec.
Cuban-American Sugar, corn. (qua?.)_..
280. Sept.30 Holders of rect. Sept. 40
United Gas Impt.(stock dist.)
r25
Nov. 15 *Holders of roe. Aug. 31
Preferred (guar.)
194 Sept.30 Holders of rec. Sept. 4a
United Utilities, preferred
43.50 Sept. 1 *Holders of rec. Oct. 15
Cumberland
Pipe
(guar.)
Line
3
20
Sept. 15 Holders of rec. Aug. 31
Utility Shares Corp. partle. pref. (qu.) 30e
ept I ti niers of rec. Aug.
Aug.
Cures Press, Inc. (guar.)
$1
Virginia Elec. az Power. pref. (guar.)
Sept. 15 Holders of rec. Sept. 1
134 Sept.20 Holders of roe. Aug. 13
Quarterly
31a
Washington Water Power, Spokane$1
Dec. 15 Holders of rec.
1
Curtiss Aeroplane dr Motor. preferred_ _
354 Sept. 1 Holders of roe. Dec.
634% preferred (No. 1)
154 Sept. 15 Holders of rec.
Aug. 16a
25a Cushman's Sons. common (guar.)
75e. Sept. 1 Holders of roe. Aug. 14a
West Chester Street Hy., pref.(guar.)._
1H Sept. 1 Holders of rec. Aug.
(guar.)
Aug.
preferred
7%
22
Preferred ((Mar.)..
154 Dee I Holders of rec.
114 Sept. 1 Holders of reo. Aug. 14a
8% preferred (guar.)
Nov.21
2
West Penn Railwart,6% pref.(quar.)_ _
Sept. 1 Holders of roe. Aug. 14
134 Sept.15 Holders of roe. Sept, I
Dartmouth Mfg., cum. (qua?.)
2
Wilmington Gas Co.. preferred
Sept. 1 Holders of rec. Aug. 9a
3
Sept. 1 Holders of rec. Aug.
Preferred (guar.)
180
dl l( Sept. I Holders of rec. Aug. 110
Name of Company.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Concluded).
13,i Set/L.25 Holders of rec. Sept. lla
Davis mills (quar)
1% Sept. 1 Holders of roe. Aug. 20a
Decker (Alfred) dr Cohn. pref.(quar.)
1% Sept. 1 Holders of rec. Aug. 14
Deere & Co., pref.(quar.)
h% Sept. 1 Holders of rec. Aug. 14
Preferred (acc't accum. dive.)
Sept. 15 Holders of me Aug. 310
2
Diamond Match (quar.)
250. Sept. 1 Holders of reo. Aug. 20
Dictaphone Corp., common (quar.)..
Sept. 1 Holders of rec. Aug. 20
2
Preferred (quar.)
500. Sept.30 Holders of rec. Sept. dla
Douglas-Pectin Corp.(quar.)
30 Holders of rec. Sept. dla
Sept.
50e.
Extra
Oct. 1 Holders of rec. Aug. 28
2
Draper Corporation (quar.)
12% Oct. 1 Holders of rec. Aug. 28
Extra
12% JanI5'27 Holders of rec. Aug. 28
Extra
du Pont(E.I.) de Nem.& Co.,corn.(qu) 334 Sept. 15 Holders of rec. Sept. la
1% Oct. 25 Holders of rec. Oct. 96
Debenture stock (quar.)
40e. Sept. 1 Holders of rec. Aug. 15
Eagle-Plcher Lead, common (quar.)
40c. Dec. 1 Holders of rec. Nov. 15
Common (quar.)
31.25 Oct. 1 Holders of rec. Aug. 31a
Eastman Kodak, corn. (quar.)
75c. Oct. 1 Holders of rec. Aug. 31a
Common (extra)
1% Oct. 1 Holders of rec. Aug. 31a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 7a
$1.25
pf.
&
(00.)
Elec. Storage Battery, corn.
Ely-Walker Dry Goods. common (quar.) 31)4c. Sept. I Aug. 22 to Aug. 31
Equitable Office Bldg. Corp., pref.(om.) I% Oct. I Holders of rec. Sett. 15
20c. Sept. I Holders of rec. Aug. ha
Fair (The), corn. (monthly)
20c Oct. 1 Holders of rec. Sept. 20a
Common (monthly)
20c. Nov. I Holders of rec. Oct. 210
(monthly)
Common
1)4 Nov. 1 Holders of rec. Oct. 2Ia
Preferred (quar.)
750. Sept.30 Holders of rec. Sept.15a
Fairbanks-Morse & Co., corn. (quar.)
760. Dec. 31 Holders of rec. Oct. 15a
Common (guar.)
1% Sept. 1 Holders of rec. Aug. I40
Preferred (quar.)
1% Dee. 1 Holders of rec. Nov. 15a
Preferred (quar.)
2
Sept. 1 Holders of rec. July 31
Famous Play. Canad. Corp., lot pf.(qu.)
Oct. 1 Holders of ree. Sept. 150
Famous Players-Lasky Corp., com.(qu.) $2
Aug 31
Fay (J. A.) & Egan Co., pref. (guar.)._ 1% Aug. 31 Aug. 25 to
Federal Mining & Smelt., pref. (quar.)- 134 Sept. 15 Holders of rec. Aug. 250
Sept. 1 Holders of rec. Aug. 16
Fifty-nine East 54th St., Inc., pref.... 3
1% ...ept. 1 Holders of rec. Aug. 15a
Fisk Ituober, second preferred
Fitzsimmons & O'Connell Dredge &
•50e. Sept. 1 *Holders of ree. Aug. 21
Dock (quar.)
30
Foote Bros., Gear & Machine,corn.(qu.) 250. Oct. 1 sept. 21 to Sept.30
1% Oct. 1 Sent. 21 to Sept.
PreLrred
20
Sept.
rec.
of
127
1%
Jan
Holders
Preferred (Qum%)
20c ()et. I H leers of rec. Sept. If a
Perham Company. common (quar.)
40c. Oct. 1 Holders of rec. Sept. 15a
Common,class A (quar.)
cut. 15
t..dzrs of rec Sept. la
4,2
Foundation( retny to
Sept. 1 Holders of rec. Aug. 16
3
French (Fred F.) Cos.. preferred
$1.25 Sept. 15 Holders of rec. Sept. 4
Gamewell Co., corn. (quar.)
1% Sept. 1 Holders of rec. Aug. 23
Preferred (quar.)
1% Sept.
Holders of rec. Aug. 160
General Asphalt, pref. (quar.)
cot.
Holders of rec. Aug. 24a
M
General Cigar. preferred tquar )
I% Oct.
Holders of rec. Sept. 24a
Debenture preferred (guar.)
$1.75 Sept. 1
Holders of rec. Aug. 217
General Motors. corn. (quar.)
Holders of rec. Aug. 217
150 Sept. 1
Common (payable In common stock)._
1% Nov.
Holders of rec. Oct. 47
Seven per cent pref. (quar.)
1% Nov.
Holders of rec. Oct. 47
Six per cent pref. (quar.)
Nov.
1%
Holders of rec. Oct. 47
Six per cent debenture stock (qu.)- - 750. Sept.
Holders of roe. Aug. 2
Gillette Safety Razor (guar.)
250. Sept.
Holders of rec. Aug. 2
Extra
C. G. Spring & BumperHolders of rec. Nov. 8
Common (In corn. stk. on each 10 she.) /2-10 Nov. 1
Common (In corn. stk. on each 10 she.) t.3-10 Feb152 Holders of rec. Feb .8'27
$2.50 Sept.2 Holders of rec. Sept. 7
Glen Alden Coal
H.Aders of rec. Sept. Ira
Glidden Company. common (quar.)...._. :sic. Oct.
Oct.
I
H ,Hers of rec. Sept. lea
Preferred (quar.)
Holders of rec. Aug. 20
Globe-Democrat Pub., pref. (guar.).- 1% Sept.
Oct.
$I
Holders of rec. Sept. 20
Gloue-Wernleke Co., common
$1.50 Ian 12 Holders of rue Dec. 20
Common (quar.)
Holders of rec. Aug. 167
$1 Sept.
Goodrich (B. F.) Co.. corn.(quar.)
Holders of rec. Sept. 157
1% Oct.
Preferred (quar.)
Holders of rec. Aug 21
Gossard (H.W .) Cos. com.(monthly)... :33 1-3e Sept.
Holders of rec. Sept. 150
6234c. Oct.
Gotham Silk Hosiery, corn. (quar.)
15
Sept.
Holders of roe. Sept. 17
500.
Gould Coupler, Class A (quar.)
Great Atlantic & Pacific Tea, corn.(qu )*60e. Sept. 1 •Holders of roe. Aug. 12
1% Sept. 1 Holders of rec. Aug. 12
Preferred (quar.)
1% Oct. 1 Holders of roe. Sept. 15
Greenfield Tap & Die,6% pf.(quar.)
Oct. 1 Holders of rec. Sept. 15
2
8% preferred (guar.)
Io
Jet. I t" Holders ol roe. I nil
$750
Corp
)11
Group No. 1 ,
Sept.30 Holders of rec. Sept. 150
2
Guantanamo Sugar, pref. (quar.)
Guenther Publishing. preferred (quar.)-. 2% Nov 16 Holders of rec. Oct. IC
Preferred (acet. accumulated dive.).._ 8234 Nov. 16 Holders of reo. Oct. 16
1% Oct. 1 Holders of rec. Sept. 150
Gulf States Steel, pref. (Guar.)
I% Jan 2'27 Holders of rec. Dec. 15a
Preferred (quar)
Sept. 1 Holders of rec. Aug. 23
1
Hamilton-Brown Shoe(monthly)
13.4 .,ept. 1 Holders of rec. Aug. 21a
Harbison-Walker it,frac., corn. (quar.).
Oct. 211 Holders of rec. Oct. 90
34
1
Preferred (quar.)
750. Sept. I Aug. 21 to Aug. 31
Hare & Chase. Inc.. corn. (quar.)
1 Aug. 21 to Aug. 31
Sept.
4
Preferred
Hart,Scnaffner & Marx, Inc.. com.(qU.) 1% Aug. 31 Holders of rec. Aug. 17
Hartman Corporation, class A (quar.)_ _ 50c. Dee. 1 Holders of rec. Nov. 17
50c. Marl'27 Holders of rec. Feb. 15
Class A (quar.)
50c. J'nel'27 Holders of rec. May 17
Class A (guar.)
50c. Sept1'27 Holders of rec. Aug. 17
Class A (quar.)
(0) Sept. 1 Holders of rec. Aug. 27
Class B (guar.) In class A stock
(a) Dec. 1 Holders of rec. Nov. 17
Class B (guar.) In class A stock
Marl'27 Holders of roc Feb 15'27
(o)
stock
A
class
in
Class B (quar.)
(0) Fuel'27 Holders of rec May 1727
Class B (smar.) In class A stock
750. Sept.15 Holders of rec. Aug. 27a
Hayes Wheel,common (guar.)
114 Sept. 15 Holders of roe. Aug. 271
Preferred (quar.)
50c. Sept. 15 Holders of rec. Aug. 14
Hecht Mining (attar.)
334 Sept. 1 i-idders of rec. Aug. 15
Heyw o>1-V. aka. Co.. Ist & 24 pf.(rm.) _
Hibbard,Spencer,Bartlett & Co.(mthly.) 35e. Sept. 24 Holders of rec. Sept. 17
21.10. sept.24 Holders of rec. Sept. 17
Extra
Sept. 1 Aug 21 to Sept. I
2
Higbee Company. 2d pref. (guar.)
50c. Sept. 1 Holders of rec. Aug. 14
Hires (Chas. E.) Co . com. A (guar.)
100. Sept. 9 Holders of rec. Aug. 34
Hollinger Coml.Gold Mines
nHood Rubber Products, pref.(quar.)-- 1% Sept. 1 Aug. 21 to Sept. 1
1% Sept. 1 Holders of roe. Aug. 12
Horn & Hardart(N. Y.), pref.(quar.)..
75c. Sept. 1 Holders of rec. Aug. 160
Household Products (guar.)
*I% Sept. 1 *Holders of rec. Aug. 21
Hydrox Corp.. preferred (quar.)
2.4 Oct. 15 Holders of roe. Oct. 4
Illinois Brick (guar.)
25c. Sept. 1 Holders of rec. Aug. 14
Imperial 011. Ltd
Imperial Tobacco of Gt. Br. de Ire.. ord. 7% Sept. 1 Holders of reo. Aug. 16
250. Oct. 18 Holders of rec. Sept. 300
Independent Oil & Gas (quar.)
75c. Sept. 1 Holders of rec. Aug. 60
Ingersoll-Rand Co., corn. (quar.)
Sept. 1 Holders of rec. Aug 25
2
Inkograph Co.. Inc
62% Sept. 1 Holders of rec. Aug. 13
Inland Steel common (guar.)
144 Oct. 1 Holders of reo. Sept. 15
Preferred (quar.)
$1.25 Oct.
H Id •rs of rec. Sept. IR
Interlake Steamship (quar.)
Sept.
1
Holders of rec. Aug. 180
Internat. Agric. Chem.. prior of.(qu.)
Holders of roe. Sept. 24
Internat. Business Machines (guar.).- 760. Oct. 1
Sept.3 Holders of rec. Sept. 150
$1
International Cement, corn. (quar.)_
1% Sept.3 Holders of roe. Sept. I5a
Preferred (quar.)
Internat. Combustion Engineering (qu.) 50e. Aug. 3 Holders of rec. Aug. 186
1% Oct. 1 Holders of rec. Sept. 250
Internat. Harvester. corn. (guar.)
1% Sept.
Holders of rec. Aug. 10
Internat. Harvester. pref.(quar.)
1% Oct.
Holders of rec. Sept. 186
International Salt (guar.).Holders of rec. Aug. 14
Internat. Securities Trust, corn.(qu.). _- 31)c. Sept.
1M Sept.
Holders of rec. Aug. 14
7% preferred (guar.)
194 Sept.
Holders of rec. Aug. 14
6)4% preferred (quar.)
134 Sept.
Holders of rec. Aug. 14
6% preferred (quar.)
31.50 Oct.
Holders of rec. June 15o
International Shoe, corn.(quar.)
35 sent.
Holders of rec. Aug. 15
Preferred (monthly)__
1% Sept.
Aug. 21 to Sept. 1
Interstate Iron & Steel. pref.(quar.)
84
Sept.
Aug. 21 to Sept. 1
Pref. (acct. accum. dividends)
6254e. Sept.
Holders of roe. Aug. 20a
Jaeger Machine. common (quar.)
1% Oct.
Holders of roe. Sept.20a
Jewel Tea, preferred (quar.)
Holders of rec. Sept. 20a
Preferred (acct. swum. dividends)- 8214 Oct.
4ept.
3794c.'
Bottlers of rec. Aug. 26
Johansen Shoe. common ((mar.)
Holders of rec. Aug. 16
Johnson-Stephens-Shlnkle Shoe (guar.). 500. Sept.
1% Sept.
Holders of rec. Aug. 16
Jones & Laughlin Steel, corn. (quar.)
1% Oct.
Holders of rec. Sept. 15a
Preferred (quar.)
[Vor.. 1.23.
THE CHRONICLE
1084
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
1% Oct. 1 Holders of rec. Sept. 200
Kaufman Dent. Stores, pref. (quar.)___
200
134 Jan 227 Holders of rec. Dec. 170
Preferred (quar.)
1 Holders of rec. Sept.
Oct
2
(quar.)
Kayser (Julius) & Co., pref.
14
Sept.
to
1
Sept.
Sept. 15
8
Keeley Silver Mines, Ltd
Sept. 15 Sept. 1 to Sept. 14
4
Bonus
Oct. 1 Holders of roe. Sept. 30
$1
Kennecott Copper Corp.(quar.)
Oct. dl Holders of roe. Sept. 210
$1
Kinney (G. It.) Co., corn. (quar.)
1 Holders of rec. Aug. 216
Sept.
2
(quar.)
Preferred
10 Sept. 1 to Sept.10
Sept.
1.34
Kirby Lumber (qua!'.)
Dec. 10 Dec. 1 to 1)ec. 10
3
14
Quarterly
3734e Oct. 1 Holders of rec. Sept. 180
Kraft Cheese, corn.(quar.)
18a
Common (payable in common stock).- 1134 Oct. 1 Holders of rec. Sept.
240
- 1% Sept. 1 Holders of rec. Aug. 21
KUppenhelmer M.) Co., pref.(guar.).
Aug.
rec.
of
Holders
1
Sept.
Lake of the Woods Milling, corn.(qu.)-- 3
154 Sept. 1 Holders of rec. Aug. 21
Preferred (quar.)
216
13.4 Aug. 31 Holders of rec. Aug. 310
Lansfon Monotype Machine (quar.)
Aug. 31 Holders of rec. July
$1
Lehigh Coal & Navigation (quar.)
750. Sept. 1 Holders of roe. Aug. 160
Lehn & Fink Products, corn.(quar.)
Aug. 21
Libby-Owens Sheet Glass, corn.(qu.)__ - 50c. Sept. 1 Holders of rec. Aug. 21
194 Sept. 1 Holders of rec.
Preferred (quar.)
Aug. 160
Liggett & Myers, corn. & corn. B (qu.)_ 75e. Sept. 1 Holders of rec. Aug. lea
Sept. 1 Holders of roe.
$1
Lima Locomotive, common (quar.)
Aug. 31
L.oblaw Groceterias Co., Ltd., com.(qu.) 25e. Sept. 1 Aug. 18 to Aug. 31
Prior preference (quar.)
194 Sept. 1 Aug. 18 to
Aug. 31
to
18
Aug.
Sept. 1
3
2d preference ((mar)
Sept.30 Holders of roe. Sept. 106
Long Bell Lumber, el. A corn. (quar.).. $1
176
Sept.
rec.
of
Holders
Oct.
234
Lord & Taylor, corn. (guar.)
Holders of rec. Aug. 17
134 Sept.
Lord & Taylor, 1st pref.(guar.)
Holders of rec. Aug. 4
$2.50 Sept.
Ludlow Mfg. Associates (quar.)
Holders of rec. Aug. 25
$1.50 Sept.
Nlahoning Investment (quar.)
Holders of rec. Aug. 160
Manhattan Shirt. corn.(quar.)
3734 Sept.
olders of rec. Sept. 20
H
25c.
Margay 011 Corporation
of rec. Aug. 160
Holders
50c Sept.Oct
Martin-Parry Corp. (quar.)
Holders of rec. Aug. 160
Slay Department Stores. corn.(guar.)._ $1.25 Sept,
rec. Sept. 150
of
Holders
Oct.
134
Preferred (qua!'.)
Holders of rec. Aug. 150
50c. Sept.
Maytag Co.(quar.)
Holders 01 rec. Nov. 156
50c. Dec.
Quarterly
McCahan (W. J.) Sugar Refining &
Holders of rec. Aug. 206
134 Sept.
Molasses Co., pref.(quar.)
*Holders of rec. Sept. 22
McCord Radiator & Mfg., class A (qu.)_ 75c. Oct.
Holders of rec. Aug. 200
McCrory Stores. Class A & B (quar.)__ _ 400. Sept.
Holders of rec. Oct. 200
134 Nov.
Preferred (quar.)
of rec. Aug. 20
Ilolders
Sept.
5
Mines,
Ltd.(quar.)
McIntyre Porcupine
of rec. Aug. 16
Holders
134 Sept.
Mengel Company, pref. (quar.)
Merchants & Mfrs. Sec. Corp.of rec. Scptd15a
Holders
6234c Oct.
Participating preferred (quar.)
1
Sept.3 Holders of rec. Septd15a
Participating preferred (In corn stock).
rec. Sept. 30
Holdersof
$1.25
(quar.)
Mergenthaler Linotype
f Holders of rec. Sept. 30
251,1 Sept.30
Extra
Holders of rec. July 25
Sept.
Merrimack Mfg.,common (quar.)
Holders of rec. July 26
Preferred
.15 Holders of rec. Aug. 28a
Sept.1
40 S
2%
Metro-Goldwyn Pictures, pref. (quar.)_ - 47
Sept. 1 Holders of rec. Aug. 14
Metropolitan Paving Brick, corn.(quar.) 2
Sept. 15
134 Oct. I Holders el rec.
Preferred (Uttar.)
Aug. 146
Mid-Continent Petroleum, pref.(guar.). $1.75 Sept. 1 Holders of roe.
Sept. 1 Holders of rec. Aug. 10
2
Miller Runner, pref. (quar.)
31
July
rec.
of
Holders
1
Sept.
$1
Mohawk Mining (guar.)
rec. Sept. 206
Montgomery Ward & Co., pref. (quar.). 154 Oct. 1 Holders of
Sept. 206
rec.
of
Holders
1
Oct,
$1.75
Class A (guar.)
pttf . . 11551 HoldersHolders of rrecoc„ Aug.Aug. 3311
epo
sec
7511p '
Montreal Cottons. corn.(quar.)
Preferred (quar.)
Holders of roe. Aug. 18
Munsingwear, Inc. (guar.)
Oct. is Holders of rag. Sept.306
al
National Biscuit, common (quar.)
. A ug. 176
0 treoc.
rs 1
d:ta
1 1d
1
31
Aug.
154
Preferred (quar.)
1
. 8
t.
1 41 Sept.Ssepi
3
National Candy, common
70
15
of fee:. Aug. 2
oI
Holders.i.
iI
First and second preferred
Aug.
os
National Cloak & Stilt. pref. (quar.)__. _
Aug.d15a
of
roe
Holders
1
National Department Stores. 2d pf (qu.) 1% Sept
1
184
de21 of trooe. Dee. 3
.
eic.
Do
Jan 1'27 H
3
National Grocer, preferred
Sept.
Sept. 30
2
National Lead, common (quar.)
20a
Aug.
reo.
of
Holders
5
1% Sept.Sept 15
4
Preferred (quar.)
Holders of rec. July 260
National Lock Washer (extra)
7
J cloyf. 266
cc su
2 fholdersm f re.
1% Oct.Pet. 15
60
Stock dividend
of c.
National sugar Refining (quar.)
oc.
r
f
of
o
rs
fo
e
o
de
l
o
o
H
1
.15
.
tf
o
c
c
O
s
.
%
250
02
National Surety (quar.)
Sept.ug 32°1°
National Transit
-en> .15 illildel, to rec. soul.. la
Nem one meter, eon>. A Si It (guar.)._ . 50r
Aug. 23
roe.
of
Holders
1
Sept.
Newberry (J. J.) Co.. corn.(in corn.stk.) /300
134 Get. 1 Holders of roe. hept. 20
Nichols Copper Co . 7% pi•ef (guar )_
of rec. Aug. 25a
Holders
1
1
10
600e..
Sept.
(quar.)
Farms
North Atlantic Oyster
Holders of rec. Aug. 10
Sept.
North Central Texas 011, corn. (quar.)_ _
19,4 Sept. 1 Holders of rec. Aug. 20
Ogilvie Flour Mills, pref. (quar.)
Holders fo rec. Sept. la
15
Sept.
3
Ohio Copper Co. of Utah
50o Sept 15 Aug 15 to Sept 5
Ohio Oil (quar)
15 Aug 15 to Sept 6
Sept0
500 u
Extra
Holders of rec. Sept. 154
Oil Well Supply, common (quar.)
200
131 Sept. 1 Holders til rec. Aug.
Onyx Hosiery. preferred (guar I
Holders of roe. Aug. 20a
1
Sept..
no
6
8
1
crom.(
monthly)
Orpheum Circuit.
200
Sept.
rec.
of
Holders
Oct.
Common (monthly)
15:
.30
. Sept.
e.
rs of ;r
Oct. 1 Holldere
2
Preferred (quar.)
Otis Elevator, preferred (quar.)
15
31:
Doe.
.
m.
roa.
of
o
ere
Holders
d
i
l
o
Ho
H
7
15
i Jtil
14
L5'2
Preferred (quar.)
Sept.
75e. Oct. 1
Owens Bottle Co., common (quar.)
18 Holders of reo. Sept. 15a
Oct.1
o
2134.
Preferred (quar.)
Holders of rec. Sept. 1
Sept.
Pacific Steel Boiler (guar.)
Aug. 311 II oluers of roe. Aug. 14a
f15
'Packard Motor Car (stock dlyldend)-Holders of roe. Sept.15a
30
Sept.
20e.
Monthly
200. Oct. 30 Holders of rec. Oct. 15a
Monthly
30 Holders of roe. Nov.15a
Nov.
20e,
Monthly
411.50 Sept. 27
ParaffIne Companies. corn. (quar.)
.81.75 Sept.27
Preferred (quar.)
Sept. 1 Holders of roe. Aug. 18
$1
Patchogue-Plymouth Mills, corn.(qu.)
11
g .. 21
u4
ec .. Ao
,f crc
o
c,
ecrs
dc
ulio
Sepft: Il 11o
2. s
58c
Pathe Exchange. Inc.. pref. (quer.).
Peabody Coal (monthly)
1 Holders of roe. Sept. 20
58c.
Oct.
Monthly
500. Sept.25 Holders of reo. Sept. 154
Pennok Oil Corporation Omar.)
Sept. 1 Holders of rec. Aug. 20
1
Petroleum Royalties (monthly)
Sept, 1 Holders of roe. Aug. 201
Phillips-Jones Corp., Common (guar.)._ $1
15% Sept. I Ili iiitirs of rue. Aug. I70
I'll- ,ettlx Hosiery 101 & 2d pref. (guar S.
Holders of roe. Sept. 154
Oct.
2
Pierce-Arrow Motor Car, pref.(quar.)Holders of rec. Aug. 14a
144 Sept.
Pittsburgh Steel. pref. (quar.)
Holders of rec. Aug. 216
Sept.
194
(quar.)
pref.
Coal,
Terminal
Pitistsurgh
o free. Aug. 23
*Holders
2
Aug.
Me.
Plymouth 011 (monthly)
Holders of rec. Aug. 14
623.4c Sept.
Polar Wave I.& F., el. A (guar.)
of roe. July 31
Holders
3
Aug.
50o.
Prattle 011 & Gas (guar.)
154 scot. 3( Holden,' of rec. Sept. la
Pressed steel Car .ore!. (quar.)
of roe. Aug. 25a
Holders
15
Sept.
(qu.)._
pref.
134
6%
Co.,
Gamble
Procter &
3734o Sept. 1 Holders of rec. Aug. 10
Pure Oil, common (qua!'.)
12340 Sept. 1 Holders of rec. Aug. 10
Common (extra)
75e. Sept. 1 Holders of rect. Aug. 14
Purity Bakeries, class A (guar.)
194 Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
Oct. 15 Hoideis of rec. Oct. 1
$1
(quar.)
common
Oats.
Quaker
I% Aug. 31 Holders of roe. Aug. 24
Preferred (quart)
134 Nov. 30 Holders of rec. Nov. 1
Preferred (quar.)
Doe. 1 *Holders of roe. Nov.20
*3
Quissett Mills, preferred (quar.)
$1.52 Aug. 311 Holders of rec. Aug. 23a
Rand Mines, American Shares
134 Sept. I Holders of rec. Aug. 206
Reid Ice Cream, pref.(quar.)
Oct. 1
Remington Noiseless Typew., pref.(qu.) 154 Oct. 15 Holders of roe.
to Oct. 1
1 Sept. 16
134 Oct
Remington Typewriter, 1st pref. (qu.).- Oct. I
to
16
Sept.
1
Oct.
2
(quer.)
al preferred
Sept. 1 Holders of rec. Aug. 140
$1
Republic Iron tic Steel, common
1 Holders of rec. Sept. 15a
1M Oct
Preferred (qua!'.)
50t). Sept.20 Sept. 10 to Sept.20
St. Joseph Lead (guar.)
25c. Sept.20 Sept. 10 to Sept.20
Extra
Dee. 20 Doe. 10 to Dee. 20
50e.
Quarterly
25c. Doe. 20 Dee. 10 to Dee. 20
Extra
134 Oct. 1 holders of rec. Sept. 15
St. Nlaurtee Valley Corp.. pref. (QUar.)
Sept. 1 Holders of roe. Aug. 16a
$1
Savage Arms,common (quar.)
•151 Oct. 1 *Holders of roe. Sept. 15
First preferred (quar.)
Nov. 15 *Holders of rec. Nov. 1
•134
preferred
(quar.)
Second
Sept. 1 Holders of rec. Aug. 16a
Schulte Retail Stores, common (quar.)... 12
AUG. 28 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Iru-lu.stre.
1085
Weekly Returns'rofT New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Shell Union MCorp..corn.(guar.)
350. Sept.30 Holders of rec. Sept. 7a
The following shows the condition of the New York City
Sherwin-Williams Co., pref. (quar.).- 1(( Sept. 1 Holders of
rec. Aug. 147
Shippers' Car Line Corp.,7% pf.
.(No.1) $2.3317 Aug. 31 Holders of rec. Aug. 18
Clearing House members for the week ending Aug. 21. The
Class A (for 4 mos. end. July 1)
66 2-3c Aug. 31 Holders of rec. Aug. 18
Shreveport-El Dorado Pipe Line (guar.). 250. Oct. 1 Holders of
rec. Sept.200 figures for the separate banks are the averages of the daily
Shubert Theatre(guar.)(No.1)
$1.25 Sept.15 Holders of rec. Sept. la
Simon (Franklin) & Co., pref. (quar.)
131 Sept. 1 Holders of rec. Aug. 187 results. In the case of the grand totals, we also show the
Skelly Oil (quar.)
50e. Sept.15 Holders of rec. Aug. 167 actual figures
of condition at the end of the week.
Sloss-Sheffield Steel Sc Iron, corn.(qu.)
135 Sept.20 Holders of rec. Sept. lea
Preferred (quar.)
131 Oct. 1 Holders
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Spalding (A. G.)& Bros., lot pref.(qu.). 13( Sept. 1 Holders of rec. Sept.20a
of rec. Aug. 14
Second preferred (quar.)
(Stated in thousands of dollara-that is, three ciphers (000) omitted.)
2
Sept. 1 Holders of rec. Aug. 14
Spear de Co.. preferred (quar.)
131 Sept. 1 Holders of rec. Aug. 162
Standard Oil (Calif.) (quar.)
50c. Sept.15 Holders of rec. Aug. 167
Standard 011 (Indiana) (quar.)
New
62340 Sept. 15 Holders of rec. Aug. 17
Extra
Capita) Profits. Loans,
Reserve
25e. Sept. 15 Holders of rec. Aug. 17
Week Ending
Standard Oil (Nebraska) (quar.)
Discount Cash
with
Net
63e. Sept.21 Holders of rec. Aug. 23
Time Rant
Extra
Aug. 21 1926 Nat'l, June 30 Investin
25c. Sept. 2( Holders of rec. Aug. 23
Legal Demand
De- arm.
Standard 011(N.J.) corn.,$100 par(cm.) $1
State, June 30 ments, Vault Deport- Deposits. posits. logos
Sept.15 Holders of rec. Aug. 28a
Common,$25 par (quar.)
omitted.)
Tr.Cos
(000
June 30 &c
tortes.
250. Sept. 15 Holders of rec. Aug. 26a
Preferred (quar.)
134 Sept.15 Holders of rec. Aug. 26a
Standard 011(N. Y.) (quar.)
Members of Fed. Res. Bank. Average Average Averag Average. Averag Avg..
400. 5ept le Holders of rec Aug. 20
Standard 011(Ohio) corn.(quar.)
Bank of N Y &
$
$
$
$
$
$
$21.u50 Oct. 1 Holders of rec. Aug. 27
$
$
Preferred (quar.)
Trust Co____ 4,101 12,996 73,534
547 7,277
53,309 7,872
Sept. 1 Holders of rec. July 30
fitix. Baer de Fuller Co.(guar.)
Bk of Manhat'n 10,700 15,523 168.418 3,065 18.127 133.461 26.389
Sept. 1 Holders of rec. Aug. 15
3734e.
Studebaker Corp., common (quar.)
82.593 3.680
$11.,i25 Sept. 1 Holders of rec. Aug. 102 Bank of America 6.500 5,136 75.174 1,638 11,015
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 107 National City- 50.111 63,133 654,084 6.244 68,943 '666.868106.756
88
Sun 011 (quar.)
114.425 3.764 347
250. Sept. 15 Holders of rec. Aug. 250 Chemical Nat__ 4,500 18,535 138,269 1,362 15,171
Superior steel (quar.)
Am Ex-Pac Nat 7,511 13,095 145,017 1,762 17,166
129.071 10,589 4,957
500. -ept.
Taunton-New Bedford Copper(guar.). $1.50 Aug. 311 Holders of rec. Aug. 15a Nat Bk of Corn. 25,001 41.943 337.656
735 37,502 280,554 25,586
Tennessee Copper & Chemical (guar.)._ 250. Sept.15 Aug. 15 to Aug. 30
Ph NB&T. 13,500 12.783 210.293 2,139 22,453
156,927 44,266 6:022
Holders of rec. Aug. 3Ia Chat
Taxon Oil& Land
Hanover Nat.__ 5.000 26.003 121,973
519 13,887
20
105,598
Oct. 25 *Holders of rec. Oct. 5
Thompson (John R.) (monthly)_.
Corn
Exchange.
10,000 14,825 198,754 6,199 25,061
30e. Sept. 1 Holders of rec. Aug. 23a
174,283
31.418
Tliio mon Pr.,4111,•114. Inc.. pref. (quar.)_
National Park_ 10.000 24,152 163,539
749 15.899 120,270 7,820 3-,458
134 -cot. I
roe. Aug. 21
Thompson-Starrett Co., preferred
BowerY & E.It: 3,000 3,224 57,473 1,517 5,329
4
Oct. 1 Holders of rec. Sept. 18
36,683 16.972 1,480
Tidal-Osage Oil, pref.(guar.)
131 Sept. 1 Holders of rec. Aug. 250 First National__ 10,000 74,876 319,209
607 27,361
206,432 14,97
Timken-Detn it Axle. pref. (guar.)
Irving Bk-ColT 17.500 14.444 291,587 2.391 35,297 263.720 33,020 6,428
144
cot. 1 Air 21 to &quit. 1
Timken Roller Bearing (quar.)
7,752
$1
120
Sept. 4 Holders of rec. Aug. 19a Continental-_ 1,000 1,239
844
6,041
440 - Extra
ChaeeNational. 40.000 36,782 547,433 6,977 65,436 *504,957 34,249
250. Sept. 4 Holders of rec. Aug.
fiii
Truscon Steel. common (quar.)
Fifth Avenue Bk
500 2,798 26,852
30e. Sept. 15 Holders of rec. Sept 19a
723 3,252
24,674
40
Preferred (quar.)
800 1.176 13,894
14.4 Sept. 1 Holders of rec. Aug. 21a Commonwealth.
435 1,427
9,884 4:335
Underwood Computing Mach.. Df. (qu.) 13$ Oct. 1
Garfield
Nat'l__
1.00'
1,782
18,186
577
2.437
16,883 1,004 __Holders of rec. Sept. 15
Underwood Typewriter. corn.(quar.)_ $1
Oct. 1 Holders of rec. Sept. 4a Seaboard Nat'l. 6,000 10,415 121,535 1,047 15,204
114,405 5,653
,i,i
Preferred (quar.)
BankersTrust„ 20,000 33.043 341,022
15.4 Oct. 1 Holders of reo. Sept. 4a
934 36,428 .294.530 47,128
Union Mills, co.n. (guar.).
U 8 Mtge & Tr. 3,111 4,667 58,522
50o. Sept. 1 Holders of rec. Aug. 200
806 7,139
52,138 5,585
Union Tank Car, corn. (quar.)
13-4 'mit. 1 Holders of rec. Aug. 100 Guaranty True 25,011 23,250 416.239 1,264 46,297 .401,234 57.170
Preferred (quar.)
788 4.915
134 iept. 1 Holders of rec. Aug. 10a Fidelity Trust_ 4,000 3,108 42,730
36,314 4,151
United Biscuit. class'A (quar.)
New York Tru
10,001 20,843 173,894
$1
4ept. I Holders of rec Aug. In
539 19,142 142,750 18,886
United Cigar Stores of Amer.,corn.(qu.) 500. Sept.
Farmers
10,000
T
&
L
19.493
137,264
641
30
Holders
13,57 .103,430 19,298
of
rec. Sept.100 Equitable Trust 30,000
Common (Payable in common stock). 1134 Sept.
21,46.$
266,961
1,406 30,42 .306.871 28,600
30 Holders of rec.
100
Preferred (quar.)
15$ Sept. 15 Holders of rec. Sept.
Aug. 31a
United Drug, corn. (quar.)
$2
Sept, 1 Holders of rec. Aug. 160 Total of averages328.500 520,710 5,127,264 45.731 567 00004,179,483559,61024,428
United Fruit (imar.)
Oct. 1 H lifers of rec. Sept. 4a
U.S.Cast Iron Pipe & Fdy..coin.(tru.)- $1
231 Sept.15 Holders of rec. Sept. la Totals, actual condition Aug.21 5,132.751 45,778 588,596 c4,191.584 554,496
Common (guar.)
24,510
231 Dee. 15 Holders of reo. Dec. la Totals. actual condition Aug. 145,150.588 44.320567,346 c4.185,895 564,09824.
Preferred (quar.)
306
1% Sept.15 Holders of rec. Sept. la Totals, actual condition Aug. 75,193,673 44,726612,29704.241.47s546
.50124.169
Preferred (quar.)
131 Dec. 15 Holders of rec. Dee. la
U.S. Dairy Products, 1st pref.(quar.)_ $1.75 Sept.
State
Banks
Members
Not
if Fed1 Res've Bank.
1 Holders of rec. Aug. 23
Second preferred (quar.)
Greenwich Bank 1,000 2.573 23,163 1,877 1,818
$2
Sept. 1 Holders of rec. Aug. 23
21,039 2,619
U.S. Envelope, coin
State Bank...._ 5.000 5,463 106.280 4,416 2,480
4 . Sept. 1 Holders of rec. Aug.
37.887 63,623 _14
Preferred
334 Sept. 1 Holders of rec. Aug.
U.S. Gypsum, corn.(quar.)
Total of averages 6,000 8,036 129,443 6,293
40c. Sept. 30 Holders of rec. Sept. 14
4,298
58,926 66,242 ...15
Common (extra)
$1
Sept. 1 Holders of rec. Aug. 21
Preferred (quar.)
Totals, actual co nditIon Aug.21 128,916 6,323 4,487
144
58.555 66,248
U.S. Hoffman Mach'y, corn.(guar.)... 750. Sept. 30 Holders of rec. Sept. 15
Totals,
actual
condition
Aug.
14
130.473
Sept.
6,337
1 Holders of rec. Aug.
4.484
80,278 66.187 __Common (extra)
250. Sept. 1 Holders of rec. Aug. 206 Totals, actual condition Aug. 7 128,635 6,907 4,597
59,204 66,203
U.S. Realty & Improvement
207
$1
Sept. 15 Holders of rec. Aug. 27a
U.S.Steel Corp.,common (quar.)
Compa
nies
Trust
NotMenu
I% Sept.29 Sept. 1 to Sept. 2
bees of Fecll Res've Ba nk.
Preferred (quar.)
Title Guar & Tr 10,000 17,449 65,043 1,610 4.485
13$ Aug. 30
August
U.S. St. res. 7% pri. roref.(guar.)
40.541 1,698 __ Lawyers Trust_ 3,000 3,287 24,372
144 ept. 1 Holders of rec.3Aug.
896 2,122
20,000
18a
Universal Pictures, pref. (quar.)
845 ___-_
Oct. 1 Sept. 21 to
1
Universal Pipe de Radiator, pref. (qu.).. $2
Total of averages 13.000 20,736 89,415 2,506
134 Nov. 1 Holders of rec. Oct.
6.607
Oct. 157
60.541 2,543 _Vacuum 011 (quar.)
500.
Sept.20 Holders of reo. Aug. 31
Extra
Totals, actual condition Aug.21 89,880 2,464 6,758
Sept.20 Holders of rec. Aug. 31
60.810 2,519 __Valley Mould & Iron Corp.. Pref. (qu.) 500.
Totals, actual condition Aug. 14 87,876 2.415 6,424
*134 Sept. 1
58.559 2,547 _Pref. (acct. accumulated dividends)._- shay(
Totals, actual condition Aug. 7 87,469 2,546 6,320
Sept. 1
58,242 2,531 __-Valvoline OIL common (quar.)
134 -Sept. 17 Holders of rec. Sept. 11
Van Raalte Co., 1st pref.(quar.)
aggr.,
Gr'd
arge
347,500
549,492
154
5,346,122 54,530577.905 4,298,950628,39524,426
Sept. 1 Holders of rec. Aug. 186
Vesta Battery. pref. (quar.)
Comparison wills prey.week .. -33,952-1,870
Sept. 1 sti dres cf roe. Aug. 23
+285 -14,287+1,263 +159
Va.-Carolina Chemical, prior pref.(qu.).
151 Sept. 1 Holders of rec. Aug. 167
Viau Biscuit, let pref.(quar.)
Gr'd
aggr.,
act'
ond'n
Aug. 21 5,351.527 54,565597.841 4,310,949623.26324,
154 Sept. 1 Holders of rec. Aug. 23
Vivaudou (V.), Inc.. pref. (timer.)
510
Comparison with prey week _. -17,410 +1,493+19
$1.75 Nov. 1 Holders of rec. Oct. 15
587
+6,2171-9.569 +204
Waldorf System, corn. (quar.)
31310. Oct. 1 Holders of rec. Sept. 200
First preferred (guar.)
(4'd
aggr.,
act' ond'n Aug. 145,368.937 53.072578.254 4,304,732
200. Oct. 1 Holders of rec. Sept. 14
632.83224,306
Preferred (quar.)
Gr'd agar., act' cond'n Aug. 75,409.777
20e. Oct. 1 Holders of rec. Sept. 20
54,179623,214 4.358.924615.59524,159
Walworth Manufacturing, corn.(quar.) 25e.
Sept.15 Holders of rec. Sept. •,5a Gr'd agar.. act' condo July 315.436,422,
,
4,402.4678
16.87523,921
Preferred (quar.)
Gr'd agrr., act' cond'n July
75o. Sept.30 Holders of rec. Sept.20
2 63.830610,623 4.360.093611,51223.757
Watnsutta Mills (quar.)
Gr'd aggr., ac/I cond'n July 246.384,42
$1
Sept.15 Holders of rec. Aug. 3
175,390.311 51,997593.026 4.388.468604.86823,681
Ward Baking Corp., corn., class A
Geri
egrr
.
act' °turn bile 10A 44R 725 Aft Win Al 2 51R 4.402.727603.89723.5
Oct. 1 Holders of rec. Sept. 15
(qu.)- $2
88
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Note.-U. S. deposits deducted from net demand deposits
Weber & Hellbroner, preferred (quar.).... •13$
in the general total'
Sept. 1 *Holders of rec. Aug. 18
above were as follows: Average total
Welch Grape Juice, corn
Aug. 21. $17,563.000. Actual totals, Aug. 21.
25c. At g.31 Hold-rs of rec. Aug. 20
$16,226,000: Aug. 14, $18,936,000: Aug. 7, 821,535.000
Preferred (quar.)
154 Aug. 31 Holders of rec. Aug. 20
: July 31, $21,536.0001
July 24, $21,536,000: July 17, 821,537,00
Wesson Oil & Snowdrift Co., pref.
0. Bills payable. rediscounts. acceptances
(qu.)- 134 Sept. 1 Holders of rec. Aug. 14
and
Western Dairy Products,chum A (quar.)
other
liabilities
average for week Aug. 21, $675,063,000; Aug. 14, $900.714.0
$1
Sept.
1
Holders
of
rec.
00:
Aug.
Aug. 7, $595,209,000: July 31, $583,870.00
White (J. CL)& Co., pref.(quar.)
134 Sept. 1 Holders of rec. Aug. 10
0; July 24, 8575.795.000; July 17, $607.15
White(J.(I.) Engineering. Pref.(quar.)
719,000. Actual totals. Aug. 21. 6582,497,00
19$ Sept. 1 Holders of rec. Aug. 15
Aug.
0:
$591,986,00
14,
Aug.
0;
7.
White (J. G.) Man'g't Corp.,
8647,299.000: July 31, $598,405,000: July 24, $604,190,0
pf.(qu.)
13$ Sept. 1 Holders of rec. Aug.
00.
While Motor (quar.)
16
* Includes deposits In foreign branches not Included In
$1
Sent. 30 Holders of ree. sent. 15a
total
footings
follows:
Williams Tool Corp.. pref. (quar.)
as
National City Bank. $167,792,000; Chase National
2
Oct. 1 Holders of ree. Sept.
Ban, $11,206,000; Bankers
Woolworth(F. W.)Co., common (guar.) $1
Trust Co., 825,691.000: Guaranty Trust Co., $66,346,000
Sept. 1 Holders of rec. Aug. 206
; Farmers' Loan & Trust
Wright Aeronautical l'•ep. (Otter.) _
107
25e. Aug.
Holders of tee Aug. 10a Co., $3,273.000: Equitable Trust Co., $84,504,000. Balances carried in bank
Wrigley(Wm.)Jr. & Co.(monthly)._ 25e. Sept.31
in
foreign countries as reserve for such deposits were: National City
1 Holders of roe. Aug. 20
Monthly
Bank, 824,772.000:
Chase
25e.
National
Oct.
Bank, $1,663,000: Bankers Trust Co., 81.618.000; Guaranty
1 Holders of rec. sept.20
Monthly
Trust
25c. Nov. 1 Holders of rec. Oct. 20
Co.. $3.130,000; Farmers' Loan & Trust Co., $3,273,000
Monthly
: Equitable Trust Co..
86,878.000.
25c. Dec. 1 Holders of rec.
Yale & Towne Manufacturing
Nov. 20
$1
Oct. 1 Holders of rec. Dept.
c Deposits in foreign branches not included.
Yellow Truck & Coach Mfg.,el.(quar.)..
10
,
B (qu.)- 1854e Oct. 1 Holders of rec.
Sept. 15a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.
The reserve position of the different groups of institutions
Sheet & Tube, corn.(quar.) $1
Sept.30 Holders of rec. Sept. 15a
15a on the basis of
(guar.). _ _
. _
to Sent 3n Holders of roe Sept.
both the averages for the
15
and the
actual condition at the end of the week is week
• From unofficial sources. t The New York Stock
shown in the
Exchange
has
ruled
that stock following two tables:
will not be quoted ex-dividend on this date and not
New York Curb Market Association has ruled that until further notice. I The
dividend on this date and not until further notice. stock will not be quoted ex- STATEMENT OF
RESERVE POSITION OF CLEARING HOUSE BANKS
a Transfer books not closed for this dividend. 8
AND TRUST COMPANIES.
e Payable In stock.
/Payable In common stock. g Payable In scrip. Correction.
h On account of accumulate
dividends. in Payable in preferred stock.
d
Dividends payable in cash or stock at option of holder
Averages.
of a share of class A stock for each share of original series as follows: 3 15-100ths
preferred, and 5 5-100ths
Cash
of a share of class A stock for each share of $7 dividend series
Reserve
preferred.
Reserre
in
Surplus
Total
Reserve
I Dividend payable in cash or stock at option of holder at
in Vault. Depositarter P.,erve.
rate of one share of
Required.
Reserve.
class A stock for every forty shares held.
k Dividend in ten pence per share. All transfers received in
Members Federal
$
London on or before
$
Aug. 31 will be in time for payment of dividend to transferee.
Reserve banks.
567,000,000 567,000,000 500,121,090 6.878,910
State banks.
Payable in cash or stock at rate of 5.1-100ths of class A stock
6,293.000 4,298,000 10,591,000 10.608.680
-15,680
$6 dividend stock and 5.5-100ths of class A stock for each share of $6for each share of Trust companies._ _ _ 2,506,000 6,607,000 9,113,000 9.081.150
31,850
50 div. stock.
r Subject to action of stockholders at special meeting on
Total Aug.
_ 8,799,000 577.905.000 586,704,000 579,808.920 6,895,080
Sept. 23.
n Erroneously reported in previous issues as Hood Rubber Co.
Total Aug. 14
9,189,000 577,620,000 586,809,000 581,614.890 5.194,110
Total Aug. 7_ _ _ 9,239,000 588.654,00 595,893,000 592,727,480
o Payable in cash or stock at rate of one-fortieth share of A stock
3.175.520
for each share
Total July 31...... 9,163,000 679,698,000
01 11 stock.
0588,861.000 585.334.110 3,526.890
p Declared 2%, payable semi-annually In stock, the first payment
'Not members of Federal Reserve Bank.
to be repae
July 30.
I, This is the reserve required on net demand deposits in the case of State
r N.Y.Stook Exchange rules that California Packing be ex-stock div.on
banks
and trust companies, but in the case of members of the Federal Reserve
Aug.
2.
Bank
s Payable to hOl lerS Of Co limn No. 11
Includes also amount of reserve required on net time deposits, which was
as
follows:
Payable in common stack at the rate of el.- fortieth of a share for
Aug.
21. $18,788,300; Aug. 14. $18,751,490: Aug. 7, 816,513,560: July 31, $16,289,eilh thare held. 540; July
24, 816,155.870.
Actual - Igures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
6 Reserve banks..
State banks.
Trust companies*__.
Total Aug. 21...Total Aug. 14..
Total Aug.
Total July 31.--
[vol.. 128.
THE CHRONICLE
1086
6.323.000
2.464,000
Total
Reserve.
a
Reserve
• Required.
•
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.
586.596.000 586.596.000 561.540.800 25.055.200
270.100
4.487.000 10.810.000 10.539.900
100,510
6.758.000 9,222.000 9.121.500
8,787.000 597.841.000 606.628.000 581.202.200 25.425.800
8.752.000 578,254.000 587,006.000 580,723.180 6.282,820
9.453.0110 623.214.000 632.867.000 587.190,990 45,476.010
8,980.000 606.098,000 615,078.000 592.964,180 22,113,820
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows.
Aug. 21, S16.634,880: Aug. 14. $16,922.940; Aug. 7, $16,405,830; July 31, $16,405,800; July 24, 816,271,190.
Aug. 25
19 6.
Changes from
Previous Week.
Aug. 18
1926.
Aug. 11
1928.
69,500.000
69.500.000
Unchanged
Capital
69.500.000
94,024,000
94,024.000
Unchanged
Surplus and profits
94.024.000
1.039.716.000
1,041.976.000
Loans. disc'ts & invest_ 1,031.606,000 Dec. 10.370.000
Individual deposits
665.465.000 Dec. 13.889.000 679.354.000 679.553.000
Due to banks
120,753.000 Dec. 9.792.0410 130.545,000 129.253.000
979.000 234,242,000 234,351,000
Time deposits
233.645.000 Dec.
21.940.000
19.372.000
United States deposits_
16.102.000 Dec. 3.270.000
27,270,000
25.475.000
5.803.000
Dec.
19.672.000
Exchanges for Cla Rae
76.094.000
81.079.000
Due from other banks..
77.149.000:Dec. 3.930.000
79,716.000
79.230.000
78.122.000 Dec. 1,108.000
Reserve In legal denotes
10,323.000
10,261.000
65.000
10,166,000 Dec.
Cash In bank
308.000
42,000
121.000
163,000 Inc.
Res've 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 comfor the week ending Aug.21, with comparative figures
return
follows:
as
panies in New York City not in the Clearing House
for
the
two weeks preceding, is given below. Reserve
summArry OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
STATEMENT.
ROUSE
CLEARING
NEW YORK; NOT INCLUDED IN
are 10% on demand deposits and 3% on time deposits, al!
(Figures Furnished by State Banking Department.)
Differencesfrom
to be kept with the Federal Reserve Bank. "Cash in vaults'
Previous Week.
Aug 21.
81.198.485.200 Inc. $3,592,000 is not a part of legal reserve. For trust companies not memLoans and investments
395,900
4.206.900 Dec.
Gold
required is
21.799.900 Dec. 1.349.800 bers of the Federal Reserve System the reserve
Currency notes
91,440.500 Dec. 4.683.700 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
20,116,300
Dec.
1,202.746,500
Total deposits
depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
Companies in N. Y. City, exchange, and U. S.
1,139.028.000 Dec. 18,040,900
deposits
157,343,t00 Dec. 5,359,800
Reserve on deposits
Percentage of reserve. 19.7%.
RESERVE.
—Truer Companies-- ate
280.219.200 14.33%
*837.228.000 15.75%
Cash In vault
29.502.200 05.28%
Deposits in banks and trust cos.__ 10.394.300 04.39%
$109,721,400 19.61%
847.622.300 20.14%
Total
*Includes deposits with the Federal Reserve Bank of New York, which for the
was
21
$91,440,500.
Aug.
on
State banks and trust companies combined
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 BAPIRS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
bleettments.
Week Ended—
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug.14
' • '''
$
$
6,461.079 100 5,513.745,200
6.593.194.100 5.576.964.600
6.641.815,800 5.586.188,700
6,581,019.200 5,578.175.700
6.582.432.800 5.589.923.100
6,521,167,600 5,540,622.800
6,587.304.700 1,585,988.300
6.523.491.400 5.560.053,300
6.526.804.700 5.557.458,800
6.513 234 700 5.500.256 100
6,680.126.900 5.701.049,700
6,690,909.700 5.619.613,100
6.51S557.300 5.537.899.000
5.454 762304) 5 511 W78.400
6,568,161.000 5,497.566,600
6.644.515 11/0 5.562.53s.500
o ono 5 470 los ono
6 574 n
,
A CAA an, Of.
Reserve in
Depositaries.
Total Cash
In Vaunt.
Demand
Deposits.
It AO, n'onnth
$
93.366.600
83,980.500
84,575.100
87.041,300
84.136.900
84,670,600
83.233.000
85,162.900
81,127,100
81.499.400
85,751.100
89.326,100
87.442,700
81 662.300
82,039,100
81,793.500
81 052 500
OA eon onn
$
722,786,600
731,028,700
730,815.500
731,342.400
733.073,700
722,498.600
736,347,100
728.322,700
727,750,500
715.419.000
754.610,700
736,547.200
730,145,100
702.068.100
723,588,600
727.017,800
7
712.51.100
...noA nnnn
New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
(Stated in thousands of dollars—that it. three ciphers (0001 omitted.)
Loans,
CLEARING
NON-MEMBERS Capital.
Week Ending
Aug.14 1926
Members of
Fed'I Ree've Bank.
Grace Nat Bank.....
counts.
Net
Profits. Investments,
cee.
Reserve
Net
with
Net
Cash
In
Legal Demand Time
Vault. Deport- Deposits Deposits.
tortes.
1.883
13,241
52
1,129
7,413
3,852
52
1,129i
7,413
3,852
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash.Hts
Colonial Bank
1,000
1,883
Lsool
300
1,060
2.99)
9.4931
32,500
724
3,450
385
1,590
6,425
27,484
'3,855
5,101
Total
Trust Company.
Not Member of 11
Federal Reserve Bank,
Mech Tr, Bayonne
1.500
4,050
41,993
4,174
1,975
33,909
7,956
500
610
9,348
385
140
3,446
5.957
500
61(
9.348
385
140
8.545 64.582
3.000
Grand aggregate___
Comparison with p.iev. weal -------790
4.611i
—2471
49.975.0
150.610.0
927.343.0
32,301.0
98.157.0
138,436.0
617.161.0
145.589.0
901,186.0
5.000.0
17.605.0
49,493.0
275.0
16.0
843.0
29.345.0
2.089.0
32.277.0
3,477.0
68.139.0
10,124.0
78.273.0
68.138.0
10.135,0
1.436.0
4.913.0
4.588.0
325.0
Aug. 7
1926.
Aug. 14
1926.
54.975.0 • 54,975.0
168.215.0 168,215,0
976.836.0 979,061,0
32.576.0 32,595.0
98.173.0 95.780,0
139.279.0 139,675.0
646.506.0 646.779.0
147.678.0 148.934.0
933.463.0 935.388.0
3,598.0
3.477,0
68.149.0 68,742.0
11.560.0 11.644,0
83.186.0 83.984,0
72.726.0 73,130,0
10,460,0 10.854,0
$54,975.0
168,168,0
972.937.0
36,350,0
99.413.0
138,962.0
648.387.0
149,247.0
936,598.0
3,191.0
69.073.0
11.052.0
83,316.;7,
72.803.X
10,513,'
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 Aug. 25 1926 in
comparison with the previous week and the corresponding
date last year:
Aug.25 1926. Aug. 18 1926. Aug.261925.
$
Resources—
382,345,000 382,448,000 355,808,000
Agent
Gold with Federal Reserve
9,718,000
11,475,000
Gold redemp. fund with U. S. Treasury. 10,343,000
Gold held exclusively sot.F. R notes. 392.688.000
Goldsettlement fund with F. R Board. 190,706,000
Goldand gold certificates held by bank 408,392,000
393,921,000
197.235,000
405,185,000
365,526,000
213,930,000
341,150,000
991,786.000
27.490,000
996,341.000
28,642.000
920,606,000
33,522.000
1,019,278,000 1,024,983.000
Total reserves
12,041,000
12,538,000
Non-reserve cash
Bills discounted—
107,289,000
95,636,000
obligations.-Govt.
Secured by U. S.
38,622,000
44,423,000
Other bills discounted
954,128,000
16,623,000
140.059,000
43,849,000
145,911,000
38,273,000
192,834,000
21,031,000
1,322,000
43,814.000
15.130,000
7,766.000
47,771,000
15,130,000
4,912,000
53,771,000
1,543.000
60,266,000
70,667,000
60,226,000
2,835,000
Total bills and securities (See Note)
244.174.000
254,851,000
276,926,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
693,000
137,909,000
16,740,000
4.961,000
681.000
170,627,000
16,736,000
5,836,000
638,000
128,617,000
17,129,000
6,216,000
Total gold reserves
Reserves other than gold
Total bills dhcounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities.Foreign loans on gold
135,152,000
57,682,000
1,436,289,000 1,485,755,000 1,400.277,000
Liabilities—
Fed'I Reserve notes In actual circulation_ 384,433,000
Deposits—Member bank, reserve acc't.. 815,748.000
3,858,000
Government
6,897.000
Foreign bank (See Note)
8,079,000
Other deposits
388,813,000
843,292,000
2,301,000
2,107,000
7,757,000
338,702,000
837,535.000
5,580,000
4,104,000
10,189,000
834,582,000
118,389,000
35,656,000
59,964,000
3,265,000
855,457,000
142,785.000
35,658000
59.964,000
3,078,000
857.408,000
110,323,000
31,866,000
58,749,000
3,229,000
Total deposits
Deferred avallabUiti Items
Capital paid In
Surplus
All other liabilities
Total liabilities
3.446
5,957
3,244 a44,768
--53 --1,171
17,765
A-10
65,372
4.858
6.54
3,297 545,939
3 000
Gr'd aggr., Aug. 14
4.636
6 545 64.186
3,258 544,396
3 000
Gr'd aggr., Avg. 7
6
63.721
505
4,638
000
3.108 243,502
3
31
July
Gr'd aggr.,
4.586
6.5(1.5 64,387
3,369 543,936
3000
Gr'd seer. July 24
$34,000..
dedicted,
deposits
States
United
a
HIlts osysble re ii•aamtita. .••.•••titances. and other liabilities $2,100,000.
Excess reserve $92,180 decrease.
17.755
17,719
17,746
17,785
Capital
Surplus and profits
Loans, discas de investm'ts
Exchanges for Clear.11owse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal depos.
Reserve with F. R.Bank_ _
Cash in vault •
Total reserve dt cash held_ Reserve required
Excess res.& cash In vault_
1926
Total.
Average.
13,241
Total
Trust
Members w
F.R.System Companies
Total resources
Average. Average. Average. Average
1.000
Week Ended Aug. 21 1926.
Two Ciphers (00)
omitted.
1,436,289,000 1.485,755,000 1,400,277,000
Ratio of total reserves to deposit and
79.8%
7
82.4%
83.60
Fedi Res've note liabilities combined_
Contingent liability on bills Purchased
7,870,000
13,549,000
12,630,000
for foreign correspondents
NOTE.—Beginning with the statement of Oct. 7 two new Items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption. "All other earnings assets," now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
o7
total of the discounts, acceptances and securities acquired under the provisions
Included
Sectionis13 and 14 of the Federal Reserve Act, which are the only items
herein
AUG. 28 1926.]
THE CHRONICLE
1087
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.26.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
Wog week appears on page IC38, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUGUST 25. 1920.
Aug. 25 1926. Aug. 181926. Aug. 11 1926. Aug. 4 1926. July 28 1926. July 21 1926. July 14 1926. July 7 1926. Aug.26 1925.
RESOURCES.
$
$
8
s
$
s
$
$
$
)old with Federal Reserve agents
1,442,912,000 1,453,356,000 1,453,358,000 1,431.397.000 1,436.384,000 1,457.001.000 1.441.894.000 1.322,166,000 1,444,444,000
bid redemption fund with U. S. Tress_
55,153,000
61,936,000
54,343,000
49,683,000
53,189.000
49.247.000
54.655.000
53.209.000
49,729,000
Gold held exclusively eget. F. R. notes 1,498.065,000 1,515,292,000 1,503,085.000 1,484,586.000 1,486,067.000 1.506.248.000 1.495.103.000 1.376.821.000 1.498,787,000
lold settlement fund with F. R. Board._ 681,297.000 661,402.000 674,266,000 685,170,000 684.278,000 652.813.000 671.297.048) 785.731,000 665.842,000
)old and gold certificates held by banks_ 661,244.000 657,629,000 659,833,000 667,192.000 680,5711.000 883.125.000 678,992.000 644.265,000 597,524.000
Total gold reserves
Reserves other than gold
2,840,606.000 2,834,323,000 2,837,184,000 2.836.948,0002.850.921.000 2.842.186.000 2.845.392.000 2.806.817,000 2.762,153,000
137,281.000 137,897,000 137,433,000 139,640,000 148.289.000 147,091,000 145.660.000 135.177.000 125,374,000
Total reserves
Ron-reserve cash
BIlls discounted:
Secured by U. B. Govt. obligations
Other bills discounted
2.977,887,000 2,972,220,000 2,974,617,000 2,976,588,000 2,999,210,000 2,989,277.000 2.991,052.000 2,941,994,000 2,887,527,000
52,918,000
51,416,000
50,812,000
55,586,000
56,003.010
43,240.000
51,338.000
56.889,000
51,968.000
291,408.000
279,230,000
268,161,000
266,383,000
289,027.000
259.984,000
281,268,000
266,337,000
265,239.000
258,151,000
229.708.000
265,721,000
254,041.000
260.889.000
319.052.000
293.515,000
310,690,000
268,985,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
570,638,000
254.616.000
534,544,000
254,122,000
549,011,000
230,968,000
547,605,000
228,492,000
521,390,000
211,173,000
498,429.000
217,439.000
514,930.000
234.192.000
612,567.000
237.569,000
679,675,000
201,519,000
45,832.000
216,956,000
58,629.000
84,209.000
217,192.000
58,617,000
83,351,000
223,959,000
58,372,000
83,262.000
228,582,000
58,376,000
83,009.000
229,360.000
56,870.000
78.149.000
244,187.000
60,761.000
79.139.000
251.350.00(1
60,592.000
77.001.000
233.676,000
64.640.000
69,688,000
230,255,000
32,306,000
Total U. S. Government securities__
Other securities (see note)
Foreign loans on gold
321,217,000
3,700,000
360.018.000
3,200,000
365.682.000
3,200,000
370,220.000
3,200,000
369,239.000
3,200 000
1,300,000
383,097.000
3,200.000
3,000.000
391.081.000
3.200.000
3,199.000
375.317.000
3.200.000
4,000.000
332.249,000
2,350,000
10,500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
Bank premises
Ail other resources
1,150,171,000 1,151,884,000 1.148.861.000 1,149.517.000 1.106.302,000 1,102,165,000 1.146,602.000 1.233,553.000 1.126,293,000
729,000
693,000
726,000
638,000
646,000
697.000
656.000
681,000
684,000
616,510,000 701,434.000 630,072.000 629,828.000 824.200,000 699,978,000 791.025.000 701.324.000 579,518,000
59,931.000
61.210,000
59,821.000
59,850.000
59.821.000
59.813.000
59.788.000
59,896,000
59,914,000
21,345,000
17.280,000
16,626,000
16.903.000
17,459,000
17,966,000
16,874.000
17,992,000
17,539,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (see note)
Other deposits
4,874,738,000 4,954,937,000 4.883,637,000 4,885,277.000 4,863.108,000 4.924,873.000 5.062.911.000 4,998,511,000 4,727,947,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,257.979,000 2,272,321.000 2,267,876,000 2,269,234,000 2,261.026.000 2,254.052 000 2.286,618,000 .279.150.000 2,236,538,000
561,967,000 835,591,000 572,872,000 577,963,000 570.800,000 630.795.000 709.392.000 623.289.000 528,297,000
123,467,000 123,441.000 123,108,000 122,991.000 122,655,000 122.591.000 122.766.000 122.750,000 116,324,000
220,310,000 220,310.000 220.310,000 220,310,000 220,310.000 220.310.000 220,310.000 220.310,000 217.837,000
13,064,000
16.981.000
16,891.000
16.205.000
15.512.000
16.592.000
18.376.000
17.257,000
17,483,000
1,692,637,000 1,685,791,000 1,682,214,000 1,678,088,000 .671,336.000 1,680,920.000 1.707.233,000 1.737.500.000 1.615,887,000
2,203,634,000 2,215,239,000 2,225,644,000 2,216.700,000 2,205,126.000 2.208.327.000 2,242.190.000 2.239.886,000 2.183,487,000
32,795,000
24.289.000
28,688.000
25,618,000
28,108.000
12.842.000
21.763.000
15,202,000
32,857.000
5.954,000
5,488,000
5.728.000
8,600,000
4,749.000
12,436.000
4.403.000
10,793,000
7,646,000
16.687.000
17.151.000
16,291.000
18.262.000
15.826,000
20.694.000
18,875,000
16,579.000
16,237,000
Total liabilities
4,874,736,000 4,954,937,000 4,883,637,000 4,885,277.000 4.863,108.000 4.924,873.000 5.062,911,000 4.998.511,000 4,727,947,000
Ratio of gold reserves to deposit and
F. It. note liabilities combined
72.4%
71.2%
72.0%
71.6%
69.8%
71.9%
71.8%
71.8%
71.8%
Ratio of total reserves to deposit and
F. R. note liabilities combined
76.3%
76.0%
75.0%
74.9%
75.4%
75.4%
73.2%
75.3%
75.1%
Contingent liability on bills purchased
for foregin correspondents
31,128,000
53,749,000
54.338,000
51,877,000
54,088.000
55.652,000
47,785,000
50,807,000
49,776,000
Distribution by Maturitiess
$
$
$
$
$
$
$
s
1.-15 days bills bought In open market_ 72,070.000 88,190,000
62,084,000
66,796.000
69.220.000
75,269,000
97.158.000 103.690.000
70,754,000
1-15 days bills discounted
410,840,000 378,798,000 394,322,000 389.578.000 375.540.000 347,220,000 368.637.000 466.008,000 438,256,000
1-15 days U. S. certif. of Indebtedness_
4,280,000
99.000
1-15 days municipal warrants
16-30 days bills bought In open market_
37,205.000
41.517.000
38.395.000
35.544.000
48,269.000
40,228,000
52,228.000
46,397.000
50.599.000
16-30 days bills discounted
27,961,000
29,583,000
29.520.000
31,195,000
31,822.000
30.875.000
34,495,000
31,334,000
32,775,000
16-30 days U. S. certif, of indebtedness_
17,144
.,000
16-30 days municipal warrants
31-60 days bills bought in open market53,601,000
49,794.000
57,216,000
55.064.000
62,911.000
48,889,000
74.669.000
66.224,000
74,810,000
31-60 days bills discounted
62,041,000
49,877.000
51.458.000
52.261,000
48,459.000
61,502,000
71,868.000
62,574,000
67,667,000
31-60 days U.S. certif. of Indebtedness.
2,000,000
31-60 days municipal warrants
61-90 days bills bought In open market36,469,000
42.534.000
40.799.000
47.931.000
43.476,000
43.035
46.754.000
000
41,023,000
52.158.000
61-90 days bills discounted
39,244.000
43,789,000
40.814,000
42,803.000
44.338.00(1
39.568.000
49,707,000
43,717,000
46,688,000
61-90 days U. S. certif. of indebtedness_
9,374.000
61-90 days municipal warrants
Over 90 days bills boughtlin open market
12,160,000
3,156.000
7.718.000
3.391.000
4.307,000
8,365.000
4.845.000
6.608,000
6,570,000
Over 90 days bills discounted
11,849,000
26.348.000
10.832,000
15.623,000
20.217.000
26.768.000
21,538.000
11,587,000
14.093,000
Over 90 days certif. of Indebtedness__
8,882,000
58,629,000
64.640.000
58,870,000
60.592.000
51,288,000
58,617,000
58,376.000
58,372,000
Over 90 days municipal warrants
F. R. notes received from Comptroller_ 2,865,326.000 2.856,503.000 2.849,660,000 2.860.503 000 2,856,398.000 2.883.623,000 2.864.041.000 2.858.546.000 2,908,605,000
F. It. notes held by F. It. Agent
837,424.000 844,024,000 839,868,000 838.088,000 843.906.000 845,586.000 839.921.000 835.676.000 992,998,000
Issued to Federal Reserve Banks__ 2,027,902,000 2.012,479.000 2,009,794,000 2.022.417.000 2,012,492.000 2,018.037.000 2,024.120.000 2.022.870.000 1,915,607,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
BY eligible paper
300,983.000 300,984,000 300,982.000 301,984,000 301.984,000 304.483.000 304,484,000
102,911.000 103,221,000
96,509,000 106,631,000 97,407,000 101.363.000 98.714.000
1.039,018,000 1.049,151,000 1.055,885,000 1,022,782,000 1,036,993.000 1,051,155,000 1.038.696.000
798,336,000 760,119.000 751,834,000 755.993.000 708.991,000 693,412.000 728.899.000
304,483,000 309,098,000
93,001.000 101,659,000
924.682,000 1.033,687,000
830,213,000 747,811,000
Total
2.241.248 0002
.475.0002 0.5.120.000 21374,90.000 2.145,375.000 2.150.413.000 2.170.793.000 2.152.375 000 2.192,255.000
NOTE.-Beginning with the statement of Oct. 7 1925 two new
Items were added In order to show separately the amount o balances held abroad and amounts due
SO foreign Correspondents. In addition, the caption, "All other earning
assets". now made up of Federal Intermediate Credit Bank debentures, has been changed to
'Other securities." and the caption, -Total earning assets"
bills
securities." The latter term has been adopted as a more accurate description of the total
to
"Toils
01 the discounts acceptances and securities acquired under the provisions ofand
Sections 13 and 1401 the Federal Reserve Act, which are the only Items included therein.
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS AUG. 25 1926.
Two ciphers (00) omitted.
Boston. New York. Patio, Cleveland Richmond Atlanta Chicago, Si.
Federal Reserve Bank ofLouis Alb:neap Kass. City Dallas. San Fran
Total,
RESOURCES.
$
i
$
$
S
$
$
$
$
$
$
$
S
Reserve
Agents
Federal
Gold with
126,941.0 382,345.0 100.003,0 181,209.0
34 285.0 133.251,0 168,837,0 17.166.0 45.300.0 50,401.0 18,531.0 184.643,0 14,42.912.0
Gold red'n fund with U• B• Treas. 10.114,0
10.343.0 5.361,0 3,413,0 3:87
.0 4,249.0 4,932.0
2
55,153,0
1,255,0 2.794.0 4,585.0 1.656.0 2.509,0
Gold held excl. agst. P.R. notes 137,055,0 392,688,0 105,634.0 184.622,0
37 957.0 137,500.0 173.769.0 18.421,0 48.094.0 54,986.0 20.187,0 187,152.0 1.498.065.0
Gold settle't fund with F.R.Bnard 54.297.0 190.706,0 54,603,0 83,863
28'071.0 22,084.0 143,179,0 11,384,0 9,788.0 38,644.0 12.365.0 32,313,0 681.297,0
Gold and gold certificates
30,829.0 408.392.0 23.109,0 39,753.0 14:372,0 4.118.0 68.777,0 18,682,0
7.274.0 4,807,0 10107.0 31.224,0 661.244,0
Total gold reserves
221.981.0 991,786.0 183.346,0 308.238,0 80,400.0 163,702,0 385.725,0 48,487,0
98.437.0 42.659.0 250.689,0 2.840,606,0
65.156,0
Reserves other than gold
12,845.0
27.490.0 8,101,0 8,111,0 5,598.0 0.567,0 22,412,0 20,209,0 2,979,0 4,692.0 8,239,0 7.038.0 137,281.0
Total reserves
234,826.0 1,019,276.0 191,447.0 316,349M 85.998.0 173.269,0 408,137.0 88.696.0 68,135,0 103.129.0 50.898.0257,727.0 2,977,887,0
Non-reserve cash
4,443,0
12.536,0 1,188,0 2,748,0 3.730,0 4.407,0 10,395.0 4,183.0 1,211.0 2,666,0 2,010.0 3.405.0
52,918,0
Bills discounted:
Govt.
U.S.
obligations 21,297.0
See. by
95.638,0 31,922,0 27,186,0 13.060,0 5,338,0 45.417,0 9,105,0 8,208,0 3.954,0 2.910,0 27.375,0 291,408.0
Other bills discounted
18,202.0
44.423.0 17,298.0 10,919,0 32,287,0 43,262,0 28,187,0 27,319,0 5,852,0 8.702,0 19,700.0 22.389.0 279,230,0
Total bills discounted
39,499,0 140.059,0 49,850,0 38,105,0 45,347,0 48,800,0 73,604.0 36,424.0 14,060,0 12,716,0 22,610,0 49.764,0 570,638.0
Bills bought in open market
17,444,0
43,849,0 18,879,0 26,484,0 12.707,0 28,545.0 35,191,0 8,417,0 11,789.0 14.513,0 12,246.0 26,552.0 254.616,0
V.B. Government securities:
Bonds544.0
1,322,0
585.0 1,176.0 1,191,9
353.0 20,028,0 1,761.0 7.558,0 8,789.0 2.245.0
80.0
45.632,0
7,580,0
Treasury notes
43.814.0 18,458,0 30,005.0 4.983.0 1,580,0 22,559,0 15.519.0 5,410.0 15,859.0 15.335.0 33.834,0 216.956.0
Certificates of indebtedness
2,514.0
15.130.0 1,411,0 4.033.0 1,668,0
82,0 7,548,0 3,396,0 2,559.0 6,081,0 5,297.0 8.370,0
58.629.0
Total U.S. Govt.securities-... 10,638,0
60.266.0 20.454.0 36.2141) 7 ga2 n
1.995.0 50.175.0 21.216.0 17.627.1) 30.729.0 22.877.0 42.284.0 231.217.0
[VOL. 123
THE CHRONICLE
•
113E20URCES (Concluded)Two Ciphers (00) omitted).
Boston.
New York.
$
$
$
5
3
2,000,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Nan. City Dallas. San Fran.
Phila.
$
700,0
$
3
$
1,000,0
$
3,700,0
$
3
$
/
Total.
244,174.0 91,183,0 99,803,0 65,896,0 77,840,0 158,970,0 66,057.0 44,376,0 57,958,0 57,733,0 118,600,0 1,150,171,0
693,0
693,0
137,909,0 54,084.0 62,855,0 50,702,0 26,035,0 87,839,0 30.026,0 12,080.0 38,168,0 25,297.0 37,562.0 616.510,0
59,931,0
1,597.0 7,409,0 2,364,0 2,902,0 7,933,0 4,111,0 2.943,0 4,667.0 1,793,0 3,404,0
16,740,0
16,626,0
297,0
1,145,0
872,0
256,0 3,142,0
4,961,0
512,0
1,748,0
501,0
649,0 2,479,0
67,081,0
53,953,0
4,068,0
64,0
Total resources
364,935,0 1.436,289,0 340,009,0 490,307,0 208,987,0 285,325,0 675,022,0 173,722,0 131,224,0 207,089,0 137,987,0 423,840,0 4,874,736,0
LIABILITIES.
F. R. notes in actual circulation.. 141,733,0 384,433,0 119,657,0 200.879,0 71,625,0 174,568,0 197,651,0 46,269,0 60,818,0 65,283,0 40,578,0 189,143,0 1,692,637,0
Deposits:
Member bank-reserve acc't 142,882,0 815,748,0 134,697,0 192,181,0 67,816,0 69,400,0 347,416,0 80,180.0 46,463,0 89,280,0 54,239,0 163,332,0 2,203,634,0
25,618,0
1,012.0
1,973,0 1,204,0 3,578,0 2,263.0 1,036,0 3,387,0 2,063,0
1,954,0
Government
1,280,0
3,858,0 2,010,0
12,436.0
404,0
816,0
305,0
527,0
Foreign bank
1,045,0
298,0
267,0
6,897,0
725,0
328,0
244,0
580,0
59,0
16,291,0
51,0
602,0
Other deposits
74,0
979,0
245,0
39,0 5,815,0
73,0
8,079.0
154.0
121,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other Liabilities
144,815,0
51.760,0
8.804,0
17,020,0
803.0
834,582,0
118.389,0
35,656.0
59,964.0
3,265,0
194,611,0 70.252,0 70,960,0 353,018.0 83.016.0 47,897,0 93,086.0 56.608,0 171,628,0 2,257,979,0
56,865,0 47,860,0 24,895,0 74.433,0 28,443,0 10,696,0 34,499,0 28.028,0 36,920,0 561,067,0
13,553,0 6,082,0 5,011,0 16,653,0 5,269,0 3,114,0 4,193,0 4,281.0 8,430,0 123,467,0
22,894,0 11,919,0 8,700,0 30.613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220.310,0
18,376,0
1,535,0
1.249.0 1,191,0 2,654,0
1,155.0 1,198,0 1,049,0
877,0 2,648,0
137,506.0
49,209,0
12,421,0
20,464,0
752,0
Total liabilities
364.935,0 1,436,289,0 340,009,0 490,307,0 208.987,0 285,325,0 675,022,0 173,722,0 131,224,0 207,089,0 137,987,0 423,840,0 4,874,746,0
Memoranda.
60.6
75.4
71.4
Reserve ratio (per cent)
74.4
80.0
70.6
74.1
52.4
81.9
83.6
53.1
62.7
65.1
Contingent liability on bills pur47,785,0
chased for foreign correspond'ts 3,686,0
12,630,0 4,608,0 5,190,0 2,571,0 1,940,0 6,645,0 2,086,0 1,552,0
1,892,0 1,638,0 3,347,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
25.195,0 108,228,0 31.746.0 22.502.0 13,463.0 33.266.0 35.381.0 5,157.0 6.843.0 8.015.0 5.785.0 39,684.0 335,265,t
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUG. 25 1926.
Phila.
New York.
Boston.
Federal Reserve Agent at-
Cleveland. Richmond Atlanta. Chicago. Si. Louts Minneap. Kan. City Dallas. San Fran.
Total.
(Two Ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 220,028,0
F.R.notes held by F.R. Agent__ 53,100,0
$
5
5
$
$
5
$
3
$
3
$
$
785,981,0 186,443,0 269,601,0 113,038,0 273,874.0 402,449,0 70.766,0 83,241,0 111,978,0 68,200,0 279,727,0 2,865,326,0
293.320,0 35,040,0 46,220.0 27,950,0 66,040,0 169,417,0 19,340,0 15.580,0 38,680,0 21,837,0 50,900,0 837,424,0
F.R.notes issued tor.R.Bank 166,928,0
Collateral held as security for
F. R. notes Issued to F. R. Bk.:
Gold and gold certificates___ 35.300.0
17,641,0
Gold redemption fund
Gold fund-F.R.Board._ _ _ 74,000,0
56,943,0
Eligible paper
492,661,0 151,403,0 223,381,0 85,088,0 207,834,0 233,032.0 01,426,0 67,661,0 73.298,0 46,363,0 228,827,0 2,027,902.0
183,884,0
555.058,0 157,394,0 244.417,0 89.831,0 208.268.0 277,547.0 62,001.0 71,125,0 77,543.0 53,387.0 260,793,0 2,241.248,0
Total collateral
171,698,0
8,780,0 25,655,0 14,237,0
7,945,0 13,212,0
14,156,0
24,647.0 8,706,0 12,429,0 3,630,0 6,014,0 3,192,0
021,0 2,088,0 3,541.0 2,375.0
186,000.0 91.297,0 160,000,0 5.000,0 113,000.0 165,645,0 8,300.0 30.000,0 46,860,0 2,000,0
172,713.0 57,391,0 63.208,0 55,546,0 75,017,0 108,710,0 44,835,0 25,825,0 27,142,0 34,856,0
10,000,0 300,983,0
17.727,0 102,011,0
106,916,0 1,039,018,0
76,150,0 798,336,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the r esources
and liabilities of the 697 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dee. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1038.
I. Data for all reporting member banks in each Federal Reserve District at close of business AUGUST 18 1926
Boston. New York
Federal Reserve Distrta.
38
Number of reporting banks
Loans and discounts, gross:
Secured by 12.8. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
Investments:
TJ. S. Government securities
Other bonds, stocks and securities
Phila.
(Three ciphers (000) omitted.)
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
Total.
65
697
5
$
7,311
144,189
291,576 5,459,098
909,743 8,462,112
99
32
24
67
48
5
5,096
141,997
367,837
$
$
5,784
18,368
108,088 886,375
389,170 1,284,852
$
7,038
186,469
323,456
$
3,398
73,466
154,479
3
3,980
110,206
338,259
$
3,888
70,646
231,842
788,988 1,372,544
514,030
503,042 2,189,595
516,963
231,343
452,445
306,376 1,208,630 14,065,399
83,847
263,340
287,030
354,727
70,853
70,776
61,863
114,053
68,437
46,910
105,033
89,225
347,187
90
50
75
68
$
$
7,480
51,117
332,354 2,302,426
649,414 2,637,752
$
10,327
397,506
381,155
5
20,402
557,989
794,153
989,248 4,991,295
142.674 1,027,714
243,274 1,189,330
385,948 2,217,044
36
40.152
60,057
305,350
454,926
53,101
23,898
250,995 2,497,054
212,343 3,122,859
76,999
463,338 5,619,913
641,757
141,629
100,209
760,281
175,916
115,347
194,258
1,375.196 7,208,339 1,136,175 2,014,301
Total loans and Investments
92,842 740,435
79,594 133,756
Reserve balances with F.It. Bank
20,492
76,259
30,144
15,999
Cash in vault
878,259 5,427,737 758,274 1,064,263
Net demand deposits
422,241 1,346,417 234,190 822,246
Time deposits
13,597
17,940
22,163
13,549
Government deposits
Bills pay. & redisc. with F. R. 13k.:
19,459
8,150
92,997
6,390
Secured by U.S.Gov't obligations
6,064
14,864
28,326
8,616
All other
656,559
41,962
13,589
375,455
209,825
4,141
603,251 2,949,876
40,125 254,019
46,982
10,863
337,836 1,845,465
221,965 1,055,948
5,533
9,503
692.879
44,438
7,200
391,840
220,750
3,757
346,690
22,025
5,789
204,969
115,866
1,915
646.703
55,041
11,596
519,123
147,282
3,830
3,368
14,199
2,883
20,941
24,810
10,931
5.085
15,780
6,380
1,612
955
2,098
1,384
5,961
22,422
6,190
194,288
135,582
28,612
329,870
Totallnvestments
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
flue frnrn hnnkia
383,375 1,671,968 19,685,312
29,931 109,059 1,643,227
19,886
268,643
9,844
262,286 779,289 12,844,796
99,488 842,280 5,738,498
3,347
11,714
110.989
121.323
15,006
25,523
17,567
23,824
30,746
20,865
7,992
3,053
7,345
119,864 1,015,044
88.619
39.172
171,413
52.728
50,408
23.421
29,009
14,648
14,753
11,948
362,637
146,603
82,797
25,083
40,725
18,711
109,523
44,683
24,548
18,965
23,014
110,859 2,131,580
52,527
537,158
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
Reporting Member Banks in Chicago.
Reporting Member Banks in N. Y. City.
AU Reporting Member Banks.
-- -- Aug. 18 1926. Aug. 111926. Aug. 19 1925. Aug. 18 1926. Aug. 111926. Aug. 19 1925. Aug. 18 1926. Aug. 111926. Aug. 19 1925.
61
58
57
728
Number of reporting banks
697
698
$
3
3
$
Loans and discounts, gross:
S
3
45,894,000
59,550,000
46,988,000
173,242,000
Secured by U. S. Gov't obligations
144,189,000
144.945,000
5,459,098,000 5,514,268,000 5,089,665,000 2,035,942,000 2,072,408,000 1,997,796,000
Secured by stocks and bonds
All other loans and discounts
8,462,112,000 8.450,594.000 8,110,412,000 2,289,882,000 2.285,665,000 2,157,236,000
46
3
12,806,000
671,788,000
716,198,000
46
3
13.744,000
674,714,000
727,314,000
46
3
22,288,000
599,985,000
683,836,000
Total loans and discounts
14.065.399,000 14,109,807,000 13,373,319,000 4,372,812,000 4,403,967,000 4,214,582,000 1,400,792,000 1,415,772.000 1,306,109.000
Investments.
2,497,054,000 2,513,465,000 2,534,588,000 906,987,000 912,113,000 936,968,000 161,405.000 161,993,000 173,126.000
U.S. Government securities
Other bonds, Stocks and securities- 3,122,859,000 3.098,844,000 2,943,548,000 877.992,000 877,377,000 854,184,000 208,873,000 203,445,000 188,370,000
Totalllivestments
Total loans and investments
Reserve balances with F.R.Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Govt. obligations
Another
Total borrowings from F.It. bks
5,619,913,000 5.612.309,000 5,478,136,000 1,784,979,000 1,789,490,000 1,791,152,000
19,685,312,000 19,722,116,000
1,643.227,000 1.653.201,000
268,643,000
280.796.000
12,844,796,000 *12963058,000
5,738,498,000 5,720,388,000
110,989,000
122,636,000
• Revised figures.
365,438,000
361,496,000
194,288,000
135,582,000
214,951,000
121,932,000
219,492,000
138,001,000
75,050,000
24,655,000
110,100,000
28,073,000
86,265.000
27,188,000
18,540,000
2,102,000
0,630,000
1,842,000
8,965,000
5,945,000
329,870,000
336.883,000
357,493,000
99,705,000
138,173.000
113,453,000
20,642,000
11,472,000
14,910,000
Loans to brokers and dealers (secured by stocks and bonds) made by 58 reporting
member banks in New York City:
018,775,000 936,741,000
For own account
1,104.676,000 1,089,093,000
For account of out-of-town basks
718.937,000 694,498,000
For account of others
Total
On demand
On time
370,278,000
18,851,455,000 6,157,791,000 6,193,457,000 6,005,734,000 1,771,070,000 1,781,210,000 1,667,605.000
1,636,351,000 684,261,000 696,529,000 690,187.000 177,690,000 169.092,000 167,049,000
22,879,000
61,765,000
63,186,000
20,965,000
60,340,000
20,377,000
266,519,000
12,810,743,000 4,910.936,000 4,937,124,000 4,979,868,000 1,217,484,000 1,226,111,000 1,179,102,000
5,194,979,000 863,204,000 877,187,000 795,949,000 522.930,000 522.375,000 472,737,000
5,645,000
19,795,000
21,980,000
4,783,000
6,171,000
51,639,000
4,088,000
2,742.388,000 2,720,332,000
2,041,710,000 2,031,031,000
700,678.000 689,301,000
AUG. 28 1926.]
THE CHRONICLE
Vaulters'
Ditily Record of U. S. Bond Prices. Aug.21 Aug.23 Aug.24 Aug.25 Aug.26 Aug.22
azette.
Wall Street, Friday Night, Aug 27 1926.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1078.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Aug.27.
Sales
for
Week.
Range for Week.
Lowest.
I Range Since Jan.1.
Highest.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.; per share.
Railroads.
Chic St PM & Ony._100 600 50
1 72
&Clevand Pittsb___50
36 63
Erie & P1ttsburgb__50
1 210
Hocking Valley Ry__100
50
Morris & Essex
25 80
50
61 192
NY & Harlem
NY Lack & West_ _ _100
2710454
NY Rye ctis 2d stmpth• 656 118
Pacific Coast,2d pfd_100 100 5034
18,500 1854
Reading rights
Rensserr & Saratoga_100 200 126
Aug 23 57 Aug 261 48
Aug 24 72 Aug 24 70
Aug 24 63 Aug 24 1 63
Aug 24 210 Aug 24 147
Aug 24 80 Aug 24! 793d
Aug 25 195
Aug 23 175
Aug 24 10454 Aug 2410254
Aug 25 135 Aug 26 108
Aug 21 5034 Aug 21 44
Aug 25 20 • Aug 27 1634
Aug 25 126 Aug 25 122
Apr 57
Aug
Jan 73 July
Aug 63
Aug
Mar 210
Aug
Jan 83 July
Apr 205
Jan
Fet 10534 June
July 135
Aug
Aug 5754 Feb
Mar 2234 • Feb
Feb 126
July
Industrial & Misc.
Amalgamated Leather.• 4,700 1834 Aug 25 2054 Aug 27 16
100 100 105 Aug 25 105 Aug 25 102
Preferred
Amer Radiator, pref.100 100 131 Aug 26 131 Aug 26 129
Am Type Found, pfd.100 30010354 Aug 23 10454 Aug 23 10234
Am Whole'le Corp, pf100 100 9734 Aug 21 9734 Aug 21 9734
50 600 634 Aug 23 7 Aug 24 434
Mammies Corp
50 300 35 Aug 21 353.4 Aug 24 18
Preferred
• 100 48 Aug 27 48 Aug 27 40
Barnet Leather
100 3334 Aug 27 3354 Aug 27 3334
Central Alloy Steel
Cert-Teed Prod.2d pf100 100 94 Aug 25 94 Aug 25 91)
Continental Baking A...• 9.900 87 Aug 26 9334 Aug 27 87
*67,700 1254 Aug 26 1454 Aug 27 1254
Class A
100 1,600 9435 Aug 27 9654 Aug 27 9435
Preferred
34.400 10 Aug 26 11 Aug 21 10
Cuba Co rights
Engineers Pub Service.* 500 2354 Aug 25 2354 Aug 25 2354
* 500 96 Aug 26 9654 Aug 24 9534
Preferred
Federal Motor Truck_ _1'16,900 32 Aug 21 3354 Aug 24 2454
Gen Gas & Elec, class B• 500 4434 Aug 27 4734 Aug 23
Hartman Corp,class 13.• 1.100 2654 Aug 24 2635 Aug 23 ,4434
2635
Hayes Wheel. pref___100 100 107 Aug 24 107 Aug 24 10515
Internal Tel & Tel rich 80.600 734 Aug 21 1054 Aug 27 654
Jones & L Steel, pref.100 100 118 Aug 23 118 Aug 23 114
100 104 Aug 24 104 Aug 24 100
Kayser & Co. 1st prof ..•
100 100 95 Aug 25 95 Aug 25 9374
Kinney Co. pref
2,600 4734 Aug 27 4734 Aug 27 4734
Liquid Carbon
100 118 Aug 24 118 Aug 24 112
Loose-Wiles. 1st pref..100
Louisiana Oil, pref _100 200 9554 Aug 25 9534 Aug 25 9335
Mullins Body, pref..100 100 83 Aug 27 83 Aug 27 83
Murray Body. certifs..* 300 1154 Aug 27 1154 Aug 27 1154
Nati Supply. Pref —100 100 115 Aug 25 115 Aug 25 10454
Penick & Ford. pref. _100 100 99 Aug 27 99 Aug 27 99
Porto-Rican Am Tob.100 600 68 Aug 24 6954 Aug 25 60
Reid Ice Cream, pre(_100 100 9734 Aug 25 9734 Aug 25 9534
Rels(Rob)&Co,lst p1.100 100 8454 Aug 23 8454 Aug 23 77
Sloss-Sheff S& I, pf.-100 100 104 Aug 23 104 Aug 23 10034
Wells, Fargo & Co
1
100 234 Aug 24 234 Aug 24 334
White sew Mach. pref.* 2,600 4834 Aug 24 5015 Aug 27 4734
•No par value.
July 2034 Aug
July 105
Aug
Feb 131
Aug
Aug 107
Feb
Aug 100
Jan
Jan 7
Aug
Jan 3535 Aug
May 5734 Feb
Aug 3334 Aug
May 9534 Feb
Aug 9314 Aug
Aug 1454 Aug
Aug 9634 Aug
Aug 1354 July
Aug 2454 July
Aug 9654 Aug
July 3434 Aug
Aug 4854 Aug
Aug 2654 Aug
May 107 May
Aug 1054 Aug
Jan 120
Aug
May 105
Jan
Mar 9934 Jan
Aug 4735 Aug
Jan 118
Aug
July 97
July
Aug 9434 July
Aug 1154 Aug
Mar 115
Aug
July 104 June
Jan 8134 Jan
Mar 100
Jan
Mar 85 July
Jan 110 June
Jan 415 May
July 59
Aug
New York City Banks and Trust Companies.
AB prices dollars per share
Banks—N.Y.,Bid. Ask.
America*.--- 300 310
Amer Ex Pee_ 443 447
Amer Union*. 200 210
Bowery EastR 392 398
Broadway Cen 345 365
Bronx Boro*. 1400 1500
Bronx Nat_
470 500
Bryant Park* 200 225
Butch ,k Drov 190 195
Capitol Nat.. 215 225
Cent Mercan. 275 285
Chase
420 422
Chath Phenix
Nat Bk & Tr 363 373
Chelsea Exch• 260 270
802 806
Colonial*. _ 600
Commerce._ 380 383
Com•nwealth• 295 305
Continental_ _ 285 295
Corn Exch.
535 595
Cosmop•tan•_ 225 250
• Fifth Avenue* 2300 2500
First
2675 2690
Franklin
170 180
375 385
Garfield
Globe Exch.' 210 230
Grace
35&
Greenwich*
530 550
Banks.
Bid.
Hamilton...- 225
Hanover
1030
Harriman...._ 610
Manhattan* _ 225
Mutual*
525
Nat American 250
National City 623
New Neth• 295
Park
488
Penn Exch.__ 130
Port Morris_ 235
Public
536
Seaboard
650
Seventh
170
Standard - - 635
States
690
Trades
157
United
200
United States* 314
Wash'n Hts* 800
Brooklyn
Coney Island* 375
First
405
Mechanics'* 305
Montauk' _ 350
Municipal*
300
Nassau
350
People's
600
Queensboro•
1089
Ask.
235
1060
040
230
600
275
628
305
492
140
642
660
180
600
182
215
318
1000
425
420
312
Trust Cos. Bid.
New York.
AmericanBank of N Y
& Trust Co 623
Bankers Trust 653
Bronx Co Tr_ 330
Central Union 907
County
285
343
Empire
Equitable Tr_ 277
Farm L dr Tr_ 535
Fidelity Trust 292
Fulton
400
Guaranty Tr- 387
Irving Bank
Columbia T 328
Lawyers Tr._.....
Manufacturer 519
Mutual(Westcheater)
215
N Y Trust._ 540
Title Gu 4, Tr 688
U S Mtg dr
392
United Stet 1740
Westches Tr.. 550
Brooklyn.
Brooklyn_.. 815
Kings County 2100
Midwood
300
Ask
628
658
ina
300
348
280
540
298
425
891
333
621
230
545
693
402
700
Ftrst Liberty Loan
High 101,s, 101.st 101.n 101.:2 101,at 101.21
354% bonds of 1932-47__jLow. 1011,2 101.:2 101.n 101.32 101.12 101.22
(First 3Yi0)
Close 1011,2 1011,2 1011,2 1011,2 101182 1011s,
Total sales in $1,000 units__
41
51
3
22
68
61
Converted 4% bonds of High
____
____
____
____
____ 1001,25
1932-47 (First 4s)._
Low.
___--__
---------- 10011ss
Total sales in $1,000 units_ _. ____
____
____
____
____
1
Converted 434% bondsHigh
{
10111,2 102
10111112 101".2 101"12 1055%
Of 1932-47 (First 454e) Low 10119e. 10111,2 10111,, 10111u 10111,2 10111u
10111,2 101", 101"s2 101"ss
Close 10111,32 102
Total sales in $1,000 units._
11
43
29
103
66
3
Second Converted 43.4 TIgh
bonds of 1932-47 (First Low---------.
--__
----Second 454s
woad Liberty Loan
{High
4% bonds of 1927-42
Low_
(Second 48)
Total sates in $1,000 units_
Converted 414% bonds {High
Of 1927-42 (second
Low_
454s)
Close
Total sales in $1,000 units__ _
hIrd Liberty Loan
High
434% bonds of 1928._ Low.
(Third 434,)
Close
Total sales in 81.000 units...
Ftturd' Liberty Loan
High
434% bonds of 1933-38 Low_
(Fourth 4345)
Close
Total sales in $1,000 units__
reasury
{High
4%s, 1947-52
Low_
Close
Total sales in $1,000 units__
{High
413, 1944-1954
Low_
Close
Total sales in $1,000 units...
{High
3,4e, 1946-1958
Low.
Close
Total sales in 81.000 units__ _
---.._ __
.._ _ _
100113
100"a:
10011,2
148
1011,2
1011,2
101.s:
5
1021•2
1021,2
1021,2
29
107"s:
107"n
10711,2
3,
10311,2
103"s:
103"st
1
101922
10119,2
1011.22
22
---- 10041
____ 100.:2
__ _ _
100112, 10021,2
100"st IOW's,
100"t: 100"st
126
129
1011,2 10112,
1011,2 1011,2
101% 101.st
66
78
1021,2 1021,2
1021,, 1021,2
1021,2 102.st
62
252
107'°,,1071.22
107"st 107":2
107"st 107"n
17
3
10312,2 10310,2
103"tt 103"st
103"st 103"st
1
3
101.s: 101%
1019,, 1019,,
1010,2 1015st
1
1
---____
-------
100",2
100...:
100..s
103
1011,2
1011,2
101.s2
43
1021,2
1021,2
102.22
167
107us
107..t
107"s
11
10311,
103",
103":
21
101",
10113,
101u:
112
100..”
100"st
100"st
83
1011,2
1011,2
101.42
93
1021,2
102.32
102.st
ss
107012
107"12
107"12
162
10311,2
1031.a:
103"st
1
101ust
101ust
101"s:
2
-----100"st
100"ts
100"st
53
10111,
101112
101'n
10
1021,2
102.ts
102.22
96
107",,
107",
,
107un
35
103un
103.812
103.121
7
101.112
101"n
101"n
12
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 let 4348
14 2d 454s
101"s2 to 10111,2I 16 3d 4348
10011,2 to 10012,2139 4th sgs
10011,, to 1011.
102.n to 1021a,
Foreign Exchange.—Sterling exchange was easier on
increased offering of cotton and other commercial bills;
trading, however, was only moderately active. In the
Continental exchanges,an advance in reichsmarks and marked
activity in lire were the features of an otherwise dull week.
To-day's (Friday's) actual rates for sterling exchanges were 48434
@48494 for checks and 4 8534 @48534 for cables. Commercial on banks
sight, 4 84%@4 8494; sixty days, 4 803404 80%• ninety days, 47834
@47894. and documents for payment (60 days) 4 80%@4 8034. Cotton
for payment,4 84%04 84%, and grain for payment. 4 84%(4)4 8434.
To-day's (Friday's) actual rates for Paris bankers francs were 2.8434
@2.8574 for short. German bankers' marks are not yet quoted for long
and short bills. Amsterdam bankers'guilders were 39.9935 040.00for short.
Exchange at Paris on London, 169.00 francs; week's range, 169.00
francs high, and 172.80 francs low.
The range for foreign exchange for the week follows:
Sterling Actual—
Checks.
Cables.
High for the week
4 85 7-16
4 85 15-16
Low for the week
48494
48554
Paris Bankers' Francs—
High for the week
2.87
2.88
Low for the week
2.7994
2.8034
German Bankers' Marks—
High for the week
23.82
23.84
Low for the week
23.79
23.81
Amsterdam Bankers' Guilders—
High for the week
40.08
40.10
Low for the week
40.0334
40.0534
Domestic Exchange.—Chicago, par. St. Louis. 15025c. per $1,000
discount. Boston, par. San Francisco, par. Monteal, $1 875 per
$1,000 premium. Cincinnati. par.
The Curb Market.—The review of the Curb Market is
given this week on page 1079.
A complete record of Curb Market transactions for the
week will be found on page 11C4.
CURRENT NOTICES.
—Volume of sales for the first six months of 1926 in excess of any previous
half-year period was announced by the American Bond & Mortgage Co.for
all its offices throughout the country. For the same period the number
825
of new customers acquired was 15% larger than for the corresponding period
300
of last year. At the same time the company report shows that its earning
310
capital has been increased by $910,000 over Dec. 31 1925, this being ac•Banks marked *) are State banks.
countable
to an increase in current assets of $530,000 and a reduction In
(I New stook. (x) Ex-div dend
• current liabilities of $380,000. The surplus of the company
y Ex-rights.
at the present
time Is over four times the annual dividend requirements on the outstanding
preferred stock, and the cash resources are over $4,000,000, practically tile
New York City Realty and Surety Companies.
largest in the history of the company. Capital and surplus now exceeds
All prices dollars per Mars.
$8,500,000.
Bid. Ask.
Bid. Ask.
—The American Water Works & Electric Co., Inc., has prepared and is
52 Mtge Bond__ 148 154 Realty Assoc Bid. Ask. distributing its annual
Alliance R•Ity 45
corporate chart with all figures and statistics as of
Amer Surety. 180 184 Nat Surety_ 216 ' 221
(Bklyn)corn 210 215
July 1 1926. This chart shows the authorized and outstanding capital Of
13ond M G. 328 333 N Y Title &
let pref__ _ _ 90
92
holding
290
Mortgage.. 468 473
company and all of its subsidiaries, tracing the latter s relationLawyers Mtge 286
the
20 pref____ 85
89
US Casualty. 310 1 330 Westchester
I.:02yers Title
ship to the American Water Works & Electric Co., Inc.
& Guarantee 290 295
Title dr Tr_ 500
—Guaranty Trust Co. of New York has been appointed trustee, paying
agent and registrar under the Fruit Growers Express Company agreement
Quotations for U. S. Treas Ctfs. of Indebtedness, &c. dated Aug. 1 1926, securing an authorized
issue of $2,175,000 par value
494% gold certificates series G of serial maturity dated Aug. 1 1926.
Int.
Asked.
Maturity.
Maturity,
—Bauer,
Pond & Vivian, of New York City, announce that Eberhard
RaleRate. Bid. Asked.
Westarp. formerly with Prince & Whitely, H. M. McConnell, formerly
Sept.15 1926— 434% 100
Dec. 151927... 434% 10154 10154
Dec. 15 1926— 354% 100'st 1005,1 mar. 151927... 434% 1001122 kossu with John Nickerson & Co., and Edwin B. Hagerty, formerly of E. B.
Hagerty & Co., have Joined their sales organization.
—Weissenfluh & Co., of Scranton and Wilkes-Barre, Pa., announce
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange..—B 0 that J. Lucas Williams has been elected a Vice-President and director of
company.
we furnish a daily record of the transactions in Liberty Loan their
. —Bankers Trust Co. has been appointed transfer agent for the preferred
Treasury
certificates
and
on the New York Stock
bonds
and registrar of the common stock of Commonder-Larabes Corp.
Exchange. The transactions in registered bonds are given stock
—The Equitable Trust Co. of New York has been appointed registrar
at
the
footnote
end
of the tabulation.
n a
for the capital stock of Trinidad 011 Fields, Inc.
310
360
650
215
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1090
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
Aug. 21.
$ per share
Monday,
Aug. 23.
Tuesday,
Aug. 24.
Wednesday, Thursday,
Aug. 25.
Aug. 26.
Friday,
Aug. 27.
Sales
for
the
Week.
per share 8 per share $ per share $ per share S per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
14878 15112 97,800 Atch Topeka & Santa Fe..100
14634 14814 14612 14834 14778 150% 14612 14834 14714 149
100
99% 9978 1,200 Do pref.
9934 997
*997 100
*9978 100
*99% 100
•99% 100
100
% 1.200 Atlanta firm & Atlantic
%
58
%
%
%
%
*135,
%
%
58
19,700 Atlantic Coast Line RR...100
225 227
225 228
22314 22934 223 226
221 224
221 227
100
103 103% 103 10414 10234 10418 10112 10314 10238 103,8 103 10378 57,000 Baltimore & Ohio
800 Do prof
100
*73% 74
*7338 74
7334 73% 7358 733 7312 7353 *73% 73%
50
414 4134 1,000 Bangor & Aroostook
4012 41
4112 398 395
*41
4112 40
*41
42
Do
pref..
100
*100
_
*100
•100
•100
*100
*100
64% 653* 64% -ffi - --5:5015 Bkln Mani: Tr v t o. .No par
63% 64% 6314 64
6438 65
6434 65
700 Do pre/ v to
No par
8612 8612 *8412 85,2 *8412 8512 *8412 8512 *8412 8512
8512 86
1314 14% 4,600 Brunswick Term & Ry sec. 100
1114 1178 1114 13
12%
1312 •1212 1312 12
*13
Buffalo Rochester & Pitts_ 100
*8014 84
*8014 84 I *8014 84
85
*82
•82
85 •82
85
61
Canada Southern
100
*60
61
*60
61
*60
63
*60
*60
63
*60
63
100
,166% 16518 16614 8,000 Canadian Pacific
1645
16534 166% 16512 16634 16512 16618 16412 165
200 Central RR of New Jersey_100
285 285 *280 290 *286 290
285 285 •285 290
*285 295
100
4 14912 15178 151 15178 151 15212 36,100 Chesapeake & Ohio
1
15012 153/
15014 15212 151 153
Do prof
100
____ *150 ____ *148 151 *150 155 •15112 15214
*150
*150
200 Chicago & Alton
100
5% 512
534 *54 53, *53* 53
534 *5
534 *5
*5
Do
800
prof
100
8%
*812
8%
4
83
4
83
*814
8%
834 8%
*8
100 C C C & St Louis
100
275 275 •250 300 *250 300 *250 300
*275 315 *275 310
100 Chic & East Illinois RR....100
34
*31
34
*31
34
.31
33
*31
*31
34
31
31
100
1,200 Do pref
*4112 42
42
*41
42
413 4134 4112 4112 42
4112 42
95, 1014 1014 1058 9,400 Chicago Great Western_ -100
1018
1034 10
101,4 1018 1018 1034 10
100
271s 29,4 28% 2914 66.700 Do pref
2614 26% 2612 28,4 26% 283* 2634 28
1234 1314 1278 1314 11.100 Chicago Mllw & St Paul_ 100
1314 1234 13
1238 1212 1234 1278 13
1238 85,700 Certificates
100
, 12
11% 11% 12
124 1214 123* 1178 1218 124 123
100
2212 23% 49,600 Do pret.
4 237
/
2234 2312 231
2118 2212 2234 2312 2258 24
14,800 Preferred certificates. _ _ 100
2134 2338 2238 223* 2234 2314 21 12 23
2138 2134 22
23
794 7634 7912 7612 7812 7734 7953 78% 7912 36,300 Chicago & North Western_100
77
76% 77
100
Do pref
124 125
•122 126 *122 126 *122 126 *124 125 •124 125
6234 6134 6314 61% 6238 48,000 Chicago Rock Is! & Pacific _100
62
6212 6134 6312 6134 63% 61
100
7%
Do
900
preferred
10212
8
1023
8
1025
1
10212
10212
1025,
10212
025,
10212
10212
103
•10212
100
200 Do 6% preferred
*8912 90
*8912 90
9034 *891 90
894 8934 90
*804 90
100
200 Colorado & Southern
6712 6712 *6614 6712 *6614 6715 *66,4 67,2
67
67
*6714 68
100
Do
prof
73
let
*70
73
*70
73
*70
73
*70
73
73 •70
*70
100
Do
pref
26
*65
_ _
*65
*64% ____ *65 _ _ *6458 __ *6458
100
1694 17412 1737 17434 217134 172% 12,800 Delaware & Hudson
17118 17312 17078 17234 17034 172
7
441
Western,
A.
Lark
Delaware
2,500
143
8
1437
144
142
143
8
1423
143 14312
143 143
•143 144
*45
45
45
45
46,4 1,000 Deny & Rio Or West prof 100
4512 453* 4538 45
44% 44% *45
IOU
brie
7,400
32
4
323
4
313
313*
3118
4
323
315,
3212
33
321
33
3212
100
6,000 Do let pref
4112 42
4112 42
413
4214 41
4214 424 4212 4212 42
100
200 Do 26 pref
40
4 *38
1
39/
39
40
4012 *38
*39
4014 *3812 4012 *38
100
Northern
pref
71,000'Oreat
8014
4
/
791
4
3
79
8
777
78%
76%
79
4
/
771
8
787
7653
7618 7612
207 20% 7,600 Iron Ore Properties_.No par
21
2012 213s 21
2134 2212 21 12 22
22
20
3314 3638 3512 3512 3512 3512 3512 3512 3.600 Gulf Mobile & Northern 100
4 36
1
33/
3534 36
100
10634 106% 10618 10612 106 10612 *106 1065s 10658 10634 10634 10634 1.700 Do prof
600 Hudson & Manhattan....100
*3858 38% .3812 384 3834 3834 385 3834 3812 3812 *3812 39
Do pref
7712
100
7712 *75
*75
77
7712 *73
*73
77
*73
77
*73
100
12212 12212 12234 12234 1,200 Illinois Central
*12112 12212 122 12234 12234 123 *122 123
100
Do pref
4 125
*122 125 •1213 125 *12134 125 *12134 125 *1215g 125 *1213
7
7
Railroad
A..1000
50
Series
Sec
73
74
*7312
73
74
*7312
74
*7312
74
*7312
*7312 74
Int Rya of Cent America...100
02634 28
*2634 28
*2634 28
28
*27
28
*27
28
*27
100 Do. met
100
*6034 67
65
65
*6034 65
*6034 65
*6034 65
*6034 65
6,800 Interboro Rap Tran V to..100
4314 4334 4212 4312 4212 4234 4312 4412 4312 44
4312 44
112
Iowa Central
100
_
112
100
4312 45
4412 453* 13,000 Kansas City Southern
4478 4314 437
44
447
44
438 447
100
900 Do pref
67
6714 6714 6712 67
*67
67
6653 66% 67
67
*66
50
1,500 Lehigh Valley
90
*8812 8912 *8914 90 ' *8834 8912 8814 8838 8812 89% *89
1394 13914 13912 13978 4,800 Louisville& Nashville
100
1375 138 I 13812 140181 13712 1375,
137 137
guar_
100
Elevated
100
Manhattan
9018
9012
*8814
*884
90
90
91
*90
91
*90
91
*90
6112 4,300 Do modified guar
100
51
5212 5214 53
4 528 51
/
4 5314. 521
/
531
53
52
100
Market Street Ry.....
412 *4
412
4 *4
1
4/
4 *4
/
41
412 *418 412. *4
*4
100
Do pref
22
ILI
*2
22
*2114 22
*21,4
24
•22
24
•____ 24 I •21
100
1,000 Do prior pref
43
4212 .42
4112 4212 *42
417 42
42341 4114 42
•42
101)
Do 26 prof
16
*13
16
*13
*1312 16
*1312 16
*1312 16
*1312 16
100
4 158
/
11
500 Minneap & St Louis
*158 2
4 218 *158 218 .158 218 *158 2
/
•11
Paul & SB NI arle_100
364 37
St
Minn
500
37
3512
3512
3512
37
37
36
36
37
*35
100
Do pref
64
*58
64
*58
62
*58
62
*58
64
*60
64
*60
100
6512
Leased lines
4 *65
1
65/
6512 *65
6512 *65
6512 *65
6512 *65
*65
3
RR_
Par
--No
Mo-Kan-Texaa
5,900
37
37
3712
7
36
364
7
4
3
35
36
3718 3612
3614 35
36
100
9314 9212 9212 9212 9234 9234 9234 10.500 Do prof
93
9212 93
925, 923
100
36,000 Missouri Pacific
40% 403* 4114 4014 41
40
41
4012 4018 414 40
40
100
.....
prof__
De
26,100
9212
9112
4
/
921
8
91,
9214
913 9212 9158 9312 9158 934 914
;Nat Rya of Mex 1st pf_---100
*5% 6
*512 6
*534 6
.512 6
6
*51
6
*51
100
pref
212
2d
Do
500
21
23
8
•23
4
1
/
2
25
4
/
21
*214
28
4 *21
z
mextco___ 100
New Or) lea
130 •11914 130
*120 130 •120 130 *120 130 *11938 130 *11914
100
13512 1384 1345, 13612 13512 13634 136 13712 57,600 New York Central
1355 137
13652 137
Co__ _100
Louis
NY
1.000
St
&
Chic
176
175
177
*176
17614
176
177 177
176 176
*176 177
100
100
pref
Do
102
10012 10012 *10012 102 *10012
102
*9912 102 *100 102 *10014
100
44% 4538 4458 45'S 19,100 NY NH& Hartford
443 458 4438 45
4 453
/
45
4514 441
100
Western...
&
Ontario
Y
N
1.400
*25
25%
25
2412
25
2512 25
2534 25
254 25
*25
1012 1012 1,200 N Y Railways Pref ette.No par
1034 1114
10
94 914 10
94 912
*913 10
100 New York State Rallways_100
24
*20
24
*20
24
*20
24
*20
22
22
25
*22
100
700 Norfolk Southern
41 14
*39%
41
41
41
40
4114 414 4114
41
41
*38
100
Norfolk & Western
14,100
16312 16418
16234 164
16012 16234 16114 16338 161 16312 16012 163
100
100 Do pref
4
843
84%
85
*8412
85
*8412
8514
844 851: .8412
*8412 8514 .
100
Pacific
Northern
147,000
82
8
807
,2
7713 7734 775 7934 7812 80% 7818 8014 7934 82
100
100 Pacific Coast
18
18
25
*18
25
*18
25
*18
25
25
•18
*18
50
Pennsylvania
13,400
54%
4
/
541
541
8
5418
5412
4
/
5414
5412 54% 545* 5478 5412 54
100
'Peoria & Eastern
24
*21
24
*21
24
*21
24
*21
24
24
*22
•22
100
10,600 Pere Marquette
4
1013
4
/
1011
102
12
101
4
/
1021
10112
10314
102
8
1023
102 10234 10112
101
500 Do prior prof
90
9314 935* 035* *88
93
94
*93
94
9312 *93
*93
104
100 Do pref
9012
8012 *88
9012 *90
9012 •88
090
9012 .90
90
90
FMB Ft Wayne & Chic pf _100
•14518
*14518
__-_
--•14518
•14518
•1454
•14518
100
Va
West
&
Pittsburgh
66
...
10812
108 10812 10712 10814 *107 10812 •10712
*10712 108 •10712 108
60
Readingin wet
94
9434 9334 9434 13,000 Do
937 954 9312 94
94% 9512 9334 947
60
*40% 41
•4011, 41
.40% 41
41
*40
*4014 41
*4014 41
40
prat
26
Do
600
4 4212 4212 42% 4212 425* 4212 4212
/
421
4 *4012 423
1
42/
*41
100
300 Rutland RR pref
*5412 57
55
*5412 65,255
54
54
56
5512 5512 *54
100
anFrancisco
A
Louis-San
Lo
St
14.100
1
1
9712
98,4
9734 97 4 98 4
974 9834 97
984 9812 975 987
100
Do prof
9112
9112 *91
9112 *91
*9012 9112 *901 911 *9012 9112 *90
efeuthwestern____ 100
e rS
ouiv
68
6814 68% 1.4001StLo
68
68
*67
6812 69,8 *6812 69%
100
Do
*78% 79
*783 80
*7834 80
*7834 80
*7834 80
*78% 80
100
35,700 Seaboard Air Line
5
3678 37
3612 37
3312 33% 3318 3434 3518 3712 3558 36
100
6,6001 Do prof
40%
40%
40%
4118
8
403
8
395
41
3812
3712
3712
100
37% 37%
10614 1075s 10618 10634 28,200ISouthern Pacific Co
10634 10738 106% 10714 10612 10734 10614 107
100
18,000'Sou thern Railway
119% 120'8 120 12034 11958 1207s 1195* 120,4 120 12238 12218 12338
100
pref
Do
200
94%
94%
*94
94%
941,
*94
94
94
95
100
•108 11714 *94
Pacific
&
Texas
14,100
4
574 5833 56% 571
/
4 5812 5612 578
/
594 561
5812 58
100
58
4,900 Third Avenue
35
3412
34%
351
35
35%
36
36
37
*3512
4.3312 3612
Transit..100
Rapid
City
Twin
200
70
69
69
*6914
*6812 69
- _ 69
69,4 •____ 70
100
*67
Pacific
Union
16038 29.000
4 158 15834 15753 1583 15712 15834 15818 159% 15912
1
100
158 158/
600 Do pref
81
80% 80% 81
8014 8034 8078 80% *8018 81
e8.34 81
United Railways Invest...100
Do pref
72,900 Wabash
47l 483* "iiT4
481-2 -4E1E8
46
46
5,100 Do pref A
7514 7534 75% 76
75/
4 755
1
7514 76
747 76
1111(
000
2010
*74% 75
500 Do pre( B
65
4
*633
65
*64
•62
65
84
634
6318
6318
63
100
*60
Western Maryland
6,600
1
13%
1312 127* 13 4 1338 1312 13
13
133
4 1312 13
/
*131
100
pref
2d
Do
2212 2258 2258 2112 2234 2,900
2212 224 223* 22
100
*2034 2218 *21
3758 3914 3734 3734 9,100 Western Pacific new
377 3818 3615 373
100
36% 3734 378 38
800 Do prof new
8512 8514 85,2
*8434 8512 8478 8478 *85
85
4 8512 85
1
83/
41.100 Wheeling & Lake Erie Ry_100
25%
26
26313
267
8
27'8
25
257
24%
2334 25
100
23% 24
pref
Do
11,800
44%
45
45
4614
46,8
44
46
4414 44
4318 434 43
Indust,lal & Allscellanc..os
400 Abitibi Power & Paper_ No Par
89
8712 87%
88
*87
*87
88
88
88
8812 88
*88
Ey-dividend.
•Bid and asked prices. z
cal. SHARI,
Range Since Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
Per share
S per share
122 Mar 30
9418 Mar 1
12m ay 28
18112 Mar 30
831:Mar 3
6712 Jan 6
33 Mar 2
973* Feb 8
5418 Mar 31
78 Mar 31
812 Mar 4
8934 Mar 26
58 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
4'45l 8y 18
61815Isy 18
17314 Mar 29
30145lay 10
3612 Mar 31
73* Mar 31
1614 Mar 30
9 Mar 29
818 Apr 20
1418 Mar 31
14 Apr 20
6514 Mar 31
11812 Jan 4
4018 Mar 3
96 Mar 4
534 Mar 31
52 Mar 3
62 Mar 2
15112 Aug 27
100 June 12
10 Jan 2
26212 Jan 2
10514 Aug 16
737 Aug 20
46 Feb 1
101 July 12
6914 1.eb 5
8e12 Aug 23
1434 Aug 23
8754 July 20
59 Jan 11
15014 Mar 30
129 Mar 30
37123iay 19
2212 Mar 29
3334 Mar 30
30 Mar 30
6812 Mar 30
19 June 2
2518 Apr 20
05 Mar 29
3458 Jan 22
6734 Mar 31
11312 Mar 3
11512 Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
1 Aug 14
3414 Mar 3
6058 Mar 31
7513 Mar 3
118 Mar 30
84 Mar 3
381,, Jan 26
418 July 31
25 July 29
39101ine 21
13',July28
125 July 26
34 Al,. 21
55 Mar 20
6213 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7740,44.r 3
43 Apr 10
2 Mar 18
120 Mar 30
117 Mar 30
131 Mar 3
93 Mar 11
3058 Mar 30
1934 Mar 30
6 Jan 25
2014 July 16
4 Apr 15
1
27/
13914 Mar 30
84 Jan 7
6534 Mar 30
18 Aug 27
4853 Mar 30
19 Mar 4
67 mar 3
79 Mar 3
7034 Mar 29
14212 Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 31
42 Apr 8
85 Mar 30
8312 Apr 1
5712 Mar 19
72 Mar 19
4 Mar 31
1
27/
3112 Mar 31
9613 mar 30
10358 Mar 30
8712 Apr 6
4218 Mar 30
1312 Jan 8
68 May 4
4 Mar 30
/
1411
7434 Jan 6
1934 Mar 3
65 Mar 2
3378 Mar 30
68 Mar 30
57 Mar 20
11 Mar 3
1638 Mar 30
3314 Mar 30
774 Jan 15
18 Mar 30
37 Mar 31
70341A1ay 21
61 June 14
1667gJuly 13
305 Jan 11
15418 Aug 19
150 Aug 17
115, Feb 20
184 Feb 13
275 Aug 24
37 Feb 10
515 Feb 10
12 Feb 20
2914 Aug 26
4 Jan 6
1
14/
14 Jan 8
24 Aug 24
2338 Aug 24
817 Jan 2
12612 Apr 30
6358 Aug 24
103 Aug 20
90 Jan 29
68 Aug 9
7212 Aug 11
6458 Aug 12
17434 Aug 20
16312 Jan 12
47 Jan 2
40 Jan 2
4July 8
1
47/
45lu1y 8
8014 Aug 27
2714 Feb 15
3914Ju1e 22
1C712June 22
41) Ac 8
7914July 26
1247,, July 13
125 July 13
77 June 23
31 Feb 13
66 June 24
5214May 25
4 Jan 15
1
3/
494 Jan 13
6734July 22
0312July 15
143 Jan 4
9254 Apr 20
6178May 28
10 Feb 9
40 Feb 9
61% Feb 10
:Feb 10
221
37 Jan 11
521: Feb 3
79 Feb 3
66% Feb 24
474 Feb 9
95 Jan 4
4112 Aug 19
,July 16
93,
84 Jan 7
4.1 Jan 7
: Jan 9
1321
149% Aug 16
18534July 8
106 July 8
4838July 17
22,13 Feb 13
2014 Feb 5
281 2 Jan 14
4278 Atia 16
16634 Aug 16
8538 Aug 11
8218 Aug 26
48 Jan 6
5518 Jan 2
2634 Jan 14
4 Aug 19
/
1041
96 July 7
9178July 17
14914 Aug 5
11938 Jan 11
100 July 9
42 Apr 26
447sJune 21
6114 Aug 2
101 14 Jan 21
9214July 14
74 Pen 9
804July 27
61 Jan 2
483* Feb 18
10934July 12
12318 Aug 27
9512 Aug 5
6153 Jan 13
43 Apr 23
7834 Jan 4
15978 Aug 26
81 Aug 27
2712 Apr 7
863 Apr 6
62 Jan 12
7834 Jan 13
72 Jan 29
1658 Jan 4
24 Jan 4
3914 Jan 2
8512 Aug 5
32 Jan 2
8734 Aug 20
88
Aug 23
PER SHARE
Range for Precious
Year 1925.
Lowest
Highest
S per share S per share
11614 Jan
9212 Feb
Jan
3
1474 Jan
71 Mar
6278 Apr
354 Mar
89 June
351 Jan
7272 Jan
3 Feb
48 Apr
Jan
56
13612 Mar
265 Mar
894 Mar
10514 Apr
358 Apr
518 Apr
140 May
2934 Mar
40 Mar
9 Jan
191.3 Mar
34 Apr
7 Sept
7 Apr
1278 Oct
Apr
47
10144 Apr
4 Mar
/
401
Jan
92
82 Mar
441k Jan
60 Mar
1404 Dec
98 Dec
1134 Dec
268 Dee
9412 Dec
6734 Nov
5613 Nov
Oct
100
64 Nov
8334 Dec
4 NOV
/
171
9258 Ma7
59 May
1525e Jan
Jan
321
13018 Dee
130 Dec
1058 Feb
1913 Feb
200 Dee
3814 Aug
5714 Jan
15 Feb
325e Feb
165, Jan
11 NOV
2818 Jan
22 Nov
8078 Dec
120 Dec
5872 Dee
100 Dee
8912 Mar
7012 Bent
am DOI
Jan
64
4 Mar
1
133/
125 Mar
345, Oct
2634 May
35 June
34 June
60 Apr
25 Dee
23 Mar
8912 Mar
2134 Mar
6412 Feb
111 Mar
11212 Apr
6814 Aug
Jan
18
5912 Jan
1312 Mar
4 Jan
1
1/
2858 Mar
Jan
57
69 Mar
Jan
106
64 May
3218 Mar
6 Nov
Jan
20
4214 Nov
15 Dec
24 Oct
3058 Apr
40 Mar
5712June
2814 Jan
745 Jan
305 Jan
71 Mar
112 June
1.: June
11314 June
11314 June
118 June
884 Jan
28 Mar
2058 Apr
6 Dec
21 Dec
2178 Apr
12312 Mar
4 Jan
/
751
5814 Apr
20 Aug
424 Apr
135 Apr
6151June
78 July
681, Apr
Jan
139
63 Mar
6954 Mar
3578 Mar
3614 Mar
42 Apr
5712 Jan
Jan
76
435 June
7018 June
20% Jan
35 Mar
Oct
96
7753 Jan
Jan
83
4314 Jan
712 Apr
Jan
58
1334 Apr
Jan
72
18 Aug
4812 Mar
1912 Mar
5534 Jan
3812 Jan
11 Mar
16 Mar
19% July
72 July
1034 Mar
22 Apr
6212 Aug
155 Apr
14734 June
Jan
60
393g Dee
4678 Jan
435 Jan
8238 Deo
40% Jan
3638 Sept
10914 Sent
3838 Auk
72 July
12512 Dee
12514 Dec
744 Dee
3318 Sent
6612 July
3412 Feb
4 Max
1
3/
51 Dee
6314 Dec
884 Dee
62
Jan
148 Dec
11912 Sept
61114 Feb
12 Sept
4614 Sept
6514 Sept
3514 Sept
4 Mar
67 Nov
8614 Nov
63 Feb
4512 dent
9'2% Dec
415* Dec
911: Dec
314 Dec
314 Dee
1374 Dee
13712 Dee
183 Dec
987k Nov
47 Dec
3434 Anti
12 June
36 July
45 Sept
151 Dec
86 Dec
7814 Dec
4012 Dec
5538 Dec
21% Dec
4 Dec
/
851
898 Dec
795 Dec
144 Nov
123 Dec
9114 June
41 June
443* June
6272 Jai:
10214 Aug
924 July
694 Doc
7834 Dec
544 Nov
5112 Aug
10838 Jan
12012 Dec
3 Sept
'
95
59 Dec
1552 Sept
7814 Dec
15314 Jan
7714 July
3312 May
837 Deg
4714 Aug
737 Dec
6012 Aug
1838 Aug
264 Jan
3912 Dee
81 Dec
32 De..
537 De
7614 Dec
New York Stock Record -continued -Page 2
1091
F., ...les during the meek of stocks usually Inactive. see second page preceding.
HIGH AND LO1V SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 21.
Mandan,
Aug. 23. I
Tuesday,
Aug. 24.
Wednesday, Thursday.
Aug. 25.
Aug. 26.
Friday,
Aug. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rano Sines Jan. 1 1926.
On barls of 100- share foto
Lowest
Mohan
$ per share $ Per share' $ ne,share $ net share $ per share I $ per share Shares. Indus. & Miscel.(Con.* Par
share $ per share
Per
5112 5154 52
5214 5178 517
50
*50
50
54 I 50
50
800 Abraham & Straus__ _ No par 43 May 20 5413 Aug 19
108_ *10614
*10818 ---- *10818 _- *1084 --__
Do pref
100 10418 Mar 19 109 May 22
71-2 *27
*27 1.
2713 *27
2712 *27
2712 *27
2713 27
27
100 Albany Pert Wrap Pa.No par 27 May 4 2734June 23
*142 150 '3145 148 •145 150 *142 150 •145 150 •145 150
All America Cables
131 Jan 6 155 July 14
4114% 116 *114 116 *114 116 *1144 116 *114 115 *114 116
100
66 9978 Mar 18 117 Au;16
Adams Express
1314 *13
•13
1312 1334 14
13
13
*13
14
•13
14
600 Advance Rum ely....... lot) 10 Mar 19 1834 Jan 29
*5513 58
5612 57
57
57
55 '55
55
56
*58
57
400 Do prat
4814May 11 6318 Jan 28
71
71
8
8
78
78
734 734
734 774
784 784 2,000 Ahumada Lead
758 Rill 23
9% Jan 4
132 13412 135 135
13114 136
13012 13218 1315, 13158' 132 132
4,300 Ale Reduction. Ina_ __No:: 10714May 19 14513 Aug 9
914
*834 94
834 914
914 94
914 9131
9
914 4,400 Ajax Rubber. Inc
No par
712May 11 18 Feb 10
*113 14 •118
11
*118 114 *118 114
118 14 *118
114
700 Alaska Juneau Gold Min__ in
14 Aug 17
2 Jan 4
137 13878 1354 13912 13512 140
13258 13614 13334 13538 1335, 13534 153,500 Allied Chemical &Dye-No
Par 106 Mar 30 14412 Aug 16
*12114 122 *12114 122
12114 12114 12114 12114 12114 12114 *12114 12134
300
Do prat
100 11834 Mar 20 1224 Aug 17
*8814 8912 *88 4 8913 8814 8814 88
88
88
88 I 8812 89
1,700 Allis-Chalmers Mfg
100 7814 Mar 26 948 Jan 14
'109 10912'3109 10912 *109 109 4 *109 10914 109 109
10914 1095,
300 Do pre/
105 Arm 7 11012May 24
•3034 31
3034 31
3034 31
3012 3034 3013 3034 3012 31
p417 2414May 20 3278 Aug 9
No 10
6,300 Amerada Corn
18
18
1812 1878 1884 185
, 17% 17% 1778 1841 1818 1814 2,700 Amer ARM...mural Cnem_ tou
15 May 20 345 Jan 14
*82
64
6214 6214 6012 6334 5978 81
6114 6134 *6012 6112 2,900 Do pref
100 51 May 20 9612 Jan 14
1.40
43
*4018 41
4012 4012 4018 4012 40% 41 1 41
41
600 Amer Bank Note, new
10 3458 Mar 31 437g Jan 8
*57
57% .57
58
*57
58
*57
58
*57
58
*57
58
Preferred_ ...._ . ____ 50 55 Jan 15 3
5
y 10
58
83
%3Jab
*23
24
*2358 24
2312 24
24
24
*2213 24 - *2318 24
500 A n erica', Beet Sugar. - -- 100 21 June 2
•68
75 '368
68
75
68
*6614 70
6638 685, *6614 68
200
Do
_
101,
.
_
.
4
65
.
.
May
pref
27
83
Feb
24
2112 2158 2184 22
2034 2178 2012 2012 2014 2012 2012 2012 4.300 An
16 May 19 34% Jan 4
er Bosch Magneto. No par
14012 142
14134 143
140 14118 13812 138% 140 140 *13812 140
•116 11934 *11634 1194-31184 11934 *11614 11934 *11614 11934 *11614 11934 1,700 Am Brake Shoe Sr F_..NO par 110 May 19 180 Feb 2
.100
11014
Do
Mar 24 12814 Feb 18
pref
48
4634 46
4714 4618 4738 444 4578 4514 4614 4558 4613 30,300
Amer Brown Boyer! El_No par 3014 Mar 29 50 Aug 9
964 9654 9654 97
*9834 97 I 9634 9634 985, 96% 9834 9634
800 Preferred
100
Mar
31 9718 Jan 16
8613
5514
575 581
577
56'4
561 58'4 5514 5634 5513 5678 55
56
25 3878 Mar 30 6318 Aug 4
'
125 12614.'
3125 126 *125 12514 •125 125 2'3125 12534 12514 1255, 168,900 American Can w 1
400 Do pref.
100 121 Jan 4 12678July 27
100
1
8
994 9934 99
4
9934 9912 9912 2,600 American Car & Fdy.. No par 9112:War 31 11478 Jan 12
•125 129 *125 129 *125 129 *125 129
125 125 *125 129
100 Do pref
100 12312 Apr 7 12914June 23
•2514 2513 254 2514 2514 2514 2,514 2514 *2514 2512 2414 2438
1,000 American Cbain,class a.... 25 2314 Mar 30 2614July 20
'3812 39 1 .3812 39 I 39
39 •38
39
*38
39 .38
39
100
374 Mar 31 51 Jan 4
American
Chicle
*3514 38
•3814 38
*37
38
*3514 38
*35/
1
4 38
*3514 38
3413 Mar 31 474 Jan 7
10
104 10
1014 10
1018
95
98 10
958 10
4/
1
4 Jan 5 1038 Aug 111
934 16,500 Ampeor Dee
:
- - N1 'oo. pplaaOrr
.d1ca
stayn
gHlisetas
run
*123 127 ,*123 124 I 123 123 *122 123
12214 12234 *122 124
105
78 Mar 31 140 Jan 6
400
100
.
_.
American
Express_
_
_
2014 2034 20
2013' 20
20'
2012 2012 1934 20
1958 1934 3,500 Amer & For'n Pow new.No pa? 1514Mav 19 4238 Jan 2
91
91
•90
*90
•90
91
*90
91
90
90
8934 90
par 8812June 22 98 Feb 13
No
500
Do
prof
813 812 *834 9
*814 9
814 814 *814 9
812 812
300 American Hide & Leather_ 100
7 May 10 1712 Feb 9
•40
41 I 41
41
41
41
41
41
*40
4034 40
4238 1,500
100 3312May 7 8714 Feb
no nref
_- -•26
2638 26
28
26
26
2512 2578 *2512 26
2578 26
Products_No
par
i
2458a1ay
1,100
Home
Amer
20 2634 Apr 29
126 126
126 126
12214 125
123 123 •12218 12412 .12234 1244 1,000 American Ice
109 Mar 31 138 June 8
*8318 8334 *8318 8334 *8314 8334 *83
84
*8318 84
•83
84
100 8213 Jan 13 86%Juna 1
Do prat
*334 34
3318 335, 3313 331 *3313 34
34
34
34
34
1,000 Amer International Corp.. 100
4July 19 4614 Feb 16
1278 13
127 13
13
13
1234 1234 1212 1234 1212 12'2 2,200 American La France F E.... 10 313
1212May 21
1578 Jan 4
4234 4454 43% 45
424 4812 4218 4313 4234 4378 43
100 2814 Apr 21 52% Jan 4
4354 21,500 American Lloseed
8213 8212 *8178 8313 .82
83
82
821 *817 8212 8212 8 3,
100
Mar
31
75
87
500
pref
Jan 4
Do
10334 1031/ 10318 10518 104 1054 10312 103's 10418 10418 104 1048
5,200 American Loom new. No par 9014 Mar 31 11978 Jan 4
*11514 11754 *117 118 ,•117 11784 117 117
1177 118 *11718 118
116
300
Aug
9
Do
12014
100
prof
Feb
11
*75
7814 75
76 I 75
75
75
75
7512 7512 *75% 7534 1.600 Amer Machine & Fdy-No par 714 Aug 5
*122 124
122 122 ,*122 125 *122 12434 *122 125 •122 125
100 114 July 15 12
82
100 Do pref
013 A ug 2
16
3
*5113 52
•5112 52 I 51% 8112 51
51
51
51
51
51
400 Amer Metal Co Ltd...No par 47 Mar 31
5738 Feb 16
*114 11714 *115 11714 *114 117 *112 116 *112 116 '
3112 116
100 11312 Apr 16 120 Feb 6
....
...referred.
8678 6734 6688 674I 8612 6658 6514 6612 6514 663
4 6534 66% 5,900 Am Power & LIght....N0 par 5034May 19 72 July 29
118 118 *117 118
117 117 '116 117
117 117
11718 118
25 1014May 19 12238 Aug 9
900 American kaalator.
•8014 81
8013 8012 804 8014 *8912 81
*8012 81
*8014 81
300 Amer Railway Express...„ 100 77% Mar 31 8212 Aug 9
*5912 61 '359% 61
*5812 61
*5813 61
58
RepUblIC11--.No par 50 June 15 74 Jan 5
58
/
1
4
*581
/
4
61
A111021C1111
200
65
675, 64
66341 6512 6712 64
66
64
68
64
6434 19,300 American Safety Rasor-100 42 Apr 14 7034 Aug 17
712 713
714 713
712 77
8
8
7
713
712 712 2,800 Amer Ship & Comm_ _ _No par
513 Jan 2 1178 Mar 12
14434 14612 14312 14612 143 1474 14012 14458 141
14212 14334 92,000 Amer Smelting & Reflning-100 109% Apr 21 152 Aug 17
14334
*11913 12012 120 120 1 120 120
120 120 .11912 12014 *11912 12018
600
Do pref • -------14° 112% Mar 3 12014 Aug 17
•12718 12934 *12718 12934 .312718 129
12712 12712 •1271* 128 *127% 12734
100 122 June 28 185 Feb 9
100 American Snail
*45
4512 45
451 45
4512 45
45
4434 4478 444 4434 3.500 Amer Steel Foundries-No par 40 May 11 47 Aug 3
111213 114 •11212 11314 1125, 1125, *11213 1134 *11212 11314
*11212 1134
115 Feb 23
.- _MO 111 Apr
100
Do pre/
7212 7213 72
73
72% 7254 72
7234 72
73
73
73
6,900 truerican Sugar Refining.. 100 6514 Apr 14 8234 Feb 5
*10258 105 *10258 105 *19253 105 *10258 10413 •10258 104 *102% 104
10758 Aug 13
June
100
19
100
pref
DO
3014 31% 3054 315
3034 3134 3034 32
3058 314 31
3112 8.600 Am Sumatra b new Ws No par 294 Aug 13 3214 Aug 19
*3312 3514
Apr 28 36 Aug 19
1412
100
Mrs
opt
A
Do
29% ;ii" 16.
•28
78 ;iii" 16
16" *2818 30 *2818 30
Amer Telegraph & cable. 100 2513 July 6 4115 Feb 10
145 14512 145 14512 1445, 1447 14418 14434 144% 144
.100 139581une 18
12 144% 14434 9,700 Amer Telep & eleg
Feb
A
g 15
6
*1184 11912 120 120 *118 120
11912 11912 11938 119% 11858 11912
Tobacco5 11138 Mar 31 11262(31:
American
D
lo
3
9
00
*111 11113 •111 1113 11134 11134 *110 11113 •110 11113 11138 11138
100 1064 Jan 4 113 May 26
11838 11 14 11814 119
119 119
11818 1184 11814 11812 11814 11872 1,800 Do C0711131017 clan B
50 11018 Mar 31 12158July 22
*122 123 *122 12 12 *122 12212 122 122
122 122 *12112 122
200 American Type Founders_ _100 114 Jan 22 135 Feb 13
*5713 59% 5713 5712 5734 5814 5734 5754 *5734 5813 57% V%
600 Am Water Works & Elec.. 20 4314 Apr 13 74 Jan 4
*105 106 *105 106 •105 106
105 105 *10534 106 *10538 106
100 10112Mar 3 10814 Jan 27
100 Do let pref (7%)
2938 2934 294 3134 3038 317
30
30% 3018 3138 30% 31% 200
10
5:2
800 American
Woolen
100 19 June 9 4278 Jan 13
De
7838 7838 7758 78
783, 79
7918 7934 79% 8114 8078 81
_100 66 Apr 30 8934 Jan 4
prof
%
34
78
*34 114
78
1
*34
%
1
500 Amer W riling Paper pref. 100
Jan
12 Aug 13
eys
118
34*
78 .
334
*73 18,
D4
34
Ds
*4 114
12 Aug 4
Preferred certificates... _100
4534
13
3
7
7
614 634
612 612
634 634
634 634 *634 8
Smelt_.
19
Lead
518May
Zinc,
500
12%
&
25
Amer
Feb
4
31
314 3113 31
30% 3034 3038 3038 304 3038 *3038 32
1,100 Do pref
25 20 May 19 48% Feb 4
4912 50
4958 4918 4938 4918 4913
4912 5034 4914 504 49
16,500 Anaconda Copper Mining_ 50 4112 Mar 30 5178 Aug 6
4134 4171 41
4078 4078 4078 4078 41
4112 40
40
41
1,000 Archer, Dan'Is MIdI'd_No par 3478June 11 44% Jan 2
*103 105 *1,03 -- - *103 105 *103 105 •103 105 •103 105
100 100 Mar 4 105 Jan 4
Do pref
9412 94% 944 *9418 9413 944 944 *94% 9413 9412 9434
*94
500 Armour & Co (Del) pref_ _100 9014May 21 97% Jan 13
141 1434 1452 1478 1434 15
1412 14% 1453 154 154 1618
12,000 Armour of Illinois class A
25 1313May 22 2512 Feb 13
713 713
75, 712
•712 8
714 714
74 738
712 778 4.000 Class B
25
514May 20 17 Jan 4
86
•8514 8534 8534 8534 *8512 86
*85
86
88
*85
88
200 Preferred
100 80 Apr 30 93 Feb 11
2612 *2512 21112 2513 26
•2514 2812 28
254 251s 2518 2514
900
tern
ctf.No
Corp
par
Am,
Cons
Apr 12
18
•2212 2234 *2212 2234 *2212 2144 2212 2212 2214 2234 2212 2212
500 Art Metal Construction
10 19% Jan 2 6
n
u2
26
6
3
23
1111 j
Ja
an
*48
4914 4834 4834 4812 4812 *48% 48% 48
4812 4712 4758
750
par
A
4713
No
rtloom
Aug
27
115
•100
•100 111 *100 111 •100 111
*100 115 *100 115
100 108 Mar 18 III% Feb
Do pref
445, 42% 43
43
437 437
434 44
4212 4334 434 4312 2,800 Associated
Dry Goods-- 100 374 Mar 30 5478 Jan
•98 100
984 9814 9713 9714 974 9714
*98 100
*9812 100
400 Do ist pre!
100 98 Mar 25 1024 Jan
*104 107 *104 107 *104 107 *104 108 •104 107 •104 107
100 102 May 19 10
Do 26 prof
an 30
2
56
814 j
Jan
52
*504 52
52
*505, 52
*5014 52
52
52% *5112 53
300 Associated 011
25 4434 Jan 6 60 Mar
404 42
394 4012 401; 4012 3914 3912 3,400
42
3912 428 42
At Gulf & W 1 Sr. Line.-100 33% Mar 31 6838 Jan
424 434 4334 4334 .4213 44
•4212 44
4212 4212 4212 43% 1,300
100 354 Apr 16
Do Prof
11218 114 11258 11412 111 1123, 11018 11134 11112 11334 111% 11313 8,300 ALISDL1C
10(1 97 Mar 3 12838May 24
Banning
*115 11614 11512 11512 •1154 118 *11514 116 *115 116
116 116
200 Do Prat
100 1154 Apr 21 120 June 22
60
60
60
59% 59% 60
*58
5913 *59
60
*604 61
300 Atlas Powder._ ... _.No par 54 Mar 4 60 July 30
97
97
*9512 98
*9512 98 •97
98
*95
98
•97
98
100 Preferred
. 1(10 94 Jan 8 974 Aug 18
1113 1113 1118 114 11
*1112 12
*1112 12
11
11
11
600 Atlas Tack_.-----. 4 _ -No par
9 July 1 17% Jan 30
1112 1113 *11
1114 1114
12
*1178 13
II
1112 11
1114 1,300 Austin NIchola&Co vtc No par
8 July 30 28 Jan 29
66
*65
67
*65
87
66
66
*65
67
67
*67
72
200 Do prof
100 65 Aug 11 93 Jan 6
13
13
/
1
4
12
*118
*38
13
58
*38
58
*5
8
53
400 Auto Knitter Hosiery_ No par
% Apr 30
218 Feb 11
11758 11834 1185, 11912 11612 11912 115 11714 115% 11712 116% 117% 25,100
Baldwin Locomotive Wks_ 101
92% Mar 31
•11014 114 *11014 114 *11014 11334 .11014 113 *11014 11214 *11014 11214
Do pref
100 105 Mar 31 11
3612
4 Feb 6
4
2514 2514 2514 2512 2518 2558 2513 2614 2534 2614 28
2638 7,200 Hamadan Corp class A.... 25 2312May 1
33% Jan 2
234 2313 2312 2313 2313 2312 2312 241
/
4 2413 2478 2434 2478 1,700
Do class B-25 23 July 1
29% Jan 2
4712
4
473
4713
4
483
4613 4611 4612 4612 474 4713
49
•46
NO par 39 Mar 31 5078 Aug 9
1,000 Sayuk Cigars. Inc
60
604 1038 6012 6013 60
60
*6013 61
60
*5913 60
600 Beech Nut Parking- __ 20 531 Apr 13 717 Feb 4
*3014 3034 .3012 3034 3034 304 *3053 3034 3014 3034 3014 3014
Co tern ctf.No par 30 May 19 3914 Jan 4
H'way
400
Berg
3
4614 4634 464 47
4734 463 4712 4634 47
47
464 4612 13,300 Bethlehem Steel ...Imp
1041 3714May 20 5014 Jan 7
*103 10312'3103 10314 10318 10314 10314 10314 10313 10312 10312 10334 1,700
Do pref 7%..
.
100
3412 3312 3312 3212 3212 3334 3334 3112 3212 3113 3213 1,000 Bloomingdale Brea-No par 99 June 1 105 Feb 2
.
33
28 June 11 3434 Aug 19
10614 10614 10614 10614 *10614 108 *10614 108
*10614 107 '110614 107
100 1044June 21 10712July 14
200 Do prof
*53
612 *534 614 *534 612 *558 613 *538 612
612 *6
Fisheries_ __ --Ns par
95 Jan 11
oth
13(
418 Mar 24
*37
42
42
*37
*37
42
*37
42
42
•37
*37
42
100 35% Apr 15 5113 Jan 7
First preferred
24
24
*2314 2418 *2314 2418 *2314 2458
*2314 24
*2314 24
300 Botany Cons Mille class A- 50 20 May 25 414 Jan 4
274
28
277
8
*275
2713
271
4
8
8
273
4
277
•2738
2734 2734 2734 1,400 Brigge Manufacturing. No par 25 May 10 371 Jan 4
•i3 1
.i2
1
*13 1
78
'
12
*13 1
*12 1
11.0
BMW)Empire Steel
13May 6
3 Jan 18
4.912
__
*9 2 ____
4,912 ____
912 ___ '
_
3912
100
First preferred
%June 29 27 Jan 28
278
*158
8
27
*158
•1118 278 *14 278 ------ 24 preferred
*158 27
•158 27
100
112J0ne 24 1018 Jan 11
14714 14714 14712 14713 1474 148
•14812 14912 149 149 .14713 149
1,000 Brooklyn EM•on. Inc_ -1011 133 Mar 31 15312 Aug 6
9214 9334 9412 *9134 94
9213 9213 94
9214 9214 92
9412 2,500 Bklyn Union Ca.
No pa? 88 Mar 30 974 Aug 6
3512 3513 36
3612 3612 364 3612 *3513 37 , *3513 30
3634 1,100 Brown sboe Inc w I
10(1 2912June
4858 Jan 7
____ *108 112 *108
*108
*108 112 *108
*108
100 107 June 51 111
I)o prat
Mar 10
*3013
31
31
3014
3014
3014
-317g 3358 3734 16,666 Brunswick-Raike-raler No par 243s Mar 31
31 I *3012
*30
373 Aug 27
13458 13434 1344 13458 1344 13434 135 135
*13313 138 i•133 136
800 Burns Bros new clAcom No par 121 Mar 31 144 July 23
*33
*3312 35
*33
36
35
*344 35 I *3312 36
*33
35
tie. clam Li cow No par 297s Mar 31 44 Feu 13
.
I .
*101 102 ,*101 102 •101 102 *10018 102 •10018 102 *1004 102
PrOerred
100 97 Mar 30 10312June 22
109 109 ' 10834 1084 108 10912 10634 1074 *107 108
107 107
2,000 Burroughs Add Mach. No pa, 7713 Apr 13 11112 Aug 12
•EN and asked Odom no males on MU day. s Ba-dlvtdand.
PER SHAMS
&lugs for Proems
Year 1925.
Lowest
Rights,
per share
Per share
-------
Es/ -lin as;"Ziel
90
13
47
71
8634
918
1
80
117
7113
10314
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
11714 OM
20
Om
6214 Oet
125, May
11731 Dee
1578 IUD
212 Oct
11858 Dec
12114 Nov
974 Dee
109 Dee
Yik;IL;
3611 Mar
39% Dee
5313 Jan
295 Oct
78 Dec
2618 Mar
9014 Mar
10713 Jan
473 Dec
90% Nov
4714 Dec
115
Jan
97% Apr
12014 Apr
2213 Oct
37
Jan
37 Jan
414 Dec
125 Apr
274 Apr
87 Jan
811 Mar
58% Sept
-0;
8212 Dee
445 Dec
5812 Sept
43
Jan
877 June
502 Jan
156 Dec
114% Dee
5378 Oat
98 Dec
4954 Dee
1217s Sept
1158
,Sept
128 July
27 Feb
52 AM
5812 ADS
854 Jas
166
Jan
51% Sept
91 Feb
1418 Dee
7578 Jan
83 Die; fit/ Dec
7413 Mar 86 July
324 Mar 4678 Nov
1114 Jan 20 Nos
20 Mar 5914 Nov
53 Jan 89
Oet
104% Jan 14478 Mal
115 Aug 124 Feb
453, Mar
111 Mar
-8978 Jan
576 Sept
48
Jan
387k Jan
51.1 Dec
9038 Mar
1051 Jan
18814 Apr
378 June
108
Jan
4738 Jan
9114 Jan
37', June
13058 Jan
85 Feb
10412 Jan
8412 Feb
103 Apr
345 Jan
9714 Aug
3434May
69% May
14 Dec
1D00
7 May
24,May
3514 Apr
Jan
28
90% Jan
904 Mar
20 Mar
16 Dec
90 Dec
8
Jan
15
Jan
39 June
10112 Aug
46% Aug
94
Jan
101
Jan
32 Mar
20 Jan
31
Jan
9515 Jan
113 Sept
45 June
9013 Oct
91 Feb
22 July
8718 Jan
12 Dot
107 Mai
107 Aug
185 Aug
16 Aug
3814 Sept
80 Mar
37 Sept
37 June
9314 June
---- -418 May
25 June
405s Aug
27
Oct
153 May
22 July
81s July
12058 Jan
7318 Dec
46 Dec
96 Mar
24 June
921, Feb
17 Mar
911,July
65
Jan
-573, Oct
119 Nov
1-2-218
84
7934
7634
14%
1441
1154
154
4712
113%
77%
10414
Jan
Dee
Nov
Feb
Dee
OM
Nov
Dee
Oct
Dec
Nov
47 Feb
145 Dee
1211 Oat
110 Nov
11912 Del
1355s Nov
764 Dee
103 Feb
6434 Jan
9613 Jan
71 Jan
4
Jan
1212 Jan
4478 Dee
5314 Nov
4613 Dee
105 Oct
100 Oct
2712 Oct
2034 Oct
9314 Nov
1734 Oct
2038 Nal
6014 Dee
110 Dee
612e Nov
Oct
102
10814 Feb
4714 Dee
77 Sept
80 Sept
1171: Feb
117% June
65 Dee
94
Jab
21 Dec
3213 Jan
95 Aug
418 MAY
146 Feb
11653 Jae
331j Der
30 Ik 41
5314 Feb
775 Aug
413, Dee
5312 Jan
102
Jar
---54 Oct
52
Oat
46 July
4412 Ma)
5
Oot
86
Oct
14
Oot
15812 Nov
10014 Nov
4814 Dec
109
Oct
495, Jet
136 Dec
39 Dec
08
Oct
10:I Sept
1092
New York Stock Record -Continued -Page 3
For ...ie, during the week of stocks usually Inactive. see third page preceding.
HIGH AND LOW 3.4LE PRICES-PER SHARE. NOT PER CENT.
Tueslay,, Wed witty, Thursday,
Saturday. 1 Mouldy,
Aug. 23.• I Aug. 24. 1 Aug. 25. I Aug. 26. I
Aug. 21.
Friday,
Aug. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER Sit AAR
Range Since Jan 1 1921
On boats of 100-Mare lots
Lowest
PISA .519488
Range fo Prertest
Year 1925.
Lowest
Highest
Hilgheal
(Con.) Par 8 per share $ per share $ per Mare $ per elan
$ per share1 $ per share $ per share t per share $ per share $ per share Shares. Indus. & Miscall.
26 Dec
(4so Junt
34,4July 14
Ws Mar IN
900 Bush Terminal new_ ...No pal
2814
1 28
2814 ..
28 ., .28
*2744 28
2778 2773 •2344 2814 28
SO Ma) 8978 June
86 Apr ei 93 Ad • 2
100 1)0 del ent lire _....---.101
*9213 93 .9212 93 •9212 9278 •9213 9214 9213 9213 *9212 93
Dec
103
Jan
4
June
9513
1113
......I Book Term Blfigs, Drat-- 100 9913 Jan 20
____ *103 -_ *10178 -- •1017s
•103 ____ •103
84 Jan
111
414 Mal
61,
444May 26
5
512
700 Butte( opper Or Zino
2
5
5 I
5
514
54
*5
5
Jan
284
17
26
May
Au.
4
1
/
63
Mar
4
173
6314 19.400 Butterirk Co . . ... . 101
4 62
1
6234 6212 63/
61
574 58
6112 6012 63
57
2414 Jan
111,
618 May
,"Infer
In
71.21,1, IS
900'1 1rr, 3 .1,1,werer
•1014 1012 1012 1013 1013 1012 1013 1011 1012 1013 01014 1012
14
6018July
30
June
par
53
Coke.___No
By-Products
100
56
56 1 :54
5612 *54
56 1 *54
55 I •54
•54
5612 55
pet 7;4 "(W.
23
Jr, Mas 214 41 LJune 1.
500 Byers & Co (A M)____No par
3512
35
35
35 I 35
3.512 3513 *3512 37 I 3514 35,4' 35
01.115 Jail 3611 Nov
PD.
714 2.700 .1111,TLIO I•....O.3 . 4%. 44. 26912 Aug 2 17102
4 7018 71112
/
7
4' 701
1
71
71
7013 71 14 7014 71 I7018 70/
Jan
3485 Deo
Feb10
3813
8
237
20
'
Jan
2:
805z
4 16.000 t ailfornia Petroleum__
1
32/
3212 32
32121 32
3214 32
3238 32
3214 3213 32
444 Feb
114 Oct
24 Jan 15
14 Mar 26
10
4 2.200 . aliaban Zinc- 1 cad_
/
11
4
/
11
4
/
11
134
2
2
182
PE
144
185
4 2 I
/
11
15 Apr 5118 Dee
II
Aur
4
/
731
211
Mar
554
1(
Mining_
Arizona
2.000
Calumet
71
6073 6918 70 1 7012
71
•70
7073 71 1 7013 71 13 69
Jan
1214
184
18
May
2
Atli
9
31
Mar
134
2r
4 174 2.400 t'alun et & Hecht.
/
4 171
1
4 1734 17/
/
4 1734 171
/
4 18
1
4 I71
1
•17/
1734 18 I 17/
24 Mar 6812 Dec
624 Jan 4 176 All: 6
4.900 case Thresh Machine__ 101
15312 154 *152 155
Mar 10713 Dec
10
60
t
All
155 15612 155 15944 154 15978 15012 156
2
118
.5
Jan
96
.100
pref
1/0
300
4 *115 1 l7
/
115 1171
111513 11712 117 1174 •115 11713 *Li ) 117,2.
1434 Mar 234 Oot
7131.1ay 3 2013 Jan 5
10(
1.600 entral I rather
9
Oot
4914 Mar 71
814 314
4314 Ap. 28 684 Jan 5
10f
53112 551
Do pref
4 5.200
/
1;2 414!
81 57
: 5T:' 51 4,
5248 5213 5111
Sept 474 Mar
3034
Jan
324
a
June
4
1
/
12
17 I 16,3 1818 3.900 century Ribbon M Ills_No par
17 I 17
184 *1634 17 I *16
17
Jan
17
•10
4
984
Dec
1,14
11
Jab
100 u.3 may25 90
Do pref
*7934 86
•784 86 • *794 88
*7944 86
*7944 86
*794 86
334 Mar 6431 Nov
via Jan 22 734 A1.14
par
Copper.No
de
cure
Pasco
5.900
11
6912
69
69g
70 4 68 2 6941 60
404 Mar 5844 Sept
7012 7012 70421 70
70
7.300 certain-Teed Products.No par 3618MaY 20 41.113 Jan 5
4 4213 43
/
43 1 4212 421
44 1 42
4212 4414 4212 4314 43
894 Jan 110 Sent
100 May 22 11054 Jan 41
lot preferred .
400112 108 •302 108 •102 108 *102 108 *102 103 *102 104
_.
26 Feb 11
18
1110,10
par
MotNo
'handler
.
Cleveland
200
123
1218
1
13
124 •1185 1214 *1185 1214 9185 1214 *12
*12
700 Preferred ..... ..... No par 28 May 18 4514 Feb IS
•2844 29,2 294 2914 2878 2878
30
29 •29
3() 1 30
29
3012 Mar fie" '15-e-c
9412 Apr 8 1'20 Jan
11,
_
Pneumatio
Tool.
bleagu
(
2
.1113
11631
11618
4
.1113
116
4
*1113
116
4
/
•11134 11613 .11134 11612 .1111
1972 Mar 7478 Oct
N. par 4518May 19 664 Jan 4
o
CoC
1,b
25144 524
304 Mar 374 Jan
5418 54
56 I 5,34 5614 5414 5414 5134 55
54
25 30 Mar 3 3132 lan
3.700 , bile Copper
4 34
1
4 3.134 31 I 33/
/
4 331
/
331
3332 34 1 3318 3378 3334 34
Apr 2848 Feb
20
19
5 16 Mar 3 24 July
24
5.900c,hlilad:CCopper
*20
24
24 , *20
24 I .20
•20
24 .20
24 1 •20
6244 Dec 6413 Dee
4 Jae 4
1
300 Christie-Brown eertlfe_No par 40 Mar 30 63/
44
4412 444 4412 4112 44
14412 47 .4412 46 1 *4412 46
9
Jan
s
547
4 72,200 chryaler Corp new ____No par 284 Mar 30
/
4 3412 351
/
4 351
/
4 311
/
8 351
;Nov
July 11-1-7
4 304 35% 3613 35,
/
36,4 3612 351
140 pref
No par 93 Mar 30 108 Jan 2 10018
200
3813 Mar 714 Jan
*102 10334 .102 1034 •102 10313 102 102 , 102 102 .102 103 2
400 Clue'. Peabody a CO--.100 6014 Mar 31 A84 Jan 7
6312 6313
6:112 63 2 6313 6312 *6314 64
109
*6312 64, .6312 64
Jan
8001
1034
•
II
June
100 .0314 Jan 13 118
Preferred
30(1
115 115 .113 116
*112 115 1 11414 11414 114 1 2 1144'113 115
Jan 17714 Nov
80
161's kat 6
.._ Aro par 121,1 Mar
ol• 1'n
7.300 '0.-•,
160 16013 15912 16178 15918 16215 159 160 1 1591, 161 1 160 161 18 4.000
17
Au
53
27
4May
No par 343
Collins& Aikman
4 5212 502 5212
1
504 50'3 5114 50/
49, 51)
4912 50 1 49
9834May 27 1,1 14 ',,2I
100
110,2 111 12 '1101 111 , 110,2 11134 1.100 Do pre
*11018 11334 *111 112 1 110 8 III
13,4 Apr 1;i;"ii;
271, Mai 3 4734July 20
6.900 Coo,r....., r um a aue
43 , 42, 43 ' .4214 43
45 Mar 623. Deo
4 42
/
44 I 43
4112 422 441
.43
4 Jan 26 149, C,:., 2•
1
t I 55/
. olumblan Carbon v t c Nu p
3.800
644
63,2
61'!
Oct
2
63
4
6318
6312
634 6314
*63
4544 Jan 88
Jan 9
90
29
Mar
634
par
No
7.101)
Gas
col
A
Elea
5
80
8
801
4
/
4 801
/
Dec
4 801
/
4 /301
/
80,3 8118 8111
81
81 I 81
81
100 Ill Mar 30 11573 A01 3 (0414 Jan 11412
1.010 Preferred
Dec
5518
114 114
114 114 1 11314 11314 11314 11314 11314 11314 11214 11214 2,500
Sept
3811
Commercial Credlt.___No par 26 May 19 47,2 Jan 14
4 274 27.3
/
4 271
/
4 271
/
2712 271g 271
4 27 3 27.2 27% 271
/
4 271
/
2514 Sept 274 Oct
25 23 Apr 20 2614 Jan 13
1 Preferred
23
2312 *22
*22
24
*2212 23 .22
32212 23 '.2212 23
464 Sept 2744 Dec
I
27a.
5
All
25
I
Preferred
0
26
25 I *22
26 I •23
*234 26 1 •22
28
3.2332 26 1 •24
100 90 June 1 9913 Feb 28
500 Do 1st prof (634)
•9212 94 1 9212 9312 924 9312 9218 9218
Jau 844 Nov
*9214 93 ' *9214 94
.30
IM
33 'tor 12
, ta.
,
300 , ta5u, IL, 1,1 • I .....
67
*65
67
*65
67
65 1 .65
I., iv 1151 NOV 1074 Nov
6712 6713 65'8 651s 65
II"
117 tone 7 101
prere•••••.1
7'8
100
.97 100 I .97 100
9713 9713 •97 100 .97 100
O9713 100
13
Jan
100 89 May 7 100
I Do pref (634)
93
*92
*924 93
09212 93
93
*92
95
95 .92
;6 may 1;11- Jan
*92
11814 !nu 4 In I o,•• :1
(54 Niiiv 434 Jan
4 161 14 16215 2.894)
1
10412 16(/
160 16112 160 161
158 160 .155 160
.
1•••.\11, 13 2 1 1.1,11V It
Nair • Ino-No par
4 570410 C.ongnI
/
2434 2114 2434 2418 241
2438 2412 2512 2412 2534 24
24
No par 4012May 17 44,3June 8
4314 43 2 4415 4.000 Congress Cigar
4 43 I43
1
.4112 43 .41 12 4212 4212 43 .42/
,3 %lay "if" Feb
1 al,. .1
5 Masi 18
.
P.,. oar
200 ,....... I .....3 i *apt)
84
*15
1,
84
*88
88
88
84
82
*-15
84
2611 Jae 6344 Des
•7,11
7513 64.800 ttonsolidated Cigar... No par 4514 Alir 15 75 .I 2
734 73
4 7212 69,8 72 ; 71
/
4 701
1
70/
: 6014 69
681
7944 Jan 96 Dec
31 1014July .18
Mar
101
91
..
Do
1011
prof
104
*9814
94 Pet
10312 10312 .97 101 .94 106 .91 10512 .96 105
34 Jan
6 • Jan 7
1'2 Al: 13
213 4.900 Consolidated DistrIb'rs No par
214
212 232
7414 Mar 97 Dec
214 2/
4
1
4 213
1
2/
212 212
4 22
1
2/
115 12 Alt 6
4 1074 10914 46.800 Consolklaied 0/111(NV)No par 87 Mar 31
/
514 Jan
10634 10744 10618 1074 10612 1084 10513 1064 106 1071
244 June
18
Jan
34
10
par
No
N1a3
.
Textile
14
1.400
1
Consolidated
i
2
22
2
2
212 2 g .2
•218 214
212 2 g
6011 Mar 934 Dec
9213 Jan 2
78 I .7812 80 ,1 11,300 Continental Can, Inc No par 70 Mar 3t, 14444
Dec
140
78'8 79 1 77
FOls 8018 794 8014 784 80
Jan
103
Jan 9
_25 122 Mar 31
131 13213 132 133 *131 13 13212 131 131 1 1.800 Continental Insuraoce
1512 Oct
130 130
•130 132
8,4 Jan
42lay (7 13 Jan 5
1
9/
1138 1114 114 9.900 Conti Motors tem ctfs.No par
421e
Dee
May
11 12 1113 1148 1134 11 14 114 11 18 114 11
.324
21
484.1une
3),
4 4612 30.5011 Corn Products Refln w1.. 25 3558 Mar
/
4414 451
: 4413 4514 444 454 4412 4515 45
4412 441
Jan 127 July
. .. 100 12213 Jan 6 120'2 AV 24 11818 Aug
200 Do pref ....
8012 Dee
126 128 .126 128 *126 128 •1211 197 *128 127
*126 1241
48
1
Jan
604
29
Mar
4412
par
No
.'Coty Inc
50
11.48
50
50 , *48
50 .48
51(2 .48
5212 *48
048
644 Mar 8452 Nov
,Ibleprrletrel of Ainerica 100 04 Al,, 15 814 Jan 4
1 Dc
724 74 ' *7212 73 2 *734 74 I 3.400Cru
7418 7384 74
73
74
74
92 May 102 Des
98 Mar 111 102 1.•it 5
101
•100 10313 *100 103,3 *100 10312 .101 103 *100 101 *100 103
4414 Dec 544 Oat
311
.11ine
5312
26
Aug
3214
par
No
37 1 3214 31 ' 334 3414 23,100 Cuba CO
3838 374 3814 3714 374 33
38
14:3 Feb
744 Oct
421ay 22 1115 Jab 2v
/
111
200'Cuba Cane Sugar . .No Par
I
9
*813
I
9
8
1
8
•
I
9
3
.81
9
*84
1718 Oct 624 Feb
3512June 8 494 Feb
9 - 9 I *341 9 1
__ .. __ 11.
. 37
Do pref
1.200
39
39 . .38
3912 .38
4 *38
1
3744 384 3738 37/
Oct 3311 Mar
20
28
Jan
304
10
r2184 3813
Aug
_10
21.14
Sugar
-American
4,000
Cuban
1/373 NOV 101 Mar
21 12 21 14 214 21 14 2112 2112 2112 21 12 21 12
214 21
100 974 Jan 5 Mt Feb
.
100 Do pref.. .
103 103 *102 104 I
*102 104 *103 104 *103 104 *103 104
111 12 Aug 18 20 /June 7
Icuban D1,m'ean Aug newNo pa
01612 174 •1612 1712 *1613 1713 •1611 1712 *1612 1712 *1613 1713
Dec 107" Oct
9313
lig)
Aar
21
Apr
76
100
400 Cudahy Packing_
Oot
*9412 96 .0413 9613 41412 9613
*9412 96
96
981 95
*94
103 2 A le 27- .12 Mar 104
774 Mar
Sons_ ..... No pa
*944 100I 100 103 , 10212 10312 3,900 Cushman's
*9434 100
*944 100
*9434 100
44 Nov 59 May
14
Jan
61
15
Apr
424
Da
NO
Fruit..
2,100
Cuyamel
4714 474 4785
Jan
45
494
41 2 41
4
Apr
8
277
17
474 4771 4!. 4778 41
Feb
ON
30
Mar
2712
pa
8 36 , 11,900 Davison Chet/dud v t e_No
Jan 1594 Sept
30
nit 374 3644 3712 3638 38
304 3812 UN 35,
101 12312 Mar 30 1411s Feb 1 110
.
300 Detroit
4.13,-.13 135 •13512 136 1 135 13534 135 135 •13442 136 .13412 13512
Ost 9012 Dee
III
83
Feb
1044
15
Apr
4
1
/
33
pa
Ne
A
Ray/told,
Edison1.300
&
Devoe
4 3734
/
214 June 48:4 Nov
8 3634 3614 3631 .3613 3734 .371
37 1 36,
4 37
1
36,4 36/
2114MaY 17 4714 Ian 3
30.900,Dodge Bros Class A._ _No pa
7313 May 914 Oct
13013 21412 9038 294 204 29 294 2814 2914 6.600, Preferred nertlfs
2913 2044 29
7942Iav 17 90 July 20
NO Pa
: 8712 1,700
87 I so,
874 87
1234 Apr 1818 Nov
,
Mar
20
8712 8712 874 874 874 8714 87
22
104July
No Pa
Dome Mines, 1.td
11 1
114 11
11
Fab 234 Aug
11 18 (('a
II
14
114 II
17
Aut
11 18 114 *11
19 Mar 2u 37
No par
600 Douglas Perth)
3512 344 344
Jan 1134 Dee
3514 3512 .3413 3512 .35
*3412 35
All! 11 105
36
2
11.13
134
3
111131Mar
100
prei
.1st
Light
Duquesne
100
115
*11412 116 •11412 116 *11412 116 .11412 11512 11412 11412 .11442 11618 3.600 Eastman Kodak Co - No Par 106:8 Mar 30 117 3MR:1 / 10444 July 118 Jan
116
3012 Des
Feb
11641(6',
1
116
1151,117
415
1012
4
1164
115
11631 117 '
421aY 19 3244 Feb
1
2714 3,000 Eaton Axle & Spring .No par 23/
27
2714 274 274 2713 2743 274 2634 2718' 2614 27
,fe0e ^•• Ind 19318 Mar 29 31413 AO: 14 13414 Jan 2714 Nov
'
de
30212 302 30412 30014 3044 24,100 W. 1 •Iii P•i111non-vot deb..100 1001,
Jan 10413 Nov
04
13
•
300 30912 29
Al
•
107
299 308
29812 300
400 Do 6%
106 1011 •106 107 1 106 106
4 10634 .106 107
1
•106 10634 106/
1132.11ine 10 2013 Feb
25
600 El.enlohr St Bros
1314
*13
13
134' 13
•1314 1313 1314 1314 1318 1318 13
No par 8132 Mar 31 82 Feb 1
300 Electric Autolite
71
71
70
70
I
70
*6914
70
.684
84 Feb 1
70
70
72
4 Mar 23
*70
No par
Boat
Electric
2.900
714
714
713
713
714 712
713 714
713 74
74 74
4018 Jul
474 Ala
42lay 19 3415 tea 1,,
1
15/
Par
otts___No
.L.
i
pd
Fe
leoW
Klee
6.700
1814!
18
1812'
1150 Ma: Ill) June
9913 Mar 30 115 Feb41
1814 184 1812 1834 1814 1812 1812 18381 18
2001 40% Pr
Mai 11044 June
10012
4 3044'
1
2.
Feb
11012
17
Apr
103
4110334 10413.10334 10112 10314 10134 010318 10412 •10311 10412 *103/
r, Pret full paid
•104
.
394 Auy
9444 Dec
,Fen •
-_ _ •
_
_
5912 Mar 24 0*10313
11.• pro, .t bil
4 *91134 97 I 97 If 1 97 If-1 -- -900 Electric Refrigeratlon.NO Par 6178 Aug 12 7812June 23
1
/
4 -6
/
-9112 961
4 -9
1
*9512 9612 *95/
8315 8.400
53
W,L7
1j44
-16"
6314
Dec
63
4
1
/
63
4
623
a
5
94
64,2
3
Mar
63'4
6411
601 6473 6313
4 6.600 c.iet• .(Liirramt• (fatter) NO Par 7118
1
90/
Los May Me July
4 Feb I
1 May 20
*91 14 9214 9113 9312 904 9218 9012 902 9034 9118 90
Irrneraon-BraotIngbain Co.100
212
212 .2
8 May
204 Aug
212 .2
Jan 28
4
21.2 .2
244
20
May
5
212 .2
212 *2
*2
100
Preferred
7478 Sept
4 12
1
6344 AP
812 13 I *812 12 1 *8/
owl Mar 31
813 1312 .
724 Feb 4
.813 1312 *812 1312 .
1,000 Endlcott-Johnson Corp__ 50
67
67
67
Fob
*66
111 May 11844 Oct
67
Ian 7
6614 .66
66
• 140 114
67
4 .66
1
4 /36/
1
66/
De ore)
300
118 118
211
.13214July
17
8June
11734 11744 11744 11744 1'11734 118 *11744 118 *11734 118
997
pfc1.100
1,800 Equitable Office Bldg
Dec
4 12812 13012 .125 126
1
1812 Nov
'I 11
12512 129
12814 12914 12812 128/
5 • July 15
•12714 129
1,100 ....i.reiso ,, tlet111111 Lit',,,. A, lefr 43
1978 Jan
134 Jul)
5234 53 1 *5212 5214 5212 5212
17 Apr 22
5212 5234 52/
62
4 .5212 53
4July 20
1
1
300 Exchange Buffet Corp_No par 14/
4 1515
/
1512 151
44 Aug
15,2 .15
16
25
•15
*1518 1634 1513 1512 .15
Feb
214 Ma
312
16
2 Apr
25
Co
Fairbanks
100,
314
.212
334
1214 Jan 544 Oct
3 , •212 314 •234
*24 334 •24 3 ,
3
No. par 46 Mar 29 5934 Feb
100,Fairbanks Morse
52
52 , *50
L084 Jun
1104 Nov
*51 13 5113 .5012 53 1 *5013 52 ' 50 8 50,2 •50
1084 Jan 6 115 Feb
1 Preferred
4/014 Fel 11444 July
10108 111, 0108 III *108 III *108 111 *108 III 4'108 III
Playere-Laaky _No par 1034 Jan 11 127,2June 11
Farming
31.300
11414
11412 115 ' 11314 1144 11312
8 Fret 120 July
(037
4 117
/
1154 11544 11418 11618 1141
II
31
Mar
Mar
124
115
100
(8%)
prat
Do
200,
374 Dec
Oe
26
*120 121 *120 121120 120 *1194 12012 *11934 12014 11944 31934
15 28 Mar *, I 3948 Feb 3
800 Federal Light & Trao
89 Dec
324 32
32 , •3114 32
33 I 32
324 Sep
3218 33
.*3213 33 , .32
86 June 18 89 Jan 4
I Preferred
954 Dec
Ma
154
*88's 8912 .8612 8912 .8612 8912 *8612 89,2 *8613 8912 .861 2 8912
1114
5
Jan
41
r
10
22
7
1
_1
May
o
N
Smelt'g
&
Mining
100,Federal
7972
4 75
/
791
4914 Ma
9478 Dee
80 i .76
80 .75
.76
81
81 , .78
81
100 61 Mar 3 105 Jan 6
7001 Do pref
75 I 7312 73i2
Jan 179 Dec
774 .7612 7712 27112 7412 75
77 1 77
77
500 Fidel Phan Fire Ins of N Y..25 160 Apr 15 20014 Jan 23 1474
189 189 *18512 190 • 190 19112 191 191
*185 189 .18512 189
1744 July
Jan
12
200 Fifth Ave fills tern etfa_No par 144 Jan 2 214 Feb 1
1914
1712 .14
17121 1712 18 I *17
171$ •14
1712! •14
•14
100 First Nat'l Plc. 1st pref _100 98 May IS 107 Feb 13
35i1-2 -); It;" "fie;
4 •10312 105 *10313 105 .10313 105 1.10312 105 1.10312 105
1
10338 103/
Feb
r.
3t.
Mar
30
par
turea
rS
e
0
0
50
bl
nt
145
1•
0
.
1
29
5R.Nua
1
234
19
214 3
19
4 3
1
32
.3112 32/
4 32
/
$21
32 .32
3212 32
1 32
.
1012 Mar 2814 Oct
.Jab 13
1414May 20 261
No par
19 1
18
4 1814 1734 1812 1738 1814
1
17/
1732 18x
no I" pref .tamped Inn 78801 Afar 19 5411 .8,16
600
8012, 80
80
79 .7912 8018
79
79 I 79
I
118012 81 I 80
Mar
107
3
June
94
cony
100
pref
100
1s1
Do
*97,4 100
99
99
.
*9714 100 .9714 101
*9714 100
.
*97 101
12.000 Floachtnau Co (18W. _N* par 3214 Mat 29 66,3 Feb
4 50
/
4913 4912 4934 491
Jan 1833g Nov
4 4912 5018 49
/
4 501
1
90
4912 4912 49/
No par 85 May 10 1794 Jan 29
4 99 1 9734 9978 12,300 Foundation Co
/
4 9314 94 I 941
/
4 951
1
95 i 93/
85 Des
Sept
684
94 1 94
2
94
Jan
85
31
Mar
par
5518
Na
4 7012 3,100 Fox Film Class A
/
Mar 2473 Oct
70 I *6913 70 I 69,4 6912 6812 6912 6918 6912 691
70
No par 194 Jan 13 34,2June 3
2618 15.300 Freeport Texas Co
2612 26
2712 2512 2714 2512 26 1 26
4 Aug 3073 Nov
1
28/
11
2712 2712 27
Feb
42
25
par
Mar
A____No
29
Snubber
5,400
(lariat
321
4 3334' 331
1
4 34 I 3334 341 21
/
4 32/
/
1614 Mar
44 Jan
3112 32 1 3132 32 1 32
.
944 Jan 4
512June 9
No par
400 Gardner Motor
.612 7
4 .612 7 I .612 7
/
Oct
6,2 61
4
1
4412 Aug 60
4 6/
1
6/
554 fan 2
.612 034
100 39 Mar 2'
4 Feb I('4 Nov
1
93/
4 4412 444 .4412 4514 4418 4412 1.200 Gen Amer Tank Car
/
4415 4434 4413 441
'27
.4434 45
July
•
24
105
5.lune
.1
99
100
Do pref
108
*106
*106
108
108
.106
*108
108
70
108
Mar
*106
Dec
4212
108
'23
ot
*106
4A
/
100 50 Mar 3 911
4 231.900 General Asphalt
/
901
9012 84
4 85,2 87 I 85
1
86/
4 85
/
8613 Mar 109 Dec
8012 8812 8612 911
100 944 Mar 3 139 Aug 23
12712 1291
4 *12713 12934 130 13512 7.300 Do pref
/
12712 135
132 139
12212 132
4 2,600 General Cigar. InenewNO par 46 Mar 29 594 Feb (I 105
/
511
5015
501/4
5015
14
51
5032
5014
4
/
501
Jan 1111"4 1262
5012
50 .50
50
Jan 11 11512 Feb 18
109
100
(7)
Preferred
I
120
July 116
Dea
•112 120 *112 120 .10912 120 .10912 120 *10913 120 *10912
Debenture preferred (7) 100 10914 Apr 12 11412 Feb 10 104
4 1141 3
/
4 11412 .11134 11412 *1111
/
4 11412 •I I 11
/
4 Sept
1
54/
Aug
454
4
•11134 11412.11134 11412 *1111
Aug
4
/
561
5312; 1.200 Gen Outdoor Adv A...No par 51 Mar &
5378 534 5378 54 1 53
344 Dec
26 • •••
5312 5378 •5313 54
54
2
35
3
3.
•53
Au'!
Mar
264
Par
Trust
certifleates.......No
1.100
334'
3344 3314 3348 33
22714 Feb 33714 Aug
*334 3313 •334 3334 3333 334 3314 iiiI""C'""__
Inn 208 afar 15 313.02 Feb
__ I .... General Einctrle
No par 79 June 9 9512 kur 14
88,500 Do new
1
i; i6 W. oo 94
154 Iii; "iii
; -ki WI; .
11
-9111
•j3kL and &Wed Pdoes, no salmi 00 We day s lfa. dividend a E1-rIghta.
"
,z, ,g',
6.
New York Stock Record-Continued- Page 4
1093
For sale* during the week of stocks usual*. Inactlee. see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 21.
Aloaday, 1 Tuesday, i Wedoesday, Thursday,Frtday,
Aug. 23.
Aug. 24.
Aug. 25. 1 Aug. 26. I Aug. 27.
Sales
for
the
Week.
WI DC h18
NENt IORK ETIOCH
EXCHANGE
$ per Share i per share i $ per Share 1$ per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par
11 18 11 14 11 18 11 14 114 11 14! Ills 11 14
Ills 11 14
11 18 1138 5.600 0oner,.1 Electric special __ 10
5178 5112 5312 51 12 52341 5012 51 12 5014 51 12 504 51
51
13,600 ‘.euerai Gam dr Elee A__No par
*97
9778 097
9778 9712 9712 097,4 974 '9714 0778 '9714 9778
1001 Preferred A (7)
Na par
*108 10812 108 108 ,•108 10812'108 10813 .108 10812 '108 10813
Preferred A (8)
No par
100
*9334 95 I *9334 95 I '9334 95 , '9334 95
*9334 95
*9334 95
B (7s
Pr
No
pa'
201 21033 206 21434 20434 20813 20612 21013 20912 21134 711.700 General Motors Corp_No P
199 203
par
411912 11934 11934 11934 11912 11934 11034 11934 11934 1194 11978 120
2,1001 Do 7% pref
lull'
____ •10314 ___ •1034 .....,•10314 ...., 104 104 *10314 __
00103
1001 Deb6% pref
10(
68 '62
*64
68 1 '62
64 1 6212 6212 .62
68 1 *62
68
100 General Petroleum
27.
9334 92
9373 9014 9234 8912 9038 90
90
9038 9014 9034 29.700 Deulty Signal nrw____No par
*104 10412.104 10412 .104 10412 0104 10412 '104 ____ •104
____ ...... Do pre/
10(
•4613 48 .47
48 ; '47
4734 47
47
.4612 47 I *4612 4714
100 General Refractories...No par
52
5412 5014 5334 51 14 54 1 5014 5173 51 14 51 14 *51 12 5212 9.500 11110
,1, Bros_
No par
10512 10512 .103 105 0104 105 10105 108 I 10473 105 0103 108
Do prat_
800
- Mu
•18
1814
181s 181a 184 181s' 18
1818 18,4 18,4 18
1814 1,900 Ridden Co
Alt par
•4933 504 49
50 I 494 50 1 4813 411,3 4812 494 4838 4912 5.300 (info Dust Corp v t a_ No par
50
504 5013' 4913 51 181 4953 51 14 5034 5212 5012 5214 13.000 loodrleh Co (13 F)__No par
50
9612 096
*96
9612 096
9612 '96
9612 9612 9612 *9578 97
100 Do prat._ ... ..... . _ 104
10812 10874 1077s 10834 108 108
10712 1074 10738 108
10714 1073
2,600 Ioudyear T & Rub pf v,4 t e_100
410734 10834 10734 10741010734 108121 10734 108 10108 109 0108 109
500 Do prior pre
100
554 66
5534 56
5412 5612 51
54121 5314 55
5533 57
7,600 Gotham Silk 110-lery. 'Po,
5318 5318 5312 5413 524 5412 50
51 12, 52
53
54
55's 9,500
Do new
par
No
4'115 123 '11714 121 011714 120 *11214 117,2 •11214 117
118 12014
200 Prefemu
Ha,
_ .
1518 1514 *1514 15341 1512 1512, 1578 15781 *18
1714 *16
1714 1,200 Gould Coupler A_ _ . A I par
N12 N38 034 Mt! 2412 25 I 2433 2514 25
2514 25
25
3,900 ,..raooy I. W M M BM a Pr, too
9614 9733 96
9638 .96
9614 98
96
1,200 Great Western Sugar tem c1626
41144 11614 *11412 11614 '11412 11614 01144 11614 "11412 11614 '11413 116,
4
101,
2138 21
*2034 21 14 21
21 1 2034 2034 205 21 18 21
21
1,300
eduanea COrMer... UN
GrP
ee
renftega
*67
712 *634 712
634 634
64 712 *634 713 *612 7,2
100 Guantanamo aqigar___ _No pa,
7212 7214 7233 *7033 72
71
73
•72
*7012 72
71
71
600 Golf States Steel. _..._.. 100
*47
55
*47
*47
35
55 i '47
53
*47
55
*47
55
'Harm 1st pr.f class A. Rio
2614 2612 ---- -- --, _ _1 ___
_
'Hartman Coruorat1013. No par
327
3 -2934 -3(112 -2978 -30-- -29T2 -3-0-3-4 ii6i4 2934
30
33
33
Hayes Wheel.
9,000
No par
764 7678 71373 '7512 7612 .
*76
7512 76,2 .7512 76,2 76
2:
200 Hahne(C1 W)
76I
*3014 30 2 31 14 3158 32
32 '30
32
*30
32
*3014 32 I
tern ctfs_No par
Co
300
Hue
(11)
&
5912 .5814 5912 '5712 5814 5712 5712 *57
*59
57,2 57
57 I
300 Ilornestate 1411010K..... _ Jul
*4212 43 I .43
•4214 43
4314 .4214 4212 424 4212 042
4212
300 tioureb Prod,Ine.t.rn etfNo par
5814 "56
• *5634 59
58
5834 58
58 .5634 58
5734 584 1,200 licalattas 1 Mot Tex ten ctf8100
3734 3734 37,2 38 I 3818 3934 3838 3914 39
4078 40
414 45.100 Howe Sound
Ali par
8778 6873 6834 6818 68
66
654 68
664 6814 66,4 87,8 152.800 Hudson Motor Car
No par
2678 274 2634 27 I 2612 264 2612 264 2612 2714 28,2 27
31,100 Hupp Motor Car Corp
It
2412 2478' 24,8 2434 234 2441 24
2412 25
2412 244 2518 13.700 ludependeni 011 & Gas No par
20 , *19
20 I *19
*19
20 1 01812 1913 *19
I
2012 *19
No par
204
Indian Motocycle
934 934
9,2 938
9% 938
933 033
938 94
912 912 2,300 Indian Refining
10
•912 10
*912 10 I
0912 10
912 938
912 912 "912 10
. Ili
500 Certificates
944 9518 9518 *95 102 I *95 100
*93
*95 102 '95 100
Prt
100
felled
100
99
98
99
96
*95
9718 95
95
•95
98 I 95
95
900 Ingersoll Rand new- AO Par
42
42
4233 4233 4238 4178 4178 4178 42
42
4138 4134 1,700,1nlaud steel.
No par
•11213 113 011212 113 ••11212 113 011212 113 *11212 113 '11213 113
' Do pref.
101
•2414 2478 2412 2413 2412 2478 2412 2412 2414 2434 *2412 2478
,
r1. ("ripper
21
800 Inrush-nth I. r
1538 1573 1512 1018 1534 164 1512 1512 1512 1533 1512 154 4,400 Interconti Rubber__ _No par
15
15
, 1412 1412 14.8 14,8 014
1473 15I
1412 148 1418 1,600 A lalt-11,1k1 Agit. lo,
04.
A
o
8034 8034 "8012 8134 '8012 81 I
•8038 02 '8012 82 ! .8012 82
Ittor preferred
100
. . 101
4818 4814 4818 4873 4814 4834 474 4814 4812 4812 "47-2 4812 3,800 lot BusinessN
Maehines_o par
•5314 4 , 5314 5314 5334 5334 5334 5334 5314 534 5312
500 International Cement No par
53,2
•10412 105 *10412 105 *10412 105 *10412 105 *10412 105 010412 105 I
, 1 ,4,to rred
to,
544 5478 5414 564 5434 564 544 5514 544 554 5314 55 1 59,300 Inter Comb Bog Corp_No pa
128 12912 129 12913 1294
13033 13134 130 13178 12918 132
lo.
,2 __,..._
I R 100 ,oteroationas traroe.ater
*125 )2534 125 125 .125 12534 125 125 012414 12514 *12412 130
125 I
Do pre/
200
.
. 10(
612 612
614 64 *014 64
633 638
612 134
64 64
800 Int Mercantile Marine__ 101
2712 2712 2712 2734 2713 2814 271 2 2812 2814 20 I 2812 294 6,500
Do m et
. _ 100
*6318 64 1 6374 64
6312 64 I 64
64 I 6438 6433 6334 634 1.700 international Match
pref. 3
3838 3512 364 3534 364 3538 3818 21.900 International Nickel (The).25
3638 37 I 3612 3713 36
•102 103 *102 10312 102 102 *102
•102
.0102 . _
100, Do pref..
10
614 604 634 6034 _62 1 61
5834 60,4 60
-6-314 61 12 61.2 42,900'Internat tonal Paper
10
•
098
9612 904 983$ 9618 988
9611 967t1 *9612 97 I 9673 9678 1.000 Do pre! (7)- -.
100
0160 167 .150 167 .160 167 .160 167 •160 16314 *150 16312
lInternathatal Shoe.
No par
1174 11714 117 11812 118 12034 11812 12073 11934 1204 120 hi 12238 54,300 Internal Telep & Tales_ .100
21 12 *2014 21 12 1912 20
*20
"1912 21 12 01912 2134 019,2 2134
N. par
400 tidally pe Corp
4133 4138 41 12 421 2 41 14 4233 4033 4112 '41
41 12 4034 41 1 2.900 Jewel lea. Inc
RS
•125 ...... •124 12712 0124 12712 .125...
.•125
*123 .
.
12_ ___ ---I
_..I Do prat
_._
1314 1212 1212 12
1134 114 •12
1-2- i •11
-1-2-7-3 •11
12
400 Jonee Bros Tea, Inc,stpd. 101
O2312 24 • 24
24
24
2414
24,3' 234 2334 2315 2434 3.000 Jordan Motor Car
24
No par
14
*1
/
34 .
4
0,4
/
1
4
/
1
4
*1
/
4
is
•li
38hislit1IP 1:1i1f
/
1
4
to
•14
•110 11173 •119 11173 •11014 1114•1l0'4 11173 •11014 11178 •11014 11172
Kan City P&L 1st pf A_No par
03812 39
39
39113 39
39
039
39
*384 39 i 39
39
N. par
700 ....yeti' tJr ..... , . e
O13
1314 .1318 1312 1314 13,2 1314 1314 1313 14,8
14
1414 4,400 neliy-epriugrleld Tire_ ..25
Ws '51
5912 052
59
59,2 *31
*51
4
;
60
I Do 8 A Prat
100
63 '50
65
65 .60
64
060
*00
*61
64 I 62
63 I
200; Do 6% pref
lio.
98 .95
98 1 *95
98 I .94
98 .95
*94
98 I *95
98
!Kelsey Whet), Inc
101)
4
574
6633
5678 56% 6733' 564 5633 664 5638 564 5678 12,100 Kennecott Coppet
56's 57's
No par
55
/
1
4
53
/
1
4
4
be
4
fro
/
1
4
/
1
4
/
1
4
34 1.700 Keystone Tire & Rubb-N• par
60 i 5612 5612 *56
O5612 59 I 5612 5612 .57
57 1 *58
60 1
300 Kinney Co.... __ ... _Na par
51 ' 50
514 5014 51 14 50
31 i 5013 51 1 4934 5012 8,000, hresge (13 S) Co new
50
10
•11014 114 *11014 114 .11014 114 .11014 114 *11014 114 .11014 114
I Preferred
100
22
"2014
*2014
23
2312 *2012
22 1 21
22 ; 21
21
3200
,
Kresge Dept Stores....N. par
80
7912 7912 80
.7912 SO
*78
*7912 82
80 .78
80
3(10 Preferred
100
164 164 "163 167 I
O162 166 *162 168 "162 168 .163 167
100 I aelede (las I (RI treila) 10(
2133 2134 2134 22 I 214 2134 2133 2141 208 2108' 2153 2178 25.000 Logo 011 & Transport-No par
58
5912 594 61 12 5912 614 51) 6178 6073 6234 626233
29,100 Lambert CO
No par
*714 8 I *714
Vs
738 738 *74 8 I '714 8 i '733 8 1
200 ,e mamas e tires .t."
3618 3618 3618 3634 3614 3038 3318 3818 3533 3512 3538 3578' 2.400 ..-tu, A Fink
Ns Par
21 , 21
21 I 0208 2133 21 14 2138
2138 21 14 21 14 21
1021
1,000 Life Savers
No par
87 1 87
87 I 87
86 I 8813 8618 87
86
8712 90
90 1 1,000 1.saireti & Myers lob 110V1 40
•120 124 •120 124 0120 124 0120 124 "120 124 .120 124 I
1 Do pref
101
O8434 844 8538 8538 8538 8634 8518 8573 86
874 8734 9038 10,7001 Du "It" new
20
61 I 61
*131 ,4 62 1 *01 14 61 1z 604 504 61
61 12 *60
61 12
Loc Who
Lima
500
No
par
4033 4041 4114 4212 41 14 4233 4038 41 12 41
4138 41 12 4134 15.900 Lone's ineorporated_No par
718
7
713 713
718 713'
718 74
7
7 ,
7
7 1 2,000 loft Incorporated
NO Par
4434 4412 4412 *4438 4434 *44
4434 *44
*4414 45 I 44
444
500 hone Bell Lumber A
No par
150 155 '149 156 "156 158 1
16012 16334 161 12 16112 15978 160 .
500;Loose-Wiles Biscuit
100
•145 164 *145 164 *142 104 *142 160 '145 180 *142 160
2(1 preferred
100
3238 33 1 3212 3212 3238 33 I 3233 324 3234 3234 3214 3212
Lorillard
25
*117 120 0117 120 *11814 120 •114 120 .114 120 *114 120 I 2,100
Do prat
101
1578 164g, 16
16 I 1578 16 I 1533 1534 154 154 1513 1578 3.600 Louisiana 011 temp
ctfti_No
par
•244 2412 2418 2412 2433 2438 244 2414 2414 2414 2414 2414
900 Louisville 0 & El A.__ _No pa,
35
*34
344 3334 34 I 33.4 3334 3138
3413 *34
*34
No par
13534 13634 *13412 136 *13412 136 1 13414 3334 2,400 Ludlum Steel
*13434 136 1.13433 136
13413
500 Mackay Companies
10
10(1
72
71% 718
72
7 .71
72 I 71
71
7218 .
72
*71
71
Preferred
900
.
1314 13278 130 13212 12814 13338 12718 12912 128 12938 12733 1293
8
Trucks.
Mack
144.41)0
Inc
No
par
0111 112 *11012 112 .112 11212 11212 11212 1124 112,2 112 113 i
Do 1st pref
600
10
•10712 10812.1071z 10812 0107 1084 '107 10813'107 10812 0107 108121
prat
Do
2d
100
11612 119 *118 120
•12034 1224 12014 12014 11834 120
1174 118 1 2.700 Macy (R 11) & Co. Inc_No par
*41712 ____ •11712 __ - 11738 117,
8 *11712 --- •11713
__ •117 13
1001 Preferred
10(
4()
39 -40
40 I 3978 4018 40
*3834 -4-0 I 387 -3-8-7- 2 900i Magma Copper
40
No par
17
1618 17
164 164 1614 17 i 17
*16's 17,2 16,4 1614 1.000 syslo,..01, 1 1 1 10 & 09.A e, ea
65
"59
65 I .59
65
*50
65 I *50
*55
65 , *59
65
Manatl Sugar pref ' 100
8412 8178 83
80
81 12 80
8234 8478 83
81 ,3 8034 82
12,1.00 Marsh Elec Supp1y.--No pa
2412 2331 2334 2312 2338 2312 2312 2313 2313 --..
024
9".
.satolsas ran SM.I ..._
2312
-2
600
Zo
*35
3534 35
35
35
03313 36 1.03313 36
35 1 *34
36
200I Manna Kiectrie Corp ...i.o par
2334 2312 24 I 234 234 2.7001Maracalbo
2214 2214 2358 2438 2338 244 23
011 Expl.__No par
57.
574 5833 574 5812 5713 584 5678 5738 564 577
rlis
,
:
‘
2 59,01N
1
Nu par
83,14
2834 '28
2834' 284 2814 2812 2812 .28
O28
284 028'..
; inOlaen
too par
21
21 1 .20
21
•1933 20 1 '20
*20
020
2012 20
Martin. Parry Corp._..No par
20
100
4,76
7913 71)
8078 79
81
79
79
77
79
80
80
3.800 x1 athieson Alkali Wkstem ctf50
12412 12512 0125 12512 *1244 125
12614 12'14 125 12612 124 125
3,300 May Department Stores_ ..5o
*124 125 *124 125 *124 125 1.124 125 '124 125 *124 125
Preferred
100
2318 23
2314 23
23
23
2318 23,4 2314 2314 3.400 Maytag Co
23
23
No par
07838 7978 '7'33 80 1 *7814 7912 78
7814 .7714 78
0784 80
400 McCrory Stores('lass B No par
*26,8 284 .2614 2634 .26
2613 "2614 28
26
20
*2612 28
200 McIntyre P,Ircupine Mines_.5
02312 24 I "2333 24
"2312 24
"2334 24 I '23
O2312 24
Metro-Goldwyn Pictures 01_27
234
1014 1014 10% I/I 10% 104 104 1038 1034 II
104 11 14 6.200 Mexican Seaboard 011__No par
144 15
1434 1434 1412 1412 1412 1412 1412 1412 1,900 Miami Copper
15
15
5
308 3178 31
31 18 31
3178 3012 31
31
3173 3153 324 19,500 '
'1 ''""""""' "^"'^ ''' "o•
•Bld and raked 'Mow. no 414101100 Lb% day. a El•clIvidond. a Ex-21411os.
I Mc MARI;
Rana. Since Jan 1 19'26
On baste of 100-share lots
I Eh SHARE
Range for efitiOSI
Year 1926,
Lowest
Highest
$ per
share $ El
Lowesthe
peig
rsh
sat re S per share $ Per Share
II Jab 5
114 Mar 22
1.178 Oct
II'. July
34 Mar 30 59 Jan 2
584 Dee 6133 Deg
95 May It
9914 Jan 4
94
Dec 100 Dec
t0512 Apr 8 11014 Jan 15 110 Der 110 Deo
921( Apr 27 911 Jan 4
11314 Mat 29 22534 Aug 9
Ws; -jot Ilia; 140;
11)2 Jai, 29 120 Mso 214 102
Jar 115 Dec
9814 Apr 13 105 June 22
8813 Apr 9912 Nov
4912 Mar 2 7014June 29
42
Jai
5913 Dec
6013 Mar 31
9373 Aug 23
68 No3 8034 Oct
101 Apr 14 104 Jai 1.8
9012 July 10573 Nov
36 61111 27 49 Jan 4
On
42
581i Jan
45Is Mar
784 Jan 4
47 Mar
83 Dec
1034 Apr 1 11138 JAM IV 10214 Mat 11414 Nov
1533June 3 2514 Jan 7
1212 Mar 2811 Dee
41 12 Mar 31
654 Feb 4
37 Mar
51
Oat
451-AlaN 20 704 Feb 3
745 Nov
3634 Jan
95 June 25 100 Feb
92
Jan 102 Nov
9812 Mar 30 10978 Aug 16
8633 Jan 11428 Oct
10518 Jail 22 111853Juue 1 103 Apr 109 Dec
1:118 'OAT 3" Al Aug 18
39 Dec 42 Dec
4712July 12 57 Aug 18
or. :sr, 0 123 Aug 17
vv.. Dec 1-112-.; -Lie;
15 Aug 18 211, Jay 23
18% Dec 28 Sept
Ma Mal 31
254
13 Mar 217 Dec
89 Al', 14 1(se Feb '2
91
Jot, 113% June
10812 Mar 3(1 11014July 22 107
Apr 115% Dec
9)4 Apr 3 22 ,July 24
1134 Mar 1914 Jan
516 Jan 5 104 Orb I
378 Sept
eh Jan
935k Jan 4
6'2 May Ir
6713 Mar 9534 Nov
45 June IS 67 Feb 26
4218 July 89 Feb
35 Jan 6
2534.11ine 21
2534 Apr 3713 Jan
30.1July 1 46 Jan 14
30 Mar 4912 Nov
08 Mu, 29 80 July 12
86 May
7734 Jan
1712NIa. 27 3512 Au( II
27 Dec 487k Jan
47% Jan 4 82 Feb 23
43
Jan 50
Jan
40 Mar 3 4822 Jan 8
34% Jan 474 Nov
71 Jan 6
5014 Mar 31
59
Apr 85
Jan
27 Jan 8 414 Aug 27
164 June 314 Nov
4928.1ture 25 1231
. Jan 4
335 Jan 1394 Nov
17 mar 2 2038 Jan 4
1414 Mar 31 Nov
194 Mar 20 34 Jan 2
134 Jan 4134 June
18 Jan 6 2414 Feb 4
13 Mar 24 Aug
9 Mar 31
1324 Feb 13
61, Jon
141 Dec
8 Apr 13 1212 Feb IS
8 Sept
1255 Dec
tO May 14 104 Jan 7
77 Mar 110 Dee
8014 Mar 31 104 J813 6
77 Nos 1074 De.
34.3610y 11
4318 Jan 7
385 Ma) Su
Feb
10834 Mar 16 116 Feb 9 10412 Apr 112 Sept
30
Mar
787.
Feb
20a1
''I
2214 Apr
3234 Jan
I312May 10 2134 Feb II
it-, July 47 21,. hit/ l
733 Jaz
No
80 July 19 95 Jan 27
40
Apr 86 Nov
43813 Mu; 3(
5012Jul7 12 110 Mar 17514 Nov
51.1 1251aN 17 714 Jai, 21
62
Jar
8112 Sept
102 Mar 17 108 J1111 26 10212 Nov 107 Aug
334 Mar 30 64% Jan 5
3134 Jan 6912 Dee
11214 Mar 29 1354 Aug 6
964 Mar 13814 Sept
118 Jan 5 126$4 Aug 7 114 Mar 121 Nov
618 Aug 5 1233 Feb 17
71 June
14% Feb
27 Mar 3J 463s Feb 16
27 Aug 5234 Feb
6312 Mar 3 6633 Feb 22
662
.Dec 607* Dee
3238 Mar 30 46'4 Jan 5
2414 Mar 48% Nov
10 Os Jae 29 10414 Apr 21
94
Jan 102 Nov
4418 Apr 15 632 Jan 9
4814 Mar 70
Oe
89 may 7 9812 Jan 2
86 July 9938 OctI
135 May 6 176 Jan II 108
Feb 19934 July
III Mar 3 133 Jan 26
$713 Apr 144
Aug
1812July 24 29 Jan 7
1$ July
21.1% Oil
26 Jau 4 4321 Aut 17
1613 July
26% Del
11412 ,ar. 24 126 Fob . 10212 Jan 1161* Di.
10 -June30 1911 Fob
1134 Dos 2178 Fob
21 July 19 66 Feb 15
36% Aug 65 Nov
14 May
1%im
J
1071'4
4M
54ar
ar 29
12.1j
4 1124
ure 15
2
31
Jan 109% 1114pt
33.4May 20 474 Jae 14
Mt Mar 4218 Dot
1214May 19 21% Feb 6
1214 Mar 21% July
51 May 20 74% Feb 6
41 Mar 74 July
Si MN 14 7314 Fob 6
43 Mar 72 July
86 May 12 12e Feb 4
37 Aug 124 Doe
49% Mar 31
487 Feb 10
46% Mar 4912 Nov
121t1..
2 II
318 Jai 2
1% arrpt
35 Jaly
54 July 23 82% Jam 7
74 Mar 100
Oat
4224 Mar .40 82 Jan 29
113 Feb 18 11434 Feb 26 11133 Mar 116
0.5
Mar 27, 335 Jan 14
28% Nee 451 Jan
7014 Mar 28 931. Feb I
U
Jaa 1/754 Juno
146 Mar 29 1751,July 10 11014 Jaa 178 Mar
1912May 14 2412Juue 14
3912May 7 8214 Artg 26
/
1
4 42 18 14 Jan 4
114 Pen
IV
ust
41.8 Jan 2
31134 Mar 31
374 Dee 441, Oat
1714May 4 22 June 25
724 Mat 31
44,4 Jab 25
67 Mar -122 Dee
11034 Jan 18 12934May 5
16% Jan 124 Dee
71 Mar 24 IA Feb 1
66% Mar 8978 Dee
6312 mar 31 6934 Jan 4
60 June 74% Jan
8414 Mar 2 4318July 29
22 Feb 4424 Nov
7 Jan 28 Ills Feb 10
6
Jan
918 Apr
4212July 2:1 5012 Feb 3
18 Mar 43 Sept
88 Mar 30 16334 Aug 11
77 Feb 14314 Dec
121I4 Mar 311 165.2 Aug 11
104
Feb 148 Dee
304 Aug 6 4214 Feb '3
3014 Jan 395
III% Apr 5 117 Apr 23 10818 Feb 116 Sept
Aug
12 Mar 3 1973June 21
1333 Oug 2334 Feb
224 Mar 31
2613 Feb 10
23 Dee 2838 July
3014 Mar 30 584 Feb 4
315, Feb 80 Dec
130 May 15 138 Feb 9 114 Mar 141 Sept
68 Mar 1(1 73% Feb 2
66 Mar 7834 Feb
10312 Mar 30 169 Jan 4 117
Jan 242 Nov
10934 Jan 4 113 June 10 104
Jan 113 Aug
104 Apr 17 1118 Aug 16
99
J110 10653 Aug
864 Mar 29 122 Aug 20
6912 Jars 112
Oct
11512 Mar 1 11834 Jan 14 1143, Jan 118 Aug
34 Apr 19 4478 Feb 10
34 Mar 48 Nov
15,May 19 2818 Jan 5
21 14 Dec 374 Jan
55 June 4 82 Feb 1
79 July 8214 June
60 Jan 4 8734July 04
32 Mar 59 Mar
221251ay 24 324 Jan 4
34% Nov
2014 Mar
27.2 Mar 30 39,2May 17
2811 Mar 4915 Apr
2034 Mar 3 28 Feb 2
2022 Sept 3512 Jan
4914 Mar 314 634June 17
324 Mar 6012 Dec
27 Mar 29 33 Mar 11
1033 Mar 3278 Oct
17 May 20 23 June 25
19 Dec 3718 Jan
8212May 12 10618 Jan 2
51 ,lan 10714 Dec
10678May 17 1374 Jan 2 101 Mar 13912 Dee
12238 Feb 2 125 June II 11612 Mar 124 JUDO
19 Mar 3 , 2433 July 17
214 Nov
2638 Oct
72 Mar 30 121 Jau II
79 Mar 1394 Oct
2233 Jan 2 30 Feb 15
16
Jan 224 Oct
2214 Jan 8 2414 Feb 9
18
Jan 2411 Nov
8 Fri,25 1334 July 21
9 Dec 224 Jan
11 Mar 3 11534 July 17
8 May 2434 Jan
27 July 22 37 1., '2
204 0(m 18 %Ina
1094
New York Stock Record-Continued --Page 5
For sales during the week of stocks usually inactive. see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 21.
Monday,
Aug. 23.
Tuesday,
Aug. 24.
Wednesday, Thursday,
Aug. 26.
Aug. 25.
Friday,
Aug. 27.
Sales
for
the
IVeek.
STOCKS
EW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Week. Indus. & Miscall. (Con.)
Par
+.9712 9912 *9712 984 *9712 98
98
98
*9713 9912 .98
100 Nild-Cont, Petrol, Pref _ _ _100
9912
114
114
114
138
114
114
114
114
114 *118
118
114 3,200 Middle States Oil Corp__ 10
*
/
1
4
/
1
4
1
7
8
7
8
7
8
7
8
78
*78
1
500 Certificates
10
*11812 120 *118 11912 11812 11812 *118 119 •118 11812 118 118
500 Midland Steel Prod prat..100
36
37
36
3658 364 384 38
38
3812 3,600 Miller Rubber etfs___.No par
3834 38
38
79
79
79
79
79
7938 7834 7878 *7858 7878 79
1,700 Montana Power
79
100
6834 6914 6712 6938 63% 6858 66
67/
673s 67
1
4 6512 674 111.800 Niontg Ward & Co Ili corp_ .10
*23
24
24
24., 2312 2312 2312 2414 2334 24
2.900 Moon Motors
*2312 24
par
64 614
6
64
6
618 618
61
/
4
6
618
6
618 4,300 Mother Lode Coalition.No
N o at
1812 1814 *18
16
17
16/
1
4 17
1834 174 1712 1512 17
1,800 Motion Picture__
No par
*394 3914 3958 39/
1
4 3914 4014 39
39
3912 3914 394 3,500 Motor Meter A
39
No par
*2314 234 2314 2314 *2314 2334 *2312 234 2334 2334 2354 234 1,400 Motor Wheel_..
No par
13
13 .12
15 , *12
*12
15
15
*12
100 Mullins Body Corp.__ No par
15
1512 *12
*3612 38
*3512 38
*3634 38
*3634 38
*364 38
*3634 38
Munsingwear Co.. _. No par
1018 1034 1012 11
1112 12
1038 12
1114 1158
938 1112 17,900 Murray Body
No par
5712 571
5718 5814 5818 5934 574 5812 58
19,000 Nash Motors Co
5878 5812 59
No par
gla 812 *8
*8
812 *8
812
9
, *8
812 1,100 National Acme stamped__ _100
83
9114 92
9138 9212 9134 9134 9114 914 91
9112 4,000 National Biscuit
9134 91
25
*12714 130 *12714 130 *12714 130 *12714 130 *12714 12934 •12714 1294
Do pref
100
*41
42
•4112 411
41
4134 41
4134 41
4138 2,100 Nat Cash Register A w I No par
/
4 414 42
*2214 24
*2214 24
2214 .2214 23
*2214 24
2534 2434 264 3,400 National Cloak & Suit__ 100
*70
71
*70
71
71
26814 6814 70
70
70
*72
700 Do prof
80
100
*7012 707
70
1
4 73313 7112 7212 73
7412 7334 7438 12,900 Nat Dairy Prod tern OttsNo par
70/
1
4 70/
26
28
*26
264 2638 2812 2612 2612 2812 2778 28
284 1,500 Nat Department Stores No Par
*90
92
*90
212
92
*90
*90
9212 *90
200 Do 1st pref
9212 9212 9212
100
2038 201
204 204 2012 2012 2014 2014 20
2078 20
4,700 Nat Distill Prod ctts___No par
20
*40
49
*45
48
491 *45
*45
48
4912 *45
*45
48
Do pref tem et(____ No va,
2412 241
3
254 264 2612 27/
3012 32
1
4 28
3618 34
34 4 15,800 Na, Enatu & Stamping
100
84
*81
84
*81
83
84
88
83
*80
88
89
400
89
Do prat
..100
•158 160 *158 160
160 160 •15818 159
15814 15814 *15814 160 .
300 National Lead
100
*116 120 *116 120
11714 11714 *116 120 *116 118 4,116 118
100 1)o pret
.....100
2114 2112 21
2114 204 2112 2058 21
2058 21
14,400 National Pr & Lt otts_No par
2012 21
67/
1
4 6774 67/
674 6814 6612 67
1
4 683
664 6678 67
7,500 National Suppty
67
50
131 131
136 13612 *134 140 *134 139 *134 140
136 136
400 National Tea Co
No par
.1334 1374 1334 137
1334 134 1334 1378 1312 1334 1358 1378 2,000 Nevada Consol Copper_ _ __ A
4412 4534 444 457
4434 4614 4418 4514 444 4412 4418 4438 14,500 N Y Air Brake
No par
451
/
4 4534 4518 4638 45
4838 4338 4534 4434 4478 4418 46
12,100 N V Canner,temp etre No par
.83
85
283
84
85
85
*8312 84
85
85
*8312 84
500 Do pref
No par
*33
*33
*33
•33
36
36
36
36
35
3618 36
3612 1,000 New York Dock
100
*70
72
•70
72
72
76
*70
.70
•70
72
70
100 Do pref
70
100
*28
2818 2818 2818 *28
2841 284 281 *28
2818 2818 284
400 Niagara Falls Power pt new _25
54/
1
4 54/
1
4 5378 547
5312 54
5334 5412 5334 544 17,900 North American Co
5334 55
10
*5034 5112 5132 5138 *5038 513
, *5012 5112 5138 5134 5178 52
800
Do pref
50
9514 9514 *9478 954 *9412 954 *9434 9512 *94/
1
4 95
400
No
95
Amer Edison pret_No par
95311
712 838
812 9
8
8
878
734 838
812
8
814 15,200 Norwalk Tire & Rubber-..l0
16
*15
•15
16
16
1534 1534 *154 16
200 Nunnally Co (The)____No par
1534 1558 1115
*34
*341
34
/
4 35
35 1 3458 3454 34
*34
3412 34
300 nil well Supply_
34
25
*1518 154 1512 154 1514 1512 1514 16
1658 1734 1658 1714 18,400 Omnibus Corp
No par
*391 4014 *3914 4014 40
3918 3934 *3958 40
40
40
800 011)74 Rosiery
40
par
*9838 103 .9834 103
119838 10278 *984 10278 *984 10112 *9838 102/
Preferred
1
4
_
100
6014 6138 6012 61
6878 61
*6912 61
61
61
2,800 Oppenheim Collin,& CoNo par
*59/
1
4 61
30
30
30
30
30
30
30
30
30
3014 .2958 30
3,600 Orpheum Circuit, Inc
1
•104 107 .104 107 ,•104 107 *104 107 *104 107 •104 107
Preferred
100
•118 120
11834 120
11814 119
11812 11912 *119 120
11758 118
1,500 Otis Elevator
SO
01084 10912 •10812 11134 *108 11134 *108 11134 •10812 10912 •10812 10914
Preferred
100
914 912
94 94
914 94
912 914
94 914
914 94 1,200 Otis Steel
No par
•10018 103 •10014 101 ,•10018 101 *1004 102 •10018 101
102 103
300 Do pref
100
73 1 7318 734 73
7234 7234 73
73
*7312 74
7312 734 1,300 Owens Bottle......
_ _26
*48
49
49 I *48
*48
49
*48
49
*48
49
*48
Outlet Co
49
No par
*101 103 1'101 104 .102 104 *102 104 *102 104 *102 104
Preferred
100
*129 13014 *129 13014 *129 1304 11129 13014 •12958 13014 •129 13014
Pacific Gas & Electric_..100
, 114 158
112 148 11,200 Pacific 011
14 154
14 15
4 15
112 14
par
an 371
/
4 37
3714 3634 3714 3611 364 3614 3658 3612 3672 8,000 Packard Motor Car
No 1a0
r
154 16
1534 1638 1534 16
111534 16
*1578 1638 16
16
2,800 Paige Det Motor Car..No par
*6614 68
*66
*6612 8712 *8612 68
68
67
6714 •67
200 Pan-Amer Pete & Trans__..50
68
6658 6712 8612 6672 8812 6678 6658 8814 26,800
98
66
,
4 67,
4 67
Do Class B
50
1
4 3714 *37
3712 3754 37/
*3712 38
37
374 37
37
2,900 Pan-Am West Petrol B_No pa
38
1513 16
1514 1614 1634 17
1634 1814 1554 17
1612 1714 9,600 Panhandle Prod & Rel_No na
81
81
81
*78
*78
*78
81
*78
•75
81
81
Do prat
*78
100
21
20
2134 21
*2034 214 *21
2014 2018 204 2018 204
500 Park & Tilford tern ctts-No Pa
64 64
634 *6
634 634
,
83
* 678 4624 678
900 Park Utah C M
612 64
55
5312 54
*5458 5612 *544 584 54
524 544 5014 5234 1,500 Pathe Exchange A
No Pa
19/
1918 1914 *1914 191
1
4 1914 194 1914
20
20
1912 2112 4,300 Penick & Ford
No pa
1112 1014 104 •1018 1112 *1018 1112 *1018 105
•10
1112 .10
100 Penn Coal & Coke
,
50
ita
pa
11
/
4 114
138
114
114
' 118
114
118
14 14 5,900 Penn-Seaboard SO vte No Pa
126 127 *12412 126
*122 12412 12314 1234 12278 126
12412 12412 1,700 People's 0 L & C (Chic)-100
*70
74
74
*70
75
•71
74
75 .71
*70
74
*71
Philadelphia Co (Pittsb)-.5i
5012 *494 NB *494 5012 *4934 50
*50
6% preferred
5012 •50
*4912 50
50
411
/
4 4134 4114 4238 4034 4214 4012 4138 4114 4278 4214 4414 53,400 Phila dr Read C & I._.No Pa
*41
42
114014 414 4138 414 4134 413 *40
4212 4212 42/
1
4
500 Certificates of hit__ .No pa
52
52
54
*4812 60
.48
*4812 61
200 Phillips-Jonee Corp_ __ _No par
5412 *5412 5412 .52
*2312 2414 2212 2312 234 234 2338 2338 *2234 2314 2214 23
3,600 Phillip Morris & Co.. Ltd _10
47
477
4878 4758 4718 48
471
4734 431a 4752 4818 47
42,500 Phillips Petroleum
No Par
39
39
41
*38
*36
41
41
100 Phoenix Hosiery
*37
.36
41
42
*38
5
*97 100
*97 100
*97 100
200 Preferred
1197 100
98
98
9914 994
100
2912 30
2918 30
3018 30/
2934 3134 31,200 Pierce-Arrow Mot Car No par
1
4 2934 3012 294 301
123 12312 12312 125
12112 123
7,100
12334 12534 124 12534 12012 124
Do pret
100
1885
25
58
511
55 1,200 Pierce Oil Corporation
/
1
4
*1212 15
13
13
14
100 Do pref
*13
14
19
•13
*14
•1212 14
100
238 21
212 3
274 2/
6,400 Pierce Petrol'm tern ctIsNo par
1
4
3
238 21
2/
1
4 21
3
32
*31
*31
*32
32
32
32
3212 32
*31
300 Pittsburgh Coal of Pa.__ 100
32
32
71
711 *7114 72
Do prat
71
73
500
71
*71
*73
073
79
76
100
Pittsburgh Steel pref.__ 100
1197 100
*97 100
*95 100
*95 100
*95 100
*97 100
Pitta Term Coal
.38
42
42
42
43
43 .40
*40
*40
*40
43
*40
100
Preferred
86
*80
*80
*80
86
86
86
8614 *82
•80
.81
100
88
10034 10258 10118 102
104 10434 1034 10412 102 104
102 1043 21,600 Post'm Car Co Inc new_ No par
*4058 4112 4134 4214 4034 403
*4034 42
404 41
*4012 42
800 Pressed Steel Car new
100
*84
8458 *82
8458 *84
84
841
84
8458 *8312 84
*82
100
*1114 12
Producer,r
ll0u pro
s fer Refiners Corp.50
100
1158 117
00 Pro
*1114 114 1118 1114 1118 111
1,8
1178 121
3112 *31
*31
*3058 32
300 Preferred
31
314 31
3112 31
*3012 311
50
9114 9212 9012 9178 90
903$ 91
911
9012 9214 9134 9238 15,200 PubServCorp of NJ neallo par
*9934 100 *100 1004 *100 10018 *100 1001 10018 1004 11100 1004
100 130 6% pref
100
•106 10814 *106 10814 10638 1064 •1064 10814 10614 10614 *107 10814
Do 7% prat
200
100
*12014 121 *12014 121 •12014 121
400 Do 8% pref
12014 12014 12014 12013 121 12412
100
•102 10254 10254 10254 •102 10318 *102 10318 102 102 *10212 10318
200 Pub Serv Elea & Gas pfd_100
•110 112 •112 113 *112 113 *112 113 *112 113 •1124 113
Pub Service Elea Pr pref _100
17734 1794 17514 1764 177 17838 17834 17912 8,700 Pullman Company
17912 17912 177 179
10
*3434 3514 354 354 353tt 3538 3412 3412 354 3518 3512 3512
800 Punta Alegre Sugar
5(1
2612 2658 2612 2654 2638 2638 264 2838 2614 2638 261.2 2634 4,200 Pure 011 (The)
25
111 111 •111 112 •111 112 *111 112
Do 8% prof
112 112 *111 11212
400
100
463$ 4738 454 4634 4434 4638 4438 4558 4534 4734 4514 464 61.600 Radio Corp of Amer__.No par
*4758 48
*4734 4878 48
*4734 48
4858 4858 *4734 48
200 Do pref
50
48
*34/
1
4 __-- *3434 ____ 1136 _ _ _ _ *36
Rand Minas, Ltd
*36
No par
144 1414 14
1418 14
-8
144 1418
Ray Consolidated Copper_ _II
14
-1-43
1418 1418
*44
4512 454 4518 4414 4414 4414 4414 *4438 4538 .-1-11g Reid Ice Cream
4512 *44
No par
1184 1012 1138 1018 104 1018 1014 1014 1012 6,800 Reis Mobil & Co
10/
1
4 1114 11
No par
117 1194 116 11812 11712 11812 117 11712 9,200 RetnifIV t on Typewriter.... It m
118 122
120 122
Do 7% 1st pref
*113 115 *113 115 *113 115 ,*113 115 *113 115 *113 115
100
114 114 ,*113 116
11412 115
400 DO 8% 2d pref
•114 116 *114 116
11514 11514
100
934 978
10181
10
10
10
2,300 Replogle steel
10
No pa
10
934 94 *934 10
1
4 581 1 5712 5934 5712 58
58
5878 5814 5814 4,200 Iteptv.11c Iron & Steel
101
5812 5812 58/
98 • *97
Do pref
9812 98
300
*98
9812 9734 9734
9812 *97
100
98
98
814 61, *614 612
638 64
700 Reynolds Spring
614 64
No pa
64 64
*614 64
974 9734 9714 974 9712 98 I 9712 9734 9712 98
98 1024 24,800 Reynolds (R)) Tob Class B 25
*8612 88 I *84
Russia Insurance Co
88
88
*84
88
25
8712 *84
*84
.83
88
5118 514 514 5114 5058 51
51
50/
1
4 50/
51
1
4 5114 5112 13,300 Royal Dutch Co(N Y shares) _
44
44
*4212 4412 *424 4412 1,400 St Joseph 1.ead
4458 4434 4412 45
*434 44
10
50
1
4 50
14 49/
No par
4934 4934 1,300 Safety Cable
*5012 5034 5012 5034 4978 5014 5014
76
75
76
75
*7534 77
*7734 79
79
7612 7678 1,200 Savage Arms Corporation.100
*78
5
5
5
5
900 Seneca Copper
No par
5
5
532 Vs *54 512 *54 51*
6912 685
2,700 Shubert Theatre Corp.No par
68
, 6814 6712 68
68
68
69
6734 68
.68
48
4813 47. 4758 4718 471
48
4712 4734 2,300 Schulte Retail Stores. No par
4732 4712 48
Do pref
100
*117 120 *117 120 *117 120 *117 120 *117 120 *117 120
No par
134 134 1358 1378 134 1378 1378 1378 1358 1358 1358 1358 1,200 Seagrave Corp
*BM and asked Film; no galea en LW day. a Ex-dividend
a Es-debts.
PER SHARE
Range Since Jan. 1 1926
Os basis of 100-share lots
Lowest
Highest
Per chars
RO Mar 30
11
/
4 Aug 27
/
1
4 Jan 7
107 Mar 30
30 May 17
694 Mar 26
56 May 19
1912May 18
514 July 12
1512 Aug 25
3334May 19
22 May 18
11 July 7
3434 A pr 6
3 May 8
52 Mar 24
712July 13
74 Jan 8
126 Jan 27
38 May 22
2012May 21
681.1 Aug 25
53 Apr 14
2514May 25
90 Jan 14
1212May 18
3712 Aug 2
21',July 14
76 July 13
138 Apr 15
116 Jan 16
1634 Mar 2
554 Jan 4
119 May 15
1158.1une 1
384 Jan 2
32 Apr 12
83 June 16
3214 Mar 30
69 May 13
2758 Mar 31
42 Mar 30
49 Jan 2
9118 Mar 31
71
/
4 Aug 18
1338 Mar 1
30 July 2
1418 Mar 30
314 Feb 2
95 Apr 17
47 Jan 12
274 Mar 25
101 Jan 13
106 May 20
10284 Jan 13
812May 10
85 May 17
5334 Mar 29
44 May 19
974 Apr 1
118 Mar 31
at May 13
314 Mar 31
138sMay 14
6618 Mar 31
5674 Mar 31
34 Mar 1
412 Jan 21
51 Jan 19
1934 Apr 1
678May 14
4518May 17
1678 Jan 28
7 Aug 6
118July 14
117 Jan 4
5914 Mar 2
4734 Jan 4
3614 Apr 14
3834June 14
50 Mar 30
18 Apr 3
40 Mar 30
31 Mar 30
94 Mar 25
19 May 15
7612 Apr 15
53 July 21
13 Aug 25
214 Aug 26
29 June 9
70 June 21
94 Mar 29
3934 Aug 19
83 Mar 28
7512 Mar 30
3418NI ay 19
82 Mar 4
11 Mar 29
30346lay 11
72 Mar 2
9612 Apr 7
1034 Jan 12
115 Mar 2
97 Jan 22
106 Jan 18
14 ,14 Mar 31
33 Apr 14
2532 Apr 13
106 Apr 14
32 Mar 30
4458 Mar 31
3234 Apr 30
10121%lar 3
411
/
4July
712Ju1y 24
834 A pr 2
106 Apr2
105 Apr 1
878m ay 2
44 May 19
914 Mar 30
512 Feb 24
96 Mar 30
86 Mar 2
494 Aug, 9
36,851a1 11
4218 Mar 31
73 Mar 31
434Juue 2
52 Mar 4
4212 Mar 30
11214 Jan 6
1212 Mar 3
per share
10018 Aug 12
24 Jan 8
Ds Jan 8
13.44 Fen 73
4434 Feb 25
8312 Jan 14
82 Jan 2
3738 Feb 10
74 Feb 8
2312June 3
5338 Feb 10
337 Feb 15
1934 Feb 1
3834 July 6
1578 Feb 20
66 Feb 23
1278 Jan 0
9812June 25
13112 Apr 28
54 Jan 5
57 Jan 2
9212 Jan 8
80 Jan 2
4234 Jan 7
97 Jan 19
34 Jan 4
7314 Jan 4
404 Jan 2
8934 Jan 4
1744 Jan 5
120 May 20
3838 Jan 21
6878 Aug 19
238 Jan 4
1438July 14
4514 Aug 20
8444 Jan 79
85 Apr 29
4578 Feb 6
74 Feb 5
284 Jan 22
67 Jan 14
52 Aug 27
9658June 29
1518 Jan 14
1714 Jan 7
le web It
2214 Feb 23
4512June 29
10318 Aug 9
62 Aug 19
3114June 29
105 Apr 21
12934 Feb 5
10812June 18
1414 Jan 19
11,77
,Feb 17
755 July 19
52 Apr 5
102 Aug 11
13214 Jan 29
834 Feb 13
45' July7
2814 Jan 4
7614 Jan 2
7844 Jan 4
46 Jan 2
32 June 17
9934June 18
2814 Jan 4
814 Feb 5
83 Jan 7
23 June 16
17 Feb 8
214 Jan 4
130 Feb 11
7654 Apr 8
5114July 7
4838 Feb 13
4612 Jan 11
5534 Jan 29
2478 Aug 19
4912Jene 22
4478 Jan 9
994 Aug 27
434 Jan 9
12714 Aug 19
178 Jan 30
2714 Jan 30
7 Jan 30
4214 Jan 5
85 Jan 5
98 Feb 1
837$ Jan 9
V214 Feb 6
12478 Feb 3
4212 Aug 17
11684 Jan 7
1714 Jan 2
3614MaY 27
93/
1
4 Aug 2
1004 Jan 25
i0954 July 9
122 July 27
104 July 22
114 Aug 5
184 Aug 17
47 Feb 4
31 Jan 4
11234June 25
4838June 22
4858July 13
3714July 1
1538 Aug 9
56 Jan 4
1834 Feb 23
127 Feb 3
112 July 19
1151 1 Aug 27
Ws Jan 4
6352 Jan 7
9812 Aug 14
8 Jan 5
10,
10238 Aug 27
11,0 Jan 20
5738 Jan 9
484 Feb It
5412June 22
1024 Feb 10
1014 Jan 4
704Ju1y 28
1394 Jan 23
119 June 4
1434 Mar 12
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ Per share $ per an.
834 Apr 944 Oct
3/
1
4 June
58 Apr
1/
1
4 Feb
14 Feb
Jan 147 Aug
96
64
Apr 9914 Aug
/
4 Nov
41 Mar 841
2234 Mar 42 Dec
018 Jan
6 May
195$ Dec 204 De.
4474 Oct
40 No%
18
Apr 35 June
13 Aug 2114 Feb
3018 Apr 39 Dec
514 Dee 4214 DAM
Oct
19314 Jan 488
41
/
4 Mar 1258 Dee
85 Apr 79 Dee
1234 Mar 12814 May
Viti Dec IF,"Oil
874 Dec
42 Jan
3814 Jan
96 Apr
294 Dec
5214 Jan
25 Apr
75 June
1384 Apr
11412 Sept
Jan
104
81/
1
4 Nov
45 May
Jan
102
4318 Oct
Oct
81
4134 Dee
8934 Jan
17434 Nov
119 Bern
Jan
5438 Dec 71
201 Dec 250 Dee
1134 Apr 1618 Jan
3112 Oct 5612 Jan
31314 Mar 8112 Dec
-18 Mar 4514 NO'
5218 Jan 78 Dec
Jan
2758 Oct 29
Oct
75
4112 Jan
4852 Jan 5014 Sept
944 Dec 964 Des
1214 Sept1814 Aug
8
Jan
1814 Nov
834 Dec 88 Nor
_--- ,854 Jan 39 5e
7814 Mar 97 110,
411
/
4 Sept 53 Dee
2514 Jan 3274 J1.117
Jan 107 8e1,1
98
8758 Feb 14014 Aug
101 Feb 112 July
8 Mar 1514 AUS
5014 Mar 9712 Aug
42es Mar 6944 Nov
4914 Nov 57 Nov
1
4 Dec
98 Nov 100/
10214 Jan 13718 Nov
5154 Aug 7812 Dec
4814 Noy
Jan
15
Ills May 32 001
594 Sept 8378 Mat
6014 Aug 8412 Mar
3714 Oct 6984 Dee
AU Dre
24 Aug
37
Oct 6012 Dee
25 Sept 4514 Jan
70 Nov
17 Dec
1244 Apr
1 Aug
Jan
112
511
/
4 Mar
4512 Jan
374 May
38 July
51 Nov
124 Mar
3814 Mar
18 Apr
84 Apr
1078 Mar
43 Mar
11
/
4 Nov
2014 Dec
412 Dec
3714 May
80 May
94 Mar
30 Apr
79 July
13452 Nov
"Zrol
28 Apr
2658 Jan
3 Jan
123
Oz,
6714 Dee
49 July
5218 Jan
5014 Jan
9011 Jan
2514 Bens
4714 June
£214 July
99 Dee
4734 Oct
100 Nov
311 Feb
40 Feb
84 Feb
5412 Jan
Jan
99
1024 Jan
6384 Jan
88/
1
4 Mt
121
Dee
76l July 92'a Jan
124 Aug3214 Feb
27 Sept674 Feb
8238 Mar 8772 Aug
Jan 1-111- -bl
oO;
99
et
10858 Apr 1
Jan 106 Nov
99
9214 May 1004 Dee
129 Mar 17312 Sept
33 July 4714 Jan
254 Aug 334 Feb
10214 Jan 10811 Bert
3914 Nov 7778 Jan
Feb
45 Dec
594
4 A
3334 Nov 3
1138 Apr 610734
Des
63 Oct
lyt
24
93
10 May 10
11 Jpour
4634 Jan
Jan
100
e8
pe
t 12
1311 : Apr
10
13
2,8 J
S8
4218 Apr 6414 Jan
8414July
95
18
Jan
8 July
Jan
724 Mar 9534 Nov
85 June 974 Feb
4814 Mar 67% Jan
3554 July 5212 May
48 Dec 5014 Dee
4814 July 1084 Mat
9 Nov
11 Nov
514 Dec 554 Dee
10134 Sept13474 Dee
114
Jan 118 Aug
1634 June
1314 Nov
New York Stock Record -continued--Page 6
For aides during the week of stocks usually Inactive, see
sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Monday,
Aug. 21. 1 Aug. 23.
Tuesday,
Aug. 24.
Wednesday, Thursday,
Aug. 25.
Aug. 26.
Friday,
Aug. 27.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan 1 1926
On basis of 100-share lots
1095
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Makes
--Per share , per share
per share $ per share
per share
per
5618 5514 5638 5518 5688 5434 5534 554 5534 5458share Shares. Indus. & Miscall.(Con.) Par $ Per share $ Per share II Per Share $ per liar
56
56
11,700 Sears,Roebuck&Co new No par 4414Mar 29 5778 Aug 16
36112 64 1 6034 62
36012 63
60
6012 60
6012 361
6112
600 Shattuck (F 0)
No par 47 Mar 30 6958 Jan 4
40l Mar 92 Ate,
34218 4314 *4214 434 34212 44
*4238 4334 34258 44 I *4314 4458
shell Transport
1
4 Jae 4
392 Sept
2914 2912, 2914 2912 2914 2934 29
49 D
2914 294 29581 294 2938 29,700 Shell Union Oil & Tradirux_i2 402 July 26 48/
No par 24 Mar 3 2934 Aug 24
211
*106 1085e 10614 10614 *10638 1084 310612 107 310658 10712 31065
/
4 Aug
284 D8
10712
100
Do pref
994 Jan 10614 No
100 103 Mar 3 114 July 2
1614 1612 1614 1634 1712 1814 1738 1814 18
1918; 1812 1834 30,800 Simms Petroleum
10 1518 Aug 18 28/
32/
1
4 Jan 2
1
4 3314 3234 34
1734 Sept 26/
1
4 Ja
33
34
3218 3378 334
*10714 108 *10714 108 *10714 108 *10714 108 *10714 3338 3212 3338 9,900 Simmons Co
No par 3218 Aug 25 544 Jan 4
3114 Mar 54/
1
4 No
108
Preferred
100 10714 Jan 29 109'2 July 2 1004 Jan 1084 De
21
2114 214 2158 2034 2114 2012 2078 2012 21 *10714 108
2012 21
19,100 Sinclair Cone 011 Corp_No par
1938 Apr 13 247s Feb 23
398
1
4 Fel
Jan
17
24/
9912 398
99
398
99
398
99
398
9812 98
9812
300 Do pref
36
100 90 Mar 30 9912June 24
3638 36
78/
1
4 Jan 944 FM
3612 3558 3614 3518 3558 3518 We 35
357 29,400 Skelly 011 Co
131 131
25
Mar
3718June
30
283
2
28
211
/
4
3212
Mar
130 13034 130 131
Nov
126 127
12714 12712 129 129
1,400 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
112 112
804 Ma 14312 De;
1104 11014 110 111
109 11378 111 112 1 111 112
3,000 South Porto Rico Sugar. .100 92 Apr 15 14712 Feb 2
3108 1174 *108 11714 3108 11714 3108 11714 *108
Jan 10914 Dec
62
11714 *108 11714
Preferred
iOfl 112 May 4 1174 Feb R
31
9934 Jan 1134 Dec
314 31
3114 314 314 31
3118 31
3114 3114 3138 5,100 Southern Calif Edison
2
5214 5212 5284 534 5334 55
3012June 14 33 July 19
_
5378 5414 5334 54 1 5438 55
9.000 Southern Dairies cl A_No pa
Mar
3058 3058 304 3012 3012 3134 3012 3114 303
31
43
17
5512July
4 3138' 31
3138 15,800 Do class B
•1112 1412 •1112 1412 *1112 14
No pa
22 Mar 31 3534 Mar 11
*1112 1412 *1112 1412 31112 1412
Spear & Cu
375
No pa
11 June 2 1734 Feb 19
80
134 Dec
375
80
*75
80
375
80
*75
80
375
80
Do pref
10
72 Apr 20 8212 Jan 13
784 Dec 92 MO
2234 2234 2212 23
2258 224 2258 2258 2258 23
2234 25
7,000 Spicer Mfg Co
3104 10712 3104 107 *104 10712 •104
par
No
1512 Feb 3674 Sept
3132
Apr
19
183
Feb
4
5
10712 •104 10512 *104 10512
Do pref
5412 54
100 101 Jan 12 105 Mar 11
92 Apr 108 J1111
,
4 5412 5434 5412 55
5414 544 5414 5412 54
5412 7,900 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
57
57
404
Jan 61
Os'
*57
5714 5678 5714 5678 57
*57
5714 57
57
800 Preferred
5012 Mar 5614 Not
73
74
50 5334 Mar 30 57/
1
4 Feb 9
*7214 74
37212 731 37214 7312 7314 7314 .
7234 74
500 Standard Milling
384
100 6734May 19 9212 Feb 4
Dee
90
88
May
62
•84
90
*84
90
384
90
384
90
384
90
Do prat
61
6114 61
100 80 Mar 2 90 Feb 5
Jan 8634 Dee
81
611
6034 6114 60'2 60% 6012 6118 61
62
37,800 Standard 011of Cal new_No pa
521xMay14 6278Ju1y 6
4338 4312 4314 433
4314 433
434 431 243
4338 4278 4338 41,600
383 Mar 4713 Feb
11678 117
4012 Mar 3 4834 Jan 2
11634 1167 11634 117
11634 11678 211514 11512 11514 11512 3,900 Standard 011 of New Jersey 2
Do prat non-votIng____10 11514 Aug 26 11918May 18 11614 July 119 Feb
'6
614 "6
61
6
6
6
6
3534 614
534 534
900 Stand Plate Glass Co. No par
38514 86
43415lay 21 1078 Feb II
Jan
5/
1
4 Aug 16
38514 851
854 851 385
851 385
8512 8514 8512
300
Sterling
Products
7418 7434 734 741
No par 7
17
9 90 July 10
ayr 2
59
578ND:a
6214 Mar 82 Dee
7318 74
73
731
6814 7234 6712 69
41,600 stewart-Warn Sp Corp_No par 6712 Aug 27 9274 Jan 2
/
1
431
6512 361
55 Mar 9612 Dec
6512 361
651 361
63
62
62
625
8
63
400 Stromberg Carburetor_No par
5518 5534 544 5534 554 57
1
4 Oct
61 Mar 89/
55
557
5512 5614 5512 5634 50,700 Studeb'rCorp(Tbe) newNo par
3118 120 3118 120 3118 120 3118
4
47 May 18 673
Fan
4114 Jan 684 Nov
eb 23
14
2j
120 3118 120 3118 120
Do pref
*113 134
Feb 23 12212June 23 112 Mar 125 Sent
11412
100
153 134
158
158
53
15
8
15
8
158 3158 134 1,000 Submarine Boat
3112 3112 31
No par
3/
1
4 Feb I
112Ju1y 27
3 Oct 12 Mar
31
*3114 3112 23112 311 *31
32
31
3112 1,400 Sun Oil
11
2814 Nov 4374 Nov
/
4 134
111 124
No par 304 Mar 30 41/
1
4 Jan 4
158
134
134
13
178 24
178 2
8,000 Superior Oil
2 Dec
par
*2312 28
.
No
29
Jan
1
July
64 Feb
8
44
32312 25
32312 25 I 32312 25
323
323
25
25
Superior Steel
*1272 1312 1234 1314 1314 1314 31234 1338 3123
100 1912 Apr 12 27 Apr 241
20 May 4114 Jan
4 1338 *1234 1338
600 Sweets Co of America
5/
1
4 mar 1512 Oct
858 Apr 13 1438July 20
50
*814 813 3814 812 '
814 812 *814 81
'84
812 3814 812
Symington temp Mfg..No par
31614 17
7120.iay 14 1412 Jan 4
1012 Jan 2072 Sept
•1614 17
31612 17
31612 17
31612 17
164 17
600 Class A temp ctfs_ __No par 16 June 28 2072 Feb 4
•12
1212 12, 12
1934 Dec 264 Sept
12
12
*12
1212 312
1212 12
12
1.000 Telautograph Corp....No par 11 Apr 5 1472 Jan 19
11 Aug 1614 Nov
31158 1134 1112 1134 1112 11121 1114
1112 1114 1114 1138 1112 2,000 Tenn Copp & C
No par 1072 Mar 31 16 Feb 5
54
7/
1
4 Apr 16 Dee
544 534 5412 5314 54
53
5358 5314 534 5314 5414 24.200 Texas Company (The)____
16514 166
25 48 Mar 30 56 June 22
42/
1
4 Jan 55 Dec
165 1674 16612 16838 164
165 16812 168 17112 26,400 Texas Gulf Sulphur
•1458 1434 31412 1458 1412 1434 1438 167
1
4 Feb 12172 Dec
97/
1412 1412 1412 143 1412 4,900 Texas Pacific Coal & M.__ 10 11912 Jan 12 173 Aug 3
3850 950 3850 950 *850 900 1 3850
10 1212 Mar 2 1912 Jan 7
1072 Aug 2354 Feb
900 3850 900 "850 900
5 Texas Pacific Land Trust_100 510 Mar 19 1035 May 27 255
328
2878 328
Apr 657 Dee
284 274 28
*2734 284 328
2812 328
281
300 The Fair
No par 2712 Mar 31 34 Jan 14
347
.4758 •47
32
/
1
4 Sept 3914 OM
4758 4712 48
4712 48
4712 4712 474 471
4,600 Thompson (J R) Co
32912 30
25 4214May 7 48 June 16
3038 304 3012 3012 330
31
330
303
4
330
303
700
Tide Water 011
100 30 Aug 13 3914 Jan 26 161; Sept • Wee
9212 9215 9212 921 392
9234 9214 9214 9214 9214. 392
93
400 Preferred
100 90 Mar 31 103 Jan 25
Oct
99 Nov 101
60
60
60
601
60
6014 5938 5934 5834 59 1 5812 59
5,800 Timken Roller Bearing_No par 4478 Mar 3 6214July 30
1
4 Oet
11014 1131 11014 11278 1094 11112 10858
3734 Mar 59/
11014
10912
1103
4
1103
4
1107 51,900 Tobacco Products Corp_ __100 9514 Apr 12 11314 Aug 21
/
4 Nov
1144 11638 11434 1157 11412 11434 114 114
Jan 1011
70
11478 11512 11512 116
4,700 Do Class A
100 103 Mar 3 11638 Aug 21
1
4 Nov
934 Jan 110/
434 47j
434 47
458 434
412 458
412 453
412 458 29,400 TransetlOiltemetfnew No par
5/
512July 9
3 Mar
34 Sep
1
4 May
31634 171
1612 173 3____ 17 *____ 1612 t____ 1614
315
1614
300 Transue & Williams St'l No par 1612July 30 27 Jan 28
35
Jab
2412
Sep
35312 54
54
54
35312 54 1 5312 5312 5312 5312 *5312 55
400 Underwood Typewriter... 25 514 Mar 30 63/
1
4 Jan 7
3812 Mar 5514 Nov
•53
55
•53
55
544 55
5212 53 1 54
54
*5212
54
1,300 Union Bag Ar Paper Corp 100 55 ?slay 2l
7114 Jan 5
Apr 86
Oct
36
8914 9014 894 9138 8934 9138 88
894 8834 90
8914 9078 18,200 Union Carbide & Carb No pa
9214 Aug 16
7712 Mar 2
5214 5238 5218 52
5118 5218 5011 5114' 5012 5114 514 5214 22,400 Union Oil. California..
25 3714 Jan 20 68 July 13
Feb
33
Ws;
Oct
*9214 9334 *9214 94
9212 9312 9312 96
91314
07
97 102
5,800 Union Tank Car
100 844 Mar 31 102 Aug 27
94 Dec 134 June
3116 117 311514 116 *115 116 *116
118 [3116 118
1001 Do pref
100 11314'May 2 118 July 12 1134 June 1174 May
*3314 34
33314 3312 3212 3314 3312 3312 3312 3312 1164 11618
3314 334
7001 United Alloy Steel.___ _No pa
2512 Jan 2
35/
1
4July 15
24 May 3672 Mat
10178 1044 102 10314 10234 10314 102
6,700 United Cigar Stores
10934 Am! 17
25 8312 Feb
604 Jan 11512 Nov
3121 12412 3121 12412 3121 124 *121 10214 10278 10312 10212 103
124 *121 124 3121 124
I Preferred
125 June 30 115 Dec 1334 Dec
1
4 Mar
100 114/
158 160
159 16014 159 161 1 159 160
15912 15912 160 16212 8,000 United Drug
100 134 Mar 30 167 Feb 4 11072 Feb 15212 Om
•5718 58
5714 5714, 35718 58
58
58
3574 5778 *5718 5778
200 Do 1st pref
50 5512Mar 5 59 July 8
52
Jan 6818 Nov
11434 11434 115 115
115 11512 11434 115
11414
11414
114
114
Fruit
United
1,400
new
No
98 Apr 15 11812July 8
pa
32258 23
32258 23
32258 23
32212 23
*2212 23
*2212 23
United Paperboard
100 22 May 4 3812 Mar 2 "fit", "A:9; • -15ie-e
393
9612 394
97
39478 9612 395
97
*9412 9612 39478 9612
Universal Pictures let pld .100 00 Mar 8 97's July 8
9474 Dec 10312 Oct
2238 23
22
2234 2134 2258 2112 22
22
2212 2214 224 8,100 Universal Pipe & Rad _. Nova
1
4 Pen
1332Mar 31
28/
Dec 50/
1
4 Jan 5
26
372
7412 72
73
72
7
2
71
714 371
72
371
72
100 52 Mar 36 784 Jan 5
Do pref
1,100
65 July 94 Feb
32812 23078 220 22934 211 224
209 215
21414
22.200 US Cast Iron Pipe dr Fdy.100 150 May 19 24812 Aug 3 1314 Apr 250 Feb
106 106
10612 10634 10678 10678 3106 107 3106 21614 212 217
107 *108 107
100 10014 Mar 8 109 July 9
400 Do pref
91 July 113 Aug
55
55
5512 5512 5514 5512 5458 55
55
56
5618 5712 12,500 I'S Distill)Corp tern elf No par 39 Mar 30 6112 Feb 13
3014 Feb 8314 Dee
34812 4912 34812 4912 34812 4912 48
4812 4858 483
4758 4758
1
4 Jan 2 50/
1
4 Feb 4
600 US Hoff Mach Corp v t e No par 45/
23
Jan 4914 Oct
7412 76
73
7638 7418 7678 7314 7434 7414 7438
3
4 7358 7434 27,900 II S Industrial Alcohol
_100 45 Mar 30 7934 Aug 17
704 Dec 98
Oet
010312 108 310312 108 310312 108 310312 108
*10338 108 •1034 108
prof.
Do
101)
9914
22
102
Aug
115 June
106
Apr
17
Dec
6158 62
624 65
6334 6412 63
6412 64
6434 26334 6414 18,900 USRealty&Improv't Immo par 4818 Mar 29 7178 Jan 4
594 60's 59
60
5914 6134 5934 63
6314 6514 6378 6714 195,200 United States Rubber
100 5014May 19 8814 Jan 23
33'z Mar 971 No'
10612 1061 310612 107 310612 107
1064 101378 10634 10634 107
100 10112 Mar 30 109 Jan 19
500 Do 1st pref
9234 Mar 10874 Nov
38
38
38
38
38
38
3712 3734 3734 38 1 33818 107
3812
Feb 51 Dee
1
4 Jan 2
800 US Smelting, Ref & Min
30
/
4 Apr 21 49/
50 361
•46
471
4714 471
/
4 *4712 49
*4712 4912 34712 48
34758 48
44
Apr 4914 Dec
200 Do pref
50 4714 Aug 19 50 Jan 4
149/
1
4 15158 14858 15278 14858 153
14634 149
14712 14938 14838 14934 834,500 United States Steel Corp 100 117 Apr 15 159:12 Aug 17 112/
1
4 Mar 13914 Nov
128 128
12814 12838 128 12814 128 128
12734 128 1 12634 12734 2,950 Do pref
100 12412 Mar 3 13012June 11 12212 MaT 126/
1
4 Jac
361
64
361
64
361
6334 *61
6334 *131
6334 *61
5112 Mar 594 Nov
U S Tobacco
6334
No par 5812 Jan 4 64 July 13
3115
•115
•115
*112__- *112
•112
F referred
100 112 Mar 19 115 Aug 19 10534 Apr 114 Sepl
310412 10512 *1044 1054 *10412 1054 "10412 10518 •10412
105 310412 105
82 Mar 111 Nov
Utah Copper
10 93 Apr 1 105 Feb 11
329
30
294 30
29
294 2914 30
39
30
30
30
2,000 Utilities Pow & Lt A.__No Pa
3.) Aug 38 Aug
2814 Mar 31 37 Feb 15
34034 414 41
41
34012 41
3938 4112 33012 40
33912 40
1.300 vanadium Corp
2534 May 3434 July
No pa
29 Mar 3 43 Aug 16
48
48
34714 4914 348
4914 48
4812 *4712 4914 34712 49
300 Vick Chemical
No pa
4314July 21 52 Aug 6
_
VIrginla-Caro Chem___No pa
31, Feb 20
,
3 Sept1
172 Jan 15
-134 NCI;
;15" 1314 127e 13! "ii 13 313 1312 313
1312 12
1318 1,600
New
17/
1
4 Dec 2172 Dee
No pa
1232July 1 2512 Feb 3
Do
"B"
132 Jan 8
No
4July 2
pa
/
1
4 Aug
4/
3
1
4 July
"ii34 4433 ;44T2 45
;44T4
45
-444 -443-8 "44T2 WI;
"ioo 6% vet W i
5614 Nov 63/
100 4312July 6 69 Jan 4
1
4 Dec
9138 9112 39034 904 9178 9212 39234 9278 9274 9434
9458 947g 3,400 7% pref w 1
9214 Nov 954 Dee
100 8512July 8 9812 Jan 6
34412 46
46
46
47
47
343
48
*43
48
*43
48
300 Virginia Iron Coal _
40 May 15 50 June 10
30 June 46
10
Dee
3114 3112 31 18 3138 31
31
3058 31
3012 31
31
31
5,600 Vivaudou V) new
No pa
,Aug 3
26 Mar 30 327
714 Jan 28/
1
4 Dee
•98 102
398 102
390 102
399 102
399 102
399 102
Do pref
9434 Jan 29 10314 Feb 10
10
321
2114 2038 21
"2034 214 321
2114 21
21
203
4
Waldorf
21
system . _ . No pa
800
17 Jan 12 2174 Aug 19
1413 Aug "fif, "Ry
316
1612 154 154 *16
17
16
18
16
16
*1534 16
400 Walworth Co etre
No par 1214June 2 2314 Jan 27
an, Dec 2414 Dec
10978 395 115
Ward Baking Class A. No par 99 June 30 195 Jan 2 116 Apr 198 Dee
"Kis "iii" -5,1- 35" -35i2 341-2 335 z 395
3418 3578 34
3512 22,400 Class B
No par 2414May 18 8538 Feb 1
3714 Mar 95/
*9112 92
1
4 oat
39112 92
*9112 94
oltz 9112 9134 9134 39112 92
200 Preferred (100)
No par 90 Apr 15 11012 Jan 15
2 D
Fee 112
oc
9
17
eet
4114
274 D
3138 3514 354 383s 3612 50
3012 31
43
5412 4858 53 293,500 Warner Bros Pictures A _ __ 10 12 June 11
5412 Aug 26
*4914 50 .494 50
4912 4912 49
49
4812 4938 4938 4938
Warren Bros
700
par
No
437
8
Apr
15
51
Aug
9
43
June
04
July
5518 5515 35514 58
55
55
55
55
357
5934 *57
5934
500 Weber & Hellbr, new_e No par 53 Apr 20 8512 Jan 13
Apr 1004 Dee
51
•143 147 *145 14634 145 145 *144 145
144 144 *144
300 Western Union Telegraph_100 1344 Mar 30 147/
1
4July 7 11814 Jan 14472 Sent
13214 13858 136 13833 1344 13634 13234 13412 13412 13512 134 145
Westinghouse Air
135
34,700
3
4
50 1054 Mar 31 1384 Aug 21
97 Apr144 Aug
6878 6912 685s 6958 6812 6834 6834 69 1 694
6834 69
6,800 wpgtinel ougt. FloeBrake__
65
may
703
8
ar
7o4
mfg_ 50
19
Feb I(
Mar
1818 1734 18
*1712 1814 18
1678 1734 17
1738 1712 1712 4,100 Weston Elea Instrument
1334May 10 1912July 28
8
20
412 Aug
669::
3112 311 43112 3214 *3112 3178 331
3178 .31
3178 5391418
200
274
Jan
4
32
/
1
4July
7
Mar 2874 Dee
19
3
2
56
96
394
96
*95
96
594
96
*9412 98
90
West
Elea
Penn
A
C
MA
VI
-------.
No Par 884 Jan 6 97 Feb 11
5974 __- 59714 ____ *9714
•984 ____ *9814 100
*984 100
Preferred
100 9512MaY 17 100'!July 15
____ •111
____ *Ill
*111 -__ *Ill
•111 . _ •111
_ 1._.°Wes Pennerrefi Power pref_ 100 108 Mar 25 112 Jan 16 104
Jan iff" Yuji
2534 26
26
2558 2558 2558 -215-8 2558 25532512 -2126
White
1,900
Eagle
8
_
7
011
No par 2518 Apr 20 2934 Feb 10
2513 Aug 3154 Feb
6014 6112 6014 6112 6014 6112 5912 6014 5918 6038 5934 6018 20,300 white Motor
50 5153 Apr 15 90 Feb 11
5712 Mar 1044 Aug
•2734 28
28
*2734 28 •274 28
*27
27
27
27
27
300 White Rock Min Sp ctf _No par 26 Mar 27 3832 Feb 3
78
334 Dec 4932 Aug
75
78
378
78
I
078
1
78
1
Wicswire
78
1
522 May
700
Spencer Steel ctl
2 Dee
332 Jan 6
2712 2818 2714 2814 2678 2712 2678 2714 2678
2758 28
2738 89.100 Willye-Overland (The)
94 Jan 34/
41ualy
5 18341%
1
4 Nov
y2
12
7 84 Jan 4
96
*95
9512 9512 95
*95 ; 96
95
*95
98
595
Do prat
98
1,100
100 914 Jan 19 09 Feb 4
7214 Jan 12372 Dee
? *94 10
1014 1014
912 10
*914 934
9/
1
4 9/
1
4 *934 10
1,800 Wilson & Co. Inc. new_No par
6
May
1214July
20
18
197s 1878 157s 1814 183 *1812 19
*19
187s 1874 '1812 19
700 Do Class A
No pl. 14 May 21 22 ktit 9
59 •58
*58
5912 58
3778 5778 5712 5712 57
58
rehfco (F
woo
Doi.oprt
57
100 42 May 19 611
/
4July 17
1
4 158/
1
4 16232 155/
180 16214 15834 162/
1
4 1591 1574 160
157 15914 32,9200
v)
25 13514klay 19 222 Jan 4 1124 -.1111; 220
•25
28
325
25
26
271 325
27
325
27
325
2712 1,000 Worthington P & M
100
2014 Mar 30 4434 Jan 6
3514 Aug 7934 Jan
*8434 70
*6434 70
*6434 70
*8434 70
*6434 70
*8434 70
Do prat A
100 66 Aug 11 80 Feb 2
Jab
76 Nov 88
59
*49
*49
55
*49
55
*53
54
54
54
*5112 54
100 Do
53 M ar 29 85 Feb 24
58 Aug 7634 Feb
354 3534 35/
1
4 3832 3534 3632 3512 3532 35/
1
4 3512 3512 3542 2,2000WrightWW bt p
Are
erlonautical.
B
_ _No par 2412 Mar 30 3934July 16
16 Mar 3232 July
*5234 5312 *5234 531e 45234 531 35234 531 *5212 5312 35212 53
Wrigley(Wm Jr)
No par 47 Apr 3 56/
4512 Mar 5714 Oct
1
4 Feb 11
68
67
6812 6834 6834 89
67
69'i
Town,
25 6012 Mar 4 7212 Aug 26
62 Sept 7014 July
3072 30
3138 2958
3012 30
1
30
2912 34
33
62145
leowT
4 Trouw
Ye
all
ck& Coach
343
8
4 211.300
2
'
7° Y
100 20 May 24 3614 Aug 3
2 Oct 4034 Oct
227
*106 107 *106 107 *106 107 1 10612 10612 106 108
10612 10812
500 Preferred
Ost
100 9112 Apr 3 10812 Aug 17
Oct 100
90
9014 9138 904 911
/
4 891
/
4 9172 8832 8914 8818 90
8912 90
17,700 Youngstown Sheet & 'I' No par 89 May 14 9514 Aug 9
013 Mar u24 Nov
• Bid add asked prices no sales on this day. x Ex-dividend,
Oct
1096
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan 1 1909 as gschangs method of truing Sands was changed and prices are now -and snterest"—eztept for income and defaulted bonds.
BONDS
N.Y frrOct( F,XcH ANGH
Week ended Aug. 27.
111Ce
t
.44.
Week's
Range or
Last Sale
Aug.
Pf'Mv
27.
U. S. Government.
13fel
Ask
Sint Liberty Loan.1 D 10134, Sale
334% of 1932-1947
Cony 4% of 1932-47
.1 13 1001335 Sale
Cony 434% of 1932-47
D 1012342 Sale
24 cony 434% of 1932-47
.1 13,101
Second Liberty Loan4s of 1927-1942
M N 100 100.333
Con, 412% of 1927-1942
M N 1002.22 Sale
Third Liberty Loan4 % of 1928
M S 101.32 Sale
Fourth Liberty Loan41.4% of 1933-1938
A 0 102734 Sale
Treasury 4326
1947-1952 A 0 107.1_31 Sale
Treasury 4s
1944-1954 J o 103,133 Sale
Treasury 34s
1946-1956.M S 101..33 Sale
car
High No .1 Low
Low
100.34 100.331
ii 998114,00"..
100.5,3100.31 682, 1001143 101
101134 101.1 364 100..4301 1.43
10224, 102322 630
1070.10.3°n 131
1031.131032.0 31
10 Oaf 1010n; 150
1012,42 034,
1011t,, 0833,,
102254,01304,
1001344 023n
--- 10012 Aug'261 _--.
102181
8
10112 1-02 10112
101 12 102 10238 July'26....
1013810134 June 26
78 10558 Ap '26
10614 1-06-10618 10858 10614 June'211
10618 10658 106 Aug'26
106 10638 10612 Aug'26
9838 9878 99 July'26
9812 Aug'26
9838
983. ____ 9812 Aug'26 _974 _
9714 Mar'26
9758 ____I 9714 Apr'26
9814 ____1 09 Mar'26
10514 106 il(1512 July'26
10514 106 10114 Aug'26
8914 8918 89 Aug'26 _
8914 __-- 8938 July'26
Apr'26
89 ---- 89
10158 Jan'26
102 May'26
10118 Mar'25
102
Apr'26 ____
10178 Mar'26
11014 May'26
6438
7612 Feb'25
1 :12 102
1
1 ,8
10012 10214
Foreign Govt. & Municipal's.
Argentine (Nat Govt of) 74_1927 FA 10034 Sale 10038
1959 • D 99 Sale 984
f 66 of June 1925
Esti s 1 65 of Oct 1925._ 1959 AO 99 Sale 9834
Sinking fund 68 Ser A __ 1957 • S 9918 Sale 9878
External as Series B. _Dec 1958 t
9834 Sale 9834
Exti 8168 of May '211 rets_1960 11111 N 9834 Sale 9834
Argentine Treasury 55 L
1945 MS 9112 Sale 90 8
Australia 30-yr 5s_. July 15 1955 J J 9838 Sale 9814
D 102 Sale 102
1943
Austrian (Govt).175
1
1
10073 41
9914 131
9914 176
9914 78
9914 103
9913 104
92
56
9812 201
10212 72
1
1
10712 77,
10712 11'
92 1 671
87
11;
9374 90
113 I
4
10118
5
9278 226,
10314 14
102 1 93]
87
211
105
371
9434 89
Aug'26 ____
9834 20
10038 14
D
Belgium 25-yr ext. f 734a 4_1945
1941 F A
20-years 18.
1949 M S
25-year ext 6548
1955 1 J
Eat! f
D
1955
Ext1 30-yr a I 78
1945 M N
Bergen (Norway) f 8.8
25-year sinking fund 66_1949 A 0
1950 A 0
Berlin (Germany) 63.48
Bogota (City) ext'l f 88_1945 A 0
Bolivia (Republic of) 84. _ _1947 M N
Bordeaux (City of) 15-yr 88_1934 M N
D
Brazil U 9, external 8s
1941
1952 .1 0
78 (Central Ry)
73.4,(coffee secur) £ (flat).1952 A 0
Bremen (State of) extl 78_ _ _1935• N
Buenos Aires (City) extl 63481955 .1 .1
1
1931 *0
Canada (Dominion of) 58
1929 FA
10-year 5328
1952 MN
58
1938 FA
434.
J
1954
Carlsbad (City) e f 8s
Chile (Republic) eat! f 86_1941 FA
External 5-year is f 88._ _1926 AO
1942 MN
20-year extl 75
1946 M N
25-year 8 88
Chile Mtge Bk 634s June 30'1957 JD
Chinese (Hukuang Ry) 58_1951 JD
(14,144.184,t8
10 yr•r R.toq4 MS
Cologne (City) Germany 633s '50 MS
L.0101.01n tise9uUnt.10 rye_ ..1927 AD
Copenhagen 25-years f 5348-1944 J J
1942 J J
Cordoba (Ploy) Argen 78
1944 MS
Cuba Is of 1904
External 5s of 1914 Ser A.1949 P A
1949 P A
External loan 414s
1953 J ./
Sinking fund 51411
Czechoslovak (Repub of) 88_1951 * 0
Blot fund 8s SerB
1952 AO
194/ AO
EMI 51 7348 Ser A
10131
10158 102 I 34
10134 10214 10134 10218
8
10458 Sale 10458 10514 90
9814 45
9818 Sale 98
10212 10278 10258 10278 13
108 Sale 10734
10834
8
101 Sale 10078 101 14
6
43
10114 Sale 10012 102
10814 Sale 10712 10814 11
9633 Sale 9614
9834 44
4014 4012 4014
404 16
9912
9912 Sale 99 2
1
921i Sale 9134
9212 59
10014 10038 10014 Aug'20 ___ _
9912 Sale 9934 100
20
9738 Sale 954
0078
5
101
101 Sale 1511
2
10158
10056 Aug'26
97
90
96
96
2
10134
10034 10114 101
9
10334 59
10312 Sale 103
103 10312 1C312 104
34
10012 57
10014 Sale 100
Danish Con Munich, 88 A 1946 FA
Series B a f 88
1946 FA
Denmark 20-year lie
1942 ii
Dominican Rep Con Adm f 58'58 FA
Custom Adminlstr 514a_ 1942 MB
Dresden (City) ext178
1945 M N
Dutch East Indies eat] 68_1947 • J
60-year 65
1962 MS
30-year extl 5348
1953 MS
30-year Intl 53.4i
1953 MN
El Salvador (Rep) 86
1948 J
Finland (Rep) eat! 131
1945 • S
External s 76
1950 MS
Finnish Mun Lo 6
A.._1954 A0
External 8 Sket Series B
1954 A0
French Reptib 25-yr extl Si.1945 M
20-yr external loan 7 M._1941
D,
1940 J 0,
External 7s of 1924
111 1 32
III Sale Ill
III
4
10912 111 lit
42
104 Sale 10334 104
10512 -- 105 Aug'26
974 24
9714 974 974
98 I
5
9718 9712 9712
10512 27
10514 1054 14)514
10512 61
10514 Sale 10514
10314 10312 10314 1034 18
7
10338
10314 10312 10314
10712
2
107 Sale 10718
8934 31
8914 Sale 89
9912 31
9938 Sale 99
9212 17
92
9258 92
92
93
9212
9212 10
10358 Sale 102713 10378 359
0712 Sale 9612
974 106
9212 Sale 9112
9234 332
German Republic exti 75_1949 A
German Cent Agric 13k 78___1950 M S
Graz(M twirl polity) 84 _ _ _ _1954 M N ,
Gt Brit & Ire!(UK of) 5346_1937 F A'
1929 • A
10-year cony 530
Greater Prague (City) 730_1952 M.. N
1964 1,3
Greek Govt 76
1952 A
Haiti (Republic) 6 f 6s
Heidelberg((ermany)ext 7)-4s'50 J
Hungarian Mimic Loan 73kis 1945
J
Hungary (KInfid of) s f 7 348.1944 F A
Ind Ranh of Japan 8% notes1927 F A
Italy (King() of) ext'l 7s___ _1951 J 0
1051, Sale 10515
9958 Sale 9914
98
9812 98
105 Sale 10514
11818 11818 11814
102 Sale 1014
8712
8712 88
9812 Sale 9812
9912 100
9912
9558 Sale 9512
99 sale 99
10018 Sale 10018
90 Sale 89
Japanese Govt £ loan 49.___1931
1954 F
30-year a f 6348
Oriental Development 65.196 M
F
1947
f
7a
a
Leipzig (Germany)
131
4..yous IC Ity ofl 15-Yelu 611114.34
Marseilles (City of) 15-yr 68_1934 M
Mexican Irrigation 434s_ _1943
1943
Assenting 5 f 4148
s5=L. o Due
A
13
A
N
N
10738 Sale 10714
10714 10712 10733
9112 Sale 9114
864 Sale 86
9334 Sale 9312
113 11312 113
101 10138 101
9212 Sale 9112
103 Sale 103
10178 Sale 10134
8714 Sale 8614
10478 Sale 10412
95 Sale 9412
107 108 10712
9812 Sale 9834
100 Sale 100
89
8912
9678 Sale
9058 Sale
9638 Sale
871 Sale
8714 Sale
--
89
8912 70
9658
97
226
90
9114 40
9558
9638 62
86
8714 91
8634
8714 25
30 Mar'26
- - - 35
3534 72
July. 4 Due Aug. g Due Nov
10514 170
9978 97
9812
6
10514 68
11838
9
102
12
8818 84
09
77
9934
8
9578 93
9912 55
10014 43
90
832
a Option .ale
1!.4,
05,
34 110
110
0212
10478 10114
1044 101134
10412 19658
9734 99
9734 9812
9778 99
9714 974
97,4 97,4
98
99
10412 1011
10414 :0538
88
7%
884
10138
10134
BO N DS
N.Y STOcK EXCHANGE
Week ended Aug. 27.
t
"-.a.
High
1011ss 1012111 248 99.131 0121,,
it 0 1 .31
.
1 1 99
1001.33100..32,
221 101034 02,°33
100.31102
101444 02",.
102.32July'26
.SC 10014
State and City Securities. 1
NY City-44s Corp stock. 1960
43is Corporate stock
1964 M S
1966 A 0
434s Corporate stock
43(8 Corporate stock
1972 A 0
4355 Corporate stock
1971,J 0
4148Corporate stock_July 1967.4 1
434s Corporate stock
1965 J 13
4340 Corporate stock_ _ _ ,_1963 PA 9
1959 PA N
4% Corporate stock
1958 M N
4% Corporate stock
4% Corporate stock
1957 M N
4% corporate stork
1956 M N
4% Corporate stock
1955 M N
4% corporate stock
1936 M N
1957 MN
4 ki% Corporate stock _
434% Corporate stock_1957 1141 N
314% cor, orate atk_May 1954 MN
334% Corporate stk_Nov 1954 '31 N
3).4s corporate stock
1915 M N
New York State Canal /n2_481961 .1 .1
48
1962
4s Canal
1942 1-i
1964 1 .1
433s Canal Inapt
4e Highway Rapt reglaterd1958 _ _ _
HIghway Improv't 434s_ _1963 11 S
1991 J .1
Virginia 2-34
Range
Since
Jon. 1
894
)2
89
1014
102
102 11014
10178 10178
11014 11012
Mexico(US)eat! 54 011899 E.'45 Q J
Assenting 5e of 1899
1945
Assenting 58 large
Ateenting Is small
Gold deb 48 of 1904
1954 J 0
Assenting 4e of 1904
Assenting 4s of 1904 small
Assenting 4s of 1910
Assenting 48 of 1910 large._
Assenting 48 of 1910 small.__.
Tress (is of '31 assent (larger33 1-1
Small
Montevideo 76
1952 ,j--15
Netherlands 68 (flat prices). _1972 54
30-year external es (11eU)_ _1954 A 0
Norway 20-year exti 6s
1943 F A
20-year external (is
1944 F A
30-year external 68.
1952 A 0
40-years f 533s temp_ __ _1965
D
Oslo (City) 30-year 5 f 6s
1955 M
Panama (Rep) extl 533s____1953 J D
Peru (Rep of) external Ss__ _1944 A 0
Extl Rink fd 7338 temp.,.1040 M N
Poland (Rep of) gold 6s......1,940 A 0
Extl sink fd g Rs
1950 .1 J
Porto Alegre (city of) 8s._ 1961 J D
Queensland (State) ext,f 78. 1
104
947
1 F
A O
A
25 year external 68
Rio Grande do Sul extl s f 86_1946 A 0
Rio de Janeiro 25-yr 8 f 88_1948 A 0
25-yr cad 88
1917 A 0
Rotterdam (City) extl 68_ _1961 PA N
NI
Sao Paulo (City) s f 83
1952 131
San Paulo (State) ext,f 8s_ .1936 J J
External s f 86 Int rects_1950 J I
External water loan 7s
1950 M S'
Seine (France) extl 78
1942 J .1)
Serbs. Croats Ai Slovenes 8s 1962 PA N
Solssons (City) exti 68
19311M N
Sweden 20-year 68
1939.1 D
External loan 51.4.
1954 M N
Swiss (1onfeci'n 20-yr s f 86 10411J J
Switzerland Govt ext 533s .1946 A 0
Tokyo City 5s loan 0( 1912 _1952 81 S
1 rondhlem (City) eat! 6145 1944 .1 .1
Upper Austria (Prov) 78_ _1945
Uruguay (Republic) ext 8s. _1948 F A
Externals fibs lot rcts._ 1980 m N
Pries
Friday.
Aug. 27.
Week's
Rouge or
Last Sale
I
oTA
Range
Sims
Jan. 1
11108
i r Low
Mob
Ask Low
Bid
4212 55
50 Aug'26 ____
5118 70
3412 5018
51
44 Sale 4234
44
38
4834
42 Aug'26
3712 May'25 ---------2714 34
2718 2734 34 July'26 ___
2014 374
2714
28
20
2314 Atig'25
-2
.712 /834 2558 Oct'25
g
_
27
28 I 42 -2338 13-4-722
314
105
25 Sale 2414
26
1
52
4
3
94
4278
4312
11
4314 4412
3712 5312
15
44
3u
96 10212
15638 10034 111014
10034 12
110
17
10912 Sale 10914
0
171
'
4 1411.
10378 Sale 10378
1114
71 103
23
9934 10274
101
10034 Sale 101134
101 18 57 100 10214
10034 Sale 10034
8112
101 14 Sale 101
101314 28 100 182
95
9812 Sale 9818
9812 141
4
9812 101,
9
995,8 10012 9938 100
10238 Sale
10334 Sale
100 Sale
6912 70
8914 Sale
1112 Sale
11338 114
10534 Sale
10314 Sale
10214 Sa e
102 Sale
10478 10514
1024
10234 15
10312
10334 52
100
10014 103
362
6812
70
91
214
8712
10(1
10314 26
10
11378 11373
10502
10578
3
10312
10378 24
31
112
10315
10214 14
10134
. 10478 17
1047
1004 103
10112 105
97 10134
70
61
8218 91
9811 10372
11012 11414
10418 108
9858 104
974 104
97 10234
103 107
10412 10514
104 Sale
10578 Sale
9614 Sale
8834 Sale
9218 Sale
8312 84
10414 Sale
10312 q'tle
11334 Sag
10312 ba:e
7412 7434
9934 Sale
91
90
109 10934
9614 Sale
10412
10412
10538
9614
8818
9214
8312
10418
10338
11354
10312
7412
9912
91
10912
9614
10518 16
10512 41
10578 30
9712 104
8914 180
9212 231
21
84
17
104
10412 32
114 ,
1 33
134
104
7478 19
6
100
9112
4
10912
8
9612 200
10012 10558
1024 10612
1014 108
9613 97,2
9014
84
8712 94
8512
81
Katy 10534
10112 10514
113 1/74
10234 106
7534
67
994 101,2
90 94
1074 111
97
96
10012 10218
96
9 78
9578 1110
9614 101 14
9534 9.4
58
994
92
85
Railroad
1
9618 149
Ala Gt Sou let cons A 5a. 1943 J D 10358 Sale 10358
10358
7
100 103
Ala Mid lot guar gold 5s___ _1928 M N 10038 102 10038 July'26
Alb & S1189 cony 3336
1948 A 0, 851s..._ 8512 Aug'26
105 111.4 Alleg & West 1st g gu 4s._ 19941 A 0 8314 85
4
8312
8312
10534 1085s Alleg Val gen guar g 4s
1942 SI 5, 9414 95
9414
9412
3
95
88
Ann Arbor 1st g48.
July 1995
.1 , _7_72 80
__
80 Aug'26
8112 8776 AtchRTeoic
Fe—Gene 48_1091 A 0, 9214 Sale 91
9214 129
9158 9734
P
letAerS
A 0
ed
9114 Aug'26
_
1,214 115
Adjustment gold 45,,July 1991 Nov
_ _ _ -87-14 8734 Aug'26
95 10178
Stamped
July 1995 M N 8714 8734 8714
4
8714
8514 924
M N 8212 85
Registered
8314 Jan'26
964 li 4
Cony gold 48 1909
1955 J 13 8918 894 89 Aug'26 _ _
9(98 102
Cony 48 1905
1955 .1 D 891
894 Aug'26
_
81 14 87
2
8734
Cony g 48 Imie of 1910...1961 1 D 8418
8-873
-4 8734
19012 105
East Okla D114 1st g 4s_ 1928 AA 81 99
3
9938
9914 9914
96.2
8918
Rocky Alto Div let 43
19(15 .1 .1 8778 90
3
8778
8778
10358 10734
Trans-Con Short L 1st 48_19.58 J .1
9018 9034 90 Aug'26
9212 i1878
Cal-Ariz 1st & ref 41.4s A_1862 M 11,1 95
95 4,42'26
97
9714 10134 All Knoxv & Nor tote 58
1946 J D 10314 ____ 10312 Apr'26
6
AB & Char! A I. hst A 434s.. _ 1944 J .1 974 Sale 9714
9714
1014 10318
1s1 30-year 58 Series B___ _1944 J .1 10212 Sale 10214
10212
3
10138 10348 Atlantle,C1ty Ist cons 4s_ __ _1951 .1 .1 85
____ 8512 July'25
1015
,105)
8 Al) Coast Line tat cons 4s__81912 M 9 9234 Sale 9214
0234 77
9734 99
1930 M N 10518 10571 10534 Aug'26
10-year secured 78
101 14 1044
General unified 433s
1964 J D 964 9634 9734 Aug'26
'
10714 10934
L.& N coil gold 45_ __Oct 1952 M N. 9012 9058 91
5
91
10014 1024 Ati & Danv 1st g 4s
1948 J .1 7914 80
7834
80 1 16
1948 J .1. 7134 73
100 1024
2014,
7214
3
7214
1949 A 0 8112 82
107 10958 Atl At Yad let g guar 48
81 12 .1
8112
9434 9812 Austin dr N W 1st gu g 55._ _1941 .1 1 10134 ____ 102 July'26
304 484
9114 34
99 102,2 Balt & Ohio 1st g 4a____July 19414* 0 9034 Sale 9034
9212
91
July 194s Q J 89
8934 9014 Aug'26
Reghtered
1933 M 9 9633 Sale 9612
9634 66
20-year eonv 4138
9934 10048
9814 101
-- 8834 Apr'26
Registered
9544 9978
983898
Rebind & gen 59 Seders A_1995 J D 68T3 61;:te 9818
194% A 0 10234 Sale 1024
10234 95
98 1(12
1st g 5.;
98 10114
1929 J J 10258 Sale 10258
10278 61
10-year Its
10734 52
1955 J D 10718 Sale 10674
Ref dr gen 88 Ser C
8834 10118
1003,4 lit)
2
91
P 1. E & W 3,44 Sys ref 45.194i 13.1 N, 9012 9114 91
9934 10334
1950 J 111 10012 Sale 111038
10034 65
Southw Div lst 58
9,34 1114
8014
4'
To)&(In Div Ist ref 4s A.1959 J JI 794 8012 80
9578 111012 Battle Cr & Stur 151 gu 3s.19)49 J 11) 6238
_ 6214 Feb.26
Beech Creek 1st go g 46_ _1936 J .1 9434 9612 9112 July'26 ____
J D 9312 ____ 94 Aug'26
108,2 114
Regfatered
'
4
Beech Cr Ext 1st g 3348....1951 A 0 78
8234 80 July'26
10812 112
1944 .1 D 90
102 10434 Big Sandy 1st 4s
9034 9058 Aug'26
10112 105
7
Bost & N Y Air Line 1st 45.1955 F A
76
76 Sale 76
2
9374 9038 Bruns & W Ist go gold 48_ _ .1938,J J 9353 95
9334
9334
egR
9214 9834 BuffaRlo
____ 10212 July'26 ___,
ist&
ere
'
id eon gold 58._19371M S 102
Consul 433s
1957 M
m N 0114 Sale 904
10334 l06,
b
9112 33
1034 100,2
8718 --_ 8714 Fe14.26
10112 104 12 Burl C R& Nor 1st fss
1934 A 0 10012 __ 10112 June'26
102 104,8
1
5
103 10814 Canada Sou cone gu A Is._1962 A 0 10344 111418 10334
10334
Canadian Nat 434s,Sept 15 1954 1.4 S 9434 95
8434 90
9518 Aug'26
6-year gold 43.4.. .Feb 15 1930 F A' 9834 Sale 9834
94,2 100
9918 26
11534 12
8914 9312 Canadian North deb 4 1 78...1940 J 13 115 Sale 115
20
2
11714
89,4 9312
-year, f deb 63ka
11714 118 11714
F A
i 9714 9778 9734
10-yr gold 4145. _. _Feb 15 193
46
5i
9734 12
9812 10378
854 121
9212 9934 Canadian Pac Ry 4% deb stock. .1 J 8514 Sale 8438
8813 024 Cart)& Shaw Ist gold 4s__ _ _1932 M S 9312 ___- 9414 July'26
19374 .1 D 8312 844 8312 July'26
Caro Cent 1st con g 4b_ ._
10118 10538 Caro Clinch & (1 181 3-yr 58 1938'.1 1) 10078 10112 10138 Aug'26
8
10778
1st & con g 66 Ser A
94 10014
10734 Sale 10734
9614 985s Cart & All 1st gu g 48
8758 ____ 89 Aug'26 ____
DA D
0N13 8212 8334 83 Aug'26
994
4
852
8
5
1I
;
19
111314 1064 Cent Branch U F list g 4s._1
11718 119
1.
Central of Oa let gold te___51945 F A 10538 Sale 10538
10538
1034 20
Consol gold 56
10318 Sale 10318
9274 102
113,1 N 100
Registered
____ 10138 Feb'26
84
8914
10254 30 1
10-year secur 6s. __June 1929 J D 10212 Sale 10238
9844 99,4
7
90z
84 1003
00 4
Ref & eon 5kis Ser B
10312 10412 10312 10312
Cbatt Div pur money g 46_119
959
11
A 0
D ____ 88
88 May'26
Mac & Nor DIv 181 g 53..1948 1 J 10274 ____ 10314 July'26
9312 102
Mobile Division 58
4 Mar'26
9934 1004
1014 ___ 101,
7412 13
.1 i
..11 7412 75
744
44
1 j
8818 9434 Cent New Eng 1st gu 45..„119
98
Central Ohio Remit 43ka_ .. 1930 131 S 9812 ____ 9958 May'26
101
2
8358 90,8 Cent RR & 1(01 Os coil g 58.1937 M N 9712 101 101
024„, 9734 central of N J gen gold 56. 1987 J 1 11058 11114 11112 Aug'26
_
Registered
921 1
19871,0 1 10914 -__- 10918 July'26
85
9058 Sale 9058
91
18
93
9858 Cent Par 1st ref Ku g 4s_ _ ,,1949F A
9714 An- 26 ____
Mtge guar gold 334s
81929J 13 9714
811. 8714
_
Through St L 1st gu es_ _811995249
0
13 8814 8934 88 July'26
8112 8114
10078 101
Guaranteed g 55
1980 F A 1004 Sale 10014
30
31
284 40
10174 103%10038 102
8413 8634
824 86
9233 96
7578 8212
8912 94
88,4 914,
8434 8834
8412 89
834 8314
8434 894
841g 8978
534 8734
9884 100
864 894
92
88
9474 994
10312 1034
964 984
1924 10434
7;
/2-- /4.
106418 107.
9314 984
904 944
70
824
78
65
7614 83
2004 102
894 9218
8834 90,2
94
984
8834 8834
934 9834
10214 105
1024 10334
104 109
894 9231
98 102
7448 8134
6214
61
05
9578
94
94
82
80
Ruh, 914
7278 7918
934 9334
10178 10238
874 92
8714 874
1004 10158
102% 1051a
9314 9584
9814 9911
11444 1174
117 11844
984 98,4
4015 8104
9414
04
81 18 8412
10138 10374
10712 10912
8134 90
791
: 8438
10314 10538
1024 10438
10158 10158
10214 10378
10178 10614
4614 884
100 10314
10133 10133
614
7512
0812 9938
984 10134
10853 113
10333 11118
8874 9184
9834 9112
90
87
974 102
1097
New York Bond Record—Continued—Page 2
BONDS
FTCRANOE
Y. FITnr
Week ended Aug. 27.
I
Price
t
Prieto',
s.o.„, Aug. 27.
Week's
Range Of
Leer Sale
11
al
Range
Since
Jan. 1
Ask iota
High
High No. Lou'
514
'
_ . 11812 Aug'26 - ---, 11812 1181 2
Charleston & Savannah 78_ _1936 1 J 1173
1-0112 10014
8101 i 37, 1.714 1013s
Cites dr Ohio fund St tmpt 58_1929 1 J 10018
1037e
193,1M N 10334 1044 10378
5, 1924 11155,,
1st conaol gold Is
10214 Aug'26 - --I 1014 10314
1939 M N 10212
Registered
9614
6, 99
97
1902 M 9 96 Sale , 96
General gold 44s
1992 M 9 --- ---- 9018 July'25 --_ 1
Registered
984 90
- -9-078
Ii74
1930 F A 9812 Sale 9814
20-year cony 44a
151 12 64 124 1(2
80-year cony sect:: A 68_1946 A 0 15012 Sale 14/1
A 0 --------13912 July'26 ____ 129 1431,
Registered
10018 Aug'26 ---- 10018 10214
1941).2 1 10012
Craig Valley let g ba
_ 8618 A ug'28 ---88
83
Potts Creek Branch let 4s 1946.2 J 8178
8554 8838
R & A Div 1st con g 4s_...1989 1 J 87 1814 884 Aug'26 ---1989 J J S578 ____ 8712 Aug'26 ---827. 87,3
24 copse,' gold 45
_ _ 1112 July'26 ---9834 102
il arm Springs V 1st g 5s_ _1941 M 9 991
2-7012 7012 Aug'26 ---71,2
65
Chic & Alton RR ref a 3s_ _1949 A 0 694
70
64
Ctf dep stpd Apr 1926 Int _ ......1_ ___ 6014 70 , 69 Aug'26 --,„
60 1 68
Railway first (len 334s. .1950.2 „I 5934 Sale 1 5934
614 60,2
5712 59 59
59
10
Isi
Ctrs dep Jan '23 & sub coup_ i____
59
85
16
834 87
Chic Burl & Q-10 Div 3W_1949 2 J 8514 86 85
j 3 ____
___ 8412 Feb'26 ....1. 84)2 844
Registered
9218 12
19493 1 9212 -93i 91 12
Illinois Division 48
9138 91,3
0978
ors, 10014
2
Nebraska Extension 45_ _1927 M N 994 .,9935
as N __ ____ 9912 Mar'26 --- - 1 9912 9912
Registered
9214 54
1058 M 5 9112 Sale 91 13
140., 9312
General 48
M 9 --------9235 Mar'26 ..I 911. 9234
RPgl.tered
19334 21 19235 1064
1971 F A 10534 1057g 10554
1st & ref 5s.
1927 A 0 --------50 Aug'26 ----' 441 i 56
Chic City & Conn Rye Se
5 10438 10712
105
Chicago & bias. 111 Is (Is_. 1934 A 0 1044 10712 105
7734 47
0& E III By (new re) gen be 1951 51 N 7612 774 77
7318 7914
Mkt & Erie 1st gold be _. 1982 51 N 10514 10513 11)538 Aug'26 -,-- 10148 10618
7018 504
644 7078
Chicago Great West 1st 44. 1959,M S 7018 Bale 6912
I
Chic Ind & Louise-Ref 581947J J 11314 ____ 1134 Aug'26 ---, 11078 1134
Refunding gold 54_ -. __ 1947 J J 1024 ---- 10278
10278
1 101 10334
7958 50
Refunding 45 Series C_. 194711 J 9538 ____ 80 Jan'26 ---,
9934
084
9
92
General be A1966FA N 9878 .... 984
May 1966,2 j 10614 Sale 10614 1064 1 10314 10834
General 68 B
92 9012 Aug'26 ---8312 92
Chle7 Ind & Sou 60-year 44 1956.2 J 90
19419 J D 9638 _ _ 96 June'26 ---,
^91c LB & East let 444
95
1614
5434
1949 .1 .1 6338 -5413 5412
8
CM & Puget SA IS gu 44
47
544
.. _ _ 5338 5478 54 Aug'26 ---.
.
deposit
4578 6438
of
Certificates
813, 8
8518 11
Ch M & St P gel, g 4eSer A .1989.2 J 8214 8314 8314
General gold 34s Sc B '19719 J J 7313 ._ __ 7414 Aug'26 ---,' 7014 744
0138
0
9035 95
Cie,445 Berle, C. May 19892 J 9118 Sale 914
I 5,514 5538 9114 Apr'26 Registerol
91
914
41114 5614
Gen & ref Series A 445 12014 AO 5558 Sale 5414
56,4 230
55
Sale
65
5614 77
Certificates of depoeit_ _ _.
474 05 4
1, , 55 Sale 6434
5518 85
474 5514
Gen ref cony Ser II 58__ _42014 .Certifientem of depnalt.._ .
- - 65 84211 5478
50,4
5538 71
47
1935 J-- J 10378 104 10338 10378 14 102 100
Lit see 65
5534
47
5558 42
19323 D 554 Sale 55
Debenture 448
6518 11)0
_ _ 55 Sale 55 ,
Certificates of deposit. __
4884 6638
,
.....1924 1
Debenture 4.
'D 55 Sale 55
4518 5512
5512 1,43
55:2 232
. 544 5538 5434
Certificate!. Of deposit..___
4878 55,2
55
10
JJ 5418 5534 55
474 55,4
85-year deben ... .. _. 1934 .4 Sale 5412
54,
Certlflemee of 4eposit. _ . ____
55,2
5514 28
47
cm,,4 Mn 440' 1-.,- ,4
10o,.7 3 --------9954 June'26 ---9102 094
1987 M N 7614 7714 7618 Aug'26 ---741s 7,02
Chic & N'weitt gen g 334s
Q F ---- --__ 7413 July'26 ---7412 74,2
Reglateree,
Ma NI N 88 Bale 8734
4
88
855,, 894
0e11et-8i 4.
Q F --------87 Aug'26 __ __I 8614 87
Registered
12 88 87 Aug'26 ___
too^ ki N
1
:
858. 99)4
10178
0 10,14 10314
Gell 44Se stpd Fed Inc tax_1987 M N 10178 Sale 1.1114
191,3 M N 10512 10612 10512 Aug'26 ----I 103 10+08
...re..c,a, ..a. o,.i......mb
I, 101t2 1054
1879-1929 A 0 10112 Sale 1014 10112
Sinking fund 64
_ 10334 June'26 --,-' 10314 10334
A 0
Registered
10034 10138
_- 10114
10113 13! 10012 103,8
Sickle. 11.44315
1879-1929 A 0 1031879-1929 A 0 10012 10134 10018 May'26 ----I 10012 1005s
Registered
10114
I, 100 10178
1933 In N 10114 10278 10114
Ellnewg Mod deb 55
_ 1014 Aug'26 __...1
N 101 14
lO litit
iub
0
Registered.
13 11014
10718
1930 .1 D 107 Sale 107
10-year se ured 7s g
8 11114 114,2
11178
15-year secured 6lis g___ 1936 M 14 11178 Sale 1117a
4 Sale 10138 10138
/
6
9942 10414
May 2037 J D 1011
let & ref g 68
88
Chic R 1 & P-AaiRcale gen 441988 J .1 8614 861: 8612 Aug'26 ----1 85
4 8014 8334
833
2
8334
8334 8512
Registered
9012 107
874 92
Refunding gold 14
1934 A 0 9014 Sale 9018
A --------895 Aug'26 ---8814 9012
Registered
Re
Ch St LA NO Mono Div 48.1051 1 D
1932 A 0
,,,,,,J D
..3 as
Quo 0, e c. .
Cons Ss reduced to 348..1930 1 13
1930 PA S
Debenture be
___
Stamped
Chic T H & Sc East let 55.19603 11
Dec I 1960 M El
Inelgu 56
Chic Un Sta'n 151 gu 4345 4.1968
1963 J .11'
let 68 Series 11
1944 J D
Guaranteed a 68
19)132 J
1st 8348 Series C
ChM & West Intl gen g 88_211932 Q M:
1952 1 3
Congo'60-year 4e
1962 11.1 S:
let ret 44s err A
Choc Okla & Gulf cons di__ 1952 51 N
CM Ilk D 94 gold 414s_ _ 1937 2 1
01St L & C 1st g43. _ _Aug 1936 Q F
Aug 1936 Q F
Registered
1942 M N
CM 1 eb & Nor go 4.5
Cln 9 & Cl cons 151 it 64.....192e J J
o at L & P 1st cons g 5s
8778 894 8712 July'26 ---101 10212 101 Aug'26 -- - 10314 Sale 10314
10312 13
9312 95 9412 Aug'26 ---4
99
99 Sale 99
9712 98 99 Aug'26 ---9012 31
904 Sale 9014
8414 47
8312 Sale 8312
97I
973 98
5r
98
10414 111434 10414 10434
9
101114 Sale 100
10034 19
11713 118 118
118
8
10514 10612 9934 July'26 ---8518 Sale 1 8518
8.514 51
10312 10334 10314
10312 87
10213 ____ 10334 July'26 ---97 4 ---- 9735 Aug'26 ---9412 __ 9312 Aug'26 ---9314 --__ 9314 July'26 ---8912 ____ 9012 May'26 _--10014 ____ 10012 Aug'26 ----
87
10
Cleve I In els dr tit L gen 41.19033 0 8614 87 87
1931 .1 J 982 --__ 9812
99341
8
20-year deb 441
1993 .1 13 1)278 ____102
102 I
1
General bs Serles 13
Ref & Impt 64 Series A-1929 1 J 10234 Sale 13134 10234 22
1941 J 1 13712 ____ 10712 10713
2
is Series C
2
10212
1963 J 2 .102 10214 102
14 Series 13
Cairo Div 1st gold 45... 1939 J J 9215 .._ 9312 July'28 --1
8334
Cin W & M 134, IS g 44. 1991 J 1 8378 8412 834
8734 8734 July'26 -(it 1 Div Ist coll Ira II 48_ _1090 M N 86
Registered
SPr & Col Div let g 44._1940 51 5 914 9212 91 18 July'26 - —
W w Val 131v let g 4v...1940 J J 8814 9212 8112 May'26 ___
C C CA 1 gem cons 4 fle. -.. _1934 .1 J 107 ____ 10712 Aug'213 __-_
1
Clay Lor & W cos let g 68..1933 A 0 10112 ____ 10114 10114
:102 I 984 Dee'25
1938 2 1 991
-Wye & Mahon Val g 5s
,n8e 117 N 98
9934 9638 Mar'26 ---:
'-'• 4 44.• Im re o 4 Ito
1182 Aluag'
00
r2
I:::
210i .
Cloye& P gen gu 431s ser B_1942 A 0 99-__ ___ 19
1942' 3
Ber A 4,48
- 86 Aug'26 ---I VI MN 8533 -8718
pule., 4 sye.
19N, e A 8438 ____ 8512 July'26 ____
Series D 335s
let gu 448 1961 5 0
1.11eve Sbor
rim
1.,,,,,, Term
8442..... 1972 A 0 19
87122 S
06
ale 19
113a2
912 10
56
969341
2
3
.1973 5 0 10338 Sale 10338 10358 19
let 5 1 Se Bar B
1943 .1 D 86s ---- 8834 July'26 ___ _
Coal River By lit gu, 45
7
99i2
Colorado .9 Booth lot g 45 1929 6 A 99 Sale 99
C
9538
2
Refunding & eaten 484s 1936 FA N 9538 Sale 953s
90
3
Cil & 11 5 tru ext g enc.__ 1948 A 0 90 Sale 90
Col .4 Tol lit ext 4s
1 ......1._
1;
2
!
8
j88
A etli
4' F
5
1)1'
1 111.11TIn lily let 45 11(
rem, 4 .
1930 F la 9234 _---' 9234
9234
1
COIMOIRy deb 45
59542 J 73 Sale i 73
2
73
Non-cony 4s
75 July'26 ____
75
tr,,,,,,,o,oroe«tute 401116) i J 73
76
74 July'26 ____
Non-cony debenture 4s 19be J J 73
27.
95
Ceiba RR let 60-sear Se., 1952 1 J 9412 Sale 9412
.0'. 3 0 9912 100 10838 10858
1
1s1 ref 74*. - .
.1
1936
D 100 Sale 9914 100
48
1st lien & ref 53 ser-13
twee 1 21 974 984 98
98 I
1
Cuba Northern e.y st 64
Nis _-_—_-J 8;82
a Due Jan. 5 Due Feb. 4 Duo Ma,. 80.0 Ont.
I
/
p Due Dee
BONDS
N.Y STOCK F.NCHA NOR
Week ended Aug. 27.
t1 1
*
.
4.7.
Price
Week's
Frid411. Ing
Rae Of
Aug. 27.
Last Sale
Ask Low
High
514
-say & Mich let cons 4 As___1931 J J. 9778 ____ 974 June'26
9278
°el& Hudson 1st & ref 45___1913 M N, 9212 024 9234
1935 A 0 11534 Sale 11314
11612
30-year cony 58
10334
1937 PA N 10312 1114 10313
IS-year 54*
10712
1930 J D 10712 Sale 10712
10-year secured 7s
Apr'26
95
13 RR & Bdge Int go 48 2...1938 F A. 9414
')en A R 0-1st cons g 48_1938 J .1' 8938 Sale 8914
89713
1936 ,1
9353 94tn
Coneol gold 430
2
Improvement gold 5*..,1928 1 1)1 9978 Sale 008 100
7214
Oen & 11.G West gen 5a_ Aug 1951 MN 7214 Sale 7134
44 July'26
Dee
49
& Ft D 1st gu 4s._ _1935 J J 43
4014 43
40 Aug'26
Temporary ctfs of deposit
Des Plaines Val 1st 448_ _ .1947 Iii-111 9378 ---- 9612
9654
71 June'26
75
Oct & Mack-let lien g 40_1995 J D, 71
65 May'26
69
1995 J D' 65
Gold 4s
964
Detroit River Tunnel 448_1961 ?A N: 964 Sale 9578
Mlamabe & Nor gen 5s._1941 1 J 10414 ____ 10312 Apr'26
10212
_11137 A 0 10118 10212 10212
1391 & Iron Range let 58
87 Aug'26
87
Dui Sou Shore & Ati g 59..._1937 1 J 85
!
9112 June'26
4 0 9034 93
Emit Ry Minn Nor 131v let
gas, T Va Ga Div g 58._ .1930 1 J 10058 ____ 10012 July'26
1956 Si N 10534 10618 10534 Aug'26
Cons 1st gold Ss
Elgin Joliet & East le' g 5s_ .1941 IN N 101 14 105 10413 June'26
1)148
.1986 A 0 10414 ____ 10414
El Perin & 9 W lat 5s
107
Etc tat consoi gold 74 ext__1930 M S 1117 Sale 107
7934
1998 1 J 7934 Sale 7914
1st eons g 4. prior
1997 1 J ____ ____ 7113 Dec'25
Registered
7134
Ist conmal gen lien g 44........199e 1 J 7114 Sale 714
I994' 1 „I _ _ _ _ ._ ... 884 Feb'26
Registered
1951 F A 98 Sale 9S
Penn eol. trust gold 4s
984
A 0 7512 Sale 75
51 year cony 4e Ser
2
53'4
7.5
do Berle. B_
1953 A 0 7538 Sale 754
1953 4- 0 8034 81 12 81
8214
rice -on. is series D
110
Erie &Jersey lat f 6s
195e .1 1 110 111134 110
111114
Genesee River 1st a f bs. _1957 .1 1 11014 Sale 11014
Er'.,', PM.via 34613
89 June'26
91
194* I 1 88
194) 1
91 , 88 Aug'26
88
Series C 3140
1954 81 N 8614 Sale ' 8378
8614
Est RR esti s f 7s
_ _I 095s
10134 101
9712 973*
Sale 9858
6018
61
0612 9014
_ _ ,.10834
Sale 9734
____ 10812
10013
10013
9714
9878
60
9214
10634
9734
10714
193) MN
GH&SAM&Pletbs
193: I .1
2d extens be guar
be_ 1933 J 0
Galv Hous & fiend
Ga & Ala Ry let cons 54_ _ _ _8194;
J
Ca Caro & Nor let go g 55_ .1929 1 .1
194e. 40
Georgia Midland let 38
Or R & I ext 1st gug 44a...194,
.1
Grand Trunk of Can deb 76.194i 80
1931 545
15-year ef6s
J
Great 'fur gen 76Serlee A._ 193)
J
Registered
I96 1 3
let & ref 4)4* Series A
195:
General 5344 Series B
In- 1
General so Serloo •
1978 33
Geneml 4348 series D
Feb
Green ,la: A WI'.) uet, ills A__
Feb
Debentures ctfs
1944 MN
Greenbrier By 1st gu 48
Gulf Mob & Nor 1st 648_1951 • 0
Gulf & S Ilea ref & t g be_ _51953 13
10012 101 10012 Aug'26
2 JulY
14
03
06
4 10
9.2t8
0314
2
06
10
Hocking Val 1st cons g 444.1991 1 .1
1991 I j
Registered
Housatonic Ry eons g 58___ _1932 MN
193: 1 .1
11 & T C 1st g int guar
1931 MN
Waco & N W 1st 64
Hooston Brit & Term 1st 58_193" 1 .1
Houston E & W Tex let 558.193: MN
193: MN
8614 90
let guar 58 red
101 102
Bud & Manbat Is Series A_ _195: CA
1022. 1044
FA
Registered
0
Adjustment Income 5e,.. 1957
9412 96
984 RD
984 10014 Illinois Central IS gold 48_195 1 J
77
92
195 1 J
Registered
7858 0334
195 1 J
1st gold 314s
944 98
1 J
Registered
1024 105,8
Extended 1St gold 3%._.195 4 0
100 103
195 M S
1st gold 35 riterlIng
11578 119,4
Collateral trust gold 46_195: 4 0
9912 106,2
40
Registered
871,
81
195: 81 N
let refunding 49
10013 105
Purchased ilnee 345
195: I J
I j
10238 104
Registered
4174
98
Collateral trust gold 45_195: NI N
94,2
93
A N
Registered
934 9314
195( '1 N
Ref undlnit 59
894 90,2
1934 1 J
15-year eecured 544
00 101 12
193e 1 1
15-year secured 6%.g
Cabo Bridge gold 44 .__.195l I D
8778
85
Litchfield Div let gold 34,1951 J J
9714 Woe
Louts, Div & Term g 3481963 J 1
102 19118
J J
Registered
10134 1034
Omaha Div Is gold 38,_ .1951 F A
05
1893
114 108
98;:42
St Louis Div & Term g 3s 1951 J 1
9984 10334
1951 .1 J
Gold 334*
Springfield Illv Is g 345.1951 J J
8134 8.54
Weseern Lines 1st 5 44___ _1951 F A
8754
8212
Registered
1961 F A
III central & chi,St 1. & N 0-91 ,8
89
Joint 1st ref &Series A_ _1963 .1 D
8112 90
1951 J D
Gold Ss _
101
108
Registered
.1 D
73' 4
7 102
14,9
Dold 3345
1951 J D
Ind Bloom & West Ist ext 48_1940 A 0
litre, -,-,i.3-14 Ind III & Iowa let g els
1951) J 1
9918 9918 Ind & Loulseville let gu 4e..1958 1 J
RD,
:101,2 Ind Union Ry gen 5s Ser 4_1985 1 J
Gen & ref 58 Series B
1965J J
88
8553 8513
Int & Grt Nor let 66 Ser A._ 19.5,2 1 .1
Line
AASustment 6s. Series 4_1959 Forl
544
119.1571
18' 3:13'
8 1108
2
8
5
Stamped
Aprl
10034 10434 in? Res,
1079 M •
, 50,0, Is 58
)
c,
1st coil tr 6% notes
1941 M N
4 low. . ••••., 8848
4 99
94
884
9
. ‘,.
1935 .1 D
9538 9712
Certificates of deposit
Re.„ .1
. 10 I
8718 921:
1951,241 9
8718 90
Certificates of deposit.,,,.__ 1-- -81
9234 James frhun A( tear eat 44.111614 J D
7512 82
6512 73
Ka A & OR lit go 2 fts _____ 1938 j j
651: 75
Kao & M 1st gu g 48
1990 A 0
654 74
1927.2 J
2d 20-year 58
KCFtS&Mconag53.-_.192811AN
K C Ft BA M Ry ref 84a..193814 0
19
371', 10
0C2 KC&MR&Blatgubs__ 19294 0
45
9214 9834 Kansas City Sou 1st gold 3e, 1950 A 0
. Apr 19503 J
Ref & lmvt be
sOntlon sale.
9518
'0512
101
92
8234
9018
Sale
Sale
Sale
Sale
85
Sale
10418 105
10678 ____
984
10014
7212
96
115
1071a
113
11318
92
10414
10038
9112
8212
20
9114
10414
10712
__
_
____
7
3
27
____
23
____
9
4
'4
2 "81
754314
19
3
28
3
110
5
5
____
__
212
7
714 77
67
734 85
104 1104
10453 11012
92
88
13915
RS
8112 9614
1
9838
10014
1
July'26
Aug'26
9
115
1
1071.
11314 97
Apr'26
954 -39
10512 15
57
101
9212 92
8212
5
2038 75
July'25
Aug'26
Aug'26
964 13
9614 9634 9618
90 May'26
9912 9814 July'26
I
100 10134 10112 Aug'26 ____
_
__ 10134 Mar'26
9814 99 - 9814
101349814 - i
3
1004
1004
10053
10018
1001810018
1
9354 liZe" 9658
97
53
Apr'26 ____
97
8134 58
814 6;63,- 81
94
4 913
93,
9118
93
861e ---- 87
8234
83, -87
84 4-8334
71
6712
894
8918 90
8034
8414 _
9254 014
92
8412
85
82
8413
81
; 8714
8714 -8Y5
854
8234
105 106 105
103 Sale 103
11212 11312 112
90
924 924
76 ---- 7514
814 __-- 8214
8234 8118
81
7412 ---- 7412
7334 ---- 734
8414 8358
84
834 8514 85
9014 ---- 9014
84
91
9114
1004 10134
1004 1064
101 18 10474
10218 1041
:
4
-67-28-'161
-8
964 98'8
I' 98 100
Apr'26
Aug'26 ...::
984 I"
1
:
11
973*
74 10
95
1
99
85
5838 6478
Au '26 ____
-.
Dec 25
1-63 107
10634
984
96
7
9814
107 10858
July'26
Fla Cent & Penn 1st ext g be. 1931 J J
1948 • J
Consol golds.
Florida East Coast let 434s 1959
D
1974 MS
1st & ref 55 Series A
Fonda Johns & Glov 4 348._.195:: MN
3
Fort St CD Co 1s1 g 43418_194i
Ft W dr Den C Ist If 54s_ __. 1961 30
Ft Worth & Rio Or 1st g 48_ 1928 1
Frem Elk & Mo Val 1st 6s..1933 80
984 99
10014 ___
7212 ____
4 97
/
951
115 Sale
10713 10778
113 Sale
Rano
4 jI
MICA
.3 '
,...2
Jan:1
aTie8,
I
Higl
No. Lore
____• 9778 9814
4 95
1
90/
12
585 10818 11612
10 10278 10512
5 107 110
944 95
____
8538 91
24
95
89
4
9512 100
38
62
7314
269
6753
___.; 44
47
____ 1 30
964 9634
6
__,, 7t, 72
65
___ _ ,' 65
94+4 9818
5
____ 10312 1034
1 10118 10314
9018
____ 1 85
Aug'28
Mar'26
July'26
Jan'25
Mar'26 _____
Feb'26
89141
Nov'25
4 _.-i
/
911
July'26 _.__
July'25 __ __
8733 10
9714 10112
1004 101
934 99
96 100
100 10013
721:
63
954 9778
1134 1 164
10432, 11.8
10984 11412
1124 1 1318
91 12 9713
1024 108
9714 10284
4
/
9112 921
78
83
134 21134
8814 914
101 106
10312 10711
9138 974
99
90
954 9911
100 10234
1014 1014
9A53 100
1(018 1014
100 10111
994 98
97 97
Mg 8311
9114 9713
93
93
834 874
-144 iiis;
71
71
8811 92
-9i4
-1i ii
8158 854
---8914
85
i 10-i 1084
105
10314 11 10214 104
4 11112 11334
11214
July'26 ____ I 904 9278
4
Aug'26 _ ___ i 8034 83
Aug'26 ____1 7838 8212
7111, 7413
July'26 ____1
Aug'26 __I 7358 743$
Aug'26 ____I 814 874
Aug'26 ____I
8212 85
July'26 _ _ _..1 8934 904
..__.
10113 Sale 10114
10112 34
10318 104 10312 July'26 ____
1014 ____ 10214 Apr'26 ____,
7812 Feb'26 ____,
9118 ---- 8814 Aug'25
__I
9014 9135 9038 Aug'26
84
90
8412 Aug'26
10212 Sale 10212
10212
4
102 10912 10138 July'26 ____
10614 Sale 105
10614 18
8138 Sale 79
814 622
8012
8012 Sale 7954
6
7778 Sale 7778
78
14
96 Sale 9512
9558 40
58 Sale 58
12
58
57
60
58
1
58 1
7
154
15 Bale 15
15
3
_
15
-8514 -91-1-2 8978 Aug'26
994 1034
10314 10513
10214 10214
7812 784
8934 92
7934 8418
10048 104
1007s 1034
103 11184
8153
88
694 80
St
954 9534
574
65
59
1718 Ms
15
15
5443e 9114
Apr'26 ____I 101 101
10212 ___- 101
83 87
8334 ---- 8378 Aug'26
994 1014
1
100 10014 100
100
10114 1021g 102
1024 14 1001a 10334
8918 93
9118 14
9158 Sale 9158
9884 10253
100
__ 10178 July'26 ____
7278 Sale 724' 7278 21
7212 76
9341 994
9718 9734 9718
9734 18
1098
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ended Aug. 27.
Price
Friday,
Aug. 27.
Week's
Range or
Last Sale
High hi o .
BM
Ask Low
31
87
Kansas City Term let 46_ _1980 J J 8634 Sale 8612
Kentucky Central gold 4s__1987 3, 88
8832 91 June'26 ---Kentucky & Ind Term 410_1961 • j 8214 8418 9112 Aug'26
Stamped
8714 Mar'26 _
86
88
1981 j
Lake Erie & West let g 58_1937 ii 102
__ 10218 Aug'26
9912 Aug'26 ---221 gold be
1941 ii 9838 100
1
Lake Shore gold 3.)511
7934
1997
7934 Sale 7934
7818 Aug'26 ---Regletered
1997 3D
9912 71
Debenture gold 40
1928 MS 99 Sale 99
9734 35
26-year gold 4a
1931
N 97 Sale 9718
Registered
1931
N 9678 9712 96 Dec'25 _
1
Leh Val Harbor Term be_ _1954 FA 10378 10534 10378 10378
2
Loh Val N Y let gn g 440_1940 J
90
9738 9814 90
Lehigh Val (Pa) cone g 4e. _2003
8518 19
N 8458 Sale 8414
,8,2
8
96
042 May'26
Registered
MN
i
General cons 434e
2003 MN 9612 Sale
Lehigh Val RR gen 06 Series_2003 MN 102 103 102 Aug'26 _ _ _ _
Leh V Term fly let gu g Se...1941 AO 10112 102 10234 July'26
9014 9014 Aug'26
Leh & N Y 1st guar gold 46_ _1945 M S 90
Lax & East let 50-yr 55 gu 1965 * 0 10638 10658 10612 10612 10
.._
Little Miami 4e
1952 MN
89
512 18
10
812.10
89
53
18
2 JA
un
Per:2
26 __ _
Long Dock consul g 65
1935 AO 10
Long Mid let con gold 611_61931 Q J 10034 ____ 10034 June'26 ___ _
1
9712
7
let coneol gold 4s
9712
61931 Q J 9712 Sale 9
9134 Aug'26
General gold 46
1938 J 13 9112 92
July'26 ____
Gold 46
1932 3D 9214
Unified gold 4a
1949 MS 8712 8914 9158 July'26
Debenture gold be
1934 J D 9934 10012 9934 Aug'26
1
20-year p m deb be
982
1937 MN 9714 9812 9812
9
Guar refunding gold 411_ _ _1949 MS 8678 Sale 8678
8734
2
100
Nor Sh B let con g gu 65_01932 Q J 100 Sale 100
Louisiana dr Ark let g Se
1927 MS 100 1001z10012 Aug'26
90
8738 July'26
Lou &Jeff Bdge Co gu g 48_ _1945 MS 88
1
104
Louisville & Nashville be_ _1937 MN 103 104 104
9434 27
Unified gold 4s
1940 J J 9434 Sale 9414
1
101
Collateral trust gold Ss_ _1931 MN 101 10178 101
13
10-year secured 76
1930 MN 10612 Sale 10612 107
10614
4
let refund 5i.s Series A,2003 A0 10614 Sale 106
1
105
105
let & ref be Series B
2003 A0 104
9914 28
Let & ref 41-28 Series C
2003 * 0 99 Sale 99
N 0& M lst gold 6e
1930 .1 I 10378 10434 104 July'26 ---i
24 gold 138
1930 J J 10378 10434 10378 10378
June'26 --__
Paducah & Mem Div 4a_ _1948 FA 92
St Louis Div 2d gold 3s. _1980 MS 6612 6634 6612 Aug'26 _-__
5
99
9914
blob & Montg 1st g 440_1945 MS 9853 100
2
8612
South fly joint Monon 48_1952 ii 8612 8712 8612
3
9118 Sale 91
9118
Atl RIIOXV & CM Div 48_ _1955
_
Lousy Cin & Let Div g 046'32 MN 9938 100 100 July'26
Mahon Coal RR let ba
1934
.1 103 ____ 10134 Mar'26
3
65313
Manila RR (South Lines) 48_1939 MN 6418 6518 6438
6414 Aug'26
let 46
1959 MN 6912 72
Manitoba Colonization 551934 3D 9934 1003s 75 Aug'26
ManGB&NNV 1st 3tie1941 ii 8318 ____ 10014 Aug'26
Mich Cent Det & Bay City 519.'31 MS 102
102 June'26
6
Registered
MS
9948 July'26
Mich Air Line 48
1940 J J "oiTs
L & S 1st gold atie
1961 M S 83349418 Aug'26
4 79 Mar'26
let gold 314e
1952 MN 8418 -84-39814 84 Aug'26
20-year debenture 48
1929 A0 98
9412 9412 Aug'26
Mid of N J lat ext fa
1940 A0 94
61ilw L S & West Imp g be_ _1929 FA 10014 10112 101 Aug'26
8 9612 9412 Dec'25
Mil & Nor let ext 4tis(blue)1934 3D 95,
9614 July'26
CODS ext 4)45 (brown)_ _1934 in 9478 96
MB Spar & NW let gu 421.. _ _1947 MS 9112 9212 9212 Aug'26
_ 8138 Dec'25
& State L let gu 3384.1941 J J 83
Minn & St Louis let 76
1927 3D
let eonsol gold Se
1934 MN
Temp etla of depoeit
MN
let & refunding gold 4e_ _ _ 1949 MS
Ref & ext 60-yr be Set A1982 Q F
let guar g 78
1927 3D
14 St P& SSM con g 4e Int gu'38 ii
s
1938
let cons 58
let cons Se gu as to int
1938 J J
tO-year Coll trust 834s_ _ _1931 hi
let & ref fla Series A
1946 33
1949 MS
26-year 5145
1M Chicago Terms f 4a_ _ _1941 MN
Mississippi Central let 68_ _ _1949 .1 .1
ado Kan & Tex-1st gold 45_1990 ID
1,10-K-T RR-Pr I be Set A _1982 .1 J
1982• J
40-year 4s Series B
1932 J2
10-year 8s Series C
Cum adjust be Set A Jan_1967 A 0
Missouri Pacific (reorg Co)
Ist & refunding be Set A_ _1965 FA
let & refunding Se Bar D_ _1949 FA
let & refund Se Set E int_1955 MN
1975 MS
General 4a
1938 MN
210 Pac 3d is extat 4%
99 102 103
58
5812 5714
57
60
58
1812 1914 1812
1312
1312
81030le 102
8712 88 88
98
9812 9834
9812 Sale 9812
13,3 Sale 103
10114 10112 10114
8832 8934 8912
93
9318
8
96
512 Sale
8
9512
8612
10034 Sale 10034
8378 8412 8414
10234 10312 10234
9418 Sale 9334
Mob & Bit prior lien g 5s.,..1945 'S J
1945 J J
Mortgage gold 4s
Small
1945 J J
Mobile & Ohio new gold 68_ A927 J D'
let ecrtsnded gold Bs
51927 Q J
Genera; gold Is
1938 M S
Montgomery Div Mt g ba_1947 F A
St Louis Division be
1927 J D
Mob & Mar 151 gu gold 4s1991 M S
Mont C let gu g 6e
1937 J J
let guar gold he
1937 3 J
Morrie & Essex 1st gu 334e2000 J 0
Mushy Chatt & St L lat 56_1928 A 0
N Fla& S let gu 2 be
1937 F A
Nat fly of Met pr lien 4345..1957 J 1
July 1914 coupon on
_
Assent cash war rot No 3 on _ Guar 70-year a f48A 0
Assent cash war rot No Ion_____
197
Nat RR Met prior lien 4;49_1928 J J
July 1914 coupon on
J .1
Assent cash war rot No 3 on
lit corona 48
1951 Will
April 1914 coupon on
A0
Assent cash war rot No 300.....
10018
86
82
102
101
9212
9638
9912
8712
11014
10218
7878
10014
10318
New England eons bs
1945 J J
Coned 45
1945 J J
1986 FA
NJ June RR guar let 4e
N 0& N E let ref&imp 434e A '52 J J
New Orleans Term tat 48.-1953 3,
N()Texas & Mel n-o inc 55_1935 AD
1954 A0
let 68 Series B
1954 A0
let 634s Series A
N & C Bilge gen guar 43413- _1945 ▪ .1
NYB&MBIstoongEo 1935 AO
NY Cent RR cony deb 6e_ _1935 MN
MN
Registered
1998 FA
Consol 4e Series A
2013 AO
Ref & imp% 4348"A"
2013 AO
Ref & 1mpt be Serial C
AO
Registered
10018 July'26
8653 Aug'26
8514 Aug'26
9578 9614 9534
1
9534
1
8512 8573 8512
8512
9912 Sale 9912
9934 15
9912 Sale 9912 100
46
105 Sale 105
10512 21
9414 98
95 July'26
10034 10114 10034 June'26
10714 108 10714
1
10714
10612 10612 Ma '26
8818 8812 8814
40
90
9612 Sale 96
102
97
10314 Sale 103
1035s 151
10334 Aug'26
t Due Jan. d Due April.
97 Sale
10412 Sale
10458 Sale
7214 Sale
9278 9314
Nov'25
62
5
July'26 ____
1
1812
14
7
Sept'25
8878 56
6
9834
16
99
10334 16
10138
6
4
8934
Mar'26 ---1
9512
Aug'26 ____
63
101
8478 21
10278 23
9414 703
97
9778 37
10412 10514 41
10458 105
16
7218
7234 154
9212 Aug'26
- 99 Sept'25
8712 86 Aug'26.-- _
84
86 June'26
0158 10218
103
3
10118 101
4
101
93
9212 July'26 --__
-- 0034 Aug'26 -100 10018 July'26
89
8812 Aug'26
2
11214 11112 11112
104 10214 July'26 -8014 7878
7872
7
10112 12
10138 101
10312 10318 Aug'26
_ 30 Sept'25 - 19 Apr'25
1858 24
1838 Sale 1712
8712 June'25 -2138 2512 2114 Aug'26
3812 July'25 - 23 June'26 - 2912 Aug'26
28 Apr'25 -1812 June'26
1614
1814
2
95
86
101
87
p Due Dec. s Option wile.
Range
Since
Jan, 1
BONDS
N. Y STOCK EXCHANGE
Week ended Aug. 27,
r.
u
a.
Price
Friday.
Aug. 27.
Week's
Range or
Last Sale
11
CO
Low
High
HOD N5.
Bid
Ask Low
8834 N V Central & Fludson River- ,1
85
91
7878 22
86
Mortgage 3348
1097Ij j 7878 Sale 7812
81
91 12
78 Aug'26 -7653 78
Registered
19971J J
96
32
8534 8714
Debenture gold 4s
9.538
1934 ea N 9578 96
I
100 10218
_
Regletered
1M N 9458 ____ 9418 Jan'26
93
4
9838 101
30-year debenture 48.. _ _ _1942'3 J 93 Sale 93
7858 82
93 Feb'25
Registered
.__ _
80
77
Lake Shore coll gold 348_1998 F A
7612 7712 7612
7914
6
9838 99'2
7734 June'26
79
Registered
1998!F A
9814 9724
Mich Cent poll gold 3348_ _1998 F A 7778 8038 8012 Aug'26
Registered
7778 81
7912 Aug'26
-1998 F A
102 16438 NY Chic & St L let g 46_ _1937IA 0 9418 9534 95 Aug'26 -90
99
Registered
1937i A 0 9338 ____ 9458 July'26 -8258 8714
25-year debenture 48
96
12
1931 pa N 96 Sale 9534
80
83
2d 60 Series A B C_...
10312 20
. 1931 m N 103 Sale 10214
92
10312 52
99
Refunding 534s Series A 1974•a €) 103 Sale 103
10084 10534
10312 23
Refunding 5.4s Bar B_ _ ,_1975 J .3 10314 Sale 102
10212 104
NY Connect let gu 41.4e A.._1953.F A 9511 9612 96
96
2
8812 9058
6
1st guar 5s Series B
1953 F A 10138 Sale 10153 10132
10512 110
NY & Erie let ext gold 48_ .1947 ha N
91 July'26
84., 8712
ad ext gold 4348
94 Nov'25
1933 m s 98 100
109 10934
4th ext gold be
1930 A 0 10018 ____ 10058 Mar'26
10018 10134
5th ext gold 48
99 Mar'26
1928 J D 9314 190
9412 9712 N Y & Greenw T. Cu g Ea
98
1048 M N 9814 9834 98
9058 93
NY & Harlem gold 334s. _._2000 M N 79
8012' 7914 Apr'26
27
97
I
468 9156 N Y Lack & W let & ref 5a ...1973 MN
80 July 25
2788 9534
let & ref 4)4s
_1973 M N job"- -- -- 101 June'26
1 Y L E & W 1st 78 ext___ _1930 M S 10618 _ _ 10618 June'26
94 100
85
9038 N Y & Jersey let 58._ ... __ .1932 F A 10012 101 ,10334 Aug'26 -9958 10034 "IV & Long Bransh genie 4s_ 1941 M S 9058 92
90 Mar'26 -2312 88 July'26 -9078 101
N Y & N E Bost Term 43_1939 A 0 90
8658 9038 NY N 11 & Hart n-e deb 48_1947 al s 9518 ____ 7712 June'26 __-10212 10534
____ 60 June'25
Registered
M S
9314 9578
70 Aug'26 - - Non-cony debenture 3 tie_1947 MS -6
.712 70
b
101 104
67
Non-cony debenture 3348.1954 AO 6614 67 6614
8
10514 108
74
Non-cony debenture 45_.1955 J
7378 Sale 74
10538 11014
7412
5
Non-cony debenture 48_ _1958
N 7378 Sale 7378
10314 10814
Cony debenture 33.46
6638 18
1956 J J 6614 6612 6612
98 10014
Cony debenture Se
1948 J J 103 Sale 10278 10338 57
104 107
9934 July'26
Registered
J J
10338 104
Collateral trust Cis
1940 * 0 16514 gale 10018 10012 46
26
9138 9212
69
Debenture 46_ _ ...._ .1957 MN 69 Sale 6778
6512 88
Harlem R it Pt Cbee let 461954 MN 8834 8912 8834 Aug'26
2878 9958 N Y & Northern 1st g be__ _ .1927 AO 10014 10034 10038 July'26
8618 89
7412 23
N Y 0& W ref let g 4a_June 1992 MS 7338 7438 7438
4014 9312
6912 33
General 48
1955 3D 69 Sale 6812
9914 100
N Y Providence & Boston 4s 1942 AO 8778 ____ 8612 Apr'25
10134 1014 NY & Putnam let con FM 46.1993 A0 88
8938 8712 May'26
6012 67
130 July'26 -NY & R B let gold be
. 1927 MS 100 _
8753
8
6212 7618 N Y Sum & West let ref Se..1937 ii 8712 88
8738
101
100
2
70
24 gold 434e
70
70
1937 FA
85 85
7018
7024
4
70
General gold 56
1940 P A 68
10078 102
99 July'26 -Terminal let gold 55 _ .. _ _ . 1943 MN 9912
43
9958 101
N Y trchea & B let Set I 4tis'49 J J 7714 7734 7714
78
9258 9553
79
8038 Nord fly eatl if 634e
837t 70
.1050 AO 8378 Sale 8134
83 851z Norfolk South 1st & ref A be 1961 FA 8738 Sale 87
8734 18
3
9338 9834 Norfolk & South let gold 5e 1941 MN 100 101 100
100
9012 96
3
107
Noll & West gen gold Os
_1031 MN 10718 ____ 107
10018 10158
Improvement & ext 68_1934 FA 10814 10834 10912 May'26
New River lit gold
.1932 * 0 10634 ____ 107 July'26
925s 23
9338 9814N & WRY let cone g 4e .19)86 AO 9258 Sale 9218
9178 May'26
89
93
Registered
1998 AO
Dl v i let lien & gen g 48_1944 J J 9214 9234 9234
9234
1
161
10-year cony 613
1929 MS 161 Sale 161
7
923
8
.__
921s
9218
Sale
Pocah C & C joint 4e
1941
D
57 -a- Nor Cent gen & ref be A
10418
_ 10414 Aug'26
1974 M
56 6334 North Ohio 1st guar g 58___ _1945 A0 9038 9478 95 Aug'26
77
18
89
23
Nor Pacific prior lien 4s_ _ 1997 Q
89 Sale 8818
1
1238 1614
8612
8612
1997 Q ,
Registered
6514 14
General lien gold as ____02047 Q F 6512 Sale 6478
_It;
-8-5-76 11
_- 6312 Apr'26
a2047 Q F
Regletered
9758 9934
9214 35
Ref & tmpt 434s set A..._ 2047 J J 90
9214 92
11233 Apr'25
9734 99 4
Registered
J J
10214 106
11138 28
Ref & !rapt 6a eer B
2047 ▪ J 11114 Sale 111
11014 Mar'26
10038 10358
Registered
33
a
8858 9278
10134 Sale 10112 10134
Ref & Impt be set C
. 2047 J
10134 21
93
93
Ref & Impt be ser D
2047 J J 10118 102 10114
10934 July'26
93
98
Nor Pac Term Co 1st g tie_ .1933 J J 10934 8438 8734 No of Cal guar g 58
10434 May'26
A0 103 __
964 103
North Wisconsin let (le__ _19
93
38
11 J J 102 104 10314 June'26
804 8612
7
7912
10212 10414 Og & L Chem lst gu 4e g __ .1948 J J 7812 Sale 7812
9012 9534 Ohio Connecting Tty 1st 48__ 1943 M S
01
____ 10
99
'
1 38
4 JD
un
ec
c:2
28
5
Ohio River RR 15t g 55
1936 • D 10
_
102 June'26
8914 100
1937 * 0
General gold 58
10134 i07
Ore & Cal 1st guar e 58
1927 J J 10018 10012 10018 10018
9214,
9178 Aug'26
914
4
10134 07,4 Ore RR & Nav con g 413- .1946
D
65
108
7412 Ore Short Line-let COM g 58.'46
j 105 Sale 105
1
10814 108 10578 10538
88
93
1948 j
Guar cons 55
9734 90
1923' JO 9712 Sale 9714
Guar refund 45
8534 45
Oregon-Wash 181 & ref 46__. 1961 J J 8534 Sale 8512
9232
9234 11
7924 0
- 07g Pacific Coast Co 1st g be_ _ ._1916'SD 9212 94
2
93
Pac RR of Mo 1st ext g 49-1938 P A 93 Sale 93
7934 87
0712 102 10112 June'26
10078 10358
1938 J J 10152
2d extended gold 58
_
98 July'26 ----•I
10018 10614 Paducah & Ills 1st 8 f 4345. _1955 33
7814 88
90
9212 Paris-Lyons-Med RR lie.....195S• A 7734 Sale 77
8818 72
22L8 101
1958 MS 8814 Sale 8538
8 f external 78
8612 53 I
lool2 Paris-Orleans RR 8 f 78._ .1954 M S 8612 Sale 85
1092312 103
4
18
2
87
9838 Paulista By 7e
1942 MS 1041
SaleAug 28 _ _ _ _11
10958 112 12 Pennsylvania ER-cone g 48 1943 M N
94
9312
9338 Aug'26
1948 M N 93 -1.0112 10278
Consol gold 4e
1
9314 9412 9814
9814
7734 8138
4s sterl stpd 401_ __May 1 1948 M
1960 FA 10018 101 10014 10014 14
10034 10138
Consol 4348
1965
97,2 38
D 9714 Sale 971s
101 1.03's
General 4345 Ser A
1968 JO 10512 Sale 10434 10618 44
General 58 Set B
10758 66
1930 * 0 10758 Sale 10714
10-year secured 78
32
15 -22.12
15-year secured 6358. _ _1936 FA 112 Sale 11134 112
112
F
June'26
A
Registered
Sale 10118 10112 72
27
1984 M N
40-year gold be
1734 .
8612 Oct'25
Pa Co-Cu 334e colt tr A ref( 1937 M S 87
86 July'26
Oust 334s coil trust Ser 13.1941 FA 85
23.- 23
8412
8418 Aug'26
Guar 334e trust Mfg C___ A942 J
2812 3512
8358 June'26
1944 J O 8314
Guar 334e trust ctfs D
Iffi2 21
9738
Guar 15-25-year gold 48. _1931 AO 973 975 9738
2
203s
8838
1952 MN 8858 Sale 8858
Guar Is Bar E
13
1
3
9514 10018 Peoria & East lit cons 0_1940 A 0 8334 84
8338
833$
5
3934
3934
1990 Apr. 3934 42
Income 4e
81
87
8
8412 85,4 Peo & Pekin Un lit 5348__ _ _1974 A 0 10158 10314 103
103
19
103
92e 97% Pere Marquette let Bar A 68.19563 J 10212 Sale 10214
6
84 873s
_
87
87
1st 49 Ser 13
111563 J
9338 943
-1943 M N 874 94 July'26
9814 10034 Phila Halt & W let 1 48
88 10078
Can 68 Series B
1974 F A 107 10834 10714 Aug'26
15
4212
43
10218 10512 Philippine Ry let 30-ye 6148 1937 J J 4212 43
10514 Mar'25
9412 9834 Pine Creek reglad ea
1932 J D 10814 _
5
9934 102
PCO&StLgu 4348A
9918
9914
1940 A 0 9918 100
3
Series B 4348 guar
9812
1942 A 0 9818 Sale 9812
10438 109
Series C 430 guar
1942 51 N 9818 9912 9738 Apr'26
10612 10612
June'26
guar
9418
Serles
D
431
1945 M N 95,4 ---,
8534 9014
Series E 330 guar gold_1949 F A 9558 _ _ 9418 June'26
9214 9712
10118 10534
3
9518
9518
Series F 4a guar gold
1953 J D 951a
7
9558
Series G 45 guar
10318 10334
_1957 M N 9514
- - 9538
-
Range
Since
Jan. 1
Low
7812
7115(3
9414
9413
9238
High
8112
8058
9612
9418
97
757 80
76
78
78
84
77
80
9234 96
92
945a
9212 9754
10234 105
9812 10458
9844 105
92
9834
10014 104
8912 91
1161i 16
.538
983R 99
9914
94
7914 7914
164 ii:oT
10618 10814
10038 10112
90
90
88
88
7014 7712
-6-2-12
76
6134 6712
6634 7514
6738 75
74
81
9724 10434
96 100
9612 101
58
70
841.4 89
100 10038
673.4 76
6213 71
ji6-1;
100 10034
7738 8972
73
64
7412
83
975s 99
6988 7834
TN 8378
7724 90
98 101
10534 107
10102 110
107 10758
9014 9334
9212
89
2078 9412
138 165
93
91
10038 10412
88
9714
5814 91
88
88
81N 66
60
6312
Ms
87
10814 114-1;
1104 11014
9814 104
9814 10314
10954 10934
Ions Iowa
10258 lows
73
82
1766-1; 1014-1
101 10211
1001e 101.14
0144 9212
12424 108
1051s 10712
987s 987s
8334 88
9158 98
9112 9312
100 10124
go, 2814
7312 784
82
8818
82
87
10038 103
9314 947a
9118 9934
9114 9814
9738 10144
9414 9918
10238 106711
107 10838
11138 11312
112 11214
9838 10228
la
84
82
9814
8818
86
8418
835e
9734
mpg
7928 8713
3,5
42
10014 104
1011a 10413
85% 887e
9311 9434
10618 11112
4013 45
8 1.
66
:
1
I6-7983e 991,6
973e 9738
9312 9438
9214 9418
9278 9518
9558
93
New York Bond Record-Continued-Page 4
BONDS
N Y STOcir F.XVTIANGE
Week ended Aug. 27.
11
r
.f.,o7;
Price
Bid
Pitts Cin Chic & St L(Cone10446)
Series II 48
1960 FA
Series I eons guar 470_1963 FA
Belies 3 474e
1984 MN
General M 68 Series A...1970 3D
Gen mtge fs Series B
19M AO
PIM & L Erie 2d g 53
a1928 AO
Pitts McK & Y let go 88_1932 J J
Pitt.Sb&LEtstg68
1940 AO
lit consol gold 6e
1943
Pitts Vs & Char let 4s
1943 MN
Pitts Y & Ash let cone 5a___1927 MN
1st gen 0 series A
190 in
let gen 64 series B
1962 FA
Providence &cur deb 46. ___1967 MN
Providence Term let 4a.__1956 MS
I
',VIM
Aug. 27. ,
Week's
Range or
1.431 Sale
Ask Low
Rano
Since
Jan. 1
MO No. Low
9558
I 9334 Sept'25
5
9734 ---- 981s
9818
9734 - 9712 June'26 - -1023g 1024 10334 Aug'26 -10218 Sale 10134 10234 26
10078 100 Aug'26
10518 106 106 Aug'25 -10158 102 10112 June'26
_
10038
_ 10134 June'26
92 ____ 9114 May'25
13018 ____ 100 Apr'26
_
9234___ 9112 Mar'26 -10278 10412 10414 Aug'26
70 67
2
6812
S458 ---- 844 Aug'26
Reading Co gen gold 48
1997 J J
Registered
J .1
Jersey Central coil g 4a___1951 A 0
Gen & ref 4)0 Ser A
111073 3
Mehra & Dan? deb 58 stPd_1927 A 0
Rieh&Meckletg4s
1948 M N
Rkihm Term Ry let gu 58_1952 3 3
Rio Grande June 1st an 58_1939 .1 D
Rio Grande Sou let gold 4e .1940
J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West let gold 0.1939
Mtge & coil truat 4. A
1949 A 0
R 1 Ark & Louis let 430_1934 rd
Rut-Canada let au it 411
1949 jJ
Rutland let eon g 4)0
1941 3
St Jos & Grand 181 late 0._1947 J 3
at Lawr & Atilt let g 5a
1996 3 .3
28 gold (la
1996 A 0
St L & Cairo guar g 4e
1931 J
▪ 1 It M & S gen eons 58-193 A 0
Unified & ret gold 4e
19293 J
Registered
3 J
Rlv&ODivletg4a
1933 m N
St L M Bridge Ter tug 68_1930 A 0
U6L&BanFran(reorgco)4a1950J J
Registered
J J
Prior lien Ser B fis
19603 J
Prior lien Ser C
19283 J
Pr'or lien 5 Ne tier D
1942
J
Cum adjuitt Eler A esA1956 A 0
Income Series A ea
81960 Oct
gamuts & San Fran Ry gen 6.31 J J
General gold As
1931 J 3
I$.LPeo&NW1.tgu68.1948J J
Bt. Louis Sou let gu g 4e
1931 M S
St L 13W 1st g 46 bond ette 1989 M
2d g 4e Income bond cite.p1989 J J
(onsol gold 48
1932 J D
let terminal & unifying 94.19523 J
8$.Paul&KCShL1st4el94I F A
St. Paul & Duluth let 138._ 1931 Q F
let consol gold 46
1968 J D
St Paul E Cr Trunk 430
1947 J
It Paul Minn & Man con 41_1933 J D
Registered
3 1)
lit cense! g 421
1933 3 D
Registered
J .1
Si reduced to gold 430._1933 3 J
Registered
1933 J J
Mont eat let gold 45
1937 3 D
Registered
J D
Pacific ext guar 48(sterling)'40 J J
t Paul Union Depot 65..... _ 1972 J
High
9514 9818
96
I/734
100 10412
9912 10452
100 101
16078 i0314
10134 10134
9914 100
9112
91
10212 1043s
6212 6834
831h 8458
1099
BONDS
N.Y STOCK EXC'ITANGE
Week ended Aug. 27.
Range
Price
Week's
Friday
Since
g
Swigs or
A it1 Aug. 27.
Last SaJe
Jan. 1
gni
HIDSN0, Low
Ash Leto
HAN
(7 N J RR & Can gen 4a-__1944 1W 8 Bid
9412 9581: 9212 Dec'25 -Utah & Nor gold 58
1926
3__
iii_ 1004 Mar'26'-----78
-911
78 1-00
1st extended 48
1933
3 - s 97
9512 Aug'26
9512 954
Vandalia cone a 4e Ser A-1955 F A 9018
9012 Aug'26
SR
9012
Coneol 0 Series B
1957 MN 9014
9034 July'26 ---884 904
Vera Croak P!Neu 430-1934
3 ____
20 3. ept'25
July 1914 coupon on
J .1 26 16- 24 Apr'26
11Assenting lot 4h8
4
1934
6 Sale
2 26
26
22
33
Virginia Mid fis Series F
1931 j j 10058
100 Dee'25'
General 58
1936 m N 10238
17- 5810258 Aug'26
111 01
ya & Southw'n let 4rn 58_2003 .1 3 100 1
- 103 Aug'26
llieee34
8
9012 103
1-6i
let eons 50-year 58
l6,j 904 96
1958 A 0 924 Sale 9258
93
Virginian let 58 Seem A
1962 m N 10112 Sale 10118 1014 76 I 9914 10314
Wabash let gold 5e
1939 M N 1027* 0
1 I 101 104
10314 1034
211 gold 5g
1939 F A 10038 Sale 10038 10031
2 , 9812 10172
Ref a t 5lis set A
19751W 8 103(4 Sale 10214
10312 32
9812 105
Debenture it S. reglatered_1939 m 5 5114
- 9334 Feb'25
lot lien 30-yr 3 term 48-1954 J J 8334 -Ii14 861/ Aug'26
-84 -854
Det & Chi ext 1st g 5a
1941 .7 3 10212
10258 July'26 ---- 101 10258
Des Moines Div lot g 481939 3 j ,
_8
86_38
18 -i8:5
8414 90
; 8718 Aug'26 ---,
Om Div lat g 3).4s
1941 A 0
1
82
82
774 83
go
Tol & Lb Div a 48
1941 m 8
10
87
-_-_-_-_ go
90
Warren tat ref tru g 334EL-2000 F A
St
81 May'26 ---80
Wash Cent let gold 48
1948 Q m 85
87
86
84 86
3
86
Wash Term tat go 3348
87
1945 F A
8512 June'26 ---83
Ws
91
1st 40-year guar 48
1945 F A
9138 Apr'26 ---9138
83
9713 9914 99 July'26
954 99
4473 May'25 - 9▪ 134 -9214 9312 Aug'26
16
95
9712 Sale 9712
98
17
9414 9853
100 10012 10032 Aug'26 -- . 904 10(38
__ 78 July'26 80
78
101
7812102
- 10234 Aug'26
, 10012 11)234
100 101 100/4 Aug'26
9512 1014
5
7
512 Dec 25 ---_
6 May'25 -9038 Sale
g - 9014
9012
3
1234 WMMW&NWletgu 56.1930 F A 9712 9934 9858 Mar'26 --,8278 Sale 8158
83
22
744 85
West Maryland 1s4 g 0-1952* 0 7314 Sale 7214
734 70
9272 Sale 92
9278 35
89
944 Weat N Y & Pa lst g 5s----1937 * J 10034
_ 10034 AUg'26 ---8014 8112 8112
811i
7538 8314
Gen gold 43
1943 A 0 8612 ii 8658 Aug'26 ---91
_
91
3
92
9114
87
Income g 58
Apr 1 1943 Nov -___ --- 45 Feb'25 --,,
8412 85 8438 Aug'26
7814 85
9914 Sale 9018
Western Pa; let Ser A fie_ -1946 Ng
9914 21
9712 9912
9834
9834 Aug'26
let gold & Series 13
1948 m 8 10278 Sale 10278 1034
5
10212
101 Sept'25
West Shore let 4.e guar
2361
843
J
4
87
85
86
I
8
95
97 95 Aug'26
95 9611
Registered
2361 3 J 808 Sale 8458
8458
6
10014 10038 100
1
17
100 101
100 4
Wheeling & L E 1st a 5e_1928 A 0 101 Sale 101
101 , ..1
9718 Sale 9672
9714 45
9544 9734
Wheeling Div let gold 58-1928 J
-,r, 101 100 July'26 ---93 Sept'25
Ext'n & kept gold 58
1930 F A 0038 9912 9978 Je'26
June'26 --5178 Sale 9112
92
34
89
94
Series A 1966 M S 8814 8878 8812
Refunding 4
8812 15
100 101 130
2
100
9934 10012
RR let consol 4e
1949M S 8418 8518 8612
861z 10
8218 Sale 82
99
823
774 8412 Wilk & East let go g 5IL-1942
D 72 Sale 7138
7234 15
8314 June'26
80 84
Will & F lst geld 58
19383 D 10212
- 10212 Apr'26 ---,
97(3 Sale 9713
981
17
93 9978 Winston-Salem S B let 48...1980.7 3 8558 V 8558
1
8558
10134 102 10138 1013
34 10138 103
Wla Cent 50-yr let gen 0_1949 3 j 82
8253 8178
8233 13
19138 Sale 10132 1918
994 10318
Sup & Dul div & term let 4e'36 m N 8912 8934 8918
89141
5
9714 Sale 97
9738 81
9214 9734 Wee & Con East let 414e... 19433 3 82 ____ 86 June'26 ---9458 Sale 9412
99
250
845a• 95
10434
106 July'26
101 106
INDUSTRIALS
101 10112 10034 Aug'26
10018 10113 Adams Express coil tr g 0_1948 m
857s 8612 857e
85781
5
10338 10434 10358 Aug'26
10211 104
Max Rubber let 15-yr.I 88-1936I3
104121 10
10418 Sale 103(4
smis 9738 Alaska Gold M deb 6. A...,., ,1925 1W
96 July'26
458 6
434) 11
434
86 Sale 86
8
8418 88
Cony deb (311 SeriesB1926'm
WEI
458 6
412 Feb'26
7758 80
78
2
78
klpine-Montan Steel 7s__1955 M
76 82
21
8912 Sale 8912
90
9318 Sale 9318
9338 24
914 95
km Aerie Chem let 58
103 10318 103 July'26 -1928 A
94
9452 94
9412
8912 9733
3
1941 F
1st ref s f 7146 g
29
105 Sale 10434 105
9158 Sale 9114
9112 28
86
9134 Amer Beet Sue cony deb 68-1935 F
94 Sale 94
9414 19
101 102
9914 Mar'25
American Chain deb I I 68_1933 A
101 10134 10113 102
12
8912 ____ 8912 Aug'26
If'
1014
Am Cot Oil debenture 68_1931 m
95
9538 95
8
95
9212 ____ 91
Jan'26
9018 91
Am Dock & Impt gu 64
19363
_ 10512 July'26
9612 99 9638 Aug'26,
96 9734 Amer Ice deb 7s__Jmy lb 1939
iio
137 121 May'26
9214 July'25
1939 -A-Am Mach & Fdy f es
5
6 10278 105 10314
10314
10714 109 10734 Aug'26
10753 10934 Am Republic Corp deb 63-1937 * 0 100 10012 100 Aug'26
107 Mar'26
107 107
Am Sm & R let 30-yr 58 ser A1947 A0 100 Sale 100
10012 -ioi
154155i 9934 Aug'26
99 100
1947 * 0 108 Sale 10734 10833 13
let M 6. Series 13
99 Mar'26
9811 99
kmer Sugar Ref 15-yr 63_1937 ▪ J 10312 Sale 10313 104
le
-94i 9558 9458
9414 11
93 964 km Telep & Teleg coil tr 48-1929
9778 Sale 9734
94
98
9214 May'26
924 9212
Convertible 4.
1936 MS 9418 95
9418
95
3
90 Aug'26
8914 90
20-year cony 430
- 9812 9813 Aug'26
1933 PA
10334 Sale 10314 10334
10178 10534
2 Sale 1004 10233 61
1946• D 115.
30-year coil tr 58
Registered
__ 103 June'26
3D 10112
BA & A Pasa let gu ts____19113 J
8712 Sale 8634
8712 10
84
89
35-yr s f deb 5s
100 2 Wile 10012 102
1960
24
Santa Fe Free & Phen 68_1942 M S 10212
10238 May'26
10012 10214
20-year f 530
1943 MN 10512 Sale 10532 10358 215
lay Fla & West let g e8____1934 A 0 108
10814 Aug'26
10814 110
10114 10378 105 Aug'2 Am Type Found deb 6e
1940
A0
1st g 55
1934 A 0 13134 10314 10134 Dee'25
98
Am Wat Wks & Elea 5a__1934 * 0 9734 Sale 9724
17
Scioto & N E 'sten g 48_1989 M N 8858 8912 883s Aug'26
877 90 Am
Writ Paper s f 7-6e
J 5878 Sale 55
1939
38
59
Seaboard Air Line g 48
1950 A 0 8018 81
8018 Aug'26
784 82
Interchangeable
5812
Sale
Temp
ctfe
148
59
557
8
deDGold 46 stamped
1950 A 0 8018 81
80,2
8058 10
7814 82
Adjustment 55
7918 Sale 7718
Oct 1949 F A
7918 195
8774 Anaconda Cop Min lid 6__1953 F A 10358 Sale 19332 104
78
110
Refunding&
1959 A 0 7414 Sale 7334
7434 29
6914 76
15-year cony deb 78
1938 F A 10678 Sale 10611 10714 111
1st & cone es Settee A___ _1945 M S 9512 Sale 9412
9534 107
91
9638 Andes Cop Min deb 7s 50% IK1'43 J J 104 Sale 104
326
105
At)& BIrm 30-yr 1st g 43_41933 M
9114 9214 9234 Aug'26
8812 94
Anglo-Chilean Nitrate 7s
99
1945 M N 9814 Sale 8778
56
Seaboard-All Fla 1st eu ea A_1935 F A lgrzSale
9214 9834 Antilla (Comp -sue) lie._ 939 J J 87
18
90
87 Aug'26
Seaboard & Roan 5.exVd_1931 3 3
1g0
4:
11 Aug'26
9973 10912 krk & Mem Bridge & Ter 58-1964 M 8 9814 9812 99 Aug'26
So /Jar & Cla lat ext 6)0_1929 M N 101 102 101 Aug'26
101 102
Armour & Co IN real eat 4301939 J D 9078 Sale 9034
91
66
S&NAlaconagug511
1936 F A 102 ____ 10414 June'26
1034 lo414 Armour & Coot Del 5348. _1943 J J 9314 Sale 9312
9378 70
Gen cons guar 50-yr 155-1963 A 0 10612 13712 10612 Aug'26
10334 10852 Associated Oil 6% gold notes 1935 M S 10234 10318 10234 10234
3
So Par Col0(Cent Poe col)31949 3 D 8634 Sale 8614
44
89
851, 9058 Atlanta Gas L let 56
19473 D 10038
9958 Mar'25
Registered
J D
8512 May'26
8438 8512 Atlantic Fruit 70 etre dep_1934 3 D
28 Jan'26
3
20-year cony0
June 1929 M
9758
9672 9852
9778 117
igt.gmrarl 'tit of deposit
2018 Jan'26
20-year cony 59
19341J D 10114 Sale 10034 10114 15 100 10234
& W I SS L col tr 54-1959 J J 71 Sale 7034
Atl
7133 16
20-year g 5e
1944 M N 10034 Sale 10034 10034
1
9914 10172 Atlantic Refg den fs
32
102
1937 3 J 10114 10134 101
8918 8934 8878
Ban Fran Term] let 0-19501A
6
8014
87 91
Registered
A 0
----. 85 June'26
85
8512
Baldw Loco Works let 511-1940 M N 1053
8. 1054 Aug'28 --_So Pac of Cal-Gu g 68
104 June'26
1937 M N 10234
10314 10434 Baragua (Colin As) 7]0____1937 3 J 104 1
4053
- - 104 Aug'26 ____
944 -95 9414 Jan'26
So Pao Coast let gu g 4e__.1937 J
9414 9414 Barnedall Corp deb es
1940 3 D 97 Sale 9634
974 129
So Pao RR let ref 4e
1955 3 J 91 Sale 91
guy 128
90
93
Belding- Hemlnway 68
1936 3 3 95
98121 29
98
98
Bell Telephone of Pa 58
1948 J 3 10134 10213 10134 102 I 31
Southern-let cone g Ss_..,,.1994 J 3 10634 107 10678 10678 12 104 108
Ser
C
1st & ref 58
1960 A 0 10252 Sale 10258 10278, 38
Registered
J D
10612 June'26
10114 10612 Beth Steel let & ref 58 guar A-'42 Al N 10l1 Sale 1014 10134
14
Develop & gen 48 Ser A__1956 A 0 U▪3% Bale 8313
84
45
814 8818
30-yr p m & imp a f 5s.. _1938 1 JI 9712 Sale 9712
98 I 33
Develop & gen 68
1956 A 0 11078 Sale 11012 111
31 10713 11378
Cone 30-year 6e Series A_1948 F A 10012 Sale 10012 10118 101
Develop & gen 610
1956 A 0 11772 Sale 11712 11734 82 112 11878
Cons 30-year 514e Series B 19
950
53 m
F 0
A1 9
93
514
9534
93
3 Sale
m
971
94 1 79
Mem Div let g 430-58-1996 J
10514 __ 10614
3
136,4 15 10134 10612 Bing & Bing deb 8348
St Louis Div 1st 4F1
1951 J 3 8912 9014 8958 Aug'26
86
9012 Booth Fisheries deb a t ea_1926 A 0 96
98
9614
964,
2
East Tenn reorg lien g 68.1938 M S 100 103 100
100
1
9978 10c52 Botany COW Mill8 630.-1934 A 0 8413
85
9s
8413
04
85 I 13
Mob & Ohio eon tr 4e__ 1938 M S 8
85
903
18
4 Aug'26
8712 93
Brier Hill Steel 1st 530
1942 A 0 10412 Sale 10414 1044 13
8150kene Internet let e 51-1955 3 J
Sale
81
8534
8734 B'way & 7th Av lot og191-1943 J D 71
72
71
7112 13
Superior Short Line 1st 5s....e1931) M S 100
May'26
9912 9912
dep
ettopd
of
cue
June
'26
hit
70
72 1 70
70 I
Term Assn of St L let it 4348_1939 A 0 9752 9812 98 Aug'26
2
954 9812 Brooklyn City RR 603
783 cons gold 511
1941 J J 9414 Sale 9418
9414'
1944 F A 10158 __ 10212 Aug'26
13
101 106
Bklyn Edison Inc gen 56 A 1949 J .1 104 2 Sale 10413 10434 23
Gen r•bind • 1 a Is
1933 J 3 874 Sale 8612
57
8454 51-12
12
Series
1930 J 3, 10334 1044 10412 1041s
Texarkana & Ft Slat 530A 1950 F A 10218 Sale 10212 102134 49 10218 10278
1
n1Ir
68
Seic3(le
Bkly
Genn-Man
1968 J .1. 9638 Sale 9614
Vex & N 0 imn gold be
9612 71
19433 3 9914 _-__ 100 Aug'26
984 102
Bklyn Qu Co & Sub eon 524 58'41 MN 6112 Sale, 614
Texas & Pao let gold Es_2000 J D 10518 Sale 10518 10514
6112
1
7 103 10712
58
1941 3 3 7412 79 I 79 Aug'26 __
19313 J 9978 10058 10014 Aug'28
La Div BLIete be
9934 101
Brootlyn
It Tr let cony g 48_2002 J .1 88 ____ 8812 Aug'26 ____
let
Tex Pac-Mo Pie Ter 530-1964 M S 10214 103 103 Aug'26
99/4 105
3-yr 7% secured notee__19211.1 3 --------13613 Nov'25 __
____ 101 Aug'26
Tol & Ohio Cent 1st et/ 64_1935 J J 101
10018
10178
CUB of deposit stamped..._
1
____ ____ 1234 Mar'25 _-__
_
Western Div let g 58-1935 A 0 10013
July'26
10018 10118 Bklyn Un El let g 4-58
litio 1-Ai 9414 Sale 9414
9438
1935 J D 10018 1-0(112 10012 July'26
General gold 5a
7
9758 1024
Stamped guar 4-58
1950 F A 9414 Sale 9334
Toledo Peoria & West 0-1917 J J
30
5
9414
23 June'26
23
3714 Bklyn Un Gas let entitle 511-1945 IN N 10013 10114
10034 10034
Tol St LA W 50-yr g 48._1950 A 0 8958 Sale 8912
9
94)
15
8714 9053
ref
lien
es
&
Settee
1st
A 1947 IN N 114
____ 11053 Aug'26 -_
J 99 100 I 98 Mar'26
Tol W V & 0 gu 430 A
1931
975s 98
Cony deb 510
1936 J J 161 Bale 158
19333 J 99
Series 13 4;43
16114 138
9653 Dee'25
Buff & Soso Iron a f 58
19323 D 92 ___- 91 .7une'26 ___
1042 M S 9214
&Mee C 4s
Nov'25
Ruth i ermine] let 40
1962 A 0 8834 ___ 9118 Aug'26____
9° 8
For Ham & Buff lat g 411
8858 90
887
1946 J
8878 10. 874 90,4
1965 J „I I 9514 -96 1 9514
9514
3
1
C"R°i 58Bidge fa guts:ex 1950 A 0, 9913 100
9912 100 I 17
Ulster & Del let cone g &L..1928 J D 6612 7014 80 Aug'26
3 604 80 BusbTerm
1
I
let refunding g 48
41 , 41
1952 AO 40
41
3612 48
Corp
unit
&
&
E
Cal
0
ref
5s.1937
MN
1013
Sale
4
Union Pacific let g 46
10134 10134 20
9472 43
1947 J .1 94 Sale 9338
9241 95t2 Cal Petroleum e t g 6 tie_
1933 A 0 10331
Registered
J J 9214
41
9258 Aug'26
8313 9334 Camaguey Sug 1st s f g 75.,1942 A 0 9812 104 10334 10414
Sale 9814
1927 J J 9978 Sale 9912
99 i 16
20-year oonv
9978 91
9914 100
lot
coil
Lines
SS
Canada
at
7s
'42
M
N
10434 Sale 10434 105 i 23
Registered..
J J
9912 May'26
99
9912 Cent Diet Tel let 30-yr 6a
1943 3 D 10112 10212 10112 Aug'26 ____I
42008 M 13 8914 Sale 8914
let & refunding te
8934 47
Se
1103.4 Cent Foundry let a(60
1931 F
97 Aug'26 --__•
let lien & ref 56
e2008 M 8 107 Sale 1064 107
11 1064 10912 Cent Leather let lien if 6a1945 J A 9613 98
J 102 Sale 10112 102
80
10-year perm secured (16-1928
J 10218 Sale 10218 103
22 10214 10334
I
a Due Jan
4 Due May. •Due June, 8 Due July
1
k Due Aug.
p Due Noy. s Option Sale.
1
1
I
98311 Ms
6678 754
10034_ .
10
.
2_
.
12
834 88
117
91/P134-4 101
06 3
8358 87
83 86
997k
9
9
97a 101 a
100 10218
9885 997k
80711 8975
81
894
644 7434
10233 1024
8514 884
8018 117
884 9034
7814 864
85
8712
10113 105
44 5
4
412
8914 9112
10234 10414
10818 106
9012 10118
9814 102
934 9714
10512 1064
118 1344
10014 10314
98 10034
99 10134
106 10834
102 10512
964 9814
92
95
9714 10212
10018 10313
10254 103
974 102
10258 10644
1034 105
9514 991/
42 614
411s 6132
10114 10413
10214 10734
9678 105
9514 1001s
8412 924
944 9978
9088 9278
92
9818
102 10312
20 "ii"
2011 204
70 708
0104 10234
10214 1054
103 1064
904 101
9434 10072
10052 10378
100 10378
9558 1024
93 984
9558101(8
87
9012
2 95
74
70
97
8012 9514
101 105
71
7838
70
73
9314 Oh
10258 1054
10352 10613
9214 98
61
644
72 79
Me We
-- ---814 IF2
8818 9558
10052 1004
110 11834
126 166
91
92
8714 92
90 9814
9534 100
100581021*
1034 10534
9012 9958
1014 105
10112 10313
9334 9914
100 10234
1100
N
BONDS
STOcB EXCHANGE
Week ended Aug. 27.
New York Bond Record-Continued-Page 5
Prke
Frlrlav
Aug. 27.
Week's
Range or
Lan Sale
a
g3
Range
Sil3C4
Jan. 1
BONDS
N.Y STOCK EXCHANGE
Week ended Aug. 27.
t3
Pike
rrldati,
Aug. 27.
Week's
Range or
Last Sale
la
relc.
Range
Since
Jan. 1
Mg)
Frvm No. Low
Ask rim
Rid
7714 824
Kings County El 1st g 45_...1949 FA 8059 8113 8012 Aug'26
7712 82
8114 Aug'28
7958 82
1949 PA
Stamped suer 4s
9858 101
Kings County Lighting 5s 1954 .1 J 10012 10114 10012 Aug'28 _
10938 15 108 110
1954 1 J 10914 Sale 1094
let & ref 6Se
11 104 107
105
D 105 10512 105
Kinney al 11) k Co74%
10034 Sale 10014 100341 64 100 10034
1938 J
Kresge Found col tr Os
9614 100
14
99
Lackawanna Steel let 58 A 1950 NI 8 99 Sale ; 9914
7 100 10314
Lac Gas Lot St L ref&ext 58_1934 *0 100 101 1034 10314
105
1025e
13
10312
1034
8
1033
10318
PA
Coll & ref 634e Series C_1953
98 10012
_
10014 99
Lehigh C & Navel 4%e A 1954 J J
5 10018 10134
10114 10112 13134,
Lehigh Valley Coal let g 58.1933 1 3
9914 1.9034
1954 PA 9912 100 100 Aug'26
1st & ref s f 53
3978 404
Lea Ave & SF let gu g Ea_ _1993 MS
12612
Liggett & Myers Tobacco 73_1944 40 125 Sale 12312 125 1 10 118 122
12012
_
_
May'28.__
40 117 ____ 12112
Registered
7, 9914 10034
oh% 10334
9928 9912 100 I
ji 99
Columbus Gas let glIld 5e_1932
102141 11
10214
10214
Sale
FA
4
1951
813
150
75
1,
80
80
81
Commercial Cable let g 0..2397 Q J 80
PA 98 __._ 100 J111y'26 ____ 100 100
Registered
9812 98 Aug'28 ____I 98 1001.
1934 MN 98
11514 12118
Commercial Credit f 83
1944 *0 11759 11859 117 Aug'28
9212 9934 Lorillard Co(P) 78
1
9412
9412
1935
Col Cr e f 514% notes_
11812 11812
J 9313 94
11812June'28
A0
4
1023
10513
Registered
23
105
9838 10218
1947 MN 105 Sale 10434
Commonwealth Power 88
9
9912
Sale
1004'
1951 PA 9913
58
1 1048* HA
1044
Computing-Tab Hee a f 6e.1941 .7, 10478 10534 1047
_
9412
PA 9414 ____ 9814
90
Registered
3
93 1
93 Sale 93
977Conn Ry & L let & ref g 430 1951 j
;
2 1-00-7
3
15
100
99
Sale
4
993
MN
9413
&
90
Gas
53_1952
Electric
Louisville
1
93
93
9358 93
1951 J
Stamped guar 430
8912 96
2
85'2.._.96 . 96
1930 3
Loulay Ry let con 5s
7813 88
8314, 12
82 Sale 82
Cons Coal of Md 1st & ref 5s.1950 J
CoHydro-Elee
1064
Lower
10414
Austrian
80
10534
Como!Gas(NY)deb 530_1945 FA 10512 Sale 1054
824 88
2
8613
8613 8812
1944 FA 88
1
3
2:
19
11 10
084:
10
IstsfliSe
10478 Mar'28
Cone'd Pr & Ltg let 630_1943 M
73% 82
2
7518
7518 -7812 7518
Cont Pap & Bag Mills 814e. A944 FA
9314 103
90
1003
10014
4
Sale
10012
0
A
1942
Menial
Sugar
730
Aug'26
Consumers Gas of Ude 5358 1936 J J
594 6912
22
66
9712 103
stanhat Ry(N Y) cons g 48_1991 A 0 8434 6513 6412
10172 i3
Sale loots
Consumers Power IN Se. 1952 MN
53 83
101
D
2013
1
49
99
2d
____•
Aug'26
100
10014
11514
Copenhagen Telep eat 68.„1950 A0 100
102
June'26
114%
_
_
1942
MN
7e
Manila Electric
9058 July'25
1931 MN
8912 9734
Corn Prod Refg s f g be
5
97
971197
- 10314 Manila Elec Ry & Lt e I 63_1953 MS 97
1934 m N 10312 10334 10314 Aug'28 ____' 10012
994
ist 25-year f 55
97
9734 23
9712
Sale
9712
9414
A_1940
8214
Series
78
J
Ry
Q
Market
81
1
92
ern,reel, & Fara, 1.1*
9212 92
92
as 11343 T1 A
9 104 10814
99 100
stetr Ed let & ref g Be Ser B_1952 F A 10712 10734 10912 10758
9
9934
10114
9834
Crown-Willamette Pap 63._ _1951 .1 j 9912 9958 9911
29
1004
1953 J J 100 Sale 100
_1 93 10318
let & ref Se Series C
10234 July'26
1935 y j
CubaCoconveiSs
1 10213 1054
105 1
96
1953 J 13 10712 Sale 105
88
Netropolltao Power 89
2
- 9214 - 924
_1930 j J 9214 9278
Cuba Cane Sugar cony
7113 74%
7312' 2
7312
92 100
Set West Side El (Chic) es 1938 F A 7334 75
23
9712
-9614
Sale
97
Cony deben stamped73.J
J
8%.1930
1041% 70 10114 105
Sale 104
10414
10912
S
M
.1940
_
Sid-Cent
6
10612
jet
Par
4
108
108
10818
108
9234 98
Cuban Am Sugar let coil 83_1931 m
43
98%
9818
Sale
8
085
st
$
M
r158
cony
1936
0
&
9114
9914
Steel
Idvale
9812 38
Cuban Dom Bug let 770_1944 m N 9812 Sale 9712
9658 99
8
80
98
10218 65 10014 10258 Milw glee Ry& Ltref &ext4 413'31 J J 9728 98% 97 4 100
CumbT&TIet&gen6e..1937j J 1024 10214 10218
98% 10(12
1 10
1951 J D 100 Sale 9912
9334 97%
General & ref 5s A
4
9612
9712 9812
Cuyamel Fruit let Be lot ctfe'40,A 0 98
9013 984
17
4
977
973
9712
4
973
13
1961.7
let & ref 5s B
3 1004 105
195.3 M S 10412 10434 1044 10412
let & ref g Be series C
9412 111 9358 9514
9412 94
94
9978
99
Davison Chemical deb 6343.1931 ji
5
9912
8
995
994
N
M
48.....1927
1st
Lt
Gas
_Nllwaukee
,
9218 Aug'25-By raw. let 0111.1 oo 15.83 A 0
9978 105
10112 17
I943 J J 10018 Sale 100
3
94 1 11 Montana Power let Is A
9834
9858 97 1 9634
Den Gas& E L let & ref s I g Eifebl M N
9612 9834
1
9714
9312 9812 Montreal Tram let & ref 53_1941 J J 971 Sale 9714
7
97
•
9834
4
Sale
983
M N
Stamped
9212 93
91
79
Gen & ref e f 58 Ser A__1955 A 0 9312 __ 93 June'28 -10
80
718
Dery Corp(D 0) Isle f 7s__1942 M S 79 Sale 1 79
84
8814 18
1939 J J 8814 Sale 88
2 10078 103% Morris & Co 1st s f430
102
81
Detroit Edison let coll tr 58_1933 j j 10134 Sale 10134
80
81
May'26
81
8
80
1042
0
2_1988,A
Ser
4s
Co
Mortgage-Bond
13
100%
8
1027
10238
10218
10218
let & ref be Series A_July 1940 M
98
9814
8
4
9714
983
9614
9613
J
.1
1932
3
8
1043
10.25-year be Series
2 100
10178
8312 947s
1949 A 0 1024 Sale 10114
Gen & ref 53 Series A
9458 18
193413 13 94 Sale 924
10712 Sale 10712 10734 28 108 10834 Murray Body 1st 610
let & ref 14 Series B__July 1940 M
98% 103
1947,M N 101 103 131 Aug'28
Mu Fuel Gm 1st gu g 58_
30 100,8 104
1018
1955j D 10134 Sale 101%
100 10214
Gen & ref 58 ser B
100
Mar'28
1014
N
M
9712
90
Mut Un gtd bonds ext
0234 14
9212 924 9212
Del United let eons g 430_1932 y
9212 97%
133
96
584 84%
Dodge Broe deb 6s
1941 M N 0512 Sale 9514
59 I 48
59 5818
6934 83
Nassau Elec guar gold 0 1951 J J 58
2
774
7814
Dote (Jacob) Pack let 83_1942 M N 774 79
98 10014
11
1931 .1 D 100 Sale 9978 100
44 National Acme 730
6,
02
3478 18
1 104
3473 40
j 34 Sale 34
Dominion Iron & Steel 53_1939
9513 09
9314 71 1004
924 974 Nat Dairy Prod 8% n0[438_1940 MN 9814 sate 9734
19
97
9512 9834 9614
1942 j y
108
Donner Steel let ref 78
1
Vrt Enam & stampg let 68.1929.7 D 10112 Sale 10112 10112
24 10434 107
106
9914 101
1949 J J 106 Sale 10534
Duquesne Lt let & coll 6s
54_1930 J J 10112 __ 101 Aug'26
deb
-year
20
Starch
Nat
105
105
8
105
1053
j
949
10414
B_I
Series
530
101%
let coil Cruet
9
1952 M N 10314 10414 10234 10318
National Tube let 58
2 10012 10334
103 1
1948J D 1024 ___ 133
1034 15 103 1085/ Newark Consol Gas 58
10078
10312
Eaat Cuba Bug 15-yr f g 714s'37IM S 10312 Sale 110314
27
102
99% New England Tel & Tel 53-1952.1 0 1017s 102 102
Ed El III Bkn lat con g 0 1939 .1 .1 9438 ____ 9514 July'26 ____ I 93
9258 94%
9412 83
1961 M N 94 Sale 94
Istg430SerBwi
2 103 10858
10634
10634
.1 10634
Ed Elec III 1st cons g 53_ _ _1995
103
8
1001
_
Aug'26
102
10214
102
N
M
8578 9314 N Y Air Brake let cony 6e 1928
9314 28
9212 sale I 9212
Klee Pow Corp(Germany)83050 m
9034 9614
9513 33
A 1952 A 0 9412 9513 9412
100
'iewOrl Pub Seri,let
9014 9612
7
Elk Horn Coal let al, ref 6 30.1931 J D 994 1004 100 Aug'26 ____1 9818
7 Sale 944
5
94
94
D
1955.7
9914
B
_I- 9914
let & ref bs ser
----1 9914 May'26
Deb 7% notes(with wareta '31
8112 884
9
8234
8534 8212
NY.Dock 50-year 1st g 43._1951 F A 83
10312 79 10112 104
Empire Gas & Fuel 73411__ ._1939 M N ioi" sale ron
115 118
98
97
N Edison 1st & ref 830 A.1941 A 0 11512 Sale 1154 1153411 14
9734 128
let dr ref 830(with warete)'41 A 0 9714 Sale 9714
102 10434
11
103
10212
Sale
10212
0
A
1944
9912 10034
1st lien & ref 58 11
10014 Aug'28
10014
104 1004
Hoult Gas Light 1St con 53..1932 M
9212 9778 N Y Gas El Lt & Pow g 5e 1948 J D 1054 10512 10518 10559 27
-1413 954 Aug'28 ____
94
894 92
Federal Light & Tr let 6e_1942 FA
9112 41
9159 9112
1949 F A 91
Purchase moneys0
10214 103 1103 Aug'26100 1043s
1942 m
101
101
1st Ilen Be stamped
July'26
101
101
93 97
3
N V L E& West C &RR 54e 1942 M N
984
1954.7 D 94 Sale 1 94
02%
011h11
80-year deb Be Ser B
10234 May'28
8413 98
NYLE&WDock&imp5s.1943.1 J
1
88
1004 10334
8812
1939 .1 D 86
Federated Metals e f 717
Aug'26
10012
10114
A
1930,F
58
g
Ist
4
8
1.
1
P
N Y Q El L &
6 11312
11614
1941 MS 116 11811 118
80
Fisk Rubber 1st f 88
52
Apr'26
55
____
754 88
N Y Rya 1st R E & ref 43_ 19421J J 6059
88 , 13
6053
Ft Smith Lt & Tr 1st g be_ _1936 m 8 854 ___ 87
46
8028 ____ 58 July'26 _
93
1
88
Certificates of deposit
92 ' 33
1014
Frameric Ind & Dev 20-yr 730'42 .1 J 92 Sale 9112
5
414 978 5 July'26
1 104 107%.
80-year ad) be be__ _Jan 1942I A 0
10418
312
104
Francisco Sugar let at 730 1942 m N 10418 105 10418
10
b Aug'28 _ -4
8314
79
Certificates of deposTht
8218 198
37
22
French Nat Mail SS Lines 731949,3 D 8214 Sale 8034
31 , 117
Bs__ _Jan 19651____ 3012 Sale 28
Inc
Corp
NY
Rya
82 8818
1
85 I 214
19653 J 85 Sale 834
10038 10212
Prior lien 68 Series AGas &El of Berg Co cons g 551949 J D 10238 ____ 10212 Aug'28 -___I 102
_ 10014 10254
1951 M N 101 102 1024 Aug'26
11-81, NY & Rich Gas 1st 138
10812 12
1939 A 0 108 Sale 102
5314 59%
Gen Asphalt cony Be
14
5
58
Sale
5814
85*
N
M
40_1962
4
let
eons
92
87
NY State RV
1
9114 ---- 9111
9112
1942 F A
7034 82
Gen Electrte deb g3Ss
1
72 1
1982 M N 7113 72 72
95 104
IN con 830 series B
10212 38
Gen Elec(Germany)7s Jan 15_'45 J J 102 Sale 102
3 10118 10413
103121
103 Sale 103
N
M
1947
A
tier
1181
88
25-yr
904
let
NY
129
Steam
D
j
11812
114 Sale 11314
994
97
1 deh 610 with war
9814' 25
978 N Y Telep let Jr gen a f 430_1939 M N 9818 Sale 08
97
974 38
Without waffle attach'd '40 J D 9718 Sale 9634
11012 30 10978 11114
110
9534 1014
30-year deben s f(N._ _Feb 1949 F A 110 Sale 108
10014 88
1.9.80 k A 10018 Sale 100
Geni ectioi let a r Oaf
10812 56 1074 10912
10814
Sale
0
A
85_1941
gold
1004
refunding
10314
20-year
Oen Ti.fr ler •f ft. ser A iog2 F A 101 10112 10159 Aug'28
1 10034 103
10159
97
92
104
Niagara Fall Power let Ea_ _1932 J .) 10159 10214 10159
97
1 10434 1064
105141
Good Hope Steel & I see 73 1945 A 0 9834 Sale 9414
Jan 1932A 0 10514 10512 10514
Ref & gen 63
10612 28 1014 107
99 101%
19
10059
Goodrich (B r Co let. 8118_1547J J 10618 Sale 108
10018
1004
10059
0
A
A..1955
5s
let
122
Mug Lock & 0 pr
40 120
121
95 100
9814
33
4
983
Goodyear Tire & Rub let 83_1941 MN 12034 Sale 12034
Sale
8
983
11084 40 10934 1128* No Amer Cement deb 630 A 19401W S 104 Sale 10312 104% 33 10114 105
Q1931 F A 11012 Sale 11014
10-year s f deb g M
S
M
1952
931s
68
85
Edison
5
Amer
Nor
88
8712 8784 8712
10534 15 10378 106
Gould Coupler let s I Be. _1940 F A
____! 100 101
Secured s f g 830 Ser B 1948 M 8 10512 Sale 10559
9234 99
9812 14
Granby Cons M El& Peon 68 A'28 M N 100 101 100 Aug'26
9838 Sale 9814
1947 M
1 100 101
Nor Ohio Tree & Light 8s
10014
___ 10014
0734 lel
1928 M N 100
10018 29
8
Stamped
993
100
9952
0
A
A1941
be
1174
25-yr
68
100
1174
Nor Melee Pow
99
99
19301W N 11712 Sale 11318
____
July'26
Cony deb 7a.
99
_
A 0
904
Registered
90%
101
4
943
9414
Sale
4
1064
943
A
F
10412
.1944
Power(Japan)777
1
10518
01 Cone El
100 10412
1st & ref 25-yr fle Ser 13_ _1941 A 0 10259 1-112 10518
984 98
May'26
Great Falls Power let s f 56_1940 M N 10318 10434 10018 July'26 ____1
9712
9814
98
J
J
gtd_1934
North WT let fd g 4Se
88111 P18
7
8714
8714 8714
Hackensack Water let 0._1952 J J
11814 12 112 11814
Ohio Public Service 730 A__1946 A 0 11512 Sale 115
_I
-8834 -- 5'2 Aug'25
1930 M
6 11059 119
119
Hartford St Ry let 48
1947 F A 117 11718 115
8
-1213 104 - -71st & ref 73 series B
25
10412
104
10414
104
S
M
A'54
IN
gen
P
&
L
Havana El Ry
10514 15 IC114 10614
1948 J J 105 Sale 105
Ohio Myer Edison let 6s
97 Sale 97
88 9714
18
Havana Flee consol g Se,. 1952 F A
02
9112
Sale
92
A
F
1944
69
1st
9994'4 11°°02's Old Ben Coal
1'
57
714 4
92
10
99% 10213
_
Hershey Choc 1st & coil 53401940 J J 102 Sale 101%
1943 F A 101 10114 10112 Aug'28
Ontario Power N F let 5s
9714
99% 101
Hoe(R)& Co Ist 6S temp_1934 A 0 9834 Sale 9858
2
3 __ 10034
10039
100
4
85..
99
N
1W
.__1945
5s_
12
1
9
7
Transmission
S
Ontario
0
1
1
84
974 10012
32
Holland-Amer Line Be (flal)_1947 MI% 8313 Sale 8312
10014
994
Sale
9914
J
4 10038 10313 Pacific & El gen & ref be...1942
10278
094 101
_ 1940 M 15. 10228 10312 10278
Hudson Co Gas Ist g
40
10014
Pee Pow & Lt let&ref 20-yr 58'30 F A 9978 100 100
1027a 31 10112 103
10258
Humble 011 & Refining 530_1932 .1 J 10259 Sale 102
1937 J J 10134 Sale 10134 1004 19 100%
Pacific Tel & Tel let be
78 10211
98
34
10114
8
1005
Sale
8
1007
3
984
1952 M N
44
34 10
00
Ref M Ea series A
7 ' 1,
15
/04
34 4
11
2,8
2:
06
06
19
112%
Illinois Bell Telephone 58_1956 J ID 1024 10234 19
78
Pan-Amer PAT cony e f 86_1934 M N 10814 Sale 10578 10014
1940 A 1/ 9638 Sale
Illinois Steel deb 4 14e
1 1034 lore
/1 10538 108 10534 10534
F .
1.7
914 9812
IS 10-year 7s
9812 Aug'26 _
9734 100
9212 98
19381W h
19
Ind Nat Gail & Oil be
98
98 Sale 9714
105,8 Paramount-Bdway let 543.1
n
9
14
19
101
27
10231
4
101
1033
100%
8514 96
Is
1952 IN
20
Indiana Steel lift 53
92
9178 91
9113
J
J
_1953
6748_
I!
leasehold
__
et
Park-Lox
____ 9984 Dec'25
10234
1935.7 J 100
100
Ingersoll-Rand let 53
Aug'26
10
_
_
4
1023
1641,
259
i5
Pat & Pamalc G & El cons 53 1949M
101
113
101 Sale 10058
11014
1945 M
2
Inland Steel deb 514e
113
Pwrs, nfla & C igt cone g 8s. _1943 A 0 113 11312 113
13 10018 102
101
984 10314
41
Inspiration Con Copper8S3.1931 B e 101 Sale 10078
102
4
1013
102
i
1018
Refunding gold 58
Apr'25
1978 11
Interboro Metrop coil 4Ss_ _1956 A 0
1044 36 10311 1004
S 1047 Sale 10414
4F A
947M
19
Philadelphia Co coil tr 63 A.1
-1-i13 May'26
12
9358 1014
1
Guaranty Tr Co ctfe dep......
101
10034 10138 101
1938 M
15-year cony deb 530.
1012 Mar'25
9912 102%
13
Ctf dep stPd asstd 18% tub_..
102
4
1003
Sale
101
.7
Phila & Reading C & I ref 58_19931J
7484
7484 Sale 7334
Interboro Rap 'Fran let 68....1968
; -T-55778.8
7412 88 -61
7438 Sale 7334
35 103 107
Stamped
7834 Pierce-Arrow Mot Car deb 8e1943 M 8 101134 Sale 10812 109
84
774 33
1932 A 0 77 Sale 7812
10312 10773
Aug'28
10-year 83
8534 9714 lerce Oil Cf 88
Dec 15 193113 0 10214 10634 10513
38
Sale
984
9614
S
M
9518
.1932
7%
notes_
cony
3 10114 10434
-year
10
104 1024 10212
10214
0
A
9812
_1943
8814
Mille
Fl
68_
20-yr
Pillsbury
-...1
9734
Aug'26
93
91
9813 100
July'26
Int Agr1c Corp let 20-yr be_ _1932 M
9912
9913
J
J
8218 9178 Pleasant Val Coal let g I f 58_1928
88
M
84
8984 July'26
2
9018 93
91
Stamped extended to 1942._
8434 98
Pocah Con Collieries lets f 5319571.1 J 91 Sale 91
8828 129
6 102 10b13
Inter Mercan Marine a!68..1941 A 0 8734 Sale 8734
10434 10434
4
1043
104
3e
A
F
9714
_1953
91%
Dk
A
&
Gs
Arthur
Can
Port
9714 61
1947.7 J 974 Sale 9814
10512
10112
July'26
International Paper be
13412
13512
104's
A
N
F
953 m
let M 68 Berta, B
9613 1004
1955".8 10014 Sale 9934 10014 68
99 104
8
Ref s f 138 Set A
13012 Sale 10012 1011 2
107 11614 Portland Elm Pow 1st 6e B_11
99% 10212
Aug'28
Int Telep & Teleg cony 530 1946 M S 110 Sale 10834 11012 6381
10018
10012
10018
56_1935'3.7
let
Gen
Elec
Portland
9258 96
6
95
1930 M N 95 Sale 95
Portland Ry let & ref 5s
18 100 116
8854 9434
Jurgens Works 68(flat pr(ce)_1947 J J -.-- 108 10512 1054
91 12 11
Portland Ry Lt & P lat ref 581942 F A 9159 Sale 9114
20 10014 104
104
99 10312
9
4
1013
Kamm City Pow & Lt 53.__1952 M 5 10314 Sale 10314
101
131
100
1st! & ref fis Ser 13
10534 25 10138 1064
4 10812
1053
8
Kansas Gas & Electie 6s _ .1952 M S 10512 Sale 10514
94 M N 10714 108 10714 10712
117
let & refund 730 Ser A 1"7PSN
1078* 13 105 10713
105 10514
Kayser (Julius)& Co let e f 7s'42 F A 10834 Sale 106
105 Aug'26
____
105
N
1W
108
8a__1931
'Fob
8
Rican
Am
1027
Porto
5
10514
Kelly-Springf Tire 8% notee_1932 M N 105 10528 105
9212
924 92 July'26 ____ i 90
91
Keystone Telep Co 1st 58. _1936 J
___ 103 Aug'28..._ 1 102 104
1937 A 0 103
King,County El & P g 5s
i 1 1204 121
123 1
1997 A 0 123 Sale 123
Purchase money 6s
Riot
High NC LOW
Ad Into
BM
12034 204 11514 12318
Steel 1st get 89----1941 MN 120% Sale 120
103
10112
177.
12
101
1021/
10112
10112
Cb CL & Coke let gug 911-193713 J
787 1341 8584 81
9812 Sale 7434
Chicago Rye let 53
1927 F A
4 10512 1004
Chile Copper Sc Ser A
1932 Ao 10634 Sale 10612 107 I ____I 102 10312
Aug'28
Cinch' Gas & Elec let & ref 513 '58 A 0 102 10212 102
10312 29 10211 10512
51.4e Ser B due Jan 1 ___.196I A 0 10312 10414 10313
9434 9712
9612 32
fle _1944 MN 9614 Sale 9614
Cities Serv Pow & L
824
112
___ 82 May'26 ____
Clearfield Bit Coal let 48_1940 j y
904 9534
6
95 1
95
94
95
Colo F & I Co gen s f 53_1943 F A 7891
4
233
I
__
Aug'28
90
894
8812
let
& coll68 gu-1934 F A
Col Indus
9914 1014
8
100
100 10038 100
1927 j
Columbia & E let 53
1 100 101
100 I
1927 j j 100 10012 100
Stamped
Oct'25 ____1
--- 10
1993 m 8
COI& 9th Av let gu g 5e
Central
I
d Due May. a Option sale.
AUG. 28 1926.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
1101
Quotations of Sundry Securities
it bond prices are..and Interest" except where marked "1."
BONDS
v .1.1-rOrx EXCHANGE
Week ended Aug. 27.
2'u
h
Pressed Steel Car cony g be_ _1933 ii
Prod & Ref f 80(w ith warnts)'31 J D
Without warrants attache& _ J D
Pub &try Corp of N J see 68_1944 FA
Pub Serv Elec & Gas 1st 5%81959 AO
let & ref 534e
1964 AO
Pub Serv El Pow & LW fle_ _1948 AO
Punta Alegre Sugar deb 78_ _1937 J J
Remington Arme 611
1937 MN
Repub I & S 10-30-yr 58 f_1940 AO
Ref & gen 534e Ser A_ __ _1953 J J
Rheinelbe Union 78 with war 1941 .1 .1
Without ink perch war'ts_ I o4r .1 3
Rhine-Main-Danube 7s A _ 1950 M S
Rnine-Westirnalla Elec Pow 7850 M N
Rime Steel 1st 7a
1955 PA
Robbins & Myers s f 78
1952 JD
Rochester Gas & El 7e Ser IL 1946 MS
Gen Mtge 5%s Series C _ _ _1948 53 S
Rogers-Brown Iron gen & ref 7642 MN
Stamped
MN
Price
Friday
Aug. 27.
eek's
Range or
Last Sale.
g
Rid
Ask Lott
I-Ilob No Loa
High
94
95
2
9514 94
94 984
11114
11118
11118
4 11014 11234
111
111
111
4 10934 11214
10314 Sale 103
10338 64 100 10434
10478 11)5 1044 10478
6 I0334 10534
10434 Sale 10458 105
39 10378 10512
10612 107 10612 10612
2 10138 108
10614 Sale 10614 107
9 104 111
89
91
89
90
8014 9112
26
9834 Sale 9834
9714 10104
99,4 53
96
9614 96
924 9734
9614 15
1094 Sale 109
9512 11238
11218
11
9612 Sale 9618
93 9712
9712 320
100 Sale 9034 10012 101
9812 10012
9912 Sale 9918
95 100
9934 69
8812 30
88 904
884 Sale 8812
55 Sale 55
55 6812
5812
9
11138 11112 11114 11114 12 III 114
10458 106
10512 10578 10514 Aug'26
4912 55
5114 7334
53 Aug'26
_
49 65,2
50
4934 Sale 4912
70
St Jos Ry Lt Ht dr Pr 58_ _ _ _1937 MN
St Joseph Stk Yds 1st 434a_193t I J
St L Rock Mt & P Es stropd_1955 .7 J
St Louis Transit gen Imp 56_1924 AO
St Paul City Cable cone 58_1937".1
Saks Co 178
1942 FA
Saxon Pub Wke (Germany) 751'45 MS
Ban Antonio Pub Serv let 68_1952
Sharon Steel Hoop lat 8e8er A'4I MS
Sheffield Farm, let & ref 614s'42 AO
Berra & San Fran Power 58_1949 FA
Sinclair Cons Oil 15-year 7s_1937 M
let in col tr 6s C with warr 1927 JO
let lien 614e Ser B
1938 J D
Sinclair Crude Oil 3-yr 68 A.1928 FA
8-yr 6% notes B Feb 15 1926 FA
Sinclair Pipe Line a f 58_1942 AO
Skelly 011 6(4% notes
1927 AO
Smith (A 0) Corp let 614a_1933 MN
9538 9534 9514
3
9534
074 ____ 974 Aug'26
77 Sale 77
9
77
7612 Apr'26
96
96 Aug'26
98
106 110 110
4
110
9912 Sale 9812
9912 93
10512 Sale 0514 10512
5
10734 108 108
108
2
10758 10734 10738 July'26
9634 Sale 9634
9634 18
9938 Sale 9918
9912 110
10378 Sale 103i2 10412 110
924 Sale 924
57
93
10078 101 lOO7s
1014 35
10078 Sale l007
9
101
92
9112 Sale 9112
44
14312 Sale 142
14634 15
10158 Sale 10112 10158 12
South Porto ItIco Sugar 78_1941 JO
South Bell Tel & Tel let a!561941 "3
Southern Colo Power 68
1947 J J
B'weet Bell Tel let & ref 58_1954 PA
Spring Val Water g 5/3
1948 MN
Standard Milling let 55
1930 MN
1st & ref 514s
1945 MS
Steel & Tube acne I 7e Rer C 1951 J .1
Stevens Hotel 1st 69 ser A_ _1945
.1
Sugar Estates turieute) 72_1942
Superior 011 let s 1 713
1929 FA-I
Syracuse Lighting let g 58_1951 in
Tenn Coal Iron & RR gen 58_1951 3"
Tennessee Elea Power 1st 6a _1947 in
Third Ave let ref 45
1960 J J
Ad) Inc 88 tax-ex N Ya1980 AO
Thlrd Ave Ry 1st g 58
1937.1 .1
Torn) Flee Pow let 7s
1955 116
6% gold notes July 15_ _ 1929 J J
Tokyo Elee LigOt tile uotes-1028 F A
Toledo Edleon let 78
1941 MS
Toledo Tr L & P
% notes 1930 J J
Trenton
& El 1st g be__ _1949 MS
Trumbull Steel lets!68 _ _._1940 FA
Twenty-third St Ry ref 58_1962 ".1
Tyrol Hydro-El Pow 7148_1955 MN
10112 10712 10738
10258 Sale 10212
101 Sale 10012
10258 Sale 1024
9912 -- 9912
10014 Sale 10014
101 Sale 101
10814 -- - 108'2
10012 Sale 9934
9814 9812 9814
95
95
96
10238 ____ 10214
10338 10514 10312
10518 Sale 10518
64 Sale 6312
5514 Sale 55
964 9812 9658
94 Sale 94,2
9812 9834 9612
9878 Sale 9812
108 Sale 10714
9812 Sale 9814
102
1112
9734 sale 9738
65
70
65
96(4 Sale 9578
107,2
10258
101
10212
9912
10012
101
10812
10012
98
Aug'26
Aug'26
Aug'26
10512
64
5634
97
9514
99
9834
108
9914
Aug'26
98
65
9658
Undergr'd of London 41.48_1933 J J
Income 68
1948'3
Union Elec Lt & Pr let g 58_1932 MS
Ref & ext 511
1933 MN
let g 534a Series A
1954'3
Union Elev Ry (Chic) 58-..1945 AO
Union 011 let lien s t 5s
1931 J J
80-yr 68 Ser A
May 1942 FA
let lien s 1 55 Ser C
1935 FA
United Drug 20-yr(is_Oct 15 1944 AO
United Fuel Gas 1st 5!Bs__ _1936"3
United Rya St L let g 411_ __ _1934 J
United SS Co 15-yr 68
1937 MN
United Stores Realty 20-yr fle '42 AO
J
U El Rubber 1st & ref bs Ber A1947
1930 FA
% sec notes
10-71'
U S Steel Corp(coupon.._ _61963 MN
11 I 10-60-yr Se registered _61963 MN
Utah Lt & Trac ist & ref 58_1944 AO
Utah Power & Lt let 58_1944 FA
UilcaElecL& P 1st 5s_ __ _1950 ii
Utica Gas & Elec ref text 681957 J J
ID
Vertientes Sugar 1st ref 713._1942
Victor Fuel 1st 158
1953 ii
Va-Caro Chem let 78
.1941 3D
Stpd as to part 40% of prin
let 78
.1947
CU of deposit asstd......
CU of depoeit siva
Va Iron Coal & Coke let g 581949 MS
Va Ry Pow ist & ref 5a_
1934 J J
Walworth deb 6 tie (with war)'35 AO
let sinking fund 6s Ser A _ _1945 AO
Warner Sugar Refin let 78_ _1941 JO
J
Warner Sugar Corp lot 78_ _1939
Wash Wat Power s f be__ _1939.1'
Westchee LW g ba stnrnd gtd 1950 JO
West Ky Coal 1st 7e
1944 MN
West Penn Power Her A as_ _1946 MS
let 5s Series E
1963 MS
lat 51.1g Series F
1953 AO
West Va C & C let 68
1950 J J
9352
96
95
101 10112 101
10014 10034 10038
102 1024 10212
80
84
8414
10138 102 10138
10712 Sale 10712
9838 Sale 9814
106 107 10634
103s8 10412 1034
76
7712 764
874 88
8712
104 10414
9334 Sale 9312
107 10758 107
10534 Sale 10538
_ 10514
914 Sale 9138
9738 Sale 9638
10118 Sale 10158
10138 10234 10258
98
9812 98
57
60
54
108
110
Apr'26
Aug'26
10138
10012
Aug'26
Aug'26
Aug'26
10712
9812
107
Aug'26
7612
8712
Western Electric deb be__ _ _1944 AO
Western Union coil tr cur 50.1938 iJ
Fund & real estate g 4%8_1950 MN
18-year 6%all
1936 F A
Westinghouse E & M 7s1931 MN
MN
Registered
White Sew Mach(ie(with warr)'36 J J
Wickwire Span Steel let 78_ _1935 J J
Certificates of deposit
Certificates of deposit stamped MN
Wickwire Sp Steel Co 78 Jan 1935 MN
Witlys-Overland e f 0148.._ _1933 MS
Wilson & Co let 25-yr s 168.1941 A0
Registered
10-year COLIV a f 68
1928 3D
Certificates of deposit......
10-yr cony if 7148
v1931 FA
Certificates of deposit......
Wincheeter Arms 71411
1941
Young n Sheet & T 20-yr 68_1943 .1.1
a Due Jan.
9414
101..
106
10514
92
9712
10158
1024
9812
July'26 _
A..42.26
1014 Sale
10112 102
9812 9934
11312 Sale
10438 Sale
_
9734 Sale
60 Sale
88
45 Sale
10212 Sale
984 Sale
ioiTs Sale
104I Sale
9114 97
9538 9718
77 8i.4
7012 7612
95% 98
1071g 11034
92% 9912
10138 c0678
107% 109
1067a 10812
9112 9812
934 994
10312 11334
944
87
1004 101 12
10038 101 12
87 924
11138 148
100 10212
107 10934
21 1014 10312
974 1024
8
16 10038 10358
111 9)14 10038
9838 10112
10
977210114
10' 1074 108
171 9934 10034
894 1111./
10
95 974
100 10214
10218 10434
26 10258 106
554 6512
49
414 654
53
9238 9812
12
8)12 96
35 ,
9612 99
63
36 9912
55
12 10714 10934
98 9978
26
1004 10234
9412 99
43
61
2
75
9414 974
10
7
2
3
6
17
1
7
5
75
16
91
3
59
61
1
1
17
110 Sale 110
11112 16
1084 ____ 110
110
6
108
10712 Jan'26
93
96
93 Aug'26 -9814 9878 9812
9834 27
92
9314 9214
93
31
9678 Sale 9678
97
51'
8418 Sale 81
84% 23'
60 Salo 60
6112
31
10238 10312 1024 Aug'26
10178
1
10112 1-62
. 10113 1014
2
8
-I
1004 10114
10034 102
5
10012 Sale 1004 10012
6
105 Sale 105
105
31
80
794
82
8018
8
94
96
90 95
10038 10214
10018 1024
1004 1054
7712 8512
1004 10138
10038 It/814
10
93
5:
1 10
97
912
18
0
747
1111210
874
0812
103 105
9134 65
10614 108%
103 107%
10434 10612
884 94
95 9934
100%10212
10014 102%
90% 9912
5314 11412
105 110
10434 in t2
10412 110
10674 10812
9114 98
9711 10158
89 9512
9114 97
79 100
56
gs%
1014 10278
10178 (03%
100 10214
99% 103
99%10314
10438 100
85
in
10114
102
56 10018 10314
10158
10158
1 101 111312
98% 100
7
9614 100
11178 11312 23 111 41718
1044 10578 234 104 107
10534 10534
1 10534 10534
9714
98
35
9412 9812
60
60
2
57
70.2
6014 Mar'26
6014 6014
7012 Mar'26
704 7082
45
4512 26
45 6812
1024 10258 23 10134 10314
984
9878 49
9538 101
93 Feb'25
4312 May'26
*iiti 71
41 May 26
41
72
41 May'N
41
83
424 June'26
40
72
04
10412
8 101% 10478
0418
10434 41 101%105
d Due April. V Due Dec. 5 °Mien sale.
Range
Since
Jan. 1
I
Act I
Railroad Equipments IPerCY.IBartg
Standard 011 Stocks Par 114
5.15 5.95
Anglo-Amer 011 vot et,.,..1 *1838 1858 , Atlantic Coast Line 68
Equipment6%s
4.85 4.70
£1 *1758 18 1
Non-voting stock
5.15' 4.95
Baltimore & Ohio 6a
Atlantic Refining
100 11214 113
Equipment 4148 & 15a.
4.85' 4.62
Preferred
100 11534 11612
Buff Roch & Pitts equip 6a. 5.15' 4.95
Borne Scrymser Co
100 275 286
4712 Canadian Pacific 4 SA a de (is. 5
4.
.90
10 4.00
60
Buckeye Pipe Line Co.....50 *47
75
Central RHO! NJ (113
Che8ebrough Mfg new... 25 073
5.15 4.95
Continental 011 v t
10 *2058 2034 Chesapeake & Ohlo 6e
5.10 4.85
pinnt
ent 5
6:48
Crescent Pipe Line Co.._ 50 *15 113
E4
Equ
ulipme
7
4.85 4.65
Cumberland Pipe LIne 100 x109
5912 Chicago Burl & Quincy 68
5.15 4.95
Eureka Pipe Line Co.... 100 58
2012 Chicago & North West 68
5 15 5.00
Galena Signal 011 corn
100 1912 .
75 1
5.00 4.60
Equipment6%e
Preferred old
100 72
75
4.
5.8
20
5 4
5.00
70
Preferred new
Chic 5th & Pac 4(4e it 55
100 70
Equipment69
Humble Oil & Ref
25 *6034 6112
20 4
5.0
.00
0
Illinois Pipe Line
100 13412 135 Colorado & Southern 66-..- 5.10
*3612 3678 Delaware & Hudson (15
Imperial Oil
60 Erie 45,113 & 58
5.00 4.75
Indiana Pipe Line Co___ 50 *59
5.20 5.00
International Petroleum_ _ t *3334 34
Equipment Os
5.15 5.00
National Transit Co__12.50 1338 1412 Great Northern 65
4.85 4.70
ean
nlttie8
5s54
New York Transit Co___100 34
57394514 HockingEEqq u1 pmve
4.85 4.70
Northern Pipe Line Co....100 *73
5.15 4.90
Ohio Oil
25 *5812
10 4.0
60
0
Penn Mex Fuel Co
25 *1818 20 Illinois Central 4148 & Se.... 4.75
Equipment Ile
Prairie Oil& Gas new__ _ 25 *5012 50%
Equipment 78 & 61.4e....- 4.85 4.70
Prairie Pipe Line new
100 12412 125
Solar Refining
101 203 205 Haney,ha & Michigan W.__ 5.15 .5.95
5.00 4.80
Equipment 4tie
Southern Pipe Line Co new.. 244 25
South Penn 011
25 *3714 3753 Kansas City Southern 5%s. 5.10 4.85
64
2 LoE
5.
.5
10
5 4.
.9
70
0
ug
isui
vip
llm
e edcntNetville 6s_... 4
Southwest Pa Pipe Lines.100 52 5
Standard 011 (California)--- *6112
4.95 4.75
Standard Oil (Indiana)._ 25 4,6312 63% Michigan Central 55 & (is
1934' minnSt P & SSM 434s& 5s 5.10 4.85
Standard 011 (Kansas)__ 25 *19
5.2O' 4.95
Equipment 6%e & 7s
Standard Oil (Kentucky) 25 *123 12312
Kansas & Texas6s_ 5.25, 5 00
Standard Oil(Neb) new. 25 *4712 48 Miasouri .
Standard 011 of New Jer_ 25 4318 4314 Missouri Pacific 6s dc 8348.. 5.20; 4.90
4.90; 4.65
Preferred
100 11518 115,2 Mobile & Ohio 4%e& 58
5.10
80; 4.00
60
Standard 011of New York 25 *3238 3212 New York Central 434s & be 4
EQUipMellt6s
Standard 011 (Ohio)..100 .,298 306
4.85 4.70
Equipment 78
Preferred
100 11712 11814
4:0
70
0,,1 4:755
Norfolk & Western (1)4e___. 5
Swan & 1,1nch
100 1712 18
Northern Pacific 75
Union Tank Car Co_ _ _,J00 102 104
8.0
98
51 4.8
70
5
Preferred
100 116 118 Pacific Fruit Express Ts__ _ 4.
Vacuum Oil new
25 102 10212 Pennsylvania RR eq 58 lc (le 5.101 4.65
_
Pitts it Lake Erie 614s
Washington 011
10
5.15 5.00
Equipment6s
Other 011 Stocks
•11, I% Reading Co
4.70 4.55
Atlantic Lobos 011
41.18 it 58
*31, 4 I St Louis it San
Francisco 158_ 4.85 4.65
Preferred
50
853 Seaboard Air Line 534s it 68. 5.25 4.95
Gulf Oil.
25 *85
Mountain Producers
10 *2413 2458 southern Pacific Co 4)45.... 4.75 4.60
4.85 4.70
Mexican Eagle Oil
5 *414 814,I Equipment 7s
4.85 4.70
National Fuel Gas
100 154 159 I ISouthern Ry 4%s & bs
5.15 4.95
Salt Creek Cons 011
10 *84 87 I Equipment6s
Salt Creek Producers
10 *3012 305 .Toledo it Ohio Central 6s.... 5.15 4.95
4.85 4.70
1 Union Pacific Te
Public L citifies
*9612 97
Tobacco Stocks
Amer Gas & Elm
*94
9514 American Cigar common 100 122 125
6% pref new
100 99 103
Deb Os 2014
M&N *100 101 li Preferred
Amer Light & Trao com_10( 222 225 11British-Amer Tobse ord.. Ll *2314 2414
il *2314 2414
Preferred
104 10712 10812
Bearer
9934 Imperial Tob of G B it Irel'd *2714 2712
98
Amer Power & IA pref_ 10(
Deb 68 2018
MI& 99 100 Ant Cigar Machinery _ _ _100 98 103
85 Johnson Tin Foil it Met_100 60
Amer Public Util corn._ _10( 80
97
42
7% prior preferred..._101
MaoAndrews it Forbes_ _100 40
98
86
87
100 102 104
4% partic pref
Preferred
101
52 Mengel Co
100 3512 36
Associated Gas & El p1....l *50
70
Secured g 614s 1954_ _Jdr./ *104 10434 Porto Rican-Amer Tob_..100 67
98 ilUniversal Leaf Tot) com_100 77
79
Blackstone Val G&E com 54 •95
100 99 101
Cities Service common
Preferred
2( *4412 45 I
100 122 128
892 Young (3 5) CO
Preferred
101 *89
100 102 108
*734 ---Preferred
Preferred B
1(
7712
Preferred B-B
10(
1
„- -1 Rubber Stocks (Cleveland)
Cities Service Bankers Share, *22
97g
(t) *6
Com'w'Ith Pow Corp new., *4018 -4034 Falls Rubber corn
88
19
8812
25 *16
Preferred
Preferred
101
Elm Bond & Share pref..104 107 108 FirestonelIre & Rub corn 10 *10812 110
100 101, 10212
*69
70
6% preferred
Elec Bond & Sh Scour
9712
7% preferred
100 97
Lehigh Power Securities..., *1634 17
60 - - -- Geneml Tire & Rub com_ 25l55 160
Mississippi Riv POW corn 104
95
100 106 110
Preferred
97
Preferred
101
35
First mtge 58 1951_ _J& 101 102 Goodyeal Tire it R oom_100 34
102
S F g deb 7$
Goody'r T it R of Can p1100 r9614
39
*10112 10212 India Tire it Rubber new (t) *29
Nat Pow & Lt pref
lis
North States Pow corn...101 104 10512 Mason Tire it Rub com-(t)I
*73
100, 1012 12
Preferred
Preferred
101 10112 103
22
Nor Texas Elec Co corn_1(1(. 20
Miller Rubber preferred_100; 9912
50
100j 45
56 ' Mohawk Rubber
Preferred
100 53
73
65
Pacific Gas & El let pref_100 10012 10114
Preferred
23%
Power Securities corn
/ *5
Selberling Tire it Rubber (t) *23
95
*23
100 94
25
9 I
Second preferred
Preferred
Coll trust 6s 1949 _ _ _J&D *92
9412
86
Incomes June 1949_ _F&A *82
Sugar Stocks
50 *114 214
29 Caracas Sugar
Puget Sound Pow & Lt_ _100 28
80
6% preferred
86 Cent Aguirre Sugar tom. 20 *78
100 84
100
7% preferred
(1102 105 Fajardo Sugar
100 137 139
50
let & ref 5148 1949_ _J&D 100 101
Federal Sugar Ref corn_..100 40
Republic Ry & Light _100 80
1001 60 65
88
Preferred
4
(t) *2
Preferred100 10612 10812 Godschaux Sugar.
South Cal Edison 8% rif 25 *33% 36
100, 12
Preferred
33
Standard (l&E17% pr 91100 133 104 Holly Sugar Corp com_.(t)' •29
78
Tenn Elec Power Int pf 7% 102 103
100 74
Preferred
Western Pow Coro pf _ _100 94
9534 National Sugar Refining _100, 12112 123
97
75
West Missouri Pr 7% pref.... 94
New Nlquero Sugar.- -1001 67
12 3
Santa Cecilia Sug Corp pf100
Short Term Se"cirities
Savannah Sugar aim -(t) *148 152
AnacondaCop Min 6ii'29J&J 1024 1024
100 123 127
Preferred
Chic R 1 & Pae 53 1929_J&J 9978 10014 Sugar Estates Oriente 111-100 *65 60
Federal Sug Ref 68.33_54.2,N
Missouri Pacific 5s '27_3&.11 10014 10012 Ind Js. & Miscellaneous
92
314 10
83
Slott'-Sheff S&I (is '29_F&A 10
96
234 American Hardware
25 *80
Wit Cent 514s Apr 16 '27_ 10014 1003 Babcock & Wilcox
loo 118 11912
21
(8) *19
Bliss(E W)Co new
Chicago Joint Stk Land B
50 *53
1
1 Preferred
10212 10412 Borden Company corn_(t) *97
99
le Nov 1 1951 opt 1931
5J,
17
58 Nov 1 1951 opt 1931.. 100 10212 Celluloid Company ___ _1001 15
72
100. 70
5s May 1 1952 opt 1932._ 10012 10212
Preferred
4148 Nov 1 1952 opt 1932_ 10012 102 j Childs Company pret__ _100 117 119
99 10012 Hercules Powder
100 165 170
411s Nov 1 1952 opt 1932._
100 114 115
Preferred
4148 May I 1963 opt 1933__ 10034 10214
Nov 11983 opt 1933__ 10112 10234 International Sliver pref _100 104 107
ba
9934 101
Lehigh Valley Coal Sales 50 *9634 98
434e Nov 1 1964 opt 1934_
100 136 140
4145 Oct 1 1965 opt 1935.. 1110 101 Phelps Dodge Corp
Royal Baking Pow com_100 165 170
Pee Coast of Portland. Ore100 100 10112
Preferred
5a 1955 opt 1935___M&N 101 103%
100 380 387
58 1954 ovt 1934._ _M&N 10112 103 Singer Manufacturing
611
Singer Mfg Ltd
El *8
•Per chars. t No par value. 1) Basis. 4 Purchaser also Days seemed dividend
a New stock. I Flat price. k Last Sale. n Nominal. z Ex dividend. r icartght
Ex-50% stock dividend. •Sale price. r Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record S.. Next
1102
Range Since Jas. 1 1926
STOCKS
Sales
BOSTON STOCK
for
the
EXCHANGE.
Thursday,
Friday,
Wednesday,
Saturday, , Monday,, Tuesday,
Week.Highest
Lowest
Aug. 27.
Aug. 21. 1 Aug. 23. 1 Aug. 24. I Aug. 25. I Aug. 26.
-,
Railroads.
1
186 BOISt0/1 & Albany
. 100 159 Jan 9 175 Feb li)
172 172341 17234 17234
17114 17114 17114 172
171 171
;84
201
Boston
1412
.100
77
May
3 8512JulY 15
Elevated
84
8312
84
84
84
84
844 8412 8312 84
11 Do prat
100 89 Feb 27 102 Mar 20
100 10012 *100 10012 ___. ____
*100 .___'100' 10114 101 101
45 Do 1st pref
100 11518 Jan 16 122 Jan 7
___ *118
__ _ __-- -___
118
*120 121
120 120 *120 _
35 Do 2d preferred
100 9812 Jan 9 112 Jan 2
__-- ____
107 1-07
*107 ____ 107 1-07
*107
- *107
1,624 Boston dr Maine
51
51
100 35 Mar 30 5812 July 26
52
50
5118 50
53 -53 - 52
53
514 52
Do pref
100 32 Apr 14 53 June 30
ilia- -fir ;i51.2 -_-_-_-_ ;ii- -_::: ;i5- "niii ;ii itii-2 ____ ____ ------ Do series A 1s1 met_ _100 59 Apr 15 80 July 27
Do series B 1st pref_100 84 Apr 16 120 July 26
--------130
--110 110
110 110 ,*105 ____ *105 112 *108 112
---- ---- ------ Do series C 1st pref._ _100 74 Apr 15 105 July 27
+92
97
*92 ____I +92 ____ *92 102 I *95 102
--------217 Do series D 1st pref___100 105 Jan 29 148 July 26
140 140
145 145 ,*135 ____ 145 145 *138 145
285 Prior preferred
94 Apr 16 10312July 29
10112 10112 1021 10211 10212 10314
102 102
10112 102 1 102 102
100 217513 Mar 19 182 Jan 2i
_ *182 - ---- --------------Boston & Provtdence
*182 ____ •182 ____ *182
10182
East Mass Street Ry Co_ _100 51 Apr 22 61 Jan 6
___
_
463 ii- •_ _ _ _ 55 *--- _ 55
4 *5314 54
53 -54335 DO 1st pref
100 594 Apr 29 71 Jan 2
*61
63
6114 -61-1*61
63
4
63
+62
64
*60
63 I *61
------ Do prat B
.100 56 May 6 69 Jan 13
_ *
_ _ *59
59
*59
_
185 Do adjustment
100 40 A pr 29 4914 Jan 29
2
43
4-3-38 -4312 43-1*42 -4312 *42 lily 43 -4312 42 -42
5125 Maine Central
100 50 Feb10 60 Feb 3
5134 51
5134 *51
5134 *51
1050
5134 514 5134 *50
880 NV N EI & Hartford
100 314 Mar 30 4838July 17
*4434 4514 444 4512 4518 4578 444 454 444 4518 444 4478
Northern New Flanthebire_100 81 Apr 8 91 Aug 4
____ *93
96
____ *91
____ *91
___ *91
1091
- Norwich & Worcester pre1-100 120 Apr 2' 130 Aug IS
*128_I*126 128
---- ---*127 130 *129 130 I*128
--------135
----- Old Colony
100 111 Jan 6 122I2July 10
12112 122 *120 1-22 *120 122
*12112 122 *12112 122
____ ____ ___ ------ rermont ,k Matteachusette-100 9934 Mar 12 105 July 28
*105 ____ *104
*105
Miscellaneous
5 Jan 7
314 Mar 20
33s 312 *Vs 34 *34 34 --------10 Amer Pneumatic Service...25
: 351.1
+312 334 331
50. Do pref
50 21 Aug 10 2514June 3
2112 2118 *2114 2212 *2114 2212 *2114 224 2112 2118 ---,
1,007,Amer
4 Feb15
24
1503
Telephone
&
13912June
1447
g
Teleg
100
-144 14412 14418 1444 14434 14518 146
14434 14512 1444 145
170 Amoskeag Mfg
No par 4812July 13 71 Jan 2
5112 52
52
5112 514 *51
52
52
524 5113 5112 52
------------20
Do
pref
78
Feb 23
2
73
*7234
*73
743
4
723
4
7434
*73
7434 *73
, A rota.
126IA
Mr
eity
aw
l0
C0o0nattru
50
7 7
284j.luay
la le 2112 Jan 23
e e, InN
c_o_ 51
20
_
_ ___ *20
---- ____ -----__ _ _ *20
*20
_ *20 __ _ ..• *20
5212 Apr 14 6334 Jan 19
51- ---*57
58
58
58
*57 -61/12 *57
5912 57
50 Altai. Tack Corp
___
_
11
11
12June 19 1714 Jan 2
*1134 12
*1134 12
*1134 12 1 *1134 12
11
2012 Jan 14
200 Ber cor, 011 Co corn T CN5 Par 144May
9
1714 1714 -1712 -1-71-2
*1714 18
*1712 18
*174 18
*1714 18
160 Bigelow-Hartf Carpet_No par 77 Aug 26 9812 Jan 2
77
77
78
77 . 78
78
78
577
79 I *77
78
79
20 Roston Cone Gas pret 614%100 10512 Jan 25 10912June 21
*107 10834 *107 10834 *107 10812 107 107 *107 10812 --------- Dominion Stores, Ltd_.No par 57 May 8 6812 Feb 1
*6112 6312 *6112 6312 *6112 65
*6112 65
*6112 65
--------Do prat A
____
100 104 Jan 5 11214June 9
------ East Boston Land
312 Jan 21
3
1134
2May 20
10
6
iis -;i- -13-8 -;2- -14
-.W. -Ili -,-,i- --A. -;i2
150 Eastern Manufacturing
Mar a
434July 14
412 412 *,-4- -11*412 5
412 412
44 412 *412 5
Eastern
SS
8812
Jan 22
--------345
25
58
Ala
12
Lines,
Inc
*58
62
58
58
62
58
5814 59
58
58
1401 Do met
No par 3834 Apr 15 45 Jan 6
___
42
42
•42
43
43
43 1 *42
42
*42
42
-----1st
pref
994
Jan 9
92
June
25
100
____
*93
95
*93
95
95
95
*93
+93
*93
95
1912July 7 26 Feb 5
____
------ Eennomy Grocery Stores
21
21
*20
*20
*20
21
21
21
+20
+20
1
Feb
11
Edison
Jan
15
250
260
Electric Mum
10012207
225 227
227 228
229 229 *229 2294' 229 229 *225 229
25 (Jalveston-Bougton Elee_1001 14 June 22 2512 Feb25
____ ____
20
*19
20
*18
20
20
20 .18
*18
Jan
22
17
---------------General
Pub
Apr
12
Ser
113
4
*12
Corp
corn-*12
13
13
*12
13 I +12
*12
13
NO par 3414 Apr 20 404 Jan 12
36
_ 374 1,540 Ghchrist Co
36
3614
3614 3614 3534 3612 3
36
36
1,371 10itiette Safety Rasor_No par 8812 Mar 30 11312 Feb 6
924 9278 9214 93
914 9214 914 9214 9112 9212 9134 93
--------175C reenfield Tap & Die
25 10 May 6 'Piaui)
*12
13
,17
*12
13
12
12
12 I 12
13
'12
170 Hood Rubber
No par 58 Aug 14 684 Feb 4
5734
5734 5734 5712 5712 *57
72
*5734 58
*5734 58
internat Cement Corp_No par 52 May 17 681, Feb 9
Mar
24
------ intermittonai Products_ No par .10 Jan 2 .25
2 --..ii
-;.-1-2 --.:1 -;.-1.6
,-,-ti. -47.-1-2 -..i.-1-2 --.i- -;.-1-2 -.
______
Do pref
100 .30 May 19 .55 Jan 5
.25 *____
.25
.2
Kidder.
July
30
Peab
96
10
Aceep
A
pref
100
293
'
Apr
15
95
95
*95 ____
*95
934 Feb 1
100 Libby, McNeill & Libby.- 10
612 Aug 13
812 -11-2
812
812 812
*8 -I1-2
84 814 *95*"
*8
81
. 25
6 July 8 '218 Jan 18
63 I.oew a Theatres
674 7
7
7
7
7
7
7 1 *634 7
*7
712
143 NI agssehusette Oas Cos--100 80 Apr 20 864 Feb 26
0821z 84
82
82
8318
83
84 I 8234 83 '
+83
84
*83
64 Do pref
100 65 Jan 6 7014 Feb 20
*67
68
67
67
67
67
674 *67
68
6714 67'4 67
35 Mergenthaler LInotype_No par t104 June 2 t110 May 1
108 108 *106 108 *106 108
*105 107
106 108 *1064 108
--------100 Mrxicao investment Inc-- 10
*9
10
734 Apr 22 145855ay 26
*812 10
10
10
*9
+9
11
*9
____ _ _
10 Miss My Pow atrid pref-100 89 Apr 9 96 Jan 4
95
95
97
*95
97
97
*95
97
*95
*95
National
1,035
44 Jan 5
2
3
4
lather
2
Aug 4
24
24
24
24
1
5
8
L.
2
3
4
212 212
234
*258 27
717 Nelson (Herman) Corp.... 6 154 Jan 9 2912July 19
27
27
2612 2812 2612 2612
27
27 1 27
27
2714 271
50 New Eng 011 Ref Co tr Ws__ .20 Jan 2 .95 Apr 29
1.25 .50 *.25
.45 .45 •.25 .50 '
*.25 .80
46
46
__
Do met (tr ctfs).._. _ 100
3. July 15 1012 Jan 0
_
*6
•
____97 New England Pub Seri
,prior pf 96 Mar 2 100 Jan 6
99 1 99 16- 99 ii *99 ::::' -ii6- rsi6*99 ---- 99
__ _I ____ ____
8 Feb 18
*2
2 May 11
2
90I New Eng South MIlle_No par
_
*2
2
Aug
*6
10
10
*6 16- *6
*6 -1-0
*2'
06
10
wOEnigle
'clt Teler & Tales.103 12172
5 111134 I:if)
116 11612 HLiz 1-11•
---LL1 NeD
11412 115
115 11514 11514 116
115 115
No Amer BM let pf full paid- 89 Feb 15 96 Feb25
_
*91
____ *91
____ *91
____ *91
•91
let pref 25% patd
110
18 Feb 1 27 Feb25
1914 -1-91-4 1912 1912 ____
___
•1913 20
20
20
21
•19
100 3512 July 6 55 Jan 2
*39
40 I 40 -40
304 Paelfic M1118
3812 334 3912 3912 3912 3972 394 40
684 Jan 12
Plant
(Thus
40
Mar 2
47
(IL
100
1st
rrel50
50
50
*46
50
50 .46
*46
50
•46
110
0 15 Feb
1714 Aug 26
65 Reece Button Bole
fi
*1534 1711 *1534 1612 *1334 1612 1612 1612 1714 1714 17
134 Apr 28
------Reeve
Machine_
Jan
19
Foldig
n
14
2
*112
2
*112
2
*112
2
------*112
2
;
*112
10678 108
176 Swed Amer I nv par ref 100 08 May 28 110 Aug 6
*10612 10834 108 10874 +107 108 *107 108
5 -- 100 111 Apr 21 117 Feb20
323 swift & Co
11412 115
115 115
115
___- 11'1- 12
115 115 1 11412 11412 115 115
115 Torrington Co.
25 54 Mar 31 7012 Aug 11
69
6934 694 6934 6934 69
69
6934 69
69
69
69
154 Feb i 1
5
7 Jan
1412 1412 1412 --------1,775 Union Twist Drill
14
14
14
14
13
1334 13
25 47 Mar 31 534 Aug 25
5314, 5212 53
5112 5238 6,428 United Shoe Mach Corp
5114 511g 524 52
50
514 51
30
June Lb
Jan
2
25
28
met
29
60
Do
29
2912
*2812 29 1 29
*2812 29 .2812 29
*2812 29
110 11 8 & Foreign See 1st prof f p. 100 May 19 135 Feb 16
110 110 ,*110 112
110 110
*110 111
110 110 +110 111
Apr 3
30
90
May
let
pref
60
paid
65
75%
8314
8314.
8414
85
834
834
8314
8414 8314
•83
2114 -ioi: -2-1-- 1,325, V) melee Sys,Inc,new eh No par 17 Jan 6 2178 Aug 19
2114 2034 2114 21
2114 2114 2034 2114 21
V, alth Watch Cl B com_No par 29 Jan 18 40 Feb 6
40
---------------'
*38
40 I *38
40
40
*38
*38
40 I *38
100 52 Jan 23 60 July 19
100' Do pref trust etre
57
57
58
58
*57
*57
057
58
53 '
*57
4i%i
fa
aan
yr 29 11012 Apr 13
1(
5
21ii 1
____
pref.._..
10103 109 *103 109 *103 109 *103 109 *103 110
23
16
--iii1V,TI:orgio
11
1s
16
164
16
164
161s
164 108 16
4 Aug
i 1;
Warren
Brosompany
49
49
494 4912 494 4912 4912 4912 4918 4912 --------575
43 May 24
Apr
15
39
50
20 Do tat pref
41
41
42
4134 4134 ---040
•40
42 '
• •40
42
50 42 Apr 16 47 Feb 10
Do 2d pref
42
*4312 444 ____
*4312 447s *4312 444 *4312 444 *40
------ )4111 &
1034 Aug 18 174 Jan 2
Baumer Candle COm____
1134 *1034 11
1134
•---- 114 *--- 1134
Mining
Mar 15 .40 July 19
25
.05
A
j
d
a
v
o
e
m
solidated-----na
t
u
b
re
mi
C
no
in
n
s
60
'
0.25
.50
'
0.25
.50
.25
'
0.20
.50
•.20
.50
4
%25
•.10
25 .10 Feb 2 .10 Feb 2
0.05 .20 +.05 .20
0.05 .20 •.05 .20 +.05 .20 '
'
0.05 .25 '
14 Aug 4
10 Arcadian Consolidated.--. 25 .25 Mar 27
*al
118
1
1
114
112 118 *01
114
114
411
14
2
9
914MaY 25 1128:84
330 Arizona Commercial
1112 1112 *1112 1134 *1112 12
114 114 114 114 114 12
55
34 Jan 4
Bingham
Mines
40
40
404 3912 404 3934 404 41114 4114 5,365
3612 3612 37
Aug
Gela
1752 174 174 18
1734 18
1712 1734 1712 1778 174 1778 1,564 CalumetHtli
1 .20 June 10 .50 Jan 2
•.23 .30 '
0.23 .30 *.23 .30 '
0.23 .30 *.23 .30 *.20 .30
25 13 May 20 20 Jan 4
Ca
orrpenr Range Co
1612 164 164 1,6451C
161z •16
16
1634 1614 1714 1652 17
*16
4 Feb 3
234May 18
780,East Butte Copper Mining_ 10
334 *3
334
314 *3
*312 34 *312 4
312 312
31g
114 Jan 20
May 21
'Franklin
'41.30 .60 *a.35 .60 *61.30 .60 *a.30 .60 *a.30 .60 •a.30 .60
July 17
'Hancock Consolidated__ __ ..
*.50
1
'
0.50
1
+.50
1
1
*.50
1
*.50 1
10.50
Jan 4
14
Mar
29
2114
1
Hardy
Coal
Co
270
17
*17
174 17
*17
174 1612 1678 1614 1634 1612 1612
2 Jan 11
25 .80 Mar 27
ri,0
et
lpalv
41
611
1e
112 *1
17
90
2
112
1
112
1
1
1
*1
112 *I
1 141 Mar 29 185 Aug 2
i
t
0
r
m
ee
f
k
Coal
1817s 18178 *182 185
18312 1233_12 40
18112
181
1824
180
1
82
02
1 994 Jan 4 106 July 28
*10112 _!_2 *101 1
'
0101
3
25
912June 7 14 Alit 9
1-'; *1234 -1-31-2 1234 -1-2-3q 1212 -1212260 isle Royale Copper
44 -.
1274 11- -12
174July 17
25
.50 Jan 2
Copper
Keweenaw
215
*114
112
2
14
1
1
1
*114
14
'
0114
-11112 114 *Ng
25 .75 May 19
138July 14
8,Lake Copper Co
ii2
112 *1
112 *1
112
.80 .80
*1
112 *1
*1
25 .80 June 12
24 Mar 15
1 La Salle Copper
112 •14 114 *118 14 *14 114 *14 112
114 *1
'1
212 Aug 4
5
134 Jan 26
10 Mason Valley Mine
218 *24 212
212 212 *238 24
21g
*282 24 *214 24
11:Jj
ul
an
y 16
9
25 .25 Mar 16 .75
385 341184 Consolidated
.35 .35
.45 .45 4..45 .55 •.45 .55
.35 .50 •.40 .55
26 .55 May 17
Mayflower-Old Colony
I *a.80 .90
1 •a.80
1 *a.80
*a.75 1 *a.75 1 *,75
43
Aug
30
Mar
30
9
26
Mohawk
1,277
40
3
4
*240
41
40
4014
4018
4014
4012 40
4012
40
40
5 1812May 19 24 Aug 9
930 New Cornelia Conner
24
23
2214 2278 .
*23
2312 2312 2312 23
.
2
.
2
.
34 2234
*e23
.05 Jan 30 .20 June 10
_ii_ ------ New Dominion Copper
4%10 .20 *JO .20 *.10 .20 +.10 .20 .0.10 .20
100
24 A020 25 Feb 4
Company
River
New
22
22
22
22
22
100 Do pref
100 , 45 July 13 72 Feb 11
54
54
*50
54
54
54
*53
60
54
57
*54
Mines
MI Jan 27
612
532
512
512
512
512
5
3
4
5
3
4
64
64 84
997
63*
12
2 j
Jttp
ly2 12
334 Jan 9
234 234 i'2311 234
27a 274
238 234 Liao roPritrgruttMe
25s 284
3258 234
25 .50 Jan 4
1 Apr 29
13 Ojibway Mining
1
138
1
'al
14 *al
14 •1
138 *al
14
*01
26 14 May 26 20 July 17
1,
50
0 Old
Q,,
D
cyominion Co
18
•17
18
1734 1734
*1712 184 *1712 1812 •17
+18
19
1012 Mar 2P 15 Jan 2
*11
12
*11
750 P'd Cr'k Pocahontas CoNo par
12
11
*11
12
*11
12
1112 11
11
21 1512May 24 25 July 16
21
21
21
21
*2014 21
22
*21
20
20
22
*21
125 St Mary's Mineral Land- _ :5 2512May 25 3812 Feb 10
30
30
31
82914 30
31
30
30
30
30
30
30
94 Jan 4
Seneca Mining
478June 1
*54 512 *54 512 *518 512 --_
10 .35 May 18 .80 Jan 5
.45 .50 *40 .65 4.50 -;io ---iii Shannon
-471-o --..38 +.50 .65
-47.65
1114 Mar 1
265 Superior & Boston Copper--10 .35 Apr 21
65 .65 41.50 .65 *.50 .65
.6() .60
.50 .50 •.50 .60
6 Jan 6 1134 Feb 5
6
580 Utah-Apex Mining
8
818
8
8
818 84
818 818 *818 84
84 814
Mar 13
Tunnel
Jan
8
2181,
man
mew
&
1
.50
115
1,110
118 *1
118 *1
118
1
11g
14
311s 114 *Ila
25 .40 MRY 24 75 Feb 23
200 Victoria
.55 .65 *.45 .60
.0.42 .55 •.42 .55 *.42 .55 '0.45 .55
July
20
.40
Winona
and06
25
y
.12
.
0
w
July
8
1
..20
.24
.20
.20
.20
.20
*.15
.30
.25 .25
10.20 .30
23 .40 Feb 1 .45 Mar 22
____ ____ ____ ---- ____ ____ ____ ____ ____ ----HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
il
N
12 iNi,',uunnee 1
N 2O
_
N.
--.a.i
•Bid and asked prices: no gales On this day. a Assessment mad
9 Ex-stook d1vIdend
v.
PAR SHARI
Range for Pretious
Year 1925.
Lowest
Mohan
156 Feb
754 Mar
92
Jan
109 Mar
94 Mar
10 Apr
Ills Apr
17 Apr
29 Apr
25 Apr
3512 Apr
90 Dec
167 Feb
26 Sept
60 July
51 Aug
35 Beni
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb
16434 Jan
Jan
86
10414 Dec
130 Dee
116 Dec
494 Dec
46 Dee
65 Dec
874 Dec
794 Des
110 Der
99 Nov
180 May
621s Nov
73 Dee
70 Dee
50 Dec
56 Dee
4634 Dee
00 Dee
Oct
125
Oct
113
101 Dec
212 Mar
1612 mar
2mJa
sy
n
18
3048
5 Dec
244 Dee
Dus
ee
18
45
7 A
7014 May
Jan
14
461, Aug
8634 Aug
16 Aug
674 Dee
-V19:
:12 Nov
103
25111
99
3
42
35
89
18
200
17
10
2-9
1-1;-D
O7
-0
081
64%
4 A
0
eu
4
ptt
S
AJttpnr 17
Jan
June 100 Dee
634
July
Mar 897s
Jan 4614
Jan 100
Aug 2311
Jan 213
Oct 38
Jan
Dee
Oct
July
Sept
May
Jac
825 Aug "iii July
374 Jan 11512 Dee
1512 June
11 May
Oot
72
52 May
Oot
5212 Jan 80
Jan
2
.05 Dec
1011 Jan
.10 Dec
945341s NJOno,
or
Jan
85
24
1 A
137s
1114 Aug
68 Feb 85
631) Jan 70
17
534
16717 Septn 19
8712
334
1158
.10
354
Jan
Dec
Dec
Dec
Apr
Jan
Dee
Ocit
Oct
.745
9614 Nov
634 Jin
17 Dec
2 June
19 Sept
27s Dec 11 Feb
Jan
20 Dec 55
99 Apr 12212 Nov
90 Sept 100 May
20 May 28 Mar
50 Dec 8112 Jan
Ool
32 Aug 75
23, Apr
18
1511414 NovAug
9914 Dec 101 Dec
irt
731a D
120
A
14
09
511 l;
711 Jan
3 Oct
4034 July 50 Nov
2612 Jan 29 001
98 Mar 1244 Dee
244 Jan 73 Nov
1914 Jan
1412 Aug
5 Jan 34 Dee
1714 lea 57 Dec
Jan 105 Dee
65
16114 June 2714 July
Jan 504 July
37
Jan
40
575
4 Jan 4
43
84 j
D
ue
4e
11 Mar 217s Dee
.05 Dec
.10 Mar
.50 Dec
94 Mar
2814 July
124 June
.20 May
18 Dec
"3
JuneJan
.50 June
1512 July
1 Dec
121 Mar
9414 May
978 Apr
.50 June
11 DecApr
.25
26
3
1538
6014
1874
.00
33
0
134
14
Jan
Jan
Jan
Feb
Oct
Jan
Aug
Jan
.J144
an
134 Feb
Jan
23
34 Feb
165 Dee
10012 Dee
20I J412
Hs June
an
Js
a
334 s
2$4 Jul
.95 Sept
.40 May
114 Jab
3 Jan
.50 Nov
Jan
254 June 61
Mar 25
jan
eb
0 July .85 F
.18
25 Apr 31 Aug
40 June 05 Aug
814 JAB
48s J1119
372 Nov
.89 June
14 Jan
.15 Nov
an
Js,
29
712 j
Ap
ee 3
1634
9 D
104 June 187s Sept
p
Asy
.2
684
9 m
714 Nov
lan
all
48
182 j
11 Nov
2
.70 May
8/11
378 Jan
.98
.40 Jul
.22 Nov114
.10 Dec .48
.05 Apr .21
Jan
Jan
Jan
Jan
J41/
Feb
I New stook. s Ex-dividend. p El-rights. a Hi-divklend and right..
AUG. 28 1926.]
THE CHRONICLE
1103
rrsaay
owes
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. high. Shares
Outside Stock Exchanges
Range Since Jan. 1.
Low
High.
Boston Bond Record.-Transactions in
Union Trust
19 232
Aug 235
50
235 235
Aug
United Ry & Electric_ _.5C
19
1934
291
1954
Jan
17
1934 Mar
US Fidelity & Guar__ _ _60 2073.4 207 20734
90 187
Ma 21954 Jan
West Md Diary Inc com_•
35
35
5f, 35
Aug
Friday
1834 Mar
Preferred
10 5254 Mar 5434 Jan
50
54
54
Last Week's Range Sales
Range Since Jan. 1.
BondsofPrices.
Sale
for
BondsBalt Sparr P dc C 4s34_1953
8294 8234 53,090 8254 Aug 8254 Aug
Price. Low. High. Week.
Low.
High.
Bait Traction 1st 5s__1929
9934 9954 1,C00 9934 May 9934 June
cher-Leader
Bernhel
10234
Amer Tel & Tel 55_ _ _ _1943
76_1943
1,000 100
Jad 10234 Feb
10234
102 102
$1,000 102
Aug 1112
Aug
Atl G & W I SS L 5s_ _1959 71
1,001. 10034 Apr 10334 June
10134 10134
7034 71
6,000 67
Mar 74
Feb ConsJlidated Gas 5s_1931)
Berrenson Bldg 534s _ _1951
Cons G E L&P pref 5s..1965 10154 101% 10154 4.000 10.)34 Jan 10234 May
100 100
5.000 109
Aug 100
Aug
Central P & L Co 58...1956
4,000 10434 Jan 10634 Aug
534% notes, ser E_1952
10634 10634
96
35,000 96
96
July 96
Jul$
Chic Jct Ry dcU BY 5840
Feb
1015( 102
2,000 99
Jan 102
Aug Consol Coal ref 4gs_ _1934 91 34 9154 9154 2,000 9154 Aug 98
East Mass St RR 5s 33 '48
2,000 100
Fe., 101
July
75
10034 10034
75
5.000 65
Mar 7634 June Fla Cent & Penh'cons 58'43
4%a series A
1,000 9934 Jan 100 31 June
1948
10054 10051
6734 673.4 2,000 62
May 707
% June Ga Car & Nor 1st 5s_1929
Hood Rubber 7s
1937
104% 104% 3.100 10434 Jan 106
June /31d Electric Ry 1st 5s_1931 9554 9554 9554 5,000 9434 Jan 9734 Mar
Maine Central 4SO_ _ _1945
Feb 9934 Jan
98
98
98
1,0•
Aug
9834 Aug Norf & Ports Trae 58_1936 9734 9754 9734 4.000 97
69
7154 Mar
M
25.000 69
1935
13134 70
103 103
1,000 103
Aug 113
Aug United Ry & E 45_ _ _ _1949 70
Mass Gas 434q
Income 4s
Mar 51
1929
1949 5054 5034 5054 22,000 48
993i 99%
Aug
1.0(8
0854 Jan 99% Apr
Miss River Power 58_ _1951 101
Funding
Jan
May
5,200
72
58
72
71
6734
1936
101
10154 4.000 99
Mar 10234 July
New Eng Tel dc Tel 55 1932
6% notes
10034 101
1927
9934 9934 7,000 9754 Jan 9934 Aug
4,000 101)34 Feb 102
May.
P C-Pocah Co 78 deb 1935 104
13s, when issued__ _ _1949
3,000 9134 Jan 9734 Aug
97
101 105
15,000 100
9734
Mar 111
Feb
Swift & Co 5s
wog 10234 11,000 99% June 101
33,000 62
1944 101
63
July 7334 Feb
63
Mar Wash Balt & Annap 5s 1941 63
Western Tel & Tel 59.1n3"
1014 101 % 7.03
" 084 Ass* 101% sus West Md Dairy 6s._._1946
10154 10254 6.000 10174 Aug 10254 Aug
Philadelphia Stock Exchange.-Record of transactions •No par value.
Chicago Stock Exchange.-Record of transactions at
at Philadelphia Stock Exchange, Aug. 21 to Aug. 27, both
inclusive, compiled from official sale lists:
Chicago Stock Exchange Aug. 21 to Aug. 27, both inclusive,
bonds at Boston
Stock Exchange Aug. 21 to Aug. 27, both inclusive:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Alliance Insurance
10
American Stores
•
Baldwin Locomotive_ _ _100
Bell Tel Co of Penn pref._.
Cambria Iron
50
Congoleum Co Inc
•
Consol Traction of N J_100
East Shore G & E 8% pf.25
Eisenlohr (Otto)
100
Electric Storage Batt'y_100
Fire Association new.
.10
General Asuhalt
100
Giant Portland Cement_50
Insurance Co of N A.._ _ _10
Keystone Telephone pf....50
Lake Superior Corp_ __100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Man Rubber
10
Northern Central
66
Penn Cent L & P cum pf_•
Pennsylvania RR
50
Pennsylvania Salt M fg_ 50
Phila Co (Pitts)pf(eu6%)50
Phlia Electric of Pa
25
Power reels
25
Phila. Insulated Wire
•
Phil's Rapid Transit_ _ _ _50
Phila & Read C & I Co_ •
Philadelphia Traction__50
Phila & Western
50
Preferred
50
Reading Company
50
Shreve El Dorado Pipe L 25
Scott Paper Co prat _100
Stanley Co of America...*
Tons-Belmont Devel_ _.1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
US Dairy Prod "A"
•
Victor Talking Machine._1
Warwick Iron & Steel_ _10
Weetmore Coal new_ ___50
7454
11234
•
36
5534
5254
20
113
2634
2
7754
5034
654
5934
2234
86
3934
112
46
46
7434 7534
118 118
11234 11234
4034 4034
2434 2534
36
36
25
25
13
1334
9034 9334
8234 5354
8334 9134
54
5554
52
5274
20
20
2
234
11134 1134
88
88
2634 2634
2
2
81
81
72
7254
5434 5434
76
7734
5034 5034
4974 5034
634 634
64
64
5234 54
4234 4234
59
60
1234 1234
3634 41
9334 9534
20
2334
98
98
8134 8854
274 274
534 534
3934 3974
11034 11234
33
33
92
95
154
134
4934 50
compiled from official sales lists:
Range Since Jan. 1.
Low.
High.
5 36
Jan 59
2,490 60
Mar 9434
10 9934 Apr 12534
80 10934 Mar 11334
7 38
Jan 4034
370 1334 May 2654
30 29
Apr 36
125 25
Mar 2634
105 12 June 2034
125 73
Jan 9354
20 50
July 68
1,305 58
Mar 9134
138 31
May 6234
359 49
Mar 5434
20 17
July 2934
295
434
154 July
3,830 9734 Mar 12034
40 8034 Apr 9354
560 25
Mar 3334
200
2
July
8
25 7934 Feb82
84 71
Mar 91
19,100 4834 Mar 553.4
130 71
Jan 91
8 4834 Apr 5054
16.848 4134 Apr 6734
3,786
331 Apr
7
100 50
Jan 68
840 51
Jan 5714
690 2734 May 4834
368 5034 Jan 65
50 11
Mar 1634
215 3434 Jan 41
120 82
Apr 9934
12,150 1354 July 2334
5 89
Jan 101
41,961 55
May 8834
335 2 1-16 Apr
454
2,840
434 Aug
734
319 38
Jan 4354
7,071 8434 Mar 14434
15 31
July 3834
1,290 80
Mar 95
374
200
134 Aug
150 49
Apr 56
Jan
Jan
Aug
June
Aug
Aug
July
Feb
Feb
Aug
Jan
Aug
July
Jan
Jan
Jan
Feb
July
Jan
Jan
July
Feb
Jan
Feb
July
Jan
Aug
July
Feb
Feb
Feb
May
Aug
July
Aug
Feb
Aug
Jan
Feb
Jan
Jan
Mar
Aug
Mar
Jan
BondsAmer Gas& Elea 53_ _ _2007
973.4 9734 9,000 8934 Feb 1014 May
Elee & Peoples tr Ws 4845 60
5934 6034 35.600 5734 Jan 6534 Feb
Keystone Telep 1st 58.1935 91
91
91
11.000 91
Jan 9354 Feb
Lehigh Val Coal lit 581933
10134 10134 4.000 10034 Mar 10134 Apr
Phila Co stpd 8 f & red 1951 9834 9834 9834 15.000 0634 Jan 9
934 May
Philp. Elec Si
1950
102 102
6.000 102
Jan 10334 Apr
. 1st 55
1966 10334 10334 10334 8.100 102
Mar 10434 June
68
1941
10854 10854 1.000 105
July 10834 Aug
I 5548
1972
10234 1024 2,000 10034 Aug 103
May
Read her Cent collet 4s'51 104
104 104
200 104
Aug 104
Aug
United Rya gold tr etf 48'49
6134 6134 1,000 57 June 65
Jan
•No par value.
I
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 21 to Aug. 27, both inclusive, compiled from official lists: .
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Armstrong-Cator 8% pf100
Arundel Corp, new stock...
Baltimore Trust Co
50
Century Trust
50
Ches&PotTe I ofBalt,pf.100
Commercial Credit, pref_25
Preferred B _
25
634% preferred
100
Cons Gas, EL & POW,.,,*
100
63.4% preferred
7% preferred
100
8% preferred
109
Consolidation Coal
_100
Continental Trust
100
Delion Tire & Rubber_ __•
Eastern Roll Mill, new stk•
Fidelity & Deposit
50
Finance Co of America_ _25
Finance Service class A__10
Class B
10
Hare & Chase prof
100
Manufacturers Finance_25
1st preferred
25
25
2d preferred
Trust preferred
25
Maryland Casualty Co_ _25
Maryland Mtge Co
•
•
Merch & Miners new_
Monon Vail Tree pref_ _25
Mortgage & Accept, corn
Ctfs of deposit A
Mt V-Woodb klills v t r 100
•. preferred v t r
100
NTew Amsterd'm Cas Co_10
*
-311ea Gel C. rP
2434 24 34 243.4
35
3554
353.4
131
131
131
154 154
11434 11434 11434
2334 2354
2434 2374 2434
93
92
93
5334 5334 5434
111
11034 111 %
11354 11254 11334
127 12734
37
3734
234 234
834
834 834
36
36
37
12634 12554
934 954
18
18
18
18
18
9234 92
9234
51
Si
21
21
21%
20
1934 2134
2014 2034
9634 96
0634
23
23
47
4734
2334 23
2334
14
50
Range Since Jan. 1.
Low.
5
500
3
10
210
55
255
185
96
43
60
15
33
5
100
339
64
5
50
10
38
36
199
294
27
219
10
35
56
20
July
2834 Mai
121
Apr
153
July
11034 Jai
2334 Aug
2334 Auc
90 June
45
Jai
10834 Ma
109
Ma
124
Jan
36
Ma
233
Aug
534 AP
30 Jun(
11734 Ma
9
July
18
July
18
July
8554 Au
51
klay
2034 Jun
1934 Any
20
Ma
94
Ma19 .Fe
4134 Ars
20
Ap
36
14
58
50
36
14
6834
5034
94
50
51
175
36
934
6254
49
IC
18
3'
18
Au'
May
Ju
Mar
High,
53
36
154
182
116
2634
2734
97
5754
11134
11334
12854
53
252
854
48
12534
12
2154
2134
95
6834
23
2434
23
102
24
5334
2334
jad
Jan
Feb
Feb
June
Jan
July
Feb
Feb
Aug
Aug
Feb
Fe')
Feb
July
Feb
Aug
Jan
Jan
Feb
Aug
Feb
Jan
Feb
Jan
Jan
July
Feb
Apr
36
Aug
163.4 Jan
83
Apr
5634 Jan
0..',
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
Adams Realty Co corn_ •
Aug
60 25
25
25
All America Radio el A..5 1454
Apr
9
210
1454 1534
Amer Pub Serv pref_ _ _100 97
May
100 92
97
96
Am Pub Util Co par pfd 100
Jan
10 82
8751 8754
American Shipbuilding _100 7934 79
May
80 70
7934
730
Amer States Secur Corp A •
134 May
354 3%
goo
1
Class B
Mar
•
2% 3
Warrants
H May
%
14
% 1,480
Armour & Co(Deppref_100
130 90
May
94
9434
Armour & Co pref
721 7954 May
100 86
8554 8034
Common el A v t c...25 1634 14% 1694
May
470 13
Common el B v t c___25
754 7%
•.,0
53-4 May
Associated Invest Co_ _ _ _• 37
37
75 30
Aug
3734
Auburn Auto Co corn_ _ _25 58
5,150 4034 Mar
5031 59
Balaban & Katz v to-- _25
Mar
74
7534 2,910 64
Preferred
110 98
July
100
100 100
Bendix Corp class A_,10 3354 33% 3331
450 2534 Mar
Borg & Beck common _ _ _10 3934 3934 4054 2,350 28
Jan
Brach & Sons(E J)com_.• 30
340 2734 May
29% 30
Bunte Bros
10 14
Apr
10 1934 1954 1934
Butler Bros
20 2934 29% 29% 1.794 2851 July
Central III Pub Serv pre!.• 8834 8854 8834
May
102 87
Central Ind Pow pref, 100
10 85
July
8731 87%
Central Pub Serv Del_ _.• 1634 1534 1634
695 12
Apr
Central S W 7%
266 8934 Mar
9234 93
Prior lien pref
1,050 93 June
• 98
9734 98
Warrants
21
21
210 1054 Jan
22%
Chic City & Con Ry pt sh•
500
54 May
51
54
Preferred
4% 5%
*
670
431
234 Aug
Chic N S & Milw com_ _100 45
50
45
264 37
May
Prior lien pref
9954 100
138 99
Aug
44 74
75
Preferred
75
May
1,784 13531 Aug
Commonwealth Edison_1110
20
8 73
73
61 13534 137
6
1,075
Consumers Co new
6
5
534 Aug
6
73
73
100 72
Preferred
Aug
100
11%
Continental Motors
175
• 1154 11
951 May
20 4934 July
56
56
Crane Co
25
110 971.4 Mar
9834 9834
Crown Wmetta Pap 1st PT.*
49% 50
Cuneo Press A
160 4554 July
50
31%
Decker(Al)& Cohn,Inc.• 3134 31
225 30 June
119 1193-4
Diamond Match
70 116
Mar
100
14%
456 1334 May
El Household Util Corp. 10 1434 14
16% 17
180
854 July
Elee Research Lab
287
% 2994 2,500 25
Evans & Co Inc el A
May
'lb 29
1,205 27
2734
Class B
Aug
2754 27
498 27
Fair Co(The)
283.4
May
23
•
9
Foote Bros(G & M) Co_ •
125
May
12
12%
254 May
Gill Mfg Co
25
434 434
10
Godchaux Sugar
200
% May
.
•
354
334 331
855 313-4 Mar
34
Gossard Co (H W)
35
35
940 122
Mar
Great Lakes D & D___100 14834 14634 149
570 36
May
Greif Erns CoolYge A com • 40
495 19
Mar
Hupp Motor
26% 27
Illinois Brick
350 37
Jan
4854 49
15 90
Illinois Nor Utilities of-100
May
2105 2634 90% 9054
Interstate Pow Co pref •
20 92
92
Aug
92
Jaeger Machine Co
170 2454 May
25%
• 25
25
Kellogg Switehbd new _ _10
10 1354 Aug
14% 14%
11' 96
efye
Pru
Aug
xy
98
98
dr
rre
'
o!Elee pref___1
46 9134 June
91
95
100
®
10 49
Ky ULU Co pref
Mar
5134 5134
50
1,125 55
Kraft Cheese Co
May
0734 70
25'
Hup'heimer & Co(B) Inc_5 3454 3454 3434
200 2934 Jan
679
9
La Salle Eat Univ (110_10
May
9
9
9
Libby,MeN &Libby,new 10
797
8% 83.1
754 Mar
834
Lindsay Light
15( 134 1,100
154 July
10
Preferred
205
8
7
Mar
954
10
934
McCord Radiator Mfg A.
25 36
May
3934 3934
mcQuay-Norris Mfg
50 153.4 June
17
•
17
Merchants & Mfrs pref _ _25 3653 3654 3654
360 34
May
Middle West Utilities_ _ _ _. 11054 109% 113
2,116 108
May
Preferred
i0o 107
10654 107
592 9754 Jan
Prior lien preferred. _100 116.54 11654 11651
337 10674 Jan
Mdland Steal Products •
45% 45%
20 41
Mar
Midland Util prior lien _100 102
102 102
505 98
Mar
Preferred A
9
99
127 96
100 99
Jan
Morgan Lithograph Co_ 1_00
:
625
1
60% 6156 1.260 4234 Mar
1_0.
* (3
Nat Elec Power A w 1_ _ _ _• 23% 23% 24
340 1954 Mar
Preferred
95
170 92
9554
July
National Leather
254 254
198
234 May
National Standard
3054 31% 5,860 26
May
• 3
20_1
North American Car corn _• 28
28
28
70 26
Mar
97
Nor West Util pr In pref 100
247 93
98
Jan
7% preferred
94
9534
196 9154 May
100
Novadel preferred
350 2634 Aug
2634 2654
Omnibus pref A w 1-- -100
92
92
50 90
Aug
Voting trust etre w I a_ _• 1651 15
17% 4,620 1434 May
1,755 1934 June
* 2134 2134 2234
Penn Gas & Elee w I
340 19
May
Pick Barth & Co prof A..• 2234 2254 2254
25 1234 July
1274 12%
Voting trust etfs
55
5551 1,090 3334 Mar
Pines Winterfront A
5 .55
34 12834 Apr
• 13234 13254 133
Pub Serv of Nor III
70 12954 Apr
133 133
Pub Serv of Nor III_..., 100
103% 10334
50 10054 Jan
Preferred
42 112
Jan
75' preferred
100
11334 114
130 128
• 175
175 178
Jan
Quaker Oats Co
10654 107
399 105
2734
7
100 10
Preferred
Feb
27% 2854
500 2534 Aug
Q R S Music
50% 525i 8,025 3131 June
10
Real Silk Hosiery Mils.R
210 105.4 Aug
25 15110513i: 10% 1094
Ryan Car Co(The)
130 93
9634
96
Southwest Gas & El pf 100
Apr
Stewart-Warner Speedom • 685i 0731 7434 18.185 6854 May
635 110
11434 1154
Atli
Swa & Company
High.
3754 Feb
1954 Jan
July
99
Feb
91
9574 Jan
854 Feb
53i Feb
June
1
Mar
98
9274 Mar
2551 Feb
Feb
17
3734 Mar
7274 Mar
7634 June
Feb
103
July
35
4051 Aug
3774 Feb
22
July
30
July
Jan
91
Jan
93
164 July
9634 July
Feb
100
2594 July
51 Jan
Jan
7
6154 Feb
101
Mar
Jan
83
Jun
145
1034 Feb
93
Feb
1334 Jan
Jan
60
10054 Jan
50
Feb
32 June
12914 Feb
25
Jan
3254 Jan
3034 Feb
2854 Aug
333.4 Jan
1534 Jan
534 Aug
7
Feb
39
Jan
171
Jan
Aug
43
2854 Jan
5254 June
92
Mar
92
Aug
2934 Feb
17 June
102 June
957-4 Aug
5234 Aug
9034 Jan
3554 July
1434 Jan
10
Feb
354 Feb
9
Aug
42
Jan
1934 Feb
3614 May
13474 Jan
11174 Feb
12354 Feb
4934 Feb
104 June
9954 June
Feb
65
2634 July
9634 Feb
411 Jan
3154 Aug
Jan
32
Jan
99
Mar
96
28 June
98
Fb
2134 Feb
24
Feb
Aug
23
13
July
6054 Aug
1411
June
143 June
106
July
1 1654 Mar
185
Aug
10854 July
29
Aug
5854 Jan
Jan
16
98
Mar
Jan
93
117
Feb
[VOL. 123.
THE CHRONICLE
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Amer Vitrified Prod com 50
Arkansas Natural Gas_100
25
Blaw-Knox Co
10
Carnegie Metals
Consolidated Ice com __50
10
Devonian 011
First National Bank _ _ _100
*
Houston Gulf Gall
50
Indep Brewing com
25
Lone Star Gas
Nat Fireproofing corn...100
100
Preferred
Ohio Fuel Corporation_ _25
Oklahoma Natural Gas_ _25
Pittsburgh Brewing corn _50
50
Preferred
Pittsburgh Coal pref._ _100
Pittsburgh 011 & Gas_ _5
°Pittsburgh Plate Glass 100
Pitts Steel Fdy pref_ _ _100
Pittsburgh Trust Co_ _ _100
Salt Creek Consol 011_ _ _10
Stand San ta y Mfg com 25
10
Tidal Osage 011
25
U S Glass
Westinghouse Air Brake 50
23
534
636
3831
32
4135
2831
11
99
Rights-
23
23
531 6
644 6531
13
13
131 14
164 17
310 310
631 7
214 235
3831 39
104 1031
324
32
4131 414
284
28
4
4
11
11
72
72
395 4
286 286
77
7734
220 220
84 891
99 1004
12
11
1631 1635
135 13731
254
3
110
1.630
510
50
50
1,167
9
1,390
50
2,292
415
100
7.067
2,749
45
100
36
1,171
20
50
50
500
921
3,488
130
297
390
Range Since Jan. 1.
High.
Low.
23
5
45
13
14
1235
308
534
235
30
1031
32
33
274
3
11
71
335
270
74
220
8
90
834
1531
106
Aug
Feb
Mar
Aug
Aug
Apr
June
Apr
Jan
Apr
Aug
Aug
Apr
July
Jan
Jan
Apr
Aug
June
Apr
Mar
Apr
Aug
July
June
Mar
2W Aug
3315 Jan
Jan
7
6531 Aug
Feb
21
235 Feb
- Jan
17
Mar
325
Feb
10
691 Mar
5631 Jan
1831 Feb
Feb
39
4335 July
Jan
34
8 June
Feb
15
8335 Jan
Jan
6
310
Aug
7735 Aug
Jan
225
Feb
10
11831 Jan
Aug
12
1931 Jan
1374 Aug
3W Aug
• No par value.
V trifled Prod. corn. at 23:
Note.-Sold last week and not reported: 20 Amer. 011
& Gas at 331 @335; 150
80 Amer. Vitrified Prod. pref. at 91; 1,062 Pittsburgh
Storage Co. at 424; 60
Union
10
850854;
at
Standard Plate Glass prior pref
Gas, "rights," at 3.
Waverly Oil Works class A at 4135642: 300 Lone Star
have been 290.
a Sales of Pittsburgh Plate Glass reported last week at 280 should
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Aug. 21 to Aug. 27, both
inclusive, compiled from official sales lists:
Un
• No par value.
235
Mar
May
Aug
Aug
May
Aug
May
Aug
June
Apr
Aug
May
June
June
June
Mar
Apr
May
May
Aug
July
Apr
May
May
June
Apr
Apr
May
July
Apr
Aug
4
g
17
8331 Jan
7935 Apr
Jan
75
1631 July
52
52
4131 44
107 107
97
97
334 3354
52
50
4431 444
35
35
32
32
395
33
8334 8334 84
161 165
3434 3434
155 155
155
1531 1531
5635 5634 5731
7734 7735
35
35
35
3435
34
34
2295 23
100
41
41
27
2731
58
52
52
44
43
43
11331 11331 114
50
50
50
934 9354
17
17
4734 48
2
67
3
14
120
27
75
50
10
50
30
230
20
25
50
225
40
300
67
195
75
20
20
610
50
92
85
85
15
100
49
3535
107
97
2835
50
43
34
31
34
80
135
26
148
1435
4835
70
27
3135
2131
9931
4
@FedFRASER