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Tile,
ommercial
financial
lirtnurie
INCIUDING
Railway& Industrial Compendium
Public Utility Compendium
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Railway Earnings Section
VOL. 123.
SATURDAY, AUGUST 7 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3189.
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Published every Saturday morning by WILLIAM B. DANA COMPANY. possibly, also, American Can. In
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Treas. William Dana Seibert; Sec, Herbert D.Seibert. Addresses
of all, Office of Co. case, it might be argued that the movement up or
down had reflected a change in real value, or had
The Financial Situation.
discounted a prospective change, or been a belated
The recent uprush of stock market prices under recognition of a previous change. Assuredly, the
the leadership of General Motors and United States general level of prices is to-day materially higher
Steel was brought to• a head, temporarily at least, than on March 30, but the indexes do not give conon Tuesday of this week by the publication of a re- vincing proof as to whether or not the level to-day
port crediting Thomas Cochran, of J. P. Morgan & is relatively higher than it was on Feb. 11. After
Co., with having made a very extravagant statement all, the investor's best guide in purchasing securities
regarding the General Motors Corporation and the is individual analysis, in order to make sure that at
general business situation. This report made its the price he is getting his money's worth. This is
appearance after the opening of the Stock Exchange far more important than the trend of prices in genon Monday. The statement was couched in such eral or even the technical position of the market.
extreme and unqualified language that it was evi- The purchase of good stocks at right values is addent from the start that whatever Mr. Cochran vantageous at any time, but particularly so when
might have said he was in effect being misquoted. the trend is upward and the technical position of
He was represented as having declared that "Gen- the market sound.
eral Motors, with earnings running at the present
Bond offerings during the week were not conrate, is cheap at this price, and it should and will spicuous either in size or volume; apparently the
sell at least 100 points higher."
comparatively light offerings of the bonds this week
That a member of the firm of J. P. Morgan & Co. have not fully met the investment demand as avershould indulge in giving out a tip in this fashion age prices are again stiffening and are now not far
was too absurd for any sane man to believe. On from the high Point reached in June.
Wednesday Mr. Cochran, through J. P. Morgan &
The foreign situation has not for a number of
Co., issued the following in respect to the purported years been of primary influence with American seinterview: "In response to inquiries made by a curities, but the developments now going on, if they
ship news reporter upon my sailing from New York have a successful outcome,„ will become primary inon a holiday, I spoke with enthusiasm of the earn- fluences eventually. During the week, under the
ings, management and prospects of the General Mo- influence of continued progress of the new Poincare
tors Corporation. I authorized no statement of any policies, the franc has rebounded, gaining more than
kind as to the future price of the stock, which ob- one cent in value from its low, and there are indiviously no one can foretell." The reported inter- cations that stabilization programs may be achieved
view, however, had served its purpose. Under the in France, Belgium and other countries, accomstimulus which it afforded, General Motors, which panied by balancing of budgets, adjustments of inopened at 190 on Monday, reached a high of 201 and ternational debts, and probably the placing of large
on Tuesday and Wednesday made further advances, loans or credits in the American and British mar-
tfhruutcix
616
THE CHRONICLE
[VOL. 123.
kets. Preliminary discussions are going on in re- sponding months of the preceding year; these three
spect to several hundreds of millions of dollars in months are January, June and July. But there are
six months out of the seven months of 1926 to date
loans to France, Belgium and Germany.
The importance of the correction of the French, in which liabilities this year show quite a marked
Belgium and Italian situations, so far as interna- decline as compared with the corresponding months
tional markets are concerned, can be gauged from of 1925, the single month in which an increase apfigures recently published by the London & Cam- pears being April last. The number of mercantile
bridge Economic Service. This service has pub- defaults for the seven months of 1926 is 13,081,
lished a study in international prices as of Decem- against 13,106 for the corresponding seven months
ber 1925. The most significant result of the study of 1925, and the amount of indebtedness shown for
was to show that commodity price indexes for coun- the seven months of this year at $239,578,510 is contries on a gold basis are very much higher than for siderably under the sum reported for the first seven
France and other countries when the prices of such months of 1925, which was $273,903,641.
There were 396 failures last month in manufacturlatter countries are reduced to a gold basis. Speaking in terms of gold prices or prices reduced to a ing lines, with liabilities of $11,167,484; 1,122 tradgold basis, it was found that food prices in Great ing defaults for $14,614,282, and 87 insolvencies of
Britain in December 1925 were at 159% of pre-war agents and brokers owing $3,898,243. These figures
prices, and in France 98%, and general material compare with those for July 1925 as follows: Manuprices in Great Britain were 141% and in France facturing, 418 defaults then for $10,931,798; trading,
1,184 with an indebtedness of $15,961,174, and agents
108%.
In other words, prices in France in December 1925 and brokers, 83 owing $7,612,219. The decrease for
were 30% to 40% below the world level. French July this year applies to both of the two leading
competition was, therefore, on a basis destructive to classifications, although the liabilities reported last
manufacturers in surrounding countries. Hereto- month for the manufacturing division are slightly
fore French prices have dragged down world prices, in excess of a year ago. There is a marked decline
but the situation in France now is more acute than for July this year as to the indebtedness shown for
in December 1925. It is quite evident from these the third division, agents and brokers, owing to
figures that the influence of the inflationary coun- some large defaults in July of last year in that divitries on world trade is extremely harmful, tending sion. There were fewer defaults last month in most
toward depression elsewhere in the world. The of the important classifications into which the
correction of these situations will eventually adjust manufacturing lines are divided, notably in the maprices in France and other similar countries to a chinery line, and among clothing manufacturers.
world level. This will, no doubt, temporarily bring As to the lumber division under manufacturing,
depression in these countries, but it will immedi- there were nearly twice as many failures last month
ately release the rest of the world from a powerful as a year ago. Trading defaults were fewer in
depressing influence, and when the adjustments are July this year than last in most of the leading suball matured, should greatly stimulate international divisions, notably among general stores, hotels and
trade. It is, of course, true that Great Britain, restaurants, clothing, furniture and crockery, drugs,
Sweden and other nearby countries have suffered and among dealers in jewelry, and liabilities refar more on account of conditions in France than ported for these divisions are generally less this
has the United States, but a clearing up of this situ- year. The only important exception is the classifiation will be highly favorable to the latter as well cation embracing grocers and allied lines, the number of defaults in the grocery division last month
as the rest of the world.
being larger than a year ago, and the liabilities also
an increase.
showing
Mercantile defaults in July as compiled from the
larger failures last month, the comparithe
to
As
records of R. G. Dun & Co., maintain the improveJuly of this year and the corresponding
between
son
ment indicated by the monthly record since Januyear does not show any significant
last
of
month
ary. There is a further and slightly greater reducwere 54 such failures last month in
There
change.
tion in the number of insolvencies in the United
for which the total indebtedness
States,
United
the
while
States than in the earlier months of the year,
the amount of defaulted indebtedness shown for was $12,909,741, leaving 1,551 other mercantile deJuly is close to the lowest of any month back to faults in July this year owing $16,770,268. In July
July 1920, there being but two or three exceptions 1925 the larger defaults numbered 42 and the liaduring that entire period, the difference in favor of bilities for the same were $16,810,000, the remainthe two or three months last referred to being very ing number being 1,643 having an indebtedness of
small. Commercial failures in the United States $17,695,191.
last month number 1,605, and were the smallest of
Premier Poincare has continued to receive supany month since October of last year. They comfor his policies and also for his definite finanport
pared with 1,708 similar defaults in June of this
plan for stabilizing the finances of France.
cial
Duryear, and with 1,686 insolvencies in July 1925.
the vote of confidence given by the ChamFollowing
July,
ing the past five years there has been only one
of
ber
a week ago to-day (July 31) he was
Deputies
failures
namely that in 1923, when fewer mercantile
given
what
was
characterized in a Paris dispatch as
The
year.
the
of
current
July
in
than
were reported
amount of defaulted indebtedness reported for the a "big final victory for his finance bill." The Paris
month just closed is $29,680,009, which compares representative of the New York "Times" cabled that
with $29,407,523 in June and with $34,505,192 in evening that "in a one-day sitting, just one week
July 1925. Only three months out of the seven after the constitution of his Cabinet of National
months of 1926 to date, record a decline in number Union, Premier Poincare has rushed through the
of mercantile failures as compared with the corre- Chamber his first great measure of financial reform.
r
AUG. 71926.]
THE CHRONICLE
Once to-day during the discussion he obtained a majority of 380 to 150 and the measure finally passed
by 295 to 188." He stated, furthermore, that "thus
to the revenue of the country there will be added
2,500,000,000 francs this year and 9,000,000,000 next
year. Such an increase of taxation could not have
been considered possible a month or even a fortnight
ago, and certainly would not have been then accepted
by the Chamber."
The "Times" representative was disposed to give
Premier Poincare the greater part of the credit for
the victories obtained in the Chamber within the
brief time mentioned. On this point he said: "To
M. Poincare's success the dramatic fall of the franc
two weeks ago, the failure of MM. Briand and Calllaux to hold a majority, and the failure of the Radicals to make a Government have all contributed.
But the main credit for to-day's success must go to
M. Poincare himself. In getting the Chamber into
a mood of national unity and in getting the country
to realize that everything was not lost, he has done
more than any other man could have done. His difficulties are not over, but the momentum of to-day's
success will inevitably carry him through many
weeks and over many hard obstacles yet to be faced."
As to the manner in which the Premier presented
his plan, the correspondent reported that "during
the morning session the Premier himself made a
clear, emphatic statement in.defense of the measure
he had introduced. Every day's delay in its passage,
he said, would cost the State 16,000,000 francs
($400,000), and he promised that the increased taxation incorporated in this bill would be the maximum imposed on the taxpayer."
Whether or not the French Government would
seek foreign loans or credits, and whether it would
get them have been much discussed questions in
French political circles and in Paris dispatches to
American newspapers. The Washington Government seems to have made it clear that such accommodations could not be expected unless the war debt
agreement between France and the United States
were ratified by the Parliament of the former country. In a special dispatch to the New York "Times"
from the French capital on Aug. 1 it was stated,
however, that,"although two weeks ago the Chamber
overthrew the Briand-Caillaux Government because
of its opposition to M. Caillaux's proposal to employ a system of foreign credits for the salvation of
the franc and although the popularity of Premier
Poincare's proposals has been due to the fact that
they represented an effort by France alone to redeem her position, it seems not unlikely that the
present Government will also have to take the road
to seeking foreign credits if it is to succeed in any
real measure of stabilization." The "Times" correspondent further said that"these credits, it is stated,
will be sought in England and Holland, though it
is believed that American banks will participate
with the Dutch banks, thus avoiding direct infringement of the Washington ban on further credits to
countries which have not made a debt settlement."
In an Associated Press dispatch from Paris the
same evening it was indicated that action by the
French Parliament on the British as well as the
American war debt agreements might be taken
sooner than indicated in Paris cable advices only
617
last week. Then Premier Poincare was reported to
have promised the Chamber of Deputies that he
would not ask for action on these documents until
the autumn session of Parliament, scheduled to begin in October. The Associated Press correspondent said that "the debt settlements between France
and the United States and between France and
Great Britain now appear likely to come up for ratification by the French Parliament this month before
the summer recess. Ever growing opposition of
financiers, as reflected by the press, to shelving the
Washington and London funding agreements until
October apparently has caused Premier Poincare ta
recede from his determined and oft-announced position of 'no immediate ratification." He added that,
the same evening (Aug.1)"a communique issued by
the semi-official Havas Agency to-night, evidently
inspired by the Government, is authority for this
statement." In a subsequent dispatch to the New
York "Times" the same evening it was stated that,
according to reports in circulation in Paris, "a certain number of reserves will be attached to the Mellon-Berenger agreement of a nature to permit the
reopening of negotiations later on the basis of the
objections of the French Chambers."
Reporting further proceedings in the Chamber on
Monday, and outlining still other features of Premier Poincare's financial program, the "Times"
correspondent said: "To-day [Aug. 1] the Cabinet
met and approved the Premier's proposals for the
creation of a sinking fund to deal with the National
Defense bonds and twelve-month Treasury notes,
which include a proposal to meet the short-term bond
situation by the industrialization of the tobacco
monopoly in such a manner as to permit the transfer of Government bonds into stock in a national
tobacco company. Regarding the measure for the
creation of a sinking fund, it is still M. Poincare's
intention to make the matter a more solemn pro-cedure and, instead of passing it through both
Houses as an ordinary financial measure, he intends, as announced on Saturday, to summon both
Houses of Parliament to meet at Versailles and to
put the sinking fund with all its guarantees into the
Constitution of the country, so that it can never be
touched."
The plan for raising funds through the medium of
the tobacco industry was outlined in part as follows: "The new organization, having the two-fold
task of managing the tobacco trust and reducing the
floating debt, will be completely independent. It
will have a managing board, composed of members
of Parliament, high officials, the Governor of the
Bank of France and representatives of the business
and banking worlds. The board will be assisted in
the tobacco business by two committees. These committees will take care of the industrial and administrative ends. The tobacco business is expected to
bring in about three billion francs annually, which,
together with the yield from certain direct taxes earmarked for the purpose, will give the organization
an income of between six and one-half and seven
billion francs, half of which will suffice to pay interest on notes. The remainder will be applied to the
reduction of notes by purchase of them on the market."
618
THE CHRONICLE
Notwithstanding the severe decline in the French
franc, until the formation of the coalition Cabinet,
and the seemingly serious financial position of the
French Government as a whole, it met an obligation to the United States Government on Aug. 2.
In a special Washington dispatch to the New York
"Times" on that date it was announced that "the
French Government, despite its financial troubles,
paid to the United States to-day $10,000,000 interest on the debt of $407,000,000 contracted by the
purchase of American war supplies." It was explained that "this debt calls for interest at 5%. It
was consolidated with other French borrowings in
the funding agreement reached by Ambassador Berenger with the American Debt Commission, and,
had the compact been ratified, the interest would
have been terminated before it was due. Delay in
the ratification, however, made it necessary for
France to meet this interest charge or default on an
obligation classified at present as a commercial
transaction. This does not mean, however, that
France will suffer any loss by the transaction in the
long run if the Mellon-Berenger agreement finally
is approved. This agreement was made as of June
15 1925 and the first payment by France, provided
for in the consolidated debt arrangement, which included Liberty loan borrowings and the surplus war
supplies indebtedness, was to have been made on
June 15 1926. If the compact is ratified, the installment of interest which France paid to-day will be
credited as part payment of any installments which
may have fallen due under the funding agreement,
which calls for annual payments of $30,000,000 in
the first and second years."
There seems to have been some question, according to Paris cable dispatches, as to whether M. Berenger would return to Washington as French Ambassador. In an Associated Press dispatch from
Paris on Aug. 3 it was asserted that "M. Berenger
will return to Washington as Ambassador after
ratification of the debt agreement by the French
Parliament, it was confirmed to-day at the Foreign
Office, where also it is believed ratification will be
effective before the Parliamentary recess."
Premier Poincare's victory for his financial bill
was much more decisive even in the Senate than in
the Chamber of Deputies, the vote being 250 to 13.
In a dispatch on the evening of Aug. 3 the Paris correspondent of the New York "Times" cabled that,
"by 250 votes to 13 the French Senate to-day passed
in a single sitting the new taxation measures which
Premier Poincare on Saturday rushed through the
lower house. Thus as a first step in financial reform the revenue of the country for this year will
be increased 2,500,000,000 francs and 9,000,000,000
next year."
In reporting the events of the day the correspondent pointed out especially that "there is another
matter in to-day's news which two weeks ago would
have excited the greatest interest and opposition.
Side by side with his publication of the text of his
proposed bill for the creation of a sinking fund with
all its spectacular guaranteeing by its incorporation
in the Constitution at Versailles by the two Houses
of Parliament, M.Poincare to-day from the Ministry
of Finance issued a little note that he intends to seek
from Parliament authorization of a new convention
[VoL. 123.
with the Bank of France permitting the Bank to
purchase foreign currencies for future defense of the
franc, and for the 'fortification of the metal reserge of the Bank of France, as was recommended by
the Commission of Experts.'" Continuing, he said:
"To this announcement a line is added that 'as a
counterpart to the purchase of gold currencies the
Bank will be authorized to issue notes to a total
which will not be included in the maximum limit of
circulation.' This stretching of the faculty of the
Bank to increase its circulation on the basis of its
newly acquired gold reserve is certain to rouse more
opposition in Parliament than the other measures
the Premier has so far announced, but it is an opposition which undeniably is failing daily in force, and
there is little doubt that in the present frenzied campaign for national defense this camouflaged form
of inflation will be adopted like everything else.
This passage of what is from the electoral viewpoint
the most difficult of M. Poincare's proposals has
undoubtedly opened the way for more considerate
discussion and adoption of his scheme of reform for
the Treasury situation and preparation for stabilization. Whatever happens, full balancing of the
budget with a surplus for Treasury needs during the
next few months has been secured, and it remains
only to protect what has been accomplished by a
constitutional sinking fund, the creation of foreign
credits and the re-establishment of confidence in the
minds of those Frenchmen who have so largely
slipped their capital over frontiers as to encourage
them to repatriate at least a part thereof."
The manner in which the tax bill was passed and
its principal provisions were given more definitely
in a special Paris cablegram to the New York "Herald Tribune," also on Aug. 3. The correspondent
said: "Twenty-nine articles, approved in rapid succession under high pressure legislation in the phenomenally short time of five hours, facilitated the
Premier's insistence that each be treated as a question of confidence in the Government without alteration or obstructive discussion. The way is now
paved, following the passage of the tax measure, for
the introduction in the Chamber to-morrow afternoon and debate within 24 hours of the plan for a
special sinking fund for the amortization of the national defense and the short-term Treasury bonds.
The principal revenue for this fund will come from
the proceeds of the French tobacco monopoly, which
will be administered as a civil corporation under
strict Government supervision. The Premier believes
the sinking fund bill will be voted both in the Chamber and Senate before Sunday, thus enabling the
constituent assembly at Versailles to be held probably on Monday. By thus writing the law into the
Constitution all danger of Parliamentary interference will be removed, at least for the immediate future. By. passing the Poincare tax bill vast levies
which make France the world's heaviest tax-paying
nation will be inaugurated at once and will result in
a considerable jump in the cost of living—an increase, some experts estimate, at 25%. The new
legislation includes higher taxes on sugar, vanilla,
salts, candles, billiards, bicycles, automobiles, railroad and all transport fares, telephone and telegraph
communications, postage, matches and tobacco.
Property transfer taxes will be increased and identity cards for foreigners will be raised from 68 to
AUG. 7 1926.1
THE CHRONICLE
619
375 francs. In short, the measure puts the entire sent out stating that he had been commissioned by
nation on a stricter economic basis in a drastic ef- President Coolidge to study financial conditions
fort to save the currency."
with especial care and report to him. All along
Mr. Mellon has maintained that his trip was purely
Definite announcement was made in an Associ- for a "vacation" and to meet his daughter in
ated Press dispatch from the French capital Wednes- Rome.
day afternoon, Aug. 4, that, as had been predicted,
In the course of an interview with American
"the bill creating an autonomous sinking fund to newspaper correspondents in that city on Aug. 4,
care for the retirement of National Defense bonds, he was reported by the Associated Press representathe second of the Premier's measures, went smoothly tive to have reiterated that "his visit is purely perthrough the Finance Committee. It will be sent to sonal and he is not burdened with any official
misthe Chamber as soon as the necessary formalities sion, the Secretary characterized as the inventions
are complied with." It was stated also that "Pre- of enterprising journalists the rumors he was studymier Poincare announced to the Finance Committee ing conditions in Europe and had been ordered
by
of the Chamber of Deputies to-day that, as soon as President Coolidge to cut his vacation short for
the situation permits, probably at the end of Sep- that purpose." According to the dispatch also, "he
tember, the Government will start a great internal explained that the debt pacts, so far as he is
conloan with the object of consolidating the internal cerned, are matters of the past. His vacation,
he
debts and stabilizing the franc."
said, had been planned months ago and the debt
According to a special Paris dispatch to the New controversy in which the British
Chancellor of the
York "Herald Tribune" on Aug. 4, "an immense Exchequer, Winston Churchill, took a part
came up
national lottery, and possibly a series of lotteries, through a misunderstanding." The
correspondent
may be resorted to by the French Government as reported likewise that "Secretary Mellon said
he
part of its comprehensive plan to save the franc. was to meet Count Volpi, the Italian Finance MinisThe sinking fund bill, which Premier Poincare pre- ter, to-day, and Premier Mussolini at a later date,
sented to the Finance Committee of the Chamber of yet to be fixed. He made it clear that both were
Deputies to-day, carries a provision authorizing the courtesy visits. No audience with the Pope
has been
Government to use lottery receipts to feed the sink- arranged."
ing fund. The details of such issues are to be deterThe American Secretary met the Italian Premier
mined by an administrative council of the sinking in the Chigi.Palace at 5 p. m. on
Thursday. The
fund. There have been several forms of lotteries interview was reported in part as
follows by the
suggested since the war, the most popular of which Rome correspondent of the New York
"Times" in
provides for a daily winner of 1,000,000 francs."
a dispatch that evening: "Secretary Andrew W.
Premier Poincare was no less successful with the Mellon called on Premier Mussolini to-day
and they
presentation of the sinking fund provision of his had a long and cordial talk. The
conversation, howplan to the Chamber of Deputies as a whole on ever,for the most part was purposely confined
to the
Thursday. The Paris representative of the New personal subjects discussed by men
meeting for the
York "Times" cabled that evening that "with steam- first time. The only time a topic of any
internaroller regularity and with an even greater majority tional interest was mentioned was when Mr.
Mellon
than ever, Premier Poincare this afternoon carried asked what impression the American war debt
setthrough the Chamber of Deputies the second item tlement had made here and what steps had
been
of his program of financial reform—the creation Of taken to raise the money for payments to America
a sinking fund for dealing with short-term bonds, and England. Signor Mussolini replied expressing
fed from receipts of the tobacco monopoly, and cer- his personal gratification over the Mellon-Vol
pi
tain taxes, such as succession taxes." He added that agreement, which he said had been welcomed
in
"there was, as anticipated, criticism of the actual Italy as being perfectly just to both sides
and a typworth of the provisions which the Government is ical expression of American fair-mindedness.
He
making for meeting the situation, which depends for also explained to Mr. Mellon the working
of the speits real stability more on the psychological element cial sinking fund established to provide
money to
of confidence than on actual monetary provisions; repay the American and British debts.
Count Volpi,
but despite that criticism the Chamber in a mood of the Finance Minister, and Dino
Grandi, the Undercomplete self-abnegation voted the Government's Secretary for Foreign Affairs,
who met Mr. Mellon
proposals by the great majority of 420 to 140. On in Washington *during the
negotiations of the ItalTuesday next, if the schedule which M. Poincare has ian debt settlement, introduced
the Secretary of the
laid down works out, as it most probably will, the Treasury, to Signor Mussolini
and were present
Chamber with the Senate will go to Versailles to in- throughout the interview.
Marquis Paulucci, Signor
corporate in the Constitution this measure of guar- Mussolini's Private
Secretary, acted as interpreter.
antee for all French bond-holders that they will be The conversation concerned
itself chiefly with Mr.
paid, and fully paid."
Mellon's journey through Italy and France, with
the conditions he had found in the two countries,
The report has persisted ever since before Andrew with his impressions of Rome,
with the length of
W. Mellon, Secretary of the United States Treasury, his stay in Rome and his future plans. Almost
exsailed from New York recently for Europe, that he actly half an hour after Mr. Mellon and Signor Muswould meet prominent American bankers who were solini had first shaken hands, the Premier was bowon the other side already, and also leaders in va- ing the Secretary of the Treasury out without any
rious European Governments and foreign bankers, of the important arguments which it was generally
for the purpose of discussing possible modifications supposed would form the main subject of their conof war debt agreements and financial 'plans for versation having been even mentioned." The AssoFrance, Italy, etc. From Geneva dispatches were ciated Press representative in the Italian capital
iminimommimill1=11
620
THE CHRONICLE
[voL. 123.
Morgan & Co. in March 1924, a deal which routed
speculators against the franc and moved the rate up
sharply." In a Paris dispatth Thursday afternoon
doubt was expressed that such a loan would be
undertaken in the near future. In a special Washington dispatch to the'Wall Street News" on Aug.5
it was stated that "the Government's policy of discouraging loans to foreign nations which have not
as yet funded their war debts to this country is still
being adhered to, Treasury officials declared toBenjamin Strong Jr., Governor of the New York day."
Federal Reserve Bank, who has been in "the Paris
The British have shown a disposition to keep up
region" for several weeks, left recently for Switzerthe
controversy with respect to war debt agreements
daad, according to a Paris dispatch from the Assowith
the United States. Representatives of the
Paris,
riated Press. As to his activities while near
Italian
Government, on the other hand, have deStrong
the correspondent said: "While here, Mr.
its
clared
intention of standing by the agreement
came
He
had a chateau some distance from Paris.
with the United States. In fact, Dino
negotiated
conferhad
and
into the city several times, however,
for Foreign Affairs, was
Grandi,
for
Under-Secretary
-General
Agent
Jr.,
ences with S. Parker Gilbert
dispatch on
Reparations Payments. He also called upon M. Mo- quoted as saying in an Associated Press
, I can
Government
reau, Governor of the Bank of France, and M. Rist, Aug. 5 that, "on behalf of the
with
settlement
one of the Vice-Governors. It is understood he did repeat that Italy considers the debt
are
we
which
with
the
matter
United
States a closed
not see Premier Poincare. His conversations at the
opportunity
this
In
take
to
satisfied.
fact,
I
desire
Bank of France appear to have concerned various
Government and
technical problems which the central banks in the to communicate to the American
cordial salutapeople
most
our
and
warmest
assumed
various countries have in common. It is
tions."
consider
to
that if he meets Dr. Schacht it will be
The controversy on the part of the British came
questions their respective banks have in common,
up
afresh in the House of Commons on Aug. 4. The
as
problems
into
such
enter
to
without attempting
the reconstruction of European finance or the stabil- New York "Times" representative in London cabled
ization of the franc. Mr. Strong's general idea, as that evening that "America had its innings again
expressed to friends here, was that France must to-day at the farewell meeting of Parliament. Benext
first ratify the American and British debt funding fore the House of Commons adjourned until
relaAmerican
British
of
the
question
arrangements before the question of credits to sup- November
port some comprehensive plan for stabilizing the tions came up again, and Foreign Secretary Sir
franc could be considered." It was added that "he Austen Chamberlain vigorously defended Chancelwas rather vexed by recurring reports of his inten- lor of Exchequer Churchill's reply to Secretary of
tion to take part in a European conference of finan- the Treasury Mellon, which caused international exciers for the purpose of regulating French finance." citement recently." It seems that "the question of
According to Paris dispatches on Aug.4, Mr. Strong the relations with America came up when Captain
planned to have a conference in Scheveningen, Hol- Wedgwood Benn, who usually has something to say
land,"within a short time with Dr. Hjalmar Schacht, when the House of Commons meets, deplored the
fact that the Chancellor of the Exchequer should
.head of the German Reichsbank."
have been drawn into a controversy with Secretary
Mellon and Senator Borah regarding the British
district
It was definitely rumored in the financial
to America." The dispatch also stated that
debt
be
soon,
on Wednesday that negotiations would
"his
were seconded by Lieutenant-Comsentiments
credit
a
started for the granting of large American
who said that the present cammander
Kenworthy,
ranged
to
the
as
amounts
to France. Estimates
America might undo
from $100,000,000 to $250,000,000. The New York paign of recrimination against
by the original seted
accomplish
"Herald Tribune" stated on Thursday that "thus much of the good
the
to
United States."
debt
far it is the understanding of the best informed bank- tlement of the British
said:
nt
"This stung
corresponde
the
,
ers that neither the amount, the rate of interest Continuing
up
take
the
cudgels in
to
n
Chamberlai
Sir
Austen
which the bonds would pay, nor the type of bonds
the
Cabinet,
Winston
in
colleague
his
of
defense
which would be offered, has been agreed on. Everyor
rightly
was
attributed,
statement
'A
Churchill.
the
thing hinges, they believe, on the ratification of
the
Treasury,'
of
American
Secretary
the
to
wrongly,
that
debt agreements." It was generally agreed
"ratification by the French Parliament of the said Sir Austen,'which wholly or largely misrepreFrench debt agreement with the United States, it sented the character of our borrowings and the purwas pointed out, was one of the essential prelim- pose for which they were applied. It was rightly
inaries to a French credit in this country. Shortly felt that it would not be to the interest of good relaafter taking office Premier Poincare, who also is tions that such a misapprehension should be given
taken
the Minister of Finance, announced that the debt currency and credence because no notice was
facts
the
and
stated
Mr.
,
it,
of
Churchill,
accordingly
agreement would not be taken up until next October,
and
complained
never
But
correctly.
Mr.
Churchill
following the Parliamentary vacation. Bankers,
terms
the
of
it
complain
he
did
made
not
that
clear
however, now believe the matter will be brought up
There is no
before Parliament adjourns and the agreement of settlement with the United States.
decide the
to
had
he
if
man
in
this
who,
country
the
adopted in the same speedy manner in which
country
his
of
promise
the
whether
as
to
question
measures,
Premier put through his other financial
course
"Of
said:
have
not
would
be
would
P.
honored,
J.
from
which included the $100,000,000 credit
said in a cable message the same evening that "un.official as the visit was, it has confirmed the belief
in official circles that important matters will be
,discussed before Secretary Mellon leaves Rome.
Further meetings between Secretary Mellon, Finance Minister Volpi and other Italian officials of
.an ostensibly unofficial character, also are regarded
as probable. Meantime, the Government is arranging an official dinner to the American Secretary."
AUG. 7 1926.]
THE CHRONICLE
Great Britain will honor its word and will settle
the debt which we have agreed to settle." But you
must not ask us to say, and other people must not
ask us to say, that we think this was the best solution that might have been arrived at in the interests
of the world at large. We, on our part, were not
only debtors to the United States, but large creditors of other Powers; and we should have been prepared and succeeding Governments would have been,
to wipe the slate clean of all these obligations among
the Allied and Associated Powers as being part of
our contribution to the great cause in which we were
all engaged. This solution did not commend itself,
and we have since then adopted as our policy that
from our debtors we will ask only so much as will
meet the payments which we have to make ourselves. The actual sums we are receiving, or that
may likely be received, will not amount to the sums
which we have to pay. Be that as it may, no British Government would think it becoming with the
dignity of this country, or compatible with our
honor, to go cap in hand to those to whom they have
undertaken obligations and ask to be excused. We
make no complaint and we will discharge our obligations, but at least we would like it to be known in
what manner that money was borrowed and to what
it was devoted.'"
621
istic financial program adopted by the Government."
Scarcely a week or even a day goes by without the
announcement of a new step by Premier Mussolini
to get a still firmer hold on affairs in his country.
In an Associated Press dispatch from Rome on
Aug.3 it was stated that "Premier Mussolini's plans
to direct the entire mental, spiritual.and physical
life of the Italian people into Fascist channels took
a long step forward to-day through the adoption of
a decree providing for the gradual elimination of all
non-Fascist public manifestations of an intellectual,
sporting or charitable character. The decree, which
was adopted by the Cabinet on the direction of the
Premier, also calls for the elimination of all ceremonies of commemoration and expressing honors
for individuals."
In outlining additional measures adopted by the
Government to bring about greater economies, the
correspondent said: "The Cabinet also increased
its already long list of measures to achieve economies in the Government through cutting down on
the number of State employees. Another Cabinet
measure provides for the issuance of nickel five-lire
pieces stamped with the Fascist emblem, replacing
paper notes. The Ministers also advanced to large
shipowners a subsidy to pay an installment on vesBoth the Italian and Belgian Governments have sels bought in England immediately alter the war."
adopted rather stringent measures as to economy
on their own part and that of the people of the reThe Bank of France last Saturday (July 31) adspective countries, all with a view to strengthening vanced its rate of discount from 6% to 71/
2%. The
the financial situation. According to an Associated 6% rate had been in effect since July 9 1925, at
Press dispatch from Rome on Aug. 2,"Premier Mus- which time it was reduced from the 7% rate that
solini to-night called upon the people of Italy to help had been in effect from Dec. 11 1924. This action
in the struggle which the Government is waging to is a step in the direction of restriction of credit for
rehabilitate Italian finances by eating a type of war the purpose of aiding in the stabilization of the
bread containing a maximum of 80 to 85% of wheat." franc. It is claimed that since the Bank's rate was
It was added that, "through a new series of drastic lowered the volume of discounts had nearly doubled.
decrees adopted by the Cabinet, at the personal re- Yesterday (Aug. 6) the National Bank of Austria
1
2% to 7%. Aside from
quest of the Premier, it is hoped to decrease wheat reduced its rate from 7/
importations, which are largely responsible for these changes, official bank rates at leading EuroItaly's great adverse trade balance. Deciding against pean centres remain at 7% in Belgium and Italy;
instituting a system of bread cards, it was deter- 6% in Berlin; 51/
2% in Denmark and Norway;
1
2% in Sweden and 31/
mined to adopt a single type of war bread, whose in London and Madrid; 4/
2%
prices would be fixed by the provincial food commit- in Holland and Switzerland. Open market distee. Each unit of bread will not exceed 200 grams. counts in London were slightly easier, short bills
The decrees also prohibit the manufacture and sale being quoted at 41/
4%, against 41
/
4@45-16%, alof 'luxury' bread and the manufacture of sweets and though three months' bills were not changed from
pastries containing wheat flour. Violations of the 41
/
4@4 5-16%. Call money in London advanced
ft decree will be punished severely, and a strict system slightly, to 4%, but finished unchanged at 37
/8%.
of enforcing them has been created."
In Paris the open market discount rate has not been
As for the Government and what it is prepared clianged from 5%%,nor in Switzerland from 2%7
0.
to do, the Associated Press correspondent said:
"The Ministry of the Interior, despite a great inThe Bank of England this week announced ancrease in its needs in personnel, has contributed to other and larger addition to gold holdings, amountthe Government's economic campaign by the aboli- ing to £717,431, at the same time that the reserve
tion of 95 of 167 sub-prefectures. It also has com- of gold and notes in the banking department exbined many minor posts. Finance Minister Volpi panded £234,000. The proportion of reserve to liaalso announced a reduction in the public debt to 89,- bilities declined slightly—to 25.75%, as against
863,000,000 lire, in Treasury bonds of 17,000,000,- 25.91% a week ago, 31.25% last year and 167
/8% in
000 lire, and in the annual debt to 75,000,000 lire. 1924. Note circulation increased, but as the gain
The interest on this represents a reduction of 1,500,- was appreciably less than that of gold (£483,000),
000,000 lire. The budget closed on July 15 with a reserve was raised, as shown above. Public deposits
surplus of 1,489,000,000 lire. All trading and pur- were reduced £1,360,000, but "other" deposits inchasing of foreign currency for the State account creased £2,999,000. Expansion occurred in the loan
henceforth will be in the hands of the Bank of Italy, accounts; loans on Government securities were augthe Finance Minister said. He expressed confidence mented £1,415,000, but loans on other securities
that the lira is bound to improve because of the real- only £19,000. The Bank's stock of gold aggregates
1
622
THE CHRONICLE
£152,844,144, which compares with £164,500,152 last
year and £128,307,000 in 1924 (before the transfer
to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note Issue). Reserve totals £30,091,000,
which compares with £37,930,527in 1925 and £20,951-,
272 a year earlier. Note circulation is £142,504,000,
as contrasted with £146,319,625 a year ago and
£127,106,315 in 1924, while loans amount to £68,544,000, in comparison with £68,229,479 and £78,137,020 one and two years ago, respectively. No
change has been made in the Bank of England's
official discount rate, which therefore remains at
5%. Clearings through the London banks for the
week totaled £731,511,000, as compared with £732,308,000 a week ago. We append herewith comparisons of the different items of the Bank of England
return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
Aug. 4.
Aug. 5.
Aug. 6.
Aug. 8.
Aug. 9.
Circulation
8142,504,000
Public deposits
8,367,000
Other deposits
108,491,000
Governm't securities 36,340,000
Other securities__ 68,544,000
Reserve notes & coin 30,091,000
Coln and bullion. a152,844,144
Proportion of reserve
to liabilities
25.75%
Bank rate
5%
146,319,625
11,037,407
110,497,528
33,508,520
68,229,479
37,930,527
164,500,152
127,106,315
13,310,943
110,936,442
43,242,467
78,137,020
20,951,272
128,307,587
126,091,165
10,427,839
108,317,879
46,783,731
68,723,507
21,304,656
127,645,821
125,542,210
16,238,919
104.500,212
43,032,505
75,450,390
20,307,670
127,399,880
31;l%
5%
164%
4%
18%
4%
16;4%
3%
a Includes, beginning with April 29 1925, £27,000.000 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 noted issued in return for the same amount of gold coin and bullion
held up to hat time In redemption account of currency note issue.
The Bank•of France in its statement for the week
ending Aug. 4 reported a further increase of 123,695,000 francs in note circulation, bringing the total
of that item up to 56,145,371,425 francs, the highest
figure ever reached. This compares with 45,333,633,210 francs at the same period in 1925 and with
40,571,700,005 francs for the same time in 1924.
The indebtedness of the Government to the Bank of
France was increased, by a further loan of 400,000,000
francs during the week, raising the total to 37,850,0g:000—francs. In 1925 at the same date advances to the State amounted to 28,200,000,000
francs and in 1924 to 23,000,000,000. In the gold
Item a gain of 10,600 francs was reported. Gold
holdings now aggregate 5,548,673,300 francs, which
compares with 5,546,931,463 francs in 1925 and
5,543,589,138 francs in 1924. Changes among the
other items in the Bank's return were: Silver gained
115,000 francs, Treasury deposits rose 18,708,000
francs and bills discounted expanded 1,154,105,000
francs. In contrast, trade advances fell off 47,081,000 francs and general deposits fell 426,433,000
francs. Compar:ion of the various items in this
week's return with the figures of last week and with
corresponding dates in both 1925 and 1924 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Aug. 4 1926. • Aug.6 1925. Aug. 7 1924.
Francs.
Gold Holdings—
Francs.
Francs,
Francs.
Inc.
10,600 3,684,352,393 3,682,610,554 3,679,268,230
In France
Unchanged
Abroad
1.864,320,907 1,864,320,907 1,864,320,907
Inc.
' 10,600 5,548,673.300 5,546,931,463
Total
Inc.
115,000
337,881,353
Silver
312,221,153
Bills discounted Inc.1.154,105,000 7,864,090.645 3,180,760,398
47,081,000
_Dec.
advances_
2,241,240,101 2,928,521,398
Trade
Note cfrculationInc. 123,695,000 56.145,371,425 45,333,633,210
35.972,001
Treasury deposits Inc. 18,708,000
12,015,726
General deposite_Dec. 426,433,000 3,899,939,712 2,603,888,587
Advances to State Inc. 400,000,000 37,850,000.000 28,200,000,000
5,543,589,138
300,280,132
3,562.868,576
2,800,788,895
40,571,700,005
12,524,463
2,158,765,337
23,000,000,000
[Vol.. 123.
The statement of the German Reichsbank, issued
as of July 31, showed the strain of meeting monthend payments, in the form of the customary heavy
expansion in note circulation, namely 461,564,000
marks. This, however, was partly offset by reduction in other maturing obligations of 210,593,000
marks and in other liabilities of 12,256,000 marks.
As to the Bank's assets, both advances and bills of
exchange and checks expanded, 71,999,000 marks
and 68,360,000 marks, respectively. Reserve in foreign currencies also increased, no less than 186,361,000 marks. As against this, silver and other coins
declined 6,280,000 marks, notes on other banks 13,822,000 marks, and other assets 67,921,000 marks.
The usual small addition to gold and bullion holdings occurred, amounting this time to 18,000 marks,
which brought total gold up to 1,492,503,000 marks,
as compared with 1,104,136,000 marks a year ago
and 484,322,000 marks in 1924. Note circulation
outstanding totals 3,106,505,000 marks.
Contraction in gold reserve, at the same time that
both rediscounting and open market operations
expanded, constituted the most noteworthy features
of the Federal Reserve banks' reports, issued on
Thursday afternoon. The statement of the System
as a whole indicated a loss in gold of $14,000,000,
while rediscounts cif Government secured paper
and "all other" expanded approximately $26,100,000. Holdings of bills bought in the open market
increased $17,300,000. In total bills and securities
(earning assets) the increase was $43,200,000, while
additions occurred in deposits ($8,200,000); the
amount of Federal Reserve notes in actual circulation ($6,700,000), and in member bank reserve accounts ($11,600,000). The New York institution
lost gold to the amount of $11,000,000. Rediscounting of paper secured by Government obligations increased $20,600,000, while holdings of "other" bills
diminished $5,200,000, with the result that total
bills increased $15,400,000 to $166,228,000. Open
market purchases were larger, gaining $1,300,000.
Total bills and securities expanded $16,300,000.
Federal Reserve notes in actual circulation increased
$3,200,000. However, there was a reduction in
member bank reserve accounts of $3,200,000, while
deposits declined $600,000. Loss in gold holdings
was sufficient to cause shrinkage in the reserve ratios in both statements. For the banks as a group
the ratio fell 0.9%, to 75.4%. At New York the
loss was 1.5%, to 81.1%.
Preparations to meet the Aug. 1 payments were
reflected in last Saturday's statement of the New
York Clearing House banks and trust companies.
Among the principal changes brought about by this
shifting of funds were expansion in loans, also in
deposits, and a decline in excess reserve of more
than $10,000,000. Loans and discounts increased
$52,000,000. Net demand deposits expanded $42,374,000, to $4,402,467,000, which is exclusive of
Government deposits to the amount of $21,536,000.
In time deposits there was a rise of $4,363,000, to
$615,875,000. Other relatively minor alterations
included a decline in cash in own vaults of members
of the Federal Reserve Bank of $840,000, to $43,753,000. This, however, is not counted as reserve. Reserves of State banks and trust companies in own
vaults fell $257,000, but reserves kept by these in
AUG. 7 1926.]
THE CHRONICLE
stitutions in other depositories were augmented
$19,000. Member banks drew down their reserves
in the Federal institution $4,544,000, and this in
combination with larger deposits, resulted in reducing surplus reserve $10,426,350, excess reserves
falling to $22,113,820, against .$32,540,170 a week
ago. The above figures for surplus are on the basis
of legal reserve requirements of 13% against demand deposits of member banks of the Federal Reserve System, but do not include $43,753,000 cash
in vault held by these members on Saturday last.
623
changed. New England mill paper and the shorter
choice names are still being dealt in at 4%.
Banks' and bankers' acceptances have presented
no new feature. Quoted rates remain at the levels
previously current, with the undertone of the market
steady. Trading was not active and the aggregate
turnover relatively small. For call loans against
bankers' acceptances the posted rate of the American
Acceptance Council is now 3%%, against 33/2% last
week. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 33.
1 % bid
and 33/8% asked for bills running 30 days, 3%%
bid and 33i% asked for 60 days, 332% bid and
3/% asked for 90 days, 3%% bid and 332% asked
for 120 and 150 days, and 33% bid and 3 8% asked
for 180 days: Open market quotations are as follows:
The local money market has been somewhat irregular. Rates for call money have shown a tendency
at times to advance. They have not remained at
the higher levels for any length of time. On Thursday, according to estimates in the financial district,
loans were called to the extent of from $35,000,000
SPOT DELIVERY.
90 Days.
60 Days.
30 Days.
to $40,000,000. The quotation for call money ad- Prime eligible bills
334a33'
3Ra33'
vanced from 4% at the opening to 41/2%. Yesterday
FOR DELIVERY WITHIN THIRTY DAYS.
loans were called rather extensively again and the Prime eligible bills
3l bid
Eligible non-member banks
3% bid
rate moved up from 41/
4% to 41/2%.
In view
of the heavy calling of loans, these were regarded as
very moderate advances. Notwithstanding this sitThere have been no changes this week in Federal
uation, there was sufficient money offered to meet Reserve Bank rates. The following is the schedule
all requirements. On both days it was reported of rates now in effect for the various classes of paper
that time money was more freely offered. Only on at the different Reserve banks:
Wednesday call money shpwed a distinct declining DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
AUG. 6 1926.
tendency. That the money market was not generally higher was rather surprising when account
Paper Maturing-was taken of the tremendous speculative activity in
After 90 After 6
Days. but
but
Within 90 Day,.
the stock market. To the contrary of what might FEDERAL RESERVE
Within 8 Within 9
Months. Months.
BANK.
have been expected, the New York Federal Reserve
Conercial Secured
Agriel
by U. S. Bankers' Trade Agrictil.e clerking
Board reported a decrease of $18,900,000 in brokers'
Livestock Govern': Aces
Ampand
and
Paper.
Obllpa- Lances. lances. Livestock Livestock
and dealers' loans, as of July 28. Figures made
n.e.s.
lions.
Paper. Paper.
public yesterday afternoon by the New York Stock Boston
4
4
4
4
4
4
New York
334
314
334
334
33.4
314
Exchange for the month of June showed an increase Philadelphia
4
4
4
4
4
4
Cleveland
4
4
4
4
4
4
in collateral loans for that period of $71,461,182. Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
General business conditions do not appear to have Chicago
4
4
4
4
4
4
Bt. Louis
4
4
4
4
4
4
undergone much change. The production of steel Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
is reported to have fallen off about 2% during the San
4
4
Francisco
4
4
4
4
4
4
week. There have been rather definite rumors in •Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. ate.
local banking circles of a large credit to France
before long.
Lack of interest may be said to have been the chief
characteristic of sterling exchange trading this week.
Referring to specific rates for money, call loans Rate movements continue to be confined to mere
this week have ranged between 4 and 5%, the same fractions and the market appears to have fallen
into
as last week. On Monday the high was 5%, with a rut with large operators holding off and
awaiting
43/2% the low and also the rate for renewals. Ease some new lead before taking any
definite position.
developed on Tuesday and no loans were made above The moderate activity of last week,
incidental to
432%, which was the only rate named that day. end-of-the-month settlements, has
apparently subWednesday a further lowering to 4% occurred, sided and a
marked falling off in the volume of comwhile renewals were negotiated at 434.%; the high mercial bills
offering has occurred. In some respects
was 4%%. Thursday's range was 4(§4% with the week was broken one,
a
observance of Monday
4% the ruling rate. Call funds ranged between as a bank
holiday in London tending to restrict
43.% high and 4% low on Friday, although renewals operations here, while
throughout the stirring develwere made at 434%.
opments that have taken place in the position of
For fixed date maturities the market was quiet francs have had
the effect of turning attention almost
but firm and quotations were not changed from 43/2% completely from
sterling, more especially as the presfor sixty and ninety days, 43A@4N% for four and ent outlook as regards
the latter does not hold out
17
0 for six months. Moder- much inducement
five months and 4@4Y
in the way of speculative profits.
ate activity was reported, but no large individual The latest moves in the
still unsettled British coal
trades noted.
strike passed almost without notice, or at any rate
Commercial paper was in fair demand with both without comment.
Rumors placed in circulation in
local and out-of-town banks in the market as buyers; the latter part of the week that an adjustment of
offerings, however, were not large and this served some sort that would permit the resumption of coal
to restrict trading. Four to six months' names of mining in Great Britain would likely, be announced
/
1% shortly, had no effect on actual quotations. Sterling
choice character continue to be quoted at 4@41
/
4,@432%, un- values, in fact, were closely held, at practically the
and names not so well known at 41
624
THE CHRONICLE
[Vol.. 123.
same levels as last week. Demand ranged between the situation. It was noted with much interest that
the local market was very active, considerable quanti4 85 11-16 and 4 85%.
Referring to quotations in greater detail, sterling ties of francs changing hands. One large banking
exchange on Saturday last was a shade easier; conse- house was a heavy buyer, and this led to reports that
quently demand declined fractionally, to 4 85 11-16 its operations represented the conversion into francs
@4 85% and cable transfers to 4 86 3-16@4 863 of the Morgan loan. On the other hand, some
(quotations on bankers' sixty days are no longer bankers assert that this detail has already taken place.
given because of the fact that trading in this class Be this as it may, buying was brisk and was both for
of long bills has practically ceased); business on the local and for foreign account. Indications were not
half-day session was dull. Monday's market was a lacking that with the change in sentiment, French
narrow, lifeless affair with trading at a virtual holders were turning back to francs and converting
standstill because of the bank holiday in London; their holdings of dollars, sterling and guilders into
rates were steady, however, at 4 85%@4 85% for French currency. This is said to be particularly true
demand and 4 8634.@4 86% for cable transfers. of exporters who with the rise in the franc see their
Very little business was transacted on Tuesday and profits dwindling. Moreover, an advance of such
prices were all but unchanged, at 4 85 25-32® sensational dimensions had the inevitable result of
4 85 13-16 for demand and 4 86 9-32@4 86 5-16 for forcing short covering on a wide scale. Narrowing
cable transfers. On Wednesday demand ruled all in the discount on futures indicated that shorts were
day at 4 85 13-16 (one rate) and cable transfers at covering future commitments. Thirty-day francs,
4 86 5-16; trading was still inactive. Dulness con- which for a time were as much as 12 points under
tinued to characterize dealings on Thursday and spot, dropped to less than 6 points, while 90-day bills
rates ruled at 4 85 13-16@4 85 27-32 for demand and declined to less than 13 points under, as compared
4 86 5-16@4 86 11-32 for cable transfers. On Friday with about 25 points a week ago. In the midst of
a slight tendency to irregularity developed, with the the excitement and enthusiasm, however, some of
result that demand bills sold down a trifle, to 4 85% the more conservative expressed scepticism as to the
®4 85 27-32, and cable transfers to 4 863® possibility of maintaining the levels thus attained.
% for It was pointed out that while the measures adopted
4 86 11-32. Closing quotations were 4 853
demand and 4 86h4, for cable transfers. Commercial by the Premier will naturally bring improvement,
sight bills finished at 4 855
/s, sixty days at 4 81%, they must necessarily add to the burden of taxation.
ninety days at 4 80, documents for payment (sixty and that no scheme for raising the value of the franc
days) at 4 82, and seven-day grain bills at 4 85. can prove a lasting success until actual stabilization
has been brought about. That there was some
Cotton and grain for payment closed at 4 855
%.
Another consignment of gold was reported for ground for these views was indicated in the latter
Canada, viz.: $2,000,000 by the Bank[of Montreal to part of the week, when publication of a poor Bank of
Montreal. The International Acceptance Bank is France statement revealing an enormous expansion
reported as shipping $125,000 in gold to the Straits in note circulation sent franc quotations down more
Settlements. The Bank of England continues to add than 20 points to 2.80. Nevertheless, the reaction
to its stock of the precious metal and reported the was regarded as moderate, francs having retained
purchase of £477,000 in gold bars and £250,000 im- more than 50 points of their earlier gains, and before
the close a fresh influx of buying orders sent the
ported from South Africa.
quotation skyrocketing again, to the highest of the
What appeared to be epoch-marking changes in week.
Belgian francs were strong and moved in sympathy
the status of the French franc, proved to be the
with
the French unit, advancing from 2.52 to 2.94.
feature
of
the
outstanding
week in Continental
exchange. Rate fluctuations were more spectacular Trading was comparatively quiet, but an underthan ever, and francs under the impetus of active, current of optimism prevailed, based on encourageexcited buying, shot upward, achieving an additional ment felt over the measures that are under way
gain of more than 66 points and eventually rising to preparatory for stabilization. Cable advices from
3.08—the first time the quotation has crossed 3 cents Brussels to the effect that the Belgian Government
since June 10. Strength developed from the start and was contemplating the establishment of a gold disannouncement that the Bank of France had advanced count bank somewhat after the German plan which
its official discount rate from 6 to 732% on Saturday would involve the raising of the bank rate and the
last was the signal for a rise to 2.663. Subsequently, arranging of substantial new foreign credits, also
further gains were made that carried franc quotations helped strengthen Belgian exchange rates. Italian
to 2.73, then 2.863
% and finally 3.08. Other factors lire shared in the demonstration of strength and
included the report received by cable that a large advanced from 3.22 to 3.38, although trading was
bond issue is about to be launched which will be far less active and the upswing was regarded as
guaranteed by the tobacco monopoly and will carry largely due to publication of an official statement in
the privilege of exchange to defense and Treasury Rome showing that the Italian public debt had been ,
bond holders, with the idea of reducing the country's materially reduced last month. Other minor divifloating debt; also the highly favorable manner in sions of the foreign exchange market were dull and
which Premier Poincaire's rehabilitation plans have inactive. German and Austrian currencies remain
been received by the French Legislature. As a unaffected by current events. Greek exchange was
matter of fact, after a while a general veering around heavy, though inactive, and suffered a further decline
from an attitude of acute pessimism to relative to 1.09. Rumanian lei again turned weak and
optimism became apparent, and comment was general dropped to 0.45%, then rallied and advanced to
2. Polish zlotys were steady, ruling nearly all
on the business-like way in which France's financial 0.463/
affairs are now being handled, lending color to the week at 11.50.
The London check rate on Paris closed at 161.25,
belief that the nation and her political leaders have
at last become aroused to the alarming seriousness of against 203.00 last week. In New York sight bills
AUG. 7 1926.]
THE CHRONICLE
on the French centre finished at 2.97, against 2.3934
;
cable transfers at 2.98, against 2.4034, and commercial sight at 2.96, against 2.3834 a week ago
(rates on commercial sixty-day bills in all currencies
have been dropped as a result of the waning in trading in this class of remittance). Closing quotations
on Antwerp francs were 2.83 for checks and 2.84
for cable transfers. Last week the close was 2.52
and 2.53. Reichsmarks have not been changed from
23.79@23.81 for both checks and cable transfers.
Austrian schillings remain at 0.143/
8, unchanged.
Lire closed the week at 3.353/2 for bankers' sight bills
and at 3.363/ for cable transfers. This compared with
3.213A@3.223
,4 the preceding week. Exchange on
Czechoslovakia finished at 2.9634 (unchanged);
on
Bucharest at 0.46, against 0.45A, and on Finlan
d
at 2.5234 (unchanged). Polish zlotys remain at
11.00, against 11.50. Greek drachmae closed at
1.103/ for checks and at 1.11 for cable transfers, as
against 1.09% and 1.10 the previous week.
625
following the course of silver and closed lower at 53.95
@54.10,against 54.60;Shanghai declined to 69 13-16@
70, against 707
4@71; Manila closed at 493/2@49%
(unchanged); Singapore, at 56%@56% (unchanged);
Bombay, 363
/
8@36/
1 2, against 363/2@36%, and Calcutta, 36%@363/
2, against 363/2@36%.
A development that attracted some attention was
the reaction in the price of silver metal which followed
publication of the report of the Indian Currency Commission, showing that it was planned to sell off its
heavy silver reserve as a first step to placing the
rupee on a gold basis. The price of silver dropped
overnight to the lowest level in two years-to 29 1-16„
or in New York to 623
%c. This, of course, explained
the weakness in Chinese currency and relative firmness in Japanese; Chinese speculators were said to be
selling their holdings and buying yen.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
There is very little in the way of important news
buying rate for cable transfers in the different coundevelopments to report in the former neutral
ex- tries of the world. We give below a record
for the
changes, which were neglected and moved with
narrow limits on dull and featureless trading. Cessa- week just past:
EXCHANGE RATES CERTIFIED BY FEDERA
L RESERVE
tion of the buying of guilders by holders of francs FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT
OF .1922.
• JULY 31 1926 TO AUG. 6 1926. INCLUSIVE.
brought about a decline in the quotation for guilder
s
of 432 points, to 40.11. Swiss francs receded to
Noon Buying Rate for Cable Transfers in New
York.
Country and Monetary
Value in United State., Money.
19.30. The Scandinavians were well mainta
Unit.
ined,
July
31.
Aug.
2.
Aug. 3. 1 Avg. 4. Aug. 5. Avg. 6.
but without change. Spanish pesetas were again -EUROPE$
2
2
$
under pressure and suffered a further loss of about kustria.
$
schilling
$.14097 8.14097 $.14085 8.14087 $.14094
8.14075
Belgium. franc
0254
.0265
.0271
.0289
45 points, dropping to 14.90. It is claimed that
.0280
.0288
Bulgaria. ley
.007261
.007256
.007313
the Czechoslovakia, krone .029620 .029624 .029616 .007244 .007250 .007267
.029616 .092616 .029615.
weakness in pesetas is partly due to selling against Denmark, krone
.2652
.2651
.2651
.2651
.2651
.2651
England, pound sterautumnal purchases of wheat, and partly to cessati
ling
4.8616
4.8619
4.8625
4.8625
4.8625
on • Finland,
markka
.025213 .025207 .025200 .025213 .025216 4.8626
.02093
of the movement of French funds to Spain.
France.franc
.0243
.0263
.0268
.0295
.0282
.03C6
Germany. relchamark .2381
.2380
.2380
.2381
.2380
Bankers' sight on Amsterdam closed at
Greece, drachma
.010955 .011081 .011118 .011071 .011048 .2381
.011043
40.11, Holland. guilder
.4018
.4017
.4017
.4016
.4015
.4015
against 40.153/2; cable transfers at 40.13, agains EttIllgarY, pengo
.1760
.1758
.1758
.1758
.1758
.1759
t Italy. Ilra.0323
.0326
.0328
.0338
.0333
.0337
Norway, krone
40.173/2, and commercial sight at 40.07,
.2191
.2191
.2191
.2190
.2190
.2190
zloty
against Poland,
.1079
.1080
.1098
.1069
.1065
.1067
Portugal. escudo
40.11% last week. Final rates on Swiss francs
.0514
.0513
.0513
.0513
.0513
.0513
Rumania.leu
.004533 .004543 .004596 .004591 .004588 .004590
were Spain.
peeeta
.1534
.1535
19.30 for bankers' sight bills and 19.313/ for
.1526
.1511
.1509
.1506
Sweden.krona
.2677
cable Switzerlan
.2677
.2677
.2677
.2676
.2676
d. franc_
.1935
.1935
.1935
remittances, which compares with 19.33
.1935
.1935
.1932
Yugoslavia
,
dinar
.017661 .017658 .017650 .017654 .017641 .017651
% and ASIA19.34% a week ago. Copenhagen checks closed
at China
Chafe°, tad
.7298
.7298
.7273
.7315
.7244
.7188
26.49 and cable transfers at 26.53, against
Hankow,tael
.7208
.7205
.7180
.7241
.7152
26.50 Shanghai.
.7091
tadl
.7016
.7010
.6983
.6999
.6940
.6861
and 26.54. Checks on Sweden finished at
tael
.7298
.7298
.7273
.7315
.7244
.7192
26.73 Tlenteln,
Kong. dollar_ .5396
.5395
.5376
.5385
.5363
.5321
and cable transfers at 26.73 (both unchanged), while Hong
Mexican dollar_
.5105
.5104
.5092
.5096
.5075
.5033
Tientsin or Pell/a-hi,
checks on Norway closed at 21.8732
dollar
.5054
.5054
.5004
/ and cable trans- Yuan,
.5000
.4979
.4929
dollar
.5017
.5021
.4971
.4967
.4950
.4900
fers at 21.9132
India, rupee
/, against 21.873/i and 21.913/ the pre- Japan.
.3629
.3631
.3630
.3630
.3631
.3631
yen
.4738
.4740
.4753
.4748
.4753
.4762
Singspore(B.S.).dollar .5621
vious week. Spanish pesetas finished the week
.5621
.5621
.5621
.5621
.5621
at NORTH AMER.Canada, dollar
15.04 for checks and 15.06 for cable
1.001469 1.001362 1.001344 1.001250 1.001427 1.001417
transfers, in Cuba. peso
.999188 .999188 .999125 .999125 .999156 .999219
Mexico. peso
comparison with 15.34 and 15.36 a week
.488833 .488167 .488167
Newfoundland. dollar .998688 .998688 .998625 .488500 .488500 .488167
earlier.
.998625 .998688 .998625
SOUTH AMER.-)
As to South American quotations, trading
Argentina. peso (gold .9217
was not Brazil,
.9216
.9221
.9215
.9213
.9210
milreis
particularly active, although rates were firm
.1528
.1534
.1529
.1533
.1537
.1539
peso
and the Chile.
1207
.1206
.1209
.1207
.1209
.1201
....01.1•0
00,19
tendency was toward higher levels.
0025
009R
0059
Argentine
checks finished at 40.50 after having
advanced to
40.65, and cable transfers at 40.45, agains
The New York Clearing House banks, in their
t 40.52
and 40.57 the previous week. Brazilian
milreis operations with interior banking institutions, have
ruled quiet and closed at 15.40 for checks
and at gained $6,360,000 net in cash as a result of the cur.15.45 for cable transfers, against 15.40
and 15.45. rency movements for the week ended Aug. 5.
Chilean exchange was quiet and finished
at 12.08, Their receipts from the interior have aggregated
against 12.07 a week ago. Exchange on
Peru was $7,143,000, while the shipments have reached $783,easier and quotations closed at 3.79,
against 3.843/ 000, as per the following table:
a week ago.
g
IliMan
CURREN
00.11
Goaq
CY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
The Far Eastern exchanges were swayed by
INSTITUTIONS.
developments in India and Japan. Japanese
yen reI Gain or Loss
Out of
Into
flected earthquake news by a decline of a few
Week Ended Aug. 5.
Banks.
Banks.
I to Batsks.
points,
Banks interior movement
though rebounding sharply when it was learned
3783.000 Gain $6,360.000
$7,143,000
that
no serious damage had been inflicted. Closing quotaAs the Sub-Treasury was taken over by the Fedtions on Yokohama were 47.60@47.75, which con- eral Reserv
e Bank on Dec. 6 1920, it is no longer
stitutes an advance over last week's close of 47.40 possibl
@
e to show the effect of Government opera47.50. Hong Kong, on the other hand, was weak, tions
on the Clearing House institutions. The Fed.
626
THE CHRONICLE
[Vol.. 123.
2,500,000,000 francs, and about
eral Reserve Bank of New York was creditor at the this year of about
9,000,000,000 francs next year. As so considerable
Clearing House each day as follows:
an increase in taxation can hardly be made without
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
adding to the cost of living, the Government will, of
course, have to face any criticism that may develop
Aggregate
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
for Week.
Aug. 6.
Aug. 5.
Aug.4 .
Aug. 2.
July 31.
Aug. 3.
on that score. As Francois Marsal, a former Fi5
$
$
$
8
$
$
000,000
509
Cr.
86.000.000
nance Minister, is reported to have pointed out in
84.000,000
68,000,000 93.000.000 74,000.000 104,000000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
the Senate debate, the enhanced cost of living due
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, to the increased taxes will have to be met by inwith
the Clearing
however, reflect only a part of the Reserve Bank's operations
in
House institutions, as only the items payable in New York City are represented of creased production, unless, of course, the new taxes
the daily balances. The large volume of checks on institutions located outside do
New York are not accounted for In arriving at these balances, as such checks
Reserve are really intended to be a levy upon the capital
not pass through the Clearing House but are deposited with the Federal
Bank for collection for the account of the local Clearing House banks.
resources of the country, without regard to whether
the amount exacted is made good or not. M. PoinThe following table indicates the amount of bul- care, however, would appear to be less concerned
lion in the principal European banks:
with the possible effect of the bill upon future proAug.6 1925.
duction or living costs than with the restoration of
Aug. 5 1926.
Banks of
Total.
1 Silver.
Gold.
Total.
Silver.
Gold.
financial confidence and the balancing of the budget
t
t
2
E
t
practicable date, and he has already
I
164,500,152 at the earliest
152,844,144 164,500,152
England _ _ 152,844,144
84,422
12,480,000159,7
22
54,100147,304,4
13,480,000160,8
France a__ 147.374,1'.
given notice that further taxes are in contemplation.
d994,600 62,604,600 49,045,000 d994,601 50,039,600
Germany ,61,610,111
Spain
102,090,1 $ $ 26,918,000 129,008,000 101,465,000 26,291,000127,756,000
The primary object of the sinking fund bill, as
Italy
35,748,$ $ $ 3,426,0001 39,174,000 35,587.000 3,339,000 38,926.000
Netherrds 35,470,01 $ 2,290,000 37.760,1 $ $ 34.950,0001 1.879,000 36,829,000 outlined,in press dispatches, is to deal with the adNat. Belg_ 10,955,0001 3,487,0001 14,442,000 10,891,000 3,281,000 14,172,000
3,5.54,000 20,348,00' 20,320,000 3,566,011 23,886.000
Switzerrd_ 16,794,0
12,993,000 ministration as well as the redemption of the apI 12,686,000 12,993,000
Sweden _ _ _ 12,688,0001
854.000112,473,0$ $ 11,636,000 1.140,$ $ 1 12,776,000
Denmark _ 11,619,0001
8,180,000 proximately 49,000,000,000 francs of outstanding
8.180,0'' 8,180.000
Norway _ _ 8,180,0001
I
649,842,174
71,574
52,970,600
National Defense bonds, running for terms of from
50,373,844596,8
Total week 595,370,2g 55,003,600,
54,935,600'649,519,985596,067,240 52,915,600646,982,840
Prey. week 594.584,3
months to one year. The sinking fund is to be
three
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 thls year are exclusive supplied from the proceeds of the tobacco monopoly,
WEI
of £13,015,000 held abroad. d As of Oct. 7 1924.
which it is understood will be transferred from
State to private control under plans yet to be anFrance Progressing—Premier Poincare's
Financial Plans.
nounced, and from taxes on inheritances, property
lotteries.
M. Poincare has certainly not been dilatory with sales and legacies, and the income from
surbudget
any
fund
the
to
added
be
his financial program, at least as far as securing There will also
together
year,
the
of
end
the
at
may
that
accrue
plus
the co-operation of Parliament is concerned. On
may
Saturday, a week after the formation of the union with any other revenues which the Chambers
will
any,
if
deficit,
the
while
purpose,
to
the
devote
finanCabinet, the Chamber of Deputies passed the
latter
This
ions.
appropriat
by
budgetary
met
be
ing
overwhelm
the
t
by
cial bill of the Governmen
meet the
vote of 295 to 188. On Tuesday the bill was rushed provision, it is reported, is intended to
t if
insufficien
through the Senate, receiving the extraordinary criticism that the fund might prove
regime
new
the
under
vote of 250 to 13, M. Poincare insisting that each of the continuance of high prices,
lead to large
the 29 articles of the bill would be regarded by the of greatly increased taxation, should
in order to
bonds
of
n
the
redemptio
for
Government as involving a question of confidence. demands
houses for
business
and
of
needs
bankers
the
meet
The next day he drove through the Finance Commitfund will
the
that
expected
is
It
money.
ready
of
tee of the Chamber of Deputies two further items
0 francs
200,000,00
some
of
the
extent
to
benefit
a
his program, one bill establishing and regulating
of some
extent
the
to
and
year,
this
taxes
new
from
Bank
the
g
bill
empowerin
sinking fund, the other a
on that
bearing
year. As
of France to buy gold and foreign currencies in 3,500,000,000 francs next
the
announceis
nt
developme
open market, and authorizing the Minister of Fi- point, an interesting
increase, as of Aug. 1, in the
nances to conclude arrangements looking to the ment on July 31 of an
bonds from 5% to
short-term
the
on
stabilization of the franc. The first of these addi- interest rate
bring the rate into
to
explained,
was
it
tional measures passed the Chamber on Thursday 6%, partly,
months'
bonds, and
twelve
the
of
that
with
by the imposing majority of 420 to 140, and the sec- line
. On
for
redemption
demands
discourage
to
partly
ond by a reduced majority of 365 to 181.
an
adFrance
announced
of
Bank
the
day
same
the
unAll this would have been extremely rapid work
6%
to
7
from
2
1
/
%,
and
rate
discount
its
of
vance
of
der any circumstances, and when the months
2%.
1
advances from 8 %to 9/
fruitless debate and partisan manoeuvring which of the rate on
the
insure
stability of
In order further to
have long characterized the proceedings of the Chamof
nce
its adminindepende
the
and
bers are recalled, the feat is a notable one. -Whether, the fund
to
proposes
convene
Poincare
M.
on the other hand, the passage of so important a istration,
at
session
joint
in
Versailles
Chambers
measure after only a few hours of formal debate the
Assembly, and ask them in that capacdoes not cast some reflection upon Parliament as a as a National
vote making the sinking fund arrangea
adopt
deliberative assembly is a fair question, but the ity to
of the Constitution. As the French
part
a
ments
legislative performances of the Chambers, particunot consist of a single document,
does
on
Constituti
so
larly of the Chamber of Deputies, have been of
but of a number of organic
States,
United
the
in
as
useless an order of late that the drastic repression
Assembly may add in its
National
the
which
to
acts
probably
of talk which M. Poincare imposed will
while
procedure,
the
exceptional, seems
discretion,
so
the
financial program
stir little regret, unless
of
the
effect
The
proposed action
regular.
entirely
awry.
go
should
itself
enacted
hurriedly framed and
fund
the reach of
sinking
beyond
the
to
put
be
would
a
measure,
new
the
that
financial
It is expected
t
or
the
Ministry,
Parliamen
either
by
ce
interferen
last
gave
features
we
principal
summary of whose
of
its
ce
by a
revenues
maintenan
the
insure
and
taxes
additional
from
revenue
an
week, will produce
AUG. 7 1926.]
THE CHRONICLE
process essentially automatic, provided, of course,
that the revenues earmarked for the fund were duly
received by the Treasury.
•
The third part of the Poincare program, and one
which appears to have aroused a good ,deal of criticism notwithstanding the large vote by which the
Chamber of Deputies approved it, is a bill authorizing the Bank of France to create an additional
gold reserve by purchasing gold and foreign currencies in open market, and to issue bank notes to the
amount of such purchases over and above the limit
of note circulation now fixed by law. M. Poincare
is reported to have insisted that the permission to
increase the note circulation was in no way to be
regarded as inflation, but that the new gold reserve
was necessary in order to enable the Bank to combat speculation in the franc. If it is not disguised
inflation, however, it would certainly seem to open
the way to inflation, and the movement of the franc,
which continues to fluctuate ominously, notwithstanding its recent advance, will be watched with
attention once the new plan is put into effect.
A further provision of the same bill empowers the
Minister of Finances, for three months following the
promulgation of the law,"to make with the Government and the Bank of France all conventions enabling that establishment to prepare, by means of
improvement of the franc, a stabilization of the national money." This, we take it, contemplates foreign loans, although M. Poincare is quoted as saying, in the course of the debate, that "we cannot
have recourse to them until after we have improved
our money value and strengthened our position with
respect to foreign countries." It is a curious
commentary upon the changed political situation, as well as upon the adjustable character of M.
Poincare's financial program, that the currency inflation which, according to the Ministerial declaration, was to be ended "for all time" is now, apparently, to be continued indefinitely, in a special form,
and that the extraordinary powers for the stabilization of the franc, presumably including the authority
to negotiate foreign loans, which M. Caillaux asked
for for six months but failed to obtain, are now demanded for three months, in terms practically as
comprehensive, by the Poincare Government.
The report that M. Poincare intends also to ask
for ratification of the British and American debt
agreements before Parliament adjourns, as preliminary to a loan in which American as well as British
bankers are expected to participate, should be taken
with marked reservation until the facts are known.
M.Poincare will have to back down completely from
the position which he has previously assumed before
he can ask the Chambers to ratify an American debt
agreement which says nothing about relieving
France from obligation to pay the United States if
Germany does not pay France, and a ratification
contingent upon the acceptance by the United States
of such a proviso would hardly count heavily as seeurity for an American loan. The propriety of a
foreign loan to aid in stabilizing the franc, provided the internal financial situation has been
straightened out, has never been open to question,
and if M. Poincare is able to obtain a loan from
Great Britain or the Netherlands on the basis of the
proposals which he has brought or shall bring forward, he will be entitled to credit for the achievement. As yet, however, what has happened in
627
France is promise rather than performance, and the
response of the country to the new demands, when
the Government begins to put the screws on, remains to be seen.
One Hundred and Fifty Years from Now.
An Associated Press dispatch dated Philadelphia,
July 19, reads: "Secretary Wilbur, in dedicating
the navy's sesquicentennial exhibit at the Philadelphia Navy Yard to-day, expressed the hope that the
next century and a half would see greater nay a
development. . . . There should be more experimentation in peace time," he declared, "for in war
time everything used should be proved. . . . While
many changes have taken place in the navy in 150
years," he said, "the spirit of the men is the same as
it was in John Paul Jones's time. The real navy
exhibit is not in this building, but in this array of
officers and midshipmen. As long as the true spirit
is in the hearts of these men we have nothing to fear
in war time. . . . Many developments have taken
place in the last century and a half. We can hardly
realize the comparative weakness of the old-time
navy. How John Paul Jones would feel if he could
see things to-day! And we want you midshipmen
to have an opportunity to see things as they
were. . . ."
Utterly in vain must Mr. Wilbur, or any other
man, seek to envision the navy one hundred and
fifty years from now. But why should we seek to
do so while we are sure of the "true spirit" in the
"hearts of the men"? The Secretary says "there
should be more experimentation in peace time." Can
we reasonably expect that the ratio of improvement
in the navy in the next century and a half will equal
that in the last? If so, what monstrous engineries
of death will develop from the submarine and the
airplane? Is it not a waste of the imagination to
conjecture? For is there not a limit to this form of
progress, is there not a point where these inventions turn upon themselves and destroy, together
with the inventors, the means of further improvement, involving all in one irretrievable ruin? And
by so much as we advance in the next decade, do we
not come nearer to that black destiny?
And is there not still another reason against calling up this far forecast? Now is the eternal. There
is nothing changeless but change. Is it too much to
hope that in this ensuing century and a half the
"spirit of the men" will change and that there will
be none to man the ship that has only its "rendezvous with death"? Not that the fine fervor of patriotice self-sacrifice for country will ever change, but
that reason will teach that killing other men by
wholesale is a futile thing! There is a moving picture which portrays a young man refusing to walk
a tight rope 80 feet above the ground, carrying a
girl on his shoulders because there is no net beneath
them. A fall would mean the death of this girl
whom he loves. He is of a long line of tight-rope
performers—he is discharged for "cowardice," even
the girl and his own father turn against him. Subsequently, he walks a telegraph wire into a burning
building, when all have been ordered away, and saves
his father from being burned to death! The "spirit"
of the man, the hero, was there, and the opportunity
came. And if there were not a navy in the world
the spirit of bravery in the face of death would not
628
THE CHRONICLE
die. But how different is saving life from destroying it!
We may well, therefore, turn away from this particular one hundred and fifty year forecast to dwell
upon one in general and much more pleasurable. It
is to try to imagine a world at peace with itself. It
is to try to see life burgeoning under universal peace.
The infinite waste of war is gone. There are no
"bombs bursting in air," there are no trenches, no
barrages of shellfire, and there are no torpedoes
in the sea seeking the lives of the innocent—arid
there are no long lines of white crosses mute in their
agony. More, there are no taxes to pay war debts
that were incurred by generations passed to,their
final accounting. Men do not think on war, but to
abhor it. They spend not in toil and tribulation to
"prepare" for that which they are universally resolved shall never come. The "spirit" for life is not
changed, but the "spirit" for death and destruction
is gone. The Captains indeed with the Kings have
departed, and there are no invocations for their return. But above the magical activities of humankind broods the benign love of unbroken peace!
May be this will not come in another century and
a half. But some time it must come, if man is to
prove himself worthy of the gift of life. Some time
men must come to feel that God gives health, not
disease, joy and not sorrow, good and not ill, peace
and not war. And that if ever man reaches the
divine accord he will not turn the divine "spirit"
into the evil one. Optimism is a religion in itself.
War is an extreme of pessimism. Brooding on disaster brings disaster. Darkness is the absence of
light. So that we need not "prepare" for peace—it
is here now in the eternal calm of the infinite Spirit.
Atonement is at-one-ment; not remorse and restoration, save as these are parts of the return to the
original creative purpose. Where in the machinery
of the commonwealth, where in the soul of the public welfare, do we find, normally, this expectation of
continuous wars? All• of life is given to preserve
life. All of toil is sanctified by beneficent production. All of love finds its exaltation in awakening
love. Searching for good, we shall find it.
Turning away from an evil expectancy and predicating another century and a half upon the advance
that is in peace, what an ineffable glow rests upon
the generations as they come and go across the
years! Inventions so marvelous that those of today, astounding though they be now, are but the
toys that children break in their irresponsible play.
Governments,so protecting to natural human rights,
so safeguarding to liberties, so honest in themselves,
so responsive to an educated and refined popular
will, that all our political reformations are as the
fulfillment of autumn's recurring fruitage. And
there is freedom of worship, and tolerance, and the
slow merging of creeds into choiring reverence. Each
in his own "pursuit of happiness" finding his true
success in the happiness of others. The greatest
legacy given to the citizenry of any country is the
increased momentum of cultured life.
We do not know what is to come—but what is to
be, will be. In the turmoil there is purification; in
the struggle there is strength. We are given the
energy that we may win by endeavor. Our dreams
are part of our destiny. We do not know what the
next century and a half will bring to the world. Our
own backward look, as a people and a nation, is
[Vor. 123.
glorified by a new freedom. From light to light
advancing, we may still lead the world to look forward and not back. But let us not treasure in our
own objective the fgars and enmities that stain the
centuries of the old world's history with the flames
of war. As we stand apart from intrigue and despair let us not seek to increase the means and
methods of warfare. If we lead in example, let us
lag in aggression. Let us not think on what our
navy should be one hundred and fifty years hence.
The Corn Belt and Corn—The Demands of
the Farmers' Co-operatives.
While the real farmers were in the fields "laying
by" the corn, their leaders and would-be rulers met
in conference at Des Moines on July 19 and 20
("Chronicle" of July 24, pages 408 and 409) to determine what should be done with the crop when it
matures. They determined, first, that they were
in favor of maintaining American standards of liv
ing for all the people, but did not entirely specify
what these standards are. And it is fair to infer
from this that the "leaders" believe the farmer suffers in that respect. If it be in food, there are hosts
of hard workers in our large cities who would be
willing to exchange places with him both as to the
quantity and quality. Even the poor "one-gallus"
farmer on his forty acres of good corn land can live
well if he will. His humble board can literally
groan with the "good things" of life without asking
permission of any foreign country that is charged
with buying his "surplus" at half price. A few
hours of work at odd times will give him vegetables
direct, to the consumer, fresh, before they even
dream of wilting under the evil hand of the middleman.
In the cool of his dirt cellar may be found milk
and its products that never heard of the chemicals
that are too often used to keep them sweet for the
city dweller. Roast fresh pork as delicious to the
taste as that first discovered by the savage underneath the ruins of his burned hut requires only the
feeding of a few shoats on the waste sour milk.
Hams, cured in his own smoke-house by a slow-burning hickory-wood fire, put to shame all the "premium" advertisements that the mind can conjure
up. And capons that an epicure might envy are so
common as to turn his longing toward sirloin steaks
and short ribs. And he is not for any long period
without these, for when a neighbor "kills," the beef
is passed around. He is not quite so well off as to
flour, for the old water wheel mill is gone, but he
is as favored, at that,.as those who set the standards of "American living." A few trees on a bit
of "rocky" land will furnish him a harvest of succulent nuts for the gathering. A small orchard will
furnish delicious fruits for canning and preserving.
And golden sorghum molasses, so thick you can cut
it with a knife, Spread on a "corn pone," done to a
crisp and savory brown, is not so bad, unless your
have been raised in a maple sugar country. Take it
all in all, the food of the corn-belt farmer sets a
"standard" not attained by the average man of the
crowded streets.
But in the eyes of the leaders this standard living
is to be bought with the price of corn, this being the
principal crop. And it is a "whale" of a crop, when
you come to think of it. Three billions of bushels,
AUG. 71926.]
THE CHRONICLE
annually, or thereabout. And there is so much of it
that the thing is to know what to do with it. It can
be sold or fed Lo the cattle and hogs. Strangely
enough (and these leaders are loaded with statistics), they do not tell us what portion should be
sold and what fed. But they are very certain that
corn turned to beef and pork adds no element of increased cost to the ultimate and faraway consumer.
Let us leave that, however, and come to the bone of
the contention—the selling price of corn. And now
these mathematical farmers are ready for the fray.
It costs, they say, $1 42 to raise a bushel of corn;
and for the past five years the average farm price
of corn has been 72 cents. Mirabile dictu, these
foolish farmers are still raising corn! We are not
told how much of the crop was sold and how much
fed, but a detail like this is unimportant to a mathematical farmer.
And again, or furthermore, or by way of explanation, after allowing interest on the investment, allowance must be made for the services of the farmer,
which they place at some such sum as fifteen hundred dollars per year on the "average" farm of 160
acres and six hundred dollars for a commercial motor vehicle. Of course, he needs a motor vehicle, or
he could not attend the "movies" four times a week,
and the boys could not "burn up" the roads racing
around to parties and fandangoes. But lest this be
.considered invidious, if not unkind, we may confine
ourselves to the salary of the farmer for running his
own farm. Why saddle all this expense on the cost
of corn? Does he grow nothing else? One hundred
and sixty acres is not much of a farm in the Corn
Belt area, but it is a big lot of land in some of the
older States. Suppose in this quarter section there
are forty acres of wheat; a ten or twenty acres, mayhap, sown to grass, or timothy, or oats, or flax, or
kaffir corn, or sugar cane, must all the cost of running the farm be affixed to corn?
Verily, the ways of the "standard" makers and the
statisticians are hard! Think what the "tariff" does
for the bond-bloated East. And then read this sage
conclusion: "Ninety per cent of our commerce is
domestic, and of the 10% exported most of it is
agriculture. If agricultural exports be excepted,
probably less than 1% of the commerce of the great
Middle West moves in export. A stable domestic
trade, therefore, is essential to the commerce of the
nation generally, and to the Middle West and South
particularly." And the way to get this is to raise
the price of corn to 5% above the cost of $1 42. Now,
agricultural or farm marketing associations, selling
a controlled (minimized?) "surplus" in the markets
of the world, a surplus which is an undefined part of
our total of domestic commerce, are intended (designed for the purpose) to stabilize this domestic
trade. This is quite a task, and we confess to no
relief in mere figures. No wonder the farmer wants
something more direct, something in the nature of
a tariff, that will not take the tariff out of the
Republican Party. And even more.
There is some expense about the conduct of a farm
marketing association, but this the farmer must not
be asked to pay. All other associations selling in
foreign and domestic markets pay their own way,
but the farmer cannot "stabilize" domestic trade if
he is compelled to do this. He ought to be able to
do this, he ought to be able to do anything, if he can
raise corn at a loss of 70 cents a bushel for five years
629
at a stretch and still be a going concern. The leaders say he is not. They say that the farm indebtedness of the nation jumped from four billion to twelve
and a quarter billion dollars between 1910 and 1920.
Two billion one hundred million loss per year in
five years is $21,000,000,000 in ten years. (Don't
mind the discrepancy in date periods.) Thus the
loss of 70 cents a bushel on the cost price of corn
accounts for eight billion dollars debt (to say nothing of the loss (?) on wheat and other products) of
the farmers of the country. Why not try to grow
something else in this far-famed Corn Belt? It
sounds like pouring water into a hole. Yet corn at.
the right price can stabilize our domestic trade.
Undoubtedly corn is King!
We are tempted to offer some figures, though with
trepidation. On land that can be bought for $200
per acre it is easily possible to raise 75 bushels of
corn per acre. But let us put the yield at 50 bushels
per acre. At 70 cents per bushel this is $35 per acre,
or $5,600 for 160 acres, the average farm. Deduct
$600 for a commercial motor vehicle and fifteen
hundred salary for the farmer-owner; leaving $3,500
to pay all other expenses, taxes and interest on the
inveitment. Is it fair to figure more than a nom
inal investment for machinery on a purely corn
farm? Surely there is a goodly margin left. Does
this farmer want to live without work? He ought to
own some part of the investment and not have to pay
interest on the total value. Could he earn $1,500
per year at any other business? Is the motor vehicle
necessary? Can he hire two "hands" at six hundred
dollars each per year? Will his State and county
taxes at one-third value run over an average of $200
per year? Is 5% an average interest rate? Perhaps we ought not to be too positive, as we are not
in the business of farming. But these figures of the
leaders, any way you look at them, are simply ridiculous.
This whole equation of farming is erroneous.
There are too many unknown quantities. A few
years ago we heard of nothing but the need for diversification of crops. Now paper farmers with
political theories that lead to a Government subsidy
have the floor. There is a Corn Belt. And it would
be folly to ignore the principal crop in this section.
But in this Corn Belt other crops will grow. Kansas for wheat, but in the Valley of the Kaw there is
a wonderful yield of potatoes; and in the western
part of the State is the famous short grass region,
grass lands once burned out and now flourishing.
Missouri has grass, wheat, corn lands and a fringe
of cotton. Nebraska and Iowa peculiarly for corn—
but wliat of the dairying? Southern Illinois is
called Egypt—rich as the valley of the Nile. This
Corn Belt must submit itself to the fact that every
farm is a unit—a plant that must be made to produce to capacity according to adaptability. Many
a hundred and sixty will grow, in separate parts,
wheat, corn, grass. And it must do so if it yields
its full return according to soils. Herein, therefore,
all these estimates and averages fail. Experienced
farmers know this; and build upon it. They work
while these professionals talk. They know how to
exhaust soils and how to renew them. They know
that their own individual surpluses are a different
thing from the general "surplus." And if we mistake not, they know the difference between farming
and politics.
630
THE CHRONICLE
[vol.. 123.
came to "live" after a fashion. Man could avail himHuman Geography—Its Significance To-day. self of these forces and could collaborate with
them.
"Human Geography," or the inter-action of man At last he has come to see how really he shares not
and his environment, is an important section of the simply the physical movement, but the very life of
subject in the program of the Williamstown Insti- the earth; and how full of meaning is the term Hutute in which the national Government is to take a man Geography.
leading part.
Part I is devoted to the Distribution of PopulaThe great work of the late Vidal de la Blache, tion. The inequalities of distribution due to various
the founder of the French school of geography by causes, migrations and shifting of whole peoples
whom many scholars have been inspired and guided, producing new centres of density and intermediate
as translated by Mrs. W. van D. Bingham, is just scantily settled tracts, great agglomerations as in
issued by Henry Holt & Co. It will command wide Asia and Africa, later in Europe, and now in Amerinterest, as the author has laid the foundation of a ica, all evidenced varied influences of external force
new science and furnished the leading ideas which and the development of special centres of permanent
have directed it. The discussion is sure to be keen culture. These are reviewed and the way opened to
and instructive.
the last third of the 19th century, when the distribuThe author deals in three parts with The Distri- tion of population took on a new aspect in the mibution of Population; the Elements of Civiliiation, gration of many millions to North and then to South
and Transportation and Circulation, all in their America. These newcomers are seen to adapt themfull extent through various sections, with a strength selves to new conditions and occupations so rapidly
and suggestiveness which will help in the solution and often so unlike those of their earlier homes that
of some of the important practical problems, eco- the results are far more complex and disturbing
nomic and political, before the world to-day. A than they first appeared, or than can be easily apbare outline of his thought as nearly as possible praised. Races are changed as to features, speech
in his own words is quite inadequate, and is taken and fertility. Population masses under new influfrom the translation. But we can say that the ences and against new obstacles to food supply or
translator has made her work a labor of love and free movement, as mountain ranges, arid plan or
has performed a serious task with entire success.
sea coast. They find or miss facilities of employThe book opens with a critical examination of the ment or of home-making, until to-day people from all
principle of terrestrial unity as the basis for deter- lands, East and West as Europeans in America, or
mining man's place on the earth. The earliest of North and South as Chinese and Indians in Mahistoric travelers following Ulysses acquired "the laya and East Africa, are found accepting condiknowledge of cities and the customs of many men." tions and contending for opportunity with no dimiThey did not stop short in their search for Atlantis nution of native vigor. The future cannot be read
and the Hesperides. They found everywhere that with any certainty. New factors constantly appear,
men in their appearance and ways were no less for- and older ones lose something of their efficiency.
eign than were the rivers, mountains and deserts Who can say what may not in the new conditions be
amid which they dwelt. Human geography is' ob- the lines of future development?
viously the expression of the growth and expansion
The Elements of Civilization constitute the second
of ideas to which Geography itself is intimated re- part of the book. These consist primarily of the
lated. But notwithstanding the extension of man's Group and its Environment, its Tools, its Raw Maknowledge of the surface of the earth it was long terials and its Means of Sustenance; then of Human
before it extended beyond strange tales of manners Establishments; and the Evolution of Civilization.
and customs.
Adaptation to environment is everywhere the charStrange people were simply curious. Centuries acteristic. As population increased men were compassed without any system of geographical classi- pelled to occupy less desirable areas and to modify
fication underlying the various types of human so- their habits, as plants and animals do. Thus the
ciety. Individual travelers and writers occasion- contact between man and nature became more intially suggested it. The world was evidently larger mate and he began to draw from nature new rethan man's microcosm. Classification began and sources. He took on the stamp of his surroundings;
relation was found with vegetation, with climate his manner of life changed until gradually distinct
and with land forms. Correlation was discovered and extended types were produced, Mediterranean,
between all the forms of life in any one locality, and North and South European, and the several Asiatic;
environment came to embrace many relationships in all of which appear the record and the results of
discovered in single -regions. Man fell naturally their history. To-day the memorials of these moveinto these groups. As, under various impulses he ments are to be seen in Ethnographical Museums. The
changed his abode, conditions changed, and so did form and character of man's dwellings, then of his
he. Desirable situations and surroundings were at- village, and farm, and town, and then the evolution,
tractive. Streams of migration began. Transporta- step by step, of civilization, both in advance and
tion became an influence, and pressure of popula- regression, with change of his circumstances, and
tion commenced to be an impelling force. Reefs and his history throughout, all are intimately connected
drifts of people had an effect not unlike that of sim- with his contact with nature. The types are of the
ilar obstructions to the flow of water and move- Earth, the Wood and the Stone Ages; the Tropical,
ments of earth about them. Man himself came un- the Temperate and the Arctic; as well as the various
der the necessity of modifying his environment to Continental.
meet his wants. All that rain and frost and wind
We reach in Part III the story of Transportation
could shift and vegetation could affect gave him op- and Circulation by land and sea, with the ever-inportunity. The earth itself with all its elements, creasing control of adverse forces and the slow but
chemical, organic and the like, in constant action enlightening and civilizing effect of individual con-
AUG. 7 1926.]
THE CHRONICLE
tact and that of nations. The part played by roads,
.old and new, the railway in all its development, and
the navigation of the sea with its supremacy and
its continental reactions, is set forth in detail.
In confirmation of our author's estimate of these
influences we may refer to the old road, still distinct, across South England, used by the early British of the west to pack their tin ore to be smelted in
the forests of Sussex, and the watch tower on the
hill at Glastonbury to enable the native folk, possibly of the period of the Druids and of Stonehenge,
to get sight of Phoenician vessels on the Bristol
Channel bringing goods from the distant Mediterranean to trade for their furs., In the brilliant paintings on the walls of the Royal Exchange in London,
England has made eloquent testimony to the part
this contact with the outer world has played in her
long history. The remains of the Roman highways
extending from the Adriatic to the Bosphorus and
then across Asia Minor and Mesopotamia to the far
East, tell the same story of eager desire for human
intercourse, which in still earlier days led the Greeks
to the Asiatic coast and the distant West, as Homer
narrates it in the Iliad and the Odyssey.
Racial and national isolation did not wait to be
dissolved or broken up by force, strenuously as at
times it has been maintained. Fear was overcome
with the growing consciousness of strength. From
earliest days curiosity, desire for knowledge, human
instinct and, at length, self-interest, moved men to
widen enterprise and won great reward. Individual
.adventure, from Jason and Ulysses to Marco Paulo,
Balboa and La Salle,whatare the tales but testimony
to the impulse planted in the hearts of men to win
the goal that always is beyond, or at least to do and
dare that which shall satisfy their great desire.
Dr. De la Blache was not permitted to complete
his book by adding his conclusions. But he had
given a scholarly life to collecting the evidence and
writing the history of the progress of man in its
intimate connection with the evolution of life and
the underlying progressive changes of the earth itself, as both man's home and his helper, always
teaching and always compelling.
To-day we confirm his argument with little
thought as we approach a saturation point with our
home consumption of wheat and cotton, of corn and
petroleum, of sewing machines and steel, of beef and
automobiles, and must eagerly go far and wide seek-
631
ing markets on which our continued prosperity depends.
Human Geography rests on principles of universal
application that need to-day an understanding commensurate with the seriousness of the problems arising in the vast variety of our interests and the confusion of the outside world which are proving so
difficult of solution both for individuals and the
State. It is fundamental for the political economist
and the statesman, and cannot fail to be a guide to
thinking men in all lines.
Anglo-American Relations.
To the Editor of The Commercial and Financial Chronicle.
Sir: It is a source of rejoicing that the vast majority of
British journals refuse to be drawn into the attempt to
censure America for her attitude towards Europe and this
country on the question of the war debts. We were rightly
proud at the time that our own debt was funded, and it
may be useful to recall the fact, on a 3 to 31,,(70 basis by
America, when it could not have been funded in the open
market under 5%. The agreement on our side was, I believe, usual, and British, as it is our habit to pay our debts.
Yet we are denied this satisfaction by ill-informed speakers
and writers who still argue that it was a mistake, and talk
of an all-round cancellation of debts as the ideal settlement.
Are these gentlemen aware of the fact that while such a
settlement would have suited Great Britain and France,
who both owe money and are owed money, it would have
been grossly unfair to America which alone is owed money
by her debtors? Then we are told that all this unrest in
Europe and this country is due to America playing the part
of Shylock, and living and prospering upon the tribute she
draws from her impoverished debtors. What a travesty of
the facts! The tribute she receives is trifling compared
to what she is lending and prepared to lend. Her credits
and loans to Germany, Belgium, Italy, and in time, no
doubt, to France, continue from month to month and year
to year.
She demands rightly, as we do, that a settlement of war
debts should precede the issuing of such credits and loans.
and when these war debts are settled, they are settled on
the most generous terms. The prosperity of America is
due in the main to a series of bountiful harvests, to the
industry of her people, and other natural causes.
We ought to thank God that she enjoys such prosperity.
If for no other reason than to ask where would Europe be
without it. Yet these gentlemen would quarrel with their
bread and butter. They would deny us the proud satisfaction of having paid our way, and while suffering, as many
of us are, offer us nothing in return except if they had
their way to have us regarded as a whining and whimpering nation which had lost its manhood and self-respect.
I am, Sir,
Your obedient servant,
D. M. MASON.
London, England, July 23 1926.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL
EPITOME.
Friday Night, Aug. 6 1926.
The industries show a little more life. The
steel trade
is a case in point. The July business was far
beyond expectations. The belief is that August steel
business will
also give a good account of itself. Pig iron has been
rather
quiet and there are instances, it seems, of cutting of
prices.
The cotton textile business is broadening. Prices are
firmer. The sales of gray cotton goods are slowly
gaining.
The cotton manufacturing industry seems to have turned
corner,
though the sales may be mostly of small
the
lots
for a time. In the woolen manufacturing business there is
little if any improvement. The strike of New York garment
workers, which Is still in progress, hurts business in fall
fabrics. It has cut down the output of ready-to-wear lines.
Little business has been done in broad silks. Some of the
small silk mills in Paterson, N. J., have either closed down
or have curtailed production awaiting a larger demand.
Raw silk has declined somewhat in response to lower prices
in Yokohama. Moreover, trade is light. The flour mills
are doing a good business in the Northwest and Southwest.
Some of them are running at 100%. The shoe factories of
the West are doing a better business. Leather prices are
higher in New England. The recent advance in the nonferrous metals has led to larger production in Western
mines. In the coal trade there are rumors that Great Britain has orders in the market on this side for some 200,000
tons of bituminous. From London .come rumors that the
British coal strike is likely to end In the near future. There
have been frequent rumors to this effect and they proved
to be groundless. This time there would seem to be some
basis for them, judging by reports that hundreds of the
miners in more or less destitute circumstances are returning
to work. An ending of the strike, needless to say, would
632
THE CHRONICLE
have a distinctly beneficial effect on manufacturing in
England, by no means excepting Lancashire's cotton business.
Wheat prices have declined some 6 cents per bushel,
owing to the prospect of a larger harvest in this country
than at one time seemed probable. Latterly, too, the export
demand has been rather small, the sales to-day not being
over 300,000 bushels. There was a squeeze in the July
delivery on the last day of July. Other grain has also
declined, partly owing to better weather and partly In more
or less sympathy with the drop in wheat. Coffee has advanced in response to higher Brazilian markets and very
evidently a large world's consumption, while there is less
competition now from mild coffee. Sugar has been in brisk
demand at higher prices, both for raw and refined. On a
single day, the 4th inst., the transactions in raw sugar aggregated some 400,000 bags. Cotton has declined about
$150 a bale during the week, owing to better weather in
the Southwest, where it has been dry and hot, and also
some increase in crop estimates from different sources.
Within ten days prices declined some 80 to 90 points, partly
owing to heavy long liquidation in and outside of Wall
Street. The cotton belt as a whole has a bountiful supply
of subsoil moisture and all that it needs is a period of some
weeks of warm, dry weather over the acreage of some 49,000,000 acres to bring about material increase in the estimates of the crop. The condition of the belt is noticeably
better than last year and the five-year average. To-day
there was a sudden upturn of cotton prices, owing to a fear
of a tropical storm reported in Bermudan waters and
headed north and northwest, with winds of 52 miles an
hour and over. The season is approaching when tropical
storms annually threaten the cotton belt of this country.
The cotton market is almost entirely a weather affair
and will be for some weeks to come. The mills, however,
are "calling" cotton more freely than they were recently.
and Japanese and German interests are also taking part in
such buying. The automobile industry is doing a seasonal
business and has been buying steel on a larger
scale in response, it seems, to a better business
at the opening of August than was in progress
Mail order and chain store sales
a month ago.
made a large gain in July. It appears that the tendency is
rather to crowd out the smaller retailer in some parts of
the country. That would seem to be inevitable. The big
mail order and chain stores have facilities for buying not
possessed by the small dealer and they can therefore name
attractive prices, while the very efficient railroad service
in this country enables them to deliver goods with surprising promptness. Now there is an increased activity reported among department stores, which also operates more
or less to the disadvantage of the small retailer. In 61
lines of wholesale and retail business in New York City 20
report trade larger than a year ago, 23 fully as large and
18 something less. Gasoline consumption and production
are up to a new high level. General commodity prices declined in July for the eighth month in succession, so far
as the price index goes.
It is also gratifying to notice that French francs have
been steadily rising and that to-day they crossed the 3-cent
mark, touching 3.10c., the highest for some months past.
Belgian and Italian exchange were also strong. The tendency is towards betterment, financially and commercially,
at home and abroad. The British coal strike continues, but
It is supposed to be gradually disintegrating by the voluntary return of hundreds of miners. In France the situation
seems to be improving because confidence is increasing in
the new Premier, M. Poincare. Just what measures are to
be taken to rehabilitate the French currency is not as yet
known, but it is no stretching of probabilities to say that
under the present Cabinet conservative measures will be
adopted with a reasonable prospect of success.
Boston reports numerous textile operatives turning back
their cars to dealers and banks, being unable to keep up
payments. This is one reflection of New England textile
depression. Net sales of $12,302,938 for six months ending
June 30 are reported by Cluett, Peabody & Co., Inc., compared with $12,832,674 for the corresponding period last
year. At Fall River, Mass., operations at the Chace mill
have started in part and it is expected that next week full
time will be resumed. At New Bedford, Mass., the Whitman mills, it is stated, will pass the dividend of 1%% due
at this time, owing to the unsatisfactory conditions in some
branches of the textile industry. At Worcester, Mass.,
[VOL. 123.
after having been on full time for about a year, the 500
employees of the Fisher mills began on the 2d inst. a schedule of four days a'week, owing to the lack of orders. At
Malden, Mass., the Converse Rubber Shoe Co., after being
shut down three weeks In the shoe department and ten
days in the tire department, reopened on the 3d inst. The
shoe department will operate on a five-day schedule until
Sept. 1, when It is proposed to put the plant in operation a
half day more per week. Some 1,500 operatives are employed. At Rock Hills, S. C., the Highland Park cotton
mills closed on the 2d inst. for the entire week. At Seneca,
S. C., additions to the Lonsdale mill will virtually double Its
size. Numerous North Carolina cotton mill plants began
their customary summer vacation shutdowns of from one
to two weeks on Aug. 2. Charlotte, N. C., yarn spinners continue to report an increasing demand. Pawtucket, R. I.,
reports that 3,000 employees of the J. & P. Coats, Inc., mills
will be idle from Aug. 13 until the end of the month.
The local cloth markets were firm, with sentiment distinctly more cheerful. Curtailment of production is lessening. In the Akron, Ohio, district the automobile tire
output Is the largest thus far this year. Textile mills producing tire yarns and fabrics in various parts of the country are operating at capacity.
At Syracuse, N. Y., the general building strike has crippled construction work during one of the city's busiest seasons for a month ended Aug 3, when members of the trades
striking in sympathy with carpenters, voted to return to
work. The carpenters' strike in its tenth month will be
ended, it is believed, this week.
The Manchester cloth market was dull, although some
Improvement was reported in inquiries from India, which
are frequently Impracticable. The monsoon is making
favorable progress and Indian crop reports were generally
satisfactory. Business is limited in the American section
of the cotton yarn market, though spinners show a stiffer
attitude. In Great Britain, Courtauld's, Ltd., rayon producers, closed down their factories at three centres for a
fortnight, owing to a shortage of coal. Miners are said to
be returning to the mines by the hundreds daily now. Oldham, England, textile machinery manufacturers have secured orders to equip three new Chinese spinning mills,
each to contain 30,000 spindles. Germany's largest cotton
factor on the 3d inst. announced price reductions on staple
cotton goods and colored and printed fabrics ranging from
8 to 20%. In Germany five and ten-cent stores are being
tested with the view of using them as an important means
of merchandising if they are found to be something that
the German people want.
Montgomery Ward & Co.'s July sales increased 10%
over those of the same month last year. Sears, Roebuck
& Co.'s sales for July amounted to $20,011,479, an increase
of 17.2% over July 1925. Sales for the first seven months
of this year amounted to $146,633,302, an increase of 8.3%
over the corresponding period of 1925.
The weather here was very hot early in the week, being
88 degrees on the 2d inst. and 92 degrees on the 3d inst.,
with a high degree of humidity, so that it entailed much
discomfort to the business community and others. On the
4th it was 88 degrees, but by the 5th it was down to 80 at
3 p. m. On the 4th it was 88 at Chicago and Cincinnati, 82
at Detroit, 74 at Cleveland and Milwaukee, 94 at Kansas
City, 90 at Indianapolis, 68 at St. Paul, 92 at Boston and
88 at Pittsburgh and Philadelphia. On the 5th the maximum here was 82 and the minimum 73. At Chicago and
Cincinnati it was 90, at Milwaukee 78, at Kansas City 100,
at Montreal 78. In Texas and Oklahoma it has been 100
to 109. To-day it was fair and seasonably warm.
Wages and Employment in New York Federal Reserve
District.
Reflecting the continued high level of industrial activity
during the first six months of this year, the average hiring
rate for unskilled labor on July 1, as reported to the Federal Reserve Bank of New York by a number of large employers of unskilled labor in this district, showed a further
moderate rise to the highest level since early in 1921, says
the bank's "Monthly Review" of Aug. 1. It also says:
'This bank's index advanced to 220% of the 1914 level, compared with
211% on July 1 1925 and 215 on Jan. 1 of this year. The reports indicated a surplus of labor in only a few localities, usually where there is
little variety of employment available. A shortage of common labor for
heavy work was reported in a number of cases, and a few industries reported difficulty in obtaining skilled mechanics. Labor turnover has
shown the usual summer increase, but is not large for the time of year.
Factory employment in New York State showed a further small decline in
Aua. 71926.]
THE CHRONICLE
June and in general was only fractionally higher than a year ago. Working forces in practically all branches of the textile industries were reduced
from May to June and were generally smaller than a year ago. Employment in the iron and steel, machinery, and automobile industries continued
to decline, and a substantial seasonal reduction occurred in women's clothing. The principal increases in employment were in men's clothing and
railway equipment factories.
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board issued on July 31 the following statement
giving current figures of its various business indexes.
In
the Federal Reserve "Bulletin" for February figures for these
indexes for the preceding 18 months and annual averages
since 1919 were published.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly averages 1919=100.)
June May June
1926. 1926 1925.
Total
Pig iron
Steel ingots
Cotton
Wool
Wheat flour
Sugar melting
Cattle slaughtered_ __
Calves slaughtered__
Sheep slaughtered_ _ _
Hogs slaughtered....
Lunthnr
_______
•118
130
135
103
81
110
118
110
127
114
90
115
117
134
138
100
83
93
115
109
108
109
91
116
110
107
115
98
88
102
117
95
126
105
101
117
June May June
1926. 1926. 1925.
Bituminous
Anthracite
Copper
Zinc
Sole leather
Newsprint
Cement
Petroleum
Cigars
Cigarettes
MM.tobacco
114 109
116 105
138 *140
123 137
60
53
122 122
215 205
194 194
87
196
___
96
101
98
136
117
66
110
197
210
93
188
97
*Revised.
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919=100.)
Employment.
Payrolls.
June
1926.
May
1926.
firrie
1925.
June
1926.
May
1926.
June
1925.
*95.1
*92.5
91.0
91.8
90.9
sio0.1
86.7
125.2
106.8
85.5
82.4
129.7
82.1
76.3
95.5
92.8
92.6
93.7
91.3
100.1
87.8
127.1
106.9
83.6
82.6
127.4
79.4
76.0
94.2
86.3
95.4
97.5
92.8
100.1
84.7
122.8
103.5
85.6
83.0
125.9
85.8
72.9
108.8
100.3
97.4
98.2
96.4
112.9
96.2
147.7
146.9
101.6
85.4
162.9
87.1
105.0
*108.9
100.1
*99.1
•I00.7
97.2
111.8
95.1
157.3
147.1
99.5
81.2
158.3
81.7
103.7
104.8
90.4
101.6
103.9
98.8
109.7
90.4
151.2
135.5
100.0
85.1
154.3
90.3
95.7
633
continued the decline which commenced several months ago. Coal dealers
report a sluggish market for both steam amd domestic grades. Bituminous
operations are running on a reduced schedule, but anthracite collieries are
working close to capacity.
Unsatisfactory conditions are still reported by most of the textile industries. Cotton goods are in poor demand; sales are in smaller volume and
prices have weakened further. The silk goods market, too, is weak,
although prices have shown some little strength, recently. The woolen
Industry, which had been depressed for several months, has made a noticeable recovery accompanied by stronger prices. Sales of hosiery and carpets
have been seasonably small, but a good demand continues for full-fashioned
hosiery.
Hides and goatskins are meeting with stronger demand and prices of
several varieties have stiffened. Goat and kid leathers are selling well as
compared with 1925, but the market for shoes is only fair.
Crop conditions in the district are generally favorable and the outlook on
July 1 was better than It was a month earlier. Good yields of grains and
fruit are forecast for this season and livestock also are in good condition.
Prices of farm products weakened somewhat in June but continued well
above the 1925 levels.
City Conditions.
Industrial and mercantile activities in the principal city areas throughout
this district as a whole improved a little during June over the rate prevailing
in May. More increases than declines occurred In wage payments, value
of building permits, sales of electric power, debits and savings deposits,
whereas retail sales in all reporting cities except Lancaster were below the
May volume. Compared with that of the previous year, industrial activity during June, as measured by employment wage payment and
electric power sales, showed some expansion. Debits and savings deposits
in June were well up to the volume of a year before, whereas sales at retail
were somewhat smaller than in June 1925, except In Lancaster, Altoona,
Williamsport, Scranton and Philadelphia.
Business Forecast by Franklin Fourth Street National
Bank of Philadelphia-Revival of Confidence with
Continued High Level of Trade.
The Franklin Fourth Street National Bank of Philadelphia presents the following business forecast in its August
letter, "Trade Trends":
More goods were produced, distributed and consumed during the first six
months of 1926 than during any corresponding period in the country's history. Recognition of this fact, together with the continued high level of
trade at mid-year, has helped to revive business confidence. Although
there is now some seasonal relaxation compared with the spring peaks,
general business remains well above expectations of a few months ago.
The present improvement in sentiment has its source in a number of important factors. One of these is the maintained activity in the great key
industries of iron and steel, of building, and of automobile manufacturing.
Another is the passing of many of the supposed causes for apprehension
which loomed up during the second quarter of the year. Still another outstanding factor making for greater confidence is found in the fair agricultural outlook for the year. Some farm product prices remain below sat*Revised.
isfactory levels, but the general crop and price prospect is regarded, on
INDEXES OF WHOLESALE AND RETAIL TRADE.
the whole, as containing the possibilities of improvement. In industry,
employment continues at a good level, and business profits are achieving
returns.
promising
Wholesale Trade.
Retail Trade.
During the first six months of the year, complete records, now available,
June May June
June May June
show that many unprecedented levels were reached in important lines of
1926. 1926. 1925.
1926. 1926. 1925. industry. Steel ingot production during the period was nearly 9% over
Total
84
82
83
that for the corresponding months of 1925. Freight traffic increased by
Dept. stores salesGroceries
86
80
84
Adjusted
3%. Building construction was 13% higher. Automobile output was
130 132 126
Meat
80
80
79
Unadjusted
130 137 126
nearly 12% higher, and mail order sales gained by 10%. In addition,
Dry goods
77
78
82
Dept. store stocksbank debits, electric power consumption and numerous other indices of gen59
Shoes
60
54
Adjusted
137 138 135
105 108 105
Hardware
activity surpassed all their former performances.
Unadlusted
eral
131 138 129
116 111 110
Drugs
Mall order salesOne of the most disturbing developments during recent months was the
Adjusted
126 117 120
unremitting decline of commodity prices. It IS now indicated that this
Unadjusted
107 105 102
recession of values has been checked, reflecting a more even balance between production and consumption. Because of the cautious attitude on
Business Conditions in Philadelphia Federal Reserve the part of buyers during the past year, it is generally conceded that commodity stocks, compared with the rate of general activity, are not burDistrict-Fairly Active Despite Seasonal
densome. This fact, together with ample credit supplies, precludes any
Slackening in Some Industries.
immediate danger of enforced liquidation in business.
Increased confidence in prices and in the outlook is denoted by the recent
The general rate of business activity in the
Philadelphia development of a little more freedom of buying for future needs. This
Federal Reserve District continVes fairly active
despite the tendency has appeared in a few industries, including iron and steel, although conservatism still holds sway.
seasonal slackening manifest in many industries
says the
Business Review (August 1) of the Federal
Reserve Bank of
Pniladelphia, from which the following is also
Cleveland Federal Reserve Bank Reports Production
taken:
Indeed, factory activity in the states of the district, as
Ahead of Last Year.
measured by
Industrial employment and wage payments, declined very
little from May
Reporting that "most lines of trade have held up well
to June, and preliminary reports indicate practically no
reduction in working forces in July. Reports from electric central stations in
the d.strict also during the first part of the summer season," the Federal
indicate a continued high rate of output; industrial
consumption of electri- Reserve Bank of Cleveland in its "Monthly Review
" of
June
was
in
4% greater than in the previous
city
month. Moreover,
Aug. 1 finds production ahead of last year and the June level
factory employment and payrolls In June, building
activity, and the
production of pig iron, iron and steel castings, cement,
anthracite and equal to that of May. "In some industries, notably iron
bituminous coal and many other important products of
the district was well and steel," it says, "operations have been
at an unusually
of
that
of the same month of 1925.
in excess
high rate for this time of year. Distribution, as represented
Trade in many lines naturally has slackened with the
approach of summer
but the volume of distribution continues to compare
favorably with that of by department store sales, was also greater during June than
last year. Freight car loadings continue large and ahead
of 1925 totals. In last year. The gradual
but prolonged decline in prices
'
apwholesale business, seasonal declines have occurred in
most lines, but only
drygoods and electrical supply dealers reported smaller
sales in June. 1926 pears to have been halted, at least for the present. The
than in Juno, 1925. Retail trade continues to hold its own as
compared with Bureau of Labor's index in June rose slightly over May, the
the previous year. Seasonal declines occurred from May to
June, but the rise now having continued
for two months.
" The Review
total volume in the latter month was about equal to that of
the same month
of 1925. June retail sales of automobiles by 15 distributors,
also says in part:
however,
were
less than in 1925, although larger sales of
lower priced cars were
Earnings statements of a sufficient number of large industrial corporareported.
Stocks of goods in the hands of retail and wholesale merchants
are generally tions have already been published to give an idea of business in the second
light, being smaller than last year in most lines.
quarter and also the first half year. In the second quarter, net earnings
Building activity in the district has increased considerably
and the value tarter all deductions, but before dividends) of 45 industrial concerns in the
of contract awards and permits issued in Juno was much larger
than in the United States amounted to $70,087,000 as compared with $61,975,000 in
corresponding months of 1925 and 1924. Business in
building materials, 1925. a gain of 13.1%. Only 10 companies
rned less than last year.
however, with the exception of cement, has been only fair, and
price resist- For the first half of 1926 net earnings of 57 industrials were $159,8.
84,000
ance is quite widespread.
as Compared with $141,814,000 a year ago, a gain of 12.7% • Increases were
Most manufacturing industries, with the exception of a few
textile lines, shown by 42 corporations and decreases by 15.
report the continuance of fairly satisfactory conditions,
considering the
Additional earnings statements from some of the largest corporations ma
season. Iron and steel products are selling in good volume at steady
prices, affect the above figures to some extent, but from what is already availab
and, although plant operations have declined Since spring, present
output is the conclusion may be drawn that second quarter proifts were about
well above the 1925 level. The unfilled orders of the Steel Corporation have
much ahead of last year as were those of the f rst quarter.
Total
Iron and steel
Textiles-Group- _
Fabrics
Preducts
Lumber
Railroad vehicles_ _
Automobiles
Paper and printing_
Foods, dec
Leather, Sic
Stone, clay, glass._
Tobacco. dic
Chemicals. tItc
634
THE CHRONICLE
[Vot. 123.
In the Fourth District, 11 out of 22 representative industrial firms. re- is the net cash income, which gives an average per farm of $879, comported earnings above the second quart r of a year ago. There were 8 pared with $854 in 1924-25 for operators' capital, labor and management.
declines, and 3 practically the same. For the half-year, 24 firms reported- The analysis shows further that the farm operators earned on their own
13 increases, 8 decreases and 3 no change.
net investment, including management, after paying rent and interest on
debts, 3.5%, compared with 3.2% in 1924-25. These rates are considerFinancial Conditions.
ably less than the rates earned by the other owners of farm capital, such
Savings deposits of 71 selected banks in the larger cities of the Fourth as mortgage holders. If a conservative interest return is allowed on inFederal Reserve District amounted to 8914,116,670 on June 30 1926, an vestment, the average farm family earned $64g for labor and management,
ncrease of 5.6% over a year ago and 0.7% over the preceding month. . ..
or $24 more than in the preceding year. Although this figure is considerably above the very meagre 'earnings during the severe years of the
Iron and Steel.
depression, it is still nearly 30% below the earnings of 1919-20.
With a surprising display of vitality which is practically unprecedented
Factory wage earners, on the other hand, for the past three years have
for this period of the year, iron and steel demand continues in high volume. earned approximately the same money as they did in 1919-20 and have
Not only has the run of incoming business kept up to the exceptional level been able to buy with those earnings about 16% more than they could in
of the past 30 or 45 days, but it is showing some tendency to expand. As a 1919-20, while the farmer, with his income, has been able to buy about
result, the industry is witnessing the unusual spectacle of steel production 20% less.
bring increased in July when the normal dull period of midsummer should
be appearing in earnest. Specifications coming to the mills during the first
three weeks of July generally have been in excess of those for the corresponding period in June, which was an especially good period for a summer Further Slight Reduction in Industrial Employment
month. A number of the producers are pronouncing July in point of susin Chicago Federal Reserve District.
tained tonnage and relative activity to be the best they have ever experiFor
the
third consecutive month this year, according to
enced.
After having averaged 80% of capacity in June, steel ingot production the Aug. 1 "Business Conditions Report" of the Federal
An the third week of July had reached 82%,and some further increases were Reserve Bank of Chicago, there was a slight reduction in
scheduled before the end of the month. The Steel Corporation has raised
volume of employment at the industrial plants of the
Its production to about 87%,while the independent companies were running the
at 78 to 79%. The Youngstown district well reflects the current improve- seventh district. The reduction during June at plants
ment, having recovered to a basis of 79% of ingot output and 88% of sheet employing approximately 380,000 workers averaged 0.7%,
capacity after having been down recently to 60 and 70%, respectively.
the same as for each of the two preceding months. Changes
If production can be sustained even on its present basis for the next few or
months, 1926, it is indicated, will establish a new high record for steel out- within individual industrial groups, also, were to a great
put, exceeding the previous high mark established in 1925. Under normal extent in line with those shown for May, says the report,
expectations production should be higher in the fall than now. The complete figures for the first half of the year show that the industry operated which goes on to say:
Metals and metal products and lumber products continued to curtail
at the highest rate for an initial half-year ever known or at an average of
87.2% of theoretical capacity. This meant a grand total of 24,260,537 their forces, while food products and building materials other than lumber
gross tons of ingots. During tin"first half of 1925 the average capacity still show an expansion. Most of the curtailment in the lumber industry
active was 81.4% and production 22,383,071 tons. It has been computed was due to the seasonal lull in furniture and musical instrument factories.
that to attain a new high record of steel output for this year, it is necessary Under food products, the canning industry made a heavy seasonal gain,
to operate only at 71% for the last half. In the July-December period in and meat packing plants and flour mills added considerably to their working forces.
1925 production ran at 78.7% of capacity.
The vehicles group showed a reversal in trend, registering a decline in
What appears to be the largest buying movement in pig iron since the
war is subsiding after having run for six or seven weeks. In that period employment of 1.8% after a continuous expansion since the beginning of
upwards of 1,500.000 tons of iron were placed under contract for third quar- the year. June is generally a quiet month in this as well as other industries,
ter and last half. Most of this was done at some expense of prices as pro- and many plants close or operate with light shifts during the taking of
duction has been large and competition exceedingly keen. Steel prices, Inventory. Under "textiles" the trend varied, men's clothing showing
on the other hand, have been firmer and in the major products of plates, increased employment but women's a decline. The manufacture of paints
structural shapes and steel bars, the recent advance of $2 per ton now seems was about the only industry under "chemicals" to register a gain in employto have been thoroughly established. "Iron Trade" Review composite of ment. Boot and shoo factories also added workers during the month.
14 leading iron and steel products registers this fact, standing on July 21 while other leather industries declined.
With the beginning of the vacation period there has been an increase in
at $37 67. On the corresponding date one month earlier it was $37 58.
the registration at State free employment offices. For Indiana the ratio
of applicants to available jobs rose from 114% to 130, and for Illinois from
Department of Agriculture to Investigate Meat Prices- 122 to 132.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
To Sift Charge United States Consumers Are
DISTRICT.
Overcharged That Packers May Under-No. of Wage EarnersTotal Earnings
-Week Ended- Per
Week Ended- Per
sell British Competitors.
Cent
June 15 May 15 Cent
June 15
May 15
Group-1926. 1926. Ch'oe.
1926.
Ch'ge.
1926.
From Washington the "Wall Street Journal" of July 15 AllIndustrial
groups (10)
378,469 381,298 -0.7 $10,060,774 $10,083.433 -0.2
Metals and metal products
reported the following:
(other than vehicles)
152,406 154,297 -1.2 3,783,151 3,867,492 -2.2
A preliminary investigation is under way to determine whether meat Vehicles
45,038 45,857-1.8 1,431,568 1,471,313 -2.7
prices are being increased in this country to enable American packers to Textiles and textile products 27,771 27,843 -0.3
602,583 +7.7
649,189
undersell their British rivals abroad. The Packers' and Stockyards' Food and related products 47,423 45,805 +3.5 1,324,865 1,266.251 +4.6
Stone,clay and glass prod'ats 14,449 14,041 +2.9
435,005
423,334 +1.7
Administration of the Department of Agriculture has taken cognizance of Lumber and its products.__ 32,916 35,297 -6.7
846,868 -4.7
806,963
charges by British packers that American consumers are paying the expenses Chemical products
285,536 +0.6
287,222
10,689 10,863 -1.6
Leather products
359,243 +5.4
378,605
16,603 16,413 +1.2
of an international price war.
71,359 +7.4
Rubber products
76,628
2,997 2,953 -f-1.5
Dr. F. W. Mills, acting chief of the Packers' Administration, said agents Paper
and printing
889.454 +0.3
891,917
28,177 27,929 -1-0.9
In the field would make a preliminary investigation. If evidence to support
the charges is forthcoming, a major Investigation will be launched.
Business Conditions in Atlanta Federal Reserve
Slight Improvement in Agricultural Income-Farmers
Reported at Disadvantage Compared to
Industrial Workers.
Income from farm production the past season, 1925-26,
again showed a moderate improvement, but farmers as a
class are still at a financial disadvantage to industrial workers, according to an analysis of receipts and expenditures
just completed by the United States Department of Agriculture. With reference to the analysis, the Department on
Aug. 4 said:
Gross income from agriculture is estimated at $12,415,000,000 for the
year, compared with $12,003,000,000 for 1924-25, an increase of about
3%, the increase appearing in both cash income from sales and in the
value of products consumed by farm families. Increased income from
potatoes, dairy products and meat animals more than offset declines in
income from grains and cotton, the Department says.
The total gross income is made up of $9,891,000,000 computed as cash
Income from sales and $2,524,000,000, the value of food and fuel consumed on farms. It iacludes $3,577,000,000 for dairy and poultry products; $2,746,000,000 for meat animals; $1,682,000,000 for cotton and
cotton seed; $1,625,000,000 for fruits and vegetables, and $1,565,000,000
for grains.
Receipts increased somewhat more than expenses, yielding an increase in
net income available for all capital employed, including reward for managing the industry, of 4%, compared with a 13% increase in 1924-25.
This larger net income represents a rate of return for all capital and management of 4.6%, compared with 4.4% the preceding year. These rates
are not comparable with rates of return usually shown for other industries.
Estimates of comparable returns for corporations in 1923 gave 11% as
the return on capital and management, compared with 3.3% for agriculture.
Out of the gross income of $12,415,000,000, farmers paid $6,812,000,000, including $1,216,000,000 wages to hired labor; $3,076,000,000 for
products and services of other industries, repairs and maintenance of
buildings and equipment; $635,000,000 taxes on operator-owned investment' $1,127,000,000 rent on property rented from non-operators, and
$758,000,000 interest on mortgage and other indebtedness held by nonoperators. The difference is $5,603,000,000, of which $2,524,000,000 represents the wine of food and Nei consumed on farms, and $3,079,000,000
District-Seasonal Progress in Agricultural
Conditions.
Agricultural conditions in the Atlanta Federal Reserve
District have shown seasonal progress during June and
early July, although crops in some sections are still late,
due to the cold, late spring, says the July 31 "Monthly
Business Review" of the Federal Reserve Bank of Atlanta.
It also has the following to say, in part:
The volume of sales at retail, reported by 44 representative department
stores located throughout the district, exceeded in June the dollar value
of sales for any other dune since 1920. For the first half of 1926 retail
sales were 7.2% greater than in the same period last year, although the
stock turnover was a little less faidi.able. June is usually a low month in
volume of wholesale trade, but sales in June this year were greater than
for the same month since 1920. There has been a gradual decline in total
loans and discounts reported weekly by 36 member banks in selected cities
of the district, but at the middle of July the total loans, discounts and
investments of these banks were $40,902,000 greater than at the same
time last year. Loans and discounts by the Federal Reserve Bank of
Atlanta on July 14 were 10% millions of dollars greater than at the same
time a year ago. Cash reserves were greater by $51,204,000, and Federal
Reserve notes in circulation were greater by $52,472,000 than at that
time. Savings deposits reported to the Federal Reserve Bank at the end
of June were 9.8% greater than a year ago, and debits to individual accounts at 24 reporting cities in the district during June were 4.5% greater
than in June last year. Commercial failures in the Sixth District were
smaller by 60% than in June 1925. Building permits issued in June at 20
reporting cities were 5.9% less than in June 1925, and building contracts
awarded in June were 9.3% less than in May, and smaller than for any
month since April 1925. There has been some slackening reported in the
lumber industry. The consumption of cotton in the cotton growing States
during June, according to statistics compiled by the United States Census
Bureau, was 8.2% greater than in June last year. Production of cloth
and yarn in this district showed small increases over that period, but orders
were received in smaller volume. June receipts of turpentine and rosin at
the three principal markets of the district were slightly greater than in
June last year, and while stocks of turpentine showed a small increase over
stocks at the end of June 1925, supplies of rosin were the smallest recorded
for June in ten years with the exception of June 1920. The average pre-
Am.7 1926.]
THE CHRONICLE
vailing price of turpentine in June was 11% cents less than in June last
year, but the average of rosin prices was $2 80 greater.
Retail Trade.
Due to seasonal influences, the volume of sales during June by representative department stores located throughout the Sixth District exhibited a
decline compared with the preceding month. Total sales in June reported
by 44 department Stores were, however, 8.1% greater than their sales in
June last year, and sales by these firms during the first half of the year
1926 have exceeded those during the same period of 1925 by 7.2%. Stocks
on hand at the end of June averaged 4.4% greater than a year ago, but
were 5.6% smaller than a month earlier. Stock turnover, represented by
the relation of sales to average stocks, was slightly better in June this year
than last, but for the half-year period it was not quite so satisfactory.
Outstanding orders at the end of June increased 8.6% over May, but were
12.6% less than a year ago. Accounts receivable at the end of June were
2.5% smaller than a month earlier, but were 18.9% greater than at the
end of June 1925. Collections were 2.9% less in June than in May, but
8.2% greater than in June last year.
Wholesale Trade.
Confidential reports received from the wholesale trade in the Sixth Dismonth
of June show a further slowing down in the volume of
trict for the
business, due to seasonal influences, but the volume of June sales was
larger in six of the eight reporting lines than in June of last year. Decreases in sales compared with June 1925 were shown in reports from furniture and stationery firms, but other lines showed increases ranging from
2.6% in drugs to 13.4% in shoes. The individual index number of dry
goods sales was better than has been shown in June of any year in the
series which began in 1920, and the index numbers for groceries, hardware and the combined index number were better than for any June since
1920. June business reported by wholesale shoe firms exceeded that in
June of 1922, 1924 and 1925.
Survey of National Association of Credit Men Indicates
Gulf States Trade Good and Improving.
Good business and credit conditions with prospects of
continuing improvement exist in the Gulf States, according
to the results of the monthly survey of the Research Department of the National Association of Credit Men, made
public Aug. 2. The report a the survey, which reveals the
experience of the principal manufacturers and wholesalers
in the States of Alabama, Mississippi, Louisiana, Texas and
Arkansas, reads in part as follows:
Of those executives reporting to the association, 68% found that sales
in June were larger than in May. Sales in June 1926 were better than in
June 1925, according to 75% of the correspondents; while 74% recorded
better sales for the first six months of 1926 than for the corresponding
period in 1925. In collections 53% reported that receipts in June exceeded
those of May. Larger receivables July 1 1926 than a year ago were recorded by 64%.
More failures during the second half of 1926 than during the cotivspunding period of 1925 are anticipated by 22% of those who furnished the
information, and fewer failures are expected by 73%. According to 94%
of the correspondents, sales and collections during the second half of 1926
will be better than during the first half, and only 6% look
forward to
poorer sales and collections.
In the Gulf States crop conditions and prospects are, of course, a
predominating factor in the general business situation. The replies from
these States, and particularly from Texas, clearly indicate that good crops
are expected. "Good growing weather for cotton" and "unusually good
crop prospects" are typical comments of correspondents.
"Considered altogether," J. H. Trego, Executive Manager of the Association, said in commenting on the survey,
"the omens are favorable. Competition is undoubtedly going to become more keen as we move along toward 1927,
but there are unmistakable signs that we are learning efficiency in both production and distribution. As for purchasing power, no one who studies the income tax returns can
logically be pessimistic. They reveal a tremendous buying
power, of individuals, partnerships and corporations. Capital is plentiful, money easy, production proceeding at
a
wholesome rate, and unemployment virtually negligible.
These appear to constitute the 'makings' of a sound business
activity that shall continue through 1926 and well into
1927."
Summary of Business Conditions
Issued by Bank of
Montreal.
"Steadily increasing Canadian ear loadings and
railway
earnings afford conclusive evidence of activity in
trade,"
says the business summary of information received by the
Bank of Montreal from its branches throughout Canada and
from its offices abroad. The summary, issued under date
of July 22, also says in part:
635
000 produced; while barley is put at 100,624,000 bushels, as compared
with 86,000,000 bushels estimated last year and 113,000,000 bushels produced. In the central provinces, crop prospects are excellent despite the
late season. Pastures are luxuriant and live stock in good condition.
Building operations are brisk in the central and western provinces, to
the advantage of the iron and steel trade and to larger sales of builders'
hardware. The Nova Scotia coal mines are again producing well up to
capacity, and while the Dominion Iron & Steel Co., Ltd., has gone into the
hands of a receiver with a view to capital reorganization, there bas been
no cessation of work in the plant. The automobile industry, now become
one of importance, is experiencing seasonal slack after a period of salee
in excess of any preceding year, and with the favorable tariff adjustment
made in June, confidence is felt that the industry will continue to thrive.
Mining operations progress satisfactorily. An improvement in the lumber
trade is noted in British Columbia due to greatly increased consumption
in the Prairie Provinces. Business failures diminish.
Price indices taken in the aggregate do not show wide variation, having
fallen 1.3 points in June and being now 55.7 points above the pre-war
level.
Loading of Railroad Revenue Freight at Highest Figure of
Year.
Loading of revenue freight for the week ended on July
24 totaled 1,085,450 cars, according to reports filed by the
carriers with the Car Service Division of the American Railway Association. The total the highest so far this year,
exceeding by 1,824 cars the previous week, when 1,083,626
cars were loaded with freight, and marks the ninth week
that loadings have exceeded the million car mark this year.
This increase over the preceding week was due mainly, it
is stated, to the heavy grain movement in the western districts, although live stock, coal, coke and forest products
also showed increases. Decreases, however, wewre reported
in the loading of miscellaneous freight, merchandise and
less than carload lot freight and ore. Compared with the
corresponding period in 1925, the total for the week of
July 24 was an increase of 51,931 cars as well as 159,141
cars over the same period in 1924. The following further
details are furnished:
Loading of grain and grain products amounted to 62,767 cars, an
increase of 5,629 cars over the preceding week and 13,721 cars above
the corresponding period in 1925. Compared with the same week in
1924, it also was an increase of 12,906 cars. In the western Districts
alone, grain and grain products loading totaled 43,189 cars, an increase
of 13,089 cars over the corresponding week last year.
Coal loading totaled 185,258 cars', an increase of 1,772 cars over
the preceding week this year as well as 6,142 cars above the same
week in 1925, and 38,606 cars over the same week in 1924.
Forest Products loading totaled 71,531 cars, 2,502 cars over the
week before and 529 cars over the same week in 1925. It also was
an increase of 5,422 cars over the same week in 1924.
Miscellaneous freight loading totaled 392,215 cars, a decrease of
6,653 cars under the week before but 5,394 cars above the same weds
in 1925 and 20,891 cars above the corresponding period in 1924.
Live stock loading for the week amounted to 27,820 cars, an increase
of 918 cars over the week before and 1,322 cars above the same week
in 1925. It also was an increase of 602 cars over the same week in
1924. In the Western Districts alone, 21,278 cars were loaded with
live stock during the week, 1,098 cars above the same week last year.
Ore loading totaled 75,184 cars, a decrease of 721 cars under the
preceding week but 8,698 cars above the correspondit.g week in 1925.
Compared with the same week in 1924, it was also an increase of
20,661 cars.
Coke loading totaled 11,355 cars, an increase of 41 cars above the
preceding week and 2,202 cars above the corresponding week in 1925.
Compared with the same week in 1924, it was also an increase of
4,279 cars.
Compared with the preceding week this year, all districts showed
increases in the total loading of all commodities except the Allegheny,
Southern and Northwestern which showed slight decreases, but all
districts reported increases over both the corresponding .periods in
1925 and 1924.
Loading of revenue freight this year compared with the two previous
years follows:
1926
1925
1924
Five weeks in January
4,432,010
4,456,949
4,294,270
Four weeks in February
3,676,449
3,623,047
3,631,819
Four weeks in March
3,877,139
3,702,413
3,661,922
Four weeks in April
3,795,837
3,726,830
3,498,230
Five weeks in May
5,142,879
4,853,379
4,473,729,
Four weeks in June
4,112,150
3,965,872
3,625,182'
Week ended July 3rd
1,072,624
866,199
757,904
Week ended July 10th
900,977
986,893
909,983.
Week ended July 17th
1,083,626
1,012,854
930,713Week ended July 24th
1,085,450
1,033,519
926,309'
TOTAL
29,179,141
28,227,955
26,710,061
Midsummer quiet has characterized business during the
month, and will
continue so to do for yet a few weeks. Compared with recent years, how- Activity of Real Estate Market in June-Conveyance
ever, a greater volume of trade is recorded and few dfscouraging signs
Records for First Half of Year 3.3% Over 1925appear. A minor unfavorable element is the dissolution of Parliament and
Gain in Canadian Building Construction.
preciptancy of a general election, an event usually causing some halt in
commercial activity. Much depends upon the outcome of the harvest.
Real estate market activity over the country took a proWe are now approaching the critical period in the crop situation with
evidence on every hand to justify the hope of a satisfactory result. It is nounced upward swing during June, according to the index
true that the Government forecast of the estimated wheat yield, based on of that activity compiled monthly by the National Associacrop conditions as of June 30, shows a slight falling off as compared with tion of Real Estate Boards. The index, based on official'
the estimate on the same date last year, but as against this it is to be remembered that weather conditions affect the final yield, and that last year reports of number of transfers and conveyances recorded in
the crops actually garnered greatly exceeded the June estimates. The pres- 41 typical cities, stood at 175 for the month of June. This.
ent estimate is for a total yield of 348.626,000 bushels of wheat, as against is twelve points higher than the index for May, and
eleven,
last year's estimate of 865,000,000 and an actual production of approximately 417,000,000 bushels. The total yield of oats is indicated at 458,- points higher than the index for June of 1925. It fa decid;
840,000 bushels, as against 468,000,000 estimated last year and 513,000,- edly the highest index number reached in the month of
636
THE CHRONICLE
June during the ten years 1916-1926, inclusive, covered by
the association's study. Making allowance for the general
long-time trend upward due to population increase, it nevertheless indicates a healthily active state of the general
real estate market, says the association, under date of
July 31, its advices adding:
The total number of real estate transfers and conveyances recorded in
the 41 cities during the first six months of the current year showed a
gain of 3.3% over the corresponding period of the preceding year. The
total for the group for the first six months of 1925 was 912,735. For the
first six months of 1926 it reached 942,755, an increase of 30,020 transfers.
Cities included in the index study are: New York City (county of New
York); Chicago, Brooklyn, Philadelphia, Baltimore, Cleveland, Detroit,
Kansas City, Kans.; Kansas City, Mo., New Orleans, San Francisco, Seattle,
Spokane, Los Angeles, Atlanta, Ga.; Boise, Idaho; Charleston, W. Va.;
Flint, Mich.; Fort Worth, Texas; Madison, Wis.; Memphis, Tenn.; Milwaukee, Wis.; Minneapolis, Minn.; Nashville, Tenn.; Newark, N. J.;
Jacksonville, Fla.; Oklahoma City, Okla.; Paterson, N. J.; Phoenix, Ariz.;
Reading, Pa.; Richmond, Va.; Salem, Ore.; Santa Fe, N. M.; Springfield,
Ill. ; Springfield, Mo.; Toledo, Ohio; Waterloo, Iowa; Wichita, Kans.;
Worcester, Mass.; Youngstown, Ohio, and Alameda County, Cal.
Building Activity Holds Strong for First Half of Year.
Building contracts let in the United States during the first half of 1926
were 10% greater in total than during the corresponding period of 1925,
according to the estimates of the F. W. Dodge Corporation. At the expiration of the first quarter the lead of the 1926 total was estimated at
25%. Gradual decline through the months of April, May and June cut
the gain down to the estimated 10%.
A loss of 1% in the number of building permits issued and plans filed
In the first half of 1926 as compared with the number issued in the same
period last year is indicated by statistics gathered by S. W. Straus & Co.,
covering 462 cities. The number of such permits for June of this year,
however, totaled 7.5% higher than the number issued in June of 1925.
The June figures, moreover, showed a gain of 5% over those for May,
whereas normally June shows a seasonal decline.
Building contracts awarded in June declined slightly in totals from
June of last year, according to statistics quoted by the United States Department of Commerce from reports covering 27 States.
Canadian Cities Show June Building (lain.
Paralleling the increased activity in the real estate market in Canada
shown by unanimous reports of member boards in Canadian cities made to
the National Association of Real Estate Boards in its recent eighth semiannual survey of the general real estate market, June building permits
Indicate a decided gain in building activity in the Dominion.
Total number of building permits issued in 63 Canadian cities showed a
gain of 25% over June of last year, according to the monthly report of
the Dominion Bureau of Statistics of the Canadian Department of Trade
and Commerce. There was a gain of 1% over May of the current year. It
Is pointed out that the showing is the more remarkable because construction volume usually is at a low ebb in the cities studied during this time
of the year.
period ending June 30 for the 63 cities was
The total for the six-month.
$78,620,362, the highest total for that period since 1920, when these statistics were first issued. The total for the corresponding period of 1923
was $65,899,717.
Building Projects in New York State—Construction
Program in First Half of 1926 Greater
Than Year Ago.
With plans for the expenditure of more than $107,000,000
In buildings filed during the month of June, the construction
program for the first six months of 1926 in 23 cities of New
York State reached the total of $619,000,000. This was
2%, or 64 million dollars, higher than for the first half
/
111
of 1925. The June figure showed a gain of 3%% over May,
due to large increases in residential structures reported for
New York City. This statement was issued on July 29 by
State Industrial Commissioner James A. Hamilton. He reports further as follows:
Although the value of proposed building for the half year period was
higher than a year ago, there were 4,500 fewer plans, showing a change
residential
to larger and costlier buildings. This is particularly true of
building in New York City. About 83% of all building costs are reported
by New York City and over 85% of all residential buildings is in that
city. A comparison of the residential figures for the two half-yearly
periods shows the drift from dwellings to the larger apartment and hotel
buildings:
—Dwellings.— —Oparttnents.— —Hotels,Etc.—
No. Eat. Cost.
No. Eat. Cost.
Eat. Coat.
No.
6 mos. 1926___ 15,316 $108,315,000 2,926 $201,805,000 43 $44,690,000
6 mos. 1925___ 17,706 123,088,000 1,975 131,871,000 40 31,135,000
In New York City industrial and commercial building projects valued
at 82 millions were about even with 1925, although here, again, the number of buildings was smaller. Public buildings, schools, churches, etc.,
dropped from 29 millions to 17 millions. The cost of alterations and
repairs remained even with last year. The greater activity has been
especially noticeable in the Bronx.
June plans for the Westchester cities were five millions less than in May.
The six months' total, however, was almost double that of 1925. Here, as
In New York City, the large increases were attributable to apartment building, especially in Mount Vernon and Yonkers.
But for the extensive building program in Albany the up-State cities
would have shown a loss from 1925. Capital City figures for June were
more
five and one-half million dollars. This brought the half-year total to
than 14 millions, slightly under the valuation of plans for the twelve months
of
com1924.
and
months
twelve
Industrial
the
of 1925 and well above
mercial structures valued at $6,000,000 and schools and public projects estimated at $2,000,000 were the chief items. Permits issued in Buffalo
during the half-year were 1,100 fewer than in the corresponding period of
1925, but the value remained almost at the same level. Residential structo cost $1,000,000 less and
tures for which plans were approved were
the same amount. Rochester
Industrial building showed an increase of
was in
reported a drop of three and one-third millions. The greatest loss
1925. Residential
Industrial projects, which were only half as large as
amuseof
the
cost
increased
but
active,
and public buildings were also less
[VOL. /23.
ment projects and plans ior further repair work presented a greater drop.
Syracuse plans for the half-year were practically- identical with those of
a year ago.
Projected building in Schenectady was estimated at three millions less
than in 1925, with more than two-thirds of the loss confined to housing
projects. Of the other up-State cities reporting, small increases over 1925
were recorded in Amsterdam, Elmira, Newburgh and Troy. All the others
reported smaller programs for the current year, the greatest declines being
reported by Utica and Niagara Falls.
Building Trades Unions Intend to Exert Efforts to,
Maintain Present Wage Scales and Conditions—
Building Permits in United States This Year
Expected to Exceed Six Billion Dollars.
The building trades unions "have no desire to retard
building, but they are going to hold their ground and to
maintain to the utmost of their ability the wage scales and
conditions which have required so many years and hard
efforts to obtain," writes William J. Tracy, Executive Secretary of the Building Trades Department, American Federation of Labor, in the August issue of the "Miller BuilderEconomist," published by G. L. Miller & Co., nationally
known real estate investment bond house. Mr. Tracy said
that the building trades unions were enjoying "a wonderful
period of peace and prosperity," and "there is not a single
building craftsman in the country who cannot find a job at
good wages." His article follows:
International unions comprising the Building Trades Department have
are
added more than 30,000 new members since the first of the year and
reto-day enjoying a wonderful period of peace and prosperity. I cannot
satismore
running
were
call a time when affairs in the building industry
know,
I
as
far
So
employee.
and
employer
both
factorily. This applies to
find a
there is not a single building craftsman in the country who cannot
the months of
job at good wages. All wage agreements that expired during
over
increase
an
at
them
May and June have been renewed, and most of
last year.
this year
Building permits indicate that the total for the United States
in the inwill pass the Fix-billion-dollar point, the highest ever recorded
duvolume,
by
measured
dustry. And modern methods of construction,
building operarability, floor space and efficiency of the workers make
Southern
tions to-day cheaper to the investor than ever before. In the
than last.
States there is a greater amount of new building this year
summer,
of
coming
There has been no slowing down in Florida with the
In the Carolinas,
and the operations there continue on a vast scale.
are
Georgia, Alabama, Tennessee, Louisiana and Texas more new structures
means plenty of
under way right now than at any previous time. All this
prosperity
country—a
work and increasing prosperity for that section of the
than formerly,
in which the wage earners participate in a larger degree
Coast, particularly
because they are better organized. Out on the Pacific
urge of big
San Francisco and Los Angeles, where boss contractors, at the
"American"
business and the banks, attempted to inaugurate the so-called
trades
building
the
wages,
low
plan of "company union," open shops and
regular
unions have successfully weathered the storm and are again writing
to eswage contracts. The same is true in Chicago, where it was sought
To-day the
tablish the "open" shop under terms of the Landis award.
ever
has
than
scale
wage
higher
unions have contracts there calling for a
that the
hitherto prevailed. Of course, the reason in each instance is
they
building craft unions held their ground and refused to surrender what
had gained through years of struggle.
they
but
building,
retard
to
The building trades unions have no desire
of their ability
are going to hold their ground and maintain to the utmost
many years and
the wage scales and conditions which have required so
question. Those
hard efforts to obtain. Wage reductions are out of the
reasonable wage
opposing
or
interests which are clamoring to reduce wages,
the construcadvances, appear to fail to take into consideration that all of
this period
tion work is now in progress or has been constructed during
brought
of prosperity in the building industry and would be immediately
low labor
and
reductions
wage
down to the level of cheaper construction if
located
costs were to prevail. In order to make my point clear, a building
from
on a certain plot of ground on one of four corners, costing anywhere
the same amount
one million to five million dollars, would only be worth
of
wages
if
less,
25%
or
of money in actual cash as one that cost 10, 15
the building trades mechanics were reduced in proportion, hence I fail to
see the logic of the financial interests, bankers and others, who at all times
seem to insist on low wages and oppose reasonable wage advances.
Then, again, the average building is constructed through increased efficiency on the part of labor and through modern building construction
methods, in approximately half the time of former years, which in itself
gives to the owners of the building an opportunity to get the revenue from
the rent of this building and save untold amounts in interest on money that
he would of necessity be compelled to borrow. All of our jurisdictional
troubles are being satisfactorily adjusted, meaning greater solidarity of
the building trades unions. Low wages and had conditions of employment
cannot long prevail where the workers of an industry unite their efforts in
a forward and upward movement. There are to-day nearly one million
organized workers in the building industry of this country. What they
receive in wages and spend for the necessaries and luxuries of life—yes, we
now enjoy some things that were formerly termed luxuries—are a big factor in keeping the wheels of other industries moving—thus adding to the
general prosperity of the nation. It seems that some people do not stop to
think of this before attacking the union.
July Building Construction in Moderate Decline According
to F. W. Dodge Corporation's Review.
July construction contracts in the 37 States east of the
Rocky Mountains amounted to $518,931,900, according to F.
W. Dodge Corporation. These states include about 91 per
cent of the total construction volume of the country. The
decline from June was only about $26,000,000 or a little
less than 5 per cent. The decrease from July 1 of last year
was about $28,000,000, or just over 5 per cent. Increases
In the Central West were largely responsible for the
AUG. 7 1926.]
TRE CHRONICLE
moderate proportions of last month's decline. The most
important items in last month's contract record were:
$184,939,600, or 36 per cent of all construction for residential buildings; $111,448,200, or 21 per cent, for public works
and utilities; $62,764,400, or 12 per cent, for industrial
buildings; $67,219,400, or 13 per cent, for commercial buildtags; and $42,015,800, or 8 per cent, for educational buildings. New construction started in these 37 States during
the past seven months has reached a total of $3,629,090,400,
compared with $3,295,729,200 for the first seven months of
last year, an increase of 10 per cent. At the end of June,
the lead over last year was 13 per cent. Contemplated new
construction reported in July amounted to $672,773,000,
being a decrease of 17 per cent from the amount reported
in June and also a decrease of 6 per cent from the amount
reported in July of last year. The statement then goes on
to say:
637
or 23 per cent, for public works and utilities; $21,173,400, or 14 per
cent, for commercial buildings; $20,740,000, or 13 per cent, for industrial buildings; and $12,201,500 or 8 per cent, for educational
buildings.
Building and engineering work started in this district during
the past seven months has reached a total of $860,808,300, being
nearly 2 per cent over the amount for the corresponding period
of 1925.
Contemplated new work reported for this district in July
amounted to $220,877,500, this being a 5 per cent decrease from the
amount reported in June and a 45 per cent increase over the
amount reported in July of last year.
Southeastern States.
Construction started during July in the Southeastern States (the
Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi,
Arkansas and Louisiana) amounted to $58,812,200. This figure
showed an increase of 14 per cent over June of this year and a
decrease of 33 per cent from July of last year. Included in last
month's record were: $20,877,400, or 35 per cent of all construction, for public works and utilities; $14,415,700, or 25 per cent, for
residential buildings; $6,934,000, or 12 per cent, for commercial buildings; $6,287,100, or 11 per cent, for industrial buildings; and $5,814,100, or 10 per cent, for educational buildings.
New York State and Northern New Jersey.
During the past seven months there has been $487,605,100 worth
July construction contracts in New York State and Northern
New Jersey amounted to $110,389,200. Decreases of 13 per cent from of new construction started in this territory, this being a 15 per
June 1926 and 9 per cent from July of last year occurred. Included cent increase over the first seven months of last year.
Contemplated new work reported for the Southeastern States
in the July building and engineering record were: $56,629,000 or
52 per cent of all construction, for residential buildings; $16,871,- last month amounted to $74,671,400. This was 20 per cent less than
the
amount reported in June and 53 per cent less than the amount
000, or 15 ,per cent, for commercial buildings; $15,097,600, or 14 per
cent, for public works and utilities; $7,075,100, or 6 per cent, for for July of last. year.
educational buildings; $4,209,000, or 4 per cent, for religious and
The Northwest.
memorial buildings; $3,591,100, or 3 per cent, for social and recreaThe total volume of construction•contracts let in the Northwest
tional projects; and $3,170,000, or 3 per cent, for industrial buildings. (Minnesota. the Dakatos and Northern
Michigan) during July
New construction stated in this district during the first seven amounted to $11,811,500, this being a 14 per
cent increase over the
months of 1926 amounted to $1,006,368,800, compared with $746,958,200 June contract total and 32 per cent over July of
last year. Induring the corresponding period of 1925, an increase of 35 per cent. cluded in the July building record were:
$1,978,000, or 17 per cent
Contemplated construction reported for the district in July of of all construction, for industrial.plants;
$3,397,300, or 29 per cent,
this year amounted to $171,586,500, being a loss of 13 per cent from for public works and utilities; $2,708,600, or 23 per
cent, for resithe amount reported in June of this year, as well as a decline of dential buildings; $1,394,300, or 11 per cent, for educational
build7 per cent from uly 1925.
ings; and $1,222,400, or 10 per cent, for commercial buildings.
The construction total for the first seven months of 1926 is
New England States.
Building and engineering contracts were awarded last month to $65,941,500, being a 10 per cent increase over the corresponding
period
of 1925.
the amount of $41,160,400 in New England. This was an increase of
Contemplated new work reported for the Northwest last month
6 per cent over June 1926. However, there was a decrease of 29
per cent from July of last year. The more important items in the amounted to $8,908,800, being a 38 per cent decrease from the
July construction record were: $15,740,100, or 38 per cent of all amount reported in June and a 34 per cent decrease from July
construction, for residential buildings; $8,014,000, or 19 per cent of last year.
Texas.
for public works and utilities; $4,938,400, or 12 per cent for educaTexas has $17,551,500 in contracts for new building and engineertional buildings; $4,148,200, or 10 per cent, for commercial buildings;
$2,391,300, or 6 per cent, for • religious and memorial buildings; ing work last month. There was a 29 per cent decrease from June
$2,067,600, or 5 per cent, for social and recreational projects; $1,- and a 3 per cent decrease from July of last year. The July record
265,500, or 3 per cent, for hospitals and institutions; and $1,248,000, included: $3,061,000, or 17 per cent, for industrial buildings; $2,011,800, or 11 per cent, for public works and utilities; $1,872,800, or
or 3 per cent, for public buildings.
New England had $251,574,200 in contracts for new construction 11 per cent, for commercial buildings; and $1,141,700, or 7 per cent,
work during the first seven months of this year, as compared with for educational buildings.
Texas has had $140,843400 in contracts for new building and en$270,646,700 in the first seven months of 1925, being a decrease of
gineering work during the past seven months this being a 32 per
7 per cent.
cent
Contemplated new work reported for this district last month
increase over the corresponding period of last year.
reached a total of $38,881,800. This figure showed decreases
Contemplated new work reported for Texas in July, amounting
of 24
to $26,565,200, was about the same as the amount reported, in June
per cent from June 1926 and 9 per cent from July of last year.
and something over double the amount reported in July of last
Middle Atlantic States.
year.
The Middle Atlantic States (Eastern Pennsylvania, Southern New
Jersey, Maryland, Delaware, District of Columbia and Virginia)
had $48,599,300 in contracts for new building and engineering work New York City's Building Construction Decline Continued
last month. There was a decline of 8 per cent from June, 1926.
Through July.
However, the July figure exceeded July of last year by 1 per cent.
New York City had in July the lowest volume of building
Analysis of the July construction record showed the following important items: $16,248,500, or 33 per cent of all construction, for and engineering contracts recorded since March
1925, acresidential buildings; $9,975,800, or 21 per cent, for commercial
buildings; $7,798,700, or 16 per cent, for public works and utilities; cording to F. W. Dodge Corporation. Last month's con$7,623,500, or 16 per cent, for industrial buildings; $2,689,900, or 6 tracts in the five boroughs amounted to $50,150,900. This
per cent, for educational buildings; $1,900,000, or 4 per cent, for showed a decrease
of 25 per cent from June 1926 and 35
religious and memorial buildings; and $1,329,100, or 3 per cent, for
per cent from July of last year.
hospitals and institutions.
During the first seven months of 1926 there was $347,029,600
The more important items in the July construction recworth of new construction started in the district, compared with ord for
New York City were: $32,586,900, or 65 per cent
$325,071,300 during the corresponding period of last year, the gain
of all construction, for residential buildings; $9,670,000, or
being 7 per cent.
Contemplated construction planned for the Middle Atlantic 19 per cent for commercial buildings; $1,889,500, or 4 per
States, as reported in July, amounted to $72,300,300, which showed
cent, for public works and utilities; $1,649,000, or 3 per
decreases of 23 per cent from June 1926 and 10 per cent from
July cent, for
of last year.
religious and memorial buildings; $1,551,500, or
3 per cent, for social and recreational projects; and $1,016,Pittsburgh District.
The total volume of contracts let in the Pittsburgh District 000, or 2
per cent, for industrial buildings.
(Western Pennsylvania, West Virginia, Ohio, and Kentucky)
durDuring the first seven months of 1926 there was $657,ing July amounted to $76,224,800. This figure showed
losses of 20
per cent from June of this year and 26 per cent from July
1925. 250,200 worth of new building and engineering work started
The month's record included: $20,872,000, or 27 per cent of
all con- in New York City, compared with $448,011,900 during the
struction, for residential buildings; $18,707,500, or 25
per cent, for corresponding
period of last year, the increase being 47
industrial buildings; $18,562,500, or 24 per cent, for
public works
and utilities; $6,760,800, or 9 per cent, for educational buildings; per cent.
$5,021,800, or 7 per cent, for commercial buildings; $2,351,000,
or 3
per cent, for religious and memorial buildings; $1,892,300, or 2 per
cent, for public buildings; and $1,768,800, or 2 per cent, for social
Brookmire Economic Service Says Building Reports
and recreational projects.
Forecast General Business Decline for Second
The first seven months' construction total for the district was
Half-Year.
$469,119,800, as compared with $516,978,100 in the corresponding
period
of 1925, the decrease being 9 per cent.
Building and real estate reports for the first half-year,
Contemplated construction projects were reported for the Pitts- just
published by the National Association of Real Estate
burgh District in July to the amount of $58,982,700, which was a 40
per cent loss from the amount reported in June of this year, as Boards, are cited as additional indications of a downward
well as a 19 per cent decrease from July 1925.
adjustment in general business by the Brookmire Economic
Service. "The reports of overbuilding and declining rentals
The Central West.
The Central West (Illinois, Indiana, Iowa, Wisconsin, Michigan, are more numerous than in the report for last December"
Missouri, Kansas, Oklahoma and Nebraska) had $154,383,000 in con- states
the Brookmire Forecaster for the current week.
tracts for building and engineering work last month. This was a
7 per cent increase over June and a 54 per cent increase over July "Such a situation and the trend of contracts in past months
of last year. Included in the July record were: $50,732,300, or 33 are a reasonable basis for the conclusion that a substantial
per cent of all construction, for residential buildings; $35,688,900, recession of
building activity from the level of the past
638
THE CHRONICLE
six months lies ahead. Foreign trade also offers little encouragement to domestic business because of crop conditions at home and abroad and the sharp increase in price
levels in leading foreign countries."
From these factors, the trend of bank deposits, price
movements and similar data, the Brookmire economists
draw the following general conclusions: "(1) the downward adjustment in geenral business and price levels is
not complete; (2) ease of credits will make the rate of
recession gradual, and (3) during the second half-year inventories should be kept low and credits scrutinized."
Indiana Limestone Company Still Optimistic as to New
Building Work.
The nation's building volume for July totaled $810,000,000, acording to a survey by the Indiana Limestone Company, based on reports from several hundred cities and
towns. "Total figures," said Thomas J. Vernio, vice-president of the company, "are slightly in excess of those for
the same period last year. "Signs now point to the probability of this year equalling or exceeding the record of
last year. Six months ago the future building trend was
viewed by many as a factor of great uncertainty. Now we
look forward to the last five months with a large degree of
confidence." The statement then goes on to say:*
Summer activity has been more pronounced than usual in the coontry as a whole. Some sections show a sharp increase over the normal
pace.
In the southeastern part of the country it is obvious that the building
program is far behind. In the south central, also, a considerable percentage of cities report shortages. Residential and business building
is particularly active in these districts.
With a building total of over a half million dollars for the seven
months of the year, New York continues to lead in volume. Chicago,
with an approximate total of a quarter billion for the period, gives
.promise of setting up another new record. Detroit, Philadelphia, Los
Angeles, Cleveland, Washington, San Francisco, Boston, St. Louis,
Newark, Miami, Pittsburg, Milwaukee, Seattle, Portland, Mt. Vernon,
Baltimore, Houston, Oakland, Yonkers Cincinnati, Albany, Buffalo,
Kansas City, are chalking up large building totals. Operations are
also especially large in Birmingham, New Orleans, Knoxville, Asheville and Greensboro.
Despite the fact that a few regions report a surplus of better class
apartments, hotels and office building space, the large number of proposed projects show no indication of a decline in this type of construction. On the contrary apartments and hotels are holding the lead in
the value of new work proposed, while office buildings come in for a
substantial portion of the grand total.
Home-building continues active, particularly in cities of 25,000 population and less and in cities between 200,000 and 500,000 population.
Greatest volume of contracts awarded last month was for residential
construction. The second largest group was for public works and
utilities, with commercial industrial and educational building showing
marked activity.
The building industry is stabilized on a solid basis, and the general
outlook is bright.
Seasonal Curtailment in Lumber Industry.
According to telegraphic reports received by the National
Lumber Manufacturers Association from 349 of the larger
softwood and 128 of the chief hardwood sawmills of the
country, there was an apparent, though probably slight,
seasonal curtailment of business as compared with reports a
week earlier. The number of mills reporting is smaller and
this discrepancy is probably partly due to temporary suspension of operations on account of forest fires and midsummer overhauling. The 331 comparably reporting softwood mills show decreases in their totals of production,
shipments and new business compared with those of 359
mills the preceding week. Although there are nominal decreases in production and orders, and an increase in shipments, as compared with the corresponding week a year
ago, there is probably little change in the two periods.
Reports from 128 hardwood mills, as against 139 a week
earlier,ir dicate production stationary, and shipments and
orders falling off.
Slight
Unfilled Orders Gain.
The unfilled orders of 229 Southern Pine and West Coast mills at the
end of last week amounted to 679.938.263 feet, as against 665,959.815 feet
for 225 mills the previous week. The 121 identical Southern Pine mills in
the group showed unfilled orders of 228.551.246 feet last week, as against
228.732.812 feet for the week before. For the 108 West Coast mills the
unfilled orders were 451.387,017 feet, as against 437,227.003 feet for 104
mills a week earlier.
Altogether the 331 comparably reporting softwood mills had shipments
104% and orders 101% of actual production. For the Southern Pine mills
these percentages were, respectively, 103 and 103, and for the West Coast
mills 102 and 104.
Of the reporting mills, the 307 with an established normal production for
the week of 210.996.783 feet, gave actual production 102%, shipments
105% and orders 103% thereof.
The following table compares the national softwood lumber movement.
as reflected by the reporting mills of seven regional associations, for the
three weeks indicated:
[Vor,. 123.
•
Corresponding Preceding Week
Past Week.
Week 1925.
1926 (Revised)
Mills
331
357
359
Production
226,251,413
229,998.665
235,631.152
Shipments
234,599353
229.021.855
244332.441
Orders (new business)
227,513,991
234.843.734
247,233,012
The following revised figures compare the softwood lumber movement
of the same seven regional associations for the first thirty weeks of 1926
with the same period of 1925:
Production.
Shipments.
Orders.
1926
6,984,925.592 7,190,952.388 7,214,194,283
1925
7,110,192,783 7,088,662.297 6,943,853,539
The mills of the California White and Sugar Pine Association make
weekly report, but they have been found not truly comparable in respect
to orders with those of other mills. Consequently the former are not represented in any of the foregoing figures or in the regional tabulation below,
Eighteen of these mills, representing 56% of the cut of the California pine
region, gave production as 29,543,000 feet, shipments 24,604,000 and
orders 22,606,000.
411
The reports of the Southern Cypress Manufacturing Association of New
Orleans were not received in time for publication.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 108 mills reporting for the week ended July 31 was4% above
production and shipments were 2% above production. Of all new business
taken during the week, 45% was for future water delivery, amounting to
51,921,190 feet, of which 41,707,163 feet was for domestic cargo delivery,
and 10,214,027 feet export. New business by rail amounted to 55,896,357
feet or 49% of the week's new business. Forty-three per cent of the week's
shipments moved by water, amounting to 47,931,787 feet, of which 34,957,428 feet moved coastwise and intorcoastal. and 12,974,359 feet export.
Rail shipments totaled 56,679,249 feet, or 51% of the week's shipments,
and local deliveries 6.379,939 feet. Unshipped domestic cargo orders totaled 176,362,620 feet, foreign 135.313,828 feet, and rail trade 139,710,569
feet.
Labor.
Logging camps are again resuming active logging, according to the Four L
Employment Service. Sawmill operation is normal. Logging camps and
sawmills in the Grays Harbor country are reported to again be producing
on schedules that held just before the Fourth of July shutdown. Forest
fires in this district are now under control and many camps are operating
from 4 a. m. to 1 p. m. to protect against fire. The forest fire situation in
the Inland Empire, while improved, is still serious with more than twice
the usual number of men employed in fire fighting as compared with a year
ago.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 121
mills reporting, shipments were 3.17% above production and orders 2.89%
above production, and 0.27% below shipments. New business taken during the week amounted to 68,046,902 feet, shipments 68.228,468 feet and
production 66,133,415 feet. The normal production of these mills is 75.401.240 feet. Of the 118 mills reporting running time, 80 operated full
time, 20 of the latter overtime. One mill was shut down and the rest operated from two to five and one-half days.
The Western Pine Manufacturers' Association of Portland, Ore., with
11 fewer mills reporting, shows heavy decreases in production, shipments
and new business.
The California Redwood Association of San Francisco, California, with one
one more mill reporting, shows nominal increases in production and shipments, and new business considerably less than that reported for the
previous week.
The North Carolina Pine Association of Norfolk. Virginia, with five
fewer mills reporting, shows production about the same, a heavy decrease
in shipments, and a nominal decrease in new business.
The Northern Pine Mnaufacturers Association of Minneapolis, Minnesota, with one more mill reporting shows a slight increase in production,
a big increase in shipments, and a marked reduction in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wisconsin, (in its softwood production) with five fewer mills
reporting, shows considerable decreases in all three items.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 14 mills, production as 1,207,000 feet,
shipments 2,672,000 and orders 2,684,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 114 units production as 18,455,287 feet, shipments 18,765.050 and
orders 16.606.257.
For the past 30 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 875.372,272
feet,
shipments 828,288,125 and orders 849.998,943.
Farm Products Price Level Declines.
The general level of farm prices dropped from 139 to
1.356/0 of the pre-war level from June 15 to July 15, according to the monthly price index of the Department of Agriculture issued July 29. At 139 the general level of farm
prices is 14 points below July a year ago, says the Department, which in its advices adds:
The price level of grains as a group declined 5 points during the
month,
cotton 6 points, meat animals 2 points and fruits and vegetables
21
points, while dairy and poultry products and unclassified
commodities remained about constant.
From June 15 to July 15 the farm prices of cotton, cottonseed,
oats,
wheat and potatoes declined, while corn, barley, rye and
flaxseed increased
slightly. Farm prices of all live stock and live stock
products declined
somewhat, with the exception of milk cows and
wool, which remained about
the same as a month ago.
As the season advances, the changes in prospective production of this
year's crops cause changes in the prices of farm crops, while the "carryover" of the 91d crop is also an important price determining factor.
The Department's index of purchasing power of farm products is placed
at 87 for June, the same as In May, the 1909-14 five-year period being used
as a base of 100. Thus, the general average of purchasing power of farm
products in June was 13% below that in the five-year pre-war period.
With a 4-point drop in the farm price index for July, if non-agricultural
prices remain at the June level, the July purchasing power of farm products may be as low as 85, the lowest point since December 1924.
TIIE CHRONICLE
AUG. 7 1926.]
Index Numbers of Farm Prices-Aug. 1909-July 1914=100.
July 1925. June 1926. July 1926.
125
152
130
Grains
195
178
216
vegetables
Fruits and
148
154
152
Meat animals
134
131
130
Dairy and poultry products
126
186
132
Cotton and cottonseed
Unclassified
88
81
81
149
All groups
139
135
Non-agricultural wholesale prices( Bu.
Labor)
164
160
Purchasing power farm products
91
87
Increase in Production of Slaughtering Establishments
Reported by Chicago Federal Reserve Bank-Effect
of British Prohibition Against Fresh Meats.
Slaughtering estabhshments in the United States increased
their production during June over that for the previous
month, while employment for the last payroll of the period
gained 1% in number, 0.6% in hours worked, and 1.6%
in total value over corresponding figures for May. According to the "Business Conditions Report," issued under date
of August 1 by the Federal Reserve Bank of Chicago. The
report also says:
July 1926-
1
2
3 Holiday
4 Sunday
5 Holiday
6
7
8
9
10
11 Sunday
12
13
14
15
16
17
18 Sunday
19
20
21
22
23
24
25 Sunday
26
27
28
29
30
31
639
VOLUME OF TRADING.
Expressed in Thousand Bushels, i.e., (000) OmtUed.
Wheat.
Corn.
Oats.
Rye. Bark Flax.
63,794 16.016 6,388 3,909
31,248 10,037 2,797
1,981
Total.
90,107
46,063
50,567
48,373
37,724
57,641
33,432
11,372
11.858
10,105
12,427
8,066
2,512
2,875
2,017
1.847
2,580
3,021
4,125
2,075
3,497
2,154
30,745
82,283
56,482
39,786
76.753
38,509
9,746
17,891
16,368
23,886
24.240
11.270
1,050
2.962
1,841
2,082
4,488
1.791
1,990
6,925
5,221
3,103
5,303
2,581
43,531
110,061
79.912
68,857
110,784
54,151
51,804
57,539
42,718
61,432
38,026
39,720
30,355
24,225
26,004
28.424
15.089
15.315
6,885
6,019
2,985
4,983
3,144
7.360
5,321
3.190
1,358
2,487
2,582
1,691
94,365
90,973
73,065
97,326
58,841
64,086
46,579
47,997
53,097
57.814
53.446
39,018
15,064 6,919
14,953 4,639
22,763 5,397
19,076 4,435
13,627 .
2.482
8.968 4,289
2,211
1,762
1,381
1.808
1,618
607
71,673
69,351
82,638
83,133
71,173
52,882
67,472
67,231
51,921
75,412
46,232
-
Total Chicago Bd.of Tr_1,236,527 418,045 94,767 71,901
1,821,240
Chicago Open Board._ _ 45,263 9,830
1,191
56,284
Minneapolis C. of C____ 64,851
24,027 10,122 2,098 982 102,080
Kansas City Bd.of Tr__ 71,594 17,384
187
89,165
Duluth Board of Trade_•7.989
4,110
11 1.479
13,589
St. Louis Merch. Ex h_ 18,297
1,284
9.581
Milwaukee Cot C
2,267
1,697
1,549
751
6,264
Seattle Merch. Exch.__
196
196
Los Angeles Gr. Exch.
25
San Francisco Gr.Exch
Baltimore C. of C
A good domestic trade for beef and smoked meat developed, and the
consumption of lamb, lard, cured meats, and the majority of fresh pork
cuts about equaled current production; demand for heavy pork loins was
rather draggy because of a large supply. The total value of sales billed to
domestic and foreign customers increased 1.4% over May and was 1.7%
in excess of a year ago, according to statistics compiled from tne reports of
Total all markets_ __ _1,436,984 448,240 121,721 86,884 2,134 2,461 2,098,424
58 companies in the United States. July 1 inventories aggregated less
Total all mkts. year ago.1.459,923 462.782 112,697 35,466 1,649 2,438 2,074,955
than a year ago or the five-year average for the season; lard, mutton, and Chic. B. of T. year ago_1,273,786 450,020
99,333 32,703 ____
1,835,842
the sweet-pickled and frozen pork holdings increased slightly over those
• Durum wheat with exception of 130 wheat. x Wheat with the exception
at the beginning of June. Chicago quotations for pork products, smoked of 675 red wheat.
meat, lamb, steer rounds, and good-to-choice veal averaged higher in June
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
than In May;the majority of beef prices held steady, while those for mutton,
FOR JULY 1926 (BUSHELS).
common to medium quality veal, and a few of the less desired cuts of beef
snowed a recession. The prices of lamb, mutton and pork declined during ("Short"side of contracts only, there being an equal volume open on the "long"side.)
July 1926Wheat.
Corn.
Oats.
Rye.
Total.
the latter part of June and in early July; those for veal and smoked meats
1
88,082.000 50,741,000 30,068,000 b11,020.000 179.911,000
continued steady. Beef quotations had advanced slightly by the middle
2
87,430,000 b49,62.000 29,325,000 11,108.000 177,495,000
of July.
Holiday
3
American packers forwarded a smaller total volume of meat and fat in
4 Sunday
5 Holiday
June for export than in May, partly owing to the seasonally small quantity
6
86,654,000 50,352.000 28,904,000 11,172.000e177.082,000
of hog products available for trade abroad after supplying our domestic
7
88,041,000 50,361,000 28,838,000 11.439,000 178.679,000
needs, and partly because foreign demand was restricted somewhat as a
8
87,613,000 50,575,000 28.620,000 11.572,000 178,380,000
9
87,527,000 51,194.000 b28,542,000 12,066,000 179,329,000
result of the liberal offering of local products by European slaughterers at
86.131,000 51,014,000 28.883,000 11,991,000 177.999,000
prices under the cost of those from the United States. Exchange condi- 10
11 Sunday
Continent
the
and
the
tions on
labor situation in England also continued 12
87,132.000 51,374,000 28,932.000 12,078,000 179.516,000
to affect trade. Demand for lard was fairly good during the early part of 13
088,998,000 51,681,000 29,242,000 12,650,000 182,571,000
88.382,000 51,210,000 29,208,000 13.055.000 181,855,000
June but lagged after mid-month. Very little benefit accrued to the 14
15
88,685,000 53.664,000 29,508,000 13,076,000 184,933,000
American exporters from the recently enacted British regulations which 16
87,914,000 51,830.000 30,086,000 12.848,000 182,678,000
prohibit importation of fresh meats from certain European countries, as 17
86,057,000 51,065,000 30,007,000 :13,179,000 180,308,000
most of the deficiency was offset by shipments of cured products from the 18 Sunday
86,797,000 51,486.000 30,998.000 12,425,000 181,706,000
Continent. Foreign quotations fell below a parity with those in the United 19
86,937.000 53,199.000 31,154,000 12,491.000 183,781.000
20
States during the period. Consignment stocks held abroad on July
88,737.000 e54.803,000 31,651,000 12,562,000 187,753,000
1 21
about equaled those of a month ago.
85,684,000 54,074,000 31.990,000 12,619,000 184,367,000
22
87.254,000 54,766,000 31,899,000 12,835.000 186.754,000
23
87,322,000 54,034,000 33,396,000 12,895,000 187,647,000
24
25 Sunday
88,517.000 53,662,000 34,297,000 12.949.000a189,425,000
26
West Coast Lumbermen's Association.
86.113,000 53,219,000 34.700,000 12,848.000 186,880,000
27
28
86,433,000 53,172,000 35,496,000 12,754,000 187,855,000
One hundred and four mills reporting to the West Coast 29
85,654,000 53,041,000 36,075,000 12,814,000 187,584,000
85,308,000 52,422,000 36,274,000 12,739,000 186,743,000
Lumbermen's Association for the week ending July 24 30
31
1382,172,000 52,330,000 :136,858,000 12,646,000 184,006,000
manufactured 104,719,755 feet of lumber, sold 112,936,279
feet and shipped 105,398,588 feet. New business was 8,216,524 feet more than production. Shipments were 678,833
feet over production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW1BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndedJuly 24.
July 17.
July 10.
July 3.
Number of mills reporting
104
108
105
102
Produclion (feet)
104,719,755 106,819,096
73,152,433
97,148,156
New business (feet)
112,936,279 118,325,906
77,173,405 109,410,232
Shipments (feet)
105,398,588 113,494,249
74.876,094 104,731,421
Unshipped balancesRail (feet)
136,372,960 143,489,412 140,772,093 131,078.815
Domestic cargo (feet)._ 1s5,258,230 162,845,958 150.658,992 151.090,660
Export (feet)
135,595,813 135,864,981 130,045,649 127,894,887
Total (feet)
437,227,003 442,200,351 421,474,734 410.064,362
First Thirty Weeks of1926.
1925.
1924.
1923.
Production (feet)
3,043,484,293 2,977,174,918 2.783,137,007 2,941,715,476
New business (feet)
3.222,061,260 3.075,955,173 2,726,271,498 3,027,109,400
Shipments (feet)
3,166,679.719 3,123,312,795 2,924,691,625 3,210,996,676
AverageJuly 1926
87,023,000
July 1925
90,783,000
June 1926
84,845,000
May 1926
85.808,000
April 1926
96,935,000
March 1926
95.431,000
February 1926
109,023,000
January 1926
111.992,000
December 1926____110,001,000
November 1926._ _113,110,000
a H'gh. b Low.
Old
52,196,000
46,553,000
60,624,000
53,831.000
57.876,000
59,434,000
54,717,000
45,959,000
45,102,000
56,161,000
31,397.000
33.374,000
36,631.000
37.018.000
46,132.000
50,350,000
53,664,000
52.998.000
49.503,000
50,211,000
12,393,000
8,895 000
9,751,000
8,359.000
13.177,000
14,875,000
15,015,000
12,713,000
10.038.000
11,730,000
183.009,000
179,605,000
191,851,000
185,616,000
214.120,000
220,090,000
232,419,000
223,662,000
214,644,000
231,212,000
Wages and Working Hours In Glass Industry
To Continue.
According to Associated Press advices from Atlantic
City agreements on wages and working hours in fifteen
branches of the glass industry were reached at a conference between the American Flint Glass Works Union, and
Scale of
the Pressed and Blown Glass Manufacturers Association
Transactions in Grain Futures During July on Chicago of America which ended on the 4th inst. at the Maribor
Board of Trade and Other Markets.
ough-Blenheim Hotel. In each department, wages and
Revised figures showing the daily volume of trading in hours will continue as in the agreement adopted last year,
grain futures on the Board of Trade of the City of Chicago it is stated. The conference opened on July 21: E. .T.
during the month of July 1926, together with monthy Barry of Toledo represented the manufacturers and M. J.
totals for all "contract markets" as reported by the Grain Gillolly, also of Toledo, Vice President of the union, Was
Futures Administration of the U. S. Department of Agri- Chairman of the Workers' Committee.
culture, were made public Aug. 5 by L. A. Fitz, Grain
Exchange Supervisor, at Chicago. The total transactions
on all markets during the month aggregated 2,098,424,000
bushels, as compared with 2,074,955,000 bushels in the same
month last year. On the Chicago Board of Trade the transactions in June of this year totaled 1,821,240,000 bushels,
compared with 1,835,842,000 bushels in June a year ago.
In the compilations which follows the figures listed represent sales only, there being an equal volume of purchases.
Increase in Newsprint Production in June.
The June production of paper in the United States
ported by identical mills to the American Paper and Puli,
Association and co-operating organizations, showed an increase of 3% as compared with May's production (following
a 3% decrease in May over April), according to the Association's "Monthly Statistical Summary of Pulp and Paper
Industry," made public Aug. 4. All grades showed an in-
640
THE CHRONICLE
[VOL. 123.
crease in production as compared with May with three exceptions. The summary is prepared by the American Paper
and Pulp Association as the central orkanization of the paper
industry, in co-operation with the Binders' Board Manufacturers' Association, Converting Paper Mills Association,
Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers' Service Bureau, Writing Paper
Manufacturers' Association and Paperboard Industries Association. Thei,figures for June for same2mil1s as reported in
May are:
Crude:OilEPrices Practically Unchanged-Gasoline
Prices Higher.
A despatch from Houston, Tex., on Aug. 4 stated that
the Plains Pipe Line Co. of Amarillo reduced the price of
Panhandle crude 20e. a barrel. The Humble Oil & Gulf
companies, the despatch further stated, have not as yet met
the reduction.
Neutral oils were reduced a 3j cent a gallon by Pennsylvania refiners on July 30.
A despatch from Oil City, Pa., Aug. 3, says that PennOW
No. of Production Shipments Stocks on Hand End sylvania bright since has been advanced Mc. a gallon by
Grade.
Mills. Net Tons. Net Toss. of Month. Net Tons Pennsylvania refiners.
Newsprint
United States Motor gasoline, 58-60 gravity, on Aug. 5
142,166
141,521
18,852
71
Book
62
88,485
48,148
92,010
ranged in price from 113 to 11% e. per gallon, against 113'
Paperboard
116
197,183
189,884
55.351
Wrapping
77
48,562
47,503
40.009
to 113
4c. on Aug. 3, while the 60-62 gravity on Aug. 2 rose
Bag
27
12.348
12,649
10,346
Fine
29,723
87
27,588
43.009
12(4)12Yo. Kerosene is 8(0Xo. per gallon for 41-43
to
Mc.
Tissue
46
13,524
12,452
18,017
water white, compared with 8 to 83'c. per gallon July 31.
Hanging
3,755
4,714
9
3,050
Felts
13
10,594
2,186
10,020
The Standard Oil Co. of New Jersey on July 31 advanced
Other grades
66
23,142
17,517
23,677
price of standard white kerosene 3,4c. a gallon to 19,15c.
the
Total,all grades
258,149
' 672.968
556.868
and water white, %c. to 20.65c. The Pennsylvania refiners
During the same period domestic wood pulp production on July 29 last advanced kerosene Xe.
decreased 7%,this being distributed over all grades with four
exceptions. The June totals (mills identical with those reCrude Oil Production Again Increases.
porting in May) as reported by the American iPaper and
The American Petroleum Institute estimates that the
Pulp Association are as follows:
daily average gross crude oil production in the United States
for the week ended July 31 was 2,115,850 barrels, as comShip- Stocks on Hand pared with 2,070,950 barrels for the preceding week,
No: Produoan inGrade.
mesas End of Month
Used
of
lion
Net Tons
Mills Net Tons Net Tons Net Tons
crease of 44,900 barrels. The daily average production east
of California was 1,499,950 barrels, as compared with
Groundwood Pulp
156,323
95,633
3,581
96 105.910
Sulphite News Grade
11,006
36,571 - 4,497
41,301
37
1,456,250 barrels, an increase of 43,700 barrels. The fol3,132
Sulphite Bleached
3,723
19,806
23.539
21
515
994
Sulphite Easy Bleach
3.661
2.964
6
lowing are estimates of daily average gross production by
654
Sulphite Mitscherlich
1,064
6,461
5,352
6
1,438
1,320
Sulphate Pulp
14,082
15,218
districts for the weeks given:
9
Soda Pulp
Other than Wood Pulp
num AO uritaw.
10
2
18,333
13,578
2
3,958
2,973
18
915592
157 ORR
18.775
1711420
Automobile Price Reduction-New Models.
Price reductions ranging from $35 to $360 were announced
Aug. 3 by the Cleveland-Chandler Motor Corporation. The
price revisions are based on previous prices of cars without
four-wheel brakes, the latter now being a part of the regular
equipment. The big six metropolitan sedan is now listed at
$1,595, f.o.b. Cleveland, the new price representing an
actual cut of $300 plus $60, which formerly represented the
cost of four-wheel brakes. The company in the future will
manufacture three classes of sixes, known as the standard,
special and big six. The standard was formerly the 31 Cleveland. The new sixes will be p oduced in 19 body styles.
The big six series is listed from $1,545 to$1,675, the special
six from 1,145 to $1,295, and the standard six from $945 to
$1,135.
The Chevrolet Motor Co. on Aug.2announced a reduction
of $55 on the one-ton truck and $20 on the one-half-ton
truck. New prices f.o.b. Flint, are $495 for the one-ton
truck and $375 for the one-half-ton truck.
The Hudson Motor Car Co. has introduced its new series
Super-Six Hudsons, a line of three models comprising coach,
brougham and sedan, at $1,195, $1,495 and $1,595, respectively. Former prices were $1,095, $1,395 and $1,550.
While only these three models are offered as standard, the
company continues to build a seven-passenger touring car
for export trade and for the domestic market on order.
The Buick Motor Co. is introducing its 1927 series with
several new models in the line. A four-passenger roadster
lists at $1,195, country club coupe at $1,275, 4-passenger
coupe, $1,465; and 5-passeger coupe at $1,850. List prices
on the new models, which include many improvements and
refinements, are the same as on former models, except that
the 5-passenger sport touring has been increased $75 to
$1,225 from $1,150.
The new Cadillac prices for the standard line range from
unchanged for the 5-passenger brougham to an advance of
$100 for the 5-passenger victoria, and the 7-passenger imperial. The prices compare as follows:
New
Old.
Old
New
Custom Line-Prices. Prices.
Standard LinePrices. Prices.
$3,350 $3,250
5'passenger brougham ___32.995 $2,995 Roadster
3.450 3.250
2-passenger coupe
3,100 3,045 Touring
3,450 3,250
5-passenger victoria
3,195 3,095 Phaeton
5-passenger sedan
3,250 3,195 Sport phaeton
7-passenger sedan
3,350 3,295 2-passenger cony. coupe__ 3,450
7-passenger imperial
3,535 3,435 5-passenger cony. coupe__ 3,850
5-passenger cony. sedan_ 3,995
2-passenger sport eoupe 3,500
7-passenger suburban--- 4,125 4,285
5-passenger sport sedan
_
3,850
7-passenger imperial
4,350 4,485
The old custom llne also contained a 5-passenger coupe at $4,000 and a 5-passenger
sedan at $4.150.
DAILY AVERAGE PRODUCTION.
In BarrelsJuly 31 '26. July 24 '26. July 17 '26.
Oklahoma
461,000
457,750
454,200
Kansas
111,950
111,150
109,650
North Texas
168,400
157,850
148,200
East Central Texas.-- 53.400
52,650
55,150
West Central Texas- 88,000
87.150
88,650
Southwest Texas
45,650
45.400
39,400
North Louisiana
56.150
57,200
56,100
Arkansas
160,100
160,750
162.400
Gulf Coast
137,950
113,650
109,050
Eastern
105,500
104.000
104,500
Wyoming
71,800
71,350
72.500
Montana
25,000
23.000
23,000
Colorado
10,100
9.400
9.900
New Mexico
4,950
4,950
4.850
California
615.900
614,700
616,900
Aug. 1 '25.
445,800
105,350
80,150
97.650
79,100
45,150
50,050
241.300
95,400
104,000
82,300
12,050
3,150
3,450
669,500
Total
2,115,850
2,070.950
2,054,400
2.114,400
The estimated daily average gross production of the Mid-Continent field.
Including Oklahoma, Kansas, North, East Central, West Central and Southwest Texas, North Louisiana and Arkansas, for the week ended July 31
was 1,144,650 barrels, as compared with 1,129,900 barrels for the preceding
week, an increase of 14,750 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 1.021,450 barrels, as compared
with 1,006,400 barrels, an increase of 15.050 barrels.
In Oklahoma production of South Braman is reported at 8,600 barrels,
no change; Thomas 2,400 barrels, no change; Tonkawa 39,300 barrels,
against 39.950 barrels; Garber 35,600 barrels, against 34,400 barrels; Burbank 45,000 barrels, against 44,350 barrels; Davenport 8.000 barrels, no
change; Bristow-Slick 28,650 barrels, against 29.250 barrels; Cromwell
16.450 barrels, against 16.350 barrels; Papoose 10.400 barrels, against 10.100
barrels, and Wewoka 29,950 barrels, against 32.650 barrels.
In North Texas the Panhandle district is reported at 83.150 barrels,
against 73,000 barrels, and Archer County 32,600 barrels, against 32,200
barrels. In East Central Texas, Mexia 12,650 barrels, against 12,800 barrels; Corsicana-Powell 28,200 barrels, against 27.900 barrels; Wortham
7,400 barrels, against 7,200 barrels; Nigger Creek 2,750 barrels, against
2,400 barrels; Reagan County, West Central Texas 28.800 barrels, against
29.900 barrels; Brown County 9,750 barrels, against 9,200 barrels;'Crane
and Upton 4,850 barrels, against 3.800 barrels, and in the Southwest Texas
field, Luling 22,250 barrels, against 22,200 barrels; Lytton Springs 4,400
barrels, against 4,450 barrels. In North Louisiana, Haynesville is reported
at 9,750 barrels, against 9,800 barrels; Cotton Valley 7,800 barrels, against
7,700 barrels; Urania 12,850 barrels, against 13,350 barrels; and in Arkansas, Smackover light, 15,200 barrels, no change; heavy, 123.200 barrels,
against 123,500 barrels, and Lisbon 10,250 barrels, against 10,350 barrels.
In the Gulf Coast field, Hull is reported at 17,200 barrels. against 17.300
barrels; West Columbia 8,950 barrels, against 9,050 barrels; Spindletop
52,800 barrels, against 23,900 barrels; Orange County 8,900 barrels, against
9,100 barrels; South Liberty 6,150 barrels, against 6,200 barrels, and Boling
1,850 barrels, against 1,550 barrels.
In Wyoming, Salt Creek Is reported at 49,500 barrels, against 48,850
barrels, and Sunburst, Montana, 22,000 barrels, against 20.000 barrels.
In California, Santa Fe Springs is reported at 50,000 barrels, no change
Long Beach 107.500 barrels, against 110,000 barrels; Huntington Beach
45,500 barrels, against 45,000 barrels; Torrance 29,500 barrels, no change;
Dominguez 21,000 barrels, no change; Rosecrans 16,000 barrels, no change:
Inglewood 46,000 barrels, no change; Midway-Sunset 95.000 barrels, no
change, and Ventura Avenue 43.400 barrels, against 40,700 barrels.
Steel Operations Sustain Unusual Rate-August Will
Fully Maintain July Record, It is Predicted.
According to the "Iron Age" of this city, pig iron production in July was so close to that of June as to bear out the
estimates commonly made in the past 10 days that next
week's figures for July steel ingot output will show little or
no falling off from the 80% rate of June, and may slightly
exceed it. In view of the remarkable July inflow of steel
AuG. 7 1926.]
T H b CHRONICLE
orders, which actual compilations since Aug. 1 make even
larger in some cases than last week's estimates, it is now
predicted that operations in August will fully maintain the
July record, continues the "Age," adding further details
as follows:
•
Complete figures from pig iron producers make last month's output
3,223.338 tons, against 3,235,309 tons in June. Thus the daily rate for
July was 103,978 tons, against 107,844 tons a day for the 30 days of June.
Steel companies blew out six furnaces last month and blew in the same
number; but in merchant furnaces there was a loss of 4. The 216 furnaces
active on Aug. 1 (out of a total of 369) had a capacity of 102,100 tons a day,
while the rated capacity of the 220 furnaces active on July 1 was 106,140
tons a day.
In view of the marked gain in new bookings in the last 10 days of July,
operating rates are now generally above the average for last month. In
the Pittsburgh, Youngstown, Wheeling and Johnstown areas the increase
is most noticeable, and mills in those districts are now producing at a rate
but little under 8.5%.
While in general manufacturing consumers of steel have not increased
their scale of operations, they have widened somewhat the unusually
narrow margin of stocks carried earlier in the year. At that time predictions of business recession and lower markets dictated buying policy. Since
mid-June the firmer stand of the mills on finished steel prices appears to
have cut a large figure in demand,as industrial recession failed to develop.
It is in the light of this change that steel producers look upon their July
bookings which for some of them made the month the best July in their
history.
While the Pittsburgh and contiguous districts have stepped up in their
production rate. Chicago has eased up a trifle, as rail mills slacken their
pace. At Gary rail rollings last week were 8,000 tons, against 18.500 a
week earlier in the summer, and new rail buying is not expected before fall.
The suddenly expanded scale of steel output at Pittsburgh is explained
In part by the fact that in February and March mills there accumulated
stocks of such products as can be stored, and these in part supplied the demand in the second quarter. By mid-year the stocks had been drawn down
to such a point that the July business compelled putting on new capacity.
Fabriceted structural steel bookings, for the first week since April, fell
below 20,000 tons. The weekly average so far this year for sizable projects
is close to 30,000 tons.
The chief item in the railroad equipment field is the purchase by the
Chesapeake &Ohio of 500 gondola car bodies. New inquiries appeared
for 200 cars and 17 locomotives. The Norfolk & Western bought 10,000
tons of tie plates.
Finished steel prices for the most part are well maintained. Cold rolled
strips are still an exception. While irregularity continues in sheets, some
of the large makers have stood for higher prices, notably on galvanized.
The pig iron market, in contrast with finished steel, shows continued
weakness, more pronounced in the Mahoning and Shenango Valleys, where
production is likely to be curtailed further. No considerable buying for
the fourth quarter is expected before fall.
Lake Superior iron ore shipments down the lakes in July were 9,999,137
gross tons, making a total for the season to Aug. 1 of 24.892,936 tons,
against 26,924.435 tons to Aug. 1 last year. The falling off, due to the late
opening of navigation this year, can easily be made up.
An inquiry for 29,750 boxes of tin plate has come from the Nippon Oil
Co. and one for nearly 2,000 tons of rails from Tokio.
Expansion in Germany is shown by 70% capacity operations for August
against 6734% in July, also by increasing exports and higher export prices
for wire and tubes. Our cables attribute the added strength of the Continental market to the imminent formation of an international steel cartel,'
which will exclude British makers.
Iron and steel exports from the United States during the first half of 1926
exceeded those for 1925 by 286,000 tons, or 34%. The chief gains were
in exports to Canada, 120.000 tons more; to Japan, 73,000 tons more; to
Venezuela, Peru and British India, 10,000 to 16,000 tons more each. The
principal losses were in exports to Cuba and Argentina, 29,000 and 30,000
tons, and to British South Africa, 12,500 tons.
Machinery exports in the fiscal year ended June 30 amounted to $398,300,000; for the preceding fiscal year they were $325.600.000.
Imports of machinery continue high, the fiscal year's total of $15,400.000
being 48% above last year's $10,400,000
The "Iron Age" pig iron composite price remains at the year's low point,
$1946 per gross ton. The finished steel composite price, 2.431c, per lb.,
is likewise unchanged, according to the weekly composite price table which
follows:
Finished Steel, Aug. 3, 1926, 2.431c. per Pound.
Based on prices of steel bars, beams, tank lone week ago
2.431c,
wire, open-hearth rails, One month ago
plain
plates,
2.431c.
ar average,2
black pipe and black sheets, constituting100-nyeeayear
1:6
483g
9e
c:
pro-war
8
8 % of the United States output.
Pig Iron. Aug. 3 1926. $1946 per Gross Ton.
Based on average of basic and foundry(One week ago
$19 46
irons, the basic being Valley quotation, One month ago
19 71
the foundry an average of Chicago, One year ago
18 96
(10-year pre-war average, 15
Philadelphia and Birmingham.
72
Finished Steel
Pig Iron
Low.
High.
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 2.446c. Jan. 2 30 86 Mar.20 20 77 Nov.20
Consumers and producers of iron and steel face August
and September with unusual confidence, due in a large
measure to the surprising revival of demand that changed
July from a normal month of mid-season dulness to one of
unprecedented activity, observes the "Iron Trade Review"
this week. Reports of many companies indicate specifications last month were the heaviest in any July in several
years, while in the case of certain steel products sustained
demand is establishing new records for hot weather operation.
As expected, production of pig iron in July continued its
decline from the peak in April, but the fall from June to July
was less precipitous than in the two previous months. July
production amounted to 3,223,964 gross tons, a loss of only
8,514 tons, or 0.25% from the total 3,232,470 tons in July.
The "Review" continues:
Operations of the United States Steel Corporation continue to reelect a
at
large volume of specifications and new buying. Although a recession
641
Chicago, due to closing of a rail mill, may affect the average, this'week,
the leading producer is scheduled at 89 to 90% of ingot capacity, compared
with around 88% last week and 87% two weeks ago. This time a year ago
the corporation was running slightly under 70% and was beginning to show
some recovery from the low point of 62% in July.
The largest structural projects in sight involve 35,000 tens for two bridges
to connect Staten Island with New Jersey and 6,000 tons for a power house
in Maryland. A lake freighter for the Bradley Transportation Co., re(miring 6,000 tons, mostly plates, has been awarded to American Shipbuilding Co. This with the Wabash car ferry recently awarded eenstitute
the first of eight lake vessels under construction.
Demand for finished steel is expanding. Purchases by automobile
builders are believed to be heavier than generally realised. The Ford
Motor Co. now is turning out 7,500 automobiles daily, preparing fer heavier
business in the fall. Wire products, with possible exception woven fencing,
are in greater demand than customary for this time of the year.
Based on the present rate of pig iron production, it is estimated that
60,000,000 tons of Lake Superior ore must be delivered during the season,
as compared with 55.000,000 tons brought down last year. Efforts to
speed up ore shipments in some cases have resulted in rushing ere carriers
light to upper lake ports, instead of holding them for return cargoes of coal.
Markets Show Further Improvement—Foreign
Trade Continues to Climb.
The bituminous coal markets of the country continued to
reflect a modest increase of momentum in demand last week.
A further increase in production took place on the heels of
the quick rebound from the holiday dip. Foreign shipments
and lake loadings, as usual, are a conspicuous feature of
current demand, but a broadening of the trade in domestic
grades in the Middle West and at the Head of the Lakes
is becom'ng increasingly evident. Prices, while failing to
show any striking gains during the past week, acquired a
gratifying degree off rmxiess,remarks the "Coal Age" Aug.5,
which further states:
Coal
Production during the week ended July 24 is estimated by the United
States Bureau of Mines at 10,162,000 net tons, a gain of 46.000 tons over
the revised figures for the preceding week. For the corresponding week
last year the figure was 9,343,000 tons. Cumulative output during the
calendar year to date, 300,449,000 tons, surpasses the figures for any year
since the war except 1923, when the total was 316.750,000 tons.
Although predictions of the early collapse of the export wade are still
heard from time to time, the tonnage being shipped continues to mount.
Dumpings at Hampton Roads during the week ended July 29 reached the
unprecedented figure of 806,569 net tons. Total tonnage for the month
was 2.755,556, which exceeds the previous record, made in June 1921,by
483,556 tons. All three piers surpassed their old records. While most of
this coal was for shipment to the United Kingdom, the movement to Italy,
South America and other countries was heavy. Foreign trade continues
to climb at Baltimore also.
The Lake trade is holding its own in good style. During the week ended
Aug. 1 dumpings at Lake Erie ports were 983,988 tons of cargo and 56,805
tons of vessel fuel. This brings the season's total to 14,692,263 isms, compared with 12,400.319 tons last year.
"Coal Age" index of spot bituminous prices registered no appreciable
change during the week, standing on Aug. 2 at 159, the corresponding price
for which is $1 92. There was a fractional advance, but not large enough
to change the figure of the preceding week.
Confidence in the future is shown by advances in domestic circular prices
for August in most of the Midwestern fields, some producers refusing to
name figures for beyond the middle of the month. West Virginia smokeless
also jumped. Screenings are a shade easier all around. While the situation in steam coals displays less marked evidence ofimprovement,industrial
conditions, as reflected in continued heavy freight loadings and increasing
coal consumption by industrial plants, give a sound basis for the cheerful
view of the more optimistic element in the trade. The Eastern markets
are lacking in noteworthy features.
A firmer note is discernible in the anthracite situation. Current demand
Is not notably stronger, but the beginning of fall demand is just around the
corner and the scaling down of output through curtailment of operations
by the producers has had a steadying influence on the prices of independens
coals. All the domestic sizes are stronger and even the steam grades are
moving with greater freedom. Output during the week ended July 24 was
1,940,000 net tons, compared with 1,999,000 tons a year ago. The Cannonsyule coke trade experienced a further stiffening last week, spot furnace coke
advancing to $2 85©$3. Spot foundry was quotably unchanged, but sales
averaged somewhat higher within the prevailing price range.
Production of Bituminous Coal Continues to Show
.Gain—Output of Anthracite and Coke Declines.
Production of soft coal during the week ended July 24,
including lignite, coal coked at the•mines, and local sales,
is estimated by the United States Bureau of Mines, at 10,162,000 net tons, a gain of approximately 50,000 tons, or
0.5%, over the revised estimate for the preceding week. The
Bureau further states:
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL.
(NET TONS), INCLUDING COAL COKED.a.
Week. Cal. Yr.to Date.
Week. Cal. Yr.to Date.
Tub,10
8,308,000
280,173,000
8,639,000
245,646,000
Daily average
1,661,000
1.737.000
1,524,000
1,440,000
July 17.c
10,116,000
254,611.000
290,287,000
8,965.000
average
Daily
1,523.000
1,688,0001,494,000
July 24.d
10,162,000
263,954.000
9,343,000
300,449,000
Daily average
1,694,000
1.524.000
1,734,000
1,557,000
a Original estimates corrected for usual error, which in past has &oersted 2%.
S Minus one day's production first week In January to equalize number of clays 113
the two years. c Revised since last report. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
July 24 (approximately 173 working days) amounts to 300,449,000 net
tons. Figures for corresponding periods in other recent years are as follows:
1920
297,419.000 net tons I 1923
316,750.000 net tons
1921
222,100,000 net tons
257,079.000n et tons
1924
1922
-204,117,000 net tons
1926
268,964,000 net tons
642
[VOL. 123.
THE CHRONICLE
ANTHRACITE.
BEEHIVE COKE.
Production of anthracite during the week ended July 24, estimated at
1,940,000 net tons, shows
decrease of 39,000 tons, or 2%, from output
in the preceding week. For the first time since the general reopening of
the mines in February, the rate of output has fallen below the current at
the corresponding time in 1925.
ESTIMATED UNITED STATES PRODUCTION OF ANTHRACITE
(Net Tons).
1925
,
1926
Week EndedWeek. Cal. Yr.to Dale.
Week. Cal. Yr.to Dale.
July 10
46,537,000
1,809,000
38,697,000
1,545,000
July 17
48,473,000
1,936,000
40,676,000
1,979,000
50,472,000
July 24
1,999,000
42,616,000
1.940,000
a Minus one day's production in January to equalize number of days in the two
years.
Total production of anthracite during 1926 to July 24 amounts to 42,616,000 tons-approximately 7,860,000 tons less than in 1925. Figures
for the corresponding periods in recent years are given below:
50.275,000 net tons
1922
22,424,000 net tons I 1924
50,472,000 net tons
1923
56,123,000 net tons I 1925
The total output, for the week ended July 24, estimated at 170,000 net
tons, shows a decrease, as compared with that in the preceding week, of
12,000 tons, or 6.6%.
ESTIMATED PRODUCTION OF BEEHIVE COKE (Net Tons).
1926
1925
to
to
July 24 July 17 July 25
Date.°
Date.
1925.
1926.5
1926.c
Pennsylvania & Ohio
141,000 148,000 90,000 5.885,000 4,303.000
348,000
West Virginia
430,000
10,000 13,000 11,000
566,000
Ala., Ky., Tenn. & Ga
437,000
9,000 12,000
6,000
215,000
216,000
Virginia
5,000
4,000
5,000
136,000
159,000
Colorado & New Mexlco
4,000
4,000
5,000
120,000
103,000
Washington & Utah
3,000
3,000
3,000
United States total
170,000 182,000 124,000 7,230,000 5,688,000
Daily average
41,000
32,000
28,000 30,000 21,000
a Adjusted to Make comparable the number of days covered in the two years.
S Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 4, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Reserve Banks combined, shows an increase of $43,200,000
in bill and security holdings, accompanied with declines of
$22,600,000 in cash reserves and $4,200,000 in non-reserve
cash and increases of $11,600,000 in member banks' reserve
deposits and $6,800,000 in Federal Reserve note circulation.
Holdings of discounted bills increased $26,200,000, of
acceptances purchased in open market $17,300,000, and of
Government securities $1,000,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of New York shows an increase for the week
of $15,400,000 in discount holdings, Cleveland an increase of $6,100,000.
St. Louis $4,800,000, and Boston $3,100,000. Open-market acceptance
holdings were larger than a week ago at all Reserve banks, the principal
increase, 54.300,000, being reported by Chicago. Holdings of Treasury
certificates were $1,500,000, and of U. S. bonds $300,000 above the amounts
reported on July 28, while the System's holdings of Treasury notes were
$300,000 less than on the previous report date.
The principal changes in Federal Reserve note circulation during the
week comprise increasesof $3,200,000 and $3,100,000, respectively,reported
by the San Francisco and New York Reserve banks, and a decline of
$2,800,000 reported by the Cleveland bank.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 684 and 685. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Aug. 4 1926 is as follows:
Increase (+) or Decrease (-)
During
Week.
Year.
-$22,600,000
+$62,300,000
Total reserves
+58,900,000
-14,000,000
Gold reserves
+43,200,000
+47,900,000
Total bills and securities
+26.200,000
+3,800,000
Bills discounted, total
obligations_
Govt.
+16,000,000
-22,000,000
Secured by U. S.
Other bills discounted
+10,200.000
+25,800,000
+17,300,000
+16,500,000
Bills bought in open market
;
. total__ _
+1.000,000
+36,700,000
U. S. Government securities
- +300,000
+ 13,800,000
Bonds
-500,000
-800,000
Treasury notes
+1,500,000
+23,400,000
Certificates of indebtedness
+6,800,000
+72,500,000
Federal Reserve notes in circulation_ _ _ +8.200,000
+3,300,000
Total deposits
+4,900,000
+11,600,000
Members' reserve deposits
-4,700,000
-100,000
Government deposits
The Member Banks of the Federal Reserve SystemReports 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 over 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
new week. The Reserve authorities have now 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 July 28 was given out after the close of
business on Monday of the present week.
The Federal Reserve Board's weekly condition statement
of 699 reporting member banks in leading cities as of July 28
shows declines of $7,000,000 in loans and discounts, $12,000,000 in investments and $75,000,000 in net demand deposits,
and an increase of $15,000,000 in borrowings from the
Federal Reserve banks. Member banks in New York City
reported reductions of $9,000,000 in loans and discounts,
$14,000,000 in investments and $41,000,000 in net demand
deposits, and an increase of $17,000,000 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
Government obligations, were $9,000,000 below the previous
week's total, a decline of $29,000,000 in the New York
district Ueing partly offset by relatively small increases in
other districts. "All other" loans and discounts increased
$2,000,000 during the week, the principal changes in this
item being an increase of $19,000,000 in the New York
district and a reduction of $8,000,000 in the Chicago district.
Total loars to brokers and dealers, secured by stocks and
bonds, made by member banks in New York City, were
$19,000,000 below the July 21 total, loans for their own
account and for account of out-of-town banks having decreased $21,000,000 and $3,000,000, respectively, while
loans for others increased $5,000,000. Further comment
regarding the changes shown by these member banks is
as follows:
Holdings of United States securities and of other bonds, stocks and
securities declined $6,000,000 each, relatively small changes only in these
Items being reported by banks in any of the reserve districts.
Net demand deposits were $75,000.000 below the July 21 total, the principal reductions occurring in the following districts: New York, $48,000,000; Chicago, $16,000.000; San Francisco, $11.000,000, and Cleveland, $10,000,000. Banks in the Richmond district reported an increase
of $7,000,000 in this item.
Borrowings from toe Federal Reserve banks increased $15,000,000 at al
reporting banks and $22,000,000 at banks in the New York district.
On a subsequent page-that is, on page 685-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:
Increase (+) or Decrease (-)
During
Week.
Year.
Loans and discounts, total
-$7,000,000 +3758,000,000
Secured by U.S. Government obligations.. +2,000,000 -11.000,000
Secured by stocks and bonds'
-11,000,000 +402,000,000
All other
+2,000,000 +367,000,000
Investments, total
-12,000,000 +146,000,000
U. S. securities
-6.000,000 -46,000,000
Other bonds, stocks and securities
-6,000,000 +192,000,000
Reserve balances with Fed. Reserve banks
-2,000,000
+27,000,000
Cash in vault
+3,000,000
Net demand deposits
-75,000,000
+28,000,000
Time deposits
+1,000,000 +517,000,000
Government deposits
+71,000.000
Total borrowingsfrom Fed. Reserve banks_ - +15,000.000
+35,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Aug. 7) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
General trade continues satisfactory in most parts of Canada, although
business is somewhat dull in Alberta. Canadian pig Iron prices have been
•
AUG. 7 1926.]
THE CHRONICLE
reduced in order to meet the competition from American furnaces. Implement manufacturers are increasing their purchases of steel. The textile
industry is actively engaged in the production of rayon goods, for which
the demand is growing steadily. The employment situation of the Dominion
continued to improve during June. All groups of industries reported increases, except logging, in which there was a seasonal curtailment. Revenue car loadings continue to exceed those of last year and are showing further
Increases. Heavy grain movement increased the gross operating revenues
of the principal railways for May, and the ratio of operating expenses to
revenues was reduced appreciably. Extreme heat in the Prairie Provinces
has adversely affected the growing wheat in parts of Saskatchewan and
Alberta.
GREAT BRITAIN.
British industry and commerce have become somewhat adjusted to existing conditions. Uncertainties as to supplies of coal and semi-manufactured
raw materials, however, and the consequent higher prices and varying qualities of these essentials are resulting in few future delivery orders for finished
products and narrower profit margins. Unemployment on July 19 was
practically the same as on June 21, and in general industrial activity during
July was at about the same reduced level as in June. In view of the heavy
importation of foreign coal, restrictions governing and limiting its purchase
for domestic use have been lightened. Motor car sales have not come up
to earlier expectations. Shipbuilding returns for the second quarter show
that there was a further decline in activity during that period. The American section of the Spinners' Federation continues to close on alternate
weeks. Spinners of Egyptian yarn are operating at about 75% of capacity.
About 60% of the looms throughout all weaving districts are running.
The leather trade is slow and there is no immediate prospect of improvement. The agricultural outlook is promising.
643
A return to practically normal condition in shippaig was also a contributory
factor to the improvement. The trade balance for June was favorable by
68,000,000 marks, as compared with an unfavorable balance of 197.000,000
marks for May. Lumber sales showed a substantial increase during the
month and further expansion in the pulp industry was noticeable. Several
new strikes are being experienced in the saw mill industry. Labor conditions in the pulp and paper industry are quiet. The money market was
slightly stringent during the month, owing to a continued demand for
credit, as a result of the expansion in the pulp industry and certain delays
eiperienced in export shipments. Crop forecasts during the middle of July
predict crops inferior to last year's yield as a result of the late spring.
NORWAY.
Norwegian industries continued inactive during July and there was no
improvement in business conditions. Exchange was characterized by
greater stability, due largely to the intervention of the Norges Bank
following its exchange agreement with the Government. Money is somewhat more plentiful than it has been during recent months. Although
there are no major labor conflicts in Norway the entire labor situation is
said in Norway to be uncertain. There was a decline in unemployment
during July, however, and the total is now about 30,000 as against 35,000
about a month ago. The shipping industry has been benefited by rising
freight rates, resulting largely from the British coal strike. Fisheries report
a good yield. As a result of decreased imports and increased exports during
June Norway's foreign trade resulted in an unfavorable balance of 10,700,000
crowns, as against an import surplus of 33,000,000 crowns during the preceding month. Norway's foreign trade for the first six months of 1926
shows a distinct improvement in the trade balance. This, however, was
achieved by a reduction in imports of industrial raw materials due to lack
of industrial activity as well as by diminishing imports of manufactured
articles.
SWEDEN.
General economic and financial conditions continue to show great stability and soundness;the crown deviates very little from the absolute par value
of 3.73 crowns to the dollar, and the wholesale price.index has been firm for
the past three months at 145. The English coal strike and the competitive
effect of French and Belgian currency developments are still impeding
the normal flow of Swedish business. Lumber exports this year are running
much lower than in 1925. The iron and steel industry is still greatly depressed, but the wood pulp and mechanical shop industries are well engaged. Imports of food products have been comparatively small this year,
owing to the excellent 1925 crops in Sweden.
FRANCE.
The French Chamber of Deputies has passed the Government's project
providing an estimated tax increase of 2,500,000,000 francs for the five
months of this year and 9,000,000,000 francs for next year. An amount of
200,000,000 francs out of the five months provision for this year and 3,500,000,000 francs out of the provisions for next year will be used for debt
amortization funds. The project also provided for the Government's
authority to institute administrative economies by decree and this also
has been approved. The principal items of increased receipts come from
an adjustment of specific customs duties, transportation tax and inheritance
tax. The bill also authorizes increased expenditures in this year's budget
totaling of 2,320,000,000 francs, which includes Treasury expenses amounting to 1,350,000,000 francs, salary increases 669,000,000 francs and adminisDENMARK.
trative expenses in Morocco 300,000,000 francs. On Aug. 1 the discount
The depression in Danish industrial and commercial life became more
rate of the Bank of France was raised from 6 to 73 % and advances 8 to
largely as a result of increased foreign competition and
91.6%. Interest rates on National Defense bonds are raised to 3.60, 5. severe during July,
the anticipation of a drop in the half-yearly cost of living index, which
5.50 and 6%, according to length of term.
regulates wages in several industries. Publication of the index is expected
in August. Despite the advent of the harvest season, unemployment inGERMANY.
Trial threshing
While the unemployment situation is still acute in Germany, there has creased steadily during July and now totals about 48,000.
normal.
been since the month of March a slight but steady decline in the number indicates an excellent grain yield and crop estimates are above
estimated in Denmark
of workers receiving unemployment doles from the GOvernment. Reduc- Production of agricultural products is declining; it is
below
respectively,
8%
and
9%,
tion of the turnover tax and the abolition of the luxury tax have helped that July bacon and butter exports were
in the prices of
business with a resulting decrease in unemployment. On July 1 unemploy- those of the preceding month. There has been a slight rise
continues and the
ment doles were given to 1,742,000 workers as against 2,056,000 on the these commodities, however. The stability of the crown
continued policy of credit
first of March. In the stock mraket there has been a reduction in the money market remains tight, due chiefly to the
about 3,000,000
surplus
of
heavy previous volume of speculative transactions. Tax receipts of the restriction. May foreign trade showed an export
balance of 22,000,000
Federal Government for the first quarter of the fiscal year, April to June, crowns, a considerable decline from the favorable
totaled 1,450,000,000 marks against a budget estimate of 1,600,000,000 crowns in April.
POLAND.
marks,but tax receipts are usually lower in the first months of the fiscal year.
As an incentive for prompt payment of arrears of taxes, the Government
ITALY.
has announced that the usual fine of 4% per month on tax arrears will be
Business conditions in Italy are active despite exchange and financial reduced to 1% per month on all payments made before July 31, and to 2%
uncertainties. The adverse balance of international payments continues between Aug. 1 and 15, and to 3% per month between Aug. 15 and Sept. 1
to be the crux of the situation and strenuous efforts to lessen imports and After Sept. 1, in addition to the full fine of 4%, an extra 10% is to be
improve home production are being made by the Government. The tight- charged.
ening of Government restrictions on exchange operations has as yet had no
SOUTH AFRICA.
apparent tangible reactions on the situation. Government revenues for the
General trading conditions were not favorable in July. Both wholesale
12 months ended June 30 exceed expenditures by nearly a billion and a half and retail business has been quiet. Money is tight. The volume of mihe
lire and material reductions have been made in the internal debt. Com- stores purchasing is well sustained, but intensive price cutting is being enmodity prices have advanced, especially for iron aand steel and cereal prod- gaged in and the competition is affecting sales of American stores. Contiucts. The continued activity of major industries is causing considerable nental competition, due mainly to depreciated exchanges, is very keen.
strain on the resources of the Italian financial market. American machinery Building and allied trades are busy and industrial plants generally are
products are selling well.
active. Business is particularly good in the boot and shoe industry. RailAUSTRIA.
way earnings during the past month were smaller. The Government is
Both the import and the export trade of Austria is showing a decline. actively pursuing its policy of railway extension and improvement of exThere is, however, a decrease in unemployment. Crop conditions in Aus- sting lines. The employment situation is improved.
tria are unsatisfactory, as the Central European grain area is drenched with
CHINA.
water; frequent heavy storms in that district are continuing. The expected
General business conditions in North China show no improvement. The
reduction in the official discount rate has been postponed.
railway service is improving slowly, but operating conditions are still
CZECHOSLOVAKIA.
highly unsatisfactory. The warfare between the Allied forces and the
Industrial stagnation continues in Czechoslovakia, and the recent declines KucmInchun at Nankow appears to be deadlocked.
in French and Belgian exchange have aggravated the unsatisfactory condiINDIA.
tions of foreign trade. There is a slight increase in the exportation of coal
Internal disturbances are diminishing somewhat, but business is still
as a result of the British strike. Domestic consumption, however,
con- restricted in most lines and stocks of bazaar merchandise are accumulating.
tinues below normal and no improvement is anticipated. Acute depression
prevails in the textile industry and German purchases of yarn have prac- At a meeting of the Standard Financial Committee of the Indian Railway
tically ceased. Slackness is shown in the iron and steel industries, and, Board held on July 14 1926, approval was voted for a total expenditure
with the exception of automobile factories, all consuming branches are of about 87,500,000 rupees for 1927-28 covering rolling stock for the Indian
operating on part time. The dissolution of the Czechoslovak-Austrian Railways. The program provides for necessary additions to the authorized
steel cartel is the subject of further negotiations. The new customs tariff stock under railways of each of several classes, including a liberal addition
has brought about a better tone in domestic business. Harvesting is under to third class passenger vehicles. A cable from Ceylon dated July 24 states
way, but crops are late. The official forecast shows crop yields less than that effective immediately, the duty on motor cars has been increased to
in the past year. Money conditions continue satisfactory. The unemploy- 20% and on motor trucks to 1234%.
ment situation remains constant and price indices show an increase. There
PHILIPPINE ISLANDS.
was a further decline in foreign trade for the month of June.
With renewed activity in the American cocoanut oil market, Philippine
copra trade was animated during the first part of the past week, but it has
RUMANIA.
since settled to quiet. Price tendency is downward, due to continued high
The State Railroad Administration is preparing to mobilize all transport production. Arrivals of copra in
Manila for the month of July were 25%
facilities few moving the coming crop. A forthcoming loan of 500.000,000 above normal for the past
three years. United States grades of abaca
lei by the State to the railroads for repairing freight cars has been announced continue to strengthen, with fair trading at constantly increasing prices.
and the rental of a number of foreign locomotives for the autumn season Grade F is now quoted at 35.50 pesos per picul
of 139 pounds: I, 32.50:
also has been announced. Preparations are being made to move an antici- Jus, 27; JUK,21, and L, 15 pesos.
(1 peso equals $0.50). Abaca producpated exportable grain surplus of 3,000,000 tons. According to an offi- tion continues good.
cial announcement, the loan of 200,000,000 lire contracted for by the
AUSTRALIA.
government with the Azienda Generale Italians del Petroli is to be fully
The Australian Federal Government proposes to send representatives of
paid over in cash, and in addition to it a credit of 100,000,000 lire has been employees and
employers
to
the
United States in the near future to study
secured from Italian industrialists for the purchase of industrial equipment economic and
industrial conditions with the view to applying Principles
In Italy.
found to work satisfactorily here to Australian industry. Opposition
is
FINLAND.
reported to be developing in the State parliaments of Southern and Western
An improvement in Finnish foreign trade during June resulted in a sub- Australia to the Federal petrol tax which is levied in the form of a customs
stantial favorable balance, despite the uncertainty of market conditions for duty on importations of petrol. The Federal Government proposes to
forest products, particularly in England, as a result of the strike, and in use the yield from this tax for building roads in the different States, allotFraneet•on account of the continued uncertainty of the exchange situation. ment to be made on the basis of population and areas, and each State is to
644
THE CHRONICLE
raise and spend on road construction an amount equivalent to that allotted
to it by the Federal Government. The average price received for wool in
Australia during the 1925-26 secson amounted to £21 13d. 3s. per bale for
greasy, and £24 lid. 7s. for scoured. The average weight per bale for
greasy wool during the season was 321 pounds and that for scoured (1924-25)
234 pounds.
ARGENTINA.
Argentine trade was slow during the week ended July 31 and weather
conditions were uncertain. Export shipments are below normal and
markets remain quiet, but exchange is rising.
BRAZIL.
The Brazilian business situation remains depressed. The coffee markets
have been weaker, and exchange opened weak, but strengthened during the
latter part of the week ended July 31. The Bank of Brazil retired 11,333
contos during July.
PERU.
Business in Peru has been practically suspended pending celebration Of
the three days holidays, July 28 to 31. Congress convened on the 28th
of July; the President's address covered only routine matters. Exchange
has risen frecia $3 785 to the Peruvian pound on July 23 to $3 825 on July 31.
BOLIVIA.
Censiderable depression was felt in Bolivian business circles during July
as a result of the congestion of Bolivia tin at British smelters and of insufficient sales of foreign credits at the local banks. The continued absence
from the oity isf large numbers of the Indian populations who are working
on farms, has also affected local trade. Mercantile business suffered most
of all, importers protesting against the unfavorable exchange. Exports
of minerals continued satisfactorily, but the smaller mines felt the general
Jamey stringency. London tin quotations per ton rose daily during July,
the average for the month to date being £279 17s 6d. Dollar exchange was
steady at 2.94 lealivianos to the dollar as compared with a quotation of
2.951 a month ago.
VENEZUELA.
Trade oonditions is Venezuela during July were rather quiet and merchandise stooks ars still heavy. Importations for June through the Port
of 1-11 Goaira totaling 26,11011 metric tons as compared with 18,000 tons
Imported is Juno, 1925. Leading imports were construction materials,
eentant, antonielelles and foodstuffs. Trade in cocoa and coffee is dull.
Dollar exchange has risen from par 1.18 to 5.26 bolivars to the dollar,
with as leeward trend. The so-called "buoy tax" on coastwise shipping
at Maracaibo kas been removed. Government receipts for the fiscal year
ending tuns 3$ 1926 were about 95,000,000 bollvars and expenditures
leas than 93109,000 bolivars of which 8,000,000 bolivars were for public
works. infavorable conditions in the Ciudad Bolivar region are reported
but bushman at Maracalb• is said to be active.
COLOMBIA.
Commersia4 nendition.s is Colombia show improvement due to the better
modition et the Magdalena River. Merchants are again buying abroad.
The Government is withholding purchases until after Aug. 7, when the
new President will take office. It is reported that the Bank of the Republic
intends to anklets.la exchange at 102 which is practically at par with the
American
MEXICO.
Business during tie past week has been affected seriously by the political
situation and merchants are reducing orders. Paper sales during the month
of July were 26% under the month of June. Automotive sales have fallen
off heavily. Relative luxuries affected more than necessities and machinery. It is estimated that thirty thousand sacks of flour came into Mexico
City dining the nainith of July.
PORTO RICO.
Business in Porto Rico maintains the quietness which has prevailed for
some works but is continuing ahead of last year. Bank clearings for the
six menthe ended Jane 30 1926 were about $152,000,000, as compared with
$115,000,000 for the corresponding period of 1925. Total imports for the
fiscal year 1926-26 are estimated at $95,000,000 and exports placed at $97,500,005. Isformation on the losses sustained during the recent hurricane
Is gradually arriving in San Juan. Damage to the coffee industry which
appears to be the principal sufferer, is estimated in Porto Rico at 25 to 30%
of the mop, which Was previously estimated to be 30,000,000 pounds. The
effects of the hurricane on the orange and grapefruit crops are slight, the
total damage to beide being estimated around $30.000. Sugar losses are
not ye* known, but ono mill is reported to have lost 18,000 bags from the
floods. Bridges and highways were considerably damaged, the loss in the
municipality of San Joan alone being placed at $60,000. Cabled reports
indicate bet irlight damage to ether islands in the West Indies with the exineptien of Martinique, where losses were fairly heavy, and the Bahamas,
which oxperimood a severe storm with considerable less.
[VOL. 123.
Break in Silver Prices Following Issuance of Indian
Currency Report.
The break in silver prices following the issuance of the
above report, was commented upon as follows in the New
York "Times" of yesterday (Aug. 6):
As a result of the report of the Indian Currency Commission relative to
the stabilization of the rupee on a gold basis, made public in London, the
price of silver metal both here and in London broke sharply yesterday. In
London the bullion sold down to 29 1-16d., an overnight loss of 3-16d.,
displacing the previous low established on April 22, and unequaled in nearly
fifteen years. Here the price sagged % of a cent, to 621.4c., the lowest
in more than two years.
Trading was on a very heavy scale throughout the day, the weakness in
prices marking the climax of more than a fortnight's selling by the ChineSe
operators who were getting out of a long position which had its origin
earlier in the year. Quotations for the Eastern currencies were also at
new low levels for this movement, coincident with the reaction in the
London and New York markets for the metal.
Recommendations of the Currency Commission, which has been in session
during most of this year, provides that paper money in India shall cease
to be convertible into silver Just as soon as confidence in paper money
Issued against a gold reserve shall be established. As this faith is assured,
there will be a gradual cut in the Government's huge reserve of silver, which
dealers estimate to amount to about 530,000,000 ounces. Other provisions
of the report call for a reduction in this stock to 140,000,000 ounces, so that
approximately 400.000,000 ounces will be thrown into the open market.
The sale of this surplus will be spread over 10 years.
Bullion dealers were depressed over the outlook for the metal in the face
of the commission's recommendations, and expressed the opinion that
present levels would be shaded as the metal was forced for sale. In one
quarter it was held that a cessation of silver mining by a number of the
smaller companies was likely not alone in the United States but in other
countries. Where these companies are producers of both silver and copper
the rising trend of the latter metal will more than make up for the loss
sustained in silver.
A further drop in prices abroad was reported in London
Associated Press cablegrams as follows, yesterday (Aug. 6):
Silver fell to 283cl. to-day, the lowest price since March 1916. 'Ilm
sluMp, it was said in financial circles, was due to Indian selling as a result
of the recent Royal Currency Commission report, and to lack of buyers.
The New York "Evening Sun" of last night (Aug. 6)
stated:
The panicky condition of the silver market, due to the threatened unloading of about 400,000,000 ounces of India's silver reserve at the time of
adoption of the gold standard, promised for the near future, continued
to-day in both the London and New York markets. In the local market
bar silver fell 1% cents, a record for one day, to 61% cents, the lowest
since 1921. Mexican dollars, valuable only for their silver content, dropped
to 47 cents, off % of a cent, a level which is below their actual value in
Mexico City.
Swift Collects $500,000 from Brit!sh Government for
Bacon Award Incident to Control of Food
Supplies by Government.
A special dispatch July 29 to the "Wall Street News"
from Chicago said:
Payment of approximately $500,000 has been made by the British
Government to Swift & Co. in settlement for bacon when the Ministry
of Food re-assumed control of food supplies in Great Britain after the
close of the war. The packing company brought suit in British courts
for payment for the supplies and was awarded a verdict of about $800,000.
The latest payment is for the balance of the goods, and is on the samo
basis of settlement as the court award. "While the settlement is not
for the entire amount to which we feel that we are entitled, we are glad
to have the matter closed and aresatisfied," said G.F. Swift, Vice-President
of the company.
Austria Now Coining Gold—Mint Offers 25 and 100
Schilling Pieces in Exchange for Metal.
A Vienna cablegram (copyright) to the New York "Times"
Aug. 3 stated:
The fact that Austrian currency is on a gold basis was emphasized to-day
when the mint began to coin the new 25 and 100 schilling gold pieces,
which will soon be placed in circulation. They will be issued, however,
only to those bringing to the mint an equivalent in gold.
It is recalled that when the first Austrian gold crowns were issued in
the last century, few of the Viennese would accept them, preferring paper
and silver. The mint recently made large purchases of gold from London
ter the present issue.
Royal Commission Advocates Gold Standard for Indian
Rupee.
The Royal Commission, appointed last year to examine
Indian ourrency and exchange, has issued a report advocating
a true gold standard by linking the existing currency with
gold nt a conspicuously visible manner, hut without putting Professor Kemmerer Hopeful on Polish Finances—
Doubts If Poles Will Be Able to Accept All His
gold hit*. circulation. An Associated Press cablegram
Proposals—Dollar Bank Planned.
from London Aug. 3, indicating this, said:
It is clahued by the Commission that its proposals open the door for
Indicating the wide scope of his investigation to the
some
time
in
the
intreduction
of
gold
currency
future,
foresees
but it
the
that when the time comes, India may no longer wish for a gold currency. public for the first time, Professor E. B. Kemmerer, head of
The report recommends the retention of the currency note and silver the American commission of financial experts, at a banquet
rupee as ilse ordinary medium of circulation, and that stability of the on July 31 of members of the American-Polish
Chamber of
currency in terms of gold should be secured by maldng the currency directly
Commerce, said that his recommendations would be so
convertible into gold.
It is further recommended that a new central banking institution should numerous that it might be impossible for Poland to accept
- be created with sole rights to issue notes, that the stability ratio of the them all at once. A copyright
message to the New York
rupee to gold at 18 pence gold should be secured by obligations on the
part of this bank to buy and sell gold without limits at rates determined "Times" from Warsaw,in stating this, goes on to say:
Professor Kemmerer, answering the welcome of the Polish-American
with reference to the fixed gold parity of the rupee and in quantities not
business men, voiced by Leopold Kocowski, head of the Warsaw Chamber
less than 400 fine ounces.
that
paper
currency cease to be convertible of Commerce, declared that the Commission had not yet been able to make
Another recommendation is
by law into silver coin, but that no change be made in the legal tender a statement of its findings, but that he hoped the Polish desire to accept
character of the silver rupee. Gold and gold securities, it is stipulated, all the proposals would be unnecessary.
The official welcome of the business men was preceded by the entire
should form not less than 40% of the central bank reserve.
The Indian Government, with the approval of the Imperial Government, American commission placing wreaths on the tomb of the Unknown Soldier,
a
few
blocks from their hotel.
other
recommendations
require
further
considerathe
has decided that while
Simultaneously with Professor Kenunerer's statement that work is still
tion, the recommendation for the maintenance of the rupee at 18 pence
and linking it with gold will be submitted for legislative sanction at the under full swing came an article in the financial papers to-day that It has
been decided to establish a dollar bank similar to the German Rentenbank.
forthcoming session at Simla.
AUG. 7 1926.]
THE CHRONICLE
645
which is to build up a foreign money reserve for the republic's currency France Will Impose
Tax of 375 Francs on Alien Identity
needs.
Cards.
"Polish Economics," a new financial journal in the English language, will
say in its August issue in reference to the bank:"The entire scheme is comAssociated Press advices as follows from Paris Aug. 1
plete except the name of the bank. The object will be to mobilize hoarded
foreign currencies by opening deposit accounts in dollars and to organize are from the New York "Journal of Commerce":
new forms of credits unforeseen by the Bank of Poland in its policy of shortThe inclusion of a tax on foreigners in Premier Poincare's bill,
term loans.
voted by the Chamber yesterday, caused a certain amount of surprise.
"These will comprise credits for production and export purposes, pur- Identity cards and renewals of such cards every two years will now
chases of raw materials abroad and the discounting of foreign bills of cost foreigners 375 francs, instead of the present 68 francs.
exchange.
Students and journalists will pay 40 francs, while foreign volunteers
"The institution will be independent of the Bank of Poland and free from who served in the French Army during the war are exempt from any
political influence, so that no credits can be advanced either to the State or fee whatever. Passage of this clause was made contingent on abandonto municipal bodies. Only credits in dollars will be accorded for periods ment of a bill drawn up by Deputy Falcoz, requiring every foreigner
exceeding three months, and prospective creditors will be required to prove to pay a fee upon entering the country.
that they are sure to receive foreign currencies or drafts on a specific future
date."
The Bank of Poland will be the chief shareholder, its relation being similar
Increase in French Living Costs Since War.
to that of the Reich.sbank with the Rentenbank in Germany. Activity in
Associated Press cablegrams from Paris, July 24, state:
short-term discount credits of foreign countries is expected by the bank's
endorsements to strengthen the confidence in Polish bills bearing the
An indication of the ever-mounting cost of living in France is contained
signatures of individual bankers or firms, and to control the short-term in figures recently published by the Ministry of Labor. These show that
coming
into
credits
this country. Forestry and agriculture will be the taking 100 as the basis of the cost of living as of July 1914 the wholesale
principal industries benefited by the new bank's activities.
price of 45 articles of daily necessity was 664 in April 1926, 702 in May
Reorganization of the Polish State Bank with a wider range for the and 754 in June.
issuance of bank notes, is to be one of the first recommendations of the
Foodstuffs as compared with 100 for July 1914 were 561 in April, 597
commission, headed by Professor E. W. Kemmerer of Princeton University, in May and 646 in June. In manufactured goods, 25 articles showed 753,
investigating Polish finances, according to financial experts here.
794 and 848 for the same period and textiles 876, 933 and 971.
With the rate of money now under control it will be proposed that the
Regarding retail prices and the cost of living as it affects housewives
currency excess of three times the gold reserve be increased to at least going to market, the following comparative figures based on the standard
33 1-3%, and that the excess issues bear a tax, whether issued to the Gov- of 100 in July 1914, are given by the Ministry of Labor: Prague, 837;
ernment or to private individuals.
Rome, 664; Paris, 544; London, 168; New York, 158, Berlin, 142.
These proposed changes, in view of the fact that the Government has not
got the currency problem well under control, are considered among the
Loans by Bank of New Zealand for Farmers.
most hopeful signs of rehabilitation yet discernible under the new regime.
Professor Kemmerer said to-night that, while he was not prepared to
The New York News Bureau reports the following Cenoutline a definite program yet, the situation is growing constantly brighter
tral News cablegram from London, July 26:
and that he has the fullest expectations of success.
The management of the Bank of New Zealand is planning to raise
A meeting of the directors of the National Bank is expected to be held
£1,406,000 new capital to be designated long-time mortgage capital, and
next week,at which time the program of reforms will be broached, according
will also, when required, raise by debentures, three times as much that
to Warsaw financiers.
The zloty rose sharply to-day on rumors of the impending financial amount, with the view of giving farmers and others long-term loans.
changes.
Exchange of Belgian Treasury Bonds for Stock of
National Railroad Company.
It was announced from Brussels on July 31 that in
furtherance of the measures against new inflation the
Belgian Government had decided to convert all six-months
Soviet Offers to Fund Czarist Debts to United States— Treasury bonds and those maturing Dec. 1, 1926, into preHigh Official Says Russia Will Send Commission
ferred shares in the National Railways Company. Further
Whenever Washington Chooses.
Associated Press advices from Brussels Aug. 1 stated:
Surrendering the Belgian State Railways to private ownership in an
Moscow advices ,Aug. 3 to the New York "Times" copyeffort to wipe out the national floating debt, King Albert, in his posiright) are authority for the following:
tion as Financial Dictator, has ordered holders of treasury bonds to
The departure of Dr. Kemmerer for Poland to undertake
a study of the country's financial and economic system was
referred to in these columns June 26, page 3542.
"The Soviet Government is ready to send a debt funding commission
to the United States," said a high Soviet official to-day. He continued:
"It is perhaps not fully realized by the American public that the Soviet
Government on more than one occasion has expressed its willingness to
enter into negotiations for funding the old Russian debts, provided that its
creditors agree to take into consideration Russia's losses and sacrifices in
the great war, which were greater than any Allied powers and enormously
reduced the national wealth.
"The United States Government has shown, in its discussion of financial
questions with the debt-funding commissions of various European States,
that it is prepared to accept the principle of the debtor's capacity to pay.
This principle has recently been reiterated by Secretary Mellon. The
Soviet Government, therefore, feels justified in hoping that the United
States will show the same spirit toward Russia.
"Upon notification of Washington's approval the Soviet Government is
prepared to nominate and to send a commission to the United States at
any time acceptable to the American authorities."
According to information here, the above offer is not so much prompted
by a desire for formal "recognition" as to establish upon a firm legal basis
the financial and business relations of the two countries, which, despite the
absence of recognition, have steadily improved in the past two years.
It is asserted here that American business circles are showing greater
confidence in the capacity of the Soviet State organizations to pay for
goods ordered from the United States and are becoming aware that the
advantages offered by Russia provide a field for great economic development.
At the same time the Soviet understands that to leave the debt question
unsettled hampers commercial relations and leads American business men
to restrict credits more narrowly and to charge higher rates of interest than
they would do if the matter were regulated by mutual agreement.
exchange them for preferred stock of the National Railroad Company,
which has taken over the State railways.
The new railroad shares are guaranteed against exchange fluctuations
on the basis of 175 francs to the pound sterling. Should the pound
be stabilized at lower than 175, the holders will benefit by a forced
rate. (At 175 to the pound, the Belgian franc would be valued at
about 2.77 cents.)
The move is unprecedented in Europe and shows that although the
Belgian Government has not lost the hope of obtaining financial assistance from the United States, it intends to exhaust every possible means
to extricate itself from the financial troubles by the country's own
power, and save the country from inflation and provide an actual
budget balance.
Belgium's floating debt amounts to about six billion francs. All
Belgians had been invited to invest their capital in the railroad company's first loan of two billions in preferred stock, earning 6% interest
and an additional dividend of about 3%. Thus the stock will bring
returns of about 9%, all free from taxation.
The sweeping decrees have received the unanimous approval of
bankers and the public. The National Railway Company will be composed of twenty-one directors, chosen by the King, from among leading
business men, bankers, engineers and railroad workers.
The measure it is believed saved the country from further inuation,
and also made it possible to prepare a budget for 1927, which will
balance not only theoretically, but actually.
The decree demanding that treasury bonds be exchanged for shares
of the railroad company gives only ten days for bearers to comply.
All the treasury bonds must be returned within this period or they
will not be redeemed when due.
Belgium Modifies Tax on Foreigners.
Payment by France to United States of $10,000,000
Under
date of July 29 an Associated Press cablegram
Interest on Debt Account—War Supply Purchases.
Payment was made by France on August 2 to the United from Brussels, published by the New York "Journal of
States of $10,000,000 interest on $407,000,000 of surplus Commerce," stated:
The Belgian Cabinet, which has been considering decrees taxing forwar stocks purchased from the United States, according to
eigners in an effort to help restore Belgian finances, has decided definitely
the New York "Journal of Commerce," the transfer being that it is impossible to
discriminate between foreigners from countries
made through the Federal Reserve Bank at New York. having a high exchange and those having a low. The proposed discrimination
would
have
hit
nationals of the United States, Great Britain, Germany
On the sum due, the "United States Daily" of Aug. 3 said, and
Holland particularly hard.
France pays semi-annual installments of interest amounting
The existing taxation of 10% on rooms and apartments will be raised
to $10,000,000, and minor interest payments on several to 20. If meals are taken and paid for with rooms the tax will be 15%.
Foreign motor cars will pay a tax of 10 francs daily.
other occasions to cover the $7,000,000. The same item
Regarding the proposed legislation, a cablegram (Assostated:
ciated Press) from Brussels, July 22, said:
Announcement of the payment was made at the Treasury by G. B.
The
Winston, the Acting Secretary, who called attention to the fact that had
both Congress and the French Parliament ratified the Anglo-French debt
funding agreement, negotiated last winter, France would have been compelled to pay only $9,000,000 this year, whereas under the old obligation,
the French must pay something more than $20,000,000 in interest on the
war stocks debt alone. It was Mr. Winston's opinion also that if the funding settlement eventually is ratified, interest payments already made will
apply to take the place of installments provided for in that agreement.
sponsors of the measure demand 504 of the price of the rooms
occupied by transients, or 50% of the amount of the lease of regular
residents, if they are subjects of countries the currency of which is at a
high rate on the exchange market.
Reporting that protest against the measure had come
from hotel proprietors, advices from Brussels (Associated
Press), July 28, stated:
646
THE CHRONICLE
The Belgian Government's proposed increase in taxation on foreigners,
especially those native to countries with a high exchange, has resulted in
opposition from hotel proprietors and other branches of industry.
The hotel men have issued a protest and have called a mass meeting for
Saturday to safeguard their interests. They are fearful that increased
,taxation on foreigners will discourage the tourist trade which has been
especially lucrative this season. The chief sufferers of the proposed taxes,
which are designed to help strengthen the Belgian franc and Belgium's
finances, would be Germans and Hollanders. The latter have been coming
to Belgium recently in great numbers, attracted by cheap prices in the
depreciated Belgian currency.
The storm of criticism has resulted in a delay in the issuance of the
decree and it is generally believed that the proposed new taxes will not
come into operation, even if they are accepted, until the end of August.
The proposal to close cabarets after 1 o'clock in the morning is meeting
with particular criticism since they are mostly filled with foreigners after
that hour.
Belgian Mines Raise Wages—Ironworkers Get 10%
Increase and Miners Five.
Brussels advices July 29 to the New York "Evening Post"
state:
The Joint National Committee of Iron and Coal Mine Owners and
Workmen had reached a decision to-day that, effective Aug. 1, iron workers' wages will be increased 10% and miners' 5%.
Belgian Senate Ratifies Washington Eight-Hour
Compact.
The Belgian Senate on July 28 ratified the Washington
eight-hour convention by a vote of 103 to 10, with 11 abstentions. It rejected, say Associated Press advices from Brussels, amendments seeking to postpone enforcement of the
convention until neighboring countries also adhered to it.
On July 29 the New York "Times" in reporting the action
of the Belgian Senate, said:
The eight-hour day convention was one of five worked out in 1919 by
the first International Labor Conference, convoked at Washington under the
Versailles Treaty, with delegates from 41 nations representing labor and
employing groups as well as Governments.
The convention was signed by representatives of Belgium, France, Germany, Great Britain and Italy at a conference in London last March.
The representatives of the five countries pledge their Governments to
work for legislation to effect a 48-hour week in industry, except in certain
lines, such as public utilities and steel plants, in which 56 hours are permitted, and in those industries in which only members of one family are
employed.
The Belgian Chamber of Deputies approved the convention on June 4
and the Senate now has completed its ratification by that country.
[Vol.. 123.
Mexico's revenue does not come through the spendings of a few rich people
on luxuries. As a matter of fact, these people who have gained their wealth
through the toil of the Mexican masses,spend it mostly in foreign countries.
Our national debt has been put by the present Government of Mexico
on an interest-paying basis and will be kept on this basis in spite of the very
foolish and futile efforts to injure its credit.
Secretary Mellon Deplores Reopening of Discussion of
War Debt Settlements—Did Not Intend That Publicity Be Given to Letter to F. W. Peabody.
The reopening of the discussion over the war debt settlement was unfortunate and deplorable, Andrew W. Mellon,
Secretary of the Treasury, declared in an interview with the
American correspondents in Rome on Aug. 4. The Associated Press, from which this is learned, says:
He explained that the debt pacts, so far as he is concerned, are matters
of the past. Reiterating his statements in France. that his visit is purely
personal and he is not burdened with any official mission, the Secretary
characterized as the invention of enterprising Journalists the rumors he was
studying conditions in Europe and had been ordered by President Coolidge
to cut his vacation short for that purpose.
His vacat on, he said, had been planned months ago, and the debt controversy in which the British Chancellor of the Exchequer, Winston
Churchill, took a part, came up through a misunderstanding.
"The remarks of mine which Mr. Churchill answered." said Secretary
Mellon, were contained in an answer I wrote—never thinking the letter
would be published—to a communication sent by Frederick W. Peabody
of Ashburnham, Mass., to President Coolidge. The matter is closed and
of the past as far as I am concerned. Its reopening is unfortunate."
"With political conditions in Europe as they are," said Mr. Mellon.
is natural that rumors should come up. But the fact is I have not the
slightest intention of studying financial conditions or discussing them with
foreign officials."
F. W. Peabody Says Secretary Mellon's Letter on
Foreign Debts Was Made Public by Treasury
Department.
Frederick W. Peabody of Ashburnham, Mass., when
informed by the Associated Press on Aug. 4 that Secretary
Mellon had expressed regret at the publication of a letter
on the debt situation, declared the text of the letter was
made public by the Treasury Department in Washington
before he received it. Mr. Peabody is quoted as saying:
I was asked by telegram if I would authorize publication of the letter
to me, of which the Treasury office held a copy. I replied that I had
not received it, but that I had no objection to its being made public. The
text was then given out in Washington and I read it in the newspapers
before it reached me by mail.
As for Secretary Mellon's declaration that the debt situation is a closed
question. I declare that, on the contrary, it is just opening. A national
organization is in formation, in which I am assisting, to carry the facts
to persons who have never though about the subject.
The very law by which these international credits were granted, specified
that they were for "the more effectual preservation of the national security,"
and I regard it as next door to infamous for us to require the European
nations, after the sacrifices they have undergone, to pay for the security
of the United States.
Secretary Mellon's letter to Mr.Peabody was given in our
issue of July 24, page 412.
Polish Bank's Revolving Credit From New York Federal
Reserve Bank Reduced from $10,000,000 to $1,300,000.
The following is from the New York "Times" of Aug. 5:
• Payments made by the Bank of Poland leave only $1,300,000 owing
of the $10,000,000 which it borrowed from the Federal Reserve Bank
of New York against a deposit of gold last year. A small part of the
amount was repaid in 1925, but the bulk of the reduction of the debt
from $8,401,000 to $1,300,000, took place within the last month.
The loan was in the form of a revolving credit. The portion drawn
fluctuated widely, but for several weeks has moved steadily downward
as Poland's expanding exports have made redemptions possible. The President Coolidge Reported as Stating that There
Bank of Poland is expected to liquidate the loan entirely this month,
Were No Secret Understandings in Foreign
releasing the gold collateral.
Debt Agreements.
In response to questions on July 27, according to disBelgian Army Reduced to 44,000 As Measure of Economy.
The Belgian Chamber and Senate, answering the Gov- patches (Associated Press) from Paul Smith's, N. Y., it was
in behalf of President Coolidge that therre were no
ernment's appeal for economy, have agreed to reduce the said
understandings in any of the debt settlement agreements
army to 44,000 and renounce the annual calling of 5500
with foreign countries other than those included in the
militiamen to the colors, says a copyright cablegram from
terms which have been signed by the parties to the agreeBrussels, July 30, to the New York "Evening Post."
ments and which have been made public in the course of the
ratifications by the foreign parliaments and the American
U. S. Chamber at Constantinople Ordered Closed.
Congress. It was further stated in the dispatches:
From Constantinople, Aug. 5, an Associated Press cableThe United States, it was emphasized, does not have any method of makwith foreign countries except through the duly
gram is reported as follows by the New York "Journal of ing any understandings
authorized channels of treaty making with the consistent practice followed
Commerce":
of the ban of secrecy being removed, at least upon ratification by the
The American Chamber of Commerce here has been ordered closed Senate.
In response to another question, it was said that Mr. Coolidge knew of
by the Government at Angora.
no occasion that plight call for Congress being called in extra session this
year.
Financial Agent of Mexico Says Funds are Being SupThe advices the same date to the "United States Daily"
plied to Meet Interest Payments on Government
said:
The statement was in answer to reports that it had been agreed secretly
Bonds.
at the time the British Mission negotiated its funding agreement, that
Arturo M. Elias, Financial Agent in New York of the should
some other nation subsequently get better terms England should
Government of Mexico, made the following announcement benefit likewise.
It was pointed out that all treaties are made by the President and the
on Aug. 5 regarding interest payments on Mexican bonds:
of State, and that in turn the treaties are subject to ratification
It is my pleasure to announce as the Financial Agent of the Mexican Secretary
Congress.
by
Government in the United States that the committee of bankers who are
All funding agreements are public documents, it was said, and open to
entrusted with the payment of interest on the bonds of the Republic of inspection.
Mexico have had placed at their disposal by the Mexican Government
funds to apply to the second half-yearly payment of interest. This com- Washington
Policy Unchanged Concerning Loans to
mittee has already paid the half-yearly interest from the funds which were
Debtor Nations Whose Indebtedness Remains
placed in their handsfrom Jan. 1 1926 to June 30 1926. This latest payment
—that for July—is the first payment for the second six months, which is
Unfunded.
due Jan. 1 1927, as per arrangement made by my Government with the
The policy adopted by the Administration about eighteen
committee of bondholders. These sums for the payment of interest twice
a year are placed monthly at the disposal of the committee. In spite of months ago, that American loans to those debtor nations of
all the attempts to injure the credit of the Mexican Government by the
report of an economic boycott carried on by a small disaffected group of Europe that have failed to enter into a settlement agreement
people,the economic conditions of Mexico have not been injured in the least with the United States would not be countenanced, is not
AUG. 7 1926.]
THE CHRONICLE
to be deviated from, it was indicated at Washington on
August 5, according to the Washington correspondent of
the New York "Journal of Commerce," who went on to say:
A great deal of interest is being manifested in the French situation and
there is much speculation as to how that country will surmount its difficulties any kabilize the franc.
The determination of the Administration to maintain its anti-loan pollcy
was again indicated to-day when inquiry was advanced as to whether, in
the event that France could make arrangements with bankers or other
nations, presumably Great Britain and Holland. for a credit to stabilize
her currency, the loan could in part be farmed out to American bankers
with the acquiescence of the American Government. Such a subterfuge, it
was said, would fail to receive the desired stamp of approval, even though
the Mellon Berenger agreement has attached the names of the principals
and needs only acceptance by the French Parliament and the United States
Senate to become operative.
Some of the erstwhile friends of France are becoming rather outspoken
in their views on the attitude of French politician ',ward the debt, criticising this attitude as lacking in straightforwardness.
There is no change in the policy of Treasury Department officials toward
either loans or the debt settlement itself, it is said. Members of the World
War Foreign Debt Commission feel that the matter Is a closed incident
since one house of Congress already has acted.
Secretary of Treasury Mellon Visits Premier Mussolini—
Italy Satisfied with Debt Settlement with
United States.
Andrew W. Mellon,Secretary of the United States Treasury,
who has been in Europe since July 23, was received by
Premier Mussolini in the latter's private apartment at the
Chigi Palace on Aug. 5. The Secretary, who was unaccompanied, conversed in an informal fashion (says the
Associated Press) with the Italian Premier for more than
half an hour in the presence of Finance Minister Volpi and
Under-Secretary for Foreign Affairs Grandi, who joined in
the conversation at times. The same report of the Secretary's visit says:
647
The curbing of the illegal shipment of bread into Switzerland is more
difficult, as France is under an obligation to supply the Sarre Zone. The
Minister of Agriculture has asked the Director of Public Safety to start an
immediate investigation into the illegal wheat traffic with a view of stopping
all speculative activity which might tend to increase the price of wheat.
It was announced on July 23 that the price of bread in
the Paris region would be increased to 2 francs 80 centimes
(about 7 cents) per kilogram (2 1-5 pounds), beginning
July 29.
Professor Cassel Doubts War Debts Can Be Paid in
Cash—Writes on "Impracticability of Dawes Plan."
Professor Gustave Cassel, the Swedish economist, contributes to the "Taeglische Rundschau," the personal organ
of Foreign Minister Stresemann, an article on the international debt problem, which is published under the caption
"Impracticability of the Dawes Plan," says a wireless
message from Berlin, July 28, to the New York "Times"
(copyright), which adds:
Far from making any such charge, however, Cassel stresses the essential character of the Transfer Committee created by the plan, and describes that body's activities as the most important factor in the successful regulation of reparations payments.
"Its task," he says, "is to manipulate the necessary transfer of capital
without disturbing the exchange value of German currency. This simply
means that this transfer of capital, so far as it is not met by deposits of
foreign capital in Germany, must be realized by German exportation of
really useful commodities.
"The principal difficulty of the so-called transfer problem consists in
the creation of possibilities for such exportation. The Dawes plan's exposition of this problem contributed in a high measure to elucidate the
real significance of international war debt payments in other cases as well
as in the case of reparations payments."
What Professor Cassel evidently does find impracticable is the monetary settlement of America's debt claims against her war-time associates.
He says:
"The transfer of capital from one country to another always must correspond to merchandise exports of like value. For these export commodities,
Although to-day's meeting was purely a private visit, another
of
course, services such as freight shipments, banking and insurance operameeting
between Secretary Mellon and Premier Mussolini will occur within a few tions and the like can be substituted, and also through the nationals of the
creditor country consuming goods of and receiving services from the debtor
days, when it is expected that a more detailed conversation will take
place, country. But capital transfer, which seems to be the basis nowadays for
particularly with reference to financial matters.
many commercial treaty negotiations,is an impossibility. Since the BrusUnofficial as to-day's visit was, it has confirmed the belief
in official sels conference in 1920. this truth has been circulated about the whole world
circles that important matters will be discussed before Secretary Mellon's by rational economists, but it has still failed of acceptance in political treatment of the debt problem. Creditor nations still seek through various
departure from Rome. It was asserted that the nature of the
conversation protective
measures to protect their markets against foreign goods
closely resembled that during the first meetingof Premier Mussolini with the importta-rif
of which is postulated by the Payment of war debts, and still
Benjamin Strong Jr., Governor of the New York Federal Reserve
regard
with
distrust
every effort of their debtors to increase exports by longer
Bank, working
hours or lower wages.
which was followed by others of a more official character.
"Obviously,the real solution of the debt problem cannot be expected until
Further meetings between Secretary Mellon, Finance Minister Bolpi
the world has reached a common insight into the problem's real nature."
and other Italian officials of an ostensibly unofficial character also
are
regarded as probable. Meanwhile, the Government is arranging an official
dinner to the American Secretary.
In his talk with Premier Mukolini, Secretary Mellon's discussion touched German Reparation Receipts and Payments for June.
upon general conditions in Italy and the United States. Since the
Total reparations receipts of 93,756,093.83 gold marks
visit was
strictly a courtesy one and without official significance, neither
Premier
Mussolini nor Finance Minister Volpi made any remarks or explanations during June are reported by S. Parker Gilbert, Agentconcerning Italy's financial condition and aspirations, nor did
Secretary General for Reparations, in his monthly statement issued.
Mellon ask any questions concerning these matters.
under date of July 10. The total payments for the month
The Italian-American debt settlement was mentioned, but in a purely
reached 89,879,629.45 gold marks. For the second annuity
"historical fashion." Secretary Mellon told the Fascist Premier
that he
was favorably impressed by what he has seen thus far in Italy, while the year to June 30 1926, the total payments were 930,348,700.5
5
Premier thanked him for the honor of his visit. The rest of the talk ranged
gold marks. On June 30 a balance of cash of 93,715,646.84
from the weather to general remarks concerning political
conditions and the
gold marks is reported. The following is Mr. Gilbert's stateFascist regime.
On the same date, prior to the conversations, Dino ment:
Grandi, Under-Secretary for Foreign Affairs, said, according OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SECOND
to Associated Press advices:
ANNUITY YEAR TO JUNE 30 1926.
Mr. Winston (Under Secretary of the American Treasury) and Mr.
Strong (Governor of the New York Federal Reserve Bank) came here holidaying like Mr. Mellon," the Under Secretary said,"but after they had seen
the financial situation of Europe they could not refrain from taking a
more
or less official Interest in important financial measures like
the stabilization
of currency. I believe Mr. Mellon cannot do less.
"On behalf of the Government, I can repeat that Italy
considers the debt
settlement with the United States a closed matter with
which we are satisfied. In fact, I desire to take this opportunity to
communicate to the
American Government and people our warmest and
most cordial salutations.
"The Italian bovernment and people feel
for Mr. Nellon an enormous
sympathy and gratitude. They are grateful
for his honoring our country
with a visit. Those of us who have met him know
him as a man of boundless charm, culture and comprehension of our affairs.
"Therefore it seems impossible that he will
travel through the European
countries without interesting himself in financial
conditions and problems,
among which payment of the war debts is one
of the greatest."
Before leaving France for Italy Secretary Mellon spoke
of the kindly reception accorded him in France, being
reported on July 30 at Tours (France) as saying: "I have
enjoyed the trip very much, and I feel my vacation is benefitting me greatly. I have met with unfailing kindness and
courtesy wherever I have gone." Secretary Mellon saw
no one officially, and had no official engagements
France to Control Wheat Production.
An Inter-Ocean Press Cablegram from Pan's, Aug. 4,
appeared in the New York "Journal of Commerce" as follows:
Strict Government control of the domestic wheat production will be the
result of a press campaign waged against the buying of standing wheat in
the eastern section of France, particularly in the Somme region by speculators, many of whom are foreigners, and the smuggling of bread into
Switzerland. As a first step in controlling the traffic in wheat, the Minister
of Agriculture will cancel all purchases made by English buyers in the
Somme region.
(On Cash Buis, reduced to Gold Mark equivalents.)
Second A nnutty
Month of
Year—CumulaJune 1926.
tive Toga; to
June 30 1926.
Gold Marks.
Gold Marks.
Receipts
in Second Annuity Year—
A.
I. Budgetary contribution
20,000,000.00 210,000,000.00
2. Transport tax
23,516,686.55 192.441,752.84
3. Interest on railway reparation bonds
50,000.000.00 450.000,000.00
4. Interest on industrial debentures
62.500.000.00
5. Interest received
239,407.28
2.109,323.66
Total receipts
B. Balance of cash at Aug. 31 1925
93,756.093.83
Total cash available
1,024,064.347.30
C. Payments in Second Annuity Year1. Payments to or for the account of—
France
40,386.693.36
British Empire
16.973,078.12
Italy
8.926,268.75
Belgium
9,368.572.96
Serb-Croat-Slovene State
3,566,395.07
Rumania
594,068.27
Japan.,108,351.31
Portugal
460,546.50
Greece
254,525.98
Poland
5,351.01
Total payments to Powers.
80.643.851.33
2. For Service of German External Loan 1924_ _ _ _ 7,456,152.30
3 For expenses of—
Reparation Commission
229.988.24
Office for Reparation Payments
308,317.55
Inter-Allied Rhineland High Commission_
261,692.37
Military Inter-Allied Commission of Control 200,000.00
4. Costs of Arbitral Bodies
5. Discount on amounts received from Deutsche
Reichsbahn Gesellschaft In advance of due
date
744.899.06
6. Exchange differences
34,728.60
Total payments
D. Balance of Cash at June 30 1926
917.051.076.50
107,013.270.89
89,879,629.45
443,848,854 08
183,562.599 14
58.983.354.60
93,811.815.45
31.447,432.19
6,999.471.82
479,132.54
5,137.341.84
2.551.733.91
97.306.25
826.919.041.82
80.013,571.84
2.924,574.08
3,083.333.33
6.424,403.82
4,107.261.69
37.545.27
6.652.456.46
186,512.24
930,348.700.55
93.715.646.84
1.024.064.347.39
See Tables I and II for analysis of payments by category of expenditure and by
Powers.
THE CHRONICLE
648
TABLE I.—TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Second Annuity
Year—CumulaMonth of
tive Total to
June 1926.
June 30 1926.
Gold Marks.
Gold Marks.
1. Occupation Costs—
38,326,750.43
(a) Marks supplied to Armies of Occupation.... 1,999,159.72
(9) Furnishings to Armies under Arts. 8-12 of
36.603,355.49
3,893,727.50
Rhineland Agreement
5,892,887.22
74.930,105.92
2. Deliveries in Kind—
22,612,830.13
(a) Coal, coke and lignite
5,809,471.53
(b) Transport of coal, coke and lignite
1,144.199.45
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers and nitrogenous products_Dr.372,955.52
708,036.96
(e) Coal by-products
6.766.49
(1) Refractory earths
1,474,234.56
(9) Agricultural products
2,401,783.49
(1) Timber
2,132.453.46
(1) Sugar
20.011,971.71
(1) Miscellaneous deliveries
227,431.282.08
73,790,916.33
9,023,666.35
42.217,071.96
4,380.964.26
76,405.33
14,091,315.97
18.182,037.77
6,842.389.18
146,622,585.38
55.928,792.26
542.658,634.61
18,718,462.02
199,578,020.64
3. Reparation Recovery Acts
2,100,316.90
4. Restoration of Louvain University
99,711.49
5. Miscellaneous Payments
6. Cash Transfers—
(a) Liquidation of the accounts of the FrancoBelgian Hallway Earle
(b) Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to Sept. 1 1924
Total Payments to Powers
1,966,724.11
5,007,229.01
3,998.34
678,010.63
3,998.34
5,685,239.64
80,643,851.33
826,019,041.82
TABLE H.—PAYMENTS TO EACH POWER CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Second Annuity
Year—CumulaMonth of
live Total to
June 1926.
June 30 1926.
Gold Marks.
Gold Marks.
Payments to or for the account of—
1. France—
999,439.31
24,714,917.16
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts 8-12 of Rhine25,259,977.40
2.748.927.47
land Agreement
3,448.668.88
33.492,226.28
(c) Reparation Recovery Act
13,289,597.35 152,310,929.33
(d) Deliveries of coal, coke and lignite
3,257,731.24
52,554,178.79
(e) Transport of coal, coke and lignite
(f) Deliveries of dyestuffs and pharmaceutical
341,719.39
products
1,730,579.08
(0 Deliveries of chemical fertilizers and nitrogenDr.372,955.52
ous products
39,281.874.32
469,721.04
2,187.866.32
(6) Deliveries of coal by-products
6.766.49
76.405.33
(I) Deliveries of refractory earths
(i) Deliveries of agricultural products
1,474.234.56
14,019,284.08
1,904,187.13
13,945.160.53
(5) Deliveries of timber
6.842.389.18
2,132,453.46
(0 Deliveries of sugar
70.333.691.67
10,610,202.58
(m)Miscellaneous deliveries
1,742,145.60
75,999.98
(n) Miscellaneous payments
00 Cash Transfers—
(1) Liquidation of the accounts of the Franco5,007,229.01
Belgian Railway Regie
(2) Settlement of balances owing for deliveries
made or services rendered by the German
350,000.00
Government prior to Sept. 1 1924
40,386,693.36
Total France
2. British Empire—
999,720.41
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts.8-12 of Rhine703,564.57
land Agreement
15,269,793.14
(c) Reparation Recovery Act
(d) Cash Transfer—
Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to Sept. 1 1924
443,848,854.08
16,973,078.12
183,562,599.14
Total British Empire
3. Italy—
4.701.701.89
(a) Deliveries of coal and coke
1,539,137.99
(9) Transport of coal and coke
(e) Deliveries of dyestuffs and pharmaceutical
229,350.14
products
2,456,078.73
(d) Miscellaneous deliveries
11,426,603.00
5,737,701.78
166,085,794.36
312,500.00
37,388,872.06
11.454,636.76
2,937,163.29
7,202,682.49
8.926,268.75
Total Italy
4. Belgium—
(a) Marks supplied to Army of Occupation
(9) Furnishings to Army under Arts.8-12 of Rhine441,235.46
land Agreement
4,621,530.89
(e) Deliveries of coal, coke and lignite
1,012,602.30
(d) Transport of coal, coke and lignite
(e) Deliveries of dyestuffs and pharmaceutical
541,422.63
products
(.f) Deliveries of chemical fertilizers and nitrogenous products
238,315.92
(0) Deliveries of coal by-products
497,596.36
(5) Deliveries of timber
2,012,510.12
deliveries
Miscellaneous
(i)
3,359.28
(i) Miscellaneous payments
(5) Restoration of Louvain Library
2,935,197.64
2,103,097.94
4,236,877 24
22,776,492 68
24,376 71
2,100.316 90
58.983.354.60
2.185.230.27
5.605,676.31
37,731,480.69
9,782,100.78
4,240,968.29
9,368,572.96
93,811,815.45
S. Serb-Croat-Slovene State—
(a) Deliveries of pharmaceutical products
(5) Miscellaneous deliveries
(c) Miscellaneous payments
31,707.29
3,515,688.22
18,999.56
125,068.39
31,131,925.73
190,438.07
Total Serb-Croat-Slovene State
3,566.395.07
31,447,432.19
594,068.27
6,999,471.82
108,351.31
Dr.10,112.70
489,245.24
Total Belgium
6. Rumania—Miscellaneous deliveries
7. Japan—
(a) Deliveries of dyestuffs
(5) Miscellaneous deliveries
108,351.31
479,132 54
8. Portugal—Miscellaneous deliveries
460,546.50
5,137,341.84
9. Greece--81Lscellaneou8 deliveries
254,525.98
2,551,733.91
1,352.67
72,031.89
9,763.73
Total Japan
10. Poland—
(a) Deliveries of agricultural products
(5) Miscellaneous payments
(c) Cash Transfers—Settlement of balances owing
for deliveries made or services rendered by the
German Government prior to Sept. 1 1924._
3,998.34
15,510.63
Total Poland
5,351.01
97,306.25
Grand Total
80,643,851.33
826,919,041.82
[voL. 121
Conferences of Governor Strong of Federal Reserve
Bank of New York with M. Moreau of Bank of
England, Dr. Schacht of Germany, &c.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York, whose long heralded conversations with
Dr. Schacht of the German Reichsbank were this week reported as imminent, has already talked with S. Parker Gilbert
Jr., Agent-General of Reparations Payments; M. Moreau,
Governor of the Bank of France, and M. Rist, one of the
Vice-Governors. It is understood he did not see Premier
Poincare, according to cablegrams from Paris (Associated
Press) Aug. 5, from which we also take the following:
His conversations at the Bank of France appear to have concerned various
technical problems which the central banks in the various countries have in
common. It is assumed by one of his banking friends here that, if he meets
Dr. Schacht, it will be to consider questions their respective banks have in
common, without attempting to enter into such problems as the reconstruction of European finance or the stabilization of the franc.
Mr. Strong's general idea, as expressed to friends here, was that France
must first ratify the American and British debt funding arrangements before
the question of credits to support some comprehensive plan for stabilizing
the franc could be considered.
He was rather vexed by recurring reports of his intention to take part in
a European conference of financiers for the purpose of regulating French
finances, when France had asked that no one meddle in her affairs.
His purpose in coming to Europe, it was stated, was the same as on his
previous annual summer visits since the war, that is, to inform himself on
European conditions and as to the operations of the great banks of issue in
Europe corresponding to the Federal Reserve in America.
The remark is attributed to him that if a conference were to be held with
European financiers, America ought to have one more vote than all the
others combined, because If any measures were decided upon that required
money, it would have to be America that supplied it.
The account also stated that Governor Strong had left
the Paris region some days ago for Switzerland, and his coming meeting with Dr. Hialmar Schacht, head of the German
Reichsbank, will probably, it was said, take place in Switzerland.
Fascist Italy Thirsts for Power and Riches, According
to Premier Mussolini—Arms Constitute No Threat
to World's Peace—Must Expand or Suffocate—
Nationalism in America.
Italy's thirst for power, riches and prosperity was enunciated in an interview which Premier Mussolini of Italy
had with a correspondent for the Associated Press on July
23. The Premier, in asserting that Italy must expand or
suffocate, said that her expansion in no way presents a
threat to the peace of the world. The Associated Press
account states in part:
"We are thirsting for the power, for the riches and for the prosperity
so long denied us," the Fascist Premier told the correspondent, "but our
Imperialism presents no threat to the world's peace. Surely the American people, whose commercial. and economic empire stretches over the
whole world, can understand and sympathize with young Italy's needs
to expand culturally and economically beyond her borders."
Discussing the need for mutual understanding between Italy and the
United States, the Premier said that the American Government resembled
the Fascist State more than any of the liberal democratic Governments of
Europe.
When Premier Mussolini was asked to date the precise meaning of his
oft-repeated phrase, "Italy's undeniable colonial rights," and to tell
exactly how he intends to achieve the fruition of them, he declared:
"Our colonial aspirations do not constitute a menace for any one. Italy
asks only what is indispensable to her and what it is just that she have.
It is certain that she will obtain fulfillment of these desires by a policy
of peace and friendly agreements, since no nation would want to assume
the grave responsibility of obstructing the achievement of such legitimate
and, in reality, such unexcessively aspirations."
The best way for Americans to understand Fascist Italy, the Premier
said, is through a comparison with their own country. "Paradoxical as it
may seem," he added, "there is a distinct resemblance between the development of Italy during the last decade and the United States during the
second half of the nineteenth century.
"Despite the tremendous differences in the historical traditions and temperaments of the two peoples, there is a clear parallel, for example, between your Civil War and our recent economic civil war. The doctrine of
States rights, prevalent before your Civil War, carried to the extreme in
the theory that the States had the right to secede from the Union, resembled the doctrine prevalent in Italy before the advent of Fascismo, of class,
of self-defense and regional autonomy.
•
"In the United States it was necessary to fight a frightfully destructive
war to affirm the authority of the Federal Government, while we were
able, with a comparatively bloodless struggle, to affirm the authority of
the Central State organism.
"The American Government resembles the Fascist State more than any
liberal democratic Government of Europe. Popular sovereignty is tempered by a strong Governmental authority. Universal suffrage elects the
Government, but cannot interfere with its work, as is unfortunately the
case in European democracies.
"Your pioneering period necessarily produced imperialism. So must
ours. The difference in type between our imperialism is explained by
certain fundamental differences between the two nations and peoples.
America had a tradition of freedom. Italy has one of enslavement to
foreigners. America was protected by her isolation, was overflowing
with natural riches, while Italy was poor in law and materials. America
had a vast territory sufficient for all her people, while Italy's surplus man
power must emigrate.
"Yet the two nations have much in common. Both are young, healthy
and full of self-confidence and determination to possess strength and
prosperity. Our soil is not rich, but whatever it contains we are determined to utilize, making science help the strength of our arms. Our
cultural heritage is among the richest in the world; our racial vitality
AUG. 7 1926.]
THE CHRONICLE
Is tremendous; our thirst for riches and prosperity cannot be denied.
We must expand or suffocate.
Nationalism in America.
"Nationalism in America is no lees strong than that in Italy. In both
nations success, achievement and progress are sought with religious ardor.
Our religion of nationalism is less material because we must depend upon
spiritual resources as much as physical. Our imperialism—like yours—is
not a threat to world peace. Americans should see the injustice of accusing us of militarism. You, safe across the Atlantic, keep your army, navy
and air forces ready to resist attack and to resent any insult to your
national honor. We, in the midst of centuries-old hatreds, and having
just won our independence after generations of slavery, surely cannot be
criticised for protecting ourselves and keeping ourselves prepared.
"But there is such a tremendous gulf in type, tradition and history between the United States and Fascist Italy that something more than
good-will is needed for mutual understanding. In connection with such a
basic matter as our condemnation of liberalism and democracy, Americans
cannot arrive at a clear understanding without knowing our yesterdays as
well as to-days.
"Here I am afraid they have had little or no adequate guidance. Fascisme is a profoundly Italian phenomenon intimately connected with our
history, psychology and tradition and culminating in a long-complicated
political evolution. Without accurate knowledge of sources, without marginalia and footnotes, no just analysis is possible.
"Foreign journalists, failing to take the true historical perspective, have
been deluded into following erroneous clues. For example, they have
popularized the notion that the origin of Fascism can be found in the
post-war period alone ; that it is merely another of the numerous reactionary
explosions directly due to the World War. These are ridiculous blind
alleys. Fascism° is the expression of the political genius of our people,
binding together in ideal form. the Latin State lessons and traditions of
two milleniums of history. The war awoke our souls from lethargy. It
helped, but did not cause the birth of Fascismo.
"Italy had imposed upon her by false friends the idea that she was
weak and doomed to permanent debility; that subjection to Cie insults
of foreigners was a fatal necessity, she had bad doctors, caring more
for fees than for the health of the patient, For generations these scoundrels kept dormant the will power of our people, allowing them to be the
prey of stronger nations, the butt of the world's contempt.
"Fascism° has stepped in to prove that the past of so many woeful
centuries is a lie. Italy is awake, healthy, thirsting for the power so long
denied her. She is strong enough and ready to maintain herself against
all enemies at home and abroad. We are committed to a war to the death
against liberalism and democracy because these two foreign importations,
badly digested, ill suited to our temperaments and at variance with our
traditions, virtually have destroyed the moral fruits of our war for independence `risorgimento' and have nearly succeeded in nullifying our victory against Austria in 1918.
"Foreign invasions and occupations did not hurt Italy as much as Italian
Liberal Democrats did. Foreigners could not crush our traditions, our
vitality and our past glory. They merely postponed our self-realization.
The Liberals did far worse. They inflicted moral prostration on the nation
and left her in such wretched condition that the roots of national life were
seriously menaced. The spirit of `risorgimento' was crushed before it
achieved its moral maturity. Spiritual unification, the creation of political
morality, preparations for independence—all processes necessary for the
nation's coming of age—were checked. Free Italy was kept crushed and
enslaved.
"Italy added to them the vices of Parliamentarism, worse than the rest
a the brood put together. The Italian Parliamentary system consisted
of talking lengthily and doing nothing; proclaiming fine phrases and satisfying personal ambition, bureaucracy ensnared all movement and the
executive power was practically non-existent. Even when the Italian
nation won her great victories of the Piave, and Vittorio Venetto, the
liberal Government almost threw away the spiritual fruits of the victory.
It did surrender the most material advantages."
Premier Mussolini believes that no international crisis brewing war
exists, but that a grave internal and economic struggle, wracking the
nations separately, is in progress. He has firm faith that Europe will
emerge into a period of stability, but that sacrifices will be necessary.
"Tell the people of America," he said, "that Europe is traversing a
period of acute—most acute—crisis, but that I have firm faith that she
will overcome her difficulties. Afterward, I am convinced she will have
a period of stabilization and peace.
"Make it clear, however, that the grave crisis of which I speak is not
international, that it has nothing to do with the relations between nations
and hence in no sense brings up the spectre of war," he added. "It is an
internal crisis that is wracking the various nations separately, not their
political lives, but their economic and social organizations. It is preeminently social. I am confident that the nations will solve it, but to
do so all the people of Europe must use all their energy and must be prepared to make every sacrifice in the cause of peace and stability."
Asked whether Fascism° might be copied by other nations as a solution
of their difficulties, he gave an eloquent outline of the philosophy of the
movement which he is leading. Italy, he said, is creating "a new type of
State." Among striking sentences in his exposition Were the following:
"Liberty or death was a fine phrase, but co-operation or poverty is
more accurate now. . . . 'aseisino replaces individual sovereignty by
State sovereignty, the nation for the individual. . . . Even the most
ardent defenders of the Liberal-Democratic movement cannot be so blind as
not to see its decay.
"Italy alone, among the great nations of Europe, is not torn by wasteful and dangerous political crises nor ruinous strikes and lockouts," he
declared. "While other nations are trying to struggle along with a type of
State organization obviously unfitted to present conditions—mending and
patching as -they go—we are marching unfalteringly toward a glorious
future.
"The most significant fact is that our success is positive. We are not
leaving problems for to-morrow, but are facing and solving them to-day."
Premier Mussolini Calls Upon Fascisti to Aid in
Government's Economic Measures.
According to Associated Press advices from Rome, July
26, a stern order has been issued by Premier Mussolini for
all the Fascisti in Italy to cease their local quarreling and
devote their entire energy to aiding the Government in its
economic battle. Continuing, the adviees state:
The order, contained in a message to Secretary-General Turati, to be
delivered to the local Fascist congresses which are being held throughout
the nation during the coming two weeks, is interpreted as expressing the
649
Premier's decision to intervene personally in an attempt to wipe out the
troubled situation within the party.
"At the local congresses," the Premier told Signor Turati, "you must
say loudly and clearly to all Black Shirts that the great economic battle
undertaken by the Government is of decisive importance for the future development and for the greatness of the regime of the Fascist revolution.
"It is absolutely necessary that each Fascist consider himself spiritually
and practically mobilized. Quarrels, which are almost always imbecile
and of a local, transitory character, must cease.
"There must be silence in the ranks. Each Fascist must be a witness
and propagator, giving an example of disciplined work in the certainty of
victory. He must make the sacrifices necessary.
"The Government is firmly at the helm, without pause or rest. All
Fascists must imitate it, must give the world formidable proof of our will,
tenacity and force. I ask the Fascists, above and beyond any clientele, to
carry out Fascism—always Fascism, and nothing but Fascism."
The message coincides with the activities of members of the Fascist
Directorate who are scouring the country, examining and attempting to
improve local conditions.
The measures resorted to by the Premier with a view to
strengthening the lira were referred to at length in our
issue of July 3, page 33.
Reduction in Italy's Internal Public Debt.
Louie Podesta furnishes the following translation of a
cablegram from the Italian Treasury, outlining the reduction
of the internal public debt of the Kingdom of Italy:
As an outcome of the measures recently adopted by Count Volpi, Minister
of Finances of Italy, the total amount of internal public debt of the kingdom
has been reduced on July 31 1926 to 89,860 million lira, as against 91,309
million lira on June 30 1926. This shows, therefore a decrease of 1,449
million lira which has been attained as follows:
For 848 million lira through anticipated calling and amortization during
the month of July of redeemable bonds 43i%, and for the remaining
601 million lira through discount before maturity of ordinary Treasury
bonds (bonds with maturity not over 12 months).
This remarkable reduction has been achieved by means of the surplus
shown by the State budget.
Use of War Bread in Italy in Effort to Rehabilitate
Finances—Foreign Currency Trading Under
Supervision of Bank of Italy.
On Aug. 2 Premier Mussolini called upon the people of
Italy to help in the struggle which the Government is
waging to rehabilitate Italian finances by eating a type of
war bread containing a maximum of 80 to 85% of wheat.
Advices to this effect were contained in Assosiated Press
cablegrams from Rome which also had the following to say:
Through a new series of drastic decrees adopted by the Cabinet, at
the personal request of the Premier, it is hoped to tut down on the wheat
importations, which are largely responsible for the great Italian adverse
trade balance.
Deciding against institutions of a system of bread cards, it was determined to adopt a single type of war bread, the prises of which would be
fixed by the Provincial Food Committee. Bath unit of bread will not
exceed 200 grains. The decrees also prohibit the manufasture and sale of
"luxury" bread and the manufacture of sweets and pastries containing
wheat flour. Violations of the decree will be punished severely and a
strict system of enforcing them has been created.
All trading and purchasing of foreign currency for the State account
henceforth will be in the hands of the Bank of Italy, the Finance Minister
said.
Italy Proposes Issuance of Nickel Five-Lire Pieces.
An Italian Cabinet measure provides for the issuance of
nickel five-lire pieces stamped with the Fascist emblem,
replacing the paper notes, according to Associated Press
cablegrams from Rome Aug. 3.
Premier Mussolini Forbids Non-Fascist Public
Manifestations of Intellectual, Sporting or
Charitable Character.
Through the adoption of a decree providing for the gradual
elimination of all non-Fascist public manifestations of an
intellectual, sporting or charitable character, Premier
Mussolini's plans to direct the entire mental, spiritual ..ud
physical life of the Italian people into Fascist channels
were carried a step forward on Aug. 3, say Associated Press
cablegrams from Rome, which went on to say:
The decree, which was adopted by the Cabinet on the direction of the
Premier, also calls for the elimination of all ceremonies of commemoration
for individuals. The measure calls for "hindering" by means of official
steps all such public inanifaesttions which are not "within the orbit of the
directive tendencies of the Government."
All officially approved manifestations and ceremonies are to be limited to
those "effectively useful and which, through the high characters of the
organizers and the availability of funds, give guarantees of attaining the
purposes for which they are intended."
Moreover, efforts will be made to co-ordinate all ceremonies in order to
avoid loss of energy and money and to obtain the greatest success. Special
commissions regulating such matters will be created.
One of the forerunners of to-day's decree has been a far-reaching reorganization of various sporting associations, notably the Automobile
Club of Italy, the National Pugilistic Federation and the Italian Football
Federation. This reorganization Is intended to remove disturbing elements
and to put the directorates in close touch with the leaders of the Fascist
Party.
The Cabinet also increased its already long list of measures to achieve
economies in the Government through cutting down the number of State
employees. The Cabinet ordered a suspension for three years of increases
650
THE CHRONICLE
in the lists of civil service eligibles, and prohibits the hiring of non-civil
service employees.
The Cabinet also decided to cut to the bone the number of offices and
organizations dependent upon the State, to simplify services by the adoption
of the most efficient and economical methods, and to reduce gradually the
State personnel in general.
la The Ministers also advanced to large shipowners a subsidy to pay an
Installment on vessels bought in England immediately after the war. This
step was taken because the Government realized that the decline of the lire
exchange seriously embarrassed the shipowners in meeting their payments.
The subsidy is reimbursable on easy terms within fifteen years.
[VOL. 123.
Yugoslavia Cabinet Reduces Salaries of Council 30%—
Measure of Economy on Account of Flood.
From Belgrade, July 25, a wireless message (copyright)
was reported as follows to the New York "Times":
The Cabinet Council, as a measure of economy on account of the flood
damage, decided last night to reduce the high cost of living bonus of all
active pensioned State officials.
The Cabinet reserved the sharpest cut for itself, reducing the salary of
Ministers and Under Secretaries 30%.
Other reductions are: High officials, Generals, ex-Ministers' pensions,
15% ; staff officers, 10; subordinate officers and civilian officials, 6;
minor personnel, 3%.
The Cabinet plans to ask Parliament to reduce the pay of Deputies 20%.
This economy is causing much discontent, officials pointing out that salaries are low now,and that the floods are increasing the cost of living.
Premier Mussolini of Italy Assumes Post of Minister of
Corporations.
Premier Mussolini officially inaugurated on July 31 the
new Ministry of Corporations, whose portfolio he has
assumed in addition to his other numerous Ministerial
duties. The Associated Press accounts from Rome, in Financial Plans of Financial Committee of League of
Nations for Relief of Bulgarian Refugees.
announcing this, added:
The Premier addressed a group of Government officials, representatives
The
following London cablegram July 23 (copyright) is
of the Fascist Party and men connected with capital and labor. He predicted that the new Ministry would succeed and show the road to other from the New York "Times":
nations as a revolutionary experiment in balancing the interests and forces
of economic life.
Signor Mussolini said that the ceremony was notable in that it demonstrated that the Fascist regime is systematically carrying out reforms which
are destined to change the structure of the State and to create the Fascist
State.
The Ministry will have control of the relations between capita and labor
and is designed to prevent strikes and lockouts.
We also quote the following message to the New York
"Evening Post" from Rome, Aug. 2 (copyright):
The ceremonial functions establishing the new Ministry of Corporations,
which is the keystone of the Fascist Government, required only twenty
minutes of Premier Mussolini's time. The rooms of the new department
were inspected by State officials, the Premier addressed the representatives
of thirteen syndicates, and the project started functioning in "revolutionary
industrial labor fields where all other countries have failed."
As Mussolini himself is the Minister of Corporations, he gave a brief
explanation of the functions of the new ministry, declaring it was in no way
going to be allowed to become a bureaucracy. Outside the syndicate heads
the department has only about a dozen clerks.
The Premier declared the reasons for joining labor with capital were
sound, inasmuch as under the Fascist doctrine the State transcends every
other interest, "a theory which has been accepted wholly by the Italian
people for the last four years." He concluded:
"It was only recently, in the old regimes, that workingmen were microscopic and neglected elements. The workingman camped outside the State
and usually against the State. To-day all elements of capital and labor are
gathered under the State in a given hypothesis of understanding and
collaboration, in which the supreme appeal is vested in the labor judicairy.
"We do not exaggerate in calling this complex system a spiritual institution which has been tried in other countries, but never carried to the logical
development such as Fascist regime has dared to push it."
Mussolini's Cabinet Approves 55 New Laws for
Education and Economy.
The Italian Cabinet, acting as a legislative and executive
body and under the presidency of Premier Mussolini, approved on Aug. 4 55 decree laws in less than the ordinary
legislature would take to discuss and pass one bill, says an
Associated Press cablegram published in the New York
"Times." As to the legislation it says:
The Financial Committee of the League of Nations concluded in London
to-day the special sessions called primarily to bring into operation a plan
for the settlement of the Bulgarian refugees, and in particular to enable
the Bulgarian Government to obtain advances up to 2400,000 for the
most urgent needs, such as early autumn crop sowing.
These advances will anticipate the public issue of a full loan of Z2,250,000 later in the year.
The Bulgarian Government is to be authorized to proceed with negotiations for the advances, but is to be urged to arrive at a satisfactory arrangement with the bondholders of her pre-war loans.
British Interests to Combine to Control Prices of
American Yarns.
Last month announcement was made by the Manchester
correspondent of the "Westminster Gazette" of a movement
for the formation of a combine to control the prices of
American yarns to prevent their being sold at a loss. In
indicating that the proposal of basic selling prices would go
into effect Aug. 16, Manchester advices, Aug. 3, to the
"Wall Street News" said:
The scheme of the cotton mills' owners of the American section of the
Lancashire mills for a basic selling price for standard counts of American
yarns to prevent ruinous underselling will go into effect on Aug. 16. It is
stated that owners of 35,000,000 spindles have promised to subscribe and
assist in the formation of the American Yarn Association for the purpose
of fixing minimum prices on American yarns. They intend to adopt the
plan which calls for severe monetary penalties for those not complying with
the selling quotations agreed upon.
According to Associated Press cablegrams from Manchester
the same date, a ballot resulted in over 90% of the spinners
supporting the scheme. It is stated that reports from the
district read at the meeting of the committee of the Western
Cotton Spinners Federation showed that a policy of working
alternate weeks was generally in operation, although, owing
to the coal stoppage and other difficulties, many firms have
had to curtail production.
The London Associated Press advices, July 16, referring
to the price control movement, said:
A session of three and a half hours, the third of three such meetings, has
resulted in over a hundred measures affecting every aspect of government
More than thirty prominent cotton mill directors, representing a capital
administrative activity. These measures go into effect immediately and of £55,000,000,
are said to be backing the scheme, the primary object of
the next session of the legislature will merely go through the formality of which is described as the fixing from time to time of minimum prices for
approving them.
standard counts.
The most important of to-day's new laws so far as the Fascist State is conBy this means, it is said, the mills hope to provide for a reasonable profit.
cerned is that covering public education. Thirty-five hundred rural school to raise a fighting fund to prevent unfair competition from firms outside
houses are ordered built, as well as a number of secondary schools to be the combine and to buy up surplus yarns if this is thought expedient.
established "in conformity with the Government's program ever to increase
The scheme, according to the "Westminster Gazette," is being submitted
its emphasis on Italian nationality."
to all Lancashire cotton spinners for their approval.
A special school of aeronautical engineering is also to be organized and
a system set up by which artists will supervise courses in the fine arts. A
central library commission is established to reorganize the libraries throughout Italy.
Egypt Will Buy Cotton—Intervention Plan of Govern-,
A new Fascist forestry service also is created with General Giuseppe
ment Disturbs Business Interests.
Boriani as Inspector General. It is also proposed to extend the Commercial
The Egyptian Government will intervene in the cotton
Air Line joining Turin, Pavia, Venice and Trieste to Vienna.
Among economy laws decreed is an experimental scheme for the regula- market and has decided to buy 50,000 kantars of Ashmuni
tion of the sale and marketing of fish and the setting up of a national committee to improve horse breeding. An annual subsidy of 2,000,000 lire is cotton, the Frice of which has been steadily falling for some
granted the National Organization for Small Industries, while the Small time, says a wireless message (copyright) to the New York
Industries Export Institute, with a capital of 6,000,000 lire, and a credit "Times" from Cairo, Aug. 4.
The advices further state:
institute of like purpose, with a capital of 4,800,000 are re-established.
Business circles regard the Government's policy with considerable misgiving, as involving the risks of heavy losses and assuring only the temporary
Salary of King Alexander of Yugoslavia Increased. alleviation of a situation which essentially is due to more than merely local
causes.
Associated Press advices from Belgrade, July 27, stated:
Ring Alexander of Yugoslavia is one of the highest paid monarchs in the
world. Recent additions to his civil list bring his yearly income to
$1,000,000 a year.
This is 40 times greater than the personal allowance made by Bulgaria
to King Boris and about five times in excess of the yearly income of King
Ferdinand of Rumania. It is almost fourteen times more than the salary
of the President of the United States and is probably exceeded only by the
civil list of the King of England.
But out of his million a year King Alexander must maintain• a huge
palace at Belgrade, another at Topchider (near Belgrade), a third at Bled,
in Northern Slovenia, and several smaller villas. The new palace at Topchider cost the State nearly a million dollars, while repairs on the old
palace in Belgrade cost about $400,000.
The young King does not entertain on an elaborate scale, but he has an
enormous number of servants and others attached to his various palaces
who must be paid.
Asiatic Russians Destroy Cotton Crops to Plant Wheat
—Fearing Famine.
Reports received in Moscow from Ferghana say that the
dearth of grain in Soviet Central Asia is approaching a
famine, reports a cablegram from Riga, July 27 to the New
York "Times" which adds:
The head of the Soviet cotton industry reported that prices of wheat at
Andijan and Khokand had risen 500% above normal and urged the Soviet
authorities to send in July and August at least 60,000 tons of grain in order
to save the cotton industry as the people, fearing a famine, are destroying
immature cotton crops and sowing wheat.
The Commissariat of Trade replied that it was possible to send only
40,000 tons.
AUG. 7 1926.]
THE CHRONICLE
Australia Plans Group Marketing.
The following is from the New York "Evening Post"
of August 3:
651
The claims convention was drawn up to take care of claims questions
which arose in the course of the discussion of the terms of the general
treaty. It was decided some months ago that these should be taken up in
a separate document.
A measure providing for co-operative foreign marketing of canned fruit
According to Associated Press advices from Panama July
under Government control has been introduced in the Australian Parliament,
new general treaty stipulates that Panama will cosays a cable dispatch received by Sir James Elder,commissioner for Australia 29, the
operate in the protection and defense of the canal, and will
in the United States.
It provides for the creation of a board consisting of one Government consider herself in a state of war in any war in which the
representative, one representative member of privately owned canning
concerns, and one representative of co-operative and State controlled United States is a belligerent. The following is from the
canneries, with the Government representative acting as chairman.
same sources:
The board's powers include supervision of handling, marketing and storAn official synopsis of the treaty, which supplants the Taft Agreement
ing of canned fruit, arranging of shipments in such quantities and at such abrogated in 1924, was disclosed to
-day. The treaty, signed yesterday at
terms as it sees fit. The scheme will be financed by a levy on exports not the State Department in Washington, in addition to providing for military
exceeding one farthing per 30 ounce tin. The establishment of a repre- co-operation in the protection of the canal, deals with commercial relations
sentative office in London is also considered.
and various administrative matters within the Canal Zone.
The synopsis says that radio and aviation control and operation may be
completely exercised by the United States. Armed United States forces
Belgium Aids Rail Men—Pay Will Be Increased in
shall have free access to Panaman territory in time of peace for maneuvers
Proportion as Index Number Rises.
and other military purposes, but due notice must be given to Panama when
From Brussels, Aug. 4, the New York "Times" reports troops enter her territory.
The first part of the treaty provides that lands needed by the canal
the following (copyright) cablegram:
must be paid for at the value prevailing on the date of their expropriation
The Minister of Railroads to-day decided to grant all employees of the and provides for the appointment of a claims commission. The second
Belgium railroads a monthly increase in salary amounting to seven and one- section deals with a change in the boundaries of Colon by which jurisdiction
half francs for each rise of 30 points in the index number above 510.
is interchanged with the United States controlling the northern waterfront,
This means an immediate increase of 30 francs for the present month as including certain canal buildings at present excluded from the Canal Zone
based on the latest index number published.
jurisdiction. The United States agrees to connect Panama and Colon with
It has also been decided to increase railroad tickets 10% and a rise in a road costing up to $1,250,000.
freight rates is expected shortly in order to produce additional receipts
The third section deals with the construction of a network of roads by
totaling 50,000,000 francs. •
the United States and the agreement that the United States will restore
the continuity of the Isthmian territory by a bridge or ferry. Panama will
the roads within the Canal Zone limits and
Spain Discharges State Employees—Official Note De- have free access at all times tosimilar
privilege on the Panaman roads.
the United States will have a
clares Several Were Ousted for Starting Rumors
canal as well as at cities in Panama are
of
the
entrance
either
Ports at
Against the Government.
to be provided. Colon and adjacent harbors will be free excepting for tolls
•
use. The United States will furnish Panama free space necessary to
The following cablegram from Madrid, Aug. 4, (copy- for
establish custom houses in the Canal Zone. No charge will be imposed on
New
York
the
is
from
right)
"Times":
any persons passing from Panama to the Canal Zone. This will not prejuAn official note issued to-day by the directorate, announcing that punish- dice the right of Panama, however, to control immigration.
ment had been meted out to several State employes for the alleged offense
One section deals with the application of the Volstead Act in the Cana/
of circulating unfriendly rumors or defaming the Government, declared:
Zone and provides that no penalties shall be imposed on account of the
"Every citizen, including even the Council and Ministers, has open to transportation of liquor through the Canal Zone in any direction, provided
him the road to the courts, where he can lodge a complaint against anything the transportation takes place under seal and certificate between Panama
Interfering with his rights or he can denounce the immoralities of others. and abroad and between any two points within the territory of Panama.
But a protest against the regime which this people enjoy, and under which
If a serious epidemic cannot be controlled by Panama the United States
It is evolving into life, to be free from the evils which made it sick, and will have the right to act.
which afflict other countries severely Is inadmissible."
Panama shall control and the United States shall inspect radio communiThe power to punish such offenses was authorized by royal decree on cations, but no station receiving set endangering the canal will be allowed
May 16. Jose Redmond Moreno of Madrid, municipal Secretary. and Jose by Panama. The United States may erect radio stations in any part of
Maria Escribano, an employe of the Department of Telegraphs and Com- the republic.
munications, were deprived of their jobs by to-day's note for such offenses,
The tenth section provides that only the United States and the Republic
while Viscount de Pegullal, second Secretary of the diplomatic corps, has of Panama shall be allowed to fly airplanes in the republic and flight
been'demoted for no specified offense.
licenses will be issued by a joint board. Panama agrees not to permit
flying over areas near the canal fortifications except by agreement with
States.
Signing at Washington of New Treaty With Panama. theItUnited
is provided that the gold dollar of the United States shall continue to
At the State Department at Washington on July 28 a gen- be legal tender in Panama and the silver currency of Panama will be the
tender in the Canal Zone except for payment of tolls.
eral treaty between the United States and Panama was legal
The last article stipulates that both parties to the treaty shall preserve
signed by representatives of the two countries. The signers their rights in accordance with previous treaties except as modified by the
expressed terms of the new treaty.
in behalf of the United
States were Secretary of State Kellogg and Francis White, head of the Latin-American Division; the signers for Panama were Senor Dr. Don Ricardo
J. Alfaro, Minister from Panama to the United States, and
Senor Dr. Eusibio Morales, Minister of Finance of Panama.
The new treaty supplants the Taft agreement abrogated in
1924. The "United States Daily" of July 29 reports that
coincident with the signing of the general treaty, Secretary
Kellogg and Dr. Morales at the same time signed a general
claims convention for the adjustment of all pending claims
of the citizens of each country against the Government of
the other. The same advices said:
The two Panama Commissioners who came purposely to
sign the new convention arrived in this country on July 26;
they left Panama on July 18.
Japan to Alter Financial System—Commission Now
Preparing Ground for Sweeping Changes—
Present Laws Outgrown.
Special Tokio advices to the "Wall Street Journal" appeared as follows in that paper July 17:
Under leadership of Akira Den, Administrative Vice-Minister of Finance,
a Government commission is now preparing the ground for sweeping
No summary or statement of the points touched in the treaties was given changes
in Japan's financial system. Her laws, passed from time to time
out at the Department of State. At the Panaman Legation it was stated
as occasions required them, have been outgrown. Economic leaders feel
that at the request of the Department, the Legation would give
out no that a new code is required, particularly with reference to the duties and
summary. By custom, the texts of treaties signed by representatives of
the privileges of the semi-official banks.
United States are given out only on the authority of the Chairman of
the
The commission, now studying the systems of other nations to evolve a
Foreign • Relations Committee of the Senate, but it has heretofore been
code of financial lawc for Japan, is to report to the Government in Sepcustomary to give out a summary of the points touched upon in a
treaty tember, so that a bill embodying the changes may be introduced when the
at the time of signing. In response to inquiries, the Department stated on Imperial
Diet convenes in December. Among the changes considered are
July 28 that no summary would be given out that day, but it was pos- restrictions
in the right of issue, now enjoyed by the banks of Japan,
sible that a summary might be made public later in the week.
Taiwan and Chosen and the Yokohama Specie Bank. The last issues silver
The general treaty replaces the so-called Taft Agreement, which
was notes which are legal tender only in China. The Bank of Taiwan (Formade up of executive orders dated Dec. 3, 6 and 28 1904, Jan. 7 1905 and
mosa) notes circulate only in the Empire's southern island possessions
Jan. 5 1911, embodying agreements with the Panaman Government reand are exchanged for Bank of Japan notes at par at the border. The
garding matters affecting the relations between the Panama Canal Zone
same applies to notes of the Bank of Chosen (Korea), which circulate there
and the Republic of Panama. Collectively known as the Taft Agreement,
and in Manchuria.
these orders were regarded as a temporary modus-vivendi to cover the
Special study is being devoted to the relation of the Bank of Japan to
period of construction of the canal. By this agreement, the Department
the banking system of the Empire. This is now weak because of the lack
states, the United States temporarily waived the exercise of certain of the
connection. The Bank of Japan has little influence in setting the
rights acquired by the Treaty of 1909, which arranged for the construction of
money rate, or, under
of the canal. The Taft Agreement was, the Department of State has efflux of funds. This normal conditions, or regulating the influx and
lack of intimate contact has hampered the develop-.
declared, "in to wise a delimitation, definition, restriction or restrictive ment of a real open
discount market. Actually, there is no real open disconstruction of the rights of either party under the treaty between the count market 'n
either Tokio or Osaka.
United States and the Republic of Panama."
Rediscount Rate Situation.
Negotiated Since 1924.
The official rediscount rate of the Bank of Japan on commercial bills
The Taft Agreement was formally abrogated under a joint resolution of and bills secured by
national bonds is two sen per 100 yen per day, 7.8%
Congress on June 1 1924. The negotiations for a new treaty to replace per annum.
Market rates on call money during 1925 averages 5.84%,
these agreements was begun at that time, and have continued ever since. while ordinary
commercial
bills ranged between 8.76% and 9.125% a
The present treaty had been in preparation for nearly a year, its general year. The differences
between these and the official rates are about twice
purpose having been indicated in the Congressional resolution authorizing those prevailing
between official and market quotations in New York and
the abrogation of the Taft Agreement, which declared that the "Agreement London. The official
rate is sometimes left unchanged for five years or
no longer provides an adequate basis for the adjustment of questions aris- more, while the market
is turning somersaults.
ing out of the relations between the Canal Zone authorities and the GovInstead of taking their bills to the Bank of Japan for rediscount when
ernment of Panama, and should be replaced by a more permanent agree- short of ready cash, banks
and bill brokers enter the call loan market.
ment."
Hence, the bank's cash in hand is generally lent at call to banks and bill
652
[VOL. 123.
THE CHRONICLE
brokers, who use it for loans against security, purchase of securities and
for adjustment of accounts in times of financial stringency. Because of
this, the market is not elastic, as is the ease of New York and London,
there is no guarantee of automatic recovery of money and the rate sags in
the middle of each month and rises toward the end, generally over a range
of about 2% per annum.
L. F. Gates Points Out Means Through Which Farmer
Might Benefit.
Sound farm relief may be obtained in many ways other
than passage of uneconomic legislation, according to L. F.
Gates, former President of the Chicago Board of Trade.
In commenting on the farm situation Mr. Gates pointed
out that ten thousand combines had been sold this season
in the four States of Colorado, Kansas, Oklahoma and Texas,
and said:
Would Ceatralize Reserves.
There has been a growing feeling among Japanese bankers for many
years that the Banks' reserves should be centralized in the Bank of Japan,
so as to give that institution closer control over facilities for rediscounting.
All the Japanese banks now place with the Bank of Japan only about 70,000,000 or 80,000,000 yen as reserve • against their deposits, which they
are absolutely forced to have there for clearing purposes.
The demand absorbed the entire production at prices which mean an
These so-called reserves amount to about 1%% of their total deposits. investment of approximately 825,000,000. This investment was made
This percentage contrasts with the reserves of the London Clearing House because a saving in labor was estimated exceeding the depreciation and
Association banks, which seldom fall below 61/%, and those of the interest costs. In other words, this machinery was figured to reduce the
"country" banks in the American Federal Reserve System, which are cost of getting a bushel of wheat to mmket and make a better net return
required to deposit 7% reserve against demand deposits and 3% against to the producer. This is along the line of sound farm relief.
Farm leaders might well exert more effort to put through the Great
time deposits.
In view of this condition, the "first line of reserve" is practically non- Lakes-St. Lawrence Waterway, which would save at least five cents a
existent, while the second line is not strong, due to the awkwardness of bushel, which is more than could be saved by entire elimination of middlemen's profits. The only way in which the American farmer, so far from
the call and discount markets.
The Japanese system has one desirable feature—the right of issue by the European market, has been able to successfully compete with the
peasant labor of Russia, has been through first, cheap lands; second,
the central bank against reliable commercial paper.
adequate and cheap transportation; third, an efficient and inexpensive
See Fault in Application of System.
marketing system: fourth, labor-saving machinery. The first factor has
Some bankers declare that the principal fault ,of the present system lies been removed—there are no longer broad, fertile prairies to be had for a
In its application rather than structural defects. They believe, that, if pittance. To improvement in the other three factors in American farm
the Bank of Japan were to adopt a policy of altering its rate according prosperity, all who are in any way connected or interested should bend
to the needs of the market, true call and discount markets would be their efforts.
At times, such as the present, the farmers'.dollar does not exchange
built up in Tokio and Osaka, the central bank would then be able to
abandon the call loan market and could force the associated banks into for a dollar's worth of other commodities. At other times,I buys more
closer relations with it in rediscounting.
• and at such times we hear much of depression in the cities and unemployOne defect which lies in the system rather than in its application, how- ment and bread lines. Fluctuations of the farmer's dollar above or below
ever, is that of reserves. The 1,600-odd little banks throughout the coun- the par line are temporary. Advantages in reduction of cost of production,
try, being tunable to utilize all their funds, deposit large amounts with the in transportation and in marketing, are permanent. But to get these
city institutions, which in turn lead it and invest in the stock market. oenefits, gluts must be avoided or the producer will have no one but himself
In timed' of tightness, the country banks call in their city deposits. This to blame for feeding the market faster than demand can absorb it. Glutted
causes a general calling of loans and dumping of bills and securities on markets furnish a speculative opportunity for which the producer is largely
the market, bringing about severe recessions of prices and shaking the responsible though he roundly berates the speculator if a profit results
entire credit structure of the nation. This is generally the case, in a from purchases made when no adequate consumptive demand is in evidence.
minor way, toward the end of each month, while the year-end and June
are very often market with similar manifestations.
Offering of $1,500,000 5% Farm Loan Bonds of Denver
Joint Stock Land Bank.
The issue of $1,500,000 5% Farm Loan bonds of the
Denver Joint Stock Land Bank of Denver, Colo., which
we indicated last week (page 524), would be put on the
market this week, were offered on Aug. 3 by C. F. Childs
& Co. at 103% and accrued interest, to yield 4.52% to
redeemable date (1936) and 5% thereafter. The issue
is dated July 1 1926, will mature July 1 1956 and will be
redeemable on July 1 1936. Principal and interest (Jan. I
and July 1) are payable at the Chase iiational Bank, New
York, or at the Denver Joint Stock Land Bank, Denver.
The bonds,coupon bonds in denominations of $500,$1,000,
$5,000 and $10,000, are fully registerable and interchangeable. They are redeemable at pax and accrued interest on
July 1 1936, or on any interest date thereafter. The bonds
are issued under the Federal Farm Loan Act and are exempt
from all Federal, State, municipal and local taxation (excepting estate and itheritance taxes) under a decision of
the United States Supreme Court. They are legal investments for all fiduciary and trust funds under jurisdiction
of the Federal Government and acceptable to secure Postal
savings deposits at par. The following is the bank's analysis
of loans as of June 30 1926:
Total loans-1882
Appraised value of farms mortgaged
Average amount loaned per farm
Average number of acres per farm
Total acres mortgaged
Average appraised value per acre
Average amount loaned per acre
Ratio of total amount loaned to appraised value
Real estate acquired by foreclosure
$13,021,100 00
$35.935,113 00
$6,918 81
774
1,457,321
$24 58
$8 93
36%
818.862 85
The bank has a capital of $1,000,000, surplus and profits
of $164,970.16 and reserve (legal) of $55,000. It reports
Farm Loan bonds outstanding of $12,338,000.
L. J. Pettijohn Reappointed Member of Federal Farm
Loan Bureau.
It is announced that Lewis J. Pettijohn of Dodge City,
Kan., was on Aug. 2 reappointed by President Coolidge as
a member of the Federal Farm Bureau for a term of eight
years.
Federal Land Bank 'of Houston Reduces Interest
Rate to 5%.
'The interest rate of the Federal Land Bank of Houston
was on Aug. 2 fixed by the Federal Farm Loan Board at
5%, applicable to new loans on and after that date. The
of 1% (or from 5M%),
new rate represents a reduction of
accvding to Commissioner A. C. Williams.
Opening of Grain Futures Market on New York Produce
Exchange.
More than a thousand members of the New York Produce
Exchange gathered on the floor of the Exchange on Monday, Aug. 2, to witness the opening of the New York Grain
Futures Market—a New York contract in the best grades
of wheat futures, based on a delivery at Buffalo. Members
of the New York Stock Exchange, the New York Cotton
Exchange, cottonseed oil brokers, railroad and steamship
executives—and all the members of the Produce Exchange
—were around the wheat pit when the gong sounded at
10.30 a. in.
Shortly before the opening, President B. H. Wunder
mounted the pulpit overlooking the new pit and delivered
a formal address, stating briefly the history of the Exchange, its ideals and its hopes. The new market, he said,
filled a long-felt need in the grain trade of the country, and
In addition supplied a hedging market for foreign buyers
that heretofore has been wanting. At the conclusion of his
talk the gong rang and hectic trading in the highly speculative wheat futures market was under way. Later in the
day, about one o'clock, a reception to about seventy-five
guests, officials of the various other Exchanges,
heads of civic and commercial organizations, railroad folk
and steamship owners, bank presidents, as well as to Buffalo
and United States Government officials, was held on the
floor and was followed by a luncheon in the Exchange's
luncheon rooms. United States Senator Royal Copeland,
President William L. De Bost of the Chamber of Commerce
of the State of New York, Sir Ashely Sparks, Managing
Dirtctor of the Cunard Line; Samuel T. Hubbard Jr.,
President of the New York Cotton Exchange, and Walter
Johnson, Vice-President of the New York Stock Exchange,
were among those in attendance.
The opening of the new futures market was featured by
a volume of business considerably in excess of expectations.
It was estimated, unofficially, that 1,000 contracts, equivalent to 5,000,000 bushels, changed hands during the day. A
number of commission houses reported individual trading
as high as 400,000 bushels, and in addition there was considerable outside interest in the market and local spreading
between New York and other grain markets. Numerous
orders were received from Chicago and Buffalo. Regarding
the operations on the opening day tt was announced:
The trading covered a range of about 4 cents a bushel, closing at the
low point with September domestic at $1 43%, December $1 487
4 and May
$1 53%. Bonded (Winnipeg) wheat covered a range of % to 1%c., New
York September closing $1 49 and December $1 47%.
The volume in bonded wheat was considered particularly satisfactory in
view of the holiday at Winnipeg, which lessened the interest in the bonded
wheat market. The break in prices on the local market was attributed
to the same causes which affected other grain markets—the publication of
private crop reports to the effect that the yield in the United States would
prove far above expectations.
AUG. 71926.]
THE CHRONICLE
There was keen rivalry among brokers on the floor for the honor of making the first trade in the new wheat futures market. The Hanson Produce
Co. carried off the honors in the December option, selling to B .F. Schwartz
& Co. at $1 52. Later this rallied to $1 50 after breaking to $1 48%.
The first trade in September was a sale by C. W. Andrus & Son to Tom
O'Neill, of N. W. Peters, at $1 47%, that month later easing off to
$1 46% on selling induced by. the decline in outside markets. The local
market was affected by lack of export demand, due to the holiday in England, as well as bearish crop estimates.
In his remarks preceding the opening of the new market,
President Wunder stated:
To-day we are at the beginning of practically a new venture. In a few
moments we will witness the opening of margin trading in wheat, once
again, on the New York Produce Exchange. Some eleven years ago, owing
to changes in marketing conditions throughout the naticsi—not alone
throughout the nation, but throughout the world—also due to the breaking
out of the World War, margin trading in wheat on the New York Produce
Exchange disappeared, and the old pit was discontinued. To-day we are
again prepared to institute margin trading in wheat on the New York
Produce Exchange.
There has been presented to the grain trade, passed by them, and also
by the Board of Managers, a set of rules, under which we are to operate
our wheat trading. These rules have been so drawn, covering all phases
of the situation, that your President feels certain there will be no difficulties met with in their interpretation.
In the opinion of the speaker, there is before the New York Produce
Exchange a brighter future than ever. There is every reason to believe
that this new venture will prove eminently successful, and the officers of
the Exchange bespeak the heartiest co-operation of all the membership to
bring about a most successful outcome of that venture on which we are
embarking this morning.
When President Wunder began his address the ceremonies were officially begun. Newly installed wires and
cables to Winnipeg, Chicago, Duluth, Buffalo, Kansas City,
St. Louis, Liverpool and London, connecting the New York
market with all the principal grain centres of the world,
started humming. Arbitrage business from the West, hedging from the Eastern millers and foreigners, and purely
speculative orders from the East flowed to the busy brokers
around the pit. Besides his remarks quoted above, President Wunder also said in part:
65;
When Mr. Lincoln passed on the other day the West was mapped with
railroads, the radio, electricity, the telegraph and telephone and numerous
other inventions, showing the extraordinary resourcefulness of our people,
were accomplished facts. In building up this vast population, in feeding
this empire of people, we Americans have .struggled with problems with
which the Old World never had to contend. We threw precedents to the
winds and attempted and accomplished, in our peculiar way, the seemingly
impossible.
On a par with these various feats is the manner in which we have
erected machinery for the harvesting, financing and distributing of our
crops. These futures markets, in their size and scope, are unlike anything
heretofore done in the Old World. To-day the world's granary lies nearly
2,000 miles from seaboard and these crops are marketed with the greatest
ease and comfort and without an undue burden on the farmer, banker,
railroad or steamship company. These matters have been accomplished
solely through individual effort, or the aggregate of individual effort,
despite the talk that is occasionally heard of other forms of government,
of Socialism of Communism and the like.
that there are 30,000,000 stockholders in this country belies
The fact'
the statement, heard so commonly in Europe that the poor are getting
poorer and the rich are getting richer. This market, we hope, will facilitate
the American farmer, in whose problems I am particularly interested, to
sell his surplus abroad and sell it at a profit. Of course, diversification
of crops is an important factor and our farmers are beginning to realize
this, and are beginning to bring the same methods to bear that help factories through a hard season, taking up the slack here and there and
cutting down generally on the overhead.
A farmer friend of mine in the West wired me yesterday that on his 36
square miles of acreage he had saved $2 an acre by not binding his wheat.
Farmers generally, with advanced and improved methods, could do as well
in other parts of the country. A saving of $200,000,000 a year could
easily be effected by scientific economy. For the first time in years, this
year we are not hearing the age-old cry of a shortage of labor on the
farms, and the Southwest is harvesting a record crop. We are vitally
interested in the agricultural security of this country and are working to
prevent this spasmodic depression in farm States. After all, these depressions are not so devastating as some politicians would have use believe.
Mr. Barnes, who was United States Food Administrator
during the war, then introduced President Wunder, who
extended a welcome to the guests. Axel Hansen, of the
Hansen Produce Co. and Chairman of the Grain Futures
Committee of the New York Produce Exchange, was the
next speaker. He told of the economic necessity of this
market, of the Buffalo delivery feature and its advantages,
and finally predicted that the New York Grain Futures
market would be the great international market of the next
few years.
Edward B. Loomis, President of the Lehigh Valley Railroad, and Patrick C. Crowley, President of the New York
Central Railroad, were the other speakers. Among those
present were:
About the year 1850, a number of the flour and grain merchants In this
city came to the conclusion that it would be beneficial to their trade to
form an Exchange where they could meet to transact their business, and
they formed what was known as "The New York Corn Exchange." Prior
to this time, these merchants had met informally in the open on the corner of Broad and South streets to make their trades. The former New
York Corn Exchange can, therefore, be considered as practically the beginning of the New York Produce Exchange.
The original organization, after its establishment, flourished. In 1860-61
the organization erected an Exchange building on Whitehall Street, from
United States Senator Royal S. Copeland; P. E. Crowley, President of
Moore to Pearl streets, and the name of the association at that time was
New York Central Lines; E. E. Loomis, President Lehigh Valley Railroad;
changed from the New York Corn Exchange to the New York Produce
Sir Ashely Sparks, Cunard Steamship Co.; William L. De Bost, President
Exchange, and the charter under which we are at present operating was
the Chamber of Commerce of the State of New York; Isaac Witkin,
granted one year later. This building at the present time is known as of
President of Cocoa Exchange; Dr. J. W. T. Duvel, Chief Grain Futures
the "Army Building."
Administration; Harold L. Abell, Marine Elevator Co., Buffalo; Joseph
During the next twenty years the business of the Exchange expanded
Andrews, Vice-President Bank of New York Trust Co.; J. Armengol, Lamaterially and it was found necessary to secure more commodious quarters,
redo, Texas; T. A. Beatson, Royal Bank of Canada; Harold L. Bache, J. S.
and the site on which this building now stands was purchased, and the
Bache & Co.; Elliott T. Barrows, ex-President of Produce Exchange; C. A.
present building erected. This building was completed in the year 1883
Blood, Lehigh Valley RR.; R. W. Boissevain, Vice-President United States
and was dedicated with appropriate ceremonies at that time.
Navigation Co.; Frank K. Bowers, T. J. Bresnahan, S. S. Conover, E. R.
The speaker, in giving you this short outline of the history and growth
Carhart.
of the New York Produce Exchange, has in mind, in doing so, to bring to
Louis Costa, President of Navigazione Libera Triestina ; A. R. Dennis,
you the essential reasons why, during all the years since its beginning, over President of Baltimore Chamber of Commerce; C. C. Probst, Bank of
three quarters of a century ago, the New York Produce Exchange has America; A. W. Loasby, President of Equitable Trust Co.; George E.
flourished and attained its present high standing throughout the entire Silzer, Chairman of Port of New York Authority; Lincoln Richards, Great
world.
Eastern & Superior Elevator Corp.; Welding Ring, ex-President Produce
If you will look at the official seal of the New York Produce Exchange Exchange; W. C. Rossman, Secretary of Produce Exchange; N. C. Stenning,
you will note emblazoned thereon the word "Equity," which has been the President of Anglo-South American Trust Co.; M. Serrati, General Manwatchword of its membership throughout all the years of its existence.
ager Lloyd Sabaudo ; S. Stern, Vice-President of Seaboard National Bank;
By adhering to the rule of "a square deal for all," which, in the parlance
Harry E. Ward, Irving Bank-Columbia Trust Co.; James Ward Warner,
of the day, the word "Equity" signifies, has the reputation of the Exex-President Produce Exchange; Charles W. Weston, Chatham & Phenix
change been maintained and enhanced as the years have gone by.
National Bank; Charles T. Wilson, Vice-President of Rubber Exchange;
It is the opinion of the speaker that there is no other commercial orYork News Bureau; M. C. Shepard, Bristol City
ganization in the world to-day whose membership is looked upon as greater M. J. Woodworth, New
Grain Mill & Elevator Co.; Wm. Harris
champions of such things as are right and square in business than is the Line; Edwin F. Douglass, Eastern
Exchange; W. Van Doom, President of
membership of our organization. Those, in years gone by, who helped to Douglas, ex-President of Produce
Exchange Counsel; James J. Godbuild the commercial structure of the Exchange, ever had in mind the Holland-American Line; F. S. Fisher,
Grammer, President of Eastern
desire that all their transactions should be so conducted that there would frey, President of Ray Copper Co.; Nesbit
Grain Mill & Elevator Co.; Henry Heberman, American Export Lines;
be no question but that "Equity" prevailed.
•
Horan, PresiWe of the present generation, having received from this priceless in- F. G. Herbst, Irving Bank-Columbia Trust Co.; Hubert J.
heritance, have endeavored to continue to conduct the affairs of the dent of Philadelphia Commercial Exchange; Arthur F. Jones, Fabre Line;
Exchange—not alone official—but also the commercial affairs of its mem- R. G. Narrelle, President of New York Boat Owners' Association; E. J.
Nolan, Marine Elevator Co.; T. C. O'Brien, Abell Forwarding Co.; W. A.
bers at large in such manner as to uphold the traditions of the past.
Overton, George II. McFadden & Bros.; Walter B. Pollock, ex-President of
Produce
Exchange.
Dr. J. H. T. Duvel, Chief of the Grain Futures Depart-
ment of the Department of Agriculture, one of those who
participated in the opening of the new market, said that
New York supplied about 15% of the 18,000,000,000 bushels
traded in last year on the Chicago Board of Trade-60,000,000 bushels a day. He declared that the New York contract
was the best of all futures market contracts, as it eliminated
yellow hard wheat, and said that the Department of Agriculture would be glad to co-operate with the Exchange in
helping the grain trade of the country.
Julius H. )3arnes, who presided at the luncheon tendered
by the Board of Managers of the Exchange to nearly a
hundred guests, spoke as follows:
A gentleman just died the other day, the son of a martyred President
of this country, Mr. Robert Todd Lincoln. And in the lives of these two men
have been spanned the great developments of the world. When the first
Lincoln was born this country had a population of 6,000,000 people concentrated within fifty miles of tidewater; England had 15,000,000 and
France 27,000,000.
Earlier references to the establishment of the new futures
market appeared in these columns May 1, page 2441; July
17, page 277, and July 24, page 410. The following concerning the facilities at Buffalo for the handling of deliveries
for future trading appeared in the "Wall Street Journal"
of Aug. 2:
Establishment of trading in grain futures in New York, Aug. 2, with
Buffalo as a delivery point finds this port well equipped to serve those
who plan to buy and sell grain under the new arrangement.
There are now 28 commercial elevators in operation in the Buffalo harbor district. They have a total grain storage capacity of 38,100,000 bushels, including the 900,000 bushels addition to the Saskatchewan Co-operative elevator, which will be completed in a few days.
In addition, the city early in August will begin construction of a system
of piers and slips which will accommodate more than 75 steamers holding
winter storage cargoes of grain. A contract for construction of two of the
nine piers and slips has been awarded to the Monarch Engineering Co.,
which is about to begin work. These and other inner harbor anchorage
will make it possible for steamers holding 30,000,000 or more bushels of
grain to have safe winter anchorage at this port. Consequently, when they
654
THE CHRONICLE
are completed, Buffalo will have capacity for the storage, at the end of
the lake navigation season, of close to 70,000,000 bushels of grain.
Expedited train schedules and establishment of regular canal schedules
by the Munson and other lines make possible speedy deliveries from Buffalo to New York harbor and other seaboard points.
Referring on July 31 to the proposed opening of the new
market, it was pointed out in the New York "Evening Post"
that Canadian grain futures would be traded in for the
first time in American history in the new wheat pit. The
"Post" account also observed:
The opening of the new futures market here will make the third major
wheat market on this continent. The two others are at Chicago and Winnipeg, Canada. Heretofore all grain prices have been made in Chicago
and Winnipeg, with New York just trailing along.
The opening of a great wheat market here is one more step in the
direction of making New York one of the greatest financial centres of the
world. Only recently a rubber exchange and a cocoa exchange were opened
here. New York now is an active market for cotton, grain, rubber, cocoa
and sugar, as well as securities.
Minor wheat markets are at Minneapolis, Duluth, Kansas City, St. Louis,
Seattle and Baltimore, but these markets are dependent on the prices made
in the large wheat pits in Chicago and Winnipeg.
[Vox.. 123.
Dominick & Dominick on Effect on Cotton Textile
Market of Formation of Cotton Textile Institute.
Indications of increased activity in the cotton textile industry have followed close upon the announcement of the
Cotton Textile Institute formed for the purpose of creating
a wider market for cotton goods and adjusting production
to that market, says Dominick & Dominick under date of
July 31, which in further discussing the effect of the Institute in the expansion of the industry says:
The plans of the Institute are comprehensive, including not only the
Improvement of distribution so as to meet the modern conditions of small
lot orders and hand-to-mouth buying, but also the production of cotton
dress goods and designs carrying a wide popular appeal. For the first time
the Northern manufacturer and the Southern manufacturer join In a common effort to increase the demand for what is, after all, an essential
commodity.
More money is spent annually for cotton goods.in the United States than
for any other textile. The per capita expenditure for cottons is about five
times as much as for woolens, almost three times as much as for worsteds
and two-and-one-half times as much as for silks.
The manufacture of cotton employs about half a million laborers. It calls
In announcing the approval of the new market by Secre- for the cultivation of about 46,000,000 acres of land having a farm value
$1,500,000,000, and produces goods annually valued at approximately
tary of Agriculture Jardine, a special dispatch from Wash- of
$2,000,000,000. Moreover, it contributes more than any other exported
ington to the New York "Times," July 20, said in part:
commodity to the favorable trade balance held by the United States.
For the first time in years a grain futures market will be established in
Of late years, conditions in the industry have been aggravated by two
New York City next month through full approval by the Secretary of major difficulties. One is the widely varying fluctuations in the cost of
Agriculture of the application of the New York Produce Exchange for its raw material; the other is the failure of consumption to expand as rapidly
as productive capacity.
designation as a contract market.
The profits 'of the cotton textile manufacturer are naturally dependent to
As a result, the Produce Exchange will undoubtedly be able to cut in on
the grain futures business of the Chicago Board of Trade and in all prob- a considerable degree on the price of raw cotton as compared with the
ability Buffalo, which has been rapidly forging ahead in recent years as price for finished goods. The situation has been complicated by the fact
a milling centre, especially for Canadian wheat, will be still further bene- that raw cotton has fluctuated very widely in value. Price per pound
was 18.9 cents in 1913, 34.9 in 1918, 46.2 in 1920, 25.6 in 1922, 30.3 in
fited.
The papers referring to the Produce Exchange's application went to Sec- 1924, and is about 18 cents to-day.
The Cotton Textile Institute proposes among other things to widen the
retary Jardine to-day for final approval, which, it was declared, is now
assured. The plan as approved by the Grain Futures Administration of the market for cotton goods to such an extent that this changing price of raw
Department and by the Department Solicitor, acting under the Grain Fu- material will not damage the prosperity of the industry. Heretofore the
tures Act of Sept. 21 1922, provides that deliveries of grain will be made cotton manufacturers have been concerned with the cutting of costs through
at Buffalo. An important phase of the project is the fact that Canadian mass production by means of a highly developecl use of machinery. Now
wheat will be delivered at Buffalo in bond on the same conditions as Ameri- their efforts will be directed towards better merchandising methods, including more efficient distribution and more attention to styles.
can wheat.
In 1924 the market for cotton goods was apportioned approximately as
follows:
26%
Organization of New York Grain Clearing Corporation Cotton fabrics used by cutters-up (dress manufacturers)
Cotton fabrics used for industrial purposes
30
Through Which New York Produce Exchange
Total piece goods sales by retailers
86
Cotton fabric exported
Clears Grain Futures Transactions.
6
Unclassified
2
Under the laws of Delaware the organization was effected
last month of the New York Grain Clearing Corporation,
100%
Of this classification, the use of cotton fabrics for industrial purposes—
through which the members of the New York Produce Extires, furniture, automobiles, shoes, etc.—has alone shown any marked inchange clear their grain futures transactions, trading in crease in the past few years. This consumption concerns the coarser cotton
which was begun this week, as announced in another item textiles and is likely to develop normally with the growth in American
manufactures. Continued expansion and prosperity in the cotton goods
in this issue. The directors of the Grain Clearing Corpora- industry,
however, will also require an increase in the use of cotton
tion are Julius Barnes, former United States Food Admin- fabrics for wearing apparel and domestic purposes,
creation
The
of a style demand is one of the methods of developing
istrator; A. C. Field of A. C. Field & Co.; Axel Hansen of
consumption of this kind. By initiating styles instead of following them,
the Hansen Produce Co.; H. B. Watson, of M. B. Jones & by creating a fashionable
market for the finer cotton textiles, the cotton
Co.; B. F. Schwartz, of B. F. Schwartz & Co.; W. F. Rosar, manufacturer plans to increase the quantity of cotton goods used in the
woman's
wardrobe.
Active co-operation among cotton goods manufacturers,
of the Melady Grain Co.; C. W. Andrus, of C. W. Andrus &
as expressed through the Cotton Textile Institute, can unquestionably deCo.; Robert F. Straub, of Montgomery, Straub & Co., and velop these markets far beyond their present consumption:
Frederick H. Teller, of Knight & Co. At the organization
Items regarding the Institute have appeared in these
meeting of the board of directors Axel Hansen, Chairman columns July 24,
pages 398 and 410; and July 31, page 527.
of the Grain Futures Committee of the New York Produce
Exchange, was elected President; Robert F. Straub, Vice- Contract with Bayway
Terminal Signed by New York
President, and W. C. Rossman, Secretary-Treasurer.
Cotton Exchange.
More Money Spent Annually for Cotton Goods in
United States Than for Any Other Textile.
More money is spent annually for cotton goods in the
United States than for any other textile. This statement
is made by the Association .of Cotton Textile Merchants of
New York, which has just compiled figures on the basis of
the latest manufacturing census, showing that the per capita
expenditure for cottons is about five times as much as for
woolens, almost three times as much as for worsteds and
two-and-one-half times as much as for silks. Under date
of July 25 it says:
For each of these groups the per capita expenditure in this country is
$17 for cotton goods, $7 for silks, $3 30 for woolens and $6 30 for worsteds.
In other words, people spend more for cotton goods than for all three of
these other textiles combined. These figures are based on mill prices and
are exclusive of all knit goods.
Domestic cottons consumed in the United States have trebled in value
since 1914, now amounting to almost two billion dollars a year, notwithstanding the fact that women's apparel in particular is more abbreviated
than ever before.
Government reports indicate that increased consumption of cotton textiles for manufacturing purposes has more than offset the lessened consumption of cottons for articles of clothing. This is shown by a comparison of the per capita consumption of cotton goods during the last ten
years for which figures are available.
In this period per capita consumption of cotton textiles not only kept
pace with a population growth of 13%, but even increased itself by 9%.
In 1914 the population was approximately 98,000,000 and per capita consumption of cotton cloths ove: 12 inches wide was 66 and a fraction square
yards. In 1923 the population was approximately 111,000,000 and per
capita consumption of cotton cloths had increased to 72.5 square yards.
The New York Cotton Exchange on Aug. 5 signed a contract with the Bayway Terminal, which is expected to make
New York one of the greatest cotton concentration ports in
the United States. The plans call for an expenditure of
about $5,000,000 by the Bayway Terminal, and officials of
the Cotton Exchange believe that their consummation will
be of tremendous benefit to the cotton trade—spinners, shippers and exporters alike. Announcement of the action by
the Exchange was made by Vice-President John W. Jay
following a meeting of the Board of Managers, at which Mr.
Jay presided in the absence of Samuel T. Hubbard Jr.
The Bayway Terminal is located at Elizabeth, N. J., on
Staten Island Sound,and at present has facilities for handling
and storing 60,000 bales of cotton. Under its contract with
the Exchange these facilities will be increased to 100,000
bales within six months and to 200,000 bales by October of
next year. Vice-President Jay of the Cotton Exchange
issued the following statement at the conclusion of the meeting on Aug.5 of the Board of Managers:
After a careful study by the Board of Managers, the contract between
the New York Cotton Exchange and the Bayway Terminal has been signed
as authorized at the meeting of the members held on July 15. The action
has been taken after a broad investigation as to what is best for the cotton
trade, the New York Cotton Exchange and the Port of New York.
The Exchange proposes to proceed with all energy to develop and utilize
the new facilities. It intends to do its utmost to serve the cotton shipper.
the New England and New York State spinners and the export trade, with
consequent indirect benefits to the Southern shipper at the lowest economic
cost.
The necessity for the agreement with the terminal company has sprung
from the difficulty of obtaining charges which would establish the Port of
THE CHRONICLE
AUG. 71926.]
655
New York on a competitive basis with Southern ports and markets. With and such storage has for years been considered legal delivery under cotton
judicious expansion of the program outlined by the terminal company in contracts. The storage charges received by Brooklyn and Manhattan
conjunction with the Cotton Exchange, the Board of Managers believes warehouses exceeds $300,000 a year and the labor bill in handling such
is a large item.
that this result will be satisfactorily accomplished.
The Jersey corporation under the proposed contract guarantees that the
In making this agreement with the terminal company, the Cotton Exfor storage, labor, insurance and other incidentals shall not exceed
rates
maximum
obtaining
of
motives
broad
the
by
only
actuated
been
has
change
service at the lowest cost for the cotton trade. The general trade of the certain fixed very low rates for 20 years, and the Cotton Exchange evidently
port is constantly expanding, and it is a matter of only a short time when is satisfied with this guarantee without asking who is to guarantee the guarthe capacity of every warehouse in the port will be utilized and the urgent antor. The Jersey corporation is a small one and has not at present the
question will arise as to where additional storage for cotton can be procured. storage facilities to store the cotton coming into the market, but no doubt
The Bayway Terminal Company agrees to supply the facilities which are it hopes on the strength of the contract with the Cotton Exchange to secure
essential to the immediate future and to give the interests of the cotton the necessary funds by selling its securities amongst the investing public
trade priority over every other demand. The agreement between the con- throughout the United States. The contract makes splendid window dressing for stock selling purposes and it will be the principal feature in any
tracting parties, therefore, is purely a business proposition.
financial prospectus. The guarantees of the Jersey corporation will no
The following statement was also issued on Aug. 5 by doubt be "soft pedalled," if not eliminated altogether from its prospectus,
to secure the nereseary millions from the pockets of investors.
Win.J. MacMillan,President of Bayway Terminal:
No sane corporation with anything to lose would make such guarantees
The exchange warehousing contract with the Bayway Terminal (signed
guarantees are imto-day) sets in motion plans for a development which will make the Port as are made. But where there is little money at stake,
of New York one of the great cotton concentration ports of the country. material. These chickens don't come home to roost for some years after.
States have "blue
other
and
York
New
them?
with
bother
then,
Why,
The spot cotton markets in the South have become great because of the
facilities offered them through certain railroad privileges. As the years sky" security laws, and it is a question whether New Jersey wouldn't have
have gone by these privileges have gradually built up a large marketing something to say in this case. The contract seems to violate the monopoly
system in which the maladjustments in freight rates and transit privileges laws of New York State and an injunction might lie against the Cotton Exhave been smoothed out until the whole is now if not almost perfect, at least change and prevent the execution of such a contract. Cotton Exchange
a thoroughly practical working arrangement. This has been accomplished speculators are evidently willing to extend their speculative operations to
almost wholly through traffic arrangements and particularly through con- speculate in future taxable values, taxes, labor charges, fire insurance,
centration privileges, the basis of which is the granting ofa privilege to con- &c., &c. I wonder what the speculative results of such a contract to-day
centrate cotton at certain designated points for the purpose of storing, would have been if it had been made at pre-war rates. No man, superweighing, sampling, classing., marking, &c. Generally speaking, for human or otherwise, in the past or present, could prophesy what the factors
entering into such a contract would be twenty years hence.
merchandising purposes.
If the present Brooklyn and Manhattan warehousemen with their tens
The transit privilege has done more to build up spot markets in the
South than almost anything else. It was the lack of this privilege at of millions oftheir own invested capital behind them won't enter into a simicontract for twenty years, how is it possible for any other corporation
lar
New York that has lost New York the pre-eminent position she held as a
spot cotton market many years ago. It is this privilege now offered at to undertake such a contract, unless it was a case of "heads I win, tails
Bayway, together with compressing and other modern cotton storage you lose." The Cotton Exchange loses nothing by such a contract except
facilities, that will again make New York a spot market worthy of the name. possibly its reputation of financial sanity.
To,sectu-e the most economical cotton storage facilities at New York it
was essential for New York to establish one large plant for the storage of President of Central Trades and Labor Council
cotton. Without this, the establishment of concentration privileges lose
Opposed to Bayway Terminal Contract of
much of their value. To have cotton stored in half a dozen points over the
New York Cotton Exchange,
harbor would be an economic waste.
With the establishment of one storage place, the carrying charges are
President of the Central Trades and
Ryan,
P.
Joseph
the
with
coupled
which,
single
bale
minimum
warehouse
receipt,
lowered to a
cannot fail to attract a great deal of business to New York. Above all, Labor Council and Vice-President of the International
shippers will know the charges on each and every bale of cotton from the Longshoremen's Association, has entered a protest against
time it arrives in the port until it leaves. One of the drawbacks at New
proposed contract between the New York Cotton ExYork in the past has been the indeterminate charges applying on cotton in the
change and the Bayway Terminal, which will result in the
the port.
The Bayway warehouse plan calls for an expenditure of about $5,000,000 exclusive storage of cotton at the terminal outside of Elizafor plant deyelopment at Elizabeth, N. J., on the water-front of Staten
Island Sound in the Port of New York. At present the Bayway facilities beth, N. J. In his declarations against the proposed move
can take care of 60,000 bales of cotton for storage. Under the exchange Mr. Ryan says:
warehousing contract these facilities will be increased to 100,000 bales
If the gullibility of the bankers who are expected to finance the construebales by Oct. 1 1927.
within six months and to 200,000
_
tion of the Bayway Terminal warehouse equals that of the members of the
Items regarding the proposed arrangements appeare m Cotton Exchange, it appears that New York is about to lose a large volume
business, and that many New York working men are to be deprived of
these columns'July 10,-Page 15-3 and Jul 17 page-276. of
employment.
—rIournal
of -Commerce, in an item in its
— Yorl
The-TTeCv
,
The New York "Times" of July 29, from which the above
issue of Aug. 5 concerning the project, said in part:
is quoted, also reported him to the following effect:
in
Under the system heretofore
three licensed warehousing
concerns operated four delivery warehouses. Under the contract with
Terminal
concern
one
operate
will
one
delivery warehouse at
Bayway
one point. A large machinery plant will dispense with the cost of manual
handling, lighterage will be concentrated at one point, and other economies
effected. This, it has been advocated by cotton mill operators, is very
essential, because it is becoming increasingly necessary on the part of
goods manufacturers to keep the cost of the raw product dow nas much as
possible. Unless the costs of handling cotton through the Port of New
York can be curtailed by some means as this the cotton trade, they threaten,
will seek other localities.
The New York trade has been keenly alive to this emergency for some
time, and the leaders have been seeking some remedy. One of the proposals advanced was to extend the New York contract so that delivery
on a New York contract could be made at a Southern point. That would
have relieved the situation somewhat, it is believed, but it was felt it
might have resulted in diverting such little trade in the actual cotton
as now adheres to the Port of New York. The Bayway Terminal project,
therefore, is claimed to have the virtue not only of conserving the cotton
trade to New York but also of making the New York contract more attractive to mill buyers.
Mr. Ryan said that for fifty years such cotton has been stored by New
York warehouse concerns with $100.000,000 invested capital, that it has
been handled by New York labor, and, at the peak of business, has given
employment to 1,000 men. He asked what motive actuated the Governors
of the New York Cotton Exchange to turn this business over to a corporation in New Jersey.
Inferring that the backers of the warehouse project were waiting for the
Cotton Exchange to act before even building their warehouse, Mr. Ryan
said the members of the Exchange were mistaken if they believed labor
costs would be lowered by the change and he derided the promise that they
would be kept as low as the average rate as at any other port, pointing out
that in New Orleans the warehouses were operated by the city and did not
need to make a profit. That labor costs could be thus maintained for
twenty years, as promised, he said, was a "foolish assertion."
In like manner he attacked the proposal of the Bayway concern to compress cotton at tho same cost as in the South, asking if Southern labor,
which costs 20 cents an hour as against 50 cents in New York, was to be
imported.
Stewart Browne of United Real Estate Owners'
Association Sees Loss in City Taxes as Re
-sult
of Contract Between Cotton Exchange
and Bayway Terminal.
In a statement voicing opposition to the proposed contract
between the New York Cotton Exchange and the Bayway
Terminal, Stewart Browne, President of the United Real
Estate Owners' Association, declares that "if this contract
becomes effective New York and Brooklyn warehousemen
are the losers, the City of New York will lose a certain amount
in taxes which will have to be made good by other realty
owners and labor will be adversely affected." Mr. Browne
further asserts that "the city administration, Merchants'
Association, Chamber of Commerce and all New York City
public bodies should take a hand in fighting this monopolistic
contract to transfer the entire cotton storage from New
York to New Jersey." His statement, issued Aug. 2, also
has the following to say:
"Rates similar to and in souse cases lower than those proposed by Bayway
Terminal," he said, "have been offered to the Cotton Exchange by warehousemen in New York that have been handling cotton for over fifty years,
the essential difference between the alternate proposals being that the New
York warehousemen propose rates for a period of from one to three years
against Bayway Terminal's guarantee of twenty years.
The Cotton Exchange, a New York State corporation, is about to make
corporation for the exclusive storage of cotton
a contract with a New Jersey
which will be considered delivery of cotton under New York Cotton Exchange contracts.
in the Port of New York during
Over 400,000 bales of cotton are received
each year,and such cotton is stored in Brooklyn and Manhattan warehouses,
The New York "Journal of Commerce" of July 31 also
referred to criticisms of the proposal by Mr. Ryan, quoting
what he had to say as follows:
Discusses Rates.
"These large warehouse companies who are familiar with fluctuations in
labor costs, taxes and all incidental costs in operating their plants know
that it is not sound business to guarantee rates for a period of twenty years,
especially when such rates might be inadequate to cover the actual costs
of storing and handling cotton, should any fluctuations upward occur in
labor costs, taxes, building maintenance, insurance, &c. All of these
items were entirely beyond the control of the warehousemen.
"The handling of cotton, as I have seen it in the Port of New York for
many years past, fluctuates violently. When cotton comes to New York
for tender on the New York Cotton Exchange it almost invariably arrives
In large quantities and has in the past caused serious congestion even when
handled at four different locations and by four different organizations."
Foresees Congestion.
Mr. Ryan, speaking about the possibilities of congestion at Bayway
Terminal, compared the rail and water facilities at Bayway against those
of New York warehousemen who are interested In the storage of cotton.
"At Bay-way." he said, "we have something like 1.200 feet of bulkhead
!Mace and a siding from one railroad, while at the New York warehouses
there are miles of waterfront, connections with all the trunk line railroads
entering New York and miles of freight yards and trackage facilities.
"Is it not a fact that concentration of cotton at any one point makes it
possible for easier manipulation than if stored at several different points?
656
THE CHRONICLE
For instance, if two or three of the large cotton firms have a big ntn of
cotton moving into Bayway Terminal for delivery on a certain date, which
might conceivably tax the resources of this Bayway Terminal beyond
the
breaking point, and a smaller cotton firm desires to bring up cotton to New
York for tender on the Exchange on the same date as the big firms,
how and
where will the smaller firm's cotton be stored and handled, keeping
in mind,
of course, that Bayway would be the exclusive licensee at that time,
and the
other warehouses naturally had not folded their hands and kept their cotton
warehouses ready and available, thinking that such a thing might occur
and be so philanthropic that they were ready and willing
to meet a situation
of this kind and save any of the cotton firms from losses due to a 'squeeze.'"
[VOL. 123.
voice to any suggestion thta the public refrain from
buying, should
the Stevenson plan restriction be ordered.
It is known that upon receipt of the London dispatch by
ment they expressed themselves greatly relieved, althoughthe departthe tire
manufacturing industry will have to face a similar uncertainty
ninety days until the Stevenson plan is superseded or dropped. every
Even though the Department of Commerce did not come out
with
an official invitation to the tire-buying public to buy as
sparingly
possible to keep the crude rubber prices from soaring, the mere as
announcement in the newspapers that Great Britain would on any given
date order a cut in available supplies of British rubber would
have
the same effect it was thought, the public acting on their own
initiative.
With tire sales rated as "slow" a boycotting of tires to force down
the price of crude rubber would be disastrous, men in the industry
say. However, it would be effective under the operation of the
law
of supply and demand. Therefore, all concerned in this country
are
desirous of preventing a recurrence of the situation of which complaint
is made. This new "scare," it is said, will have the effect of speeding
up laboratory experiments, while already production of rubber in the
native Dutch East Indies has been greatly stimulated.
Experiments at Panama.
The Department of Agriculture announces that it is pushing
its
experimental work in the Canal Zone and in Haiti. Also, with the
co-operation of the War Department, it has undertaken the planting
of rubber trees on the Fort Sherman Military Reservation in
Panama.
According to Dr. Karl F. Kellerman, assistant chief of the Bureau
of
Plant Industry, if rubber can be planted rather widely in the Canal
Zone, the idea of having a rubber reserve under United States control
will be a possible thing.
• The same paper reported the following from London on
August 5:
Much uncertainty exists here as to the outlook regarding rubber.
The question as to whether the exportation of the commodity will again
be restricted if the price averages below Is 9d for the current three
months is so far wtihout official answer.
Mincing Lane brokers, however, are inclined to take it for granted
that a reduction of 20% in the export limit will be put into effect next
November if the average price between now and then should be below
Is 9d per pound for the commodity.
According to Associated Press cablegrams from London
last night, the British Colonial Office yesterday announ7a
that existing provisions regulating the Malayan export of
rubber will be continued until further notice.
No Change in British Rubber Production During Next
Three Months.
The fact that there will be no change in the restrictions
in rubber production during the next three months, under
the so-called Stevenson plan in operation in the British Far
East Colonies, was made known in a cablegram received
from London on July 30 by the U. S. Department of Commerce special advices (copyright) to 'the New York
"Times" from London on that date indicating that there
would be no lowering of production, said:
American rubber consumers won their price war against the British
producing interests today. They won it by only the thousandth part
of a penny, but even if it had been but a millionth it would still have
been sufficient for their purposes.
The result means that the quota of rubber produced in the British
Dominions for export at the minimum rate of duty will be maintained
for the next three months at 100%. Had the average price of rubber
during the last quarter dropped below a shilling and ninepence a
pound, production would have been reduced 20% under the Stevenson
restriction scheme.
Had today's quotation been less than a shilling and eightpence, it
would have been just sufficient to reduce the quarterly average. As
a matter of fact the market closed at a shilling and eight and oneeighth pence, making the average quarterly price a shilling and 9.0017
pence. Strenuous efforts had been made by the producing interests
during recent weeks to force prices down but the consumers had
made it evident that they were able to absorb
'the rubber thrown on the
market at a price just sufficient to maintain the desired average. Consequently there was no attempt today to flood the market.
There was great interest, however, in the situation, and considerable
betting went on in the crowd which had gathered in the street at
noon
to await the final quotations. When the whistle was blown
at 12
o'clock there were loud shouts from the Stock Exchange of
"No Tennessee Court of Civil Appeals
change!" There was an answering cheer from some of those
Reverses Ruling
in the
street.
Enjoining Burley Tobacco Growers' Co-Operative
The day's developments were also referred to in part
Association from Operating in State.
as
follows in a copyright message to the New York "Evening
The Tennessee Court of Civil Appeals in a decision on
Post":
July 24 reversed the ruling of Chancellor Charles Hays
Mincing Lane has rarely seen such excitement as during the rubber' Brown, who had
enjoined the Burley Tobacco Growers'
dealings.
A wii1e back it looked as if the Americans were going to lose Co-Operative Association from operating in Tennessee.
without any trouble. American orders were 'placed in the forenoon Advices from Knoxville to the Memphis "Commercial
and the effects of the purchases on prices could be offset in the after- Appeal," giving an account
of the findings, state:
noon by heavy sales by British brokers. But the Americans caught on
The suit
was brought by the State of Tennessee upon relation
of the
to the game and gave orders that their purchases would be made late Frank which
M.Thompson, Attorney-General, was dismissed, and the entire
toward closing time.
costs, amounting to an enormous sum, were taxed against the State.
So every one knew it was nip and tuck, and Mincing Lane was
Thompson brought the suit more than a year ago on behalf of
a group
crowded with brokers. It was the intention of the brokers for the of loose-leaf warehouse
men
rubber owners to throw 2000 tons of rubber on the market and depress Association was hampering who charged that the Burley Co-Operative
the independent growing and selling of tobacco
prices beyond hope of their being saved. But the buyers stood up in Tennessee and violating the Anti-Tr
bravely to their jobs and accepted lots everywhere up to fifty tons the Burley Association, on the other ust Act of 1903. It was charged by
hand,
each without wincing. They continued to snap up all offerings and and that the State had no right to espousethat the case was a civil suit
the cause of one side of the
by purchasing at just over 1 shilling 8 pence they saved the quarterly controversy.
average.
The ruling of the Appeals Court in reversing Chancellor Brown's permanHad the restrictions been enforced and the demand for rubber risen ent injunction against the Burley Association's operating
in this State
steadily the British expected a fair rubber boom during the autumn, affects the entire tobacco-growing area in this State. It puts
the tobacco
though not with prices rising to $1 a pound, as last year.
industry in Tennessee again on a parity with Kentucky tobacco
fields,
According to the Washington bureau of the New York where the Burley Growers' Association reigns supreme.
When the suit was argued here before the court some months ago,
Aaron
"Journal of Commerce": Washington officials on July 30 Sapiro, attorney and champion of co-operating
marketing, pleaded for the
eagerly awaited the report from London which would tell burley growers. He charged that the Chancellor's injunction was a blow
at the principle of co-operative marketing.
them whether or not they again would face the worries and
The epoch-making decision was handed down in an opinion
by Judge
the controversies that prevailed some time ago when sup- John H. DeWitt.
The court's decision amounts to the upholding of the
plies were restricted to force an upward movement of
principle of cooperative marketing in Tennessee.
prices of crude. That account also stated:
The Court held in the opinion that "as to associations
organized and
Had the average gone below 42c per pound it is understood that the operated for the co-operative marketing of agricultural
the AntiStevenson plan would have required the automatic curtailment of Trust Act of 1903 is not fully in force and effect; that theproducts
restraint of trade
available stocks of British rubber during the next ninety days.
denounced by the Act of 1903 means undue or unreasonable
restraint of
Rubber Men Anxious.
That the situation was a most serious one is seen in the fact that
A. L. Viles general manager of the Rubber Association of America,
Tompkins, of the United States Rubber Company, came
and L D.'
to Washington today and were in conference for a long time with Dr.
Julius Klein director of the Bureau of 'Foreign and Domestic Commerce, Department of Commerce. Secretary Hoover was absent from
Washington today.
For the tire manufacturers this situation seemed to offer a great
many difficulties and it was but natural that they should be worried,
it is said. It is understood also that President Coolidge has shown
considerable interest in the matter because of present international
problems. Mr. Hoover has devoted a great deal of time and thought
to the developments abroad and E. G. Holt, chief of the Rubber Division of Mr. Hoover's department, is at present in New York, where
he has been conferring with rubber manufacturers and others and
watching the movements of prices as shown in the Rubber Exchange.
Retail Sales Poor.
A repetition of the buyers' strike on rubber goods would have
proved a death blow to the manufacturers, it is said here, since sales
at retail have apparently not come up to anticipations, despite the
recent price cuts. In all probability Messrs. Viles and Tompkins urged
or had in mind to urge the Commerce Department officials not to give
trade as held by the United States Supreme Court in the Standard
Oil and
tobacco trust cases and adopted by the Supreme Court of
Tennessee in
Baird vs. Smith."
"The Tennessee Co-Operative Marketing Act of 1923 sets
forth the
present public policy of the State as encouraging such
associations," declares
the opinion, "in order to promote, foster and encourage the intelligent
and
orderly marketing of agricultural products through co-operation,
to eliminate speculation and waste and to make the distribution
of agricultural
products between purchaser and consumers direct
as can be efficiently
done; and to stabilize the marketing of agricultural
products."
Trustee of Knauth, Nachod & Kuhne Loses
Decision.
The following is from the "Wall Street News" of
July 13:
A decision of unusual interest and of great importance to
the banking
world has just been handed down in the United States Circuit
Court of
Appeals for the Second Circuit by Judges Rogers. Manton and Hand in
the matter of the bankrupt estate of Knauth, Nachod & Kuhne,
ex parte,
the First National Bank of Trinidad, appellant, against Middleton S. Borland, trustee, appellee.
The case was a test case to determine the right of the petitioner, an inland
bank using the Kanuth, Nachod & Kuhne drawing service, to recover from
the trustee in bankruptcy funds set aside by the Banco Commerciale Italians
at Sassari. Italy, for the payment of a draft drawn by the inland bank on
the Italian Bank under the Knauth, Nachod & Kuhne drawing service.
AUG. 7 1926.]
THE CHRONICLE
On the decision depend the reclamation claims of some 160 banks located
throughout the United States whose claims aggregate 8550,000.
The Court's decision is based on the ground that the setting aside of
funds by the foreign bank for the payment of drafts drawn under the
drawing service of the bankrupts constituted an equitable assignment of
these funds In favor of the holders of the drafts. The money having been
set aside by the foreign bank and the drafts remaining outstanding at the
date of bankruptcy the receiver had no claAms to the funds so set aside nor
was he acting within his legal rights in requiring the foreign bank to return
such funds to the bankrupt estate. The decision thus establishes a principle
of law applicable to bank transactions of this nature which is highly favorable to inland banks using the facilities of another bank for the transmission
of funds abroad where the transmitting bank for the payment of the drafts
drawn by the inland bank.
The above decision follows three years of litigation of claims arising from
the Knauth, Nachod & Kuhne drawing service and reverses a decision
rendered In February 1925 in favor of the bankrupt estate by Robert P.
Stephenson acting as special master, which decision was affirmed in May
1925 by the United States District Court for the Southern District of
New York.
The successful petitioners were represented by O'Brien, Boardman,
Parker & Fox,for whom William DeForest Manice, Allen R. Memhard and
George Trosk were counsel, and the trustee in bankruptcy against whom
the proceeding was brought, was represented by Rosenberg & Ball, for
whom Godfrey Goldmark, George G. Ernst and Ralph F. Colin were of
counsel.
Activity on N. Y. Stock Exchange In General Motors Stock
—Thomas Cochran of J. P. Morgan & Co. Denies
Forecasting Future Price of Stock.
A spectacular rise in the price of the stock of the General Motors Corporation which occurred on the New York
Stock Exchange during the week abated with a statement
from J. P. Morgan & Co. on August 4 quoting Thomas
Cochran, a member of the firm, as "authorizing no statement of any kind as to the future price of the stock."
While the stock, together with that of the United States
Steel Company, featured the trading on the Exchange on
July 29, when new price levels were recorded, marked activity in General Motors stock was witnessed on Monday
and Tuesday of this week, August 2 and 3, and Was
ascribed to a report that Mr. Cochran, before sailing for
Europe on Saturday last had predicted that the stock
Mr.
"should and will sell at least 100 points higher."
Cochran's denial of this was made as follows by his firm
on the 4th:
Messrs. J. P. Morgan & Co. announce that their partner Thomas
Cochran, who is a passenger on the SS. Olympic, enroute to London,
requests that the following statement be given to the press:
"In response to inquiries made of me by a ship news reporter upon
my sailing from New York on a holiday, I spoke with enthusiasm of
the earnings, management and prospects of the General Motors Corporation. I authorized no statement of any kind as to the future
price of the stock which obviously no one can foretell."
The first response of the stock market to Mr. Cochran's
latest statement said the New York "Times" of August 5
was a severe decline in General Motors, U. S. Steel and a
few others of the trading favorites. General Motors sold
off about 4% points, and Steel about 2 points, but the dip
That paper in further reporting the
was short-lived.
movements on the Exchange on the 4th also said in part:
Stocks Recover in Rally.
As soon as the full significance of the statement was grasped, the
market rallied vigorously, General Motors recovering 414 points in
a swift rebound The entire market which had been threatened with
unsettlement steadied itself after the effect of the shock was over, and
many issues rose to the highest price levels in their history.
The prompt recovery appeared to hearten traders and speculators
with the result that the advance was resumed in aggressive fashion.
Baldwin Locomotive, International Harvester, J. I. Case and a few
other, issues moved forward so determinedly as to stimulate fresh
speculative sentiment. The oil shares shook off their lethargy and
moved with some energy in the early afternoon.
The stocks that suffered most in the final smash were General
Motors, U. S. Steel, Allied Chemical, Hudson Motors, Postum Cereal,
Youngstown Sheet & Tube, Louisville & Nashville, Atlantic Coast
Line and General Asphalt, their losses ranging from slightly under
2 points, up to 7 points in the ease of General Motors, which closed
at 206%.
A great many stocks escaped in the closing reaction, however, and
at the end of trading- the day's record showed a large percentage of
plus signs. Some issues survived the day with substantial gains.
The total sales for the day were 2,562,800 shares, against 2,829,000
the day before.
•
Cochran's Latest Statement.
Holders of General Motors stock were heartened by one part Of
Mr. Cochran's statement by wireless, which confirmed the comment
he had made respecting the earnings of the corporation and its general
prospects.
The original statement attributed to Mr. Cochran which
was published on the new tickers of Dow, Jones & Co., is
quoted in the following which we take from the New York
"World" of August 3, with reference to the trading in the
stock on the 2nd:
Thomas Cochran, partner of J. P. Morgan & Co., sailed for Europe
on the Olympic at midnight last Saturday and left behind him a verbal
bomb which yesterday turned Wall Street upon its head and added
almost $70,000,000 to the stock market valuation of shares of the
General Motors Corporation.
Mr. Cochran, a financier previously noted for his reticence and
his ability to avoid the limelight of newspaper discussion, was credited
with stating for publication that he considered General Motors stock
657
cheap at the prices prevailing last Saturday morning and that it
"should and will sell at least 100 points higher."
Wall Street Surprised.
Dow, Jones & Co., publishers of the Wall Street Journal, published
this statement on its financial news tickers at 11.35 o'clock yesterday
morning in a detailed interview credited to Mr. Cochran. The financial district was taken utterly by surprise. All possible sources of
information were deluged under a rush of telephone calls seeking
verification for the startling interview.
Late last night no direct verification had been obtained. Representatives of J. P. Morgan & Co. disclaimed information regarding
the matter and could neither confirm nor deny that Mr. Cochran had
granted such an interview just prior to his sailing.
Kenneth C. Hogate, managing editor of the Wall Street Journal,
said last night his own investigation of the circumstances of the
story convinced him of its entire accuracy.
Curiosity Aroused.
The fact that the interview was published just before noon, rather
than shortly after the opening of the stock market at 10 o'clock,
aroused much curiosity, since it was presented as having been obtained Saturday night. Representatives of the paper explained it had
not been held up in the Dow, Jones & Co. offices, but had been
placed on the ticker as soon as it had been received by them.
Mr. Cochran has never before been known to make a public statement of such tremendous stock market importance, and for this reason
many who know him expressed the greatest scepticism at yesterday's
pronouncement. But there was no discernible,, doubt on the floor of
the Stock Exchange, and sharply at noon Post No. 5 on the broad
floor became the centre of a bedlam of frantit brokers.
General Motors had opened strong, advancing so sharply, even
prior to publication of the Cochran interview, that observers wondered if some development of importance was not in the offing.
By 11 o'clock the stock had reached $194.75, an advance of more
than 5 points. This movement continued without important check
throughout the day, the heaviest buying and the sharpest gain coming
in the final hour of trading.
At that time almost half the brokers on the floor were in the surging mob around the General Motors post. Huge blocks of the stock
changed hands as hard pressed bears covered and confident bulls
added to their commitments. When the quotation neared $200 a share
the market ran into a heavy volume of offerings, apparently representing profit taking, and a bid for 9,000 shares—involving a total cost
of $1,800,000—was necessary to lift it above this record figure.
Thereupon a deafening roar went up, and in every brokerage room
was such jubilation as might be felt at Yale when Eli pushes through
Harvard for a touchdown.
The stock closed at $201.50 a share, a net gain of $12 a share
for the day. This means an aggregate market appreciation of $69,600,000 on the 5,800,000 shares of General Moto* outstanding. The
total turnover for the day amounted to 275,309 shares. Yellow Truck
& Coach, controlled by General Motors, also was heavily dealt hi,
advancing 474 points.
It was not until the close of the market thati-,Wall Street settled
down to analyze the interview credited to Mr. Cochran, and then it
got no further than to wonder what would happen to-day. Whether
Mr. Cochran said it or not, the majority concluded, it sounded reasonable. Here 'is the interview:
"General business throughout the country is fine and should continue so indefinitely. The rise in the stock of the General Motors
Corporation has been very rapid during the past week, but it is more
than Justified by earnings, future prospects and management of the
corporation. I have made a careful analysis of General Motors and
I am convinced the corporation wil earn more than $35 a share this
year.
"When the former proportionate prices of Associated Dry Goods,
American Can and General Electric are compared as to earnings, General Motors, with earnings running at such a rate, is cheap at this
price and should and will sell at least 100 points higher. The public
is now behind General Motors and it will steadily advance. It may
react a few points from present levels but it will go steadily ahead.
"The stock market this fall will be a discriminating market in which
good, picked stocks will advance where the earnings of corporations
and true values warrant such an advance. Money is plentiful and
cheap, and I don't look for any serious tightening of the money market until after the first of January. I don't look for any advance in
the rediscount rate on the part of the Federal Reserve Bank this fall.
"I expect general business throughout the country to continue good
throughout the fall. Crops, from reports I get, are spotty but are
better than it was first thought they were going to be."
Mr. Cochran is one of the most active and in&ential of the Morgan
partners, and J. P. Morgan i & Co. are bankers for the General Motors
Corporation.
Regarding the activity in the stock on August 3, the
New York "Times" had Ole following to say:
Another sensational advance in General Motors and United States
Steel kept the stock market boiling yesterday. The most spirited
bidding up of stocks that has taken place in the current rise marked
the day's trading, with the result that gains ranging from a fraction
to 1254 points had been recorded at the close. The total transactions
of 2,829,000 shares exceeded any recent turnover.
The bullish statement credited to Thomas Cochran of J. P. Morgan
& Co. was again the incentive for the advance. The buying demonstration, which got under way following the publication on Monday
of his statement, again centred in General Motors. This stock shot
up for a net gain of 1254 points in a burst of trading which dwarfed
that of the day before and closed at 21354. Approximately 329,000
shares changed hands yesterday.
U. S. Steel Also Goes Up.
United States Steel connuon; which moved forward spectacularly,
gain on the day of 534 points, reaching a record high
showed
n est in this stock was more pronounced than on Monday,
of l53. aInterest
indicating that the Morgan partner's statement with reference to
General Motors was having its effect on the shares of the other market leader in which this firm is interested.
The scene around the Steel and General Motors posts on the floor
of the exchange was the wildest that has been witnessed since the
uprush began. Traders were in a frenzy of excitement and orders
were executed with the utmost difficulty. Other stocks were virtually neglected, as these two issues held the centre of the stage.
Motors Advances 10 Points%
The activity in the stock market was continuous, but the advance
had brief interruptions. Buying activities gained momentum through-
658
THE CHRONICLE
out the first hour. General Motors, after its violent early advance of
more than 10 points, yielded leadership to United States Steel, which
began the most vigorous advance of the present movement, carrying
man industrial issues with it.
A professional attack at the beginning of the second hour served
to slow down operation's appreciably. Hudson Motors was among
the issues which sagged badly. General Motors sold off 7 points in
a perpendicular dive. The whole market was decidedly irregular and
for a time it looked as if the advance was to be halted.
However, the selling was absorbed without any prolonged unsettlement and the market resumed the advance with vigor. Steel, General
Motors and the other leading issues rallied briskly. The advance was
sustained throughout most of the afternoon, with irregularity appearing only in scattering parts of the list.
As to Thursday's Market, Aug. 5, the "Times" of the
6th said:
[Vol,. i.
Combined total of time and demand loans, 82,997,759,527.
The scope of the above compilation, and the methods employed in
preparing it, were both exactly the same as in tpe loan report issued by
the Exchange a month ago.
E. P. Davies, Partner of President Simmons of New
York Stock Exchange, Granted Trading Privileges.
It was announced on Aug. 5 that the Committee on Admissions of the New York Stock Exchange had authorized
Ernest'P. Davies, a member of the firm of Rutter & Gross
and a partner of.E. H. H. Simmons ,President of the New
York Stock Exchange, to exercise the privilege of transacting
business on the floor of the Exchange for the account of Rutter & Gross under Section 7 of Article 12 of the exchange
constitution. Mr. Davies is not a member of the Exchange.
The latter yesterday (Aug. 6)issued the following statement
in the matter:
The irregularity which developed in the stock market on Wednesday
continued yesterday. Many issues which have been most active in
the recent advance were under heavy selling pressure, indicating
that
profit-taking was going on. The market opened comparatively strong,
with General Motors and United States Steel in active demand.
Both
The authority granted Ernest P. Davies, a member of the firm of Rutter
of these stocks moved up briskly, only to meet heavy profit-taking
Gross and a partner of President Simmons of the New York Stock Exaround 11 o'clock. The reactionary tendencies were most pronounced &
change, to transact business on the floor of the Exchange for account of his
in the market leaders, although the entire list showed signs of waver- firm was
granted in accordance with Section 7 of Article XII of the Exing. The selling gained momentum around noon, and further
reces- change's constitution. This section was adopted Dec. 1 1922 and the first
sions took place, especially in the industrial issues. The downturn authorization
granted under its terms was that given to Clarence C. Pell,
was described in Wall Street as a corrective movement
and was not a partner of the late Seymour L. Cromwell, then President of the Exexpected to alter the bullish position which important financial
change,
on
Dec.
7 1922.
interests
are reputed to have held. The market remained soft until
The section of the constitution providing for a partner to transact business
just before
the close, when a substantial rally occurred.
for the President of the Exchange specifically limits the period during which
The following regarding the interview with Mr. Cochran the privilege may be exercised to such time as the President himself is not
engaged in the transaction of business on the floor of the Exchange.
Is
taken from the "Wall Street Journal" of August 4; it is
credited to the United Press:
Daily Statement of New York Stock Exchange on
The "hottest tip" the New York Stock Exchange has
had
Call Money Market.
came by the way of a ship news reporter who didn't realize in years
that he
The following are the daily statements issued this week by
had a story which in one day would add almost 670,000,000
to the
stock market valuation of General Motor Corp.
the New York Stock Exchange regarding the call money
Near midnight Saturday, Morton Nicholes, reporter for Dow, Jones
market:
•
& Co., publishers of The Wall Street Journal, sat
on the fore deck
of the Olympic in conversation with Thomas Cochran, "one
of the
Morgan partners."
During the course of the interview, according to Nicholes, Cochran
said he considered the stock of General Motors cheap
at prevailing
prices and that it "should and will sell at least 100 points
higher."
Reticence always has been a part of Cochran's make-up.
In fact,
it is seldom that any of the officers in the firm of J. P.
Morgan & Co.
will consent to stand in the newspaper limelight.
Nicholes had worked long overtime to get the interview.
He knew
he had an exclusive story, but did not fully
appreciate its tremendous
value. He went to his home in New Jersey early Sunday morning,
rested throughout the day, and decided to telephone
the interview to
his office Monday morning.
But an appointment intervened. The stock
market opened and
brokers entered the sweltering exchange in ignorance
of the verbal
bombshell about to explode.
Morton Nicholes, the man upon whom millions
hung, was at that
moment uptown helping his brother obtain a position.
That duty completed, Nicholes called his office. The
"city desk"
leaped to the story. After managerial approval
had been forthcoming,
the interview was put on the Dow-Jones news
tickers. Immediately
Wall Street was in a furore and General Motors began
to climb.
In a Detroit dispatch, Aug. 3, placing recent profits in
Motor stock at $10,000,000 the New York "Times" said:
Brokers here have estimated conservatively that in the past
two
weeks Detroiterd have made in the neighborhood of
$10,000,000 on
the great tidal wave of advancing General Motors
stock. The speculative fever in Detroit is spreading and every hour the
crowds about
the brokers' boards become larger.
Some brokers are warning their clients to get
out of the market,
predicting that the stock is about to take a drop
of twenty-five points
or more as a corrective setback.
Stories are being told of men and women in all
have made small fortunes and of young men, blinded walks of life who
with the glamour
of easy money, giving up their jobs to spend all
their time about the
stock boards. One prominent attorney, a former
Judge, is said to
have cleaned up nearly $500,000 when he sold
his General Motors
stock, which he purchased at $75 a share a few
years ago.
Aug. 2—Renewal 4%, high 5, low 4%, last 5. Remarks: Large first o
month settlements caused rise in rate to 5%. Volume large but
ample funds on hand all day and at close.
Aug. 3—Renewal 434, high 4%,low 454, last 4%. Remarks: Moderate
turnover. Money offered freely all day.
Aug. 4—Renewal
, high 4%, low 4, last 4. Remarks: Moderate
turnover. Money available at close.
Aug. 5—Renewal 4, high 454, low 4, last 4%. Remarks: A rather large
turnover necessitating an advance to 434 in early afternoon,
but with funds in supply at the higher rate.
Aug. 6—Renewal 4%, high 4%, low 4 %, last 434. Remarks: Withdrawals for out-of-town accounts brought slightly higher rates.
Ample offerings at close.
Statements of previous weeks appeared in our issues of
July 10, page 155; July 17, page 279; July 24, page 411, and
July 31, page 527.
Amendments to Constitution of New York Clearing
House Effective August 2.
The changes in the constitution of the New York Clearing
House Association which we indicated July 10 (page 155)
were adopted at a meeting of members on July 7, became
effective on Monday of this week, August 2. The most
important change so far as the public is concerned it is
pointed out in the Herald-Tribune is that which makes
exchange charges on out-of-town items discretionary with
the banks, instead of compulsory as before. It adds:
This change was hastened because several non-member banks and trust
companies were already taking these items free and were thus drawing
business from the Clearing House member banks bound by the rules.
It is probable that the only charges that will be made henceforth will be
in such instances where an out-of-town bank on which a check is drawn
deducts an exchange charge. It is estimated that the Clearing House
members have in the aggregate been charging from $500,000 to $750,000,a
year in exchange charges on these out-of-town checks. The charges were
designated to cover costs actually incurred in collecting items, but they will
Reports-to New York Stock Exchange Show Increase of now be borne by the banks themselves. Since the establishment of the
Federal Reserve system, the cost of collecting these "foreign" items has
$71,461,182 in Brokers' Loans on July 31 as
been considerably modified.
Among the recognized advantages to be gained from the elimination of
Compared with June 30.
compulsory exchange charges are: removal of what has always been
Brokers' loans outstanding on July 31 totaled $2,997,759,- regarded by the public as a nuisance and an irritation to business; establish527, comparing with $2,926,298,345 on June 30—an in- ment of uniformity in practice of handling out-of-town checks: a further
crease of $71,461,182. Of the July 31 total, demand loans step in the direction of univerasi par checks; removal of source of confusion
to the general public where few are able to distinguish between the exchange
aggregated $2,282,976,720 and time loans amounted to charges made by local institutions and the collection charge deducted
by a
country bank from a check drawn on A which the Federal Reserve authori$714,782,807.
should be paid at 100 cents on the dollar. Clearing House memclaim
ties
These figures were made public by the New York Stock bers Are put squarely
on a competitive basis with non-member banks;
Exchange yesterday. On May 28 the Exchange reported especially in the case of branches of local banks in outlying
districts.
The staff of the Clearing House has been increased to provide for the
total loans outstanding of $2,767,400,514; on April 30 the
clearing of checks at all hours of the day and night, except between 3 and
total was $2,835,718,5C9; the March 31 figures were $3,000,- 8 o'clock in the morning. The new "midnight
exchange" provides
096,167; Feb. 27, $3,535,590,321, and Jan. 31, $3,513,- between 5 p. m. of each business day, except Saturday, and 2 a. m. ofthat
the
day,
next
and
on
and
between
p.
m.
Saturday
1
6
p. m. and between 12 m.
174 154. The following is the statement made public by
and 2 a. m. of the next succeeding business day, each member must bring
the Stock Exchange yesterday (Aug. 6.): •
to the Clearing House all the items for the exchanges received
between
Total net loans by New York Stock Exchange members on collateral the last previous 10 o'clock exchange and the close of business by it
the same day,
contracted for and carried in New York as of the close of business on and may bring any items received after the close of
business.
July 31 1626 aggregated $2,997.759,527. The detailed
No member may make more than two deposits between the hours stated.
tabulation follows:
Demand Loans, Time Loans. The delivery of checks to the Clearing House may be made at any time
(1) Net borrowings on collaterals from New
between the hours stated, but in no case later than 2 a. m. Between 12
York banks or trust companies
81,917,959,415 $664,589,307 and 3 a. m., and again between 8 and 9 a. m., the Clearing House will
deliver to members packages which have been deposited against them. Calls
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
for checks must be made between the hours stated. These clearings are
others inG he City of New York
365,017,305
50.193,500 entirely independent of the 8 and 9 a. m. exchanges between members.
Settlement of the entire day's exchange transactions must be made, as
$2.282.976,720 $714,782.807 usual, before 1 o'clock.
AUG. 7 1926.]
THE CHRONICLE
659
_
New York Stock Exchange'Acquires'Additional:Space—
D'U'rican of Commercial Credit Co. Would Amend
Reserve Act to Make Eligible for RedisLeased.
Federal
Building
Cable
Quarters in Commercial
Loans to Financial Companies—
count
it
necessary,
found
has
Exchange
Stock
York
The New
Selling Contributes to
Installment
addiowing to the increased volume of trading, to acquire
Prosperity.
tional quarters, and announcement is made that three floors
In a statement issued Aug. 1, A. E. Duncan, Chairman of
in the Commercial Cable Building have been leased. The
members are informed of this in the following letter addressed the Board of the Commercial Credit Co. and affiliated corporations, discussing the installment buying, declared there
to them on Aug.5 by President Simmons:
To the Members of the Exchange;
be no doubt as to the soundness of installment buying
can
I beg to inform the members of the Exchange that under date of July 26
or other articles which pay for themselves
machinery
of
Stock
New
Exchange
York
between
1926 long-term leases were signed
Building
in labor, time, expense or through increased
Company,
the
Telegraph
under
saving
Postal
through
and
Company
Building
terms of which leases the Exchange will obtain possession of the west- production or efficiency; or as to the unsoundness in the
erly portion of the ground, first and second floors in the premises at 20
articles usually consumed or made worthless
Broad Street, known as the Commercial Cable Building, also the first floor purchase of
building.
said
of
wing
Street
before being paid for. Most of the unsound installment
in the Broad
The premises on the ground floor will be used for departments of the Ex- buying has been eliminated and the situation has been curing
change and for such other purposes as may develop. The second floor will
Mr. Duncan, from within the finance
be removed and the first floor converted into trading space to be used by the itself, according to
Bond Crowd of the Exchange, giving us a trading floor with a ceiling height companies rather than from pressure brought upon them by
of not less than 25 feet and a floor area of approximately 6,000 square feet,
by their bankers. In an address before the annual conaccess to which will be had by a short flight of stAirs up from the southerly
of Supervisors of State
end of the present large Board Room,as well as a stairway from the ground vention of the National Association
floor at 18 New Street, and the corridor and stairway leading to the 20 Banks at Columbus, Ohio, on July 20, Mr. Duncan entered
Broad Street entrance of the Commercial Cable Building.
a discussion of installment buying and expressed a
The premises in the Broad Street wing on the first floor, consisting of ap- into
be so amended
proximately 2,200 square feet, will be altered to provide a smoking room belief that the Federal Reserve Act should
and an ante room thereto. Access to these rooms will be provided from the as to make eligible for rediscount loans to finance comnew bond room and from the southeasterly corner of the present large Board
panies handling self-liquidating receivables of merchanRoom.
the Act
The great increase in listing of securities, as well as the increase in the num- dise sales. Mr. Duncan said that to amend
ber of securities traded in (both stocks and bonds), made it necessary for would enable the companies to borrow money cheaper,
the Exchange to secure this additional space. The leases were consumrates and thereby lessen the burden upon commated through Mr. Albert E. Ponter of Brown, Wheelock: Harris, Vought reduce their
& Co., Inc., after negotiations extending over several months. The prem- merce. Declaring that the development of finance comises will be vacated as rapidly as possible by the tenants now in possession, panies, offering a specialized banking outlet for installment
and as soon as these premises are vacated, they will be turned over to the
about rapid increase in the buying
New York Stock Exchange Building Company, who will proceed to make obligations, has brought
the necessary alterations for the account of the Exchange.
of many articles on credit, Mr. Duncan stated that it is the
abuse and not the use of the system which should receive
attention, as the increase in volume alone upon a sound basis
hazard
President Simmons of New York Stock Exchange Re- in proportion to all commerce should not increase the
in business. "It is doubtful," continued Mr. Duncan,
turns from Europe—People Abroad Face Serious
"whether the increase in volume of installment buying, the
Problems, but Financial Recuperation Is Well
past six years, has been out of proportion to the increase of
Under Way.
One would think a radical change in
In a statement made with his return from Europe on all merchandise bought.
had only taken place within
merchandise
of
distribution
the
Aug. 4, E. H. H. Simmons, President of the New York
judged by the growing interest in inyears,
few
past
the
as
presented
views
follows
his
of
Exchange,
Stock
conditions
stallment buying." Mr. Duncan also had the following
abroad:
Columbus address:
While my trip to Europe was really for the purpose ofa vacation, naturally to say on the subject in his
I was extremely interested in the financial and economic conditions existing
there. I doubt that is possible for an American to realize, without visiting
Europe,the very serious character of the problems which confront the people
there,or to appreciate the ability and determination which are being brought
to their solution. It is very easy to be misled by surface indications and to
be critical without an understanding of all the facts. It is my belief that
Europe is reaching the end of a very hard road leading to rehabilitation and
readjustment and the flurries of the moment are incidental to the end of
some very intensive and really constructive work.
The economic and financial recuperation of Europe is well under way.
There have been temporary setbacks and possibly there will be more before
the desired end is accomplished, but talks with the best informed men in
London, Paris and other centres and a first-hand view of what really is
going on under the surface, make me quite optimistic and decidedly appreciative of both the greatness of the problems and the effectiveness of the
work that is being done to meet them.
Naturally, I visited the London Stock Exchange and the Paris Bourse.
and I was tremendously interested in their methods of operation and
administration. I experienced only the most delightful courtesy in Europe
and realized that there is i most genuine desire on the part of European
financiers and Exchanges to cooperate with us here in the United States.
For a long time I have felt that the volume of merchandise installment
buying has been greatly exaggerated, wide publicity having been given to
many installment sales plans which produced little business, but a large
amount of cash and short-term credit business through the interest aroused.
engaged in the
A survey shows that there are 821 finance companies
other merchandise
financing of motor vehicles, many of which also finance
receivables. As of December 31 192, 377 companies reported total cash
and approximate
capital, surplus and undivided profits of $206,927,248
installment receivables outstanding of $520,815,834, with approximate
total purchases of instillment paper during 1925 of $1,041,495,153.
Mr. Duncan pointed out that sound installment buying
had made an important contribution to prosperity and that
it has improved the standards of living. He added:
• There can be no doubt as to the soundness of installment buying of
time, expense.
articles which pay for themselves through saving in labor,
the unsoundness of
or through increased production or efficiency nor as to
before being
worthless
made
the purchase of articles usually consumed or
soundness
paid for. Neither should there be any doubt concerning this
their convenience.
when deserving individuals purchase articles which add to
comfort, education, health or recreation, provided:
his ability to pay the
I. The character,and credit of the purchaser and
amount involved out Of ills current income or means be predetermined.
realize approx2. The article bought will upon normal repossession
mately the unpaid balance due.
3. The down-payment be sufficient to assure the purchaser a substantial
equity, thereby giving him a sense of ownership and not of rental.
4. The maximum maturity be kept well within the useful life of the
article and of the probable period of continued employment of the purchaser.
5. The article be repossessed promptly upon failure of the purchaser
either to pay or secure the amount owing as and when due.
Exchange Against
Fraudulent Stock Certificates.
A warning against fraudulent stock certificates has been
issued to members of the New York Stock Exchange by
Secretary E. V. D. Cox, the notice, according to the New
York "Journal of Commerce," growing out of the plot on the
part of a group of individuals operating from Chicago to
As to automobiles, Mr. Duncan declared that the miniswindle Chicago banks and New York Stock Exchange
brokerage houses out of large sums of money through raising mum down payment should be one-third of the cash delivered
of stock certificates and disposing of them. The following price and maximum maturity about twelve months, payable
in equal monthly installments. He also said:
is the notice to members issued by Secretary Cox:
Warning of New York Stock
Grept care should be used to prevent the purchaser from incurring an
obligation out of proportion to his ability to pay. Credit is an individual
matter based upon character, moral standing, location, occupation, length
of time in present position, number of dependents. &c., quite aside from
current income or other means.
To the Members:
How can we say that luxuries should not be bought on time when it is
Referring to the matter of the one-share certificates which have been
next to impossible to define a luxury? The development of our country has
amounts:
larger
to
discovered to have been raised
Based
I am instructed by the Committee on Securities to call your attention been so rapid that luxuries of to-day become necessities of tomorrow.
our present
to the fact that the columns of tens and units on the right-hand side of upon the standard of living thirty years ago, the majority of
extravagant
most
these certificates were altered by inserting in place of the numerals originally commerce would be entirely eliminated and considered
punched out numerals from other certificates, which were held in place by and unessential.
We had better educate the public concerning sound installment buying,
means of sales tax stamps attached to the reverse side.
the dealer passing
The Committee requests that particular instruction be given to all then leave the matter to the individual purchaser and to
they
persons in your office handling stock certificates that if any certificates for upon his credit. The American people have a lot of common sense;
they permitted
are
nor
incur,
not
a
make
few mistakes, but as a rule they do
odd lots with tax stamps or any other matter attached thereto should come
ability to pay. No doubt in
into your possession they be examined most carefully or sent to the office to incur, obligations much in excess of their
1925 there was a large amount of unsound installment buying. Thiswas
of the Secretary for examination.
ying.te
nt
ta
due to not knowing just what constituted ound
E. V. D. COX. Secretary.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 30. 1926.
660
THE CHRONICLE
competitive conditions and high pregame sidsionanahip by finance companies, dealers and manufacturers.
Mr. Duncan made the point that installment buying u
sound credit principles supplies oredit to the individual consumer based upon definite terms of payment, supplanting
the old custom of retailers carrying long-term accounts for
purchasers with no definite plan of payment. He cited other
advantages, as follows:
[VOL. 123.\
raft of McFadden Branch Banking Bill as Finally
Considered in Conference.
Just before the adjournment of Congress Representative
McFadden brought to the attention of the House the text
of his branch banking bill as finally considered in conference. A perusal of this shows that the final proposal with
respect to Federal Reserve charters called for their extension for a period of forty years from the time of their organization. The Senate bill had proposed to make the charters perpetual. The conference report which was presented
to the House on June 22 provided for the extension of the
charters for a period of fifty years after the.expiration of
the present charters. As we have already indicated in these
columns, the bill was returned to conference on June 24
when the House rejected its branch bank provisions and
insisted upon the Hull amendments carried in the bill as it
passed the House Feb. 4. This was reported in our issue of
June 26, page 3,548. The fact that the conferees had been
unable to reach agreement on the disputed points before the
adjournment of Congress on July 3 was noted in these columns July 10, page 160. In making known the draft of the
bill as it stood before the conferees when Congress adjourned, Representative McFadden stated that at that time
only ten words constituted the differences between the two
Houses. His statement on this point was referred to by us
July 17 (page 281), and inasmuch as it was incomplete,
we are giving it herewith In full, together with the provisions of.the bill as it finally stood in conference:
Advantages of Installment Buying.
Increased demand for merchandise, especially labor and time-saving,
health-preserving and pleasure-giving articles;
Increased employment, wages, purchasing power, production, consumption, efficiency, thus completing the circle of increased prosperity, based
upon high wages, high production and high consumption.
Mass production of articles bought, which greatly reduces their cost
either for cash or on tinuit (automobiles would cost $300 per car more if
Production were limited only to cash buyers).
Reduction in price due to mass production, which more than offsets the
increased cost to installment purchasers or about 10% or less, including
Interest.
Protection of principal by facilitating purchases out of income instead
of out of capital account; (This was claimed to be greatest reason for the
general use of installment buying, which most critics overlook.)
Increased ambition and earning ability by satisfying the desire to have
articles, which could at the time only be purchased out of income;
the
individual then wanting more and better things, will work and plan harder
and save mere to got them.
Transfer of millions of dollars of former short and long-term accounts,
with no definite date of payment, this being the source from
which a large
part of present outstanding installment debt comes.
Establishment of the habit of budgeting income and encouragement
of
integrity of the purchaser by making him realize the
value of meeting regular
payments, which must encourage saving.
Increased value of the 1914 "automobile dollar" to $1.16
in 1925 against
a reduction of the 1914 "cost of living" dollar
to only 59 cents in 1925,
largely due to mass production resulting from installment
buying.
Mr. Speaker, inasmuch as the present session is closing to-day and the
Higher standards of living, comforts, conveniences,education,
efficiency, banking bill
(H. R. 2), commonly known as the McFadden bill, remains in
recreation and health, countless numbers being able to live
and raise their conference
until the convening of the next session of Congress in December
families in the suburbs instead of in congested cities.
1926, I desire to make clear to the members of Congress, as well as others
To further emphasize the constructive influence of install- interested in this bill, the situation as it new exists.
The bill (H. R. 2) passed the House of Representatives on Feb. 4 1926.
ment buying upon commerce, Mr. Duncan indicated how
passed the Senate wall amendments May 13 1926 and has since that time
great would he the void in business if time payment transac- It
been in conference, the managers on the part of the Senate being Senators
tions were to he discontinued.
Pepper, Edge and Glass, and the managers on the part of the House Messrs.
McFadden, Kite and Wingo. I do not intend to deal with the several matAs 75% of all automobiles are sold upon time, what
would have happened
ters under discussion in the conference except to say that up to the time of
In 1925 had no automobiles been sold on time? The
3.252,566 with retail
value of $3,000,000.000 would not have been produced
adjournment of the present session of Congress all matters in disagreement
and sold. The between
the Senate and House conferees on this banking bill had been
2.280,000 carloads of automotive freight resulting directly
and indirectly agreed upon
from the manufacture of automobiles would not have been
with the exception of one provision, which provision you will
shipped.
2,584,232 persons employed directly and indirectly in the automobile The find italicized in Section 0 of Section 5155 of the bill which I am insertindusing in the "Record" with these remarks. This difference is expressed in
try would have been unemployed therein. The 271,082
persons employed the
following words, "at the date of the approval of this Act, and." To
in automobile factories would not have received $487,251,622
wages paid those who
have followed this legislation carefully it will be readily apparto them.
ent that these words constitute the substance of the Hull amendment and
Nor would there have been produced 3,171,750 tons of steel.
168,750,000 apply only
to those States which do not now permit branch banking but
pounds of copper, 43.500,000 pounds of aluminum, 78,750 pounds
of lead, which may
at some future time permit branch banking to its State banks.
5,617,256,250 gallons of gasoline, 888,774.750 feet of lumber,
46,845,000 The effect of the
square feet of plate glass, 115,328,550 square feet of upholstery
insertion of these words in this bill is to give the full
leather and benefits
of this entire bill to the national banks in the States that now
Imitation leather and 38,321,250 yards of upholstery cloth, and there
would permit
branch banking, but to deny that privilege to the States that do
have been a curtailment of some $3,000.000.000 in sales of automobile
not now permit branch banking, and to deny that right to national banks
supplies for the safme reason.
The American people would have been required to pay $500,208,258 even though one or more of those States should in the future permit branch
more Federal, State and municipal taxes If 75% of all automobiles in use banking, unless and until Congress should pass a law permitting national
banks to have branches in those States, so as to meet the competition of
in 1925 had never been produced.
State member banks without branches.
As Congress adjourns these ten words, "After the date of the approval
Effect upon Savings.
of this Act, and," are the only differences between the two Houses. The
As it is conceded that 75% of all motor vehicles are sold on time, it
is House position, as expressed by
instructions to the conferees, is that these
important to study the effect of such tremendous increased expenditures
ten words shall remain in the bill—which means that Congress reserves the
upon the savings of our country during the last six years. Admittedly,
the right to deal in the future with branch banking in
the States that do not
large Increase in installment buying has taken place during the last six years,
now permit it, if and when the occasion arises; while the Senate position
also probably 60% of the entire volume of merchandiseinstallment
buying
Is confined to motor vehicles, new and used. The total registration motor is that these ten words should not be inserted in the, bill, which means that
of
Congress now deals with the subject by saying that if in the future one or
vehicles in the United States in 1920 was 9,231,941. and in 1925,
19,954.347. more States change their laws and permit
State banks to have branches
Facts and figures as to savings follow:
The number of automobiles in 1920 was 9,231.941 and In 1925, 19.954,347. within their border, automatically national banks may have the same
rights.
The number of savings depositors in 1920 was 22,415.148, and in
1925:
Inasmuch as no definite agreement was arrived at, the matter remains in
43 850,127.
conference,
and all of the items in difference between the two Houses will
The amount of all savings deposits in 1920 was $15.314,061,000, and in
be open for discussion and agreement when the Congress reconvenes. I
1925. $23,134.052,000.
am
hoping that early in the coming session the conferees will confer and
The number of building and loan associations in 1920 was 8,633, in
agree
1925, upon this important legislation.
11.844.
A careful reading of the bill as herein printed speaks for itself
The membership in building and loan associations in 1920 were 4,962.919,
in clear
and understandable language, more clearly than anything that I
in 1925, 8,554,352.
might say
In further explanation.
The assets of building and lean associations in 1920 were $2,519.914,971
.
I desire, however, to point out the fact that this is national legislation
in 1925. $4.765,937,197.
dealing with our entire financial structure, the passage of which at
The premium income of American life insurance companies in
this
1920 was session of Congress has been prevented
by the injection of local self-interest.
$1,384,938,970, In 1925, $2,371,921,237.
I believe that this bill presents a solution of the
The assets of American life insurance companies in 1920 were
delicate
and intricate
$7.319.997.- problems involved and will settle
for all time many matters now in contro018, in 1925, $11,643,759,810.
The number of policyholders in 1920 was 66.499,000, in 1925, 99,250,000. versy that should definitely be settled. This bill when passed is a definiAverage wealth per capita in the United States in 1920 was $2,819, in tion of important national policy on branch banking.
A draft of the bill as finally considered in conference
1925, $4,406.
is as follows:
Our present wage scale is 125% above pre-war rates, while our present
THE MeFADDEN BILL
cost of living is only 75% over pre-war prices. This means a
In
the
Congress of the United States,
flat 50%
extra of our entire pre-war wages is now loft free either for additionaPsavings AN ACT (H. R. 2) to further
amend the national banking laws and the
or spending over the pre-war period.
Federal Reserve Act, and for other 'purposes.
The installment plan of purchase of Liberty Bonds through systematic
Be it enacted, etc., That the Act entitled
"An Act to provide for the
saving undoubtedly is largely responsible for the great increase of miscel- consolidation of national banking
associations," approved Nov. 7 1918, be
laneous installment buying of all kinds since the war. The foregoing statis- amended by adding at the end
thereof a new section, to read as follows:
tics clearly show that such increase, however, has nob been at the expense of
"Sec. 3. That any bank incorporated under
the laws of any State, or
either the,thrift or wealth of our citizens.
any bank incorporated in the
District of Columbia, may be consolidated
with a national banking association
located in the same State, county. city,
Summing up his views, Mr. Duncan said that a similar town, or village under the charter of
such national banking association on
such
and conditions as may be lawfully agreed
upon by a majority
computation applied to all merchandise installment buying oftheterms
board of directors of each association
or bank proposing to consolidate,
which
and
agreement
be ratified and confirmed by the affirmative vote
"would quickly convince even the pessimist that we had of the shareholders ofshall
each such association or bank owning at least twothirds of its capital stock outstanding,
better continue to live and prosper with sound installment capital
or by a greater proportion of such
stock in the case of such State bank
if the laws of the State where
buying, and eliminate the unsound, than to even think cf the same is organized so require, at a meeting
to be held on the call of the
directors after publishing notice of the time, place,
and object of the meeting
living under such an economic revolution as would result for four consecutive weeks in some newspaper ofgeneral
circulation published
in the place where the said association or bank is situated,
and in the legal
from the entire discontinuance of installment buying."
newspaper for the publication of legal notices or advertisements
,if any such
AUG. 11926.]
THE CHRONICLE
paper has been designated by the rules of a court in the county where such
association or bank is situated, and if no newspaper is published in the
place, then in a paper of general circulation published nearest thereto,
unless such notice of meeting is waived in writing by all stockholders of any
each shareholder
such association or bank, and after sending such notice to meeting,
but any
of record by registered mail at least 10 days prior to said
additional notice shall be given to the shareholders ofsuch State bank which
The
is
same
the
organized.
where
State
the
of
laws
the
by
required
may be
capital stock of such consolidated association shall not be less than that
required under existing law for the organization of a national banking
association in the place in which such consolidated association Is located;
and all the rights, franchises, and interests of such State or District bank so
consolidated with a national banking association in and to every species of
property, real, personal, and mixed, and choses in action thereto belonging,
shall be deemed to be transferred to and vested in such national banking
association into which it is consolidated without any deed or other transfer,
and the said consolidated national banking association shall hold and enjoy
the same and all rights of property, franchises, and interests, including the
right of succession as trustee, executor, or in any other fiduciary capacity,
in the same manner and to the same extent as was held and enjoyed by such
State or District bank so consolidated with such national banking association. When such consolidation shall have been effected and approved by
the comptroller any shareholder of either the association or of the State
or District bank so consolidated, who has not voted for such consolidation,
may give notice to the directors of the consolidated association within 20
days from the date of the certificate of approval of the comptroller that he
dissents from the plan of consolidation as adopted and approved, whereupon he shall be entitled to receive the value of the shares so held by him,
to be ascertained by an appraisal made by a committee of three persons, one
to be selected by the shareholder, one by the directors of the consolidated
association, and the third by the two so chosen; and in case the value so
fixed shall not be satisfactory to such shareholder he may within five days
after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be made, which shall be final and
binding; and the consolidated association shall pay the expenses of reappraisal, and the value as ascertained by such appraisal or reappraisal shall
be deemed to be a debt due and shall be forthwith paid to said shareholder
by said consolidated association,and thesharesso paid for shalIbesurrendered
and, after due notice, sold at public auction within 30 days after the final
appraisement provided for in this act; and if the shares so sold at public
auction shall be sold at a price greater than the final appraised value, the
excess in such sale price shall be paid to the said shareholder; and the
consolidated association shall have the right to purchase such shares at
public auction,if it lathe highest bidder therefor,for the purpose of reselling
such shares within 30 days thereafter to such person or persons and at such
price as its board of directors by resolution may determine. The liquidation
of such shares of stock in any State bank shall be determined In the manner
prescribed by the law of the State in such cases if such provision is made in
the State law; otherwise as hereinbefore provided. No such consolidation
shall be in contravention of the law of the State under which such bank is
incorporated, nor shall any such State bank or banks entering into such
consolidation be located at a greater distance from such national banking
association than is authorized by the laws of the State in case of the consolidation or merger of two or more State banks.
The words 'State bank.' State banks.' bank,' or 'banks' as used in this
section shall be held to include trust companies, savings banks, or other
such corporations or institutions carrying on the banking business under the
authority of State laws."
661
Sec. 5. That Section 5142 of the Revised Statutes of the United States,
as amended, be amended to read as follows:
"Sec. 5142. Any national banking association may, with the approval
of the Comptroller of the Currency, and by a vote of shareholders owning
two-thirds of the stock of such associations, increase its capital stock to any
sum approved by the said comptroller, but no increase in capital shall be
valid until the whole amount of such increase is paid in and notice thereof,
duly acknowledged before a notary public by the president, vice-president,
or cashier of said association, has been transmitted to the Comptroller of
the Currency and his certificate obtained specifying the amount of such
increase in capital stock and his approval thereof, and that it has been duly
paid in as part of the capital of such association: Provided, however, That a
national banking association may, with the approval of the Comptroller of
the Currency,and by the vote of shareholders owning two-thirds ofthe stock
of such association, increase its capital stock by the declaration of a stock
dividend, provided that the surplus of said association, after the approval
of the increase, shall be at least equal to 20% of the capital stock as
increased. Such increase shall not be effective until a certificate certifying
to such declaration of dividend, signed by the president, vice-president,
or cashier of said association and duly acknowledged before a notary
public, shall have been forwarded to the Comptroller of the Currency and
his certificate obtained specifying the amount of such increase of capital
stock by dividend, and his approval thereof."
See. 6. That Section 5150 of the Revised Statutes of the United States
be amended to read as follows:
"Sec. 5150. The president of the bank shall be a member of the board
a director
and shall be the chairman thereof, but the board may designate
in lieu of the president to be chairman of the board, who shall perform such
duties as may be designated by the board."
See. 7. That Section 6155 of the Revised Statutes of the United States
be amended to read as follows:
"Sec. 5155. The conditions upon which a national banking association
may retain or establish and operate a branch or branches are the following:
"(a) A national banking association may maintain and operate such
branch or branches as it may have in lawful operation at the date of the
approval of this act and any national banking association which has continuously maintained and operated not more than qne branch for a period
of more than 25 years immediately preceding the approval of this act may
continue to maintain and operate such branch.
"(b) If a State bank is hereafter converted into or consolidated with a
national banking association, or if two or more national banking associations
are consolidated, such converted or consolidated association may retain
and operate such branches if any as were in lawful operation by any of said
banks at the date of the approval of this act.
approval
"(c) A national banking association may, after the date of the
of the city,
of this act, establish and operate new branches within the limits
establishment
such
if
situated
is
association
said
town, or village in which
act, and at the time
and operation are at the date of the annrovoi of thisquestion.
permitted to State banks by the law of the State in
"(d) No branch shall be established after the date of the approval of this
act within the limits of any city, town, or village of which the population
by the last decennial census was less than 25,000. No more than one such
branch may be thus established where the population, so determined, of
such municipal unit does not exceed 50.000; and not more than two such
muniSec. 2. (a) That Section 5136 of the Revised Statutes of the United branches were the population does not exceed 100,000. In any such of
the
the population exceeds 100,000 the determination
States, subsection "second" thereof as amended, be amended to read as cipal unit where
of
Comptroller
the
of
discretion
the
within
be
shall
branches
number of
follows:
the Currency.
be established
association
shall
banking
national
any
of
branch
No
"(e)
"Second. To have succession from the date of the approval of this act,
location to another without first obtaining the consent
or from the date of its organization if organized after such date of approval or moved fromofone
the Comptroller of the Currency.
until such time as it be dissolved by the act of its shareholders owning two- and approval
as used in this section shall be held to include any
'branch'
term
The
'(f)
thirds of its stock, or until its franchise becomes forfeited by reason of
branch office, branch agency, additional office, or any branch
violation of law, or until terminated by either a general or a special act of branch bank,
any State or Territory of the United States or
in
located
business
of
place
Congress, or until its affairs be placed in the hands of a receiver and finally
in the District of Columbia at which deposits are received, or checks paid,
wound up by him."
or money lent.
"(g) This section shall not be construed to amend or repeal section 25 o
(b) That Section 5136 of the Revised Statutes of the United States, subact, as amended, authorizing the establishment by
section "seventh" thereof, be further amended by adding at the end of the the Federal Reserve
banking associations of branches in foreign countries, or dependnational
first paragraph thereof the following:
of the United States.
possessions
insular
encies, or
as used
"(h) The words 'State bank,"State banks,' bank.' or 'banks'
"Provided That the business of buying and selling investment securities
include trust companies, savings banks, or
to
held
be
shall
section
this
in
shall hereafter be limited to buying and selling without recourse marketable
business
banking
the
on
carrying
institutions
or
obligations evidencing indebtedness of any person copartnerships associa- other such corporations
tion, or corporation, in the form of bonds, notes, and (or) debentures, under the authority of State laws."
commonly known as investment securities, under such further definition of
See. 8. That Section 5190 of the Revised Statutes of the United States
the term 'investment securities' as may by regulation be prescribed by the
as follows:
Comptroller of the Currency, and the total amount of such investment be amended to read
banking association
securities of any one obligor or marker held by such association shall at no
"Sec. 5190. The general business of each national
time exceed 25% of the amount of the capital stock of such association shall be transacted in the place specified in its organization certificate and
actually paid in and unimpaired and 25% of its Unimpaired virrlus fund in the branch or branches, if any, established or maintained by it in accordbut this limitation as to total amount shall not apply to obligations of the ance with the provisions of section 5155 of the Revised Statutes, as amended
United States, or general obligations of any State or of any political sub- by this act."
division thereof, or obligations issued under authority of the Federal farm
Act
loan act: And provided further, That in carrying on the business commonly
Sec. 9. That the first paragraph of Section 9 of the Federal Reserve
known as the safe-deposit business no such association shall invest in the be amended so as to read as follows:
capital stock ofa corporation organized under the law ofany State to conduct
a safe-deposit business loan amount in excess of 15% of the capital stock of
"Sec. 9. Any bank incorporated by special law of any State, or organized
such association actually paid in and unimpaired and 15% of its unimpaired under the general laws of any State or of the United States, desiring to
surplus," so that the subsection as amended shall read as follows:
become a member of the Federal reserve system, may make application to
"Seventh. To exercise by its board of directors, or duly authorized the Federal Reserve Board, under such rules and regulations as it may
officers or agents, subject to law, all such incidental powers as shall be prescribe for the right to subscribe to the stock of the Federal reserve bank
necessary to carry on the business of banking; by discounting and negotiat- organized within the district in which the applying bank is located. Such
ing promissory notes, drafts, bills of exchange, and other evidences of debt: application shall be for the same amount a stock that the applying bank
by receiving deposits; by buying and selling exchange, coin, and bullion: by would be required to subscribe to as a national bank. The Federal Reserve
loaning money on personal security; and by obtaining, issuing, and circulat- Board, subject to the provisions of this act and to such conditions as it may
ing notes according to the provisions of this title: Provided, That the business prescribe pursuant thereto. may permit the applying bank to become a
of buying and selling investment securities shall hereafter be limited to stockholder of such Federal reserve bank.
has
buying and selling without recourse marketable obligations evidencing
"Any such State bank which, at the date of the approval of this act
indebtedness of any person, copartnership, association, or corporation, in established and is operating a branch or branches in conformity with the
the form of bonds, notes, and (or) debentures, commonly Imown as invest- State law, may retain and operate the same while remaining or upon becombank may
ment securities, under such further definition of the term 'investment securiof such Federal reserve bank; but no such State
relinquishment
ties' as may by regulation be prescribed by the Comptroller of the Currency, ing a stockholder
or acquire stock in a Federal reserve bank except upon
and the total amount of such investment securities of any one obligor or retain
established after the date of the approval of this
branches
or
branch
any
of
maker held by such association shall at no time exceed 25 of the amount
limits of the city, town, or village in which the parent bank
of the capital stock of such association actually paid in an unimpaired and act
25% of its unimpaired surplus fund, but this limitation as to total amount Is
shall not apply to obligations of the United States, or general obligations of
Sec. 10. That Section 5200 of the Revised Statutes of the United States
any State or of any political subdivision thereof, or obligations issued under
authority of the Federal farm loan act: And provided further, That in carry- as amended, be amended to read as follows:
ing on the business commonly known as the safe-deposit business no such
"Sec. 5200. The total obligations to any national banking association of
association shall invest in the capital stock of a corporation organized under any person,copartnership,association,or corporation shall at no time exceed
the law of any State to conduct a safe-deposit business in an amount in 10% of the amount of the capital stock of such association actually paid in
excess of 15% of the capital stock of such association actually paid in and and unimpaired and 10% of its unimpaired surplusfund. The term 'obligaunimpaired and 15% of its unimpaired surplus.
tions' shall mean the direct liability of the maker or acceptor of paper dis"But no association shall transact any business except such as is incidental counted with or sold to such association and the liability of the indorser,
and necessarily preliminary to its organization, until it has been authorized drawer, or guarantor who obtains a loan from or discounts paper with or
by the Comptroller of the Currency to commence the business of banking." sells paper under his guaranty to such association and shall include in the
of the
Sec. 3. That Section 5137 of the Revised Statutes of the United States, case of obligations of a copartnership or association the obligations
several members thereof. Such limitation of 10% shall be subject to the
subsection "First" thereof, be amended to read as follows:
following exceptions:
"(1) Obligations in the form of drafts or bills of exchange drawn in good
"First. Such as shall be necessary for its accommodation in the trans- faith
against actually existing values shall not be subject under this section
action of its business."
to any limitation based upon such capital and surplus.
business
"(2) Obligations arising out of the discount of commercial or corporaSec. 4. That Section 5138 of the Revised Statutes of the United States,
paper actually owned by the person, copartnership, association, or
as amended, be amended to read as follows:
tion negotiating the same shall not be subiect under this section to any
"Sec. 5138. No national banking association shall be organized with a limitation based upon such capital and surplus.
and
"(3) Obligations drawn in good faith against actually existing values
less capital than $100,000, except that such association with a capital of
shall not be subject
not less than $50,000 may, with the approval of the Secretary of the Trea- secured by goods or commodities in process of shipment
surplus.
and
capital
such
this
upon
under
section to any limitation based
sury, be organized in any place the population of which does not exceed
Obligations as indorser or guarantor of notes,other than commercial
6,000 inhabitants, and except that such associations with a capital of not or"(4)
business paper except under (2) hereof, having a maturity of not more
the Secretary of the Treasury,
lees than $25,000 may, with the sanction ofof
which does not exceed 3,000 than six months and owned by the person, corporation, association, or
be organized in any place the population
subject
shall
thep
inhabitants. No such association shall be organized in a city the population cuogsrtn
i addition
nd
and tn
aaaT:e
n
rshi
lo
of less than $200,000, except
capital
linlaigiritialoroci
of which exceeds 50,000 persons With a
10% of such capital and surplus.
that in the outlying districts of such a city where the State laws permit the such
other banks of
of
acceptances
"(5)
banker's
Obligations
of
in
form
the
of
capital
national
less,
$100,000
a
or
with
organization of State banks
the kind described in section 13 of the Federal reserve act shall not be
banidng associations now organized or hereafter organized may, with the subjeaunder
this section to any limitationlbased upon such capital and
approval of the Comptroller of the Currency, have a capital of not less surp
than $100,000."
for
662
THE CHRONICLE
[Void. 123.
"(6) Obligations ofany person,copartnership,associatio
n,or corporation, situated within
In the form of notes or drafts secured
Federal Reserve district or within a radius of 100 miles
by shipping documents, warehouse of the place in its
receipts, or other such documents transferri
which such bank is located, irrespective of district
lines.
readily marketable nonperishable staples ng or securing title covering A loan secured by real estate within the meaning of this
section shall be
covered by insurance, if it is customary when such property is fully in the form of an obligation or obligations secured by mortgage,
trust
deed,
to
insure
such
staples,
shall
be
or
other such instrument upon real estate when the entire amount
subject under this section to a limitation of
of such
in addition to such 10% of such capital and15% of such capital and surplus obligation or obligations is made or is sold to such association.
The amount
surplus when the market value of any such loan shall not exceed
of such staples securing such obligation
50%
actual
the
of
value
of
the
real
estate
is
not
at
any
time
less
than 115% offered
of the face amount of such obligation,
security, but no such loan upon such security
be made for
and to an additional increase of a longerfor
term than five years. Any such bank may makeshall
limitation of 5% of such capital and surplus
such
loans
in an
in
addition
to
such
25%
of
aggregate sum including in such aggregate any such loans on
such capital and surplus
the market value of such staples securing liable
which it is
such additional obligationwhen
is not at any time less than 120% of the face of theas indorser or guarantor or otherwise equal to 25% of the amount
amount of such additional obligation
capital
stock of such association actually paid in and unimpaired
, and to a further additional increase and 25% of its unimpaire
of limitation of 5% of such
d surplusfund, or to one-halfof its savings deposits,
and surplus in addition to such 30% of at
such capital and surplus capital
election of the association, subject to the general limitation contained
the market value of such staples securing in the
Section
such additional obligationwhen
5200 of the Revised Statutes of the United States. Such banks
is not at any time less than 125% of the face may continue
amount of such additional
hereafter as heretofore to receive time and savings deposits
, and to a further.additional increase and
pay interest on the same, but the rate of interest which
of limitation of 5% of such obligation
capital and surplus in addition to such 35% of mayto
such banks
pay upon such time deposits or upon savings or other
such capital and surplus when
deposits shall
the
market
value of such staples securing not exceed the maximum
such additional obligation is not at any time
rate authorized by law to be paid upon such
less
than
130%
the
of
face
deposits
by
State
amount of such additional obligation, and to a
banks or trust companies organized under the laws of
further additional increase of the State wherein such
limitation of5% ofsuch capital and surplus
national banking association is located."
addition to such 40% ofsuch
capital and surplus when the market valueinof
Sec.
16.
That
such
the
staples
last proviso of hte second paragraph of Section 8 of
securing
such
additional obligation is not at any time less than
135% of the face amount the Act entitled "An Act to supplement existing
of such additional obligation, and to a further
laws against unlawful
additional increase of limitation of 5% of such capital and
surplus in addition to such 45% of such restraints and monopolies, and for other purposes," approved Oct. 15 1914,
capital and surplus when the
as
amended,
is
amended
market
to read as follows:
of such staples securing such
additional obligation is not at any timevalue
less than 140% of the face amount
of such additional obligation, but this
"And provided further, That nothing in this Act shall prohibit any private
exception shall not apply to obliga- banker
tions of any one person, copartnership,
from
being
officer,
an
director, or employee of not more than two
association, or corporation arising banks, banking
from the same transactions and (or) secured
associations, or trust companies, or prohibit any
upon the identical staples for director, or employee
officer.
more than 10 months.
of any bank, banking association, or trust company,
or any class A director
"(7) Obligations of any person, copartnership, associatio
a Federal Reserve bank, from being an officer,
n, or corporation director, or employee ofof
in the form of metes or drafts secured
not more than two other banks, banking
shipping documents or instruments tions, or trust
transferring or securing title coveringby
companies whether organized under the laws of theassociaor giving a lien on livestock States or any State,
United
when the market value of the livestocklivestock
if in any such case there is in force a permit therefor
securing
the
obligation
is
at
not
any
time less than 115% of the face amount of
issued by the Federal Reserve Board; and the Federal Reserve
Board is
ments shall be subject under this section the notes covered by such docu- authorized to issue such permit if in its judgment
it is not incompatible
to a limitation of 15% of such with the public interest,
capital and surplus in addition to such 10%
and to revoke any such permit whenever it finds,
(8) Obligations of any person,copartner of such capital and surplus.
after reasonable notice and opportunity to be heard,that the
public interest
ship,association, or corporation requires
in the form of notes secured
revocatio
its
n."
by
less than a like amount of bonds or notes
ofthe United States issued sincenot
April
24
1917.
or
certificate
Sec. 17. That Section 5139 of the Revised Statutes of the United States
s ofindebtedness
of the United States,shall (except to the
extent permitted by rules and regu- be amended by inserting
lations prescribed by the Comptroll
in the first sentence thereof the following words:
er of the Currency, with the approval
of "or into shares of such less
the Secretary of the Treasury) be subject
amount as may be provided in the articles of
under
this section to a limitation
of 15% of such capital and surplus
in addition to such 10% of such capital associations," so that the section as amended shall read as follows:
and surplus." s,
MOWlas
"Sec. 5139. The capital stock of each association shall be divided into
Sec. 11. That Section 6202 of the Revised
Statutes of the United States shares of $100 each, or into shares of such less amount as may be provided
as amended, be amended by adding at
the end thereof a new paragraph to In the articles of association, and be deemed personal property,and transferread as follows:
able on the books of the association in such manner as may be prescribed
in the by-laws or articles of association. Every person becoming a share"Eighth. Liabilities incurred under the provisions
holder
by such transfer shall, in proportion to his shares, succeed to all
of section 202 of Title
II of the Federal farm loan act, approved
July 17 1916, as amended by the rights and liabilities of the prior holder of such shares; and no change shall
agricultural credits act of 1923.
be made in the articles of association by which the rights, remedies, or
security of the existing creditors of the association shall be impaired."
Sec. 12. That Section 5208 of the Revised
Statutes of the United States
as amended, be amended by striking out
Sec. 18. That Section 5146 of the Revised Statutes of the United States
the words "or who shall certify a
check before the amount thereof shall have been
regularly entered to the as amended be amended by inserting in lieu of the second sentence thereof
credit of the drawer upon the books of the
the
following: "Every director must own in his own right shares of the
bank," and in lieu thereof inserting the following: "or who shall certify
a check before the amount capital stock of the association of which he is a director, the aggregate
thereof shall have been regularly deposited
in the bank by the drawer par value of which shall not be less than 81,000, unless the capital shall
thereof," so that the section as amended shall
not exceed $25,000 in which case he must own in his own right shares of
read as follows:
such capital stock the aggregate value of which shall not be less than
"Sec. 5208. It shall be unlawful for any
officer,
director,
agent, or $500," so that the section as amended shall
employee of any Federal reserve bank, or any
read as follows:
member bank as defined in
the act of Dec. 23 1913, known as
the Federal reserve act, to certify any
"Sec. 5146. Every director must during his whole term of service be
check drawn upon such Federal reserve
bank
or
member
a
bank
citizen of the United States, and at least three-fourths of the directors
unless thef
person, firm, or corporation drawing the check
has on deposit with such
must have resided in the State, Territory
Federal reserve bank or member bank,
, or District in which the associaat the time such check is certified, tion is located. or within
an amount of money not less than the amount
50 miles of the location of the office of the associaspecified
in such check. Any tion, for at least one year immediate
check so certified by a duly authorized officer,
preceding
ly
their election, and must
shall be a good and valid obligation against director, agent, or employee be residents of such State or within a 50-nille territory of the location of
such Federal reserve bank or the association during their continuan
member bank; but the act of any officer, director,
ce
office.
in
Every director muss
agent, or employee of own in his own right shares of the capital stock
any such Federal reserve bank or member bank
of the associatior of which
in violation of this section he is a director the aggregate
shall, in the discretion of the Federal
par value of which shall not be less than
Reserve
Board,
subject
31,000,
such Federal
unless the
reserve bank to the penalties imposed by
of the bank shall not exceed $25,000, in which
section 11, subsection (h) of the case he must own incapital
his
Federal reserve act, and shall subject
right shares of such capital stock the aggregate
member bank,if a national bank, par value of which shallown
to the liabilities and proceedings onsuch
not be less than $500. Any director who ceases
the
part
of
to
the Comptroller of the
be the owner of the required number of shares of the stock,
Currency provided for in section 5234, Revised
or whe
Statutes, and shall, in the becomes in any other manner disqualified,shall thereby
discretion of the Federal Reserve Board,
vacate his place."ers
any other member bank
to the penalties imposed by section 9 of subject
Sec.
19.
That
said
the
second subdivision of the fourth paragraph of Section 4
Federal reserve act for the
violation of any of the provisions ofsaid act. Any
officer,director, agent,or of the Federal Reserve Act be amended to read as follows:
employee of any Federal reserve bank or
member bank who shall willfully
violate the provisions of this section, or who
"Second.
To
succession for a period of 40 years from its organizareceive any fictitious obligation, directly or shall resort to any device, or tion, unless it ishave
sooner dissolved by an Act of Congress or unless its francollaterally, in order to evade
the provisions thereof, or who shall certify
a check before the amount chise becomes forfeited by some violation of law." sPa
thereof shall have been regularly deposited in
Sec. 20. That Section 3 of the Federal Reserve Act, as amended,
thereof, shall be deemed guilty of a misdemeanorthe bank by the drawer
is furand shall, on conviction ther amended
thereof in any district court of the United
by adding at the end thereof the following:
be fined not more than
$5,000, or shall be imprisoned for not more States,
than
five
years,
or
both,
o'g
"The
in
the
Federal Reserve Board may at any time require any Federal
discretion of the court.
Reserve bank to discontinue any branch
of such Federal Reserve bank
Sec. 13. That Section 5211 of the Revised Statutes
d under this section. The Federal Reserve bank shall
of the United States establishe
thereupon
proceed to wind up the business of such branch
as amended be amended to read as follows:
bank, subject to such rules
and regulations as the Federal Reserve Board may
prescribe."
"Sec. 5211. Every association shall make to the
Comptroller of the
Currency not less than three reports during each year,
according to the
form which may be prescribed by him, verified
by the oath or affirmation of Third Liberty
the president, or of the cashier, or of a vice-presi
Loan About 40% Retired—Treasury
dent,
or
of an assistant
cashier of the association designated by its board of
directors to verify such
Aiming to Reduce Greater Part of Outstanding
reports in the absence of the president and cashier,
public properly authorized and commissioned by thetaken before a notary
Issue Before Maturity Two Years:Hence.
State in which such
notary resides and the association is located, or any other
officer having an
official seal, authorized in such State to administe
followin
The
g is from the "Wall Street Journal" of July 23:
r
oaths,
and
attested
by
the signature of at least three of the directors.
such report shall
With the Third Liberty Loan maturing in 1928,
exhibit, in detail and under appropriate heads, the Each
being the next of the
resources and liabilities
of the association at the close of business
on any past day by him specified, original war issues to fall due, the Treasury is directing its efforts to reduce
and shall be transmitted to the comptroll
er within five days after the further the amount of outstanding bonds so as
receipt of a request or requisitio
to
facilitate
the refunding
n therefor from him; and the statement of operation. To the close of
the Government's fiscal year on June 30
resources and liabilities, together with acknowledgement
1926
and attestation in approximately 40% of
the same form in which it is made to the comptroll
the
Third
Liberty Loan had been retired.
er, shall be published in a
newspaper published in the place where such associatio
The Third Liberty Loan was a straight ten-year
n
is
establishe
d,
or
if there is no newspaper in the place, then
loan. Original amount
in the one published nearest issued was $4,175,650,050, while on June
thereto in the same county,
30 1926 there was outstanding
at the expense of the association: and such proof $2,448,27
of publication shall be furnished
2,450, making amount retired to close of last
as
required
may
be
fiscal year $1,687.by
comptroll
the
er.
The comptroller shall also have power to call for
special reports from any 377,600. During fiscal year ended June 30 1926 Third Liberty Loan was
particular association whenever in his Judgment
reduced by $397,104,900, against $111,822,600
the
same
are
,
necessary
in
in fiscal year ended Juno 30
order to obtain a full and complete knowledge of its
condition.
1925.
Sec. 14. That Section 22 of the Federal Reserve
Retirements of Third Liberty Loan bonds
Act, Subsection (a),
by
months In last fiscal year
paragraph 2 thereof, be amended to read as follows:
was as follows: June, $80,000,500;
May, $1,768,050; April, $3,527,450:
March, $148,125,650; February, $2,502,950;
"(a) No member bank and no officer, director, or
January, $216,500; Decemshall hereafter make any loan or grant any gratuity to employee thereof ber, $78,059,600; October.
$4,000; September, $46,900,200; August, $26,any bank examiner.
Any bank officer, direttor, or employee violating this
provision shall be 000.000, and July, $10,000,000.
deemed guilty of a misdemeanor and shall be imprisone
In the first 15 days of July the Treasury retired
d not exceeding
one year, or fined not more
an additional $20,000,000
$5,000. or both, and may be fined a further in Third
sum equal to the money sothan
Liberty bonds through purchases for sinking
loaned or gratuity given.
fund account.
"Any examiner or assistant examiner who shall accept a
loan
gratuity
from any bank examined by him, or from an officer, director, or
thereof, or who shall'steal, or unlawfully take, or unlawfull or employee President Coolidg
e on Third Anniversary of Assumption
money, note, draft, bond, or security or any other property y conceal any
of value in the
of Office Reviews Nation's Progress During Period.
possession of any member bank or from any safe deposit
box in or adjacent
to the premises of such bank, shall be deemed
guilty
a misdemeanor and
The third anniversary, on Aug. 3, of his induction as
shall, upon conviction thereof in any district court of
of the United States,
be imprisoned for not exceeding one year, or fined not
or both, and may be fined a further sum equal to the more than 35,000, President, prompted a review of the progress of the nation
money
so loaned,
gratuity given, or property stolen, and shall forever
thereafter be dis- during that period by President Coolidge, which he is said
qualified from holding office as a national bank examiner.
"
to describe as the most prosperous of any three years in the
Sec. 15, That Section 24 of the Federal Reserve Act
be amended to read history
of the country. His resume as to what has been
as follows:
accompl
ished
"Sec. 24. Any national banking association may
was furnished at the semi-weekly press confermake loans secured
by first lien upon improved real estate, including improved
farm land. ence at White Pine Camp, N. Y., where the Presiden is
t
AUG. 7 1926.]
THE CHRONICLE
663
summering, and came from an official spokesman of the and nominated him as an independent candidate for the state legislature.
was elected and served one term as a state representative. Twice he
President. While noting that much progress has been He
was defeated for the United States senatorship, in 1894 and 1899, the last
made, emphasis, it was said, was laid upon the fact that time by three votes, and beaten for nomination in the primary of 1908 by
much remains to be done, and only continued efforts will 10,000 votes.
Senator Cummins, Chairman of the Senate Committee on
make possible the maintenance of the gains already achieved.
Inter-State Commerce, gave his attention particularly to
The Associated Press accounts of the review state:
During the past three years, it was asserted, there has been a gradual legislation affecting the railroads, the most recent of which,
recovery from the deflation of the immediate post-war period, with the
that providing for the consolidation of the railroad systems
railroads on the way to complete recovery from the war strain and their
of the country, had been before the Senate at the recent
purchasing power going far to stimulate all business in the country.
Commodity prices have meanwhile decreased to a point lower than three session of Congress.
years ago, it was said, although they are not as low as in the middle of the
In referring to his career in the Senate, the Associated
deflation period, while wages have not decreased but rather have shown
Press accounts from Des Moines, July 31, said:
some increases over three years ago.
Reduction of taxes, accomplished by two cuts during his administration,
Mr. Coolidge believes has gone far to encourage a healthy business and
fiyancial condition in the country. At the same time the steady retirement
of the huge public debt and the policy of keeping Government expenditures
to as low a figure as possible have been of service in the same direction.
In addition to the tax bills, Mr. Coolidge regards the funding of the
foreign war-time debts as of first importance and also looks to the immigration restriction law and the Watson-Parker Railway Labor Act for adjusting
labor disputes in the railroad industry as examples of widely varying, but
outstanding legislation in the domestic field during the period of his incumbency.
Because of the special conditions confronting the country after the World
War the problems awaiting solution have been largely economic, but Mr.
Coolidge feels progress has also been made along other lines, such as in
educational work and in improving the general moral standards of the
country.
Business men generally, it was added, have in the past three years exercised a caution and wisdom that has contributed much to a sound economic
condition, particularly by not indulging in over-extension of their resources
and by not borrowing money heavily, but rather financing themselves out
of their own funds.
There was a reaction in security prices last winter, but this Mr. Coolidge
has looked upon as healthy and as a whole beneficial, while the recession in
prices has largely been made up in the past six or eight weeks. The levels
may not be quite so high as they were several months ago, it was asserted,
but that is not a matter which the President looks upon as affecting the
sound business condition of the country.
The movements of freight are very large, it was pointed out, and the
volume of manufacturing as a whole is good. While the textile industry
experienced a slump, it was asserted that this industry is now showing signs
of recovery.
In the agricultural West,except for the Dakotas and Nebraska,conditions
are good, the few exceptions being due to drought with consequent poor
crop conditions.
Foreign Affairs.
In the field of foreign affairs, the President points to the assistance given
by this country through the Dawes Commission in the settlement of the
German reparations question as of outstanding importance. In addition
there was mentioned to-day the Senate action for American adherence to
the Permanent Court of International Justice, the ratification by the
Senate of a great many treaties with foreign countries, the re-establishment
of relations with Mexico, and in general the accomplishment of some
progress in directions leading to further reductions by international agreement in armaments.
Senator Cummins was always an exponent of the "flexible" tariff, and
early in his Senatorial career became involved in the fight on the PayneAldrich Tariff Law. This was his first move toward national prominence
in tariff matters. Although a protectionist, he always favored a lower
tariff on articles bought by his farmer constituents.
Soon after entering the Senate Cummins was made Chairman of the
Inter-State Commerce Committee. While in that position in 1919 he
became joint author of the Esch-Cummins Transportation Act, under
which the railroads were returned to private ownership after the war.
By this he incurred the wrath of organized labor, particularly of the Big
Four railroad brotherhoods.
The Transportation Act crystalized opposition to Senator Cummins when
he sought re-election in 1920, and prevented his continuing to serve as
Chairman of the Inter-State Commerce Committee while he was President
of the Senate, after Calvin Coolidge went to the White House. Insurgent
Republicans and Democrats combined to force him out of the seat in favor
of Ellison Smith of South Carolina. More recently he has consistently
favored consolidation of many lines.
Death of United States Senator Albert B. Cummins.
Albert B. Cummins,for nearly twenty years United States
Senator from Iowa, died suddenly at his home at Des
Moines on July 30 as a result of a heart attack. He was
seventy-six years of age. At his funeral on August 2,
Senators Reed of Missouri, Deneen of Illinois and Steck
of Iowa were present as representatives of the Senate, and
eightIowa members of the House of Representatives:—Messrs.
Cole, Dickinson, Letts, Ramseyer, Thurston, Dowell, Boies
and Robinson also attended the services. The sympathy of
President Coolidge was voiced in the following telegram of
condolence to Miss Margaret Cummins sister of the Senator,
with whom he had made his home after the death of his wife
in 1919:
It is with a sense of personal bereavement that I offer you my sympathy
in the death of Senator Cummins. It is a great loss not only to the people
of the State and section which he so ably represented but to the country at
large. His broad vision and keen mind were devoted not alone to the
problems particularly vital to his constituents, but to the solution of the
questions which affect the country as a whole.
While his name is particularly associated with the tariff and transportation
policies embodied in the laws now in force, he gave the benefit of his long
experience and thorough training in every branch of legislation. Courageous, able and industrious, and devoted to what he believed to be right, he
was an example of the best type of public servant, We shall not soon see
his like in the service of the highest ideals of American life.
Before his election to the United States Senate in 1908
Senator Cummins had served as Governor of Iowa from
Jan. 15 1902, to Nov. 24 1908. He was the only Iowa
governor who ever was elected for a third term says the
Des Moines "Register" from which the following is also
taken:
During his term as governor the antipass law, 2-cent fare law, joint
freight law and other railroad measures were passed and the Iowa primary
law was adopted, all at his urging.
In 1892 he presided over the republican state convention and was chosen a
presidential elector. In 1896, Senator Cummins was made national committeeman from Iowa and in the convention was one of the few western
delegates who stood squarely for the sound money plank on which the
republican ticket, headed by McKinley, was elected.
It was without his own consent that Senator Cummins,just nicely settled
in a law partnership in Des Moines with Judge George S. Wright and his
two sons, Thomas and Carroll Wright, broke into politics in 1887. He had
just acquired a statewide reputation as one of Iowa's ablest lawyers by
winning the "barbed wire case" when some republicans bolted their party
Senator Cummins was born near Carmichaels, Pa. on
Feb. 15 1850. Senator Cummins's death will necessitate
the election of two United States Senators in the November
election in Iowa, one to fill his unexpired term, which ends
March 4 next.
At the time of his death Senator Cummins was engaged
in writing his autobiography.
President Coolidge Speaking at Anniversary of Colorado's Admission to Statehood Says Strength of
Federal Government Rests in State Sovereignty—Colorado's Formation.
In an address, by radio, on Aug. 3 commemorating the
fiftieth anniversary of the admission of Colorado to Statehood, President Coolidge referred to the celebration as
"exceedingly appropriate at this time." "The nation," he
observed, "is inclined to disregard altogether too much both
the functions and the duties of the States." "They are,"
he continued, "much more than subdivisions of the Federal
Government. They are also endowed with sovereignty of
their own right," and, he noted,"a great deal of the strength
of the Federal Government lies in the fact that the States
have the power to function locally and independently,
subject only to the restrictions which they themselves have
invoked by adopting the national Constitution." Incidents
bearing upon the development of Colorado to Statehood were
touched upon by the President, who said that "the State
was carved out of the Territories of Kansas, Nebraska,
New Mexico and Utah," that"a part of her area had come
into possession of the United States through the Louisiana
Purchase, another from the Texas cession, and the remainder
from the Mexican cession." The President's address was
carried by radio from White Pine Camp in the Adirondacks,
where he is spending the summer. His remarks were as
follows:
In order to have a complete realization of the genius, the power and the
spirit of our country it is necessary to study the history of each one of its
forty-eight Commonwealths. In no way could the seeker after the realities
of our national life be more richly rewarded.
To-day our attention is fixed upon Colorado, which is observing the
fiftieth anniversary of her entrance into Statehood. The whole nation
takes great pleasure in having a part in your celebration, for all your sister
States are rejoicing in your remarkable accomplishments.
In your story we find romance, appeal to the imagination, striking
exemplification of untiring courage, the pioneer spirit, the adaptability to
surroundings and of the ultimate working out of a progressive civilization.
Well may the Centennial State be proud of her record. Her history is
associated with some of the important dates and figures of our nation.
The same year brings her semi-centennial and the sesqui-centennial of the
United States—the 150th anniversary of the adoption of the Declaration of
Independence.
Discovery of Pike's Peak.
It is related that Spanish explorers in the middle of the sixteenth century
first set foot on the soil of what is now Colorado, and that Escalante visited
there in 1776. But virtually it remained an unknown area until Lieutenant
Zebulon M. Pike of the United States Army in 1806 discovered the peak
that became his memorial. Ten years later Major Stephen H. Long, also
an army man, gave his name to another peak towering into the sky for
more than fourteen thousand feet. Nowhere in the world does scenery
surpass that of Colorado. She has a mountainous area six times that of
Switzerland. Nature wrought her with a lavish hand. Long was followed
by Dick Wootan, Jim Barker, Kit Carson and a long line of fur traders,
and by John C. Fremont, whose fifth expedition ended in 1853.
Gold Discovery.
In 1858 came the discovery of gold, that precious metal which from the
beginning of time has been a lure for mankind. George A. Jackson, of
Missouri, and J. H. Gregory, of Georgia, led the first bands of hardy pros-
664
THE CHRONICLE
[VOL. 123.
pectors to the Cherry Creek and the Platte gold fields. The rush was on.
The same pluck and grit, the same ability to overcome every obstacle that P. J. Roosevelt's Statement Before Cox Committee of
led those early settlers to push on under the slogan of "Pike's Peak or
Inter-State Commerce Commission Regardin
g
Bust," never has ceased to animate the people of Colorado. Dangers were
Receivership of Chicago, Milwaukee & St.
never more imminent, hardships never more acute. Only the strongest,
Paul Railway and Causes for Breakdown.
the bravest, could survive those early days. It was a time that tried souls
and bred men.
Supplementing the extract which we published a week
Creation of State.
ago (page 531) from the statement of Philip J. Roosevelt
Provisions for the establishment of claims and the protection of properrty
before the Cox Committee of the Inter-State Commerce Comin this region, which was then included in the Territory of Kansas,
were
Inadequate. Stops were taken to form a new State or Territory,
to be mission investigating the cause of the failure of the Chicago
named Jefferson, in honor of the drafter of the Declaration Independen
of
ce.
But it was not until the last day of February 1861 at the close of President Milwaukee & St. Paul Railway, we are giving below the
Buchanan's administration, that Colorado Territory was established.
Its statement in full made by Mr. Roosevelt. The lack of an
name, meaning "colored," and fitting so well the varied scenic displays
of adequate rate structure was assigned by Mr. Roosevelt as
the State. was chosen by William Gilpin. One of the first acts of President
the primary cause of the road's failure, who presented the
Lincoln was the appointment of Gilpin as Territorial Governor.
The State was carved out of the then Territories of Kansas, Nebraska, situation to the committee as follows on July
27:
New Mexico and Utah. A part of her area had come into possession
I have requested permission to appear here representingof the
United States through the Louisiana Purchase, another from the Texas
1. Myself, personally.
Cession, and the remainder by the Mexican Cession. It was a gathering
2. The investment banking house of Roosevelt & Son in which
I am a
together of lands of varied and historic ownership. The people of the new partner.
Territory were loyal. They raised troops and thwarted the plans of the
3. The Northwestern Railroads Security Holders' Committee for
a Fair
Confederate Government to capture that rich area.
Return, consisting of Lewis B. Gawtry, W. Emlen Roosevelt and
Van
When placer mining began to fail, new methods of wresting gold from
the Santvoord Merle-Smith, who in turn represent by written authorizatio
n
ores were invented. Silver, lead, zinc and copper deposits were uncovered.
over $240,000,000 par value of securities of Northwestern roads
owned
The famous Leadville, Cripple Creek, San Juan and other mining camps
by over 1,350 different individuals and corporations.
developed a brand offrontier life which probably never will be duplicated.
4. The Roosevelt Bondholders Committee, consisting of George Emlen
Roosevelt, Philip A. Benson, Charles A. Collins, Edwin G. Merrill
Moffatt Tunnel.
and
Willis
D. Wood, which deposited over $20,000,000 bonds under the
Stage coaches and ox wagons were the only means of transportati
modion until
1870. Then Colorado's first railroad. the Denver Pacific, was built from fied reorganization plan; and
5. The Iselin Stockholders Committee, which, without calling for any
Denver, the capital, to the main line of the Union
Pacific at Cheyenne. deposits, represented
over $30,000,000 par value of stock, and which is
Other rail lines followed in rapid succession. The rugged
character of the composed of Messrs.
Ernest Iselin, Frederick Osborn, Van Santvoord Merle.
country presented the most difficult construction problems
ever known. Smith and Howard
C. Smith.
Their mastery wrought men famous in railroad
history. The Moffatt
Inasmuch as the business of Roosevelt dr Son differs slightly from
Tunnel, nearing completion, is a marvel of engineering
that
achievement.
of the average Wall Street investment banking house, I desire to explain
Many of those going to Colorado to mine remained
to raise cattle and to the origin of our
connection with the Chicago Milwaukee dr St. Paul.
till the soil. When mining began to slow down in
the early '70s. the cattle
Except in the case of municipal bonds and equipment trust certificates,
Industry grew to large proportions. It flourished
for fifteen years, until we are not a
house of issue. We only participate in underwritings when
the ranges had been broken up by the laying out
of homesteads.
we are convinced of our inability to find seasoned issues which are
Colorado is the thirty-eighth of our galaxy of States.
more
The Act of State- attractive than
new issues. We look upon our function as the survey of
hood having passed Congress the previous year, a Constitutio
n was adopted the entire field of
by a vote of the people in July 1876. On the first
investment, within the limits of our ability; the selecday of the following tion of those
securities which, in their class, appear to us to afford the
month President Grant proclaimed the new State.
John L. Routt was best investment
opportunities, and we purchase for our own account and
elected Governor.
advise
purchase on behalf of our clients of those securities which seem to
Progress of State.
us
the
most
attractive
in any given class. In this connection, we followed
Beginning as a Territory with 35,000 people, to-day
the State has over the affairs of the Chicago Milwaukee dr St. Paul Railway
very closely, and
1,000,000. Only the thirty-third among the States
in population, according in 1922, we prepared an analysis of
the general mortgage bonds—the first
to the 1920 census, she was fifteenth in the value of
mineral products and mortgage on the property—taking the
position that while the possibility
eighth in rank as a coal producer.
of receivership was undeniable the general mortgage bonds would not
Although started under difficulties and
under
discouragements, her agricultural any circumstances be disturbed,
and that any purchaser of these bonds
activities now are of the utmost importance.
Wherever dry farming was would be wise to buy them
without delay. This analysis was subsequently
Impossible the plucky settler resorted to irrigation.
It is now widespread. brought down to date as of July
1924, and during the three years prior to
In 1920 nearly 3,350,000 acres, an increase of 20% in a
decade, were being Jan. 1 1925, we purchased for ourselves
and distributed to our clients,
tilled by the irrigation method.
something
over
$3,000,000
amount
par
of bonds of the general mortgage.
In the same ten-year period the percentage of rural
to total pouplation In 1924, when Kuhn, Loeb & Co.
issued the Chicago Milwaukee & St. Paul
increased by 2.5%. In 1920 the rural population
was 51.8% of the total. 6% bonds, due in 1934, secured
by the deposit of general mortgage bonds
Colorado was one of three States in the Union
showing the rural districts we participated in the distribution
growing faster than the urban. This is a striking
and placed with our clients and custribute to her agricultural tomers about $2,000,000 par value
of this issue. In this connection, I may
possibilities. She is seventh in area and has ample
room for expansion say in passing, that in the six weeks subsequent
along these lines. Already manufacturing has
to the announcement of
reached good-sized propor- the road's receivership, the general
mortgage bonds of the road rose over
tions. $243,826,000 being invested in such enterprises in
1919.
three
points
in
market
value and they are now selling to yield approxiColorado's wealth increased 20% in the decade
ending 1922, when it was mately 4%%. The Os of 1934,
brought out at 961/s in 1924, are now sell$3.285 per capita. This figure was larger than for
States such as Massa- ing at 102.
chusetts and Michigan and a little smaller than in
States such as New York
Early in February 1925 it became obvious to us that the junior mortgage,
and Illinois.
I. e., the general and refunding mortgage bonds, were selling at receiverThat religious influences, which played and always
will play so large a ship prices, and jointly with two other institutions
we purchased through
part in our national life, were uppermost in the minds
of the founders of a broker something over $3,000,000
of the above bonds at a price of 50%.
Colorado, is evidenced by the State motto selected.
It is: "Nil Sine Last summer this joint account was
terminated and its members each took
Numine," which being translated means, "Nothing Without
Divine Will." down their own bonds, giving us an interest of something
in excess of
A newspaper was started by William H. Byers in 1859 and
has continued $1,100,000 par value junior mortgage bonds
of the Chicago Milwaukee &
to this day. From the beginning the people have demanded
enlightenment. St. Paul. I have also purchased for my own account,
subsequent
to the
"Proving Ground of Woman Suffrage."
receivership, both preferred and common stock of the road.
Colorado always has been progressive. She stands out like
have
never
We
recommende
d to any of our clients the purchase of the
a beacon in
the history of woman suffrage. Her Constitution was the
first State Con- junior mortgage bonds of the Chicago Milwaukee & St. Paul Railway, as
stitution to take notice of it. The Constitutional Convention
of 1876. we do not consider it our function to give advice on the subject of speculaalthough favorable, failed to grant the franchise to women,solely
for fear it tion. Nevertheless, after the receivership was announced, we found that
might defeat the entire document at the polls. However,
provision was many of our clients—individuals, institutions and especially savings banks
made for submitting the question to a referendum. And,
in 1893, equal in New England—were the holders of bonds of one series or another sesuffrage was carried by a substantial majority, and the State
became the cured under the general and refunding mortgage; and they came to us
second to permit women to vote.
and co•operated with us in an endeavor to get more favorable terms
for
She has been called the "Proving Ground of Woman Suffrage."
Thirty their bonds under the reorganization. As a result of our efforts, the
women have sat in her legislative halls. Others have acted as treasurers
reorganizati
on plan was modified materially in the interest of the
or
bondauditors in more than seventy-five cities or towns. Since 1894
the State holders. Whereas it had originally provided for bonds secured under the
Superintendent of Pubic Instruction has been a woman. Miss
Pattie general and refunding mortgage to receive adjustment bonds secured as to
Field, Vice-Counsul in Amsterdam, the only one of her sex to hold
such a principal by a fourth mortgage on the best part of the property, the
position, comes from Colorado. The women of the State have
had a no reorganization managers agreed to so modify the plan as to 'give bonds
Inconsiderable part in the establishment of forward-looking government
al secured under the general and refunding mortgage 20% of their principal
Instruments.
in well secured fixed interest-bearing 5% bonds and 80% in
adjustment
To the majesty of her scenery Colorado adds the most wonderful healing mortgage bonds, the latter carrying a conversion
privilege into preferred
balm of her climate. Within her boundaries our Government maintains and common stock of the new company. Consequently,
if the road returns
two national parks, fifteen national forests, and two national monuments
. to a position of prosperity at any time in the course of the next 50 years,
To the dower given by God her citizens have added the riches that come the bondholders will be able to participate in that
prosperity.
from intelligent industry.
In the course of our investigations and analyses, we have followed
the
Sovereignty of States.
evidence presented to your committee in this proceeding, and
I submit
This celebration is exceedingly appropriate at this time. The nation is that the following causes have been assigned for the financial
breakdown
Inclined to disregard altogether too much both the functions and the duties of the property:
of the States. They are much more than subdivisions of the Federal • 1. Loss of freight traffic through its diversion to
the Panama Canal
Government. They are also endowed with sovereignty in their own right. mute.
Of course, one of their chief glories lies in the fact that they are all partakers
2. Unprofitableness of the Puget Sound extension.
of the American spirit, all a part of the American nation, but a great deal
3. Cost of electrification of certain mileage constituting a
burden in
of the strength of the Federal Government lies in the fact that the
States interest or carrying charges not fully compensated for by savings in operhave the power to function locally and independently, subject only
to the ating costs.
restrictions which they themselves have invoked by adopting the National
4. Drain upon system net revenues, resulting from the
acquisition and
Constitution.
operation of the Chicago Milwaukee & Gary and the Chicago
Terra Haute
The fiftierh anniversary is in celebration of that principle. It
was fifty & Southeastern properties.
years ago that Colorado put off the garb of a Territory almost
5. Over-capitalization, bad financial structure and bad
exclusively
financing.
under the dominion of the National Government and put on
6. Physical condition of the property.
the robes of a
sovereign American State. The great progress that it has
7. Inefficient operation and management.
made in these
years has been in no small part due to the application of the
8. Unduly low freight rates.
principle of
local self-government. Of all the wealth and eminence that
We ask that your committee will hold that the eighth
this State has
cause—"unduly
achieved, this is its chief treasure. It ought to be maintained
undiminished low freight rates"—h the primary cause of the failure of the
St. Paul
and guarded with jealous care through all the years to come.
Railway.
AUG. 7 1926.]
THE CHRONICLE
In the decision of the Inter-State Commerce Commission published July
17 1926, designated by it as Ex Parte 87, Revenues in Western District—
Docket 17,000—Rate Structure Investigation, the Commission calls attention, on page 17, to an exhibit introduced by it, and says: "This showed
an aggregate value for the Western District as of Dec. 31 1924 of $8,207,000,000, divided as follows:
$3,029,000,000
Northwestern Region
3,667,000,000
Central Western Region
1,511,600,000
Southwestern Region
The rates of return for 1925 at these values were giver: at 4.02% for the
Northwestern Region; 5.38% for the Central Western Region, and 6.29%
for the Southwestern Region," and on page 19 the Commission continues:
"We are inclined to accept the results for the year 1925 as representing
the net earning power of Western roads for the purposes of this case."
From this showing it is clear that the Northwestern roads fell short of
earning the "fair return" set by the Commission at 5% by 1.73%, and
a simple calculation in arithmetic shows that 1.73% of $3,029,000,000 is
$52,401,700. By reference to the exhibit referred to in the Commission's
decision in Ex Parte 87, it is found that the valuation for the St. Paul
as adjusted to Dec. 31 1924 is $633,226,260, or 20.9% of the $3,029,000,000 for the Northwestern Region as a whole. The valuation of the St. Paul
by the Commission's figures is over one-fifth of the $3,029,000,000. So
that we believe it is fair to assume that had the net revenues of the Northwestern Region been increased by $52,401,700, the net revenues of the
Chicago Milwaukee k St. Paul would have been increased by at least
$10,500,000.
In Ex Parte 87, and on page 1922 of the record these hearings, it appears
that the rates in the territory east and north of the Missouri River for the
year 1924 were 14.2% lower than for 53 other roads representing practically
all of the rest of the Western district. It appears also that the average
haul on traffic in the Western trunk line territory was only 199 miles, as
compared with 231 miles for the rest of the Western district. On page
1925 of the hearings in this proceeding, it appears that if the rates in the
Western trunk line district had been equalized with the rates in the rest of
the Western district, it would have meant a net increase to the St. Paul of
$12,600,000 in 1924; and on page 1925, it appears that 70% of the total
tonnage of the St. Paul is carried in the district east and north of the
Missouri River generally described as the trunk line territory.
While not posing as a traffic or rate expert, I can point out that for
1924 and 1925 the grog.; freight revenues of the Chicago Milwaukee &
St. Paul were $120,060,000 and $125,670,000, respectively. Seventy per
cent of the traffic handled being in the Western trunk line territory Indicates that the gross freight earnings in this territory are about $85,000,000
annually, and if these were increased by the 14.2% necessary to equalize
them with rates in the remainder of the Western district the St. Paul's net
earnings would have been larger by about $11,000,000.
The rates of return, based upon the exhibit referred to, for all the
Northwestern roads, in 1923 and 1924, were 3.70% and 3.46%, respectively. The St. Paul's net earnings in 1923 and 1924 were $20,167,713
and $18,972,106, respectively, or at the rate of 3.19% and 3.00%, respectively, on its tentative I.-S. C. C. valuation of over $633,000,000.
These facts tend to prove that the Chicago Milwaukee & St. Paul operates
with about the average efficiency of the roads in the district and also,
that any changes in the rate structure of the district would immediately be
reflected in the net earnings of the St. Paul.
This committee is familiar with the fact that for 1923 and 1924 the
St. Paul's net earnings were almost exactly equal to the road's fixed interest charges. We feel that had the rate structure not been inadequate the
road would have shown net earnings above all interest charges of about
$10,000,000 to $12,000,000 a year. Naturally, had this been the case the
bonds maturing in 1925 could easily have been refunded and there would
have been no need, and no excuse, for a receivership.
In its decision in Ex Parte 87 the Commission states on page 37: "In
the Northwestern Region and in Western trunk line territory the revenues
of certain of the important carriers have not yieledd 5.75% upon any rate
bases that can reasonably be adopted in advance of a final determination of
present values for rate-making purposes. The least favorable conditions in
the district, so far as carrier revenues are concerned, appear to exist in
Western trunk line territory."
We again call attention to the fact that 70% of the total tonnage of
the St. Paul Railway is carried in the Western trunk line district_
Referring briefly to some of the other alleged causes for the financial
breakdown of the St. Paul, we wish to point out that the effect of the
competition of the Panama Canal is analyzed on pages 1930 and 1931 of
the record in this ease. The witness said that owing to the low rate on
canal traffic and the lack of return tonnage the net earnings of the St.
l'aul would not have been substantially increased, if it had obtained the
'full 1-11 of the theoretic total that went via canal and might have gone
via rail.
On page 1933 it is shown that the traffic density of the St. Paul road
since the canal wan opened has increased 23%—that is, tons one mile per
mile of road, per annum.
On page 1938 consideration is had of the operating statistics of the St.
Paul in comparison with that of other roads. It appears that in wages,
fuel, train supplies, locomotive supplies, engine house expenses and water,
the St. Paul ntakes a better showing than the Frisco, the Atlantic Coast Line,
the Southern Railway or the Chicago & Northwestern.
On Page 1939 it appears that while the freight rates have come down
from 1.266 cents in 1921 (average revenue per ton per mile) to 1.091 cents in
1924, during the same period the ratio of transportation costs to gross
earnings has been reduced from 45.6% to 39.1%.
Oct page 1940 the passenger earnings are analyzed. The passenger earnings show a slight upward trend from 1913 to 1924, with the exception of
the years following the war:
On page 1944 a comparison of the traffic density of the St. Paul with
other roads is made, as follows:
Net ton miles transported per
mile of road--per annum.
1,100,000 tons one mile
Chicago Milwaukee & St. Paul
980,000 tons one mile
Northern Pacific
981,000 tons one mile
Great Northern
alinneapolis St. Paul & S. S. Marie System 774,000 tons one mile
1,085,000 tons one mile
Atchison Topeka & Santa Fe
961,000 tons one mile
Missouri-Kansas-Texas Lines
On page 1940 et seq., the witness testified regarding 18 Class I roads
in the Northwestern Region. The rate of return for those 18 roads la the
so-called Northwestern Region was, in 1922, 2.83%; 1923, 3.45%; 1924,
3.12%. In the ten months of 1925 ended Oct. 31 it was 3.6%. The
witness did not state. but it is assumed that these finres are on the book
calue. As the tentative valuation of these roads is in excess of 95% of
their book value, the figures above quoted are substantially correct.
I. of course, recognize that owing to competitive conditions all of the
roads in a region must, as a practical matter, unite on an application for
665
rate revision. While the Commission is of course thoroughly cognizant
of this situation, I wish on behalf of the Roosevelt Bondholders Committee,
which deposited over $20,000,000 of bonds under the modified reorganization plan; on behalf of the Iselin Committee which, without calling for
any deposits, has represented informally over $30,000,000 par value of
Chicago Milwaukee & St. Paul stock, and on behalf of the Northwestern
Railroads Security Holders' Committee for a Fair Return, representing
over $240,000,000 par value of securities of Northwestern roads, owned
by over 1,350 different individuals and corporations—to ask the Commission to hold in this investigation, the primary purpose of which is to determine the cause of the financial breakdown of the Chicago Milwaukee k
St. Paul property, that this, the greatest receivership in history, is primarily due to the failure of the railroad management in the Northwest to
initiate rates which would eliminate proved discriminations against properties which they represent. The St. Paul is a well-operated road. The
density of traffic compares favorably with roads earning a substantial revenue. Its interest charges were not unreasonable. All the evidence tends
to show reasonably efficient and economic operation. I therefore respectfully request you, in rendering your report upon the cause of the St. Paul
failure to make the following finding of facts:
1. That the primary cause of the failure of the, St. Paul Railway is the '
lack of an adequate rate structure.
2. That it is the right and duty of the management of the property, in
conjunction with the management of other railroads in the Northwest, and
especially in Western trunk line territory, promptly to initiate a thoroughgoing examination and revision of the rate structure fa the Northwest.
In conclusion, I respectfully urge upon you that no report on the condition of the St. Paul Railway will be adequate unless it gives full consideration to the rates under which that road has operated.
Opposition by Millers and Eastern Roads to 6 Cent Cut in
Grain Rates by Minneapolis & St. Louis RR.—Six
Roads Authorized to Reduce Rate 3 Cents on
Grain Shipments from Southwest.
In addition to protests by Millers against the reduction
of 6 cents in grain rates by the Minneapolis & St. Louis
Railroad on Northwestern grain and flour moving to
Eastern territory, the New York "Journal of Commerce"
stated on August 5 that a protest probably will be filed
with the Interstate Commerce Commission at an early date
by the Trunk Line Association against the rate reduction
ordered by the road. The item added.:
The protest will ask tlaat the rate be set aside pending an opportunity for the Eastern group to appear before the regulatory
body to justify its demand. Tlac action is believed to be the direct
result of a spirited protest tnade by the Buffalo interests.
Officers of the Eastern roads may meet here Monday or Tuesday to consider the Minneapolis & St. Louis reduction. Then they
may authorize the Trunk Line Association to file a protest with
the Interstate tu'ammerce Commission. The Central Freight Association also may become involved in this rate war.
The controversy started when W. H. Bremner, receiver for the
Minneapolis & St. Louis refused to join other Northwestern roads
in seeking an increase in rates, but instead filed with the commission a plea for a six cent reduction on wheat, flour and coarse
grains moving from points in Minnesota, North Dakota and Montana, where the rates from those points are the same to Minneapolis and Duluth.
Flour manufacturers in the Buffalo district took exception to
this action. They claimed the manufacture of flour and the sale
of grain from the Buffalo market would be curtailed, if not entirely eliminated, providing the proposed grain rate reduction to
favor Northwestern grain manufacturing centers is permitted to
become effective without similar reductions from Buffalo. Leaders
in the Buffalo market already have filed a petition with the Commission asking the suspension of the rates pending an opportunity
for them to appear to prove that discrimination exists against the
Buffalo area.
Milling interests fear that a cut in the through rates will be
followed by a reduction in the rate on grain and flour for export,
thereby eliminating Buffalo producers from the European markets.
It was pointed out by local traffic executives yesterday that the
recent announcement from Chicago, which told of the Interstate
Commerce Commission granting six Western lines permission to
reduce by 3 cents per hundred pounds the rates on grain from
Southwestern areas to Minnesota, had no direct bearing on the
latest rate action sought by the Minneapolis & St. Paul but was
rather the result of action taken some time ago by that line.
Regarding protests by Millers the "Herald-Tribune" of
August 0 said:
The protest of flour millers of the Soutlnvest was added yesterday to those of railroads and other milling centers against the
action of the Minneapolis & St. Louis Railroad in reducing its
rates on grain and flour by 6 cents a 103 pounds. Milling groups
in the Kansas City and Omaha districts notified the Trunk Line
Association here that they would oppose the contemplated rate
cut as giving Northeastern millers an unfair advantage.
The Southwestern millers have already filed formal protest with
the Interstate Commerce Commission and will appear before that
body when it opens hearings on the question within the next few
days.
The thirty-day notice regarding the new tariff proposed Icy the
Minneapolis Sr St. Louis will expire on August 25. On Or before
that date it is expected the commission, as a result of protests
filed with it, will suspend the operation of the schedule pending a
hearing.
On August 3, Associated Press advices from Chicago
stated:
All railroads in the territory east of the Mississippi River and
north of the Ohio River will protest the six-cent grain rate reduction to the Eastern seaboard recently announced by the Minneapolis & St. Louis Railway.This decision was reached today at a
meeting of rate representatives of the carriers.
The decision includes all of the Eastern trunk lines of the
official classification territory and' Meant that all 'the carriers
666
THE CHRONICLE
act as a unit in opposing the reductions proposed by both the
Minneapolis & St. Louis and the Minneapolis, St. Paul & Sault
Ste. Marie Railways. The latter road, the Soo Line, made its
announced tariff effective only to certain New England points,
while the Minneapolis & St. Louis line would reduce its rate to
all Eastern points.
Western roads paralleling the Minneapolis & St. Louis at a
recent meeting took similar action.
Regarding the reduction of 3 cents in grain rates which
six roads in Southwestern territory have been authorized
to put into effect, Washington advices of August 2, Associated Press, said:
Special permission to reduce the rate on grain from Southwestern
producing areas to Minnesota Mills by 3 cents per 100 pounds has
been granted to six railroads in that territory by the Interstate
Commerce Commission, effective five days after the roads formally
notify the commission of their readiness to put the changes into
operation.
•
The reduction which will make the rate 8 cents per 100 pounds,
will apply only to shipments from the producing area to destinations east of the Illinois-Indiana State line, routed through
Minnesota.
The six roads are the Chicago, St. Paul, Minneapolis & Omaha,
the Chicago, Burlington & Quincy, Chicago Great Western,
Chicago & Northwestern, Chicago, Rock Islahd & Pacific and the
Chicago, Milwaukee & St. Paul.
The roads obtained permission to cut the rate in order to compete with the Minneapolis & St. Louis, which recently voluntarily
reduced its rate 3 cents.
The "Minneapolis Journal" of July 28 referring to the
rate reductions in part said:
Minneapolis-Chicago lines will Fleet the 3-cent grain rate reduction put into effect July 10 by the Minneapolis & St. Louis
railroad,
on grain brought to Minneapolis from the southwest
and shipped
from here into eastern territory as flour.
This announcement, made today, was the second piece
of big
news for the grain and milling interests of Minneapolis in
two
days. It follows on the rate reduction of 6 cents from northwestern territory, in which the Minneapolis & St. Louis took the
initiative yesterday. The 6-cent reduction is to go into effect
August 25, subject to approval of the interstate commerce commission.
These two rate adjustments, grain men and millers said today,
will bring to this market vast quantities of wheat which otherwise
would go through other channels. They will retain the supremacy
of Minneapolis in the milling trade, which has been threatened by
rate advantages given to Buffalo.
The 3 cent grain rate reduction from the southwest already has been approved by the interstate commerce commission, and is in effect. Competing lines at first protested
the reduction, announced by the Minneapolis & St. Louis
road in June, to take effect July 10, granting the lower
milling in transit rate on southwestern wheat ground into
flour here, and shipped east by the Peoria gateway.
The combination of this low rate with the surplus winter
wheat crop of the southwest will bring record quantities of
the southwestern wheat to Minneapolis this year for milling. F. B. Townsend, director of traffic for the Minneapolis Traffic Association, said today that estimates show
15,000 to 20,000 cars of southwestern wheat will move into
this market on this year's crop.
The Improvement in Railroad Revenues During 1926.
The net railway operating income of the Class I railroads for the first six months this year totaled $494,866,776,
which was at the annual rate of return of 4.94 per cent on
their property investment, according to reports just filed
by the carriers with the Bureau of Railway Economics
and made public today. For the first six months last year,
their net railway operating income was $439,398,416 or
4.49 per cent on their property investment. Property investment is the value of road and equipment as shown by
the books of the railways, including materials, supplies
and cash. The net railway operating income is what is
left after the payment of operating expenses, taxes and
equipment rentals but before interest" and other fixed
charges are paid.
This compilation as to earnings for the first half of 1926
Is based on reports from 185 Class I railroads representing
a total mileage of 236,938 miles.- Gross operating revenues
for the first six inoliths this year amounted to $3,028,500,861 compared with $2,896,616,605 during the corresponding
period of last year or an increase of 4.6 per cent. Operating expenses for the first half of 1926 totaled $2,299,851,388
compared with $2,239,959,256 for the first six months last
year or an increase of 2.7 per cent. Class I railroads during the first six months this year paid $182,474,572 in taxes,
an increase of $13,546,105 or 8.0 per cent over the same
period in 1925.
Expenditures for maintenance for the first six months
period totaled $1,054,005,103, an increase of $35,361, 831
etanpared with the same period last year. For maintenance of way the railroads during the first six months in
[Vol.. 123.
1926 spent $413,138,797, an increase of $24,722,668 or 6.4
per cent over the same period last year while for maintenance of equipment, $640,866,306 were expended, an increase of $10,639,163 or 1.7 per cent compared with the
same months one year ago. Twenty-two Class I railroads
operated at a loss for the six months period this year of
which eight were in the Eastern District, one in the
Southern District and thirteen in the Western District.
For the month of June, Class I railroads had a net railway operating income amounting to $107,335,654, which
was at the annual rate of return of 5.49 per cent on their
property investment. For the same month last year their
net railway operating income amounted to $92,148,575 or
4.82 per cent o ntheir property investment. Gross operating revenues in June this year totaled $539,864,683 compared with $507,034,436 in June 1925, o ran increase of
6.5 per cent. Operating expenses in June this year totaled
$390,190,450 compared with $376,077,689 in the same month
last year or an increase of 3.8 per cent. The following
further details are furnished:
Eastern District.
The net railway operating income for the Class I railroads in
the Eastern District during the first six months this year totaled
$264,143,672, which was at the annual rate of return of 5.71 per cent
on their property investment. For the same period last year their
net railway operating income was $234,091,058 or 5.17 per cent on
their property investment. Gross operating revenues of the Class
I railroads for the first half of 1926 totaled $1,529,538,015, an increase
of 4.8 per cent over the corresponding period last year, while
operating expenses totaled $1,156,648,871, an increase of 2.3 per cent
over the same period in 1925.
Class I railroads in the Eastern District- for the month of June
had a net railway operating income of $57,776,431 compared with
$50,146,912 in June last year.
Southern District.
Class I railroads in the Southern District during the first six
months this year had a net railway operating income of $79,564,430,
which was at the annual rate of return of 5.65 per cent on their
property investment. For the first six months last year the railroads in that District had a net railway operating income of
$75,340,681, which was at the annual rate of return of 5.60 per cent
on their property investment. Gross operating revenues of the
Class I railroads in the Southern District for the first six months
in 1926 totaled $440,540,132, an increase of 8.2 per cent over the same
period the year before, while operating expenses totald $325,759,435,
an increase of 7.7 per cent.
The net railway operating income of the Class I railroads in the
Southern District in June amounted to $12,446,785, while in the
same month last year it was $11,039,086.
Western District.
Class I railroads in the Western District for the first six months
this year had a net railway operating income of $151,158,624, which
was at the annual rate of return of 3.79 per cent on their property
investment. For the same period last year, the net railway operating
income amounted to $129,966,677, which was at the annual rate of
return of 3.31 per cent. Gross operating revenues of the Class I
railroads in the Western District for the first six months this year
amounted to $1,058,482,714, an increase of 2.7 per cent over the
same period one year ago, while operating expenses totaled $817,443,079, an increase of one-half of one per cent compared with the
first six months last year.
For the month of June, the net railway operating income of the
Class I railroads in the Western District amounted to $37,112,438.
The net railway operating income of the same roads in June last year
totaled $30,962,577.
CLASS I STEAM ROADS-United States.
Six months ended June 30.
1926
1925
Total operating revenues
$3,028,560,861 $2,896,616,605
operating
Total
expenses
2,299,851,388
2,239,959,256
Taxes
182,474,572
168,928,467
Net railway operating income
494,866,776
439,398,416
Operating ratio
75.94
77.33
Rate of return on property investment.
4.94%
4.49%
Month of June.
Total operating revenues
$ 539,364,683 $ 507,034,436
Total operating expenses
390,190,450
376,077,689
32,966,345
29,902,132
r'ailway operating income
Net esrailway
107,335,654
92,148,575
Operating ratio
72.28
Rate of return on property investment
5.49%
7%
74
4
'
.812
Movement for Reopening of Closed Florida Banks-Reopening of a Georgia Bank, and Closing of
Another.
According to Ernest Amos, State Comptroller of Florida,
plans for reopening a number of the banks recently suspended in Florida are progressing satisfactorily. Comptroller Amos is quoted in Tallahassee adviees July 30, published in the Memphis "Commercial-Appeal" as saying:
I am pleased to note that in some cases where the depositors and officers
of the banks have appeared to look upon the situation as hopeless when
the bank first suspended, have after consultation with this office gone
ligoroLsly to w.rk on plans I suggested for reopening.
As stated in an interview I gave some 10 days ago, the storm has spent
itself and the financial sky is rapidly clearing. Anyone who is in close
touch with the situation can readily see this. Confidence is being restored and these within the State and without the State who at first were
AUG. 71926.]
THE CHRONICLE
667
of these
It is understood that the purpose of the Brotherhood in disposing
judgment and realize
disposed to be panicky, are now acting with cooler
to centralize its holdings for other large financial operations in
is
interests
system
certain
a
to
entirely
almost
each
that the whole trouble was confined
New York City planned for the immediate future. It is certain that
the Brotherhood.
of banks.
connected with the of these deals has been extremely profitable to
Not all of these banks which had previously been
slight connection
The "Wall Street Journal" of August 5 in noting the change
system were hurt in its collapse. Some had such a
that every syswith it as not to be injured. I want the public to know
control, said:
in
and therefore no
tem contract in the State of Florida has been cancelled
activities
Activities of the Brotherhood of Locomotive Engineers have been underfurther injury could possibly arise out of the former system's
Stone, the
going considerable modification since the death of Warren E.
in Florida.
by
labor leader, on June 12, last year. Soon thereafter it was announced
The reopening of the Bank of Hazlehurst of Hazlehurst, the new interests that came into control of the brotherhood affairs,
the future policy
Ga., one of the chain of banks which recently closed doors represented by William B. Prenter, now President, that
the brotherhood in financial enterprises would be along lines of consoliafter a receivership, wis ordered for the Bankers Trust of
expansion which
further
dating its Interests, rather than undertaking
Co. of Atlanta on Aug. 2 through arrangement completed appeared to be the late Mr. Stone's idea. Accordingly, a thorough revision
undertaken and certain changes
by T. R.Bennett, State Superintendent of Banks, says the of the brotherhood's banking operations was
been extended
made in local managements. Lately this economic policy has
Atlanta "Constitution" of Aug. 3. Associated Press dis- by
divesting the brotherhood of some of its interests at this point.
patches from Atlanta on Aug. 5 announced the closing
on Aug. 4 of the Milton County Bank of Alpharetta, Ga., Savings Banks Association of State of New York to
a member of the chain of banks for which the Bankers
Hold Annual Meeting in September.
Trust Co. of Atlanta was acting fiscal agent. The dispatch
Banks Association of the State of New York
Savings
The
also contained the following advices:
that the thirty-third annual meeting of the
announced
$16,000.
as
was
given
has
Bank
The capital stock of the Milton County
Simultaneously with the announcement of closing of this bank came Association is to be held at the Lake Placid Club, Lake
of
the announcement that plans are oeing completed for the reopening
Paul W. .Albright of
Bankers Placid, N. Y., on Sept. 22 to 24.
about 20 other banks belonging to this chain which closed when the
General Secretary of
is
City,
York
New
St.,
110 East 42d
Trust Co. went into the hands of receivers recently.
It was said that some of the closed banks may open to-morrow, though the Association.
no names were disclosed.
Grand Jury investigation of the affairs of the Bankers Trust Co. was
continued to-day in the Fulton Superior Court with a number of witthe
nesses called in for testimony. Mr. Boykin expressed the belief that
investigation would continue into the fall.
Fulton County has been asked to appoint a guardina to conduct the
business affairs of W. D. Manley, President of the Bankers Trust Co,
recently in
fiscal agent for the majority of the small banks which closed
Georgia and Florida, it also became known to-day.
Annual Convention of Mortgage Bankers' Association
to be Held in Richmond Sept. 21-23.
The thirteenth annual convention of the Mortgage
Bankers Association of America will be held this year at
Hotel Jefferson, Richmond, Va., Sept. 21-22-23, as decided by the Board of Governors at Chicago May 14. Gov.
Byrd will deliver the address of welcome at the convention.
Major Byrd, who flew over the North Pole, is a brother of
Gov. Byrd. The Governor is reported as stating that his
aviator brother is expected home on a visit in September
and that if he makes the visit he will deliver a speech at the
convention telling about his polar flight. Reduced railway
rates, fare-and-one-half for the round trip, for those planning to attend the convention, may be obtained to Philadelphia and New York on account of the Susqui-Centennial
at Philadelphia. Stopovers are allowed at Washington and
points beyond. For President of the association, E. D.
Schumacher of the Southern Bond & Mortgage Co., Richmond,is the nominee of the board for election in September.
Brotherhood of Locomotive Engineers Disposes of
Interest in Equitable Building.
William H. Vanderbilt and Leroy W. Baldwin, President
of the Empire Trust Co. have purchased jointly a majority
of the voting stock of the Equitable Office Building Corp.,
which had been held by the Brotherhood of Locomotive
Engineers. More than a year ago, in March 1925, the
majority holdings in the Equitable Building at 120 Broadway,
were purchased from T. Coleman duPont and Louis J.
Horowitz by a group including Leroy W. Baldwin, August
Heckscher, and others. This was indicated in our issue of
March 21 1925, page 1413.
William H. Vanderbilt has been elected a director and
member of the executive committee, and Harry C. Cushing, Federal Reserve Board on Growth of Member Bank
3rd, has been elected a director and Vice-President of the
Credit—Comparison of Deposits and Reserve
Equitable Office Building Corp.
Balances Between October 1925 and
May 1926.
Locoof
od
Brotherho
in
Interest
of
Disposes
Labor
The fact that member bank credit reached a new high
motive Engineers Co-operative Trust Co.—
level in June is referred to in the July number of the "BulleName to Be Changed to Terminal Trust Co.
tin" issued by the Federal Reserve Board, in which in its
Announcement was made on August 4 of the sale of the review of the month, the Board comments as follows on the
Brotherhood of Locomotive Engineers Co-operative Trust growth of member bank credit:
Co. to a financial group headed by Harry Henemier. Mr.
Growth of Member Bank Credit.
Henemier, who has been Vice-President of the Brotherhood
Volume of member bank credit, after declining in the early part of the
months, and in June was at a new high
Trust Co., will be President of the new organization, the year, increased once more in recent figure
reached at the end of 1925, and
somewhat above the highest
name of which, with the consent of the State Banking level,
growth of member bank
considerably above the level of last autumn. Thisof
will
procedure,
legal
Federal reserve bank
necessary
increase
other
an
Department and after
credit has not been accompanied by
the average about $100,000,000 lower
be the Terminal Trust Co. In making the foregoing credit in use, which was in May on no
change in the demand for currency,
last October. With practically
announcement J. T. Eiker, Jr., Secretary, Brotherhood of than
amount of reserve bank
the larger part of this decrease in the outstanding
said:
Co.,
ve
Trust
Locomotive Engineers Co-operati
credit is accounted for by the inflow of gold from abroad. That member
The negotiations with the Brotherhood of Locomotive Engineers for the banks have been able to increase their loans and investments without obtainpurchase of the trust company were carried on by Mr. Henemier.
The trust company is located at Seventh Avenue and Thirtieth St., in
the rapidly growing Pennsylvania Terminal district, and the new organization will retain these quarters. The bank has served the needs of the
industries of this district since 1921, in which year it was organized by
Mr. Henemier under the title of the Terminal Exchange Bank.
The officers of the bank, all of whom are experienced bank executives
and entirely familiar with the banking needs of the industries served in the
district, will be, in addition to Mr. Henemier as President; Charles H.
Gallagher, Vice-President; A. C. Bising, Treasurer; John T. Eiker, Jr.,
Secretary; and E. Stanley Homan, Assistant Treasurer. Other officers, to
fill the vacancies left by the retirement of the representatives of the Brotherhood of Locomotive Engineers, will be chosen in the near future.
The proposed board of directors who will be elected to succeed the
retiring board includes: Harry Henemier, President; Charles L. Calhoun,
Vice President of the Tidewater Building Co.; Frank Hedley, President of
the Interborough Rapid Transit Co.; H. P. Wilson, President of the
Western Power Co. of California; David W. Pye, President of the Tuco
Products Co.; John W. Whiteley, of Whiteley & Foedisch, coal operators:
H. G. Hoit, of Hots, Rose and Troster, dealers in securities; John E.
nickels, of Clark, nickels and Barton, attorneys; and other well known
business executives.
While this group and the interests they represent will control the stock
the
of the new bank, it is probable that some of the stock will be offered to
public later.
which
The selling of this bank constitutes the third big financial deal by
interests. A
the Brotherhood of Locomotive Engineers disposes of large
Co.
Trust
the
Empire
in
short time ago the Brotherhood sold its holdings
President of the Empire
to a group of bankers headed by L. W. Baldwin,
Trust Co. More recently the Brotherhood sold its interest in the Equitable
of dollars.
• Office Building, a deal involving several millions
g growth in
ing additional reserve bank credit to support the accompanyin
the growth in deposits
their deposits is explained largely by the fact that
that
has been in time deposits, which require relatively small reserves, and
there has .e.t the same time been a considerable decline in demand deposits.
which carry higher reserve requirements.
Elements of Reserve Bank Credit.
Changes in the reserve requirements of member banks, together with
changes in the public's demand for currency and gold movements in and out
of the country, are the principal factors that influence the demand for
reserve bank credit. The chart [this we omit, Ed.] shows the course of
reserve bank credit, gold stock, money in circulation, and memberbank
reserve balances since 1922. It is apparent from this chart that since last
October there has been little change in the demand upon the reserve banks
for currency, as money in circulation both in October and in May averaged
about $4,863,000,000. The gold stock of the country, however, increased,
by about $75,000.000 during the period, and this Inflow of gold from abroad
by giving member banks additional reserve funds, resulted in a reduction
in the amount of reserve bank credit required as a basis for the outstanding
s
volume of member bank credit.
Reserve RoAtirements. _
ft, In its relation to the demand for reserve bank credit the volume of member
bank credit can best be measured by the total of net demand and time deposits,
the two classes of deposits against which reserves to be held as balances with
the reserve banks are prescribed by law. Total deposits of member banks
against which reserves are required, as a matter of fact, increased by
about $180,000,600 beoveen October of last year and May of the current
year. The reason that this growth in deposits has not led to increased
reserve requirements is•to be found largely in the fact that the growth in
dePOsits lias -taken place in that. class of deposits for which legal reserve
668
THE CHRONICLE
requirements are lowest. Net demand deposits
, calling for the highest
proportion of reserves, declined by about
$300,000,000 during the period
and more than one-half of this decline occurre
d in banks in New York City
and Chicago where the required reserves are 13%
and in other leading cities
with a 10% reserve requirement, while the
decline in cities with a 7%
reserve requirement was less than one-hal
f of the total. Time deposits,
on the other hand, which call for reserves
of but 3%,increased during the
period in all classes of cities. A compari
son between figures for October,,
1925, and May. 1926, for demand and time
deposits of member banks,
reserve balances, and borrowings by member
banks is given in the following
table:
DEPOSITS AND RESERVES OF MEMBER
BANKS.
Last report date of each month. Amount
s in millions of dollars
All
Member
Banks
Banks
in New
York
City.
Banks
in Other
Leading
Cities.
Other
Member
Banks.
Net demand deposits:
October, 1925
May, 1926
18,432
18,138
5,167
5.072
7,914
7,846
5,351
5,220
Change
s-294
—95
—68
—131
10.628
11.102
772
819
4,524
4,751
5,332
5,532
+474
+47
+227
+200
29.060
29,240
5,939
5.891
12,438
12,597
10.683
10,752
+180
—48
+159
+69
2.227
2,195
721
703
944
935
562
557
—32
—18
—9
—5
85
55
319
201
186
218
Time deposits:
October, 1925
May, 1926
Change
Total net demand and tim
deposits:
October, 1925
May, 1926
Change
Reserve balances:
October, 1925
May, 1926
Change
Borrowings from Federal reserve banks:
October, 1925
May, 1926
Change
590
474
—
[VOL. 123.
given [This we omit.—Ed.] which shows
separately for member banks in
New York City, for banks in other
leading cities, and for other member
banks, changes in demand deposits since
the beginning of 1922. The chart
shows that, while there has been a growth
in demand deposits since 1922 in
all classes of banks, the growth has been
smallest for banks in New York
City and largest for banks in other leading
cities, while the other member
banks occupy in this respect an interme
diate position. The rapid growth
of demand deposits at banks in the financia
l centres, including New York
City and other leading cities, began
late in 1923 and continued throughout
1924, when the abundance of funds in the
interior and the relatively small
current credit demands of trade and
industry resulted in a flow of bank
balances to the city banks. Since the
beginning of 1925 demand deposits
In leading cities other than New York
have changed relatively little, while
those in New York City have had
a considerable decline. At member
banks outside the leading cities a
growth of demand deposits began shortly
after midsummer of 1924 and continu
ed to the end of 1925. Since the
beginning of this year demand deposits
in all classes of banks have declined
considerably, and the largest decline
has been at banks in leading cities
other than New York. Deposits at
these banks, however, have recently
shown an upward movement.
Ldans and Investments.
Accompanying the growth of member
bank deposits in recent years there
has been an increase in their loans
and
higher level than they have ever been investments, which are also at a
before. Recent figures for the reporting member banks in leading
cities show that it is for banks outside
New York City that loans and
investments are relatively highest, while
the loans and investments of New
York City banks are at about the same
level as at the end of 195 and
late In 1924, disregarding the temporary
peaks at the close of these years.
Investments of member banks in New
York City are more than $100,00
0,000 less than in the autumn of 1924, and
their loans are substantially less
than in the autumn of 1925. This decrease
in loans for New York City
banks reflects entirely a decline in loans on
securities, as commercial loans were
at the end of June at a level above any
previous point. For reporting
member banks in other leading cities,investments are at a new-high level:
and loans, though somewhat below the peak
at the end of December, are at
about the same level that they have been
since last October. At these
banks, also, commercial loans have shown the
most considerable increase.
This growth in commercial loans has accompanied a high level of industrial activity
, but has apparently been influenced
until recently also by an Increase
in stocks of merchandise at retail stores
caused in part by the delay in
spring trade owing to unfavorable weather
conditions.
—116
—30
—118
.4412
The decrease in the deposits of New York City
banks is reflected in a
decrease in their reserve balances, and also in part
in the volume of their Resources
borrowings at the Federal reserve bank. The
of State Banking Institutions in Unite
decline in their combined net
d
demand and time deposits amounted to about
States Compared with Those of Natio
$50,000,000 between the end
nal Banks—
of October and the end of May, while the decline
in their reserve balances
Capital, Deposits and Resources of
amounted to $18,000.000 and in their borrowings at
State Inthe Federal reserve
bank to about $30,000,000. For banks in
stitutions Larger than Ever Before
other leading cities, whose
.
deposits increased during the period by about
$160,000,000,reserve balances
It. N. Sims, Secretary-Treasurer
decreased by nearly $9,000,000. and their borrowi
of the National Associangs at the reserve bank by tion
$118,000,000. For all other member banks, which
of Supervisors of State Banks, in his
annual report to
towns and small cities of the country and only a include all banks in the the associ
ation at its twenty-fifth annual conven
few banks in some larger
cities, the increase in deposits, amounting to
tion in
about $70,000,000, was Columbus, Ohio,
on July 19, submitted a statement which
accompanied by a small decrease in reserve
requirements and an increase
shows
of about $30.000.000 in borrowings at the reserve
in
detail by States the capital, surplus and
bank. Thus reserve
undivided
requirements decreased for all classes of banks,
but for banks in financial profits, loans and discounts,
stocks, bonds and securities,
centers this decrease was accompanied by a decline
in borrowings from the and total resour
Federal reserve banks. The decline in borrowings
ces
of all State banking institutions of the
by banks in the financial
centers is explained in large part by the fact that
it was to these banks that continental United States, together with totals of
these
the gold imports became available, but also in part
by the fact that reserve Items of the national banks,
and all covering as of April 12
funds became available to them through purchases
by the reserve banks of 1926. The
report of Secretary Sims covers the only
United States securities, of which the reserve banks
held In May about
avail$70,000,000 more than in October. Thus the relative
able accurate and detailed
decline in reserve
data of the State banking instirequirements of member banks during the past eight
months has been due tutions comparable with
the report of the Comptroller of
to a shift of deposits into the class requiring 3% reserves
and into banks the Currency
subject to the smaller reserve requirements that are
which covers the national banks. Mr.
applicable to banks in
Sims
smaller centers. Decreased indebtedness of member
banks in the financial said:
centers to the Federal reserve banks has reflected
The figures given are very
both reduced reserve
gratifyi
ng and reflect, as a whole, a healthy
requirements and the fact that funds needed by the
member banks for condition of the banking institutions of our country.
reserve purposes have become available from gold imports
The capital, the deposits
and through the
and the total resources of our banks are larger
open-market operations of Federal reserve banks.
than ever before.
During the early months of 1926 the deposits of member
On April 12 1926 there was
banks declined
a total of 28,289 banks, of which 20,289
somewhat, as they had done also In the early part
of 1925 and for a few were State banks and 8,000 national banks,
and in round numbers a total
months in 1923, but except for these brief interruptions the
capital,
surplus and undivided profits of $7,398,
deposits of mem018,903
ber banks have Increased steadily since 1921, and the
larger part of the $54,291,833,973, and total resources of $63,999,452,89 , total deposits of
increase has been in time deposits. Time deposits
0. Total deposits of
have also increased all banks were $3,794,525,031 above
the previous high record of April 6
more steadily, without showing the recessions which
characterized demand 1925 and total resources $3,487,607,427
above resources of that date.
deposits during the larger part of 1923 and the first half
On April 12 1926 in round
of
numbers the capital, surplus and undivid
The volume of time deposits, net demand deposits, and 1925 and 1926. profits
ed
of the State banks were $4,288,361,903
reserve balances
, and of the national banks
for all member banks for March 1922, when the previou
s liquidation of $3,109,657,000, showing the capital resource
s
bank credit came to a close, and for May 1926. is shown
of
the
State
banks
to be
in the following 37% in excess of the national banks. The
table:
deposits of the State banks
were. $34,116,035,973 and of the national
banks $20,175,798,000, showing
the deposits of the State banks 69% in excess
of the national banks. The
% of total resources of the State banks were $39,105,787,890, and of
May 26 1926. March 10 1922.
the naIncrease.
Inc. tional banks $24,893,665,000, showing the
resources of the State
Net demand deposits
57% in excess of the national banks.
banks
518,138,000,000 814,479,000,000 83,659,000,000
25%
Time deposits
11,102,000,0001 6,6.,2,000,000 4,440,00
Between April 6 1925 and April 12 1926
0,000 67%
deposits of the State banks
Increased
$3,001,
674,031 and deposits of the national
Total
329,240,000,000 $21,141,000.000 $8,099,000,000
banks increased $792,Reserve balances
$2,195,000,0001 $1,723,000,000 $472,000,000 38% 851,000. During the same period total resources of the
27%
State
Ratio of reserve balances to
banks increased $2,426,405,427, and total resources
of the national banks
deposits(%)
7.5%
8.1%
$1,061,202,000.
increased
Since June 30 1919, which was the date of
Decline in Member Banks' Reserve Ratio
my first complete
statement,
capital, surplus and undivided profits of the
By reason of the fact brought out by the table that
State banks have
the larger part of $1,388,699,225 and the national banks
$746,179,000. The depositsincreased
the increase in the deposits of member banks has been in
their time deposits, banks have increased $12,483,213,961 and
of State
the
their reserve requirements in relation to the volume of their
deposit liabilities Resources of State banks increased $13,140 national banks $4,250,933,000.
,112,054 and the national
have declined, as Is indicated by the change in the ratio
of reserve balances $4,094,115,000. The decrease in
banks
the number of State banks
to deposits, which was 8.1% in March 1922 and 7.5% in May
totals 739.
1926. This The increase in the number of national banks
change indicates that while in 1922 member bank
totals 215.
deposits, subject to
This
makes
a
total
increase
in all banks of the United
reserve requirements, were about 12 times as large as their
States since June
reserve balances 30 1919 as follows:
with the Reserve banks. in 1926 they were more than 13 times
as large.
Capital, surplus and undivided profits
Time and Demand Deposits.
$2,134,878,225
Deposits
or 40%
The rate of increase in time deposits during recent years has
18,734,148,981 or 44%
been large in Resources
all classes of cities, but the larger part of the increase has been
17,234,
237,054
Number
or
of banks (decrease)
38%
in banks
outside New York City and has been divided about equally
524
between banks
Both classes of banks perform
in other leading cities and other member banks, as shown by the
equally useful and necessary
accomfunction
I
do
not make comparisons for the purpose
s and
panying chart. [This we omit.—Ed.) The chart also brings
of disparagement, but
out the fact phasize the colossal size
to
of the two great banking
that the increase has been somewhat more continuous in the
systems and to direat
banks in attention to the importance
smaller citieS and that for banks in New York City there has
and need of both in the
been no dling of our country's
development and hanincrease for more than a year, and an actual decline since the
business.
high point
Mr. Sims's compilation of a year
of late 1924. In both the other classes of banks, on the other hand,
ago
time
appear
ed in our issue
deposits continued to increase during the last half-year. A chart
Is also of July 25 1925, page 410. His latest
compilation follows:
669
THE CHRONICLE
AUG. 7 1926.]
FROM STATEBANKING INSTITUTIONS UNDER STATE CONTROL COMPILED
STATEMENT SHOWING AGGREGATE RESOURCES. &C.. OF ALL
ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES.
MENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS.
COMPTROLLER OF THE CURRENCY AND FIGURES EXHIBITING
&C.,OF ALL NATIONAL BANKS,TAKEN FROM REPORTS OF THE
N. SIMS, SECY-TREAS. NATIONAL ASSOCIATION OF SUPERTOTAL BANK RESOURCES OF THE UNITED STATES BY R.
OF LOUISIANA, NOW VICE-PRESIDENT OF HIBERNIA
VISORS OF STATE BANKS,FORMERLY BANK COMMISSIONER
BANK & TRUST COMPANY. NEW ORLEANS, LA.
STATE.
No. of
Date of IranReport. tutions
Capital.
Surplus.
Undivided
Profits.
Capital, Surplus Deposits, Includand Undivided ins Certified and
Cashiers' Checks.
Profits.
Loans and
Discounts.
Bonds, v.acks,
Securities, ske.
Total
Resources.
$
$
$
$ •
$
$
s
$
172,415,317 18
12,121,790 61
116,175,503 33
143,265,357 33
25,660,282 47
7,592,466 15 4,348,116 32
13.719,700 00
253
3-12-26
51,223,53370
8,709,217 92
Alabama
28,919,734 21
44,436,847 47
55
6,082,983
83
72
1,890,994
767,588
00
3,424,400
32
10,126.12608
4-12-26
176,389,549 80
23
Arizona
119,955.866
68
143,374,861
98
25,640,761
6,292,487 43 3,072,074 55
16,276,20000
396
10
35
4-12-26
575,982,386
2,624,391,156
Arkansas
55
1,618,891,110
53
357 129,202,320 00 68,341,896 85 36,425,808 11 233,970.024 96 2,321,592,156
California_ _ _ _ 4-12-26
17,194,135 01
77,656,802 94
40,492.300 19
67,220.227 97
10.217,08665
2,871,134 44 1,366.452 21
5.979,50000
182
4-12-26
Colorado
898,688,770 20
Connecticut441,568,400 38 284,122,397 90
800,174,492 96
74,911,378 15
48.283,07727 8,310.100 88
18.318,20000
Trust cos-. 4-12-26 1 165
66
39,492,991
110,402.816 76
70
Say. banks- 3-31-26
58.148,648
63
88,026,512
20,304.633 10
8.274.912 32 3.995,220 78
8,034,500 00
40
4-12-26
485,802.272 26
60,267,669 61
Delaware
440.762,231 53 294,944,922 36
38,062,672 94
11,181,315 51 7,477,357 35
19,404,000 00
281
4-10-26
20,208.330 93
295,247.688 56
Florida
06
199,666,438
42
219.571,309
35
52,318,882
14,964,495 46 7,577,966 89
29,776,420 00
477
4-12-26
10.081,017 54
40,021,266 58
Georgia
18,883.239 34
34,823,394 36
4,257,343 66
217,980 15
916,863 51
3,122,500 00
101
2,677.221,25305
4-12-26
Idaho
73 2,251,431,981 38 1,571,914,551 28 561.877,990 28
24
4-12-26 1,386 166,720.000 00 116,888,710 239 39.833,507 85 323.442,218 28
27
705.089.962
91,193,203
Illinois
25
409,416,554
24
498,336,153
84,459,380
23,415,750 61 12.906,329 68
48,137.300 00
851
12-31-25
476.970 99
700,051.166 48
Indiana
536,466.752 61
81,071.595 99 605,260.954 13
20,792,92321 10,779,872 74
49.498,80000
4-12-26 1.171
299,582,516 42
27,080,082 44
Iowa
41
197.301.307
05
249.233.895
01
42,205,169
13,637,591 69 3,080,277 37
25,487,300 00
3- 1-26 1,003
269.730,81668
36.522,13283
Kit11&18
186.365.262 76
207,984.420 58
41,601,273 97
14.638,969 39 3,961,127 13
23,001,177 50
471
6-30-25
416,306,987 74
Kentucky
49.120,422 91
264,712,354 61
329,924,315 54
44,362,457 94
14,362,676 23 5,696,791 71
24,302,990 00
200
4-12-26
294,891,458 08
Louisiana
09
165,846.466
07
111,153,908
245
262,959,27
25,885,024 40
10,886,070 82 9,420,753 58
5,577,300 00
90
3-27-26
Maine
Maryland580,368,267 25
58
103,298.767
28
210.770,196
62
487,383,354
39
75,642,108
37.979,025 00 13,643,883 39
24,019,200 00
Trust C08.-- 5- 4-26 1 162
Other banks 12-13-2 f
Massachusetts
2.891.119,43844 2,074,766,180641,146,224,000 31 3,445,927.530 68
4.12-26 1 509 299.405,73023 185,690.209 98 34,731.19824519.827.138 45
Trust cos
Other banks 10-31-25 f
507,920.314 19 735,401.805 56 1,535.911,381 14
1,292,359.378 97
104.195,88300
58
36
62,402,125 06 17,140,899
74,652,858
605
4-12-26
Michigan
524.637.31823
274,377.033 94 154.033,993 12
466.140,911 90
13,883,47200 6.998.7654449,755,737 44
29,873.500 00
3-16-26 1,029
196.074.05935
Minnesota
25,471,817 03
116,985.574 53
167,254,592 31
20,664,733 45
6,632,733 22 2,081,570 23
11.950,43000
322
4-12-26
969.467,259 23
Mississippi
83 214.315,505 67
549,350,362
46
788,374.360
60
140,262,916
45.071.962 00 14.851.981 98
79,438.972 62
4-30-26 1,386
Missouri
79,836.690 91
70
22,198.585
28
36,387,419
14
69,464,534
9,438,147 36
840,826 03
1,827,321 33
6,770,000 00
142
4-12-26
Montana
323,221,411 80
22,522.860 75
224,299.657 84
285.662.831 89
31,901,024 07
6,861,531 67 1.893,29240
23,146,200 00
898
4-12-26
Nebraska
13
2.966,315
32
15.943.283
24.958.147 36
21.898,03745
2,751,829 29
564,859 25
475,370 04
1.71E600 00
24
4-12-26
.
Nevada
83,620.18969200,833,296 84
89,286,833 07
180,112,226 98
13,309,312 89
1,055,000 00
11,918.425 92
335.886 97
68
6-30-25
New Hamp
78 724,597,782 18 1,409,224,820 92
520,351.408
95
1.202.526,103
51
156,720,715
73,197,995 36 23.847.720 15
59,675,000 00
254
4-12-26
New Jersey
1.862,6797710,052,428 89
5.462,716 59
8.254.60994
1,573,735 33
283,192 12
70,543 21.
32
1,220,000 00
New Mexico._ 4-12-26
24 10.796.852.154 60
New York1.596,672,005
00
01
3,416,933,885
10,492,844,682
00
734,606,609
Say. banks_ 1- 1-26 1 682 315,270,343 00 *419,336,266 00
317,629.926 69
Other banks 3-25-26
24,517,335 48
.461,994 77
266.769.53103226
97
40.796.162
33
496
23,024,811 50
13.322.076 19 4,449.275
92.290.037 77
North Carolina 4-12-26
9,859.370 47
79,658.0467869.524,422 17
10,872,202 38
4,467 64
2,713,234 7s
8,154,500 00
45)
2.032.463,67000
00
North Dakota. 4- 1-26
363,076,430
309,533.755 00
83.310,806 Ot 23,052,150 00 219,489,636 00 1.726,922.256001,
667 113,126,680 00
4- 8-26
91.499.230 58
Ohio
16.327,751 96
14
46,623.461
22
84,238
9,743,0690679,9
914,081 48
1.319,15000
1.509.837 61
367
4-12-26
104.630,467 91
Oklahoma
23,092.439 28
13,211,7364387,089.369 97 .57.698.690 19
9,073,683 25
2,920.783 89 1.217,269 34
175
4-12-26
Oregon
2.401,069.65829 1.057.207,97844 1.579.339,542 53 3.142,872,642 51
787 183,306,042 74 326.635.036 41 76,846,202 55 586,787.281 74
Pennsylvania. 4-12-26
466,622,147 93
Rhode Island219,189,283 73 189,630,825 14
418.993,902 13
28,848,927 33
14,837,272 21 4,616,655 10
9,395.000 00
Say. banks- 12-31-21 1 25
Other banks 5- 3-26
125.661,03808
20
67
12,479,676
89,841,421
14
585,670
20.025.5390896,
5,857,180 7( 2,224,088 29
11,943,670 00
264
South Carolina 4-12-26
118,464.140 80
4.622,244 34
77,170.71501
101.674.147 76
13.571,361 52
8,510.400 00
2,946,0714 47 2.1111.17 05
376
South 1)akota. 4-12-26
276,256.499 76
39
53
18,505.170
182.240.228
22
921,432
37.620.90408215,
24.370,60385 *13,250,350 21
437
Tennessee.- 4-12-26
75
309,879,545
89
25,819.533
188.422,63344
62
241.506.487
52,511,621 63
11,319,933 24 5.677,48s 39
35,514,200 00
814
4-12-26
Texas
114.136,406 74
17.590.562 53
76,241,203 54
13.565.1499685.344,767 96
4,414.720 09. 1.052.679 96
93
8.097,750 00
3-27-26
41
Utah
175.901,080
92
02
49,851,682
115.393,531
166.935.29966
50
14,981,702
2,666,000 00
9,113,131 16 3.202.571 40
58
4-12-26
Vermont
274.379.859 72
19,371,533 15
196.391,34491
185.965.81375
52,024.492 32
16.715.38361 5.684.970 39
29.638,13838
331
4-12-26
Virginia
191.490.447 98
22
12
48.368,280
104,451.241
15
166,585,570
57
20.076,552
5.609,69722 1,564.355 35
254
13,002,500 00
Washington _ _ 4-12-26
246.689.32872
175,599,480 57
25,596,356 10
195,961,443 57
42,321,396 83
222
14,507,941 63 5,887,955 20
21,925,500 00
West Virginia_ 4-12-26
608,679,773 18
367,393,961 33 134.118.636 04
63,914.11328536,920.314 10
16,980,002 28 11,001,110 99
35,933,000 00
826
Wisconsin.-- 4-12-26
23,773.546 20
89
2.850,383
15.402,57365
49
20,394,676
50
2,896,942
820,304 51
1,865,00000
211.637 99
61
4-12-26
Wyoming
I
'
Totals(Aver
0934,116.035.973 16 18.832,589.37081 3.368.247.394 4339,105,787.890 95
age Date) 4-12-2620.289 2,065,024,071 43 1.798.466,761 53 124,871,070 13 4,288,361,903
tag. alai
t
Comptroller's
Report (Nat
00 20,175,798,000 00 13,312,259,000 00 3,074,916.000 00 24.893,665,00000
3,109.657.000
00
1,188,704,1)0000
500.519,000
00
8,000
1,410,434,000
4-12-26
Banks)
Excess of State
Banking Institutions.
Totals
State Banks
State BanksState Banks
State Banks
State Banks_
State Banks
State Banks
State Banks._
Nat'l Banks_
Nat'l Banks
Nat'l Banks
Nat'l Banks
Nat'l Banks
Nat'l Banks
Nat'l Banks
Nat'l Banks
'
3,293.331,39443 14,212,122,890 95
1 178.704,903 09 13,940,237,973 16 5,520,330,370 81
21,632,822,011 81 12,257,134.526 4C 3,497,523,011 46 25,965,675,836 30
6-30-19 21,028 1,397,888,58800 1,332,891,44886 258.882,640 87 2,899,662,677 73
18 23,950,838,611 35 15,334,616,394 62 3,235,427,676 40 29.191.455,64843
6-30-20 21,923 1.595,243,703 89 1,450,494,206 82 295,274,641 47 3,341.012.552 56
23,780,750,818 50 15.449,134.595 2I: 3.877,828.33349 29,412.657.029 83
3-10-21 22.705 1.734,909,385 2C 1.633.327.012 84 318,844.745 52 3,587.081.143 31 23.510.877.185 07 14,108,585,847 71 3,414,104.361 97 28.808.553.357 84
3-10-22 22,302 1.794.110,01682 1.587.458,465 10 319,108,843 39 3,700.677.924
59
50 27,013,525,116 92 15,547.076,77707 7,438,708,895 68 32,081.329,235
4- 3-2322,084 1.855.237.769 73 1.450.746.035 80 335.458,195 93 3,641,444.001
28,402,756,641 94 16,264,679,524 27 3,055,053.931 93 31.641.174,12753
3-31-24 21,356 1,915,334,597 03 1,547.908.798 76 346,360,002 62 3,809,603,398 41 31,114,361,942 13 15.830.362,01890 3,471.1367,470 89 36.679,382,463 73
95
4- 6-25 21,122 1.990.525.694 76 1.652.290.607 71 386.578.187 34 4.029,394.48982
34,116.035,973 16 18,832,589.370 81 3,368,247.394 43 39.105.787,890 00
4-12-2620,289 2.065.024.071 43 1.798,466.761 43 124.871,070 13 4,288.361,903 09
00 15,924.865.0000010.588.801.000 OC 5.047,521,000 00 20,799,550,000 00
22,196,737,000
6-30-19 7.785 1.118,603.00006 872,226,000 00 372,849,000 00 2,363,478,000
9,498.771,00000
12,396,900,00006
00
6-30-20 8,036 1,224,166,000 00 986.384,00000 111,525,000 00 2,622.075,000 00 17,155.421.000
00
15,478,354,000 00 11,680,837,00000 4,028.059,00000 20,307,651.000
2-21-21 8,143 1.273,205.000 00 1.029.406,00000 431,204,000 00 2.733,815.00000
15,390,438,0000011,293,874,00000 1.118,106.000 CO 19,815,402,000 00
3-10-22 8,197 I,289,528,000 00 1,036,184,00000 508,560,000 00 2,834,272,000 00
21.612.713.00000
06
5,041,122.000
11.679,621.00000
4- 3-23 8,229 1,319,144,000 00 1,067,652,00000 486,172,000 00 2,872,968,000 00 17,036,281.000 00 11.963,102,90000 5.005,950.00006 22.062.888.00006
3-31-24 8,115 1.335,572,00000 1,073,363,000 00 507,905,000 00 2,916.840,000 00 17,593,696,000 06 12,480.246,00000 5,753,440,000 00 23.832,463,000 M
4- 6-25 8,016 1,361.444,00000, ,54 .000 00 490,457,000 00 2,958,445,000 00 19.382,047,00000 13.312,259,000 006,074.918,000 00 24,893,665.000 CK
4-12-26 8,0001,410,434,000001,188,704,000 00500.519.000 00 3,109,657,000 00 20.175.798,000 00
12,289
654,590,071 43 600.762,761 53
• Includes undivided profits.
All banking Institutions of the United States on April 12 1926 show:
Total banks
Total capital, surplus and undivided profits
Total Deposits
Total Resources
Pacific Coast Regional Trust Conference to Be Held
Just Prior to American Bankers Association
Convention in October.
The fourth regional trust company conference of the Pacific Coast and Rocky Mountain States will be held at Los
Angeles Sept. 30 to Oct. 2, immediately preceding the annual
convention of the American Bankers Association, which will
open there Oct. 4, it is announced by the Trust Company
Division of the Association, under whose auspices the conference will be held. The conference territory comprises
the States of Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and
Wyoming, making up the Twelfth Federal Reserve District.
The meeting will be open to representatives of trust companies and State and national banks authorized to do fiduciary business.
The following committees composed of bankers of Los
Angeles or vicinity have been appointed to have charge of
various details of the meeting: Hotels and Arrangements,
PacificJ. D. Carson, Vice-President and Trust Officer,
28,289
$7,398.018,903 09
54.291,833,973 16
63,999,452,890 95
Southwest Trust & Savings Bank, Chairman; E. B. Pentz,
Security Trust & Savings Bank; Marc Ryan, Bank of Italy;
Don Cameron, Union Bank & Trust Co.; J. H. Griffin, Security Trust & Savings Bank; W. D. Lacey, First Trust &
Savings Bank, Pasadena. Finance, John Veenhuyzen, VicePresident and Trust Officer, Security Trust & Savings Bank,
Chairman; W. W. Powell, Title Insurance & Trust Cc.:
B. H. Grigsby, Pacific-Southwest Trust & Savings Bank;
J. S. McKnight, Marine Trust & Savings Bank, Long Beach;
C. J. Hall, Pacific-Southwest Trust & Savings Bank, Pasadena. Program and Publicity, A. L. Lathrop, Trust Officer,
Union Bank & Trust Co., Chairman; B. L. Smith, California Trust Co.; J. F. Keogh, Title Guarantee & Trust Co.;
H. B. Thomas, Citizens Trust & Savings Bank; H. H. Ashley, Hellman Bank. Reception and Entertainment, C. Sumner James, Vice-President, Citizens Trust & Savings Bank,
Chairman.
The business meetings will begin at 2 o'clock Thursday,
Sept. 30, and end at noon Saturday, Oct. 2, and will be followed by a banquet that evening. The conference was timed
670
THE CHRONICLE
to enable delegates to combine
attendance at both meetings while in Los Angeles. This is
the fourth conference of
the kind to be held in the Twelfth
Federal Reserve District,
the first being called in San Franci
sco in 1923, while in 1924
the meeting was at Salt Lake City
and last year in Seattle.
Chairman Lathrop of the program
committee has announced
that suggestions from trust officia
ls for topics to be discussed at the meeting will be welcom
ed.
School
Bank Balances Increased $5,500,000
During 1924-25.
School savings in the United States
for the year 1924-1925
Increased in aggregate bank balances
by five and a half million dollars, with a growth of 630,000
in the total number of
pupils participating, it is shown in
reports made to the
American Bankers Association. "The reports
contain many
factors to encourage belief in the perman
ence of school savings as a part of the educational progra
m in the public
schools," says W. Espey Albig, Deputy Manage
r of the association in charge of the Savings Bank
Division, under date
of Oct. 12. Mr. Albig adds:
Savings
During the year closing June 30
1925 the number of reporting school
savings systems has increased from
683, which embraced 742 districts, to
760, which embraces 1,557 districts;
the
10,163; the number of pupils enrolled number of schools from 9,080 to
in schools having savings systems
from 3,095,012 to 3,848,612; the participa
nts from 2,236,326 to 2,869,497;
the deposits from $14,991,535 40 to
$16,961,560 72, and the bank balances
from $20,435,144 64 to $25,913,531
15.
The number of schools having school
savings systems increased 11.9%;
the enrollment of pupils in districts
having school savings increased 24.3%;
pupil participation increased 28.3%;
deposits increased 13.1%, and school
balances 26.8%.
The present report is significant
when compared with that for the year
1919-1920, the first year .compreh
ensive statistics were available. The
number of schools having school savings
banking has increased 271.4%;
the enrollment in school savings districts
has increased 278.9%; participants, 520.2%; deposits, 506.1%, and
bank balances, 516.8%.
Possibly the best basis from which to
judge the increased favor secured
by school savings banking is found
in the results obtained in a group of
about four hundred districts where
school savings banking has been established for two or more years. In this group
during the year the enrollment
has increased 6.5%; participation
by pupils, 15%; deposits, 108.1%; bank
balances, 48.3%. The gain during the
year in this group was even more
marked than the gain in the same
group during the preceding year, 19231924, when the enrollment gained 4%;
pupil participation, 8%; deposits,
23%, and bank balances, 44%.
In the honor roll of school savings bankin
g prepared by
the Savings Bank Division of the associa
tion, comprising
districts in which official records show
that at least 75%
of the registered pupils are participating
in the movement,
the following cities appear as the first ten
in each class:
Class A,
cities with school enrollment over 10,000:
Duluth, Minn.,
99.8% participating; Huntington,
W. Va., 97.2; New Britain, Conn.,
97.0; Pawtucket, R. I., 96.4; Springfie
ld, Ohio, 95.2; Columbus, Ohio,
94.1; Sioux City Iowa, 93.5; Wichita,
Kan., 93.1; Minneapolis, Minn.,
93.0 ;' Pittsburgh, Pa., 91.7. There
are 23 districts in all listed in this
class.
Class B, enrollment 5,001 to 10,000: Kingston
, Pa., 99.5% participating; Superior, Wis., 97.8; Plainfield, N.
97.6; Cedar Rapids, Iowa.
97.0; Winston-Salem, North Carolina, 96.7; Evanston
, Ill., 96.0; Pontiac,
Mich., 93.0; Meriden, Conn., 92.9; Everett,
Wash., 91.8; Jackson, Mich.,
90.0. There are 26 districts in this class.
Class C, enrollment 2,001 to 5,000: Iron Mountain,
Mich., 100% participating; Marshfield, Wis., 100; Pittston, Pa., 100;
Washington, Pa.,
100; Elmira, N. Y., 99.9; Tiffin, Ohio, 993; Mechanicville,
N. Y., 99.1;
Ridgewood, N. J., 99.0; Okmulgee, Okla., 98.4; Freeport,
N. Y., 98.2.
There are 82 districts in this class.
Class D, enrollment under 2,000: Twelve cities in this
class have attained 100% participation and are as follows: Caspian, Mich.;
Clearfield,
Pa.; Cudahy, Wis.; Dowington, Pa.; Greenwood, Miss.; Hancock
, Mass.;
Lake Forest, Ill.; Orrville, Ohio; Port Jervis, N. V.; South
Manchester,
Conn.; West View, Pa.; Winthrop, Me. There are 69 districts
listed in this
class.
[VOL. 123.
At his home in Tuxedo Park it
was said that:he is no longer in!bed as the
result of a fall in a bathroo
m Sunday morning. His secretary at the
bank
said he was "gettingjalong
nicely."
In the fall, his secretary said,
Mr.
• two-and-a
heavy man, bruised his right arm and Delafield, who is-seventywas shaken up. His arnaLis still lame,
but he is anxious to return to his
work.
old
Dr. E. C. Rushmore, of Tuxedo
Park, his physician, would not comment
on his condition.
Gilbert L. Morse has been a- ppointed Assista
nt Cashier of
the Chatham Phenix National Bank
& Trust Co.
At a meeting on July 25
of the board of directors of the
Chemical National Bank of New York $1,000,
000 was added
to surplus fund from earnings, bringin
g surplus fund up to
$17,500,000.
The Times Square Trust C- o., a newly
organized institution in this city, will, it is reported, be located
at 565 Seventh
Avenue. It will have a capital of $2,000,000
and surplus of
$500,000. The stock was oversubscribed, it is
announced,
by 8900,000. The par value, with the surplus
, is $125 per
share, at which price it was disposed of.
Adolph Koppel, President o- f the Central Savings Bank
of
New York, died Aug. 3 after a long illness. Mr.
Koppel
entered the services of the Central Savings Bank
as Secretary
July 14 1892, having received his business trainin
g in the
counting rooms of various commercial firms
and bankin
g
houses, and having for seven years prior to his enterin
g the
service of the Central Savings Bank on July 14 1892,
held the
office of Secretary of the German American Title Guaran
ty
Co. Mr. Koppel was Secretary and Cashier of the Centra
l
Savings Bank until Aug. 1 1920, when he was appint
ed
Treasurer. He was elected a Trustee in April 1919, Second
Vice-President and ex-officio member of the Commit
tee
on Finance in January 1920, First Vice-President Jan. 1925,
8
and President Oct. 19 1925. He was born Feb.
22 1855 in
the City of Muenster, capital of Province
of Westphalia,
MZia, and came to the United States in December 1871.
We learn that the selling price of the stock
of the
new
National Bank of Yorkville, in New York,
to which reference was made in these colunmsjast
week, page 537, is $140
per $100 par share, of which $35 will
be applied toward
surplus and $5 to surplus and organiz
ation expenses. The
bank will start with a capital of $500,00
0 and surplus of
$200,000. It will be under the management
of Charles E.
Chalmers, President; William Hagedorn
and Pryor H.
Kalt, Vice-Presidents, and Frank I. Ashley
, Cashier.
A charter has been granted by the Comptr
oller of the
Currency to the Traders National Bank of Brookl
yn. The
bank will commence busines on Oct. 1 with a capital of
$500,000 and surplus of $250,000. The new institution
has leased the bank building at De Kalb Ave. and Flatbush
Ave. Extension. The President is B. P. Van Benthuysen,
First Vice-President, Russell J. Perrino, and Alex Cunningham Second Vice-President. The Cashier has not yet been
appointed. Subscriptions to the stook were opened on
June 28 and cloFed-July 8, its capital having, it is reported,
been oversubs2ribed. The creation of the new bank was noted
in our issue of June 26, page 3562.
The Granite National Bank of Brooklyn announces
the
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
election of Col. Archibald W.J. Pohl as President. Mr.Pohl,
Three New York Stock Exchange memberships were who is President of the Pohl-Abbott Construction
Co., is
reported posted for transfer this week as follows: That
of one of the principals in the organization of the bank. Harry
Samuel W. Boocock, deceased, to Joseph A. McLaughlin, L. Jones, Chairman of the Board of Jones Bros.
Tea Co.,
consideration stated as $153,000; that of Harold L. Judd
to has been elected Vice-President of the new bank; Matthew
Harold P. MacDonald, consideration $152,000; and that
of J. Kelsh has been elected the Cashier. The Granite National,
Stuart C. Edmunds to John T. Ardis, consideration
$152,000. whose organization was reported in the issue 9f the Chronicle
Last preceding sale was for $152,000.
of May 1, page 2452, will open its doors in the fall (about
Sept. 15 it is expected) at 294-296 Livingston Street. Names
On Sept. 2 a special meeting of the stockholders of
the of the proposed board of directors were given in our issue
National American Bank, of this city, will be held, at
of
which May 1.
they will vote upon the question of the merger of the bank
with another institution, probably, it is said, the Centra
The First National Bank of Brooklyn announces the followl
Mercantile Bank. The National American Bank is
located ing changes in its staff: Ansel P. Verity has been appointed
at 8 West 40th Street, and was organized in 1920. It has Vice-President and Cashier;
Frederick W. Kruger, Russell
a capital of $1,000,000 and a surplus in excess of $500,000. C. Irish, Austin Tobey and
John W. Bargfrede, have been
Its deposits aggregate over $11,000,000.
appointed Assistant Vice-Presidents; and William J. Ahern
Regarding injuries suffered by Richard Delafield, of the has been appointed. Assistant Vice-President and Trust
National Park Bank of this city, the "Evening Post" of last Officer.
night (Aug. 6) said:
Henry C. Mecke of the real estate firm of Schneidmuller
Priem& of Richard Delafield, Chairman of the Board of the National
Park Bank, were relieved to-day to learn that injuries which have confined & Mecke, 879 Utica Avenue, Brooklyn, has been added to
him to his home since Sunday are not serious.
the board of directors of the Rugby National Bank of
AUG. 7 1926.]
I
THE CHRONICLE
671
Brooklyn. Mr. Mecke is a member of
the Flatbush Cham- Samul F. Leber, counsellor-at-law; Gustave Lewis
, Vice-President and
her of Commerce and a resident of the
Treasurer Lewis Bros., Inc.; Philip Lindeman,
Rugby section, and Leo
President Lindeman & Co.;
N. Lissner, President J. Lissner & Sons, Inc.;
has been identified with many of the
Dr. Clarence R. O'Crowcivic movements in ley, surgeon; Pellegrino Pellecchia, Presid
ent Pellec
that locality. The Rugby National
Construction Co.;
Bank opened for busi- James Rattray, President Guardian Securities Co.; chia
Roth, Treasurer
ness on July 1 and reports steady
& Co., Inc.; Benjamin J. Sugarman, TreasurerJacob
progress since its open- Roth
Donal
d Co.; Grover
Cleveland Trumbull, Vice-President; Edward
lug. Reference to the bank appeared
M. Waldron, President
in these columns May Edward N. Waldron, Inc.; Oscar L. Weing
arten
,
22, page 2906, and July 10, page 167.
Bros., Inc., and Max Weinstein, President Russelcs President Weingarten
Fifth Ave., Inc.
____......__
The officers of the Guardian Securities
Total deposits at the close of the
Co., all of the
first business day of the stock of which is owned
by the Guardian Trust Co. of New
Guardian Trust Co. of New Jers
ey amounted to $7,008,791, Jersey, are James Ratt
ray, President; Grover C. Trumbull
a new high record, it is claimed,
,
for any new bank formed Vice-President; Oscar
L. Weingarten, Vice-President; Dr.
In the Eastern States. Total
resources at the close of
Clar
ence
R.
O'Cr
owle
the
y,
Secr
etar
y; Philip Lindeman, Tressfirst business day are reported
as approximately $15,000,- urer; Henry J. Campbell
, Assistant Secretary, and Ira C.
000, declared to be an absolute
high record for any new Ayers, Assistant Treasure
r. Previous references to the
bank in the United States.
The new institution, whic
h Guardian Trust Co. appeared in our issues of July 3, page
began business on Monday, Aug.
2, is located at 900 Broa
d 45; July 10, page 167, and July 31, page 538.
Street, Newark. It starts with
a capital of $5,000,000
and
surplus of $2,500,000. Commenti
Nils Anderson and John A. Gaffney have
ng upon the showing of
been elected
the
bank on itd first business day,
James Rattray, Vice-Presi Vice-President of the Mid-City Trust Co. of Plainfield, N. J.
- Mr. Ande
dent of the trust company
d
rson is the President of Debevoise, Ande
and President of the
rson Co.,.
Guardian
Securities Co., said:
New York, and Mr. Gaffney is an edito
r of the "Courier
The record volume of deposits
received by the Guardian Trust
News" of Plainfield. The Mid-City Trus
Its opening day indicates the high
t Co. commenced
Co. on
regard in which the directors
business on Feb.6 1926. It has experien
officers are held in this community.
and
ced marked growth,
They
are known as business men its depos
who have beer. successful and this
its at the close of business on July 10
confidence in the new institution volume of deposits shows the public
being reported
and the belief that in carryi
at $1,003,818, these figures comparing with
policy of giving efficient banking servic
ng
out
its
$588,493 on
Newark ranks as one of the leadin e the new bank will be a success.
June
6; $497,361 on May 6, and $108,647 on
the opening
States and its growth during the last g industrial centres of the United date, Feb. 6.
The total resources of the institutio
ever, it is even yet in its infancy. decade has been phenomenal. Hown on JulyThe
devel
were
10
$1,29
opmen
5,160. The company has a capital
t of Port Newark
should eventually place it in the first
of $200,0001
will, of course, redound to the benefi rank as an Atlantic seaport. This and surplus of $80,000. In addit
ion to the two officers menof the industries in this sectio
Banking is the hub of business. Adequtate
banking facilities are necess n. tioned above, the executive staff includes C. E. Loiz
to the development of business. With
ary
eaux,
that the Guardian Trust Co. has brougthe additional facilities and capital President; Arthur Hofheimer, Vice-President;
Malcolm H.
ht to Newark and New
stimulus will be given to the future
progress and prosperity of Jersey, a Scully, Secretary and Treasurer; M. C. Bradford, Assistant
industrial centre.
this great Secretar
y and Assistant Treasurer, and C. Frank
Schwep,
An impressive ceremony was
Chairman of the Board.
arranged outside the
bank
building to mark the official
opening of the insti
tution. At
this ceremony Clarence G. Appl
On July 23 Edward R. Westerburg and Geor
eton, President of the
ge W. Brower
Guar- Jr., formerly Cashier and Assistant
dian Trust Co., presented
Michael Hollander, Chai
Cashier, respectively,.
rman of of the National Bank of Nort
the board of directors, with
h Hudson, Union City, N. J.,
a gold key, with
which the were arrested on Federal warr
trust company's new home
ants charging alleged emwas opened for the
transaction bezzlement, misapplication of
of a general banking and
funds and conspiracy to deinvestment business.
Lnmedi- fraud. The arrests were the resul
ately after the opening and
t of the discovery of a
throughout the day,
new de- shortage at the bank in the acco
positors crowded the banking
unts of depositors of apquarters. Several thou
new accounts were opened
sand proximately $109,000, the defalcations
on the first day, the
dating back over a
names in- period of two years. When take
eluding corporations, business
n before Federal Commismen, merchants and
manu- sinner Staunton in Hoboken, both
facturers, and professional
defendants waived exmen in the city.
Besides ex- amination and were held
tending congratulations, more
in bail of $50,000 and $5,000,.
than a hundred bask
ets and respectively, to await the action of
vases of flowers were
the Federal Grand Jury.
received from clubs,
corporations, Later Brower obtained his
Individuals and banking
bail of $5,000, which was said
institutions. Comm
enti
the policies of the new trust
ng upon to have been placed at that figure beca
use of his promise.
tray said, "the chief aim of company, Vice-President Rat- to assist the Government in the case, and
was released from
this organization will
be to give custody. He stated, accordin
maximum service to the
g to the New York "Times"
public and engage in ever
y finan- of July 24, that developments
cial service which will aid
would completely vindicate
in making a bigger and
better him of any suspicion of wrongdoing
Newark and increase busin
and placed the blame
ess and commerce
thro
ughout upon his former superior. Westerbu
the surrounding territory. Whil
rg, in turn, asserted
e operations will be
planned that Brower had caused the shortage
along the lines of the
and lost the money in
larger New York insti
tutio
ns,
Guardian will be strictly a
the Wall Street speculation. He (Westerb
New jersey institutio
urg) was unable to
n. We obtain his liberty,
will make a special effor
it is understood, until July 27, when, act to encourage thrift
and savings, cording to the
Certain plans are now
New York "World" of July 28, he was rebeing worked out along such
and details will be
lilies, leased in $25,000. At the time of his arres
announced in the near futur
t, it is said, he
e. Interest was on
at the rate of 4% annu
the eve of his departure for California. Archibald
ally will be paid on savin
gs, or thrift M. Henry
accounts, interest being
is President of the National Bank of North Hudcompounded quarterly.
accounts of three mont
Savings son. Presiden Henr
t
hs' standing will be
y was reported in the "Jersey Observer"
credited with as sayi
Interest monthly if
ng that the bank and its depositors were fully prowithdrawn after the
quart
erly
The Guardian Securities
period. tected from the
Co. was organized with furn
loss brought about by the defalcations.
the thought ished___•_
of giving investors the
__
same kind of service as
At the semi-annual meeting of the board of
by the larger New York
directors ofinvestment bankers. This
the
First
National Bank of Cooperstown, N. Y., held July
organization will maintain a finan
cial library which will
be the 31, the surplus was again increased, this time to $250,
most complete in the State.
000.
The data and informat
ion col- Successive increases have been made beginnin
lected by this branch will be
g with Febavailable to all merchant
ruar
y 1923, when the surplus stood
s and
manufacturers. In the cour
at $100,000, and at that
se of time one of the
most im- time $25,000 was added, to be followed
portant functions of the secur
by a like amount
ities company will be
the
foll
owin
g August and $50,000 in Augu
the
underwriting of new securities
st of last year
." The officers of the
Guar- and $50,000 at the meeting just held.
dian Trust Co. of New Jersey foll
The resources have
ow: Michael Hollande
r, grown since February 1923 from ;2,600,000
Chairman of the Board; Clar
to over $3,250,ence G. Appleton, Pres
ident; 000. Dividends at the rate of
Grover C. Trumbull, James Ratt
3% regular and 2% extra
ray and William W. Kam
m, distribution for the six months' perio
Vice-Presidents; Albert L. Earle,
d were declared. The
Treasurer; William liar- capital of
the bank stands at $150,000.
ris, Secretary, and William E. Ford
The officers are
, Assistant Vice-Pres'. as follows:
George H. White, President; Charles A. Scott,
dent. The board of directors is made
up
Vice
-President; Frank Hale
Clarence G. Appleton, President; Meyer Augen of the following:
, Cashier, and J. F. Moakler,
blink & Bro.; Earl Benjamin, Treasurer Pacifiblick, President M. Augen- Assistant Cashier. The
c Egg Producers' Associainstitution was established in 1830.
tion ; Morris Cohen, President Newark Milk
__________
Nathaniel Elin, VicePresident and Treasurer Elin Auto Supply Co.Co.;
Authority to pay a dividend
President New Jersey
Radio, Inc.; Joseph Fisch, President Joseph and
of 614% to depositors in the
Fisch
Hat Co.; William commercial department
Harris, counsellor-at-law; Michael Hollander,
of the defunct Tremont Trust Co.
ent A. Hollander & of Bost
Son; Joseph Igoe, Igoe Bros., Inc.; William Presid
on
was given by Judge Braley of the Massachusett
Kamm, Vice-President
s
Louis Kamm, Inc.; Mayer Krasner, Vice-PresideW.
Supreme Court to State Bank Commissi
nt Federal' Title & Mortgage Guaranty Co.; Arthur M. Lamport, A. N.
oner Hovey recently,
Lamport & Co., Inc.; nccording to a pres
s dispatch from Boston on Aug. 4 which .
672
TFrF, CHRONICLE
[Vol,. 123.
The Memphis "Appeal" of July 30 stated that announcement was made the previous day by Frank Hayden, President of the Union & Planters Bank & Trust Co. of Memphis,
that Judge Wightman W. Hughes will become associated
with the bank as head of the trust department upon his
retirement from the bench as Judge of the Second Division
of the Chancery Court of Shelby County, Tenn., on Sept. 1.
Judge Braley in the Massachusetts Supreme Court on In announcing the appointment of Judge Hughes, President
July 28 authorized Roy A. Hovey, State Bank Commis- Hayden said:
When the former head of our trust department, Sam Holloway, retired
sioner, to pay a dividend of 7% to depositors in the savings last
year to engage in private practice, our board of directors authorized
department of the defunct Cosmopolitan Trust Co. of Bos- me to seek a man of outstanding ability and mature judgment to take
ton, according to the Boston "Herald" of July 27. The over this department.
We have found in Judge Hughes the man who meets the qualifications
dividend, it was stated, would be paid Aug. 28 and will to fill the job. He is one of us—a native of Shelby County, a citizen of
bring the total amount received by depositors in the savings Memphis for many years, and a thoroughly capable incumbent for the
will be his. All our officers join me in extending a
department up to 90%. The Cosmopolitan Trust Co. was responsibilities that
Hughes in his new duties as a member of the
Judge
to
welcome
hearty
its
closed in the latter part of 1920. Our last reference to
Union & Planters' banking family, and I am sure his choice will be apaffairs appeared in the "Chronicle" of July 17 last, page proved by our thousands of customers. He will assume his new duties on
appeared in the "Wall Street News" of the same date. The
dispatch further stated that when the 614% dividend is paid
the depositors in the commercial department will have received approximately 40% of their deposits. This institution failed in February 1921 and we last referred to its
affairs in our issue of July 17 1926, page 288.
288.
Closing of the First National Bank of Eldorado, Ill., on
July 27 followed by the arrest of its President, Harry H.
Pelhank on July 29 for alleged forgery, was reported in
the following special dispatch from Harrisburg, Ill., on July
29 to the St. Louis "Globe-Democrat":
Harry H. Pelhank, President of the First National Bank of Eldorado,
was arrested to-day upon complaint of a national bank examiner, charging
him with forging names on notes, which caused the bank's insolvency.
The bank was closed Tuesday morning, following disclosures made by the
examiner.
The arrest of Pelhank was made by Federal Officer Z. T. S. Leitch of
Harrisburg, who brought Pelhank before United States Commissioner W. C.
Kane here, wrere Pelhank asked to be permitted to give bond. No definite
information has been given out regarding the amount of money involved
in the alleged forgeries.
The bank was capitalized at $50,000 and was the second largest bank
in Eldorado.
Arthur Reynolds, President of the Continental & Commercial Banks of Chicago, was on Aug. 3 elected Chairman of
the Board of Directors of the Continental & Commercial
Company, formerly the Continental & Commercial Securities Company. Henry C. Olcott, Vice-President of the
Continental & Commercial Trust & Savings Bank, was
elected President. Mr. Reynolds will continue as President
of the Continental & Commercial National Bank and the
Continental & Commercial Trust & Savings Bank. This
election followed the consolidation of the bond department
of the Continental & Commercial Trust & Savings Bank
with the Continental & Commercial Company. The purpose
of this change is to combine in one company the investment facilitiea of both institutions in order to.afford a complete investment Service. The capital and surplus of the
Continental & Commercial Company is $4,000,000. The
directorate of the Company is composed of officers and
directors of the Continental & Commercial Banks. The
branch office at 5 Nassau St., New York City, will be enlarged. Other branch offices are maintained in Milwaukee.
Minneapolis and Des Moines.
At a meeting of the directors of the First National Bank
of Minneapolis on July 30, Lyman E. Wakefield was elected
President of the institution to succeed F. A. Chamberlain,
who became Chairman of the Executive Committee. Mr.
Wakefield is a Vice-President of the bank's affiliated institution, the Minneapolis Trust Co., and also a director of
the First National Bank. At the same meeting the directors bestowed on both Mr. Chamberlain in his new office
and on F. M. Prince as Chairman of the board of directors,
the powers of a president. The Minneapolis "Journal" of
July 30 quoted Mr. Chamberlain as saying in regard to Mr.
Wakefield's appointment as President:
for
am very much pleased with this action. We have been planning
the
some time to get a President to succeed me, relieving me of some of
duties in the bank.
We
I want to make it plain, of course, that I am in no sense retiring.
for the
believe the arrangement will add to the bank's facilities, providing
future.
reached
A committee that has been working on the question for some time
concerned.
the unanimous conclusion that it is for the best interest of all
Mr. Wakefield is well known and his work has been most satisfactory.
Mr. Chamberlain has been President of the First National
Bank at intervals since 1915, serving as Chairman of the
board of directors during the Presidency of C. T. Jaffrey.
he
He had held the Presidency since January 1924, when
succeeded Mr. Jaffrey, who became President of the Soo
Line.
of
Effective July 19 1926, the American National Bank
The inMcAlester, Okla., went into voluntary liquidation.
Co. of
stitution has been absorbed by the McAlester Trust
place.
that
Sept. 1.
Three consolidations, which banking officials say will
bring about a strong financiil situation in Tampa, Fla.
were announced in that city on Aug. 2, according to Associated Press advices of that date. Under the plan as announced by J. A.Griffin,President of the Exchange National
Bank of Tampa, the Merchants' & Mechanics' Bank becomes a branch of the Citizens' Bank & Trust Company,
the Bank of Sulphur Springs affiliates with the Exchange
National and the Latin-American Bank has been absorbed
by the First National. The combined capital of the three
banks taken over, it was said, is approximately $200,000.
The Coconut Grove Bank & Trust Co. of Miami, Fla.,
commenced business on July 13 with a capital of $100,000
and a paid in surplus of $50,000. The officers of the new
bank are John Opsahl, President; T. E. Donovan, VicePresident; George L. Branning, Cashier, and George L.
Reynolds, Secretary. The directors are: James Carey,
Chairman; John Opsahl, T. E. Donovan, Charles H. Frow,
Harry R. Peacock, D. F. F. Christiance and Irving J.
Thomas. We are advised that the stock is all owned by
people living in Dade County, Fla. E. G. Rompf, President of the First National Bank of Miami and James H.
Gilman, President of the Bank Bay Biscayne, each own
large blocks of the stock of the new institution.
The officers and directors of the American Mortgage Co.,
El Paso, Texas, announced the election of Sig N. Schwabe
as Vice-President and Manager, effective July 28.
B. W. Jones has made an application to the Comptroller
of the Currency to organize the Willamette National Bank
of Portland, Ore. The new, bank will begin business with
a capital of $200,000 and surplus of $50,000, the selling
price of the stock (par $100) being fixed at $125 per share.
The Midland Bank, Ltd., of London, has issued its stateoient as of June 30.last showing total resources of £408,1.38,849, compared with £401,795,342 a year ago. Current,
deposit and other accounts are given at £349,460,874, against
6348,359,435 a year ago.
"An Outline History of the Bank of Montreal" is the
subject of an interesting booklet just issued by that institution. The Bank of Montreal, which to-day holds the distinction of being by far the oldest institution of its kind in
British North America and one of the largest financial institutions in the British Empire, had its beginning in June
1817, when nine merchants of Montreal signed articles of
association for the establishment of the "Montreal Bank."
At that time the only organized portions of what is now the
Dominion of Canada were the Provinces of Upper and
Lower Canada and the Maritime Provinces. Their whole
population was less than 400,000, and that of Montreal, the
chief trading centre, less than 20,000. The development of
trade and agriculture was hampered by lack of facilities
for exchange. The country was too poor to afford the
luxury of a metallic circulating medium, and not only
American, British and French, but also Portuguese and
Spanish coins were legal tender, and the ratios of exchange
into colonial money of account were subject to frequent variations. As a consequence, domestic trade was carried on principally by barter and exchange, and international trade was
on a very uncertain basis. From its very inception, therefore, the Bank of Montreal has been bound up intimately
of
with the financial, commercial and industrial growth
in
1817
17
Nov.
on
business
the Dominion. The bank began
$350,000
modest rented premises with a paid-Np capital of
AUG. 7 1926.]
THE CHRONICLE
and in a very short time became the focal point of the business of the colony.
For the first five years, up to 1922, the institution operated under the original articles of association, but in 1822
It obtained a charter under which it has operated ever since.
The original Royal Charter, still preserved in the bank,
bears the seal of King William the Fourth. Among other
clauses in this charter it was enacted that an employee convicted of theft or embezzlement from the bank, or any person convicted of counterfeiting its bills, notes or undertakings, should suffer death as a felon, "without benefit of
clergy." The writer of the booklet adds: "Happily, there
is no instance in the records of the bank of this punishment
ever having been enforced." In •the first year after its
establishment (1818) the bank opened a branch at Quebec,
thus introducing branch banking into Canada. Soon after
the bank spread Its branches westward by opening agencies
at Kingston and York-the latter place now the city of
Toronto. To-day the Bank of Montreal has over
600
branches distributed throughout Canada and Newfoundland,
while its paid-up capital and reserves represent a total in
excess of $60,000,000 and its resources amount to
over
$750,000,000.
As early as 1855 the bank established its own office
in
New York, followed in 1861 by an office in Chicago.
At
London (England) the bank's first office was opened in
1870, its branch at St. John's, Newfoundland, in 1895, its
office at Mexico City in 1906, and its office in Paris in 1919.
A number of Canadian banks have been absorbed by the
Bank of Montreal, the last two of its acquisitions being the
Merchants Bank of Canada in 1922 and The Molson's Bank
In 1925. In no case was there any loss to depositors. In
addition to these absorptions, the bank in 1920 acquired an
Interest in the Colonial Bank, now Barclays Bank (Dominion, Colonial and Overseas), thereby affording a direct
connection with the West Indies, British Guiana, South
Africa, West Africa and Egypt. Perhaps the most important enterprise which the Bank of Montreal has undertaken
was the financing of the building of the Canadian Pacific
Railway. In this regard the booklet says:
When the gigantic project for the building of the
Canadian Pacific
Railway from Montreal to the Pacific Coast was taken up
it was to the
Bank of Montreal that the principals in that enterprise
looked for leadership in the financing. In the face of widespread
misgivings not only regarding the practicability of the railway itself, but also
as to the agricultural prospect between Manitoba and the Rockies,
the bank gave the
project its moral and financial support, and subsequent
events have completely justified the bank's directors in supporting
an undertaking which
has contributed more than any other to the settlement
and development of
Canada's vast western areas.
The directorate of the Bank of Montreal is made up of
the following members: Sir Vincent Meredith -(President
of the bank); Sir Charles Gordon (Vice-President) ; C. R.
Hosmer, H. R. Drummond, D. Forbes Angus, William McMaster, Lieut.-Col. Herbert Molson, Harold Kennedy, G. B.
Fraser, His Honor Henry Cockshutt, E. W. Beatty, Hon. Sir
Lomer Gouin, Gen. Sir Arthur Currie, James Stewart, F. E.
Meredith, Maj.-Gen. the Hon. S. C. Mewburn, Thomas
Ahearn, J. W. McConnell and F. W. Molson. Sir Frederick
Williams-Taylor is General Manager of the bank.
673
points to 226 and such high-grade issues as New
York
Central and Baltimore & Ohio going into new high
ground
for the year. General Motors was again in strong
demand
and established a new peak above 201. The strong
buying
movement in this group carried many other motor
issues
to new high levels for the current movement. Oil
shares
made further progress upward, Marland Oil advancin
g 2
points, followed by Pan American "B" with an equal
gain.
Other strong stocks of the day were Texas Gulf
Sulphur
up 4 points, General Asphalt, du Pont, Foundation
Co.,
and National Lead. The two market leaders continued
their upward climb on Tuesday, General Motors
moving
forward another 12 points and United States Steel common
making a net gain of 53/i points to 1523... Numerous other
important industrial issues recorded substantial gains,
notably American Brake Shoe, which closed 3% points
higher. Railroad stocks continued in the foreground, N. Y.
Central making a new high for the year at 137 and Atlantic
Coast Line bounding upward 3 points to 229. Yellow Truck
& Coach at one time was up more than 6 points, but lost
much of its gain in the reaction in the final hour.
The market was somewhat irregular on Wednesday,
though the wave of buying continued with little or no let up.
The early movements were strong, but the market underwent
a brief reaction just prior to the noon hour and prices sharply
receded. The advance was quickly resumed, however,
though some of the market leaders lost several points. This
was particularly true of General Motors, which had a setback of 7 points, United States Steel common 2 points, also
Allied Chemical & Dye, Hudson Motors, Postum Cereal,
American Brake Slice, Atlantic Coast Line and Woolworth.
On the other hand new high records were made by du Pont,
which forged ahead 3 points to 300, and General Electric new
stook, which advanced 23
% points to a new high at 913/3.
Irregularity again marked the course of the stock market
during the first half of the session on Thursday, and many
stocks that have been particularly active in the recent trading were under heavy selling pressure. Prominent industrials such as United States Steel common and General Motors displayed considerable strength in the first hour, but
were soon forced down from the high opening prices, though
they continued in strong demand throughout the day.
Railroad issues were moderately active, the St. Paul stocks
rising a point or more. Railroad shares moved into the
foreground on Friday, speculative interest centring around
Atchison, which bounded forward to 1423, the highest price
of its history, and New York Central, which shot upward 33i
points to 1373/8,its best price since 1909. Other strong stocks
in the railroad group included Southern Railway, Great
Northern pref., Chicago & North Western, Ches. & Ohio,
Balt. & Ohio and Atlantic Coast Line. SpeciaLtes were in
strong demand at improving prices, Union Bag & Paper advancing 7 points and United States Cast Iron Pipe & Foundry 2% points. Hudson Motor made a net gain of 33 points
to 723/3 and Brooklyn Edison improved 3 points to 1533/3.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGES.
DAILY. WEEKLY AND YEARLY.
Week Ending Aug.6.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The remarkable demonstration of strength and activity
in General Motor shares and United States Steel common
was again the feature of the trading on the New York Stock
market during the greater part of the present week. Other
specialties, however, were also in strong demand and a number of new high price records were established. The outstanding feature of the two-hour session on Saturday was
the strength of the railroad shares, several prominent issues
bounding upward to the highest peaks in their history. Interest centred especially in Bait. & Ohio, which was notably
strong from the beginning of business and ended the day with
a net gain of more than 3 points. Rock Island also attracted special attention and closed nearly two points up at
58. New York Central crossed 135 and Reading rose 3
points, followed by Ches. & Ohio with a gain of 2 points.
United States Steel common was somewhat reactionary,
moving up to 1483/3 in the early trading but later dropping
back 13/3 points to 1463/3. General Motors moved up to
igg% at its high for the day but slipped back to 1893. at
the close.
The market resumed its upward course as trading opened
on Monday and many sharp advances were made in the wave
of buying that featured the opening hour. Railroad shares
continued in demand, Atlantic Coast Line shooting up 6
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks,
Shares.
Railroad.
Re.
Bonds.
954,36(1
2,003,823
2,829,021
2,562,800
1,828.298
1.967,200
32,639,000
4,156,000
5,112,000
5,063,000
5,880,000
6,044,000
5986,000
2,372,500
2.105,500
2,533,000
2,616,000
1,988.000
5424,500
975,400
275,000
620,700
. 490,350
491,000
12,145,502
$28,894,000
$12,601.000
$3,276.950
State.
Municipal dk
Foreign • Bds.
Week Ending Aug. 6.
1926.
Stocks-No, of shares_
Bonds.
Government bonds_ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
1925.
United
States
Bonds.
Jan. 110 Ang.6.
1926.
1925.
12,145,502
7,425,842
267,888,590
238,134.887
$3.276,050
12,601,000
28,894,000
$4,600,650
9.709,000
35.233,000
$176,315,700
395.020,950
1,289,218,200
3236,257,910
431,956,500
2,108,021,075
844.771.950 $49,542;650 $1,860,554,850 $2.776.235.485
DAILY TRANSACTIONS AT THE
BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
,
Week Ending
Aug.6 1826.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Boston
Shares, BondSales
Philadelphia.
Baltimore,
Shares. BondSales, Shares, Bond Sates.
•14,472
.25,020
35,970
30,475
30,877
13,770
$113,000
19,000
8,000
25,100
32,500
10,000
12,646
27,262
24,919
38,027
54,516
13,954
$13,600
2,200
17.500
10,000
16,900
33.000
908
138
1,564
1.222
1,335
1,000
704.000
31,000
18.400
39,900
31,000
13,000
150,584
$207,600
171.324
393,200
6,167
3137.300
120.805 $11/500 133.134
$25,000
5.611 $113.200
•In addition, sales of rights were: Saturday. 4.478: Monday.
8.263.
[Vol.. 123.
THE CHRONICLE
074
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 21 1925:
SILVER.
The movement of prices during the week has been downward under the
influence of persistent sales on account of China. Most of she silver has
been absorbed by bear covering tempted by the falling rates.
Silver to the value of about one million sterling, a considerable portion of
which has been sold, is being shipped from China. In the circumstances
It is rather surprising that prices have receded so little. Nevertheless, the
heavy reduction in the bear position during the last week or so is not likely
to improve the undertone of the market,for it has removed a like proportion
of potential capacity to buy.
The shipment of silver from China to London has not taken place for
many years. This movement indicates that the persistent transfer of silver
from the United States to China has exceeded the latter country's powers of
digestion.
America has kept fairly in touch with this market by selling at every
advantageous opportunity.
United Kingdom imports and exports of silver during the week ending
the 14th inst. were:
Exports.
Imports.
£71,104
£101,045 British India
U. S. A
50,625
155,174 Straits Settlements
Mexico
8,221
57,270 Other countries
Canada
19,600
Other countries
GOLD.
The Bank of England gold reserve against notes on the 14th instant
amounted to £150,018,160 as compared with £149,189,950 on the previous
Wednesday.
About £435,000 bar gold was available in the open market this week.
The Continent secured £200.000 and about £70,000 was taken by the
Straits, India, Egypt and the trade: the balance was obtained by the Bank
of England as shown in the figures below.
Movements of gold to and from the Bank of England since our last letter
have been announced as under:
Withdrawn.
Received.
£12.000
nil
July 15
nil
nil
July 16
nit
nil
July 17
7,000
£250,000
July 19
nil
137,000
July 20
21,000
18.000
July 21
£129,956
£333,089
The gold received on the 19th was in sovereigns and on the 20th and 21st
RETURNS.
CURRENCY
INDIAN
the
of
Inst. In bars, all being of South African origin. The destinations
June 30. July 7. July 15.
(In Lacs of Rupees.)
£40,000 sovereigns which constituted the above withdrawals were given as
1940,
19265
19144
Notes in circulation
follows: £33,000 to Spain and £7,000 to Brazil. During the week under Silver
9354
9210
9092
India
in
bullion
and
coin
review the Bank received on balance £365,000, increasing the net influx Silver coin and bullion out of India
i§a§i
2232
since the 1st January 1926 to £7,121,000, and decreasing the net efflux Gold coin and bullion in India
Gold coin and bunion out of India
since the resumption of an effective gold standard to £4,474,000.
5723
/5
.;
5720
Securities (Indian Government)
210,
2100
2100
United Kingdom imports and exports of gold during the week ending Securities (British Government)
the 14th inst. were:
No silver coinage was reported during the week ending the 15th inst.
Exports.
Imports.
The stock in Shanghai on the 17th inst. consisted of about 69,200,00S
£20,000
£1,610,376 Netherlands
Transvaal
69,155 ounces in sycee, 62,500,000 dollars and 7.500 silver bars, as compared with
86 France
Other countries
20,600 about 69,200.000 ounces in sycee, 61,500,000 dollars and 8,510 silver bars
Switzerland
18,000
Spain
the 10th inst.
24,000 onQuotations
British India
during the week:
22,200
Bar Gold
Straits Settlements
-Bar Silver per Or. Std.17,857
per Or. Fine.
2 Mos.
Other countries
Cash,
845. 941(d.
30 1-16d.
30d.
July 15
£191,812 July 16
84s. 1014d.
2934d.
29 13-16d.
£1,610,462
29 13-16d. 84.s. 10.14d.
29 13-16d.
July 17
for
84s. 103d.
demand
13-16d.
29
the
to
regard
291id.
with
July
19
Bombay
from
mail
We are informed by
84s. 1034d.
2944d.
steadiness July 20
29 WI.
gold that "the decline (in the price of gold) has been caused by
84s, 1030.
9-16d.
29
9-16d.
29
xuly
21
is
very
There
84s. 10.3d.
in sterling exchange and decline in the upcountry demand.
29.791d.
29.760d.
Average
likely to
little speculative business doing in the bazaar. The bazaar is not
The silver quotations to-day for cash and two months' delivery are
is
metal
the
for
demand
upcountry
near
the
future
as
the
in
import gold
respectively 9-16d. and WI. below those fixed a week ago.
about 10,000 tolas per day."
Course of Bank Clearings
Bank clearings the present week will show a substantial
increase compared with a year ago, but this is due mainly
to the fact that the clearings for the first of the month fell
in this week the present year, while last year they appeared
in the previous week's clearings. 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. 7), bank exchanges for all the cities
of the United States from which it is possible to obtain
weekly returns will aggregate 14.8% more than in the corresponding week last year. The total stands at $10,256,733,764, against ,936,658,453 for the same week in 1925.
At this centre there is a gain for the five days of 19.7%.
Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Aug. 7.
Per
Cent.
1926.
1925.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
14,972,000,000
607,352,608
460,000,000
458,000.000
137,767.792
125,700,000
159,722,000
146,106,000
148,000,000
146.009,795
101,002,290
110,390,688
51,437.602
14,150,948,419
554,588,299
431,000,000
350,000,000
119,641,906
125,600,000
148,467,000
118,783,000
136.208,749
136,388,258
92,832,256
104,499,676
49.430,182
+19.7
+9.5
+6.7
+308
+15.1
+0 8
+7.6
+23.0
+8.6
+7.0
+8.8
+5.1
+4.1
Thirteen cities, five days
Other cities, five days
$7,623,488.775
1,090,456,028
16,518,387,745
1,116,578,655
+16.9
-2.3
Total all cities, five days
All cities, one day
18,713.944,803
1,542,788,961
17,634,966,400
1,301,692,053
+14.1
+18.5
Total all cities for week
110.256.733.764
ri.f13R (359 453
+14.8
Complete and exact detads for the week covered by the
foregoing will appear in our issue of next week. We cannot
furrish 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, wnich we
present further below, we are able to give final and complete
results for the previous week-the week ended July 31. For
that week there is a decrease of 4.0%, but this is due mainly
to the fact that the clearings for the first of the montn fell in
this week last year, while the present year they count in the
following week. The 1926 aggregate of the clearings is
$8,697,784,958 and the 1925 aggregate $9,062,132,726.
Outside of NewlYork City the decrease is only 1.2%, the
bank exchanges at this centre having recorded a loss of 6.1%.
We group the cities now according to the Federal Reserve districts in wnich they are located, and from this it appears that
in the Boston Reserve District there is an improvement of
4.9%, in the Cleveland Reserve District of 4.5% and in the
St. Louis Reserve District of 2.6%. In the New York Reserve District (including this city) the totals are smaller by
5.9%, in the Richmond Reserve District by 8.1%, but in
the Philadelphia Reserve District by only 0.1%. The
Atlanta Reserve District has a loss of 13.1%, the Chicago
Reserve District of 8.8%, and the Minneapolis Reserve District of 0.6%. In the Kansas City Reserve District the totals are larger by 7.3%, in the Dallas Reserve District by
30.2% and in the San Francisco Reserve District by 8.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. July 31 1926.
1926.
1925.
Federal Reserve Dist..
188 Boston_ .__12 cities
2nd New York.ii "
3rd Philadelphial0 "
4th Cleveland _ 8 "
6th Richmond _ 6 "
6th Atlanta ___13 "
7th Micago _ _ _20 "
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th ICansasCity12 "
5 "
11th Dallas
12th San Fran_ 17 "
$
$
Int.or
Dec.
1924.
70
$
1923.
$
450,011,472
4,962,292,262
550,181,252
381,640,435
182,480,378
186,469,131
861,867,041
201,208,930
108,990,176
255,125,627
73,666,493
480,851,761
471,618,799
5,271,833,489
550,885,779
367,968,698
199.598.636
214,657,253
914,769,174
198,151,956
109,628,86
237,840,361
56,556,021
441,590,715
-T-4.9
-5.9
-0.1
+4.5
-8.1
-13.1
-8.8
+2.6
-0.6
+7.3
+30.2
+8.8
531,754878
5.216.713,538
519,221.883
327,725,689
179,866,231
153,736,483
843,113,245
184,817,847
98,908,582
281,600,784
58,596,908
407,969,493
401,845,110
4,063,455,106
473,040,771
345,418,794
176,876,217
146,417,90,
817,463,537
56,861.031
107,647,4.
228,C2° 43P .
414,893,1,
129 cities 8497.784,958
Total
Outside New York City. 3,850,311,982
9,062,132,726
3,897,298,605
-4.0
-1.2
8,744,025,461
3,623,407,161
7,275,087,410
3,322,466,571
nnq wan ',IA
ORO O.eon
.4_I,
oog ma 'Kr.
•INI GA I CalW
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of July. For that
month there is an increase for the whole country of 1.8%,
the 1926 aggregate of the clearings being $43,785,324,325
and the 1925 aggregate $42,989,080,931. While this total
of $43,785,324,325 does not establish a new high monthly
record far all months, it is the highest figure ever registered
for the month of July. Outside of New York City the increase for the month is 1.90%, the bank exchanges at this
centre registering a gain of 1.8%. The Boston Reserve District has an increase of 13.1%, the New York Reserve Die
trio (including this city) of 1.9%, and the Philadelphia Re-
AUG. 7 1926.]
THE CHRONICLE
675
serve District of 0.7%. In the Cleveland Reserve District
The course of bank clearings at leading cities of the country
the totals are larger by 2.9% and in the Minneapolis Reserve for the month of July and since Jan. 1 in each of the last
District by 1.9%, but in the St. Louis Reserve District the four years is shown in the subjoined statement:
totals are smaller by 12.0%. Tre-Richmond Reserve
BANK CLEARINGS AT LEADING CITIES.
trict has a loss of 3.2%, the Atlanta Reserve District of
Jan. 1 to July 31(000,0005
1926. 1925. 1924. 1923. 1926. 1925. 1924. 1923.
10.7% and the Chicago Reserve District of 2.8%. In the
omitted.)
$
$
$
Kansas City Reserve District there is an increase of 7.3%, New York
23,827 23,396 21,127 16,645 174.019 165,238 140,592 128,873
Chicago
2,961
3,116
2,786 2,583 20,938 20,859 18,329 18,653
in the Dallas Reserve District of 7.7% and in the San FranBoston
2,196 1,900 1,766 1,542 14,607 12,810 12,105 11,555
cisco Reserve District of 10.0%.
Phlladelphia
2,534 2,499 2,181 2,044 17,365 16,783 14,701 14,580
Federal Reserve Discs.
1st Boston_ __14 CIL188
2nd New York_14 "
3rd Philadelphial4 "
4th Cleveland _15 "
5th Richmond -10 "
6th Atlanta ___18 "
7th Chicago_ _ _29 "
8th St. Louis...10 "
9th Minneapolls13 "
10th KansasCity16 "
11th Dallas
12 "
12th San Fran_ _28 "
July
1926.
July
1925.
Inc.or
Dec.
AO,
1924.
July
1923.
1
2,462,977,864
24,544,537,874
2,772,090,427
1,901,193,564
931,871,348
964,091,812
4,414,049,607
847,507,565
567,185,608
1,365,928,442
511,476,055
2,502,414,159
$
2177,971,213
24,083,352,018
2,752,353,083
1.848,042.422
962,717,412
1,079,561,639
4,542,152,305
963,395,902
556,526,251
1,273,281.131
475,069,75
2,274,657,796
+13.1
+1.9
+0.7
+2.9
-3.2
-10.7
-2.8
-12.0
+1.9
+7.3
+7.7
+10.0
1,390,088.262
21,705,733,317
2,404,232,670
1,602,421,729
844,630,965
772,688,182
4,007,186,796
853,242,683
511,842,453
1,136,583,356
397,068,572
2.017,443,709
1,763,055,711
17,059,713,623
2,250,272,861
1,673,915,449
775,496,365
697,993,726
3,743,906,310
843,356,725
524,181,153
1,103,005,390
345,442,126
1,983,752,588
Total
193 cities 43,785,325,325 42,989,080.931 +1.8
02,747,082,027
Outside New York City- 19,958,111,685 19,593,330,824 +1.9 38.243,162,694
17,116529,568 16,101,592,546
Vanads. __ __ 90 eitif11 1 Al1 111 LOA tan,. on W. -La. . AGO eve. ....... ........ ..........
. „
„
We append another table showing the clearings by
Federal
Reserve districts for the seven months back to 1923:
Total
Other cities
Seven Months.
1926.
Inc.or
Dec.
1925.
Federal Reserve Discs. 16,408,860,637 14,558,669,872
lit Boston_ ___14 cities 178,702,298,606 169,480,411,435
2nd New York_14 " 18,967,722,255 18,344,591,572
3rd Phlladelphial4 " 12,503.692,402 12,024,161,423
4th Cleveland _15 "
6,436,459,565 6,170,833,280
5th Richmond _10 "
7,685,125,969 7,119,732,506
6th Atlanta ___18 " 30,688,946,271 29,963,515,680
7th Chicago_ _29 "
6,866,240,532 6,712,714,352
8th St. Louls_10 "
3,792,850,918 3,879,208.318
8th Minneapolls13 "
8,405,763,516 8,238,682,806
10th KansasCity16 "
3,665,994,825 3,522,590,92E
Ilth Dallas ___12 " 16,738,180,167 15,128,760,790
12th San Fran__28 "
Total
193 cities 310,862,142,663 295,144,072,979
Outside New York City- 36,843,405,354 129,906,396,144
Canada---
+12.7
+5.4
+3.4
+4.0
+42
+7.9
+2.3
-4.7
+2.0
+4.1
+10.6
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
1924.
1923.
13,671,952,638 13,083,183,689
44,530,557,168 131,645,813,437
16,147,206,809 15,972,722,925
11,066,911,185 11,557,308,822
5,702,894,677 5,500,827,619
5,830,016,076 5,606,840,525
26,702,112,576 26,598,334,493
6,240,176,750 6,438.868
.057
3,361,989,115 3,6E3,003,295
7,402,377,358 7,944,116,947
2,921,769,94 2,683,218,204
14,168,696,532 13,369,377,395
+5.3 257,808,660,824 244,083,615,508
+5.3 117,216,547,406 115,210,202,246
--29 cities 9,755,697,733 8,892,025,689 +9.7
9,244,759,938 9,099,989,647
501
784
859
344
529
702
563
255
346
158
760
193
776
59
173
245
137
115
139
203
81
197
69
76
633
761
806
327
537
631
560
239
348
154
770
178
667
63
186
251
137
88
149
228
73
181
69
69
561
666
719
289
428
573
456
220
313
137
632
163
578
51
165
194
126
93
129
242
68
162
58
64
561
698
659
296
412
562
479
195
289
125
565
158
605
50
167
206
149
99
130
195
70
159
48
61
4,398
5,307
5,743
2,290
3,564
4,071
3,559
1.760
2,306
1,065
5,115
1,285
5 186
405
1,233
1,606
936
694
933
1,513
672
1,362
497
510
4,367
5,124
5,274
2,145
3,280
3,976
3,447
1,723
2,402
1,032
4,751
1,197
4,545
412
1,273
1,551
922
512
964
1,560
616
1,220
432
471
4,123
4,694
4,808
1,951
2,923
3,610
3,147
1,661
1,956
931
4,290
1,112
4,292
357
1,119
1,325
931
585
893
1,570
564
1,196
386
441
4,258
4,854
4,637
2,073
2,833
4,057
3,277
1,555
2.080
939
3,870
1,091.
3,958
366
1,289
1,362
1,030
619
850
1,461
624
1,105
335
428
39.782 39,016 34,947 29,752 282,939 268,886 234.592 222,612
4,003 3,973 3,296 2,995 27.923 26,258 23,217 21,472
Total all
43,785 42,982 38,243 32,747 310,862 295,144 257,809 244,084
Outside New York_19,958 19,593 17,116 16,102 136,843 129,906 117,217 115,211
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
July and the seven months of 1926 and 1925 are given below:
Month of July.
Seven Months.
Description.
1925.
1926.
1926.
1925.
Stock, number of shares. 36,691,187 32,812,918
255,599,186
237,715,045
Railroadand misc. bonds $139,484,500 $178,925,500 $1,261,961,000 $1,513,738,375
State, foreign. Ace., bonds 51,033,600 57,435,600
383,405,950
386,028,860
II.S. Government bonds_
19,243,850 31,639,510
175.409,650
266,977,360
Totalbonds
$209,761,950 $268,000,610 $1,820,776,600 $2,166,744,595
The volume of transactions in share properties on the
The following compilation covers the clearings by
month New York Stock Exchange each month since Jan. 1 in 1923
since Jan. 1 in 1926 and 1925:
to 1926 is indicated in the following:
MONTHLY CLEARINGS.
1926.
Clearings, Total All.
Month
1926.
1925.
I
s
%
1926.
1925.
%
$
S
Jan__ 47,660,896,876 46,161,258,111
20,559,798,610 19,440,564,225
Feb__ 38,799,487,828 37.490,819,848 +3.2
+3.5
Mar - 48,505,299,107 42,009,334,406 +15.5 17,346,130,353 16,433,760,596
20,413,426,165 18,660,323,657
lst qu. 134965683,811 125661412,465 +7.4
58,319,355,128 54,534,648,478
April__ 45,536,4'12,634 41,394,612,885
19,572,431,866 18,545,728,280
May. 42,411,631,981 41,866,240,874 +10.0
+1.2
June__ 44,163,009,912 43,232,725,823 +2.1 19,025,486,348 18,038,806,454
19.968,020,328 19,213,882,108
2d qu- 1.32111134,527 126493579,582 +4.4
58,565,938,542 55,798,416,842
6 mos_ 267076818,338 252155991 ,047 +5.9
116885293,670 110313065,320
+5.7
+5.5
+9.4
+6.9
+5.5
+5.5
+3.9
+4.9
+5.9
July --43.785.324.325 42.989.080.931 4.1.8 10.088 111 683 10 502
220 sod .4-1.9
1925.
1924.
1923.
No. Shares. No. Shares. No. Shares. No. Shares.
Clearings Outside New York.
Month of January
February
March
38,987,885
35,725,989
52.271,691
First quarter
Month of April
May
June
41,570.543
32,794,456
38,294.393
26,857.386
20,721,562
18,375.911
19,914,827
22,979,487
25,964,666
126,985,565 112,659.392
65,954.8.59
68,858,980
24.844.207
36,647.760
30,750,768
18.116.826
13.513.967
17,003,140
20.091,986
23,155,730
19,754,197
91,922,433
92,242,735
48,633,935
63,001,913
36 691.187
32.812.918
24.318.182
12.551.851
30,326.714
23,341.144
38,254,575
Second quarter
Month of July
We now add our detailed statement showing the figures
for each city separately for July and since Jan. 1 for two
years and for the week ending July 31 for four years:
CLEARINGS FOR JULX SINCE JANUARY 1, AND FOR WEEK ENDING JULY 31.
Month of July.
Clearings at
1926.
1925.
$
$
First Federal Rose rve DistrictBostonMaine-Bangor
3,597,924
3.469,029
Portland
18,069,339
15,167,893
Mass.-Boston
2,196,000,000 1,900,394,980
Fall River
8,254,362
10,792,731
Holyoke
4,360,391
4,286,138
Lowell
4,859,476
4,996,923
Lynn
a
a
New Bedford
5,491,748
6,281,912
Springfield
26,890,464
32,205,598
Worcester
18,029,981
19,998,570
Conn.-Hartford
69,229,943
69,238,591
New Haven
34,005,810
33,925,654
Waterbury
11,058,200
10,384,100
R. I.-Providence
58,856,800
63,277,600
N. H.-Manchester...
4,273,626
3,551,494
Total(14 cities)___ 2,462.977,864 2.177,971,213
Since Jan. 1.
Inc. or
Dec.
1926.
%
$
1925.
1926.
1925.
Inc. or
Dec.
1924.
$
%
$
$
%
$
+3.7
22.106,893
22,336,008
+19.1
97,286,910
109,984,735
+15.5 14,606.537,997 12,809,622,835
-23.5
70,076,144
60,409,213
+1.7
29,340.364
28,750,127
-2.8
34,105,166
32,126,153
a
a
a
-12.6
44,876,397
39,876,567
-16.5
182,883,140
177,646,859
-9.9
113,799,047
112,619,201
-0.02
431,767,586
496,858,395
+0.2
215,711,469
217,705.181
+6.5
72,550,600
74,237,100
-7.0
412,226.300
405,328,600
+20.3
24,444,501
.22,517,021
+13.1 16,408,860,637 14,558,869,872
Second Federal R serve District -New YorkN. Y.-Albany
32,177,423
29,531,395 +9.0
200,630,780
198,447,945
Binghamton
5,932,300
5,861,800 +1.2
35,250,100
35,639,800
Buffalo
245,416,884
250.522,727 -2.0 1,605,566,561
1,551,247.101
Elmira
4.050.551
4.485.027 +8.1
28.877,015
11,455,854
Jamestown
6,933,611
7.341.278 -5.6
43,368,352
46,076.101
New York
23,827,212,640 23,395,750,107 +1.8
174,018,737,309 165,237,676,834
Niagara Falls
4,984,186
5.576.197 -10.6
30,473,858
31,465,083
Rochester
61,624,041
61,442,556 +0.3
390,944,191
406,271,903
Syracuse
33,989.639
33.783.549 +0.6
187,611,838
174,567,405
Conn.-Stamford_
15,470,312
17,970,430 -13.9
109,120,960
101.204,629
4427.4.7
N. J.-Montclair_ _ _
3.524.648 -2.8
18,820.524
25.1115,103
Newark
118,701,016
95,925,515 +23.7
779,421,749
621,465,152
6,791,126
Oranges
5,622,475 +20.8
39,085,679
45,513,629
Northern New Jet*..
177,026,247
166.014,314 +6.6 1,181,864,771 1,006,799.794
• ....A
0_ _ _ 24.544 537.874 24 083.352 4315
,
Total (14(4115
-,-, 9 178 799 900 0951100 4043411 444
Week Ended July 31.
Inc.or
Dec.
1923.
$
+1.0
+13.0
+14.0
-13.8
-2.0
-5.8
a
-11.2
-2.9
-1.0
+15.1
+0.9
• +2.3
-1.7
+8.6
690,002
3,395,377
448,000,000
1,817,626
a
1,021,385
a
911.909
4,772,729
2.869,000)
13,937,520
6,750.580
802,442 -14.0
3,169,249 +7.1
417,000,000 +7.4
1,705,781 +6.5
a
a
966,067 +5.7
a
a
1,121,527 -18.7
5,278,773 -9.6
3,152,216 -9.0
15.500.630 -10.1
6.909.980 -2.3
916.464
3,333.687
482,000.000
1,633,608
a
1,059,633
a
1,511,106
5,196,337
3,304.921
14,770,279
7,143.543
657,026
4,752,881
354.000.000
2,158,234
a
1,192,672
a
1,289,472
5,214,265
3,377,000
10,305,546
7,656,614
10,199.000
647,344
15,339.300 -33.5
703,834 -8.0
10,977,400
783,720
11,241.400
975,661
+12.7
495,011,472
532,528,598
402.820.771
471,648,799
+4.9
-1.1
6,821,526
5,623,184
6,072,138
5.916,451 +15.3
+1.1
1,252,000
1,238,500 +1.1
1,217.700
1.542,825
+3.5
48,756,903
45,067,415
36,307,252
45,519,914 +7.1
+8.9
993,459
753,971
706,191
801,218 +24.0
+6.2
1,170,614
1,149.163
1,084,978
1,406,595 -16.8
+5.3 4.847.472.9705.184.834,121 -6.1 5,120,618.300 3,952,620,839
+3.2
+3.9
10,832,908
10,333,123
10,961,793
10,845,261 -4.7
+7.5
5,192,884
4,426,519
4,476,605
7,080,515 -26.7
+7.8
3,375,381
2,473,505
2,993,649 +12.7
3,375,900
+33.4
551.898
644,202
791,623 -18.6
486,818
+25.4
,_
+16.4
33,269,194
32,308,183
30,405,622 +19.3
37,508,558
+17.4
.4.84 4 099 909 909 5 971 4/2 209
-8.0 5_216.713.538 4.063.455.106
[VOL. 123.
THE CHRONICLE
676
CLEARINGS-(Continued.)
TVeat Ending July 31.
Since Jan. 1.
Month of July.
Clearings at1926.
1925.
Inc. or
Dec.
$
$
%
District -Philadelph ia-
1926.
1925.
$
$
Inc. or
Dec.
Third Federal Res erve
Pa.-Altoona
43,801,246 +9.7
48,071,878
7,772,848
7.224,194 +7.6
128.470460
+3.7
Bethlehem
23 817.770 -2.2
23.285.209
133.250.407
Cheater
44,447,839 --5.0
8,533.531
42,236,208
8,021,502 -18.6
147.827.665 --0.8
146.616,270
+4.9
22.977.706
Harrisburg
21.096.861
Lancaster
88,279,015 --18.3
72,973,176
12.387,895 -25.3
9,240,398
19,371,758 +3.0
Lebanon
19.955,228
3.227,804
3,262,071 -1.1
31,036,848 --12.8
Norristown
27,139,165
4,430,780
4,492.769 -1.4
Philadelphia
2,534,001,000 2,499,000.000 +1.4 17,365.000,000 16.782,855,000 +3.5
Reading
112,184,295 +13.4
127,271,260
17,463,994 +17.5
20,526,537
Scranton
186,488,176
29,376,018
28,213,687
130,135.593 --1.9
117,218,103 --7.0
Wilkes-Barre
108,959,049
17,225,579 -3.6
18,814.518
57,547,608
York
57,825,781
8,924,294 +2.9
9,184,084
N.J.
,
394,892,028 +11.3
439,745.422
59,048,742
-Camden
87,235,142 -12.2
188,523,908 +3.1
Trenton
192.397,230
32,034,985 -15.7
27,036,985
a
Del.-Wilmington -a
a
a
a
a
1-0.1
Total (14 cities) _ _ _
2,772,090,427 2.752.353,083
Fourth Federal Re serve District -Cleveland
Ohio-Akron
28,207,000
25,412,000
Canton
19 833.079
18.898,000
Cincinnati
343,971,648
327,103,056
Cleveland
580,068,558
582,971,783
Columbus
74,090,000
81,730.900
Dayton
a
a
Hamilton
4.876,001
4,618,890
Lima
a
a
Lorain
2,202,740
2.120,531
Mansfield
9,404,817
8.873,345
a
Springfield
a
Toledo
a
a
Youngstown
25,543,097
27,619,080
Pa.-Beaver Co
3,825,488
3,579.747
Erie
a
a
Franklin
1.557.605
984.880
7,143,200
Greensburg
6.287.891
Pittsburgh
783.744,828
761,106,750
KY.-Lexington
7,409,746
7,870,795
W. Va.-Wheellng_ _ _
19,468,545
18.713,026
Total (15 citles) _ _
1,901,193.569 1,848,042,422
Fifth Federal Rase rve District- RichmondW. Va.-Huntington_
6,093.614
8,940,306
a
Va.-Newport News_
a
Norfolk
36,349,965
35,657,438
Richmond
202,559,000
228,343,000
N. C.-Asheville_ _ _ _
a
a
Raleigh
11,582,050
12,419,727
a
Wilmington
a
S. C.-Charleston..
10.194,944
9,215,840
Columbia
6,449,522
6,775,990
Md.-Baltimore
538.718,316
529,454.208
Frederick
2,359,793
2,123,617
Hagerstown
3,722,371
3,582,078
D. C. Washington_
121,511,515
122,575,468
185,591,000
123,350,793
2,289,810,267
3.558,826,283
509,088,900
a
29,327,620
a
13,726,044
62,093,674
a
a
162,355.289
22,287,508
a
10.437,909
42,961.337
4,307,262,875
59,539,704
127,034,039
2,226,247 -18.9
2,018,343
2,817,027
520,000,000
4,118,527
5,552,105
3.653 524
1,788,734
523,000,000 -0.6
3,473,783 +18.6
5,895,898 --5.8
*3,500,000
+4.4
1,798,154 -0.5
494,000,000
3,034,938
5,711,074
2,982,765
1,748,543
446,000,000
3,089,734
6,562,604
3,331,197
1,713,636
. 4,898,579
6,648,433 -26.3
a
5,379,799
4,852,699
a
7,526,000
:3,568.933
57.324.330
94,046.289
13,800,500
a
6,469.000
4,203,689
59,519.067
104,560,167
15,820.800
a
2,030,276
1,732.768 +17.2
a
a
4,8127,709 +0.8
1,967,580
a
+4.0
Sixth Federal Rese rve District- AtlantaTenn.-Chattanooga
31,830,179
34,560.902
Knoxville
13,041,282
15,707.07,
Nashville
96,113,597
94,228,869
265,035.671
Ga.-Atlanta
225.233 350
Augusta
7.023,277
7,743,880
4.499,291
Columbus
4,282.374
Macon
8,408,086
9,128,001
Savannah
a
a
131.598.315
Fla.-Jacksonville _ _
106.789.491
Miami
106,060,291
40,500.921
37.815,1/51'
28,59400
Tampa
Ala -Birmingham
107,481,897
106,704,073
Mobile •
8,061,836
9.010,989
6.119 "14
5.722.814
Montgomery
Miss.-Hattiesburg - 8,828,285
8.947,019
Jackson
6,874,357
5,407,635
2.994,334
Meridian
3,542.721
1,383,914
Vicksburg
1,676,021
La.-New Orleans__ 238,860,869
254,844,046
+9.3
+12.6
-2.0
-IS A'
+2.9
-4.8
+8.6
a
-18.0
-61.9
-24.4
-0.7
+11.8
-6.5
+35.0
+27.1
+18 1
+21.3
+6.7
236,324,831
100,484.436
663,628,118
1,963.104.133
58.832,501
31.421.454
52,898,035
a
1.003.577.815
481,973.016
284,050.06,
785,516,422
63,671,686
51 045.19
'
58,357,827
50,136,612
27.357.12++
12,419,788
1,760,236,001
210,001,104
95,284.016
647,598,374
1$59,740.659
59,405,277
31.239 907
47,325,654
a
732 701.25,
486,701,364
218,660.26,
779,747,579
60,008.251
49,122.05"
45,915,197
41,004,139
25.021.102
12,263,886
1,723,876.374
7.685.125,96f
7,119.732.508
a
4,655,512
a
a
4,303,995
a
a
1,740,943
a
4,023,310
a
164,746,178
163,101,884
+1.1
145,188,073
149,082,018
384.640.435
367,968,698
+4.5
327.725,689
345.418,794
1,384,820
-2.7
1,369,205
2,078,747
7,009,585 +3.9
47,627,000 -13.3
6,407.000
55.007.000
6,594,527
43.055,479
1,328,934
7,282,236
41,300,000
2,109,679
1,729,855 +21.9
1.574,8.53
1,709,777
106,600,436
117,607,367 -11.4
95,218,173
104,399.687
19,040,000
23,859,093
23,260,209
+2.6
20,290,000
+4.3
182,480,378
198,598,636
-8.1
179.866.231
+12.5
+5.4
+2.5
+5.0
-1.0
+0.6
+11.8
a
+36
-1.0
+29
+0.7
+6.1
+3.9
+27.1
+22.3
+9.3
+1.3
+2.1
6,623,506
2,650.842
18,888,802
54.523.681
1,454.855
6.211.680 +6.6
2.433,939 +8.9
20,846,578 --9.5
54.974.916 --0.8
1,763,813 -17.5
4,836,804
2,515.907
15,888,953
41.829.729
1,290.096
5,015,767
2.904,361
17,475,842
42.509,617
1.205.240
1,816,629
a
21,811,178
5.843,097
1,746,848 +4.0
a
24.916.96; -12.5
28,384,595 -79.4
1,344,727
a
11.690,705
1.884.197
1,440,896
a
9,975.864
21,331,487
1,797,452
22,609,693
1,637,826
-5.7
+9.7
0,048,204
1,530,637
18,594,248
1,960,446
1,113,820
920,622 +21.0
852,819
889,254
269,851
48,383.928
236,213 +14.2
47,973.562 +0.8
241.894
48.801.811
361,570
44,104.852
+7.2
186,469,131
214,857,253 -13.1
153.736,483
146,417,957
191,665
897.404
148,416,795
171,417 +11.8
930.333 -3.6
155,097,422 -4.3
189,894
754,744
124,743,482
191,691
755,362
121,929,082
Seventh Federal R eserve Distric t-Chicago7,794,725 -6.3
Mich.-Adrian
7,305,042
1,054,439 -14.9
897,868
28,966,220 +15.2
Ann Arbor
33,370,992
4,170,909 +10.9
4,624,742
4,751,035,035
+7.7
-1.4
Detroit
5,115,401,193
770,310,565
759,571,614
72.823 1-83 +16.8
84.5+7 566
11,3,s0,,. +14.,
Flint
13,018 4.*
232,323,174 +10.2
Grand Rapids
255,950,091
36,798,717 -1.6
36,222,931
52,413,889 +2.0
7,421,181
+8.6
Jackson
53,441,391
8,062,334
+3.4
78,726,606
Lansing
81,408,391
13,470,080 -12.0
11,859,009
+1.9
86,075,528
Ind.-Ft. Wayne_ _
87,724,433
15,112,855
-4.6
14,418,491
15/.534 44- +21.4
23.896 6/1
Gary
182.5s. IS'
+17
28,I17.121'
,512,303,000 +35.5
88,037,000 +63.8
Indianapolis
694.108,000
115,209,000
86,317,649 +8.3
South Bend
93,473,144
14,007,500 -4.6
14,327,600
+1.2
17..071 417'Terre Haute
26.6:+2.4 I
+11.1
182.071..6
29.616.5,1
97,122,649 +18.5
113.127,162
14,244,673 +1.6
14,486,841
Wis.-Madison
Milwaukee
177,701,706 +8.7 1,284,894.689 1,197.302,004 +7.3
193,126.575
25,207,189 +11.2
Oshkosh
28.033.188
4,335,699
3,599.301 +20.4
82,123,573 -2.0
Iowa-Cedar Rapids_
11,821,776 -3.6
80,463,792
11,399,080
360,972.757 -17.4
51,385.032 -18.3
Davenport
42,000,585
298,378.503
342,318,112 -8.2
Des Moines
321,210,253
47.038,875 -7.1
43,712,098
12.883.547 +12.1
Iowa City
1.713 4-* +23.6
2.118.28:
14 427,956
14,470,800
Mason City
1,330,400
-5.6
222,725.841
Sioux City
29,970,729 -5.0
28,477,108
210,292,251
41.951..43 -11.,
5.443.5,3
5.444.034 +0.W
Waterloo
37 117,667
43.627,618 +17.8
8,082,419
7.003,611 +15.4
Illinois-Aurora
51.378,157
51,047,868 +0.6
8,292,611
7,348,122 -0.8
Bloomington
51,356,853
Chicago
2.960,919,970 3.116,058,155 -5.0 20.938,384,005 20,859,309,519 +0.4
a
a
a
a
Danville
a
46,574,096 -11.4
6,052,887
7.208,712 -16.1
Decatur
41,261,495
154,142,487 +2.5
23,183,587
21,994,354 +5.4
Peoria
157,972.690
+3.5
86,933,536
14,910,573
12.413,353 +20.3
Rockford
100,298,831
8.5,930,413 +2.2
12,584,171
13,537,748 -7.1
Springfield
88,710,390
30,685.946.271 29.063.515.681-
+2.4
Eighth Federal Re serve District -St. Louis28,222,337
28,318,673 -0.3
Ind.-Evansville _ _ _ _
918.944
891.518 +3.1
New Albany
500,900.0..
633,262.16; -20.1
L41.118
a
Springfield
158,396,487
154,219,843 +2.7
Ky.-Louisville
1,625.314
1,634,550 -0.6
Owensboro
+7 .
Paducah_ _ .
73,475,395 +9.6
80,515,687
Tenn.-Memphis.
52,861,463 +9.
57,961,870
Ark.-Little Rock_
2,296,295 +14.2
1,901,485
111.-Jacksonville_ _ _
7.089,926 -0.4
7.065,411
Quincy
169,733,944
5483,502
4.397 .5.ati. iti
a
1,084,692,037
12,551.030
663)1
671,872,348
413,314,464
13.137,196
51,134,877
169,032,556
5.260,343
4.366.90...82
a
1.03102,456
13,483.354
6
71,2
,
616,417,351
376,513,584
12,471,471
49,586,631
-0.4
+8.0
0.*/
a
+3.3
-6.9
--7.
+9.0
+9.8
+5.3
+3.5
963.315.902 -12.0
6.066.249.532
6.712.714.352
+2.3
1,805,189
6,736,000 -9.9
3,601.326 -2.7
64,554.947 +11.1
108,598,164
+7.0
15,015,900 +4.4
a
6.170,833.289
847.597.565
1,493,660
5.110,480
1,400,951
8,075,000
3,503,996
71.711.000
116,244,173
15,674,300
8.438,459,585
Total (19 cities, -
1,438,203
4,887,880
1,003,085
182.771,000 +1.5
140.210..161) -12.0
2,145.219.979 +6.7
3,447,153,467 +3.2
456,125,400 +11.8
a
27,013,828 +8.6
a
a
15,152.081
59.316,249
+4.7
a
a
a
154,534,285 +5.0
22.541,004 -1.1
a
a
10,589.850 -1.4
47,146,329 -8.9
5,123,864,429 +3.6
82,763.881 -5.1
129,959,701 -2.3
-3.2
4,414.049.627 4,542.152.305
1,372,832 +27.5
5,013,281
+3.7
1.459,351 -3.1
473.0411,771
965,717,412
Total(29 cities) _ _
1,749,897
.5,200,000
1,414.917
519,221.863
+2.9 12,503,692,402 12.024,161.422
964.091.812 1.079,561,631. -10.7
1923.
-4.0
48,445,999 -6.2
a
a
242.182,248 +3.4
1,559,664,000 -3.0
a
81.311,099 +2.7
a
77,136,223 -1.9
57,827,599 -15.8
3,279,589,232 +8.7
13,283,528 +11.0
23,309,551
+2.6
788,103,810 +3.7
Total(18(.901) _ _
1924.
554,385,779
45,439,690
a
250,339,247
1,513.385.000
a
83,476.474
a
75,656.441
48.669,471
3,563,646,388
14,741,194
23,907,895
817,197,985
931.871,348
Inc.or
Dec.
550,181.252
+13.9
a
+1.9
-11.3
a
+7.2
a
+10.6
+4.7
-1.4
-10.0
-4.4
-0.9
Total(10 cities)._
1925..
+3.4
+0.7 18,967,729.255 18,344,591.573
+11.9
-4.7
+5.1
+58.3
+10.3
a
-5.3
a
-3.7
-5.7
a
a
+8.1
+6.9
a
-36.8
-12.0
+3.0
+6.2
+4.0
1926.
176.876,21.
8,192,119
7,785,050
+5.2
7,460,201
7,988,737
2,071,884
2,618,387
2,048,332
2,892,951
+1.2
--2.8
1,836,000
1,933,980
2,523,000
2,173,591
21,992.000
2,825.200
a,03o,672
15,802,000 +39.2
2,618,000 +7.9
+1.1.
4,9311,965
17,823,000
1.883,000
4,284,270
20,201.000
2,467,329
5.099,626
36,103,442
33,346,419
+8.3
33,294.227
32,255,514
2.268.1351
2.209,292
+2.7
2,037.825
2.339,403
8,358,870
8,751,994
-4.5
8,480,885
11,975,013
5.771,536
1,022,471
8,168,471
1,007,339
-8.4
+1.5
6,109,060
1,103,025
5,723,291
1.373,952
1,539,788
603,889,069
a
1,355,557
4,307,608
2,621,672
2,384,983
1,535,125 +0.3
888,334,481 --12.3
2
1.626,672 --16.7
4,506,691 --4.4
2,359,343 +21.1
2,839,899 --18.0
1,244,923
619,802,560
a
1,835,473
4,218,435
1,935.800
2,344,492
1,503,000
589,895,393
a
1,291,693
4,432,323
1.780,970
1,772,558
861,867.041
944,780,174
-8.8
843.113,245
817,483.537
4,713,832
5,483,379
5,777,497
-5.1
4,427,480
134,700,000
132,900,000
+1.3
126,100,000
31,530,435
368,143
30,494,105
335,101
+3.i
+9.9
27,840,715
347.726
24,942,018
429,877
15,535,358
11,731,174
456,013
1.4u4.42t
+9.9
14,138,166
10,522,354 +11.5
643,900 -29.2
+4.0
1.343 53.:
14.411,159
9,898,601
412,749
1,179.417
15,410,426
9,569.740
485,716
1.390.622
+2.6
184,817.847
56.4,61 A131
201.208,930
196,154.956
AUG. 7 1926.]
THE CHRONICLE
677
CLEARINGS-(Concluded.)
Month of July.
Clearings at1926.
Since Jan. 1.
Inc. or
Dec.
1925.
$
Ninth Federal Res erve District- Minneapol isMinn.-Duluth
31,444,618
26.021,395 +20.8
Minneapolis
345,985,852
348,022,570 -0.6
Rochester
2,647,219
1,992,191 +32.9
St. Paul
137,148.572
136,529,238
+0.4
No. Dak.-Fargo
8,605,191
6,995,559 +23.0
Grand Forks
6,179,000
5,683,000 +8.7
Minot
1.389,702
1,093,440 +27.1
S. D.-Anerdeen_ _ _ _
6.170.010
6.226.154 -0.8
Sioux Falls
7,491.086
5,687,739 +31.7
Mont.-Billings
2,504,665
2,488,494
+0.8
Great Falls
3.841.225
3.154 07. +21.7
Helena
13.270.737
12.181,398 +8.9
Lewistown
501,725
450,143 +11.4
Total (13 cities) _ _ _
567.185,608
1926.
Week Ended July 31.
Inc. or
Dec.
1925.
1926.
1925.
Inc. or
Dec.
1924.
1923.
$
218,310,379
2,306.091,424
15,389,727
936,220,481
54,223,955
38,803,000
8.469,464
43.354.588
45,642,353
16,445,177
22.602.40(1
83.589,461
3,708,419
240,158,515
2,402,196,736
12,529,222
921.940,185
53,577,843
43,589,000
6,917,787
41 764.262
34,498,699
17,421,008
1)1,919,063
81.614,354
3,080,637
-9.1
-4.1
5,566,914
69,472,900
6,122.696
70,357,551
+1.5
+1.2
-11.0
+22.4
+3
+32.3
-5.6
+13 5
+2.4
+20.1
27,998,271
1,656,206
1.127,617
6,121,126
60,102.293
7,649,760
61.715,060
26.987.554
1,480,581 +21.9
_
27.523,822
1,452,835
31,347,704
2,170,741
1.406,909 -19.9
1.055.368
1.226.2(17
-1:3
478,671
488,360
-2.0
411,234
486.408
2,689,597
2,785,211
-3.4
2,241.904
3,051.616
109,628,862
-0.6
98,908.582
107.647.496
556,526,251
+1.9
3,792,850,918
3.879,2014.310
-4.7
108,990.176
Tenth Federal Res erve District -Kansas Cit
Neb.-Fremont
1,918,245
2,117,761
Hastings
2,168,478
2.473,057
Lincoln
20,611,052
20.873,130
Omaha
172.789,107
185.774,065
Kan.-Kansas City
24.029,270
19,382,183
Lawrence
a
Pittsburgh
a
a
Topeka
17,979,011
18,850,203
Wichita
52.717 50(
41 613.583
Missouri-Joplin
7.562,792
7,249,406
Kansas City
702,258,747
631,074,489
St. Joseph
31,710,753
32,517,576
Okla.-Lawton
a
a
McAlester
607,073
912,662
Muskogee
a
Oklahoma City __ _ _
137,566,124
113,678,000
Tulsa
43.080.851
:10.98.527
Colo.-Colorado Spgs
5,699,814
5,428,138
Denver
139,300,210
149,341,147
Pueblo
5,329,415
4,996,204
y-9.4
-12.3
-1.3
-7.5
+24.0
a
a
-4.6
+142
+4.3
+11.3
-2.5
a
-33.4
a
+21.1
+18.1
+5.0
-6.8
+6.7
11,836,558
17,308,441
144,911,417
1,233.447,454
133,224,700
a
a
104,475,369
254 672.513
54,209,576
4,071,262,586
228,287,316
a
6,634,093
a
850,159,735
202,546.821
35,391,243
932,259,741
35,095,947
13,741,372
19,046,574
149,673,677
1,273,387,061
126,059,430
a
• a
107,733.358
236.307.657
50,090,054
3,975,889,441
236,841,632
a
7.520,233
a
768,425,336
230.407,126
36,054,214
964,140,100
34,275,539
-13.9
-9.1
-3.2
-3.2
+5.7
a
a
-3.0
+7.7
+8.2
+2.4
-3.6
a
-11.8
a
+10.6
+22 2
-1.9
-3.3
+2.4
442,839
448,963
3,790,717
35.637.095
430,055 +3.0
562.569 -20.2
3,936.270 -3.7
37,332,417 -4.5
348,497
571,129
2,274,906
35.650.048
634,150
568,232
3,985,999
35,956.553
3,056,154
10,361,287
+7.1
2.852,750
8,136,852 +27.3
2,425,9%4
8.768,000
3,574,066
9,170,192
+8.5
-3.6
127,419,197
6,245,000
126,875,148
7.043,000
a
21,934,000 +22.7
a
a
966,973 +26.3
17,200,082
+1.0
917,066
+6.3
a
21,308,432
'rota)(16 el* les) _ _ _ _
1.365.928,442 1,273,281,131
+7.3
8,405,763.516
8.238.682.806
+2.0
Eleventh Federal Reserve Distr let-DallasTexas-Austin
6,293,151
7,548,481 -15.3
Beaumont
6.975,000
5,428,931 +28.5
Dallas
185,180,693
184,530,171
+0.3
El Paso
19,281,594
18,252,08:
+5.6
Foct Worth
64.554443
48 ,113 5,
+32.0
Galveston
42,815,000
29.227,90( +46.5
Houston
135,966,393
132,570,401
+2.5
Port Arthur
2.350 345
2.181 I
+8.0
Texarkana
2,919,035
2,878,59C
+1.4
Waco
7,700,000
8.223,85( -6.3
Wichita Falls
15,934,000
14,972,621
+6.4
La.-Shreveport
21,495,401
20,351,908
+5.6
Total (12 cities)._
511,476.055
475.069,75
+7.7
48,987,072
48,595,313
1,394,645,146
149,305,198
3112.605.513
286,031,000
984,105,251
17,184,151;
21,430.857
58,041;174
108,554,225
156,504,926
64,174,358
42,632,318
1.353,913,899
137,509,014
340.684.951
277,175,804
950,860,075
14.865,58.
21.063,470
72,543.538
99,148,451
148.019,461
-23.7
+14.0
+3.0
+8.6
+15.:
+3.2
+3.5
+15.1)
+1.7
-20.0
+9.5
+5.7
3,665,994.825
3.522,590.928
+4.1
Twelfth Federal R eserve Distric t-San Franc isco-Wash - Bellingham_.
4.157116,
3.808 owl
+6.0
Seattle
196,825,183
180,700,783
+8.9
Spokane
55.833,000
50,409,000 +10.7
Tacoma
a
a
a.
Yakima
6,188,013
5,151,671 +20.1
Ida.-Boise
5.635,512
4,736,676 +19.0
Ore. Eugene
2,274,548
2,354,405 -3.4
Portland
177.506,038
171.376,140
+3.6
Utah-Ogden
5,826,472
5,497,000
+6.0
Salt Lake City
75,624,143
69,199,017
+9.3
Nev.-it00.
32:1 8,0
3 235.2.1.
Ariz.-Phoenix
10,192,000
9.200,000 +10.8
Calif.-Bakersfield. _ _
5,531,558
4,966,933 +11.4
Berkeley
19,063,056
19,194,821 -0.7
Fresno
16,545,051
14,397,053 +14.9
Long Beach
31,034,812
29,547,279
+5.0
Los Angeles
775,619,000
666,526,000 +16.4
Modesto
4,174,849
3,777,660 +10.5
Oakland
99,932,989
88,027,275 +12.8
Pasadena
29,163,436
25.704,363 +13.5
Riverside
4,186,555
3,709.604 +12.8
Sacramento
36,771,257
39,268,797 -6.4
San Diego
27,502,112
24,013,195 +14.6
San Francisco
859,486,441
805,849,245 +6.7
San Jose
17,300,096
13,112,995 +31.9
Santa Barbara
6.216,626
5,139,714 +20.9
Santa Monica
10,938,210
9.831,125 +11.2
Santa Rosa
2.464 611
2 544 053 -3.5
Stockton
13,217,700
13,279,200 -0.5
27.935,00C
1,362,492,007
361,449,000
a
42,813,563
30,169,801
16,306,766
1,182,441.740
41,208,403
509,887,467
20.444.174
76,400,000
38,290,540
135,267,139
111,840,527
217.747,464
5,185,853,000
24,588,782
645,178,237
199,915,246
32,852,478
244,194,698
185,579,478
5,742.827,219
87,528,849
46,185.679
69,656,779
14.77.1 231
84,345,960
24.453,000
1,219,605,596
334,390,000
a
41,350,538
29,691,722
14.854.499
1,114,823,301
38,652.000
470.872.845
P. 78 331,
68,156,000
32,686,340
127,771,205
89.309,208
205,773,018
4,544,518,000
22,878,407
577,148,995
185,821,052
26,618,729
241,163,171
153,939.743
5,273.972.295
75,998.826
38,071,676
60,459.296
14 631,907
81,361,000
+14.7
+11.7
+8.1
a
+3.5
+1.9
+9.8
+6.0
+6.6
+8.3
+3:4
+12.1
+17.1
+5.9
+25.2
+5.8
+14.1
+7.5
+11.8
+7.6
+23.4
+1.2
+20.5
+8.9
+15.2
+21.3
+15.2
+1.0
+3.7
Total (2(4 eities)_ -. 2,502,414,159
2,274,657,796
Grand total(193c1ties) 43.785.324,325 42.989,080.931
Outside New York _ _ 19.958.111.665 10
503.33,1 824
148,236,375
6,679,642
a
26,905,856
a
1,221,236
17,370,199
975,264
255.125.627
136,642,274
6.929,056
237.840,364
+7.3
936.225
15,003,555
649,801
19,564.077
a
817,302
19,012,785
826.539
221,600.784
228.028.023
1,613,258
1,507,538
+7.0
1,246,073
1,205,636
42.974,211
33,920,314
+26.7
35,913,032
24,591,050
9,889,165 +37.9
7,302,700 +26.7
a
a
11,903.332
5,795,253
a
8,968,475
4,765,742
a
13,636,627
11,446,000
a
3,996,397
3,936,304
+1.5
3.739.218
3.608,607
73.666,493
56.556,021 +30.2
58,596,908
43,139,510
39,905,343
10,080,000
a
932,266
36,314,226
9,647,000
a
946,200
+9.9
+4.5
a
-1.5
34.596,028
9,333.000
829,268
34.575,000
10.542,000
a
906,795
36,762,390
32.150.703 +14.3
31,070,247
33,609,000
17,880,104
a
a
13,665,361 +30.8
a
a
13.562,464
a
13,624,269
a
+7.0
+4.1
+6.7
3,588,649
5,644,986
119,708,000
3,864,482
8.075,819
128,121,000
19,829,860
5,444,811
16,865.235 +17.6
4.844,747 +12.4
14,360,631
4,763,982
14,008,851
4.923,038
6,671,082
4,894,135
174,342,000
3,030,974
1,040,506
2,215,860
7,962,701 -16.3
4,159,793 +17.6
161,044,000 +8.2
2.685,496 +12.9
1,134,886 -8.3
2,335,139 -5.2
6,844.731
3,615,210
152,400,000
2,524,737
1,008,299
1,886,761
7.106.969
3,176,003
146,900,000
2,090,888
1,052,844
2,932,031
6.002,599
146,317,000
2,739,751
5,767,477
137,059,000
2,570,800
2,431,000
+5.7
2.232,500
2,316,900
+10.0 16,738.180.167 15,128,760.798 +10.6 . 480,851,761
441,752,715
+8.8
407,969,493
414,893,858
+1.8 310,862.142.663 295.144,072.978
+5.3 8,697.784.958 9.062.132.726
8,744.025.461 7.274.087.410
+7.3 136 643.405,354 129.906,396.144
4-5.3 '3 850 311 982 3807.20e 608
-1.2 3623.407.161 3.322.466.571
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY
1, AND FOR WEEK ENDING JULY 29.
Month of July.
Clearings at1926.
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 Eat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
rn...•..1 100 nithwal
1
$
448,554,042
422,711,980
214,316,677
75,669,048
27,993.815
30,432,302
15,424,063
23,678.157
30,786 574
12,215,074
10,369,404
11.965,073
21.1172.277
17,509,991
2.75.1 436
2,679,979
8,659,198
5,195,395
5,179,232
4.108,905
2,939,231
1.344.170
3,734,777
4,076,927
4,059,376
20,668,394
1 621,1181
3.926,847
3,672,060
1925.
$
413,705,600
390,105,762
200.664,189
69,710,575
26,445,592
26,494,374
13.871,886
23,116,192
29,984.711
12,170,108
8,853,329
11,836,906
18,874,649
15,923,507
2,800,946
2,596,710
6,822,027
4,837,966
5,776,803
3,486,371
2,929,231
1,176,739
3,605.495
3.745,937
4,412,624
17,472,513
1,290,620
3,575.504
3,356,853
Since Jan. 1.
Inc.or
Dec.
%
+8.4
+8.4
+6.8
+8.5
+5.8
+14.8
+11.2
+2.4
+2.7
+0.4
+17.1
+1.1
+ 11.11
+9.9
-1.5
+3.2
+26.9
+00.0
+0.05
+17.8
+0.3
+14.2
+3.6
+8.8
-8.0
+18.3
+26.2
+9.8
+9.4
1926.
$
3,134,390,593
2,974,792,012
1,370,776,112
508,026,062
191,866,991
170,821,841
87,525,854
145.013.273
224,470 (ID
81,179,981
65.268,412
80,019,189
146.742 802
118,943,974
15 0 .6 056
16.311,476
53,584,439
32,244,493
30,985.776
24,736.260
22,930,398
20,930.950
9.077.102
24.31)8,537
29,232,217
122,435,175
11.111.1433
24,868,114
21,097.900
1925.
$
2,758,144,288
2,667,977,351
1,408,889,466
447.598,312
184,531,051
167,492,477
86,075,547
138,205,506
189,229,628
75,953,262
58,791,309
78.648,844
134,093.774
96,500,391
16,624,825
14,960,523
42,757,837
31,260,985
28,273,597
22,819,043
17,824,108
8.068.132
23.654,060
22,959,967
27,912,761
95,146.153
9,234,946
22,728.053
19,669,493
Week Ended July 29.
Inc.or
Dec.
%
+13.7
+11.5
-2.7
+13.5
+4.1
+2.0
+2.0
+4.9
+16.5
+6.9
+14.9
+1.7
+'l.4
+23.3
-4.3
+9.0
+25.3
+17.4
+9.6
+8.4
+17.4
+12.5
-3.1
+6.3
+4.7
+28.7
+20.4
+9.4
+7.3
1926.
II
80.966,153
81.774,691
43,652,938
16,567,267
4,801,412
5,724,466
2,862,257
4,878,163
5.986,027
2,867,836
1,930,091
2,180,891
4.412,954
3.088,501
561,068
509,207
2,369,153
982.754
1,037,675
919,383
740,104
232,633
713,020
835,799
834.671
4,552,886
366,781
809,274
676.421
1925.
$
80,523,666
86,176,307
39,316,200
14,416,109
4,722,681
5.298.438
2,846,594
4,153,609
5.920,825
2,725,506
1,689,572
1,920,879
3,613,961
2,757,162
526.695
625,462
1,555.977
879,657
829,994
598,007
559,507
165,169
630,500
745,863
888,672
3,523,148
241,205
749,005
658,310
Inc. or
Dec.
%
+0.5
-5.1
+21.0
+14.9
+1.7
+8.0
+36.7
+17.4
+1.1
+5.2
+14.2
+13.6
+22.1
+12.0
+6.5
-18.5
+52.3
+11.7
+25.0
+53.7
+32.2
+40.8
+13.1
+12.0
-6.1
+29.2
+52.0
+8.0
+2.7
1924.
$
89,475,778
89,240,772
55.177,057
14,661,775
5,140,198
5,867,084
2.555,436
4,171,673
4,311.273
2,505,642
1.739,944
2,079,794
3,410,034
2,340,817
408.139
434,653
1,601,103
816,515
807,262
702.955
546.425
213.666
667,303
609,765
698,439
4.171,985
232,343
691,582
586,938
1923.
$
95,036,676
105,576,290
39,152,106
13.655,338
5,255,190
6,308,071
2,979,746
6,338,592
4,199,776
2,409,238
2,079.699
3,088.748
3,490,811
3,168,021
575,721
485,5.52
1,703.025
1,064,746
929,528
881,608
520,372
247,559
638.395
769.166
930,842
3.585,288
299,766
711,956
562,678
117 /21 4114 1.320 043 525
-1-11 1 0 7R5 ft 17 722 5 509 1195 01/0
A- a 7
277 a.32 170 900 955 ssn
4-3.2 295.866.350 306.644.504
No longer report c earings. b Do not respond to requests for figures. c Week ended July 28. dWeek ended
July 29. e Week ended July 30. • Estimated.
678
TT-IE CHRONICLE
[Vim: 123.
Note.-The amount to the credit of disbursing officers and agencies July 31 was
THE CURB MARKET.
$393,279,061.75 Book credits for which obligations of foreign Governments are
by the United States amount to $33,236,629 05.
Trading in the Curb Market started the week very active held
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
with prices showing considerable gain. Later, however, the retirement of outstanding national bank and Federal Reserve Bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
business fell off, though prices held fairly steady. Oils and under
the Acts mentioned a part of the public debt. The amount of such obligations
31 was $46,193,507.
public utilities attracted most attention. Humble Oil & July
$961,602 in Federal Reserve notes and $16,642,800 in national bank notes are
Refining sold up from 60 to 633, reacted to 62 and closed In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
to-day at 623'. New York Transit was off from 433' to
333.4, the close to-day being at the low figure. Northern
Pipe Line weakened from 723 to 68. Ohio Oil advanced
Preliminary Debt Statement of United States
July 31 1926.
from 57 to 623's and rested finally at 61%. Solar Refining
The preliminary statement of the public debt of the
advanced from 189 to 200. Standard Oil of New York was
31 1926, as made upon the basis of
very active and rose from 333' to 34% and reacted finally to United States July statements,
is as follows:
the daily Treasury
33%. Among utility issues Commonwealth Power rose from
Bonds383'to 423/i and closed to-day at 4L Electric Bond & Share Consols of 1930
$599,724,050 00
48,954,180 00
of 1916-1936
securities sold up from 69 to 77 and at 753/i finally. Mohawk Panama's
25,947,400 00
Panama's of 1918-1938
49,800,000 00
Panama's
of
1961
Valley Co. gained 2 points to 3932. Industrials were quiet. Conversion Bonds
28,894,500 00
Durant Motors was conspicuous for an advance from 6% Postal Savings bonds
12,881,080 00
8766,201,21000
to 133/i on heavy transactions, though it reacted finally to First Liberty Loan of 1932-1947
$1,939,212,300 00
Second
3,104,527,800
00
Liberty
1927-1942
Loan
of
11%. American Sumatra Tobacco, new company, sold up Third Liberty Loan of 1928
2,463,272,450 00
6,324,471,950 00
from 28 to 3114 and closed to-day at 31. Canada Dry Fourth Liberty Loan of 1933-1938
13.831.484,50000
3 to 46 and ends the week Treasury bonds of 1947-1952
Ginger Ale improved from 44%
$763,948,300 00
1.047,087.500 00
Treasury bonds of 1944-1954
at 45%•
494,898,100 00
A complete record of Curb Market transactions for the Treasury bonds of 1946-1956
2,305,933,900 00
week will be found on page 701.
00
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares).
Week Ending Aug. 6.
BONDS (Par 'Value).
Mining. Domestic. For'n Govt.
OE.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
54,035
104,860
96,090
255,220
224,200
153,630
49,830
74,520
41,190
67,920
75,725
83,450
Total
888.035
392.635
35,460
40,700
52,350
37,010
46,710
149,700
$798,000
1,061,000
1,328,000
1,077,000
1,303.000
1,358.000
$88,000
271,000
331,000
158,000
204.000
128,000
361.930 $6,925.000 $1,180.000
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,
Sat.
Mon.
Tues.
Wed.
Thurs.
Frt.
Week Ending Aug.6July 31. Aug. 2. Aug. 3. Aug. 4. Aug. 5. Aug. 6.
Silver, per cm
d 29%
29%
29 3-16 2931
29 1-16 28%
Gold, per fine ounce
84.1031
84.1131 84.1131 84.1031 84.9% 84.10
Consols, 231 per cents
Holiday 553(
5531
5531
5531
British, 5 per cents
Holiday 10134
101%
10131
10134
British, 434 per cents _______
Holiday 9534
9531
9531
9534
French Rentes (In ParLs)_1r-_-_
50.25
50.80
51.25
51.20
50.25
French War Loan (in Paris)fr. ____
53.50
53.75
54.75
54.50
54.80
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
Foreign
6331
6334
6331
6334
6231
CURRENT ASSETS AND LIABILITIES.
GOLD.
581.800,862 04 Gold ctfs. outstanding__1,691,951,059 00
3,151,458,802 66 Gold fund, F. R. Board
(Act of Dec. 23 1913
as amended June 21
1917)
1,726,964,135 12
Gold reserve
154,188,886 20
Gold in general fund
160,155,585 28
Total
3,733,259,665 60
3,733,259,665 60
Total
*Note.-Reserved against $346,681,016 of U. S. notes and $1,353,804 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
LtaMItties$
Assets466,068,565 00 Silver Ws. outstanding_ 460,328,817 00
Silver dollars
Treasury notes of 1890
outstanding
1,353,804 00
Silver dols. In gen. fund_
4,385,944 00
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes_ ___
Federal Reserve notes__
F. R. bank notes
National bank notes
Subsidiary silver coin
Minor coin
Silver bullion
Unclassified-Collections, dm
Deposits in F.R.banks_
Deposits in special depositaries account of
sales of Treasury bds_
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in nat. banks:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in Philippine
Treasury:
To credit of Treasurer
United States
Total
Total
466,068,565 00
466,068,565 00
GENERAL FUND.
Liabilities$
160.155,585 28 Treasurer's checks outstanding
999,59760
4,385,944 00
2,539,990 00 Deposits of Government
officers:
1,199,652 50
P. 0. Department___
12,033,391 32
134,662 00
Bd. of Trustees Postal
16,644,900 00
.Savings System5,434,873 99
5% reserve, lawful
2,246,935 83
money
6,601,99049
8,713,147 64
694,68773
Other deposits
Postmasters, clerks of
3,814,952 82
courts, disbursing
46.342,004 73
officers, &a
41,355,160 84
Deposits for:
Redemption of F. R.
177.059.000 00
notes(5% fd., gold) 145,135,373 48
Redemp'n of nat. ilk.
notes (5% fund,
lawful money)
26,298,959 10
101,384 13
Retirement of addl
circulating notes,
246.909 42
4,06500
Act May 30 1908._
Uncollected items, ex4,766,105 92
changes, &c
6,946,803 26
18.994,072 92
Net balance
237,889,331 46
218,237,588 61
1,166,101 55
456,126,920 07
Total
$414.922,300 00
355,779.900 00
668,201,400 00
50,000,000 00
53,500,000 00
70,000,000 00
Treasury CertificatesSeries TD-1926. maturing Dec. 15 1926
Adjusted Service, Series A-1927
$452,897,000 00
29,200,000 00
1,612,403,80000
482,079.000 00
Treasury Savings Certificates*Series 1921, issue of Dec. 15 1921
Series 1922, issue of Dec. 15 1921
Sbries 1922, issue of Sept.30 1922
Series 1923, issue of Sept.30 1922
Series 1923, issue of Dec. 1 1923
Series 1924, Issue of Dec. 1 1923
$1,826,806 65
95,606,118 15
14,531,525 90
129,150,670 95
23,462,312 00
94,779,770 35
Total interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to April 1 1917Certificates of indebtedness
Treasury notes
% Victory notes 011922-23
431% Victory notes of 1922-23
Debt Bearing NoInterestUnited States notes
Less gold reserve
456,126,92007
359,357,20400
$19,357,459,414 00
$2,221,640 26
1,193,000 00
2,864,100 00
29,000 00
4,328,850 00
10,636,590 26
$346,681,016 00
154,188,886 20
6131
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
July 31 1926 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of July 31 1926.
AssetsGold coin
Gold bullion
$16,903,619,610
Total bonds
Treasury NotesSeries B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service, Series A-1931
Adjusted Service, Series B-1931
$192,492,129.80
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency__ _ _
Thrift and Treasury Savings stamps, unclassified sales, &a
46,193,50700
2,047,21380
3,698,61742
244,431,46802
819,612,527,472 28
Total gross debt
• Net redemption value of certificates outstanding
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of April,
June, July and August 1926:
Holdings in
U. S. Treasury.
May 1 1926. June 1 1926. July 1 1926. Aug. 11926.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes.Net national bank notes__
Net Fed'l Reserve notes_ Net Fed. Res. bank notes
Net subsidiary silver
Minor coin, dzc
324,079.970
23,347,935
5,000,719
16,646,003
1,178,620
60.353
6,089.689
5,092,297
321.575.836
18,245,918
5355.349
15,592,857
1,147,168
145,327
6,403,502
6,267,541
315,542,621
14,135,895
3,835,118
17,759,853
938,875
134,743
6,145.463
63,981,175
Total cash in Treasury_
Less gold reserve fund_ __ _
381,495,586
154,188,886
374,533,498
154388.886
422,473,743 .359359,529
154,188,886 154,188.886
Cash balance in Treasury. 227,306,700
Depin spec'l depositories:
Acct. Treasury bonds. 291,212,000
30.741,184
Dep.in Fed.Res. banks
Dep. in national banks:
6,909,405
To credit Treas. IJ. S._
21,247,664
To credit dish. officers.
913,916
Cash in Philippine Islands
428,577
Deposits in foreign depts.
Dep.In Fed'l Land banks_
314,344,471
13,099,092
2,539,99()
16,644,900
1,109,652
134,662
5.434.874
6,061,888
220,344,612
268,284,857
205,270,643
231,951,300
27,209,943
202.734,000
18,768,788
177,059,000
46,342,005
7,168,495
21,482,532
948,473
312,981
7,327,703
20,402,234
883,010
188,780
6,946,803
18,994,073
1,166302
348,294
456,126,920
237,889,331
Net cash in Treasury
and In banks
Itabdttlei.
Deduct cur?
578,759,446
243,987,589
509,418,336
246,116,051
518,589,372
308,587,345
Av41111111R cael balance_
33477l 8J17
21lA 21122RA
sin nog no, nip
0.2, COG
* Includes Aug. 1. 88.713.147 64 silver bullion and $2,246,93583 minor coin.&o.•
not included in statement "Stock of Money"
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for July 1926 and
1925.
AUG. 7 1926.]
THE CHRONICLE
-Month of July1926.
1925.
$
3
49,351,884 45,156,030
Stocks1,000
51
2,995.642
49,172,195
4,967,485
1,582,713
2,017,066
19,498
5,401,228
5.111,855
3,493,048
960,456
2,160,062
0235,133
1,775,667
18,889,139 18,178,033
236,019.762 194,945,354
Excess of ordinary receipts over total expenditures
chargeable against ordinary receipts
13.924,405
Excess of total expenditures chargeable against
ordinary
receipts over ordinary receipts
50,647,399
160,116,046 163,011,441
15,096,148 17,640,706
4,878,400
c2,257
144,312
91,342
3.375,763
35,016
136,040
82,269
Total ordinary
197,095,357 235.589,153
Public debt retirements chargeable against ordinary receipts
Sinking fund
Purchases and retirements from foreign repayments _ 25,000.000 10,000,000
Received from foreign governments under debt
settlements
Received for estate taxes
Purchases and retirements from franchise tax
(Federal Reserve and Federal Intermediate Creditreceipts
banks)
Forfeitures, gifts, &c
3,600
Total
25,000.000 10,003,600
Total expenditures chargeable against ordinary receipts__
_222.095.357 245.592,753
Receipts and expenditures for June reaching the
Treasury in July are included.
a Counter entry (deduct).
S The figures for the month and for the fiscal year
$291,847 64 accrued discount on war savings certificates1927 to date each includes
of matured series, and for
the corresponding periods last year, the figures
Include $584,764 16.
c Excess of credits (deduct).
d Under provisions of the amendment of July 3
1926 to the Act,establIshIng
civil service retirement and disability fund and
the
expenditures for salary, pay or compensation ofregulations issued pursuant thereto,
employees entitled to the benefits
of the Act will be at the full amount due. Retirement
fund deductions will be
deposited monthly with the Treasurer for credit to the
fund. Amounts not required
for authorized payments will be invested by the
in special issues of Government obligations bearing interest at the rate of Treasury
4% per annum, payable on
each year, which is the same rate prescribed in the
June 30
Act for earnings on the deductions
from salary, pay or compensation. The figures for
the fiscal year 1927 represent
the working balance and unpaid checks.
Sounnercial nutiMiscenantonsRCM
St. Louis Stock Exchange.-Record of
transactions
at St. Louis Stock Exchange July 31 to Aug.
6, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
RankFirst National Bank_ _100
Nat Bk of Commerce__ 100 165
MiscellaneousBoyd-Welsh Shoe
•
Brown Shoe corn
100
Preferred
100
Certain-teed Prod 1st pf100
E. L. Bruce corn
•
Emerson Electric pref_ -100
Ely & Walker D G com_ _25
2nd preferred
100
Fulton Iron Works pfd_100
Hussman Refr com
*
Huttig S & D corn
•
Hydraulic Press 13k com100
International Shoe com*
Preferred
100
Johnson-S dr 13 Shoe
•
Mo Portland Cement- _25
Nat Candy com
100
Pedigo-Weber Shoe
•
Polar-Wave I & F"A" •
Rice-Stix Dry Gds cons_ •
let preferred
0
Scruggs-V-13 D G com25
Sheffield Steel com
•
Skouras Bros "A"
•
South'n Acid & Sulph com•
Southwest Bell Tel pref 100
St Louis Amusement "A"•
St Louis Car pref
100
Wagner Electric com____•
Wagner Electric Corp pf100
•
Wm Waltke corn
Preferred
100
1(3
MiningConsol Lead dc Zinc Co_'
4234
37
101
33
85
80
167
10734
22
2234
514
44
1144
49
69
23
Street Railway Bonds
•No par value.
237
164
237
165
4234 43
364 37
10734 108
10034 101
394 3934
101 101
304 3334
85
85
64
64
35
35
3234 3234
80
8034
167 168
1074 108
60
60
58
5834
81
81
35
3534
344 37
2131 22
106 106
2234 2234
2734 2734
514 52
44
45
1144 115
49
49
93
93
19
2134
68
70
4734 4734
106 106
23
234
Range Since Jan. 1.
Low.
58 228
21 155
570
339
25
7
25
10
660
5
5
100
55
155
327
68
5
230
35
105
40
255
20
115
40
415
40
165
10
18
500
178
105
20
High.
Jan 237
Jan 171
Aug
Feb
164
734
34
634
394
1131
3354
424
375
285
30
1004
11534
404
Low.
92
92
20 90
Apr
6234 624
225 62
July
54 6
1,190
5
Feb
5934 60
1,145 45
Mar
105 105
150 98
Apr
954 96
300 9534 Aug
101 101
25 100 June
2
2
10
2
Mar
17
30 17
17
Aug
15
1634 1,282 1234 Apr
115 11531
55 112
Mar
734 834 2,535
534 Apr
354 334
234 Jan
50
6
634
160
534 Feb
11734 11734
70 114
Jan
3834 424 23,516 30
Apr
11 -12
Aug
939 11
334 3351
290 3234 May
4234 14,520 33
42
Apr
175 175
3 175
Aug
28
2834 2,985 274 July
375 375
41 370
July
34 34
34 Aug
50
285 285
133 270 June
30
30
55 29
July
9
9
286
Apr
8
10034 102
576 100 May
11534 11531
20 11534 Mar
10
9
2,799
834 July
934 10
339
934 Aug
404 41
150 4051 Aug
132 134
32 106
Mar
95
95
20 90
Jan
9334
9331
_
.
$e_.000
.000
High,
01
c41,638
1,948,492
c918,914 c1,723,191
975,917
1,581,254
c338,644
1,731.745
c61,227
c298,501
c240,000 14,480,675
92
6254
5'4
594
•-•
CV V 00
V 0,
-0......
.0
2,424,556
19,491,762
10,000,000
1,671,126
Amer Vitrified Prod pref.50
Amer Wind Glass Mach 100
Arkansas Natural Gas-100
Blaw-Knox Co
25
Byers(AM)Co pref___100
Columbia Gas & El pf wt._
Conley Tank Car pref_100
Consolidated Ice coin_ _50
Preferred
50
Devonian Oil
10
Duquesne Light 7% pf_100
Houston Gulf Gas
•
Independ Brewing com_ _50
Preferred
50
Jones& Laughlin SV1 pi 100
Lone Star Gas
25
Nat Fireproofing com__100
Preferred
100
Ohio Fuel Corp
25
Ohio Valley Bank
100
Oklahoma Natural Gas_25
Peoples Says & Tr Co_ _100
Pittsburgh 011 & Gas_ _5
Pittsb Plate Glass
100
Plash Steel Fdy com____•
Salt Creek Consol Oil _10
Stand Sanitary Mfg com.25
Preferred
100
Tidal Osage 011
10
Non-voting stock
Waverly 011 Works cl A_ _•
West'house Air Brake_ _50
West Penn Rye pref-...i00
BondsPlush Brewing Co_ __ _1949
-_
Pitts McKeesp con ss.._
Range Since Jan. 1.
CO
1,663,094
15,358,394
15,648
359,162
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
0
ExpendituresOrdinary (Checks and warrants paid, &c.)General expenditures
Interest on public debt_b
Refunds of receiptsCustoms
Internal revenue
Postal deficiency
Panama Canal
Operations in special accountsRailroads
War Finance Corporation
Shipping Board
Alien property funds
Adjusted service certificate fund
Civil service retirement fund_d
Investment of trust fundsGovernment Life Insurance
District of Columbia Teachers' Retirement
Foreign Service Retirement
General Railroad Contingent
•
50,947.217 38,075,218
56,330,503 74,614,259
52WRMINUIWVONgiggielt1W5
.
Total ordinary
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, July 31 to Aug. 6, both
inclusive, compiled from official sales lists:
x x
x . x xxx'x
VV
.0 0000 0-..
ReceiptsOrdinaryCustoms
Internal revenue:
Income tax
Miscellaneous internal revenue
Miscellaneous receipts:
Proceeds Government-owned securitiesForeign obligationsPrincipal
Interest
Railroad securities
All others
Trust fund receipts (re-appropriated for investment)
Proceeds sale of surplus property
Panama Canal tolls, &c
Receipts from miscellaneous sources credited direct to
appropriations
Other miscellaneous
679
9134 July
_.
97
Febug
•No par value.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Mika.
July 27-The Lake Park National Bank. Lake Park, Minn
Correspondent, Lawrence H. Nelson, Lake Park.Minn.
July 31-The Mahopac National Bank, Mahopac, N. Y
25.000
Correspondent, Edward S. Agor, Mahopac Falls, N.Y.
July 31-The Saxonburg National Bank, Saxonburg, Pa
25.000
Correspondent, W. A. Berger. Saxonburg, Pa,
APPLICATION TO ORGANIZE APPROVED.
July 29-'he,Prospect National Bank of Brooklyn in New York,
N.
Correspondent, Chas. R. Macauley, 18th St. & 5th
Ave., Brooklyn, N. Y.
CHARTERS ISSUED.
July 26-12.966-The Fauquier National Bank in Warrenton. Va. 25,000
'Conversion of the Warrenton-Plains State Bank, Inc.,
with main office located in Warrenton and a branch
located in the Town of Plains, Va. President. C. E.
Tiffany; Cashier, Edward Carter.
July 27-I2,967-The Dale National Bank, Dale (P. 0. Johnstown),Pa
Conversion of the Dale Deposit Bank. Dale (P. 0.
Johnstown), Pa. President, J. D. Keiper; Cashier,
D. J. McMonigal.
July 28-12,968--The First National Bank of Kingsville. Tex.....
50.000
Succeeds the Farmers State Bank of Riviera, Texas.
President. Carl C. Henny; Cashier, Sam Fimble, Jr.
July 29-12,969--The Citizens National Bank of Post, Texas...._
25,000
Conversion of the First State Bank,Post, Texas. President, W. 0. Stevens; Cashier. Ira L. Duckworth.
July 30-12,970-The Traders National Bank of Brooklyn in
New York, N. Y
500,000
President, B. P. Van Benthuysen.
-12,971-First National Bank in Mount Clemens. Mich_ 200.000
July
President, Henry Stephens; Cashier, Charles R.Walters.
CHANGE OF TITLE.
July 27-6,694-The First National Bank of Massena, N. Y, to
"The First National Bank and Trust Co. of Massena."
VOLUNTARY LIQUIDATIONS.
July 22-6230-The American National Bank of McAlester, okia4io0,000
Effective July 19 1926. Liquidating agent, J. G. Puterbaugh, McAlester, Okla. Absorbed by McAlester
Trust Co.. McAlester, Okla.
July 26-11.450-The Jennings National Bank,Jennings, La_
Effective June 22 1926. Liq. Agent. E. F. Follett,
Jennings, La. Succeeded by Jennings Bank & Trust
Co.. Jennings La.
July 28-7.437-The First National Bank of Freeland Park, Ind_
25.000
Effective June 25 1926. Lig. Agent, Chas. Schwartz.
Arabia, Ind. Absorbed by the First National Bank
of Milford, Ill., No. 5149.
CONSOLIDATION.
July 29-542-Corn Exchange National Bank .of Philadelphia,
Pa
2,200.000
and 234-The Third National Bank of Philadelphia. Pa
Consolidated under the Act of Nov. 7 1918 under the1,000.000
charter and corporate title of "Corn Exchange National
Bank of Philadelphia," No. 542, with capital stock of
42,700.000.
500.000
50.000
31
100.000
3534 Mar 444 Feb
30 June 4434 Feb
10734 July 111
Jan
9834 Apr 105
Mar
3934 July 534 Jan
100
Jan 10434 Jan
2834 May 334 Aug
85
July 90
Mar
64
Aug 9934 Feb
34 June 41
Jan
31
Auction Sales.-Among other securities, thb following,
June 44
Feb
80
Aug 9734 Jan not actually dealt in
at the Stock Exchange, were sold at auction
135
May 17531 Jan
107 June 11134 Jan in New York, Boston and Philadelphia on Wednesda
y of
53 June 9834 Jan this week:
4834 Mar 67
Jan
Adrian
By
70
H. Muller & Sons, New York:
Apr 92
Feb
27 May 39
Jan Shares. Stocks.
$ per sh. Shares. Stocks.
$ per M.
3134 May 374 Feb 1 Firemen's Insurance Co. of New8 No. Amer. Fisheries dr Cold
2134 Aug34
ark, N. J
ug
Feb
235
Storage, Ltd., common
$20
106
Aug 109
Jan 1 Commonwealth Constr. Corp.:$11 lot 17 No. Amer. Fisheries & Cold lot
22
Aug 30
Mar 98 Huntington Lumber & Coal Co.,
Storage, Ltd., preferred
24
May 2934 Jan
$5,600 lot
Bonds.
Per:cent.
4534 May 59
Jan 1,960 Amer. Coke & Chemical Co.
$1,000 Indian Harbor Yacht Club,
participation cUs.. par $5
424 June 5234 Feb
Inc., 1st 65, July 15 1946
$17 lot
oo
1124 Apr 1154 July
By R. L. Day & Co., Boston:
46
Apr 5934 Jan
Stocks.
Shares.
90
$ per sh. Shares. Stocks.
May 97
$ per sh.
Jan
1334 July 3434 Jan 1 First National Bank
3414 65 New Bedford Gas & Edison Light
Merchants National Bank
614 July 85
Co., par $25
36831
794-80
Jan 2 National Slrawmut
Bank
40
24334 10 Hood Rubber Co., 734% pref. _100
Apr 4934 June 2
104
2474 6 units First Peoples Trust
Apr 1074 July 4 Atlantic National Bank
74
National
Shawmut
13
Bank
2434 2 units First Peoples Trust
74
1 Naumkeag Steam Cotton Co_ _ _16034 10 Mass..Ltg. Cos., 8% pref
115
Ludlow
Mfg.
b
521 23
Associates
American
1704 5
Glue Co.. pref
Aug 28
Max
11134
10 Androscoggin Mills
534 75 New Bedford Gas& Edison Light
5 Nashawena Mills
7634 ex-div
Co., full paid, par 825
794
--.. .
Lyman Mills
56
115 ex-div. 32 units First Peoples Trust
pr
74
3 Laconia Car Co. 1st pref
6334 20 Springfield Fire & Mar. Ins. Co_456
6 units First Peoples Trust
17
Turners Falls Pow.& Elec. Co..i80
7454
[VOL. 123.
THE CHRONICLE
680
Per
Books Closed.
When
Days InclusiveCent. Payable.
Name of Company.
$ per oh.
Shares. Stocks.
39%
Common
Co..
Glue
Amer.
5
Miscellaneous (Concluded).
100 Craton & Knight Co.,common_ 10% Imperial 011, Ltd
25c. Sept. 1 Holders of rec. Aug. 14
92% Internat. Combustion Engineering (qu.) 500. Aug. 31 Holders of rec. Aug. 18
5 Towle Mfg. Co.. common
prior
Co.,
14 Bay State Fishing
*25o. Aug. 15 *Holders of rec. Aug. 10
Internat. Petroleum, Ltd
pref.(new) temp. rats., par $20-- 1554 Lit Brothers Corporation
5
Aug. 20 Aug. 11 to Aug. 19
11254 Long Bell Lumber, el. A corn. (quar.)
32 Boston Ground Rent Trust
Sept.30 *Holders of rec. Sept. 10
7254 Manhattan Shirt,. corn.(quar.)
3 State Theatre Co., pref
•lept. 1 *Holders of rec. Aug. 16
'3734
$554 lot Massey-Harris Co., Ltd., pref.(qu.)
36 The Decorite Co
13( Aug. 16 Holders of rec. Aug. 5
74
2 units First Peoples Trust
Medart (Fred.) Mfg., corn. (quar.)..- 50c. Aug. 16 H 'liters of rec. Aug. 5
554 Munsingwear,
5special units First Peoples Trust
•750. Sept. 1 *Holders of rec. Aug. 18
Inc. (quar.)
2 Lowell Elec. Light Co., par $25.- 5834 National Department Stores, 2d pf (qu.) •1,4 Sept 1 *Holders of rec Aug 16
7 Boston Storage & Warehouse Co.,
*501) Sept 15 *Aug 15 to Sept 5
Ohio 011 (quar)
120
common
*50c Sept 15 *Aug 15 to Sept 5
Extra
3 Hood Rubber Products, pref.- -.10134 Oil Well Supply, common (quar.)
Oct. 1 Holders of rec. Sept. 15
50c
2 Hood Rubber Co.,754% prior pf _100Si Peoples Drug Stores, Inc., pref. (guar.). 2
Aug. 15 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 206
16 Puget Sound Power & Light Co.
Si
Phillips-Jones Corp., common (quar.)
10334
ti
4ept. 1 •H Mere of rec. Aug. 17
prior preference
Phoenix Hosiery, lot & 2d pref. (quar.)_
Oct. 1 Holders of rec. Sept. 15a
7 Edison Electric Ill. Co.,Brockton.
Motor Car, pref.(quar.)_. 2
5834 Pierce-Arrow
par $25
*75c. Sept. 1 Holders of rec. Aug. 14
Purity Bakeries, class A (quar.)
lot
*134
-$7
Sept. 1 Holders of rec. Aug. 14
400 Conant. Patrick & Co., corn_
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 16
3 Boston Real Estate Trust, par
Schulte Retail Stores, common (guar.)._ *12
941
Sept. 1 Holders of rec. Aug. 18
$1.000
Simon (Franklin) & Co., Pre. (quar.).... e2
hiers of rec. Aug. 6
km:. 14
5 Carr Fastener Co.,corn., par $25. 35% Soule Mills (quar.)
47
Sept. 1 Holders of rec. Aug. 16
5 Fall River El. Lt. Co., par $25
•13f
& Co., preferred (quar.)
Per Cent. Spear
Bonds.
*50c. Sept. 15 Holders of rec. Aug. 16
Standard 011 (Calif.) (quar.)
$3,000 York Utilities Co., 2d mtge.
*62340 Sept. 15 Holders of rec. Aug. 17
011 (Indiana) (guar.)
134% flat Standard
55 Feb 1943
*25o. Sept. 15 Holders of rec. Aug. 17
Extra
.4 le. -lent 15 ot 'tilers of rec. Aug. 20
(quar.)
Y.)
(N.
011
Standard
By Barnes & Lofland, Philadelphia:
4334e. Aug. 16 Holders of rec. July 31
Works, preferred
$ per oh. Stanley
Sperm. Shares. Stocks.
$1.25 Sept. 1 *Holders of rec. Aug. 10
Shares. Stocks.
Studebaker Corp.. common (quar.)
10 Lancaster Ave. Title & Trust
5 Nat. City Bank of New York_ _ _ _620
•134 Sept. 1 *Holders of rec. Aug. 10
(guar.)
Preferred
97
Co., par $50
25e. Sept.15 Holders of rec. Aug. 316
460
(quar.)
.5 First Nat. Bank of Phlla
Chemical
Tennessee Copper &
641% 4 Pa. Co. for Ins. on Lives. &c _ _ _ _859% Thompsn Prochicts. Inc., pref. (quar.). 1% Sept. 1 11 triers of roe. Aug. 21
10 Corn Exch. Nat. Bank
60
Sept. 4 *Holders of rec. Aug. 19
*$1
5 Allegheny Title & Trust Co
14 Fidelity-Philadelphla Trust Co_690
Bearing (quar.)
Roller
Timken
60
*25c. Sept. 4 *Holders of rec. Aug. 19
.5 Security Title & Tr.. par $50
2 Burlington Co.(N. J.) Trust Co_275
Extra
89 Delaware Co. Tr. Co.. Chestr.
8 Philadelphia Bourse. corn.. par $5015
Stores of Amer., corn.(qu.) 50c. Sept.30 Holders of rec. Sept. 106
Cigar
United
200
Pa
50 Kensington Nat. Bank, par $50_198
Common (payable in common stock)_ f134 Sept.30 Holders of rec. Sept. 10a
225% 10 Tacony Palmyra Ferry Co., par
154 Sept. 15 Holders of rec. Aug. 31
12 Textile Nat. Bank
Preferred (quar.)
46
Sept. 16 Holders of rec. Aug. 27a
$1
850
25 Central Tr. & Says. per $50_ _ _191
S. Realty & Improvement
U.
51
pref
Sept.20 Holders of roe. Aug. 31
8%
Co..
50c.
Vogt
(1.
F.
50
&
%
Ins.
_211
'
Security
Life
Tr.
5 United
Vacuum Oil (quar.)
50e. Sept.20 Holders of rec. Aug. 31
.5 Rockhill Coal & Iron Co.. prof. _ _ 28
10 Metropolitan Trust Co.. par $50.118
Extra
94
Sept. 15 *Holders of rec. Aug. 3
*$1
5 Northern Trust Co
40 Hare & Chase. Inc., pref
785
Wamsurta
Mills
(guar.)
94
•134 Sept. 1 *Holders of rec. Aug. 18
10 Hare & Chase. Inc., pref
3 Empire Title & Trust Co., par $50
Weber & Hellbroner, preferred (quar.)
94
Aug. 16 Aug. 10 to Aug. 15
3
35 Hare & Chase, Inc.. pref
49
($25 paid)
Willcox Ft 01005 Sewing machine
Per cent. Welch
Bonds.
(guar.)
pref.
134 Aug. 31 Holders of rec. Aug. 20
15 Empire Title & Trust Co., par
Grape Juice.
25c. Aug. 31 Holders of rec. Aug. 16
$1,000 Philadelphia As, July 1941,
49
Corp. (quar.)
Aeronautical
Wright
$50 ($25 paid)
99
registered
348
34 Fidelity-Phila. Tr. Co
By Wise, Hobbs, & Arnold, Boston:
Shares. Stocks.
$ per sh.
5 Webster & Atlas Nat. Bank
227
25 Nat. Shawmut Bank
242%
15 First Nat. Bank
34134-342
1834
50 Dwight Mfg. CO
5 Androscoggin Ming
63
12 Nashua Mfg. Co., pref
81
10 Lawrence Mfg. Co
68
50 Arlington Mills
6934
20 Lawrence Mfg. Co
67%
35 Nashua Mfg. Co., common _42-40
50 Nashawena Mills
7034
10 Penobscot Chemical Fibre Co..
10034
common
10 Mass. Ltg. Cos.. 8% pref
115
11 Montpelier & Barre Light &
Power Co.,6% pref
9734
2 Montpelier &Barre Light & Power
Co.. common
88
10 units Amer.Founders Trust, new 7631
10 North Boston Ltg. Prop., pref...10334
9 Draper Corp
142%
20 Plymouth Cordage Co__135%-135%
8 Worcester Elec.Light Co.par $25_160
50 Greenfie1d Tap dr Die Corp.,
97-9734
preferred
50 New Bedford Gas dr Edison Lt.
7934
full paid receipts
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends anDIVIDENDS.
nounced this week, these being given in the preceding table.
Dividends are grouped in two separate tables. In the
the
Books Closet
When
Per
first we bring together all the dividends announced
Days Inclusive.
Cent. Payable.
Name Of company.
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
Railroads (Steam).
Alabama Great Southern, pref.(guar.).- $1.75 Aug. 16 Holders of rec. July 12
have not yet been paid.
g2•50 Aug. 16 Holders of rec. July 12
Preferred (extra)
The dividends announced this week are:
Atchison Topeka .8 Santa Fe. corn.(qu.) 1% Sept. 1 Holders of rec. July 234
Public Utilities.
American Power & Light. com.(quar.) •25c.
•6254c
Baton Rouge Elec. Co., corn.(quar.)
134
Preferred A (guar.)
Blackstone Valley Gas & EL,corn.(a u.)_ •61.25
Central Arkansas Ry.& Lt., pref. (qu.) 134
•$1.75
Central Gas dr Elec., pref.(quar.)
Cleveland Elec. Ilium.. 6% pref. (quar.) 134
Columbus Hy.,Pr.& Lt., 1st pref.(qu.). 1%
$1.63
Series B preferred (rmar.)
Eastern Shore Gas & Eke., pref.,(quar.) 50o.
Fairmount Park & Haddlngton Pass.
*$1.50
Ry. (Philadelphia)
20c.
Federal Light & 'Frac., Cora. (quar.)
15e.
stock)_
common
in
(payable
Common
134
Preferred (guar.)
134
ICaministiquia Power, pref.(guar.)
Monongahela West Penn P.S., pf.(qu.) 4334e
Philadelphia Suburban Water, pf. (qu.) 134
Portland Electric Power,2d pref.(qu.)._ 134
$1.12
Rockland Light & Power
Southwestern Power & Light, pref. (qu.) '134
134
(quar.)
pref.
Power,
Virginia Elec. &
Miscellaneous.
American Art Works, corn. dc pref.(on.) 1%
*62
American Locomotive, corn. (quar.)
154
Preferred (quar.)
1%
American Felt. pref. (guar.)
*40e.
American Multigraph, corn.(quar.)
334
American Window Glass, pre
$1.875
Beacon 011, pref.(quar.)
134
Brill Corp., pref.(guar.)
50e.
Brown Shoe, common (quar.)
'134
Cabot Mfg. (quar.)
*50e.
California Petroleum (guar.)
Casein Co.of America(N.J.), pf.(qu.)_ 2
1
Preferred (extra)
1%
Caseln Co. of Amer.(Del.)(guar.)
'154
Century Ribbon Mills. pref. (quar.). _
$2.50
Canada Bread, common
A
Cities Service, common (monthly)
134
Common (payable in corn,stock)
34
Preferred and pref.B(monthly)
34
Banker shares(monthly)
A
Banker shares (payable in idock)-50c.
City Ice & Fuel (quar.)
"2
Colorado Fuel & Iron. pref.(quar.)
*250.
Continental Oil (quar.)
.51
Cooper Corporation, corn.(quar.)
•1%
Preferred (guar.)
75e.
Cushman's Sons, common (quar.)
134
7% preferred (guar.)
2
(quar.)
8% preferred
1%
Falroanks. Morse & Co. pref. (quar.)._
'23.4
Farwell Bleachery (quer)
3
pref
French (Fred F.) Companies,
General Asphalt, prof. (guar.)
2
Guantanamo Sugar. pref. (qUar.)
Hartman Corporation, class A (quar.)._ 50e.
500.
Class A (quar.)
50c..
Class A (quar.)
50e.
Class A (guar.)
(o)
stock
A
class
in
(quar.)
Claw B
(0)
Class 33 (quar.) in Hasa A stock
(o)
Class B (quar.) in class A stock
(o)
Class B (quar.) in class A stock
*$1
Holmes Mfg.,common (guar.)
(quar.)
Preferred
50c
Homestake Mining (monthly)
*134
Hood Rubber, pref.(quar.)
(quar.)
eln
Horn <lc Hardart(N.IL). Pref.
154
*134
444
r.g%
"---
Railroads (Steam).
134
Maine Central, pref.(guar.)
New Orleans Texas & Mexico (guar.)... •134
N.Y.Chicago & St. Louis, corn.(quar.) 234
134
Preferred A (guar.)
Books Closed.
Days Inclusive.
Holders of rec. Aug. 16
•IT,
Iders of rec. Aug. 16
Holders of rec. Aug. 16
Holders of rec. Aug. 16
Tg4"›.›.44uW1 40WP"AWWWV"RgaIRRR t".4'T:-.RW>WRmVa2 Ef>WW0>WR20- WzoRWWkWWR
wggi0AgnRvAnagggA”,gugAtswnwp.civ ligagclxvvgwv,v=1.. utgvgAg...4 Vatlwvonv
tzt.5.5
........
Name of Company.
When
Per
Cent. Payable.
Holl.rs of rel. AUT. 16
Holders of rec. Aug. 160
Holders of rec. Aug. 166
*Holders of rec. Aug. 13
Holders of rec. Aug. 166
Holders of rec. Aug. 15
Holders of rec. Aug. 14
Holders of rec. Sept. 15
Holders of rec. Oct. 15
Aug. 15 to Aug. 31
*Holders of rec. July 24
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 14
Holders of rec. July 31
Holders of rec. Sept.15
Holders of roe. Aug. 116
Holders of roe. Aug. 14
Holders of rec. July 27
*Holders of rec. Aug. 16
Holders of rec. Aug. 316
Holders of rec. Sept.30
*Holders of rec. Sept. 13
*Holders of rec. Sept. 13
*Holders of rec. Aug. 24
Holders of rec. Aug. 14
Aim 19 to Aug. 27
Holders of rec. Aug. 2
Holders of rec. Aug. 16
Holders of rec. Aug. 20
'Holders o' rec. Aug. 5
*Holders of rec. Aug. 14
Holders of rec. Aug. 6
Holders of rec. Aug. 6
Holders of rec. Aug. 7
Holders of rec. Aug. 26
Holders of reo. Aug. 14
Holders of rec. Aug. 14
Holders of rec. Aug. 14
Holders of rec. Aug. 14
Holders of rec. Aug. 14
Holders of rec. Aug. 12
*Holders of rec. Aug. 10
*Holders of roe. Aug. 14
*Holders of rec. Aug. 10
*Holders of rec. Sent. 1
Holders of reo. Aug. 14
Holders of roe. Aug. 14
Holders of rec. Aug. 14
Holders of rec. Aug .140
*Holders of rec. Aug. 5
Holders of tee. July 31
Holders of tee. Aug. 166
Holders of rec. Sept.150
Holders of rec. Nov. 17
Holders of rec. Feb. 15
Holders of rec. May 17
Holders of rec. Aug. 17
Holders of rec. Aug. 27
Holders of rec. Nov. 17
Holders of rec Feb 15'27
Holders of rec May 17'2_7
*Holders of rec. Aug 6
*Holders of roe. Aug. 3
Holders of rec. Aug. 20
*Holders of rec. Aug. 20
*Holders of rec. Aug. 12
Baltimore dr Ohio, corn.(quar.)__
Preferred (quer.)
Boston & Maine, 1st pref. Class A
First preferred Class B
First preferred Class C
First preferred Class D
First preferred Class E
Buffalo Rochester & Pittsourg, corn-Preferred
Central RR of New Jersey (extra)._
Cleveland .8 Pittsburgh. reg. gu.(quar.).
Special guaranteed (quar.)
Cripple Creek Central. preferred
Cuba RR., preferred
Delaware & Hudson Co (guar.)
Eludson & Manhattan, preferred
Illinois Central, cam.(qua,'.)
Preferred
Internat. Rye. of Cent. Amer., pf.(qu.).
Louisville dr Nashville
Extra
Norfolk & Western, common (quar.)
Adjustment preferred (war.)
Pennsylvania RR.(quar.)
Peoria & Bureau Valley
Pitta.,k West Virginia, corn.(quar.)
Common (quar.)
Reading Company, corn.(quar.)
First preferred (quar.)
Second preferred (guar.)
St. Louis-San Fran.. pref.(guar.)
Wabash Ry., preferred A (guar.)
134
1
2%
4
334
•234
2
3
2
1%
1
1
2%
234
154
134
35
134
1
750,
*3%
134
134
$1
50c.
50c.
134
134
Sept. 1 Holders of rec. July 170
Soot. 1 Holders of rec. July 170
Aug. 12 Holders of roe. July 31a
Aug. 12 Holders of rec. July 31a
Aug. 12 Holders of roe. July 31a
Aug. 12 Holders of roe. July 316
Aug. 12 *Holders of tee. July 31
Aug din Holders of rec. Aug. 94
Aug d16 Holders of rec. Aug. 96
16 Holders of rec. Aug. 65
Sept. 1 Holders of rec. Aug. 103
Sept. 1 Holdear of roe. Aug. 101
Sept. 1 Holders of rec. Aug. 141
Feb 1'27 Hold. of rec. Jan. 15'270
Sept.20 Holders of rec. Aug. 286
Aug. 16 Holders of rec. Aug. 26
Sept. 1 Holders of rec. Aug. 30
Sept. 1 Holders of rec. Aug. 3a
Aug. 16 Holders of reo. July 316
Aug. Ill Holders of roe. July 150
Aug. 10 Holders of rec. July 150
Sept.18 Holders of roe. Aug. 31a
Aug. 19 Holders of rec. July 31a
Aug. 31 Holders of rec. Aug. 2a
Aug. 10 *Holders of roe. July 16
Oct. 30 Holders of rec. Oct. 15a
Jan. 31 Hoidersof rec•Jan.15170
Aug. 12 Holders of roe. July 15a
Sept. 9 Holders of rec. Aug. 236
Oct. 14 Holders of rec. Sept.21a
Nov. 1 Holders of rec. Oct. 15a
Aug. 25 Holders of rec. July 24a
Public Utilities.
Amer.Superpower Corp., panic. pf.(qu.) 500. Aug. 16
23.4 Oct. 15
American l'elep. di Teieg.(quar.)
234J an 15'27
Quarterly
%A pr 15'27
2
Quarterly...
Amer. Water Works & Elec.. coin.(qu.) 300. Aug. 16
Common (payable in common stock)_ 1234 Aug. 17
Seven per cent first preferred (guar.)._ 134 Aug. 15
41.01 opt. 1
Ass 'elated Gas & El., Sib pref. (guar.)
*IS 1.6234 Sept. 1
$634 preferred (quar.)
Brazilian ma.. L.ty POW. ord.(quar., 1% Sept,. 1
2
Sept. 1
Brooklyn Edison Co. (quar.)
Lirooklyn-Manhat.Transit. pref. A (qu.) 1% Oct. 15
134 JanL5'27
Preferred series A (quar.)
134A Pr 1527
Preferred series A (quar.)
Aug. 16
Cedar Rapids Mfg.& Power (quar.)
Central & Southw. Utilities, pref (qu.) 61.75 Aug. 16
$1.76 Aug. 16
Prior lien stock (guar.)
Chicago Rapid Tran., prior pref.(mtirlY.) 050. Sept. 1
$1.25 Aug. 16
Columbia Gas & Electric, corn.(quar.)_
Seven per cent preferred, seder A (qu.) 1% Aug. 16
3ept. 1
Community Power & Light. pref.(quar.) 2
Connecticut Hy.& Lt..com.& of. OIL) 134 kug. 14
Consolidated Gas(N.Y.),common (qu.) $1.25 Sept.15
Consumers Power,6% pref.(guar.)._ 1 A Oct. 1
1.65 Oct. 1
6.8% preferred (guar.)
7% preferred (guar.)
134 Oct. 1
50o. Sept. 1
6% preferred (monthly)
6% preferred (monthly)
50o. Oct. 1
55c. Sept. 1
6.6% preferred (monthly)
6.6% preferred (monthly)
65e. Oct. 2
Duquesne Light,7% pref., son A (quar.)_ 1% Sept. 15
3
Aug. 15
Eastern Mass. St. Hy., 1st pref
a Aug. 15
Sinking fund stock
Engineers Public Service, pref.(guar.).- $1.75 Oct. 1
2-3 Aug. 10
Foehay(W.B.) Co.,corn. (monthly)._
7-12 Aug. 10
7% preferred (monthly)
2-3 Aug. 10
Preferred Series A (monthly)
illuminating & Power Secur., cam.(qu.) 45e. Aug. 10
154 Aug. 14
Preferred (guar.)
Louisville Gas & El.,corn. A & B (qu.)_ _ 43%o .Sept.25
00o. Jet I
Manila Elec. Corp., common (quar.)_
flOc. Dec. 31
Common (quar.)
Middle West Utilities, common (guar.). $1.50 Aug. 16
Aug. 16
2
Montreal Lt., Ht.& Power (guar.)
Aug. 16
Montreal Lt., Ht.& Pow. Cons01.(qu.). 2
Montreal Water .8 Power, corn.(quar.) 6234e. Aug. 14
154 Aug. 14
Preferred (quar.)
200. Sept. 1
Nat.Power & Light,common (quar.)
Holders of rec. July 20
Holders of rec. Sept. 200
Holders of rec. Dec. 20a
Holders of rec. Mar. 15a
Holders of rec. Aug. 2a
Holders of ree. Aug. 2a
Holders of rec. Aug. 212
Holders of rec. July 31a
Holders of rec. July 31a
Holders of rec. July 31
Holders of rec. Aug d133
Holders of rec. Oct. 1
Holders of roe. Dec. 31
Holders of roe. Apr. 1
Holders of rec. July 31a
liuluers of rec. July 31
Holders of rec. July 31
Holders of rec. Aug. 176
Holders of rec. July 310
Holders of rec. July 316
Aug. 22 to Sept. I
Ana. 1 to Aug. 15
Holders of roe. Aug. lOr
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 16
Holders of rec. Sept. 15
Holders of rec. Aug. 18
Holders of roe. Sept. 15
Holders of rec. Aug. 141$
Holders of rec. July 31
Holders of reo. July 31
Holders of rec. Sept. la
Holders of rec. July 31
Holders of rec. July 31
Holders of rec. July 31
Holders of rec. July 31
Holders of rec. July 31
Holders of roe. Aug. 310
Holders Of rec. Sept. 150
Holders of rec. Dee. 156
Holders of reo. July 31
Holders of reo. July 31s
Holders of roe. July 316
Holders of roe. July 31
Holders of rec. July 31
Holders of roc. Aug. 140
AUG. 7 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inductee.
Public Utilities (Concluded).
North American Edison, nref. (quar.)._ $1.50 Sept. 1 Holders of
rec. Aug. 16a
North West Utilities, pref. (guar.)
134 Aug. 16 Holders of tee. July 31
Ohio Edison Co.,6% pref• (quar.)
1)$ Sept. 1 Holders of rec. Aug. 16
6.6Y preferred (quar.)
1.65 Sept. 1 Holders of rec. Aug. 16
7% preferred (guar.)
1.41 Sept. 1 Holders of rec. Aug. 18
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 16
Pacific Gas de Elec., preferred (quar.)
81.50 Aug d16 Holders of rm. July 31
Pacific Lighting, common (quar.)
4
Aug d15 Holders of rec. Julyala
Preferred (quar.)
141 Aug d15
of rec. Julya3la
Penn-Ohlo Edison Co. 7% Prior pf.(qu.) 1% Sept. 1 Holders
Holders
Pennsylvania Gas& Elec., Cl. A (qu.) -o *3714c Sept. 1 *Holders of rec. Aug. 21
of rec. Aug. 20
Peoples Lt.& Pr.Corp.corn.cl.A(mthly) i62-3c Aug. 10
Holders of rec. July 31
7% preferred (monthly)
7-12 Aug. 10 Holders of rec. July 31
Philadelphia Company, 5% pref
$1.25 Sept. 1 Holders of rec. Aug. 100
Pub.Serv.Corp.of N J cont.(quar.)_.. $1.25 Sept.30
Holders of rec. Sept. 30
Eight per cent preferred (quar.)
2
Sept.30 Holders of rec. Sept. 3a
Seven per cent preferred (qua:.)
134 Sept.30 Holders of rec. Sept. 35
Six per cent preferred (qua:.)
I
Sept.30 Holders of rec. Sept. 30
South Pittsburgh Water 5% preferred). 234 Aug. 19
Holders of rec. Aug. 55
Southern California Edison, corn. (qu.)_
2
Aug. 15 Holders of rec. July 202
Southern Colorado Power, corn. A (qu.) 50c. Aug.
25 Holders of rec. July 31
Standard Gas & ElectricCommon (payable in common stock)_ /1-200 Oct. 25
Holders of rec. Sept.300
Comm on (paya blein common stock)
f1-200 Jab25 21 Holders of tee. I tee. 310
• Tampa Electric Co., common (quar.)
6234c Aug. 16 Holders of rec. Aug. 2a
Tennessee East.El. Co.37 pref.(quar.)_ 31.75 Sept.
1 Holders of rec. Aug. 20
6% preferred (quar.)
144 Sept. 1
Tennessee Elec.Pow.,6% first pre!.(q11.) 134 Oct. 1 Holders of rec. Aug. 20
Holders of rec. Sept.15
Seven per cent first pref. (quar.)
134 Oct. 1 Holders of rec. Sept.15
7.2% first preferred (quar.)
1.80 Oct. 1 Holders of rec. Sept.15
Six per cent, first preferred (monthly) 500. Sept.
Holders of rec. Aug. 16
Six per cent, first preferred (monthly) 50c. Oct.
1 Holders of rec. Sept.15
7.2% first preferred (monthly)
60c. Sept. 1 Holders of rec. Aug. 16
7.2% first preferred (monthly)
60c. Oct. I Holders of rec. Sept.15
United Gas 'mot. (stock thy.)
r25
Nov. 15 *Holders of rec. Oct. 15
United Rye.& 10cc.. Bait., corn.(qu.)... 500. Aug.
16 Holders of rec. July 17a
United Utilities, preferred
'$3.50 Sept.
Utility Shares Corp., partle. pref. (qu.)_ 30c. Sept. I *Holders of rec. Aug. 20
1 Holders of rec. Aug. 13
Washington Water Power, Spokane634% preferred (No. 1)
13i Sept.15Holders of rec. Aug. 250
West Chester Street Ry., pref. (quar.)._
1% Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)._
1)4 Oee. I Holders of rec. Nov.21
West Penn Electric Co.,7% pref.(guar.) 134 Aug.
16 Holders of rec. Aug. 22
West Penn Railways,6% pref.(quar.)_
134 Sept.15 Holders of rec. Sept.
1
Wilmington Gas Co., preferred
3
Sept. 1 Holders of rec. Aug. 180
Wisconsin A'CO,Ver o Light, pref. (guar.). 51.73 >cid. if,
Holders of rec. Aug. 310
Wisconsin River Power, pref.(quar.)
134 Aug. 20 Aug. 1 to
Aug. 20
Miscellaneous.'
Abbott's Alderney Dairies, lot pref.(qu.)
%
Alaska Pickers Association (guar.)
2
Allls-Cbalmers Mfg., corn. (quar.)
$1.50
Aluminum Manufactures,Inc.,coin.(qu.)
500.
Preferred (guar.)
1%
American Bask Note, corn. (guar.)... _
'40c.
Preferred (guar.)
"75c.
American Can. corn.(guar.)
500.
American Chain, class A (guar.)
500.
American Chicle, corn. (guar.)
"75c.
Six per cent preferred (qua:.)
111
Seven per cent preferred (quilt.)
•1m
Amer. European Securities, pref. (guar.)
$1.50
American Hardware Corp.(guar.)
41
Quarterly
Sept. 1 Holders of roe. Aug. 140
Aug. 10 Holders of rec. July 31
Aug. 16 Holders of rec. July 241
sept. 31.1 Holders of rec. Sept. 155
Oct. 1 Holders of rec. Sept.206
Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Aug. 16 Holders of rec. July 310
Sept.30 Sept.21 to Sept.30
Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Aug. 16 Holders of rec. July 31
Oct. 1 Holders of rec. Sept. 16a
Ign l'27 Holders of rec. I)ec.
Amer. Home Products (monthly)
200. Sept. 1 Holders of ree. Aug. 160
Amer.La Fr.ince Fire Eng.,corn.
zoi.;
Aug. 10 Holders of rec. Aug. 20
American Linseed, pref. (quar.)
1% Oct. I Holders of rec. Sept.17a
Preferred (guar.)
1% Jo';2 Holders of rec. Dec. 17a
Preferred (guar.)
1% A pr1'2
Hold.of ree.Mar.18 '27a
American Mfg corn (guar.)
1.14 Oct.
Holders of rec. Sept. 17
Common (filial.)
lys Dee. 3 Holders of rec. Dec. 17
Prefeteed (guar.)
1% Oct.
Holders of rec. Sept.17
Preforred (guar.)
Dec. 3 Holders of rec. Dec. 17
American Metal, common (guar.)
Sl
Preferred (guar.)
154 Sept. I Holders of rec. Aug. 202
Sept.
Holders of rec. Aug. 210
Amalean Radiator, common (guar.)._
$1
Sept.30 Holders of rec. Sept.I50
Preferred (guar.)
134 Aug. 16 Holders of rec. Aug. 20
American 11..ilway Express (qua:.)
Amer. Rolling Mill, common (guar.)._ 81.5 Sept.30Holders of rec. Sept.15
50e. Oct. 1
Holders of rec. Sept.306
Preferred (quar.)
134 Oct.
Holders of rm. Sept. 1St
Amer. smelt. & Ref., pref. (guar.)
1% sept.
Aug. 7 to
Ad t 31
American Soda Fountain (guar.)
1% Aug. 1 Holders of rec. July
31
American Stores Corp.(guar.)
50c. Oct.see-.
to
Oct.
American Tobacco, corn.& coin. H (:111.) $2
Sept.
Holders of rec. Aug. 102
Anaconda Copper Mining (guar.)
750. Aug. 23 Holders
of rec. July 17
Associated Dry Goods, 1st pref. (guar.)_
1% Sept. 1 Holders
of rec. Aug. 14
Second preferred (quar.)
1% Sept. 1 Holders
of rec. Aug. 14
Auburn Automobile (stock dividend)_
CS
Nov. 2 Holders of rec. Oct. 20a
Austin Nichols & Co., pref. (quar.)
1% Aug. 1 Holders
of rec. July 150
Babcock de Wilcox (qua:.)
1% Oct. 1 Holders
of rec. Sept. 20a
Quarterly
1% Jan2'27 Holders
Quarterly
1% Aprl'27 Hold,of of rec. Dec. 20a
Balaban & Hats, corn. (monthly)
25e. Sept. 1 Holders rec. Mar.20270
of rec. Aug. 20
Common (monthly)
25e. Oct. 1 Holders
of rec. Sept.20
Belding-CortIceill. Ltd., pref. (quar.)
*1% Sept.15 *Holders
of rec. Aug. 315
Bethlehem Steel Corp.,7% pt.(qu.).... 1%
Oct. 1 Holders
Big Lake Oil
*1714 Aug. 30 *Holders of rec. Sept. la
of rec. Aug. 23
Bond & Mortgage Guarantee (quar.)...
4
Aug. 14 Holders of roe. Aug.
Borden Company,common (guar.)
7
81
Sept. 1 Holders of tee. Aug. I60
Common (extra)
25e.
Sept.
1 Holders of rec. Aug. 160
Boss Manufacturing (No.1)
$2.50 Aug. 16 Holders
Preferred (quar.) (No. 1)
of rec. Aug. 26
British Columbia Fish & Packing (guar ) 1% Aug. 16 Holders of rec. Aug. 2a
1% Sept.10 Holders
Quarterly
of rec. Aug.
154 Dec. 10 Holders of rec. Nov.31
Buckeye Pipe Line (guar.)
30
Si
Sept.15 Holders of
Extra
rec. Aug. 205
Burns Bros., claw A common (guar.)__ _ 50c. Sept. 15 Holders of rec. Aug. 205
$2.50 Aug. 16 Holders
Class B common (quar.)
of rec. Aug. 2a
50c Aug. 16 Holders
of rce. Aug. 20
Burroughs Add. Mach. no par stk. (qu.)
75c. Sept.30 Holders
No par stock (special)
of rec. Sept. 155
Aug.
31
Holders of rec. Aug. 135
Preferred (qua:.)
134 Sept.30 Holders
Butler Bros.(user.)
62%c Aug. 16 Holders of rec. Sept. 15
Canada Cement, preferred (quar.)
1% Aug. 16 Holders of rec. July 3I0
Canada Dry Ginger Ale stk div (g11.)
el% Oct. 15 Holders of rec. July Its
Stock dividend (quar.)
of roe. Oct. 1
Cl 34 JanI5'27
Holders
Canadian Converters (guar.)
1% Aug. 18 Holden of rec.Jan 1 '27
of rec. July 31
Canadian 011 (guar.)
six
Aug. 15 *Holders of rec.
Canfield Oil. coin. (extra)
July 31
'
Aug. It Aug. 6 to
Caterpillar Tractor (guar.)
Aug. 14
Aug. 25 Holders of
Centrilugal Pipe Corporation (quar.)..._ $1.25
reo. Aug. 16s
25c. Aug. 16 Holders
Chicago Mill & Lumber,corn.(quar,)
of rec. Aug. Li
081
Aug.
14
*Holders of rec.
Chicago Yellow Cab Co. (monthly).- 33 l-3c
-ern. 1 Holders of rec. Aug. T
Childs Company, common (guar.)
Aug. 21)6
60e. Sept.10
Holders of tee. Aug. 27a
Preferred (quar.)
1% Sept. 10
Holders
Chile Cooper (guar.)
6234o Sept.27 Holders of rec. Aug. 276
Chrysler Corporation, pro!. (quar.)_ _ _ 3,2
of rec. Sept.
Sept...ill Holders ol me Sept. 'la
Preferred (qua:.)
15a
$2
Jan 3'27 Holders of
ree. Der. 1.5,
Coca-Cola Co. common (guar.)
81.75 Oct. 1 Holders
of rec. Sept. 152
Coca-Cola International, common (qu.)_ *51.75
Oct
1 *Holders of rec. Sept.
Congoleum-Nairn. preferred (guar.)._ •1,
15
.‘
Consolidated Cigar Corp. pref.(OIL)- $1.75 Sept. 1 *Holders of rec. Aug. 16
Sept. 1 Holders
Consumers Copany, preferred
5344 Aug. 20 *Holders of rec Aug. 160
of tee. Aug. 10
Continental Can. cow. (guar.)
$1.25 Aug. lb Holders
of rec. Aug. 56
Crane Company, corn. (guar.)
134 Sept.15 Holders of rec. Sept.
Corn. (payable in common stock)....... 110
1
Oct. 15 Holders of
Preferred (guar.)
141 Sept. 15 Holders of rec. Sept. 15
rec. Sept.
Cubs Company,common (guar.)
SI Sept. 1 Holders of rec.
Curtiss Aeroplane & Motor, preferred_
334 Sept. I Holders of rec. Aug. 16a
Davis Mills (qua:.)
1% 'dept.25 Holders of roe. Aug. 16
Sept. ha
Name of Company.
681
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Decker (Alfred) & Cohn. pref. (qua:.).,. 154 Sept. 1 Holders of rec. Aug. 200
Deere & Co., pref.(qua:.)
154 Sept. 1 Holders of rec. Aug. 14
Preferred (sect accum.diva.)
7334 Sept. 1 Holders of rec. Aug. 14
Diamond Match (guar.)
2
Sept.15 Holders of rec
Dictaphone Corp., common (quar.)...... 25c. Sept. 1 Holders of rec. Aug. 310
Aug. 20
Preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 20
Dominion Bridge (guar.)
1
Aug. 16 Holders of rec. July 31
Dow Chemical, corn. (guar.)
51
Aug. 16 Holders of rec. Aug. 5
Preferred (guar.)
134 Aug. 16 Holders of rec. Aug. 5
F.agle-Picher Lead, common (quar.)
400. Sept. 1 Holders of me. Aug. 15
Common (guar.)
400. Dec. 1 Holders of rec. Nov. 15
Electric Refrigeration (guar.)
50e. Aug. 20 Holders of rec. Aug. 2a
Stock dividend
Hi Aug. 20 Holders of rec. AWL 26
Elec. Storage Batten,
.corn. & Pf. (q11.). $1.215 Oct. 1 Holders of rec. Sept. 70
Fairbanks-Morse & Co.. corn. (guar.)._ 75e. Sept.30 Holders of rec. Sept.
150
Common (guar.)
750. Dee. 31 Holders of rec. Oct. 150
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 140
Preferred (guar.)
154 Dee. 1 Holders of roe. Nov. 150
Famous Players Canadian Corp.
First preference (guar.)
2
Sept. 1 Holders of rec. July 31
Famous Players-Lasky Corp., corn.(qu.) $2
Oct. 1 Holders of rec. Sept. 15a
Common. payable in common stock__ _ /12
Aug. 10 Holders of rec. June 30a
Firestone Tire & Rubber,7% prof (flu.) _
141 Aug. 15 Holders of rec. dAtg. 1
Fisk Rubber. second preferred _
1% Sept. 1 Holders of rec. Aug. 15
FitzsiMmons ,Se O'Connell Dredge &
Dock (guar.)
Sept. 1 *Holders of rec. Aug. 21
Foote Bros. Gear &Mach., pref.(quar.)_
141 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
154 Jan 1'27 Holders of ree. Dec. 20
General t....1Vai • preferred (guar.)
1% Sept. 1 ti,,Iders of re,'. Aug. 246
Debenture preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 24a
General Development
250. Aug. 20 Holders or rec. Aug. 10
General Outdoor Advertising, cl. A(qu.)
Aug. 16 Holders of rec. Aug. Si
Preferred (guar.)
1% Aug. 16 Holders of rec. Aug. 52
Gillette Safety Razor (guar.)
750. Sept. 1 Holders of rec. Aug. 2
Extra
25e. Sept. 1 Holders of rm. Aug. 2
C. G. Spring & Bumper, common (qu.). 10c. Aug. 16 Holders of rec. Aug. 7
Common (extra)
*50. Aug. 16 Holders of rec. Aug. 7
Common (in coin. stk. on each 10 she./ /3-10 Aug. 15 Holders of tee. Aug.
7
Common (in coin.stk. on each 10 she.) 12-10 Nov. 15 Holders of rec.
Nov. 8
Common (in coin.stk. on each 10 slur.) f3-10 Feb1527 Holders of rec.
Feb .8'27
Globe-Democrat Pub., pref.(guar.).154 Sept. 1 Holders of rm. Aug. 20
Gioue-Wernicke Co., common
51
Aug. 1( Holders of rec. July 31
Common
St
Oct. 1 Holders of rec. Sept.20
Common (guar.)
S1.50 Jan 1'21 11.1clors of rec. Dec. 20
Common (monthly)
33 1-30 Aug. 52 Holders of tee. July 21
Goodrich (B. F.) Co., corn.(guar.)
$I Sept. 1 Holders of rec. Aug. 162
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 152
Gosaara (12.4v .) Co..cont.(montlayi
33 1-3c Sept. I Holders of rec. Aug. 21
Gould Coupler, Class A (guar.)
50e. Sept.15Holders of rec. Sept. la
Great Lakes Dredge & Dock (guar.).
Aug. 14 Holders of rec. Aug. 6
- 2
Greenfield Tap & Die,6% pf.
.(qua:.)._
134 Oct. I Holders of rec. Sept.15
g% preferred (guar.)
2
Oct. 1 Holders of rec. Sept.15
Group „No. 1 .11 Corp
5750 Oct. 15 Hollers of rec oct
la
Guenther Publishing. preferred (guar.)._
254 Aug. 16 Holders of rec. July 16
Preferred (acct. accumulated diva.)_ _ _ /4236 Aug. 18 Holders
of rec. July 18
Preferred (quar.)
214 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated dlys.)-. 28234 Nov. 16 Holders
of rec. Oct. 16
Gulf States Steel, pref. (guar.)
134 Oct. I Holders of rec. Sept. 150
Preferred (guar.)
134 Jan 2'27 Holders of rec. Dec. 154
Hart, Schaffner & Marx, Inc., com.(qu.) 136 Aug. 31 Holders
of rec. Aug. 17
Hayes Wheel, common (guar.)
75c. Sept.15 Holders of rec. Aug. 270
Preferred (quar.)
134 Sept.15 Holders of rec. Aug. 270
Hazeltine Corporation (guar.)
250. Aug. 24 Holders of tee. Aug. 4
Hercules Powder, preferred (guar.)
•154 Aug. 15 *Holders
Hibbard, spencer. uartlett&Co.(Iuthly.) 35c. Aug. 27 holders of rec. Aug. 5
of rec. Aug. 20
Monthly
35e. Sept.24 Holders of rec. Sept.17
Extra
20c. Sept.24 Holders of rec. Sept.17
Hollander(A.) di Son,Inc., corn.(qu.)
6234c Aug. 16 Holders of rec. July 30
Hollinger Consul Gold Mines
100
Aug. 12 Holders of rec. July 27
Hoosac Cotton Mills pref. (guar.)
$1.50 Aug. 14 Holders of rec. Aug. 4
Household eroducts (qua:.,
75c. Sept. 1 Holders of rec. Aug. 160
thinols Brick (qua:.)
2.4 Oct. 15 Holders of rec. Oct. 4
Imperial Tobacco of Gt. Br.& Ire., ord_
734 Sept. 1 Holders of tee. Aug. 16
Independent 011 .5 Gas (quar.)
25c. Oct. 18 Holders of rec. Sept.30
Indiana Flooring, common (qua:.)
37340 Aug. 16 Holders of rec. Aug. 8
Indiana Pipe Line (guar.)
51 Aug. 14 Holders of tee. July 160
Extra
81
Aug. 14 Holders of rec. July 16a
Ingersoll-Rand Co., corn. (guar.)
750 Sept. 1 Holders of rec. Aim. 6a
Inland Steel common (guar.)
6234 Sept. 1 Holders of rec. Aug. 13
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Internat. Agile. Chem., prior pf.(qu.)._
134 Sept. 1 Holders of rec. Aug. 166
Internat. Business Machines(quar.)-_ 750. Oct. 11 Holders of rec. Sept.
246
Internat. Harvester, pref.(guar.)
154 Sept. 1 Holders of rec. Aug. 102
International Paper, common
50e. Aug. 18 Holders of rec. Aug. 46
ituertIA tlot ,hoe cool. ((Mar.)
$1 .50 ors. I Holders of rec. June 15a
Interstate Iron & Steel. prof. 011110
154 Sept. 1 Aug. 21 to
Sept. I
Pref.(acct. accum. dividends)
h4
Sept. 1 Aug. 21 to
Sept. 1
Intertype Corp.. corn. (guar.)
25c. Aug. 16 Holders of rec. Aug. 20
Common (extra)
25c. Aug. 16 Holders of rec. Aug. 20
Jaeger Machine, common (guar.)
6234c. Sept. 1 Holders of rec. Aug. 20a
Jetices,m oe clearfield Goal & iron. pref
254 Aug 16 Holders of rec. Aug. Pa
Jewel Tea, preferred (guar.)
154 Oct. 1 Holders of rec. Sept.202
Preferred (acct. accum. dividends)
.
- /254 Oct. 1 Holders of rec. Sept. 202
Jones & Laughlin Steel, com.(quar.). 134 Sept. 1 Holders of rec.
Aug. 16
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.
Kaufman Omit. Stores. pref. (qua:.)... 134 Oct. 1 Holder, of rec. Sept. 15a
200
Preferred (guar.)
134 Jan2'27 Holders of rec. Dec. 200
Kennecott Copper Corp.(guar.)
Oct. 1 Holders of rec. Sept. 32
51
Kinney (G. It.) Co., corn.(guar.)
51
Oct. 26 Holders of rec. Sept. 210
Preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 210
Kirby Lumber (guar.)
141 Sept. 10 Sept. 1
to Sept. 10
141 Dec. 10 Dec. 1
to I)ec. 10
Lals
uton
arterly
Monotype Machine (guar.) _
136 Aug. 31 Holders of rec. Aug. 21a
Lehigh Coal & Navigation (guar.)
SI
Aug. 31 Holders of rec. July ala
Lehn & Fink Products,com.(guar.).-- 75c. Sept. 1 Holders
of rec. Aug. 16a
Liggett de Myers. corn. & corn. B (qu.) 75e. Sept. I
Holders of rec. Aug. 16
Urns Locomotive, common (guar.)
$1
Sept. 1 Holders of rec. Aug. 162
Lindsay Light. prof.(guar.)
Aug. 16 *Holders of rec. Aug. 5
Lord & Taylor, lot pref.(guar.)
I% Sept. I Holders of rec. Aug. 17
Louisiana 011 Refining, pref.(quar.)___
134 Aug. 15 Holders of rec. Aug. 20
MartIti-earry Corp. (guar.)
5uc Sept. 1
May Department Stores, corn.(guar.).- $1.25 Sept. 1 Holders of rec. Aug. 160
Holders of rec. Aug. 160
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 150
Maytag Co. (guar.)
50c. Sept. 1 Holders of rec. Aug. 150
50c. Dee. 1 Holders of rec. Nov. 154
McCroryrlv
Stores, preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 290
McIntyre Porcupine Mines. Ltd.(guar) 5
Sept. 1 Holders of rec. Aug. 26
:Mercantile Stores Co., Inc., corn.
Aug. 16 Holders of rec. July 31
(q11.) SI
Preferred (guar.)
51.75 Aug. 16 Holders of rec. July 31
Merrimack Mfg.,common(num.
)
154 Sept. 1 Holders of rm. July 23
Preferred
Metropolitan Paving Brick, cons.(guar.) 234 Sept. 1 Holders of rec. July 26
*2
Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
'134 Oct. 1 "Holders of rec. Sept.15
Miami Copper (quar.)
25c. Aug. 16 Holders of rec. Aug. 20
Mid-Continent Petroleum, pref.(quar.)_ $1.75 Sept.
1 Holders of rec. Aug. 14s
Ituuuee, pref. (guar.)
Sept.1 Holders of rec. Aug. 10
2
1
Mohawk Mining (quar.)
$
Sept. 1 Holders of rec. July 31
Motor Wheel Corp., pref.(quar.)
2
Aug. 16 Holders of rec. July 31
National Biscuit, common (guar.)
Oct. 15 Holders of rec. Sept.30a
51
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 170
134
National Brick, pref. (guar.)
154 Aug. 16 Holders of roe. July 31
National Grocer. preferred
Dee. 31
3
Jan 1'27 Dec. 21
to
National Lead,common (guar.)
Sept.30 Holders of rec. Sept. 102
2
Preferred (guar.)
154 Sept.15 Holders of rec. Aug. 202
National LOCK Washer (extra)
*4
Sept. 15 *Holders of rec. July 26
Stock dividend
Oct. 15 *Holders of rec. July 26
.50
National Refining. corn.(guar.)
5734c. Aug. 15 Holders of rec. July 31
National Supply. corn. (quar.)
Aug. 16 Holders of rec. Aug. 50
SI
Neptune Meter. coin. A & B (guar.).
- 50c. Sept.15 Holders of rec. Sept. la
New Cornelia Copper Co. (guar.)
400. Aug. 23 Holders of rec. Aug. 80
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Aug. 10 Holders of rec. July 20
New Jersey Zinc (guar.)
2
North Central 'rocas Oil. corn. (guar.)-- 100. Sept. 1 Holders of rec. Aug. 10
Aug. 16 Holders of rec. July 31
Ontario Steel Products, corn,(quar.)
1
Common (extra)
Aug. 16 Holders of rec. July 31
1
Preferred (guar.)
131 Aug. 16 Holders of rec. July 31
134 Sept. 1 Holders of rec. Aug. 200
Onyx Hosiery. preferred (guar.)
Oppenheim Collins & Co.,common (qu.) 75e. Aug. 15 Holders of rec. July 31a
1S2-3c Sept. 1 Holders of rec. Aug. 20a
Orpheum Circuit, com.(monthly)
162-30 Oct. 1 Holders of rec. Sept. 207
Common (monthly)
Oct. 1 Holders of rec. Sept. 150
2
Preferred (guar.)
Otis Elevator, preferred (guar.)
136 Oct. 15 Holders of rec. Sept.30a
136 Jan15'27 Holders of rec. Dec. 310
Preferred (guar.)
750, Oct. 1 Holders of ree. Sept. 157
Owens Bottle Co., common (guar.)
13( Oct. 1 Holders of rec. Sept. 157
Preferred (guar.)
Aug. 31 holders or rec. Aug. 140
Packard Motor Car (stock dividend)_ _ - - f15
20e. Sept.31) Holders of rec. Sept.13s
Monthly
20e. Oct. 30 Holders of rec. Oct. 15a
Monthly
200. Nov.30 Holders of rec. Nov.150
Monthly
Paramount Oshawa Theatres (Canada).
131 Aug. 14 Holders of ree. July 31
Preferred (guar.)
She. Sept. 1 Holders of rec. Aug. 21
Peabody Coal (monthly)
58c. Oct. 1 Holders of rec. Sept.20
Monthly
Aug. 16 Holders of ree. Aug. 5
2
Penmans, Limited, corn. (guar.)
50e. Sept.25 Holders of rec. Sept.156
Pennok Oil Corporation (guar.)
Pick (Albert), Barth & Co., pref. A (qu.) 4331c Aug. 16 July 27 to Aug. 15
131 Sept. 1 Holders of rec. Aug. 141
Pittsburgh Steel, pref. ((Mar.)
1 36 Sept. 1 Holders of rec. Aug. 210
Pittsouran Ternib.al C al, pref.(quar.)_
*500. Aug. 31 'Holders o free. Aug. 23
Plymouth 011 (monthly)
Aug. 31 Holders of rec. July 31
50e.
Prairie Oil& Gas(guar.)
131 Sept.30 Holders of rec. Sept. la
Pressed steel Car, ore!. (quar.)
Procter & Gamble, corn. (guar.)
31.25 Aug. 14 Holders of rec. July 240
Aug. 14 Holders of rec. July 24a
$2
Common (extra)
Producers Oil Corp., pref. (guar.)
Aug. 15 Aug. 1 to Aug. 15
2
• Pullman Company (guar.)
Aug. 10 Holders of rec. July 31a
2
Pure 011, common (guar.)
3734c Sept. 1 Holders of rec. Aug. 10
1234c Sept. 1 Holders of rec. Aug. 10
Common (extra)
Quaker Oats. oref (guar.)
136 Aug. 31 Holders of rec. Aug. 20
Quissett Mills, common (guar.)
Aug. 14 Holders of rec. Aug. 4
$2
Dec. 1 'Holders of rec. Nov.20
"3
Preferred
Rand Mines Ltd.. Am shares (interim) (1) Aug. 11
Reid Ice Cream, pref.(guar.)
131 Sept. I Holders of rec. Aug. 200
Sept. 1 Holders of rec. Aug. 140
$1
Republic Iron & Steel, common
1 Holders of rec. Sept. 15a
Preferred (guar.)
131 Oct
1500. Sept.20 Sept. 10 to Sept.20
St. Joseph Lead (guar.)
25e. Sept.20 Sept. 10 to Sept.20
Extra
50o. Dec. 20 Dec. 10 to Dec. 20
Quarterly
250. Dec. 20 Dec. 10 to Dec. 20
Extra
Sept. 1 Holders of rec. Aug. 162
Savage Arms,common (guar.)
$1
"131 Oct. 1 *Holders of rec. Sept. 15
First preferred (guar.)
"136 Aug. 16 *Holders of rec. Aug. 2
Second preferred (guar.)
*136 Nov. 15 'Holders of rec. Nov. 1
Second preferred (guar.)
Aug. 14 Aug. 6 to Aug. 15
3
Sootten, Dillon Co.(guar.)
Aug. 14 Aug. 6 to Aug. 15
3
Extra
Shell Union Oil. preferred A (guar.).- 134 Aug. 16 Holders of reo. July 26a
Aug. 16 Holders of rec. July 31
- 2
Sherwin-Williams Co., eons. (guar.).
Aug. 16 Holders of rec. July 31
1
Common (extra)
Preferred (guar.)
1.31 Sept. I Holders of rec. Aug. 147
Shippers' Car Line Corp.,7% pt.(No.1) $2.331:Aug. 31 Holders of rec. Aug. 18
66 2-3c Aug. 31 Holders of rec. Aug. 18
Class A (for 4 mos.end. July 1)
Shreveport-El Dorado Pipe Line (quar.). 25e, Oct. 1 Holders of rec. Sept. 200
Aug. 16 Holders of rec. Aug. 21
2
Sinclair Consolidated Oil, pref.(quar.)
500. Sept. 15 Holders of rec. Aug. 167
Skelly 011 (quar.)
25c. Aug. 16 Holders of rec. Aug. 2
Smith (A.0.) Corp., corn.(guar.)
230. Aug. 16 Holders of rec. Avg. 2
Common )extra)
131 Aug. 16 Holders of rec. Aug. 2
Preferred (guar.)
Spalding(A.G.)& Bros., tat pref.(q.). 131 Sept. 1 Holders of rec. Aug. 14
Sept. 1 Holders of rec. Aug. 14
2
Second preferred (guar.)
Aug. 10 *Holders of rec. July 28
*35
Standard Assets Corp
Standard Flexible Cable (No. 1)
1231e Aug. 15 Holders of rec. Aug. 1
131 Sept. 1 Holders of rec. July 30
Standard Oil (Ohio). preferred (quar.)
Standard Sanitary Mfg., common (qu.)_ 31.25 Aug. 20 Holders of rec. Aug. 5
131 Aug. 20 Holders of rec. Aug. 5
Preferred (guar.)
Stewart-Warner Speedometer (guar.)_ _ 51.50 Aug. 16 Holders of rec. July 31a
50c.
Sept. 1 Holders of rec. Aug. 15
(guar.)
Steel
Superior
600. Aug. 16 Holders of rec. July 15
Swift Internacional
020
Oct. 25 *Holders of rec. Oct. 5
Texon 011 de Land
300. Sept. 1 Holders of rec. Aug. 23a
Thompson (John R.) (monthly)-.
4
Oct. 1 Holders of rec. Sept. 18
Thompson-Starrett Co., preferred
131 Aug. 16 Holders of roe. July 31a
Tide Water Oil. pref. (guar.)
4 Aug. 16 Holders of rec. July 287
Tobacco Products Corp., class A (qu.)- 13,
30c. Sept. lb Holders of rec. Sept. 40
Truscon Steel, common (quiz.)
131 Sept. 1 Holders of ree. Aug. 21a
Preferred ((Plat%)
Underwood Computing Math.. Pf• (111.) 181 Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rect. Sept. 40
$1
Underwood Typewriter, coca.(quar.)
131 Oct. 1 Holders of rec. Sept. 40
Preferred (guar.)
50e. Aug. lb Holders of rec. July 170
Union Oil Associates (guar.)
50c. Aug. 10 Holders of rec. July 17a
Union Oil of California (guar.)
236 Aug. 10 Holders of rec. Aug. la
Union Storage
134 :lent. 1 Holders of rec. Aug. 10a
Union Tank Car, corn. (guar.)
134 Sept. 1 Holders of rec. Aug. 10a
Preferred (guar.)
*31
Sept. 1 *Holders of rec. Aug 10
United Biscuit. class A (guar.)
$2
Sept. 1 Holders of rec. Aug. 166
United Drug, corn. (guar.)
U.S. Cast Iron Pipe & Fdy.,com.(gu.). 236 Sept.15 Holders of rec. Sept. la
234 Dec. 15 Holders of rec. Dec. 16
Common (guar.)
131 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
181 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
U.S. Hoffman Mach'y. coin.(guar.).-- 75e. Sept. 1 Holders of rec. Aug. 200
250, Sept. 1 Holders of rec. Aug. 20s
Common (extra)
131 Sept.29 Sept. 1 to Sept. 2
U.S.Steel Corp.,common (guar.)
August 3
134 Aug. 30
Preferred (guar.)
Aug. 14 Holders of rec. July 200
2
U.S.Rubber, first preferred (quar.)_
131 Nov. 1 Holders of rec. Oct. 157
Universal Pipe & Radiator, pref.(qu.)
750. Aug. 15 Holders of rec. Aug. 2a
VRIIAriiIMI
roorralon 'tutor.)
131 Sept. 1 Holders of rec. Aug. 130
Van Raalte Co., 1st pref.(guar.)
Va.-Carollna Chemical, prior pref.(qu.)- •134 Sept. 1 *Holders of rec. Aug. 16
$1.75 Nov. 1 Holders of rec. Oct. 15
VIvaudou (V.), Inc.. pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 15
White (J. G.)& Co., pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 15
White(5.0.) Engineering, Ore!.(quar.)_
White (J. G.) Man'g't Corp., pf.(qu.)-- 134 Sept. 1 Holders of rec. Aug. 16
81
Sept.31 Holders of rec. Sept. 15
White Motor ((mar I
Will & Baumer Canale,Ino., com.(q.). 25e. Aug. 14 Holders of rec. July 31
Williams 011-0-1Batle Heat. (quar.)___
3734c Aug. 15 Holders of rec. Aug. la
Oct. 1 Holders of rec. Sept.200
2
Williams Tool Corp., pref. (guar.)
Sept. 1 Holders of rec. Aug. 100
Woolworth (F. W.)Co.. common (guar.) $1
Wrigley (Wm.)Jr. & Co.(monthly).__ 25c. Sept. 1 Holders of rec. Aug. 20
25e. Oct. 1 Holders of rec. Sept.20
Monthly
25e. Nov. 1 Holders of rec. Oct. 20
Monthly
250. Deo, 1 Holders of ree. Nov.20
Monthly
Oct. 1 Holders of rec. Sept.102
Yale & Towne Manufacturing (guar.)._ 31
Sept. 30 Holders of rec. Sept. 150
Youngstown Sheet & Tube, coin. (quar.) $1
131 Sept..%) Holders of rec. Sept. 15
Preferred (quar.)
•From unofficial sources. S The New York Stock Exchange has ruled that stock
will not be quo ed ex-dividend on this date and not until further notice. :The
New York Curb Market Association has ruled that stock will not be quo ed
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable in common stock. a Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Dividend is six and one-quarter shillings sterling per "American share."
1 Payable in cash or stock at rate of 5.1-100ths of class A stock for each share of
*3 dividend stock and 5 5-100ths of class A stock for each share of $6 50 div. stock.
r Subject to action of stockholders at special meeting on Sept. 23.
o At rate of one-fortieth share of A stock Lc each share of B stock,
the first payment to be made
p Declared 2%, payable semi-annually in stock,
July 30.
California Packing be ex-stock dly.on Aug.2.
that
rules
Exchange
Stock
Y.
,N.
[Vol.. 123.
THE CHRONICLE
682
Weekly Returns of New York City Clearing House
•
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending July 31. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is. three ciphers (000) omitted.)
New
Capital Profits. Loans,
Week Ending
Discount
July 31 1926 Nat'l, June 31 InvestState, June 30 ments.
ste
(000 omitted.) Tr.Cos June 30
Members of Fed. Res.
Bank of N Y &
$
Trust Co-_ 4,000
Bk of Manhat'n 10,000
Bank of America 6,500
National City.- 50,000
Chemical Nat__ 4,51:
Am Ex-Pac Nat 7,50
Nat Bk of Coo_ 25,000
Chat Ph NB&T 13.500
Hanover Nat __ _ 5,000
Corn Exchange. 10,000
National Park__ 10,000
3,000
Bowery & E.R
First National__ 10,000
IrvingBk-ColTr 17,50
Continental.... 1,000
Chase National_ 40,000
500
First Avenue Bk
800
Commonwealth
Garfield Nat'l_ 1,000
Seaboard Nat'l_ 6,000
BankersTrust__ 20,000
S Mtge & Tr. 3,000
Guaranty Trust 25,000
Fidelity Trust__ 4,000
New York Trust 10,000
Farmers L & Tr 10,000
Equitable Trust 30,000
Reserve
Time Ran
Net
with
De- elfrai
Legal Demand
Deposi Deposits. posits. latfos.
tortes.
Cash
in
Vault
Bank, Average Average /tremor
$
$
533 7,28
76,484
12,996
14,743 154,061 3,057 17,837
5,136
79,178 1,690 11,153
63,133 664,406 6,092 70,832
18,535 143,159 1,406 15,793
13,095 148,354 2,092 18,032
849 37,794
41.943 338,991
12,763 210,364 2,061 22,119
522
26,003 119,187
2
16
60
3.'8
12
14,825 200,940 6,464 2
827 15,996
24,152 160.303
3,224
56,483 1,524 5.497
74,875 315,164
621 26,543
14,444 285,710 2,505 35,712
920
1,239
126
7,901
36,782 550,350 6,983 64,848
2,79
683 3,264
28,350
483 1,379
1,176
13,594
1,782
409 2,475
17.511
10,415 123,948 1,11915,182
904 36,956
33,043 346,278
4,667 61.219
826 7,498
23,250 424,811 1,344 46.326
810 4.911
3,108
42,682
684 19,931
20.343 171,820
19,493 140,291
635 13,515
21,463 274,605 1,44612L).5_41
Average. Average
$
53,851 7,807
128,703 25,807
84,753 3,978
*685,230 99,236
119,301 3,746
133,290 10,717
288,605 19,210
157,001 43,561
103,201
168,875 31:iii
121,081 7,690
37.808 16,754
201.140 12,547
268,485 26,144
6.021
440
503,348 33,943
25,355
9,527 4:5i0
17,261
207
115,391 3.876
*295,825 50,399
55,299 6.258
*400.906 60,011
36,466 4,085
145,959 16,897
•102,578 20,648
*297,646 32,189
Awe.
86
348
4,932
-.5,891
3,489
1,445
6,048
1,534
46
Total of averages 327,800519,940 5,166,144 46,695568,740 c4,224,345542,314 23,819
Totals, actual to
July 315.216,910 43,753594,971c4,281.713 546,860 23,921
Totals, actual co;ndition July 24 .165,085 44,593599,515 c4,239,056 542,373 23,757
Totals, actual condition July 175,172.750 42,926 581,926 c4,269,497535,55623.68k
State Banks NotMembers of
Res'ye Bank.
Greenwich Bank 1,000 2,573
23,605 2,014 1,946
5,000 5.463 106,620 4,637 2,396
State Bank___
Total of averages
6,000
8.036
Totals, actual co ndition July 31
Totals, actual co ndition July 24
Totals, actual to ndition July 17
21.760 2,61
38,622 63,718
130,2251 6,651
4,342
60,382 66,328
6,549
6,659
6,572
4,444
4,439
4,519
60,753 66.244
50,527 66,363
60,694 66,543
130,523
130,31
130,531
Trust Compa flies N nc men, hers of Fed`l Resye Ba nk.
40,627
Title Guar st Tr 10,000 17,449
65,367 1,640 4,460
19,580
Lawyers Trust_ 3,000 3,287
872 2,156
23.843
1,959
816
60.207
2,775
Total of average, 13,000 20.736
89,210
2,512
6,616
60,001 2,771
2,431 6.683
60,510 2,776
2,578 6,669
58.277 2,759
2,499 6,581
•
Gr'd aggr., avge 346,800'548,713 5,385,579 55,858579,698 4,344,934611,418 23,819
Comparison wit 11 prey, week.... +2,427 +748-4,000 -22,936+3.656 +125
Gr'd aggr., act', condo July 31 5,436.422 52,733606,098 4.402,467615,87523.921
Comparison with prey.week _ +52,000 1,097-4,525 +42,374 +4.363 +164
Totals, actual cc edition July 31
Totals, actual cc ndltIon July 24
Totals, actual co ndltion July 17
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act,cond'n
aggr., act', sond'n
aggr., act', sond'n
agrr., act cond'n
aggr., act/ mnd'n
agrr., act' condo
88,989
89,019
87,030
July 245.384,422
July 175,390,311
July 105,446,735
June 35,588,883
June 2( 5,369,391
June 195.343.472
53.830610,623
51,997593,026
58,269813.518
55.191 609.989
54.451605.785
53.621598.847
4,360,093611,512 23,757
4,388,468604,858 23,681
4,402.727603,89723,888
4,564.675 599,184 23,643
4,411,360 584.91423,633
4,376,397 575,915 23,473
Note -U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total July 31, 321.536,000. Actual totals, July 31,
821,536.000; July 24, 321,536.000: July 17, 321.537.000; July 10. $21,618.000; July
3, 324,585,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week July 31, $584,870.000; July 24, 3575,795,000: July 17, $637,719,000;
July 10, 3652,739,000: July 3, $581,178.000. Actual totals July 31. 35)18,495,000:
July 24, 3604,190,000: July 17, 3607,719,000: July 10, 3655,853,000; July 3.
$645,765,000.
* Includes deposits In foreign branches not Included in total footings as follower
National City Bank,$164,015,000; Chase National Bank. $12,193.000; Bankers
Trust Co., $24.110,000; Guaranty Trust Co.. $60,545,000: Farmers' I.oan & Trust
Co.. $2,781,000: Equitable Trust Co.. 374.917.000. Balances carried In bank in
foreign countries as reserve for such deposits were: National City Bank, $25,769,000:
Chase National Bank, $2,586.000; Bankers Trust Co.. 51.397.000: Guaranty Trust
Co., 33,526,000: Farmers' Loan de Trust Co., 32,781,000: Equitable Trust Co.,
35,910.000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in
Reserve
In Vault. Depositaries
Members Federal
'Reserve banks_
State banks"
Trust companies*__
Total
Total
Total
Total
July 31_
July 24.......
July
July 10_ _
Total
Psssrve.
Reserve
Required.
Surplus
Reserve.
$
568.740,000 568,740.000 565,434.300
4,342,000 10,993,000 10,863,760
6,616,000 9,128,000 9,031,050
3,305,705
124,244
96,950
9,163.000 579,608,000 588,861,000 585,334,110
9,282,000 583,698,000 592,980.000 588,165,020
9,330,000 588,032,000 597,362,000 589,983,570
9,739,000 594,279,000 604,018,000 598.852,850
3,526.890
4,814,980
7,378,480
5.165.150
6,651.000
2,512,000
" Not members of Federal Reserve Bank.
b This Is the reserve required oo net demand deposits in the case of State banks
and trust companiee, 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:
July 31. $16,269,450; July 24. 816,155.870, July 17, $16,033,980; July 10, 315,833,520; July 3. 315,785.400.
Asso. 71926.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
in Vault
Members Federal
Reserve banks__
State banks.
Trust companies°___
Total
Total
Total
Total
July
July
July
July
31__
24____
17___ _
10_
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
594,071,000 594,971,000 573,028,490 21,942,510
4,444,000 10,993,000 10.935,540
57.480
6,683,000 9.114.000 9,000,150
113.820
8,980,000 606,098,000 615.078.000 592,964,180
9,237,000 610,623,000 619,860,000 587,319.830
9.071,000 593,026,000 692,097,000 590.767.760
9,609,000 613,518,000 623.127,000 592,575.360
22,113,820
32,540,170
11,329.240
30,551.640
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks %lid trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREAT '2
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENS
(Figures Furnished by Stale Banking Department.)
Differences from
July 31.
Previous Week.
Loans and Investments
$1,182.582,000 Inc. $80,971,700
Gold
4,886,900 Inc.
169,600
Currency notes
21,294,200 Dec.
540,800
Deposits with Federal Reserve Bank of New York_
93,508,000 Dec. 1,020,700
Time deposits
1,214,434,800 Inc. 21,444,300
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies In N. Y. City, exchange, and U. S.
deposits
1,152,632,600 Inc. 8,624,200
Reserve on deposits
160,071,100 Inc. 15,208,700
Percentage of reserve, 19.5%.
RESERVE.
Cash in vault
'1 $37.911.700 16.01%
'
$81,777,400 14.08%
Deposits in banks and trust cos....... 9,803,300 4.15%
30,578,700
5.25%
Total
347.715,000 20.16%
$112,356,100 19.33%
• Includes deposits with the Federal Reserve Bank of New York.
which for the
State banks and trust companies combined on July 31 was
393.508.000.
Banks and Trust Companies in New York
e
averages of the New York City Clearing HouseCity.—Th
banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of
the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Dep0811S.
Total Cash
in Vaults.
Reserve in
Deposita)**.
$
6.582,817,200
6,551 614,5(10
6.477.326,100
6,461,079 100
6,593,194,700
6.641,815,800
6.581.019,200
6.582,432,800
6,521.167,600
6,587,304,700
6.523.491.400
6.526,804,700
6.513.234.700
6.680.126,900
6,690,909,700
6.590.587,300
6.494.762,300
6.568.161.000
$
5,616,040.800
5,532,964,000
5.494.548,600
6.513.745.200
5.576,964,600
5,586.188.700
5,578,175.700
5,589,923,100
5,540,622.800
1.585.988,300
5,560,053,300
5.557.458,800
5.504.256 100
5,701.049,700
5,619,613,100
5,537,8s ).000
5.511.876.409
5.497.566.600
$
79,710,300
87.360,600
85.630.000
83.366.600
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
81.656,300
82(159 'Inn
$
765.192,600
725,290,000
723,682,400
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
754,1310,700
736.547,200
730,145.100
702.009.100
.70.2 goo artr
IN New York City Non-Member Banks and Trust Companies.—The following are the returns to the
Clearing
House by clearing non-member institutions and which
are not
included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTIONS
OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars—that is. three
ciphers(000 omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
July 31 1926
Members of
Ped'I Res've Bank.
3race Nat Bank._
Total
State Banks.
Yet Members of the
Federal Reserve Bank.
Bank of Wash.Ms_
:)1onial Bank
Total
Trust Company.
Not Member of the
Federal Reserve
er Bank
Mob Tr. Bayonne..
Loans,
DiaNet
counts.
Profits. Investmeals,
&c.
$
1,000
1,000
Cash
in
Vault.
Reserve
with
Net
Net
Legal Deman
Time
Deposi- Deposits.Deposits.
tortes.
Average. Average Average. Average.
Average.
$
$
$
$
$
12,986
71
1.082
7,089
3.857
1,883 12,986
71
1,082
7,089
3,857
$
1,883
300
1,200
1,060
2,990
9.343
31.900
746
3.45
378
1,525
6,260
26,683
2,829
5,080
1,500
4,050
41,2431' 4,201
1,903
32,9431
7,909
500
610
9,492!
366
123
3.4701
5,980
500
610
9,492
366
123
3,470
5,980
strand aggregate
3.000
Domparison with prey. week
6,545
63,7211
—666
4,638
+52
3,108 a43,502
—261
—4341
17,746
—39
Gr'd eggs., July
Gs% aggr., July
(3ed eggs.. July
Cir'd &ger.. June
6,545
6.505
6,535
6.040
64,3871
64,1321
63,514'
63,313
4.586
4,629
4,86
4,4701
3,369
3,333
2,884
3,140
a43.936
a44,427
243.49
a43.236
17.785
17,824
17.812
17,848
• United States deposits deducted. $78,000.
Bills payable, red scounts, acceptances, and other liabilities
$1,377,000.
Excess reserve $129,190. decrease.
.ma
Total
24
17
10
3
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
6,549.000
2,431,000
•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
cludes also amount of reserve required on net time deposits, which was asBank infollows.
July 31, $16,405,800: July 24, 316,271,190: July 17. $16,066.680; July 10.
$16,024,530; July 3, 315,870,720.
West Ended—
Apr. 3
Apr. 10
Apr. 17
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
683
3.000
3 000
3,000
2.90(1
Aug. 24
1926.
HOUSE MEMBERS.
Changes from
previous week.
July 28
1926.
July 21
1926.
$
$
$
3
Capital
69,500.000
Unchanged
69,500.000
69,500,000
Surplus and profits
94,024,000
Unchanged
94.024,000
94.079,000
Loans, disc'ts & Invest_ 1,042,808,000 Inc. 2,441.000 1.040.367.000 1,049,962,000
Individual deposits
692,035,000 Inc. 8,494,000 683,541,000 703.789,000
Due to banks
130,955,000 Dec. 1,405,000 132.360.000 141.081,000
TImedeposits
231,516,000 Inc. 1,239,000 230.277.000 231,540,000
United States deposits_
22.750,000 Inc.
1,000
22,749,000
22,769.000
Esch's for CI's House
34,231,000 Inc. 9,079,000
25.152.000
32.796,000
Due from other banks
81,747,000 Inc. 2,959.000
78.788.000
91.153.000
Res've in legal depos
80,256,000 Dec.
41,000
80.567,000
82,232,000
Cash in bank
10,089,000 Dec.
267,000
10,356,000
10,140,000
TIffilevp eXPP9fi In F.R.Bk
429.000 Dec.
339.000
768.000
620.000
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending July 31, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
,
Two Clphers (00)
omitted.
Week Ended July 31 1926.
Members())
Trust
F.R.System Cornpantes
Capital
850.475,0
Surplus and profits
151,041.0
Loans,(Wets & investm'ua 922,174,0
Exchanges for Clear.House 35,234,0
Due from banks
98,579,0
Bank deposits
134,136,0
Individual deposits
620,942.0
Time deposits
145,301,0
Total deposits
900,379,0
Res've with legal dePosReserve with F.R.Bank
68,504,0
Cash in vault •
9,862,0
Total reserve & cash held
78,366,0
Reserve required
68,075,0
pseess res.& cash in vault_ ° 10.291.0
35,000,0
17,605.0
51.217,0
393,0
21,0
814.0
30.862.0
2,092,0
33.768,0
3,317,0
1,480.0
4,797,0
4,793,0
4.0
1926
Total.
$55.475.0
168.646,0
973,391,0
35,627,0
98,600,0
134,950,0
651.804,0
147,393,0
934.147.0
3,317.0
68,504.0
11.342,0
83,163.0
72.868,0
10.295.0
July 24
1928.
July 17
1928.
$55,475.0
173.646.0
977.443,0
34.907.0
105.319.0
142.465.0
653.898.0
147.666.0
944.029.0
3,147,0
68.967.0
11.577,0
83.691.0
73.308.0
10.383.0
$55,475,0
173,554.0
982.516.0
37,529.0
113.880.0
145,440,0
671.511,0
147.857,0
964.808.0
3,716,0
70,300.0
11.611.0
85.627.0
74,450.0
11.177.11
•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. 4 1926 in
comparison with the previous week and the corresponding
date last year:
Aug. 4 1928. July 28 1926. Aug. 5 1925:
Resets?C41—
$
Gold with Federal Reserve Agent
362,658,000 362,654,000 355,881,000
Gold redemp. fund with U. S. Treasury.
8.874,000
10,007.000
8,209,000
Gold held exclusively agst.F.It. notes_ 371,532,000
Gold settlement fund with F. R. Board_ 214,352,000
Gold and gold certificates held by bank_ 408,192,000
Total gold reserves
Reserves other than gold
372,665,000
218,347,000
414,032,000
364,090,000
218,392,000
342.877,000
994,076.000 1,005,044,000
29,947,000
30,011,000
925,359,000
36,866,000
Total reserves
1,024.023.000 1,041,085,000
Non-reserve cash
12,018,000
13,152,000
Bills discounted—
Secured by U. S. Govt. obligations... 129.244.000 108,634,000
Other bills discounted
36,984,000
42.204.000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
962.225,000
14,225,000
149.893,000
30.777,000
166.228,000
34,757,000
150,838.000
33.443,000
180,670,000
31,880,000
7,766,000
50,973,000
15,130,000
7,765,000
51,3693000
14,735,000
4,912,000
51,270.000
5,067.000
73,869,000
73,869,000
356,000
61.249,000
2,835,000
Total bills and securities (See Note)
274,854,000
258,506.000
276,634,000
Due from foreign banks (See NOM
Uncollected items
Bank premises
All other resourcee
697.000
155,756.000
16,737,000
5,685,000
729.000
149.011,000
16,728,000
6,592.000
637,000
139.454,000
17,027,000
5,782,000
Total U.S. Government securities__
Foreign loans on gold
Total resources
1,489,770.000 1,484,803.000 1,415,984,000
habit(ties—
Fecll Reserve notes in actual circulation_ 394.101,000
Deposits—Member bank, reserve acc't__ 848.810.000
Government
8,355.000
Foreign bank (See Note)
3.688,000
Other deposits
7.254,000
Total deposits
868,107.000
Deferred availability Item,
129.213,000
Capital paid in
35,519,000
Surplus
59.964.000
All other illabillUes
2.866,000
Total IlabllIties
1,489,770,000
390,959.000
852,065.000
5.044.000
2.746.000
8.878.000
337,752,000
852,183,000
6.446.000
3,383,000
10,628.000
868.733.000
126,903.000
35.271,000
59.964.000
2,973.000
872.640.000
112,163,000
31,675.000
58,749,000
3,005.000
1.484,803,000 1,415.984.000
Ratio of total reserves to deposit and
Fed'i Res've note liabilities combined_
81.1%
82 6%
79.5%
Contingent liability on bills purchased
for foreign correspondents
13,393,000 14,214,000
8,249,000
NOTE.—Beginning with the statement of Oct. two new Items were
added In
order to show separately the amount of balances 7 abroad
and amounts due to
foreign correspondents. In addition, the caption,held
"Ail 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
curities." The latter term has been adopted as a more accurate descriptionand seof the
total of the discounts, acceptances
and securities acquired under the provisions of
Rectlons13 and 14 of the Federal Reserve Act, which are the only items
included
herein.
[VOL. 12.3.
THE CHRONICLE
684
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 5. 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 tbs
latest week appears on page 642, 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 4, 1926.
Aug. 4 1926. July 28 1926. July 21 1926. July 14 1926. July 7 1926. June 30 1926. June 23 1926. June 16 1926. Aug. 5 1925.
s
$
$
$
$
$
$
$
$
RESOURCES.
Gold with Federal Reserve agents
1,431,397,000 1,436.384,000 1,457,001,000 1,441,894,000 1.322,166,000 1,462.159,000 1,467.699,000 1,530.551,000 1436,480,000
44,189,000
45.459,000
57,715,009
53,209.000
56,277.000
49,247,000
54,655,000
Gold redemption fund with U. S. Tress_
53.189,000
49,683,000
Gold held exclusively agst. F. R.notes 1,484,586,000 1,486,067,000 1,506,248.000 1.495,103,000 1,376,821,000 1,518,436,000 1,511.888.000 1,576,010,000 1.494,195,000
685,170,000 684,278,000 652.813,000 671.297.000 785.731,000 656,073.000 662.190.000 604,820.000 686,989,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks.. 667,192,000 680,576,000 683,125,000 678.992,000 644,265,000 660,419,000 672.563,000 655,795,000 596,830,080
2,836,948,000 2,850,921,000 2,842,186.000 2,845,392.000 2,806,817,000 2,834,928,000 2.846.641,000 2.836,625,000 2,778,014,000
139,640,000 148,289,000 147,091,000 145,660,000 135,177 000 144,711,000 148.892.000 147,737,000 136,289,000
Total gold reserves
Reserves other than gold
Total reserves
2,976,588,000 2,999,210,000 2,989,277,000 2,991,052.000 2,941.994,000 2,979,639.000 2.995.533,000 2,984,362,000 2,914,303,000
49.756,000
56,889,000
43,240,000
48,522,000
56,301,000
56,169,000
Non-reserve cash
56,003,0110
51,338,000
55,586,000
Bills discounted:
Secured by U. S. Govt. obligations- 281,268,000 265,239,000 229,708,000 254,041,000 319,052.000 p252,879,000 225,848,000 179,301,000 303,260,000
Other bills discounted
266,337,000 256,151,000 265,721,000 260,889,000 293.515,006 *262,152.000 253,310,000 214,029,000 240,577,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securltieS
Other securities (see note)
Foreign loans on gold
547,605,000
228,492,000
521,390,000
211,173,000
495,429,000
217,439,000
514,930.000
234,192,000
612.567.000
237,569,000
515.031.000
249,394.000
479.158,000
247,236,000
393,330.000
233,159,000
543,837,090
211,972.009
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
251.350,000
60,592.000
77,001,000
233.676.000
64,640,000
81,893,000
232.195,000
71,191,000
108,620,000
205,401,000
69,077,000
109,183,000
166,945.000
206,107,000
69,441,000
229.071,000
34,982,000
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
4,900,000
385,279,000
3,200,000
5,502,000
383.098.000
3,200.000
6.700,000
482,235,000
3,200,000
7,502,000
333,494,000
1,850,000
10,500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,149,517,000 1,106,302,000 1,102,165,000 1,146,602,000 1,233,553,000 1,158,406,000 1.119.392,000 1,119,426,000 1,101,653,000
637,000
645,000
645.000
646,000
645,000
656,000
729,000
726,000
697,000
629,828,000 624,200,000 699,978,000 791,025,000 701,324,000 641.109,000 654,976.000 882,869,000 592,665,000
60,975,000
59,739,000
59,735,000
59,788,000
59,749,000
59,813,000
59,821,000
59,821,000
59,850,000
16,272.000
21,127,000
16,142,000
16,288,000
16,874,000
17.968,000
17,260,000
16.903,000
17,459,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits-Member banks-reserve account
Government
Foreign bank (see note)
Other deposits
4,885,277,000 4.863,108,000 4,924,873,000 5,062,911,000 4,998,511,000 4.904,358,000 4.902,858,000 5,119,348,000 4,741,116,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,269,234,000 2,261,026,000 2,254,052,000 2,286.618.000 2,279,150,000 2,259,836,000 2.258,224.000 2.290.886,000 2,265,967,000
577,963,000 570,800,000 630.795.000 709,392,000 623.289,000 589.333,000 600.319.000 779,434,000 524,173,000
122,991,000 122,655,000 122,591.000 122,766.000 122.750,000 122,770,000 122.785.000 122.804,000 115,677,000
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
16.981,000
16.205.000
11,905,000
16,691,000
16.592,000
15,512,000
17.764,000
14.830,000
18.451.000
1,678,088,000 1.671,336,000 1,680,920,000 1,707,233,000 1,737,500.000 1.697,279,000 1,682,769,000 1,688.150,000 1,605,557,000
2,216.700,000 2,205,126.000 2.208,327,000 2,242.190,000 2,239,886,000 2,228,839,000 2,225,306,000 2,260,827,000 2,211,753,000
28,201,000
32,795,000
11,835,000
6,136,000
28.108.000
24,289,000
21,763,000
12,842,000
10,713,000
5,461,000
8,600,000
5.954,000
4,749,000
5.910.000
6,307,000
4,403.000
5,728,000
4,756,000
20,552,000
17,151.000
20.694,000
15,826,000
16,687,000
15,528,000
15,173.000
17,616,000
18.262,000
Total liabilities
4,885,277,000 4,863,108,000 4,924.873,000 5.062,911,000 4.998,511,000 4,904,358,000 4,902,858,000 5.119.348000 4,741,116,000
Ratio of gold reserves to deposit and
72.4%
72.0%
71.2%
F. R. note liabilities combined
69.8%
71.7%
71..lt%
72.2%
71.3%
71.6%
Ratio of total reserves to deposit and
76.3%
76.0%
74.9%
F. R. note liabilities combined
73.2%
75.3%
75.4%
75.3%
76.0%
75.0%
Contingent liability on bills purchased
53,749,000
55,652,000
51,877,000
54.088.000
31,508,000
54,338,000
for foregin correspondents
54,459.000
53,583,000
55.088.000
$
$
$
Distribution by Maturtttes'
6
$
$
66,796.000
69,220,000
97.158,000 103,690.000 113,053,000 113,420.000
75,269,000
83,143,008
1-15 days bills bought in open market98,038.000
389,578,000 375.540,000 347,220.000 368,637,000 466,008.000 364.981,000 329,474,000 259.881,000 405,914,000
1-15 days bills discounted
99,000
7,403,000
725,000
1-1,5 days U. S. certif. of Indebtedness
820.000 141,500,000
1-15 days municipal warrants
35,544.000
48,269,000
41,517,000
38.395,000
36,621.300
45,322,000
16-30 days bills bought in open market_
50.908.000
52,537.000
40,228,000
29,583,000
31,822,000
30,875.000
29,520.000
27,632,000
29,457.000
16-30 days bills discounted
31,105.000
33.388.000
32,207,000
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
57,216,000
48,880,000
55,064.000
49,794.000
45,745,000
51,826,000
51,812,000
48.717.000
31-60 days bills bought in open market_
62,911,000
48.459,000
52,825,000
52,261,000
51,458.000
49.877,000
49.528,000
41,357.000
49,928,000
31-60 days bills discounted
61,502,000
19,081,800
31-60 days U. S. certif. of indebtedness_
warrants
31-60 days municipal
43,035.000
40,799,000
46,754,000
42,534,000
36,326,000
30,827,000
28,393,000
34,289,000
43,476.000
61-90 days bills bought in open market_
39,244.000
40,814.000
40,603,000
43,789,000
44.338,000
38,286,000
27.393,000
33,207,000
49,707,000
61-90 days bills discounted
9.374,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
3,391,000
3,156,000
12,174,000
4,845.000
4.307,000
2.867.000
3,040,000
2,703,000
6,668,000
Over 90 days bills boughtltn open market
28,768,000
26.348,000
20,217,000
16,863,000
21,638,000
32.779.000
32.492,000
33,161.000
15 623.000
Over 90 days bills discounted
60.592,000
64.640,000
8,498,000
56,870,000
70.466.000
64,607,000
51.288.000
68,257.000
58,376,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
8
3
S
F. It, notes received from ComptroAer
F. R. notes held by F. It. Agent
2,860.503,000 2,850.398,000 2,863.623,000 2,864.041,000 2,858,546,000 2,870,295.000 2.860,535.000 2,879,994.000 2,902,676,000
838,086,000 843.906,000 845.586.000 839.921.000 835.676,000 875,091.000 869.526,000 874,057,000 989,432,000
Issued to Federal Reserve Banks
2,022,417.000 k.012,492.000 2,018.037.000 2,024,120.000 2.022.870.000 1,995.204.000 1.991,009,000 2,005.937,000 1.913,244,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
... ....
301,984,000 301.984,000 304.483,000 304,484.000
98.714.000
97.407,000 101,363.000
106,631,000
1,022,782,000 1,036,903,000 1,051.155.000 1,038,696,000
755,993,000 708,991,000 693,412.000 728,899,000
304,483,000 304,584,000 303.153.000 303.153.000 308,028,000
93,001,000
96,302,000
98.971,000
91,601,000 108,506,000
924,682,000 1,061.273.000 .065.575,000 1,135,797,000 1,019,946,000
830,213,000 734,247,000 699,216.000 608.169,000 721,028,000
.. .......- „.... --, re c •17S non r tr41 4in non 2.170.703.001) 2.152.379.000 2.196.406.000 2.166.915.000 2.138.720.000 2.157A0R.fitio
to show separately the amount of balances held abroad and amounts due
NOTE.-Beginning with the Statement Of Oct.7 1925 two new Items were added In order Federal Intermediate
of
Credit Bank debentures, has been changed to
to foreign corresPondente. In addition, the caption,"All other earning assets", now made upThe latter term has been adopted as a more accurate
securities."
description of the total
ibills
and
"Tots
; Other securities," and the oaption, "Total earning assets" to
and 14 of the Federal Reserve Act, which are the only Items Included therein.
of the discounts seeeutancee and securitIes acquired under the provisions of Sections 13
*Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 17 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 4 1926.
Too ctphers (00) omitted.
Federal Reserve Rank of-
Boston.
New York
PAW. Clavoland Richmond dflorira. Mean. Si. Louts. Minneay. Ran. City Dallas. San Fran
2'otal.
$
RESOURCES.
Gold with Federal Reserve Agents 121,045,0
gold red'n fund with U.S.Treas. 8,441,0
$
$
$
$
$
8
$
$
$
$
$
$
362,658,0 98,811,0 180,718,0 38,019,0 144,224,0 168,898,0 19,068,0 53,225,0 47,541,0 19,297.0 177,893,0 1,431,397.0
8,874,0 11,385,0 3,950,0 2,872,0 3,522,0 3,062,0 1,148,0 1,749,0 3,714,0 1,703,0 2,769,0
53,189,0
Gold held excl. agst. F.R. notes 129,486,0
Gold settlel fund with F.R.Board 62,572,0
31,274,0
Gold and gold certificates
371,532,0 110,196,0 184,668,0 40,891,0 147,746,0 171,960.0 20,216,0 54,974,0 51,255,0 21.000,0180,662.0 1,484,586,0
214,352,0 57,107,0 65,539,0 26,491,0 21,245,0 131.281,0 14,422.0 11,739.0 39,820,0 8,272.0 32,330,0 685,170,0
408,192,0 23,331,0 40,541,0 12,845,0 3,354,0 74,645,0 18,985,0 7,032,0 5,084,0 11.412,0 30,517,0 667,192,0
Total gold reserves
Reserves other than gold
994,076,0 190,634.0 290,748,0 80,227,0 172,345,0 377,886,0 53,623.0 73,745,0 96,139,0 40,684,0 243,509,0 2,836,948,0
29,947,0 5,133.0 9452,0 6,534.0 9,310,0 24.301,0 18,603,0 2,120,0 4,005,0 8,196,0 7,099,0 139,640,0
_
238.272,0 1,024,023,0 195,767,0 300.200,0 86,761,0 181,655,0 402.187,0 72,226,0 75,885,0 100,144,0 48,880,0 250,608,0 2,976,588,0
1,738,0 1,947.0 3,256,0
51,338,0
4,307,6
12,018,0 1,306,6 3,056,0 4,053,0 4,267,0 9,925,0 4,302,0 1,161,0
223,332,0
14,940,0
Total reserves
Non-reserve cash
Bills discounted:
See. by U. S. Govt. obligations 17,351,0
13,155.0
Other bills discounted
129,244,0 25,951,0 21,871,0 10,765,0 2,725,6 29,561,0 7.096.0
36.084.0 16,156.0 14.676,0 32,383,0 41,369,0 26,576,0 28,102.0
5,156,0 6,575,0 2,699,0 22,274,0
5,637,0 11,525,0 15,273,0 24,501,0
281,268.0
266,337,0
166,228,0 42,107,0 36.547.0 43,148,0 44,094,0 56,137,0 35,198,0 10,793,0 18,100,0 17.972,0 46,775,0
34,757,0 18,305,0 23,334,0 10,696,0 27,649,0 35,357,0 5,521.0 9,201,0 12,751,0 9,034,0 21,407,0
547,605,0
228.492,0
Total bills discounted
Bids bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
30,506,0
19,880,0
1,614,0
8.770.0
2,514,0
7,766,0 5.186,0 9,788,0
50,973,0 15,126,0 24,796,0
15,130,0 1,411,0 3,833.0
1,901,0
5,773,0
1,668,0
285,0 23,133,0 7,076,0
1,558,0 25,713,0 13,316,0
50,0 7,528,0 3,936,0
8,648,0 10,637,0 3,585,0 3,643.0
8,621,0 18,300,0 17,842,0 37,794.0
2,559.0 6,081.0 5,296,0 8,370,0
83,262,0
228,582,0
58,376,0
...___.., a d-,,at monaritlea
12.508.0
73.869.0 21.723.0 38.417.0
9.342.0
1.893.0 56.374.0 24,328.0 19.828,0 35.018,0 26.723.0 49.807.0
370 220.0
Am.7 1926.]
RESOURCES (Concluded)
Two Ciphers (00) omitted).
Dther securities
THE CHRONICLE
Boston.
New York.
$
$
Phila.
$
2.000,0
685
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas.
SanFran.
$
3
$
$
$
8
$
$
$
700,0
500,0
Total.
$
3.200,0
274,854,0 84,135,0 98,298,0 63,186,0 74,336,0 147,868,0 65,047,0 40,322,0
65,869,0
54,329,0
117,989,0 1,149,517,0
697,0
59,318,0 155,758,0 58,946,0 61,319,0 49,423,0 25,086,0 78,876,0 26,941,0 12,804,0
697,0
41.475,0
4,068,0
16.737.0 1,584,0 7,409,0 2,364,0 2,882,0 7,933,0 4,111,0 2,943,0 4,667.0 23,098,0 36.786,0 629,828,0
1,793,0 3.359,0
85,0
59,850.0
5,685,0
547,0 1.115,0
518,0
885.0 1,775,0
668,0 2,327,0
495,0
262,0 3,097,0
17,459.0
Total resources
369,334,0 1,489,770.0 342,285.0 471.399,0 206,305,0 289,111,0 648,884,0 173.295,0 135,422,0
214.388,0 130,309,0 415,095.0 4.885,277,0
LIABILITIES.
F. B. notes in actual circu1ation_ 139,790.0 394,101,0 116.715,0 186,508,0 70.601,0 182.201,0
191,990,0 44,438,0 60,929,0 64,232,0 38.058,0 188.527,0
Deposits:
1,678,088,0
Member bank-reserve Beet_ 144,612,0 848,810.6 135,587,0 189,291,0
68,982,0 68,643,0 331,542,0 78,687,0 49,067,0 89,137,0 54.580,0 157,762.0
Government
989,0
2,216,700,0
8,355,0 2,690,0 1,827,0
810,0
162,0
6.272,0
1.713,0
1,901,0
1,598,0
972,0
Foreign bank
819,0
514,0
28,108,0
3,688,0
642,0
724,0
359,0
271,0
927,0
291.0
216.0
264,0
237,0
Other deposits
467,0
129.0
8.600.0
7,254,0
252,0
744,0
67,0
71,0
957,0
444,0
205.0
142.0
33,0 5,528,0
15.826,0
Total deposits
146,244,0 868,107,0 139,171,0 192.586,0 70,218.0 69,147.0 339.698,0
81.135,0
51,389.0
91,141,0
55,822,0
Deferred availability items
164.576,0
56,765,0 129,213.0 53,044,0 54,513,0 46.321,0 22.990.0 67.165,0
2,269,234.0
31.858,0
Capital paid in
8.796,0
35,519.0 12,203,0 13.519,0 6,088,0 4,963,0 16,642,0 5,248,0 11,360.0 44,855.0 23,744,0 36,135.0 577,963,0
Surplus
17,020,0
59,964,0 20,464,0 22.894.0 11.919,0 8,700,0 30,613.0 9.570,0 3,118.0 4,187,0 4,280,0 8,428,0 122,991.0
7,501,0
8,979,0
7.615,0
liabilities
other
All
15,071,0 220.310,0
719,0
2.866,0
688,0 1,379,0 1,158,0 1.110,0 2,456.0 1,046,0 1,125,0
994,0
792,0 2,358,0
16,691,0
Total liabilities
369.334,0 1,489.770,0 342,285,0 471,399.0206,305.0 289,111,0 648,564,0 173,295,0
135.422,0
214.388.0
130.309,0 415.095,0 4.885.277.0
Memoranda.
Reserve ratio (per cent)
83.3
76.5
79.2
72.3
61.8
.81.1
75.6
57.5
67.5
64.5
Contingent liability on bills pur52.1
71.0
75.4
chased for foreign corresPond'ts 4,029,0
13,393,0 5.036,0 5,673,0 2,809,0 2.120,0 7,262,0 2,279.0 1,696.0
2,067.0 1,855.0 3.658,0
Et. It. notes on hand (notes rec'd
51.877.0
from F. R. Agent less notes in
circulation)
22,842,0 108.530.0 35,096.0 33.432.0 13.102,0 29.940.0 34.419.0
4,990.0 9.020.0 5.945.0 5.473.0 41.270.0
344,329,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS AUG. 4 1926.
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
Federal Reserve Agent at-
63,284,0
AMOS.
(Two Ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 211,132.0
F.R.noteil held bY F.R. Agent-- 48,500,0
F.R.notes issued to F.R.Sank 162,632,0
Collateral held as security for
F. R.notes issued to F. R.Bk.:
Gold and gold certificates__ 35.300,0
16.745,0
Gold redemption fund
69,000,0
Gold fund-F.R.Board
50,386,0
Eligible Paper
Total collateral
171.431,0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. &anneal,
$
s
$
s
s
$
s
$
795,951,0 199,251,0 261,810.0 112,313,0 278,886.0 403.026,0 69,588,0
85,166,0
293,320,0 87.440,0 41.870,0 28,610,0 66,745,0 176.617,0 20,160,0 15,217.0
502.631,0 151.811,0 219.940,0 83,703,0 212,141,0 226,409.0 49,428,0
69,949,0
Kan. City Dallas. San Fran.
$
$
$
Total
-
$
111,117.0 62,666,0 279.597.0 2.860,503,0
40,940,0 18,867,0 49,800.0
838,086.0
70,177,0 43.799,0 229,797,0 2.022.417,0
171,698,0
8,780,0 25,655,0 14,238.0
7,945,0
15,156,0 10,000,0
24,960,0 10.514,0 11.938.0 4,364,0 5,986,0 3,254,0 1,123,0 13,212,0
2,013,0 3,681,0 3,141,0 18,912,0 301,984.0
166,000,0 88,297,0 160,000.0 8.000.0 124,000,0 165,644,0 10,000,0
106,631,0
43,860,0 1,000,0 148,981.0 1,022,782,0
188,715,0 57,320,0 57,515,0 53,764,0 71,725,0 91,372,0 40,706,0 38,000.0
19,981,0 30,837,0 27,598,0 68.094,0 755,993.0
549,373.0 156,131.0 238.233.0 01.7830 215.949.0 260.270.0 59.774.0
73.186.0 78.378.0 45 805 n 245 an, n 9 147 son n
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the
principal items of the resources
and liabilities of the 699 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
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reservegiven in the statement
Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 642
1. Data for all reporting member banks In each
Federal Reserve District at close of business JULY 28 1926. (Three c
phers 000 om
Federal Reserve Marta.
Boston, New York Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mammy.Kan. City Dallas.
San Fran. Total.
Number of reporting banks
38
96
51
75
36
99
68
32
24
67
Loans and discounts, gross:
48
8
65
8
8
699
8
$
$
$
$
S
3
$
7,451
Secured by U.S.Gov't obllgatIons
$
49,742
$
10,838
20,999
4,315
5,958
21,911
8,118
3,398
3.853
3.998
Secured by stocks and bonds
321,928 2,331,612 404,975 555,532
7.442
148,023
107,714
853,397
140,339
189,415
74,987 113.361
67,968
652,750 2,611,908 374,572 787,265
All other loans and discounts
369,167 388,469 1,270,650 312,370 152,292 335,590 228,553 286,006 5.447,234
896.742 8,380.328
Total loans and discounts
982,129 4,993,262 790,3851,363,796
513,821 502,141 2,145,958 509.903 230.677 452,804 300,519 1,190,190
Investments:
13,975,585
securities
Government
150,931 1,033,719
U. S.
82,988 284,699
66,926
40,401 307,439
61,529
68,921 106,175
52,887 253,050 2,509,665
Other bonds, stocks and securities 245.805 1,201.574 265,350 361.361
57,231 451,289 114,290
72,885
46,374
89,039
22,778 214,044 3,142,020
Totalinvestments
396,736 2,235,293 348,338 646,060
97,632 758,728 175,819 115,295 195,214
139,811
75,665 467.094 5,652,685
investments_
_
_
1,378,865
and
Total loans
7,228,555 1,136,723 2,009,856 653,632 599,773 2.904,686
685,722 345,972 648,018 376,184 1,657,284
96,287 749,695
Reserve balances with F. R.Bank
19,627,270
78.766 126.295
37,725 239,113
44,829
47,393
23,409
56.850
28.087 103,889 1.632.338
20,513
Cash in vault
78.284
15,986
31.479
13,901
11,515
47,678
7.397
6.195
12,541
10,136
892,577 5,517,550 762.259 1,045,463
20,437
Net demand depositS
276,062
337,931
380,373
1,779,746 400.095 207.227 519.598 256,493 746.967
417,405 1,296.265 233,165 835,641
Time deposits
12,846,279
209,683 221,867 1,055,736 215,028 116.407 144,920
99,338 845,329 5,690.784
22,772
Government deposits
28,038
17,212
17,283
5,428
7.006
13.805
4,780
2,660
4,864
4.252
14,616
Bills pay. &redisc. with F. R. Bk.:
142.716
6,700
91.361
Secured by U.S.Gov't obligations
5,250
12,526
1.071
3,445
21,729
1,589
5,580
3,459
2,237
5,230
23,330
31,391
All other
178.277
4,870
2,917
12.480
16.119
11.198
12.760
102
2,906
5,068
11.238
116,279
-11,930 122,752
Total borrowings from F. Ft.. Bank
10,120
15,443
15,925
17,190
32.927
14,349
5,682
' 6,365
7,305
Bankers' balances of reporting mem34,568
294.556
ber bunks in F. It. Bank cities:
123.913 1,017,118 165,224
Due to banks
49.237
15,220
29.294
360,258
84,009
44,134 112,112
25,327
35,775
95.997 2,121,843
Due from banks
99,781
53,036
25,737
11.573 151,532
13.559
28.221
19.053
47.241
21.633
49 575
SSA
2. Data of report ng member
banks In New York City. Chicago. and for the whole country.
Alt Reporting Metiber Banks.
July 211926.
July 8 1926.
Reporting Manber Banks In N. F. City.
Reporting limber Ranks o chic‘
4,0
July 251925. July 28 1926. July 21 1926 July 29 1925. July 28 1926.
July 21 1926. /lay 29 1927.
Number of reporting banks
699
699
730
58
58
62
46
LOADS and discounts. gross:
$
46
$
46
$
$
5
$
$
148,023,000
Secured by U.S. Gov't obligatlOna
$
S
146,115,000
158,943.000
44,852,000
46,664,000
43,626,000
16.180,000
Secured by stocks and bonds
5,447,234,0(5) 5,458,052.000 5,045,328,000 2,052,368.000
14,541,000
22,535.000
2,080,603,000
1,978,061,000
discounts
643,884,000
and
loans
8,380,328,000 8,378,540,0(5)
All other
8,012,881,000 2.280,316,000 2,259,894,000 2,123,397,000 712,933,000 , 638.351,000 595,008,000
719,343,000 871,230.000
Total loans and discounts
13,975.585,000 13,982,707,000 13,217,150,000 4,377,536,000
4,386,961,000 4,145,084,000 1,372,997.000 1,372,235,000
Investments'
1.288,773.000
2,509,665,000 2,515,876,000
U.S. Government securities
2,555,436,000 913,345.000
Other bonds, stocks and securities_ 3,142.020.000 3.148,260,000 2,950.624,000 888,757.000 921,141,000 942,507,000 164,114,000 165,158.000 177,377.000
894,481,000
865,019,000 207,128,000 205.120.000 190,991.000
5.651,685.000 5.664,136,000
Total investments
5,506.060,000 1,802.102,000 1,815,622,000 1,807.526,000 371.242,000
370.278,000 373,368.000
19,627.270.000 19.646,843.000
Total loans and investments
1,632,338,000 1,634,704,000 18.723,210,000 8,179.638,000 8.202.583,000 5.952,610,000 1,744,239,000 1,742.513,000 1.662,141.000
Reserve balances with F. B. Banks
689,749.000
1.605,774,000
682,173,000
673,374,000 181.076.000 168,797,000 167.128.000
276,062.000
Cash in vault
275,898,000
273,039.000
63.423.000
62.581.000
81,646,000
12,846,279,000 12,921,388,000
21.037.000
Net demand deposits
21,281.000
23,311.000
12,818,121.000 4,959,321,000
5,690.784,000 5,689.360,000 5,174.141,000 854,536.000 5.000.575,000 5.028,084,006 1.188.287.000 1,190,723.000 1,177.018.000
Time deposits
852,606,000
776.984.000 522.526.000 521,910.000 473.742.000
Government deposits
142.716,000 .
142,718.000
25,090.000
71.760.000
25,090,000
8.579,000
Bills payable and rediscounts with
5,931.00r
5,931.000
7.P43.0((0
Federal Reserve Banks:
178,277,000
147,041.000
Secured by U.S. Govt. obligations
171,640.000
71,175.00
52.825.000
0
42.275.000
7.354.000
116,279,000
13.149.000
10.896.000
All other
132.834.000
27,421,000
88.231,000
29.226.000
15.453,000
2.187.000
622.000
2.527,000
Total borrowings from F. R. bits.294,556,000
---279.875.000
259,871,000
98.596.000
82,051.000
57.728.000
11.528,00o
15.676.000
9,541.000
----Loans to brokers and dealers (secured by stocks and bonds) made by 58 reporting
member banks in New York City:
For own account_._-_ _ ------------------------------------------------- 933,881,000 954.368.000
For account of out-of-town banks
..,
1,014,859,000 1.018,361.000
For account of others
653,302,000 648,223,000
Total-..---0 demand
,-.
1,tt rnf1 ----------------------• Revleed figures.
2.602.042,000 2.620.952.000
1,938,039.000 1,941,115,000
564.003.000 679.837.000
[Vol,. 123.
THE CHRONICLE
686
Daily Record of U. S. Bond Prices. July31. Aug. 2 Aug. 3. Aug. 4. Aug. 5. Aug. 6.
azettto
Vankers'
Wall Street, Friday Night, Aug 6 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 673.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
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100 98 Aug 3
Albany Pe Wr Pap pf.100
Amalgamated Leather... 10,600 1634 Aug 2
300 1234 Aug 5
Am Sum Tob B ctfs_ _100
Am Tel & Tel rights_ . 9.600 6513July 31
300 104 Aug 5
Am Type Fdrs pref_ _106
5
200 6 Aug 2
Auto Sales
1,000 33 Aug 2
Preferred
Crown W'm'tte 1st pt.'
10C 9834 Aug 5
Cuba Co rights
18,400 103.4 Aug 3
De Beers Cons Mines_ _ _
106 3536 Aug 4
Devoe & Rayn 1st p1_100
100 100 Aug 2
Durham Hosiery
80 1434 Aug 4
50
Elk Horn Coal pref __ _50
20 25 Aug 5
Emerson Brant ctfs_ _100
500 134 Aug 5
Preferred ctfs
100
500 834 Aug 5
Engineers Pub Service.. 3,700 2334 Aug 3
Preferred
• 1,000 9534 Aug 5
Federal Motor Truck._. 9,5
2434 July 31
Internal Cement rights_ 28,631
% July 31
Internet Salt
20 75 Aug 4
100
Int Tel & Tel rights_ _ _ _ 39,800 634 Aug 2
Jones& L Steel pref 100
10 117 Aug 5
Kayser & Co pref
• 30010134 Aug 4
Kinney Co prof
100
100 96 Aug 3
Loose-Wiles Bis 1st p1100
100 118 Aug 6
Louisiana 011 pref
100
100 9534 Aug 2
McCrory Stores
100 8034 Aug 6
*
Manati Sugar
100
100 43 Aug 5
National Supply pref 100
100 114 July 31
N Y Air Brake rights_ _ _ 12,900 13.4 July 31
Penick & Ford pref _ _100
1
9934 Aug 3
Penney (J C) pref. 100
100 107 Aug 2
Porto Rican Am Tob_100
700 6734 Aug 6
Reid Ice Cream pref _100
100 99 Aug 6
Sloss-Sheff St & 1 01_100
100 10734 Aug 3
White Sew Mach pref • 1,100 473.4 July 31
Yellow Trk & Coach rts k6.800 234 July 31
..9.
Aug
Aug
Aug
Aug
Highest.
$ per share.$ per share.
CO. CO
per share.
8 9534
Buff Hoch & Pitts pf_100
10 180
NY & Harlem
5
157 112
N Y Rys Mrs 2s stpd___.
14,400 1634
Reading rights
Lowest.
Highest.
AM
Par.Shares
,
go
Railroads.
Range Since Jan.1.
Range for Week.
Lowest.
a
es
q
"
Sales
for
Week.
.-...
,00to
.-...
mwow
STOCKS.
Week Ended Aug. 6.
92
175
108
1634
Marl98
Aprl2O5
July 117
Marl 2234
July
Jan
July
Feb
98
16
1034
534
104
436
18
9834
1034
2734
99
8
21
134
8
2334
9514
2434
34
75
634
114
10)
9334
112
9336
80
27
1043.4
134
99
105
60
9534
10034
4754
%
July 98
Julyl 20
Mayl 14
May Otis
Jun 107
Jan 634
Jan 34
Julyl 9834
AugI 1334
Apr 3534
Ma 109
Mayl 19
MalI 2534
AugI 23.4
Julyi 1034
AugI 2434
AugI 96
Julyl 2734
%
Jul
Augl 75
Augj 834
Jan 117
May 105
Marl 9934
Jan 118
July 97
Marlll7
Apil 50%
Mar 114
July 334
July 104
Jan 107
Jan1 8136
Mar 100
Jan 110
July 4834
Julyl 234
July
Aug
Aug
Aug
Feb
Aug
July
July
July
Aug
Jan
Feb
Aug
Aug
Aug
July
July
Aug
July
Aug
Aug
Feb
Jan
Jan
Aug
July
Feb
Jan
June
Aug
July
New York City Banks and Trust Companies.
All prices dollars per Mare.
Bid.
Banks.
195
Hanover
1050
Harriman_ _ _ 610
Manhattan' 225
500
Mutual*
Nat American 200
National City 625
New Neth*._ 285
491
Park
Penn Each_ _ 124
Port Morris_ _ 235
538
Public
665
Seaboard __
165
Seventh
Standard _ _ 635
590
State.
157
Trade*
210
United
United States. 310
Wash'n Eta._ 850
Brooklyn
Coney island. 375
400
First
MechanIcs'•_. 310
350
Montauk.
Municipal* -- 310
360
Nassau
600
People's
Queensboro.. 200
Ask.
*310
448
210
402
365
1500
475
225
202
225
305
420
• Banks marked
7 Ex rights.
.) are State banks.
364
250
815
387
305
295
590
250
2500
2570
180
385
240
550
Ask. Trust Cos. Bid.
New York.
205
1070 American..-635 Bank of N Y
& Trust Co 627
227
Bankers Trust 638
Zlo Bronx Co Tr_ 315
628 Central Union 900
315
295 County
340
494 Empire
134 Equitable Tr_ 281
Farm L & Tr_ 533
547 Fidelity Trust 290
410
670 Fulton
172 Guaranty Tr_ 388
Irving Bank
Columbia T 318
598
162 Lawyers Tr__
225 Manufacturer iiL
320 Mutual(West215
chester)
1000
N Y Trust... 547
425 Title Gu & T 684
415 US M tg & T 400
320 United States 1745
Westches Tr_ 550
Brooklyn.
315
370 Brooklyn _- 785
650 Kings County 2100
215 Midwood_--- 300
()New stook.
Ask.
634
645
330
910
335
345
284
539
300
422
391
Li&
230
552
689
403,
1765
(s) Es-diviaecil
Bid.
Ask.
154 Realty Assoc.
(Bklyn)corn 225
221
88
let pref..
85
2d pref _ _
480 485
310 330 Westchester
I
Title & Tr_ 500
Bid.
150
217
Ask..
230
92
89
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
Rate.
1514.
Sept. 15 1926... 434% 100,13
Dec. 15 1926... 3',í% 100s"
Asked.
i
Maturity.
int.
Rate.
Bid.
Asked.
Dec. 15 1927 . 434% 101',, 101%
100,
" Mar. 15 l927._ 4%% 100"ai 10o5532
United States Liberty Loan Bonds and Treasury
Certificates on the Ncrw York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given in
;footnote at the end of the tabulation.
101"32
101531
101422
264
1005533
1001.33
1001.n
5
102533
102,n
102'as
9
----------------
------____
----------
----------
-10-0-. 33
100"at
10044:2
81
101"aa
101533
332
1011.1
.
10i)iin
100"at
10044:2
, 155
101"al
101'n
101.33
63
1021133
1021132
1025513
269
108
107"sa
107"31
2
104
1035.33
103"33
3
101"31
101,121
101",,
26
- 5.33
.
0
10100"aa
1004422
120
1016n
101 11n
101533
34
102"sa
1021533
1025.31
49
107"ss
107"al
1075.33
2
1031533
1035.31
103"33
1025031
1021.31
1021533
92
108
107"s:
1075133
2
104
1032531
103.533
2
1011533
1015533
101",,
1
33 101,32
101,
101533 101133
101422 101121
153
131
1005.31
----1005.33
---1005.13
2133
102.33 10102533 102531
10211n 102'n
9
78
--------------------
--------
-0-2in
100-5533
10100"3, 100,,ss
1005533 1005533
49
98
1011111 1018s:
8 101,11
101,
33
101533 101,
77
22
102"aa 1021an
1025533 1021511
1025.31 102uss
61
111
107",,107"n
107"sa 107"n
1075531 1072133
2
58
103'on 103"ag
1035533 1035533
103"sa 103"aa
1
52
5
--- 101 1731
101"31
101"31
101",, „
” 101"al
101",,
27
10-0;in
1002in
100"n
20
101'as
1015n
101.31
55
10217sa
102",,
102"ss
228
107"at
107.531
1072531
56
103"n
1032531
103"sa
2
1015.3s
101"32
1011,31
2
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 1st 4349
,
6 26 449
102
to 102,
33 33 3d 4348
100":1 to 100"110
n
4th 4118
101232 to 101ss
10212,1 to 102"ss
To-days (Friday's) actual rates for sterling exchanges were 4 85%0
4 85 27-32 for checks and 4 8636@4 86 11-32 for cables. Commercial on
banks, sight, 4853.4 @4 85 25-32; sixty days, 481 %(4)4 81 31-32; ninety
days, 4 80@4 80 3-32, and documents for payment (sixty days). 4 82@
4 82 3-32; cotton for payment. 4 85% :1 414 85 25-32, and grain for payment,
4 85%@4 85 25-32.
To-day's (Friday's) actual rates for Paris bankers francs were 2.96@3.07
for short. German bankers' marks are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 40.07 for short.
Exchange at Paris on London, 161.25 fr.; week's range, 161.25 fr. high
and 184.50 fr. low.
The range for foreign exchange for the week follows:
Cables.
Sterling ActualChecks.
48636
High for the week
48534
4 86 3-16
Low for the week
485 11-16
Paris Bankers' Francs3.09
3.08
High for the week
2.4334
Low for the week
2.4236
German Bankers' Marks23.81
23.81
High for the week
23.79
23.79
Low for the week
Amsterdam Bankers' Guilders40.18
40.16
High for the week
40.13
40.11
Low for the week
Domestic Exchange.-Chicago, par. St. Louis, 15025c. per $1,000
Montreal,
$1.5625 Per
discount. Boston, par. San Francisco, par.
$1,000 premium. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 678.
A complete record of Curb Market transactions for the
week will be found on page 701.
CURRENT
795
2300
310
All prices dollars per snare.
Ask.
53 Mtge Bond..
188 Nat Surety_
342 N Y Title &
Mortgage..
289
U S Casualty_
299
101"3,
1011533
10144:2
62
--__
____
____
--102533
102533
102533
1
-------
322
New York City Realty and Surety Companies.
Bid.
Alliance R'Ity, 45
Amer Surety.l 184
Bond & M G.! 337
Lawyers Mtge 285
Lawyers Title:
& Guarantee 294
1011ess 101"31
101533 101.33
1011422 1011,22
440
81
---------_
____
____
___
------102531 102531
102.31 102533
102.31 102.33
4
14
___----------
Foreign Exchange.-Sterling exchange continued dull
but steady with rates practically unchanged from last week's
levels and trading featureless. In the Continental exchanges
strength and activity developed, led by French francs, which
may scored a phenomenal recovery on improvement in the
July financial outlook, the franc
going above 3.00 cents. Belgian
June
Aug and Italian exchange also improved, but other branches of
Jan the market were quiet and unchanged.
Jan
*No par value.
Banks-N.Y. Bid.
America*_--- 300
Amer Ex Pac. 443
Amer Union.. 195
Bowery East
392
Broadway Cen 345
Bronx Boro•- 1440
Bronx Nat__ 440
Bryant Park* 200
Butch & Drov 197
Capitol Nat-- 210
Cent Mercan. 295
Chase
417
Chath Phenix
Nat Elk & Tr 360
Chelsea Exch. 245
Chemical_ - - 807
Colonial...-. 600
Commerce_ _ _ 381
Com'nwealth• 295
Continental- 285
Corn Exch... 582
Cosrnop'tans. 225
Fifth Avenue.2200
First
2550
Franklin
170
Garfield
37.a
Globe Each.' 220
Grace
350
Greenwich' __ 530
First Liberty Loan
High
334% bonds of 1932-47__ Low_
(First 33.45)
Close
Total sales in $1,000 units__
Converted 4% bonds ofHIM;
{
1932-47 (First 4s)
Low_
Close
Total sales in $1,000 units__ _
Converted 434% bonds {High
0( 1932-47 (First 4,4s) Low_
Close
Total sales in $1.000 units_ _ _
Second Converted 4q% High
bonds of 1932-47 (First Low_
Second 4%s
Total sales in 51,000 units- __
Second Liberty Loan
High
4% bonds of 1927-42
Low_
(Second 4s)
Total sales in $1,000 units__
Converted 434% bonds {MIA
of 1927-42 (second
Low_
434s)
Total sales in $1.000 units
Third Liberty Loan
High
436% bonds of 1928
Low_
s
4e34
(Thirdw
Total
sin $1,000 unitCsl.°!
Fourth Liberty Loan
High
43('7, bonds of 1933-38
Low.
(Fourth 434s)
Close
Total sales in $1,000 untts__ _
Treasury
111Igh
414s, 1947-52
Low.
Close
Total sales in $1,000 units.
._
High
48, 19441954
Low_
Close
Total sales in $1,000 units__
(High
334s, 1946-1956
Low.
Close
Total sales in 51.000 units_ _ _
NOTICES.
-L. F. Rothschnd & Co., members New York Stock Exchange, 120
Broadway, New York, announce the opening of an office in the Military
Park Building, Newark, N. J.
-The Seaboard National Bank of the City of New York has been appointed co-registrar of preferred stock and class B common stock of Peoples
Light & Power Corporation.
-The Seaboard National Bank of the City of New York has been
appointed co-transfer agent of 7% preferred stock and 8% preferred stock
of W. B. Foshay Company.
-The Seaboard National Bank of the Cisy of New York has been
appointed co-transfer agent of the 7% preferred stock of Pennsylvania
Gas & Electric Corporation.
-H. Leonard Rothschild. member of the New York Curb Market, is
now associated with the New York Stock Exchange firm of LanSburgh
Brothers. 30 Broad Street.
-Henry R. Coons, member New York Stock Exchange, has boon
admitted to general partnership in Prentice & Slepack, 25 Broadway,
New York.
-The New York Trust Co. has been appointed trustee of an issue of
Southern Cities Utilities Co. first llen 6% gold bonds dated June 1 1926..
-The Seaboard National Bank of the City of New York has been appointed co-registrar of common stock of W. D. Foshay Company.
-Frank A. Carlton announces the organization of F. A. Carlton & Co..
39 So. La Salle St., Chicago, to deal in investment securities.
-Scott, Burrows & Christie, Chicago, announce that John C. Pitcher
and Killian V. R. Nicol have been admitted to the firm.
-Irving Bank-Columbia Trust Co. has been appointed transfer agent
of the capital stock of the Hewlett Point Corp.
-Harris, Winthrop & Co. announce the admission into goiaeral partner
ship of Harry C. Schaack.
687
leN York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive. see Preceding Pane.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
July 31.
Monday,
Aug. 2.
Tuesday,
Aug. 3.
Wednesday, Thursday,
Aug. 4.
Aug. 5.
Friday,
Aug. 6.
$ per share $ per share $ per share $ per share $ per share $ per share
Sales
for
The
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares,
Railroads.
Par
13712 139
138% 13938 138% 140
13818 139% 13712 138% 13918 14214 61,900 Atch Topeka dr Santa Fe__ 100
9918 99% 99% 9918 9914 9914 99
99
99
99% 99
99
100
prof
Do
1,500
12
*12
58
12
58
58
1818
12
%
12
12 1,000 Atlanta Birm & Atlantic_ I00
221 226
219 221
226 229
223 227
222 225
22412 22734 32,400 Atlantic. Coast Line RR__ A00
99 1013. 100% 10214 9912 101% 10018 100% 99% 10034 100% 10213 125,500 Baltimore & Ohio
100
72
*72
72
7213 *72% 7212 7212 7234 7212 7212 7218 7214
100
900 Do prof
*42
43
42
*42
43
42
*42
43 '42
43
42
42
50
300 Bangor & Aroostook
*100 _ _ _ _ *100
'100 _
*9914 _ _ '99
_ _ *99
100
Do pref
64
*3334 6418 64
64
64
6334 64
63% 63% 63 -6114 -5:Zoo Bkln Manh Tr v t (1---M1 Par
86
*8512 86
86
*85
86
*85
86 '84
86
*84
No par
86
200 Do pre/ v t e
13
1318 13
14
14
14
1312 14
1314 1312 1334 1413 2,200 Brunswick Term & RI'Sec.100
*82
85
*82
85
*82
85
*82
85
*82
85
"82
85
Buffalo Rochester & Pitts_100
61
*59
60
*59
*59
60
*59
60
*59
80
*59
60
Canada Southern
100
16312 16412 164 16434 184 16478 163 163
164 164
164 16433 4,000 Canadian Pacific
100
*280 293
293 293 .*275 292 *275 293 *275 290 *280 290
100 Central RR of New Jersey -100
141% 144
14218 14412 14314 14434 14212 14318 142% 14312 143% 14478 30,600 Chesapeake & Ohio
100
142 14212 142 142 *142 14434 *141 145 *140 145 *14414 14434 2,000 Do pref
100
514 5% 4.5% 538
514 514
5% 518
518 51g
518 5% 2,200 Chicago & Alton
100
8
814
8/
1
4 812
814
8
814
8
8
814
8% 812 2,300 Do pre!
100
*235 245 *225 250 *225 250 '4240 250 *240 250 *240 250
100
C C C & St Louis
*31
33
*31
33
*3112 33 1 313. 313. 31
31
"31
32
400 Chic & East Illinois RR__ _100
41% 417s *41
42
411 4112' *41
42
4034 4034 *4012 41
100
500 Do pref
9% 9%
*912 972
93. 10
912 912
912 10
912 912
2,700 Chicago Great Western__ _100
2412 24% 2414 2478 2412 24381 2418 2412 2414 2434 2412 2514 9,000 Do prof
100
11
11
11
11
11
11
11
1114 1118 1212 1134 12% 35.400 Chicago Milw & St Paul__ _100
1012 1034 1012 1034 1012 1012 1012 1078 1034 12
11% 12
100
Certificates
22,100
18% 1812 18
18
18
18181 1818 1818 1814 2012 19% 2034 48,800 Do pref
100
17% 1778 1712 1778 177 17781 1734 18
1778 201s
1834 19
11,100 Preferred certificates__ _ _10
7212 7312 73
7312 7218 7314 7134 7214 7214 73% 7314 75
Western...100
North
Chicago
&
18.700
*121 124 *121 124
121 121 *12012 124 *122 124 "122 124
100
200 Do pref
5718 58% 5818 5914 5712 5834! 5718 5838 5734 58% 5812 5912 '50,100 Chicago Rock Isl & P1'81(18_100
100 100
100 10012 10012 101
1001 10012 10012 10012 •10014 101
10
1,600 Do 7% preferred
*89
8912 '89
8912 8918 8912' 8913 8973 *89 90
8914 89/
100
1
4 1,000 Do 6% preferred
*62
64% *6213 64% *6312 65 1 648 6512 65
65
64% 6614 2,600 Colorado & Southern
100
*8813
*6818 -- - .6818 *70
-- '7014 -100
Do let pre:
*70%
*6438 _ _
'643.-__
*6438
*8438 ____ *643.
4'6438
100
Do 2d pref
16312 634 165 16778 16534 1667 16512 166
100
16434 166
16512
3,700 Delaware & Hudson
145 14614 146 147
145 14612 145 145
145 14534 6,200 Delaware Lack & Western_ 50
14414 145
*4312 44
*4312 44
4314 4314 4314 4312 "43
44
43% 4312
500 Deny & Rio Cr West pref. 100
3334 34% 343. 3514 34
3412 3234 3334 3218 33
3234 33% 11.800'Erie
100
4314 43% 4314 4412 4234 4312 4214 4234 4218 43
43
100
4314 8,500 Do let pref
*40
4012 4118 4118 40
4012 3914 3912 39
39
39
39% 1,700 Do 2d pref
100
73
7414 7318 743. 738 7414 74
7412 7434 74% 7412 7538 21,500 Great Northern pest
100
1978 1973 20
20
197 20
197 20
"1934 20
1934 1934 4,900 Iron Ore Propertiee__No par
34% 35
342 3614 3514 3534 35
353. 348 35% 34% 3514 5,800 Gulf Mobile & Northern I00
106 106
10534 106
10618 10618 10514 106
106 106 *108 10614 1,300 Do pre!
100
3812 3913 39
39
38% 3918 3874 39 '3818 38% 38% 38% 1,500 Hudson & Manhattan
100
"78
80 '771
/
4 7888 76
7714 '76
7913 *70
79
*76
79
200 Do pref
100
'122 12314 *12234 12378 2122 122% 121 121
122 123
12018 121
100
1,50
2
4
0
2
Illinois
D
'12134 12173 1247 124% 212112 12112 *12134 125
12134 12134 •12134 125
100
Ore!
74
7414 .74
741
7412 748 74% 74% 7433
*74
100 Railroad Sec Series A._1000
*2614 2634 *2614 2634 *2614 2634 2634 267 "2678 30
*2614 28
lot Rys of Cent America...100
200
*62
65
*62
65
6218 6218 '61
63
*61
63 "6034 63
100
100 Do pref
43% 4334 43
4334 4233 43
43
438
43
4314 42
43% 6,300 Interboro Rap Tran v t c 100
112
112 ____
112
113 *
112
112
Iowa Central
100
44
1
4 44
4433 4434 4514 4414 45/
44% 4312 44
44
45
13,200 Kansas City Southern
100
*66% 6713 *6612 6713 *6612 67
*6612 67
67
67
67
67
100
200 Do prof
90
91
91
9112 9012 9118 9012 9012 *8912 9012 89% 90% 3.900 Lehigh Valley
50
13334 13534 13514 1363. 13512 13512 133 13514 "13112 135
133 13514 2,600 Loulsville& Naahville
100
'90
91
*90
91
"90
91
*90
91
*90
91
"90
91
Manhattan Elevated guar-100
*5314 55
5314 54
53
53
5212 5312 52
5212 51% 5378 5,700 Do modified guar
100
418 4% *414 6
*4% 6
*434 6
*434 6
*434 6
100 Market Street Ry____ __ _100
*18
*22
25
27
25
*22
25
*23
25
*22
25
pref
Do
100
43
41
*41
4212 *41
43
*42
43
42
42
4234 4273
100
600 Do prior pre/
1318 1318 *1312 16
*1312 16
15
15
*14
17
"14
100
17
200 Do 2d pref
*I% I% •112 168
134
134
15, 1%
1%
118
1%
1%
100
& St Louis
Minneap
400
*34
36
3612 3512 3512 *34
*34
36
"34
36
3512 37
500 Minn St Paul & 88 Marle_100
63 '55
63 '55
*55
63
*55
63
*55
63
61
100
62
500 Do pref
66% *65
*65
67 .65
6633 '65
67
*65
67
"65
100
67
Leased lines
37
3714 3734 3718 3734 3712 38
377
3633 37
37
3713 6,600 Mo-Kan-TexasRR____No par
9212 9212 *9113 9212 9113 91% 92
92
913 92
92
100
92
1.200 Do pre(
391
: 40
38% 40
3914 3934 3834 3918 388g 3933 38% 39% 22,600 Missouri Pacific
100
90% 92
9234 9012 9218 90% 917
9012 9114 9012 9113 18,700 Do pref
92
100
618 *378 6% *6
*6
618 *6
618 .6
613
6
6
100 Nat Rys of Meg 18t pf- _._100
*2% 278 *212 3
*2% 3
*234 278 '234 3
212 234
100
400 Do 2d pref
*121 130 *12312 130 *123 130 *12312 130 "12312 130 *12312 130
New ON Tex & Mexico.--100
13414 13678 1348. 137
13212 135
13418 13614 134 13514 13514 137% 144,000 New York Central
100
180% 181
17934 180
17914 17914179
17934 178 17813 1,700 N Y Chic & St Louis Co---100
*102 104 *102 103 "102 103
2 "10
78
2 103 *1023 103
100
100 Do pref
4534 4634 4612 47
4533 4612 45% 4518 4513 45% 4534 4613 32,500 N Y N 111 & Hartford
100
"24 , 241 *2312 2334 23% 24
23% 23% 24
24
24
24
1,600 N Y Ontario & Western---100
*718 12
"7% 12
•8% 12
•714 12
"Elly 12
"733 12
N Y Railways Prof ctfa-No par
22
*20
*20
21
*20
23
*20
23
*20
23
*20
23
New York State RaJlways_100
*35
3612 "35
3612 3612 3612 *35% 3612 3612 3612 38
38
400 Norfolk Southern
100
15534 156% 156 157
15534 1574 15514 15634 15514 156
15614 15714 11,700,Norfolk & Western
100
86% *8412 8612 .84
*23I4 9611 .8413 8612 8412 8412 *84
8612
100
100, Do pref
73% 7312 7238 7434 7412 75% 47,100 Northern Pacific
7318 7812 738 738 7318 74
100
*20
25
25
*15
*15
25 .15
25
"15
25
*15
Pacific Coast
25
100
5483 548 55413 5473 53% 5434 54% 5438 54
54% 5415 5434 21,700 Pennsylvania
50
2412 *201y 24
24/
1
4 24
*2012 24
23
*20
24
*20
24
Peoria &Eastern
100
2,100
9712 97
96
9718 9614 97
97
96
96
96
9518 96
3,600 Pere Marquette
100
"9018 91
93
*9014 91
*90% 91
*90
"90% 91
9018 90%
200 Do prior prof
100
*86
87
87
87
"87
8713 88
88
88
88
87
88
100
600 Do pref
149 149 *14518 - - - *14518 - - 14914 14914 •14518
55,Pitts Ft Wayne & Chic pf -.100
*147"
*108 in- 11034 11034 10912 1-09 .> *109 10912
- 109 109
10634 10834
1,400 Pittsburgh & West Va
100
9712 9714 9812 9534 978 9512 9612 95
95
96
9618 9712 57,600 Reading
50
*40 • 41
*40
41
41
.40
*40
41
4012 4012 4018 4034
600 Do 1st pref
50
42
*42
1712 42
42% 42
*17
42
42
42
4134 4134
400 Do 2d pref
40
58
578 5934 5814 6114 58
5812 *53
*54
58
59
59
2,700 Rutland RR pref
100
971 9811 9618 9778 9612 ON 96% 961
97
98
97
97% 22,200 St Louis-San Francisco.--100
9034 90% 9018 90
90
4,90i4 9934 *90
"89
90
*89
90
200 Do pref A
100
6878 68% 6914 6814 6812 6734 68
67
6812 6714 67
6918 9,900 St Louis Southwestern100
80
*79
8014 *78
80
79% 79% *78
*79
80
7812
7812
Do
100
pre:
200
34
3433 337 3418 33% 33% 33
3234 34
33
33% 34
4,800 Seaboard Air Line
100
37
36
3612 361z 3614 368 3678 3714 *36
37
3612 3612 1,400 Do pref
100
1071
•107
10618
1063
4
2
10714
10578 1061 10634 10712 34,500 Southern Pacific Co
10714
106% 10712
100
119 120% *12012 120% 11978 120% 1193. 12034 11834 120
11912 121% 38,200 Southern Railway
10
94
94
941
9233 92% *9212 9312 93
9384 "93
9413 9412 2,200 Do pref
100
55% 547 5533 5414 548 5312 5418 5312 5434 54
54
55% 11,200 Texas & Pacific
100
37
368 37
37
36
361
3734 37% 3718 37
3518 36% 2,400 Third Avenue
105)
711
*70
"7018
7112
*7018
*____
7112
7014
7112
"70
701
Twin City Rapid Transit-100
154 155
154 15514 15434 15534 15434 15512 1543. 155
iiii2 155
100
9,800 Union Pact/to
*7978 80
797 80
7914 80
"7912 80
80
80
7933 7912 1,600 Do pref
100
*2412
• 2434
30
*24
_
United Railways Invest-100
_
*75
87
"75
87
44
45% 4518 4614 4533 4614 4518 1678
45
4614 27,600 Wabash
100
74% 75
7412 7434 7434 7514 5,400 Do pref A
74% 75% 745 7538 7418 75
100
"6012 63
*62
63
*62
63
*6012 63
63
*69
*6012 63
Do pref 13
100
13
13
"13
13/
1
4 1314 13% 2.900 Western Maryland
13% 13% 1334 1334 13
1312
100
2034 2034 *2034 22
2114 2114 "2012 2034 2034 2034 "2034 22
400 Do 26 prof
100
34% 34% 36
/
4 35
3414 3414 34
*3414 3512 *341
35% 35% 3,200 Western Pacific new
100
8514 8512 8512 *8514 8512
85/
1
4 8514 "85
8512 *85
85
85
400 Do pre!new
100
25/
1
4 2534 2514 2512 2434 2534 6,400 Wheeling &Lake Rile Ry 100
2533 26
24% 25% 2512 26
*4412 4512 *4412 45
45
45
4514 45/
4473 45
1
4 4512 46
100
1,300 Do prof
-
11618
81
82
8214 8214 *80
82
80
Bid and asked prices. z Ey-dividend.
8018 *80
82
81
8112
Indust.lal & Pilscellane us
1,100 Abitibi Power & Paper _No par
PER MARE
Range Saws Jan. 1 1926.
On basis of 100-Share lot*
L010611
$ per share
Highest
Per Share
PER 21HARIS
bangs for Previous
Year 1935.
Lowest
per share
140% Dee
98 Dee
11% Dee
268 Dee
9412 Der
6734 Nov
BS% NO.
100
Oet
84 Now
8334 Dec
17% Nov
92% May
122 Mar 30
941s Mar I
12M ay 28
18118 Mar 30
8312 Mar 3
6712 Jan 6
33 Mar 2
97% Feb 8
54% Mar 31
78 Mar 31
812 Mar 4
69% Mar 26
58 Jan 15
1461
.Jan 9
240 Mar 30
112 Mar 2
119 JEW 20
414M,y 18
618Msy 18
17314 Mar 29
3014klay 10
361:Mar 31
734 Mar 31
1614 Mar 30
9 Mar 29
814 Apr 20
1413 Mar 31
14 Apr 20
6514 Mar 30
118% Jan 4
4012 Mar 3
96 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
14214 Aug 6
100 June 12
10 Jan 2
2621
.Jan 2
10214 Aug 2
7314July 13
46 Feb 1
101 July 12
69% Feb 5
gm, Jan 29
1412July 29
8734July 20
61 June 14
1667 July 13
305 Jan 11
14478July 13
144 July 13
11% Feb 20
1814 Feb 13
233 July 15
37 Feb 10
5134 Feb 10
12 Feb 20
28 Jan 2
14% Jan 6
14 Jan 8
2214 Jan 9
2178 Jan 5
8178 Jan 2
12612 Apr 30
8014 Jan 15
10114June 9
00 Jan 29
6614 Aug 6
6812June 7
118114 Jan
92% Feb
3 Jan
147% Jan
71 Mar
6278 Apr
3514 Mar
89 June
3514 Jan
7278 Jan
3 Feb
48 Apr
Jan
56
13612 Mar
265 Mar
8914 Mar
10514 Apr
3% Apr
5% Apr
140 May
29% Mar
40 Mar
9 Jan
1914 Mar
314 Apr
7 Sept
7 Apr
1278 Oct
47
Apr
10134 Ayr
4018 Mar
92
Jan
82 Mar
44% Jan
60 Mar
59 Jan 11
15014 Mar 30
129 Mar 30
37t2May 19
221/ Mar 29
3334 Mar 30
30 Mar 30
6813 Mar 30
19 June 2
2518 Apr 20
95 Mar 29
3438 Jan 2
6734 Mar 31
11312 Mar
11512 Mar 30
7114 Jan 6
2514 Mar 30
112 Mar 3u
2418 Jan 1
114May 1
3414 Mar
8038 Mar 3
7513 Mar
64 July 7
17414 Mar 12
15318 Jan 12
47 Jan 2
40 Jan 2
4773July 8
453July 8
7833 Jan 4
2714 Feb 15
3914June 22
10712June 22
40 Apr 8
7914July 26
12478July 13
125 July 13
77 June 23
31 Feb 13
68 June 24
5214May 25
3% Jan 15
49% Jan 13
6734July 22
9312July 15
143 Jan 4
92% Apr 20
6178May 28
It) Feb 9
40 Feb 9
5133 Feb 10
2211 Feb 10
3% Jan II
5213 Feb 3
79 Feb 3
66% Feb 24
4712 Feb 9
95 Jan 4
4014 Jan 14
9734 July16
834 Jan 7
4% Jan 7
1321 Jan 1;
137% Aug 6
18534July 8
103 July 8
48%July 17
2E,k Feb 13
201. Feb 5
, Jail 14
38 Aug 6
15778June 28
85 Jan 7
7612 Jan 2
48 Jan 6
5514 Jan 2
2634 Jan 14
10012July 8
96 July 7
9178July 17
14914 Aug 5
1198 Jan 11
100 July 9
42 Apr 26
4478June 21
6114 Aug 2
10114 Jan 21
9214July 14
74 Feb 9
8014July 27
51 Jan 2
54
Jan
13312 Mar
125 Mar
34% Oct
2634 May
35 June
34 June
60 Apr
25 Dec
23 Mar
8912 Mar
2134 Mar
6412 Feb
111 Mar
11212 AD
68% Aug
18
Jan
5912 Jan
1312 Ma
112 Jan
28% Mar
57
Jan
69 Mar
106
Jan
64 May
3213 Mar
6 Nov
20
Jan
4314 Nov
15 Dec
2% Oct
30% Apr
40 Mar
5713 June
2814 Jan
74% Jan
3038 Jan
71 Mar
112 June
l's June
11314 June
113% June
118 Jun
8812 Jan
28 Mar
20% AP
5 Dec
21 Dec
2178 Apr
123% Mar
7512 Jan
5814 Apr
20 Aug
4212 Apr
13% Apr
6134 Jun
78 July
6812 AD
139
Jan
63 Mar
6934 Ma
35% Mar
3614 Mar
42 Apr
5712 Jan
76
Jan
43% Jun
7018 Jun
2038 Jan
35 Mar
96
Oct
77% Jan
83
Jan
4314 Jan
71
. Apr
Jan
58
133% AM
72 Jan
18 Aug
4812 Mar
1912 Mar
85% Jan
3812 Jan
11 Mar
16 Mar
1934 July
72 July
10% Mar
22 Apr
118 Mar 30
84 Mar
3818 Jan 26
4%July 3
25 July 29
3918June 2
1314July 28
132July 26
34 Apr 21
55 Mar 20
6212 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7112 Mar 3
434 Apr 10
2 Mar 18
12b Mar 3b
117 Mar 30
130 Mar
93 Mar 11
303s Mar 3
1934 Mar 3
6 Jan 25
2014July 16
27% Apr 15
13914 Mar 30
84 Jan 7
6534 Mar 30
20 July 27
48% Mar 30
19 Mar 4
67 Mar 3
79 Mar 3
703411.1ar 29
142% Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
8312 Apr 1
571/ Mar 19
72 Mar 19
2712 Mar 31
3112 Mar 31
96% Mar 30
1033. Mar 30
8712 Apr 6
4213 Mar 30
1313 Jan 8
68 May 4
1411 Mar 30
74% Jan 6
104 Mar 3
85 Mar 2
33% Mar 30
68 Mar 30
57 Mar 29
11 Mar 3
16% Mar 30
33% Mar 30
77% Jan 15
18 Mar 30
37 Mar 30
4838 Feb 18
10934July 12
12138 Aug 6
9412 Aug 5
61% Jan 13
43 Apr 23
78% Jan 4
15612July 6
80 May 26
2712 Apr 7
86% Apr 6
82 Jan 12
78% Jan 13
72 Jan 29
16% Jan 4
24 Jan 4
3914 Jan 2
8512 Aug 5
32 Jan 2
5012 Jan 4
7014N1ay 21
84% Feb 1
Higbee*
$ per share
62
Jan
89 May
152% Jan
321
.18.1)
13011 Dee
130 Dee
10% Feb
1912 Feb
200 Dee
3814 Aug
5714 Jan
15 Feb
32% Feb
1632 Jan
11 Nov
2812 Jan
22 Nov
8078 Dee
120 Dee
58% Dee
100 Dee
89% Mar
70% Sept
68114 Dee
6212 Ang
155 Apr
14734 June
60
Jan
3038 Dee
46% Jan
43% Jan
8238 Dec
4038 Jan
3634 Sept
109% Sept
38% Aug
72 July
12512 Dec
12514 Dec
74% Dee
33% Sent
66% July
34% Feb
312 mu
51 Dec
83% Dee
881
.Dee
148 Dee
1191
.Sept
5114 Feb
12 Sept
4614 Sept
6514 Sept
3514 Sept
4 Ma/
57 Nov
8614 Nov
63 Feb
4512 Sept
92% Dee
41% Dee
9112 Dee
314 Dec
314 Dee
13712 Dee
13712 Dee
183 Dec
98
.
7 Nov
47 Dee
34% Aug
12 June
36 July
45 Sept
151 Dec
86 Dec
78% Dec
4013 Dee
55% Dee
21% Dec
8512 Dee
8934 Dec
79% Dec
144 Nov
123 Dee
91% June
41 June
44% June
6278 Jan
10214 Aug
9214 July
6914 Dee
7834 Dee
5414 Nov
5112 Aug
108% Jan
12012 Dee
9512 Sept
59 Dee
15% Sept
7814 Des
153/
1
4 Jan
7714 July
3312 May
83% Dee
4714 Aug
73% Dee
6012 Aug
18% Aug
2814 Jan
3912 Det
81
Dee
32 Del
5378 Dei
7614 Dee
New York Stock Record-Continued-Page 2
688
For sales during the week of stocks usually Inactive. see second page preceding.
•
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 31.
Monday,
Aug. 2.
Tuesday,
Aug. 3.
Wednesday, Thursday,
Aug. 4.
Aug. 5.
Friday,
Aug. 6.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share $ per share $ per share $ per share Shares In lus. & Miscel. (Coo.) Per
4812 1,400 Abraham & Straus_ No par
49
4934 48
.4834 49
4818 484 .4712 48
*4834 50
Do pref
100
. ___
_ _ *108
_ .108
_ *108
*10612- - 1064
_ *
200 Albany Pert Wrap Pa_No par
*27
--2712
2
7
-12
.27 -27-12 .27 -2712
*27
-2712
-*27
27 -27
-All A!Mine& ChU1011 _
100
*150 153 .145 152 '.145 150 *145 150 .145 150 .145 150
100
1,300 Adams Express
114 11634
'110 115 *113 115 *113 115
11434 11434 *113 115
100
15
1634 13,300 Advance Rumely
1518
.1212 134 *1212 1314 1234 13
1314 1534 15
100
6,800 Do pref
61
*5018 56
54
5612 5434 5578 57
*5014 5312 5538 51
1
818 2,200 Ahumada Lead
8
8
8
8
8
8
818 812
8
8
8
11914 11914 11918 12258 1214 123
121 12238 12018 12012 12118 12458 9,200 Air Reduction, Ino____N0 par
No par
914 912 5,800 Max Rubber, Inc
912 912
9
938
*812 834
812 914
812 812
400 Alaska Juneau Gold Min__ 10
138
138 .114
114
114 *114
14 114
138
*114
138 *114
13358 137
136 13914 13814 14338 13812 14314 13812 14058 139 141 296,300 Allied Chemical & Dye_No par
100
Do pref
200
_
_ .1224
_ .122
12218 12218 .12218
122 122 .12218
100
89 -9-034 8912 -0-014 90 -6078 12,100 kills-Chalmers Mfg
894 9038 8914 -9614 8912 90
100
400 Do ore?
•109 110
110 110 *110 11014 110 110 *109 11014
110 110
No par
3134 21,800 Amerada Corp
304 30
3012 30
3012 30
2978 30
30
3014 30
17
1718 2,000 Amer Agricultural Cum._100
17141 1658 1658 1612 1634 .1634 17
1714 1712 17
100
Do pref.
60
6034 1,100
5918 5912 5858 59
60
60 I 60
*5912 6012 60
10
1,400 Amer Bank Note, new
4018 41
41
4012 4112 41
.4012 41 I 4038 41 I 4014 41
50
Preferred
100
58
_ .5712
5712 5712 .5712 58
*574 58 .5712 58
100
500 American Beet Sugar
.2312 243
- 4 2414 2478
.23
2412 244 244 2312 2312 *2314 244 .57100
Do pref.
.68
75
*67
72
75 .6614 72
75 .67
*6614 70 .67
2014 2012 1,400 Amer Bosch Magneto_No par
20
2034 20
.20
2014 2014 204 2118 2038 21
14014 14534 25,200 Am Brake Shoe de F __No par
139 141
138 144
126 12714 12612 13114 13134 143
100
Do prat_
*11212 119 .11212 11934 .11212 11914 .11212 11914.112_ .11212 11914
4038 3934 4212 4214 -4458 4378 46 I 48,800 Amer Brown Boverl El_No par
3978 4014 404404 40
100
*9514 9538 9538 9538 *9514 9538 9538 9538 9538 9512 9514 96 I
800 Preferred
25
6058 6078 6038 62 1 6034 62 1 6158 6318 6138 6212 6112 6238 235,200 American Can w 1
100
Do prof
*12534 12612 *12512 12612 .12512 12612 .12512 12612 126 12612 126 l26'z
100 100 I 3,800 American Car de FdY__No par
9938 100 1 100 10012 100 10112 9934 100
*9934 100
100
Do prof
•124 12678 .124 12678 .124 12678 .124 12678 .124 12678 .124 1264
25
*2514 2538 2514 2538 2538 2534 2512 2512 2514 2538 *2514 2534
1,400 American Chain, Class A
No
par
373
4
373
4
American
Chicle
38I
38
39
38
39
*38
39 .38
8
39
400I
NO par
300, Do certificates
*3514 36
3614 3712 *3514 39
38
*354 39 .3514 39 .36
84 812 40,800,1 Amer Druggists Syndicate_ 10
712 8
Vs 712
758 8
84
8
8
84
100
5,000; American Express
12434 12434 .12212 12434 125 130
12312 125
12312 12534 *121 123
2112 2112 8,600 Amer 3, For'n Pow new.No par
2112 2214 21
22
2238 21
2178 2112 2212 22
_
.50
par
Do
pref
700
92
92
9112
9112
91
91
91
91
.9034 9112
91
91
300 American Elide & Leatter_100
778 778
734 734
8
8
812
812 *8
8
811 .
.8
500
on ,-...1 .
300
36
36
37
.36
39
3712 3712 3712 3712 .35
*3612 39
2638 4,400 Amer Home Products_No par
2614 26
*26
2618 26
26
26
26
26
2614 26
100
1,000 A:nericau Ice
128 12812 126 12714 12512 126
•125 127 .125 127 .127 129
100
Do pref
*8212 834 .8212 8374 *8212 834 *8278 8378 .8278 8378 *8278 8378
353g 8,600 Amer International Corp_100
3578 35
3358 3438 334 344 334 35
33
33
35
10
*1234 1318 z1234 13 .1258 13
1234 1278 1278 127s 1278 1278 1,000 American La France F E
100
3112 3478 3,500 American Linseed
32
3218 3214 .31
32
32
32
32
3233 32
100
Do pref
800
.7712 7812 7814 8018
*7712 7812 *7712 79 1 7758 7758 -37712 79
19,900 American Locom newNo par
10418 10534 10318 10412 104 105
10314 10434 10358 10418 104 105
.ion
Do ore?
400
11634 117
*11612 117 .11612 117 1 1164 11678..11612 1164 .11612 117
100 Amer Machine & Fdy_No par
.7114 7212 .7114 7212 .7114 7212 .7114 7212 7114 714 .7114 72
100
Do prof
*116 119 *116 119 *116 119 .116 119 *11718 119 .116 119
5318 2,600 Amer Metal Co Ltd___No par
5358 .5312 534 53
53
5334 5314 5314 53
52
52
-ref, ,r.*1 . ...._
Bs)
100
117 117 *114 117 ,.1.14 117 *114 117 .116 117 .116 117
6818 7038 684 6934 6812 6912 12,400 Am Power & Light_-__No par
70
70
71 i 68
70
71
11112 112
25
1,900 American Re3Mator
110 11078 11034 111
110 11012 11078 111
110 110
400 Amer Railway Express
804
7914 7914 *79
80
100
80 1 *7814 7934 80
*78
80 .78
American Republics___No par
*5512 58
*5512 58
•55
58 .5412 58.5412 58 .5512 58
31,700 American Safety Rasor_100
64
6558 6434 6532 6612 69
67
6238 65 ' 65
62
62
878 878 2,300 Amer Ship & Comm __No par
812 858
812 812
.812 834 .812 84
.812 9
13238 13312 13312 136 1 13414 13738 13718 13934 13812 14012 13812 14018 112,300 Amer Smelting de Refining_100
200
Do pref.
100
*11912 12012 120 120 1 120 120 .119 120 *11912 120 .11734 118
300 American Snuff
100
12912 12912 12812 12812 12712 12712 *125 128 .125 128
•125 129
47
453* 4634 4512 4578 454 4558 21,500 Amer Steel Foundries_No pur
45
45,4 4478 4514 45
500
Do pref
100
*11212 11234 1124 11212 .112 11212 11212 11212 .11212 113 .113 114
32,500 rAmerIcan Sugar Refining_100
6912 1734 7012 7138 7018 7314 7312 76
6914 6972 694 70
prat
9001Do
100
1025
8
10512
10258
1025
8
10278
10278
103
103
1023
4
1023
4
10218
10218
Amer Sumatra 'Tobacco__ _100
- - .812
1614 .812
1614 .8
1614 *8
164 '38
*8
100
12,800 31Do opt A ctfs
3338 -34
32 -3412
2918 2918 3018 3212 3112 33
300 Amer Teiegrapn & eable 100
30
30 .28
29 I 2918 294 2934 2934 .28
2912 .28
•28
23,900 Amer Telep dc Tele&
100
1424 143
141 14158 14138 14312 142 14318 14218 14234 14212 143
50
12034 12214 7,000 American Tobacco
12018 12018 12118 12114 12114 122 . 12114 12114 12038 122
Do pref
100
100
*11011 1111290912 11112 111 111 .110 11112 .110 11112 .11014 11112
60
12014 12134 4,900 Do common Ma B
12034 12112 12114 12138 12018 121
12014 12014 *12034 121
200 American Type Founders 100
11912 11934 .119 122 *119 122
11120 123 *11834 123 *12012 122
20
6134 11,900 km Water Works & Eieo
61
62
63
6112 63
6112 62
6134 82
6238 63
100
200 Do 1st pref (7%)
106 106 *10412 106 .10412 106
106 106
*10511 107 *10512 107
American
Woolen
100
1,700
237
8
233
4
24
24
24
24
24
2312
•2312 2412 2358 24
100
7212 7213 7114 7172 714 7118 7112 7178 1,000 Do pref
72
7118 72
71
2,300 Amer Writing Paper prat _100
1
1
1
118
1
1
118
1
112
112 .1.114
*138
certificates
Preferred
100
500
52
52
12
12
12
12
*12
2
4
3
4
*12
84
*12
Amer Zinc. Lead & Smelt_ 26
.
734 812 *734 812
74 84 *714 8
*734 814 *734 812 .
pref
25
Do
400
36
*3512
3512
3512
35
35
.35
3612
3518 3518
36
*35
5058 5134 5114 5178 122,300 Anaconda Copper Mining_ 50
4958 4978 4978 5014 4934 5034 5012 51
900 Archer, Dante Midl'd_No par
*3812 39
39
.3912 4012 3912 3958 39
3914 40
39
.38
.100
Do pref
_ *101 10434 .101 10434 .101 10434 *101 10431
*10034 10318 _ _
100
800 Armour & Co (Del) prat
9334 9334
9412 9378 94
944 *ii -04-32 9372 9438 .94
*94
25
Armour of Illinois class A
6,800
1414
144
144
1418
145
8
1414
81
145
1412
144
1458 1458 1412
25
Class
B
7t8
718
718
3,000
714
718
718
718 738
74 7181
738 728
_100
1
Prrf•rred
_
88
*86
88
8718 .86
- , *86
8718 .86
87 .86
.86
2734 2734 2778 2812 8,700 Aim, Cons Corp tern ctf.No par
284' 2612 27
2778 2812 26
2914 30
10
300 Art Metal Conatruction
2012 *2018 2038, 2038 2038 2012 2012 *2012 21
•1934 2012 .20
No par
4912 5012 4912 4934 2,400 Artloom
5012 52
52
*53
52
53
5333 52
100
Do prof
.111
11112
111
111
11112
300!
.111
112
.111
111
111
1111 112
100
4514 28,500 Associated Dry 000ds
4512 44
4178 414 4312 4414 4434 44
4112 4134 41
100
Do 1st prof
*96 100 .96 100
.96 100
.96 100
*96 100 .96 100
pref
100
2d
Do
300
.104
105
105
*104
.104
105
104 104
104 104
110312 104
25
500 Associated 011
51
51
51
51
51
51
52
5212 52
53 .52
.52
100
At Gulf 3, W 1 OS L1110
3978 4138 4034 4178 4018 4012 4018 4012 4038 4038 3,600 Do prof
*3912 41
100
200
44
*4212
*4212 44
*4212 44
114212 4312 4258 4218 *4212 44
100
Atlantic Refining
111 11478 115 11734 11538 11634 116 11712 11412 11714 28,900
10914 110
100
100 Do prof
111634 11758 1164 11612 .11612 120 *11612 11814 .117 120 .117 120
Powder
No
par
Atlas
500
5834
581s 59 .58
59
59
59 .58,8 59
59
59
.57
Preferred
100
97,8
.95
98
. .95
974 .95
98 .95
3.95
98
*95
Tack
Atlas
No
par
100
8
117
117
8
*117
8
12
12
.*114
.1178 12
*114 12
•117s 12
2,000 kustln,Nichols&Co vto No par
13
1438 1234 1312 .12
12
1214 1214 13,2 14
11
10
100
Do
prof
400
67
67
67
87
70
.67
.65
70
663
4
6634
76
*67
900 Auto Knitter Hosiery_ _No par
*12
58
12
12
58
*38
34,
*1
12
12
12
12
12112 12618 74,000i Baldwin Locomotive Wks-100
12012 1214 121 1244 12212 125771 12312 126
12038 121
Do pref
2001
100
1115
8
111
.111
11112
112
111l3'111'2
3111 112 *111 112 *111
25
5,300 Barnsdal1 Corp class A
254 2512 254 2534 254 255* 2533 2531 2538 2534 2538 2534 1,000
Do class B
25
243
4
4
243
*2312
24
24
24
24
2418
24
24
2412
*24
No par
44
4434 4414 4512 1,300 Bayuk Cigars, Inc
45
4512 4512' *4412 4512 45
*444 46
2,900 Beech Nut Psrking._ _ _ 20
59
59
58
8133 804 807a 58
*5733 5834 59
.571s 58
1,800 Bel'g Brway Co tern ctf.No par
3012
3012
3012
3012
30
30
3012
30
31
3012
3114
31
Steel Corp
100
4612 4534 4712 4612 4712 4612 4714 4634 4714 50,6001 dettnenetu
4614 464 46
.
_100
10318 10318 2,3001 Do oret 7%
10234 10234 10234 10234 103 10314 103 10314 103 103
Bloomingdale Bros__ No par
4,900
1
323
8
31
3218
3012
314
32
2
31
3018
3012
3014 3012 3012
100 Do prat
100
10812 10612 .10614 10758 .1064 10714 .1064 107 .10614 107 .10514 107
600 B. Lab Fisneries
No par
.6
612
54 6
618 64
618 6,4
638 64 .
612
*6
First
preferred
100
100
42
.40
40
40
.40
45
*40
46
46 I
45 .40
*40
600 Botany Cons All118 class A. 50
23
2312 23
23
23 .23
24
2112 2211.22
24
•22
par
Maralfacturing__No
Briggs
5,800
284
2814
28
2818
29
28
2918
29
29
2918
2914
29
*12 1
200 British Empire Steel
12
100
12
*12 1
.12 1
*12 1
*12 1
First preferred
100
*93
*934
.94 *934
*934
24 Preferred
100
8
2 --2-7- -7
2 *1,2 --AEI *114
- *112 -2
*9
1.314
2 --2-78 .112 - 27*, *112 --2-78
100
15112 15312 21,100 Brooklyn Edison, Inc
14714 151
14634 149
144 14938 148 14978, 148 149
Bklyn Union Gas.
No par
33,300
9614
9714
935
8
9638,
93
953
8
943
8
93
947
8
9312
9134 9478
Brown
Shoe
Inc
w
1
3,400
100
3738
3612
374
3634 3678 37
3638 37
3612 3658 3638 37
Do pref
100
112 .10812 112 .108 112 .108 112
9.0812 112 *10812 112 .10812
Brtinualek-Baike-onli'r
No
par
600
28
28
28
28
277
5
274
2812
2812
28
28
*2712 29
13658 137h 13612 138 *13213 138 *13512 13713 1,900 Burns Bros new clAcom No par
140 140 x13612 13912
300 0,, uew clads 1.1 com No par
35
.3312
.3312
35
35
.3312
35
35
354
3538
38
*35
Preferred
100
102
102 *10012 102 1.100 102 .100 102 .100 102 .100
10012
800 Burroughs Add Macti_No par
_ ....... •Inl Inc, I Int 1011, 101 10132 •101 10112 101 101
th14 day. 3 Ex-dIvIdend.
•Bid and asked prices. no sales 00
FICK am AKS
Range Since Jan. 1 1926.
On basis of 100-1Aare lots
I'ISIC 411,11[15
Range for 'Notions
Year 1925.
114i:theist
Lowest
110118St
Lowest
i
S per share $ Pe/ Mar. 8 Der share $ per share
43 May 20 50 Feb 27
10418 Mar 19 109 May 22
27 May 4 2734June 23
13314 -00.
1.31 Jan 6 150 July 24 119 - -.14-t
90 Apr 11714 Oct
9978 Mar 18 11034 Aug 6
13 Apr 20
Oct
10 Mar 19 1834 Jan 29
47 Feb 6214 Oct
4814May 11 634 Jan 28
718 Oct 1258 May
94 Jan 4
758 Jan 23
8834 Jan 11718 Dec
10714May 19 12458 Aug 6
938 Dec 1578 Jun
712May 11 16 Feb 10
1
Jan
2 Jan 4
114June 28
213 001
80 Mar 11658 Dec
106 Mar 30 14338 Aug* 3
Jan 12114 Noy
11834 Mar 20 1224June 14 117
7112 Jan 9714 Dec
7814 Mar 26 9458 Jan 14
105 4 br 7 1101286a51 24 10314 Jan 109 Dee
2414May 20 3134 Aug 6
1312 Mar 294 om
15 May 20 3418 Jan 14
3612 Mar 824 Dec
51 May 20 9612 Jan 14
3913 Dec 4438 Dee
3452 Mar 31 4378 Jan 8
534 Jan 5818 Sept
55 Jan 16 5312July 10
2958 Oct 43
Jan
21 June 2 3834 Yen 5
78 Dec 8778 June
65 May 27 83 Feb 24
2618 Mar 544 Jan
16 May 19 3438 Jan 4
904 Mar 156 Dec
110 May 19 180 Feb 2
11014 Mar 21 12814 Feb 18 10712 Jan 11458 Dee
4734 Dec 5378 Oat
3014 Mar 29 4878 Jan 9
9018 Nov 98 Dee
864 Mar 31. 974 Jan 16
4714 Dec 4954 Dec
3878 Mar 30 6318 Aug 4
Jan 12178 Sept
121 Jan 4 12678July 27 115
974 Apr 11514 Sept
9112 Mar 31 1144 Jan 12
12312 Apr 7 12914June 23 12034 Apr 128 July
2212 Oct 27 Feb
2314 Mar 30 2614July 20
37
Jan 62 Apt
374 Mar 31 51 Jan 4
Jan 584 AIM
37
3112 Mar 31 4714 Jan 7
614 Jan
81 2 Aug 6
414 Dec
414 Jan 5
Jan
10578 Mar 31 140 Jan 6 125 Apr 166
2714 Apr 514 Sept
1514May 19 424 Jan 2
Feb
87
Jan 94
8812June 22 98 Feb 13
14114 Dec
812 Mar
7 May 10 1712 Feb 9
584 Sept 7578 Jan
3312Msv 7 fI714 Feb 9
24587.fay 20 264 Apr 29
109 Mar II 136 June 8 -8i3 i'vlar 139 -Dee
744 Mar 89 July
8634June 1
8212 Ja 13
3218 Mar 4678 Not
4634 Feb 16
3134Jui 19
1114 Jan 20 Nov
1578 Jan 4
1212Ma 2
20 Mar 5914 Nov
5278 Jan 4
2814 Apr 21
Jan 89 0e1
53
75 Mar 31 87 Jan 4
9014 Mar 31 1197s Jan 41 10412 Jan 14471 mar
11614July 6 12914 Feb It 115 Aug 124 Feb
71 14 4,1; 5 7712July 16
114 July 15 116 July 16
-4544 -Mar -675a Oct
47 Mar .1, 574s Feb lo
11312 11W 15 15o Feb n 111 Mar 119 Nov
5034May 19 72 July 29
1014MaY 19 121134 Feb 13 -897i Jan 1-2212 Nov
Jail
7738 Mar 31 80 Aug 4 276 Sept 84
48
Jan 7934 Dec
50 June 15 74 Jan 5
7634
Nov
364
Jan
Aug
6
69
Apr
14
42
54 Dec 144 Feb
54 Jan 2 1178 Mar 12
904 Mar 1444 Dec
10938 Apr 21 14434 Jan 7
1124 Mar 31 120 July 29 10512 Jan 11514 Oct
122 June 28 165 Fab V 1384 Apr 154 Nov
374 June 4712 Du
40 May 11 47 Aug 3
Jan 11318 Oct
111 Apr 9 115 Feb 23 108
4758 Jan 77514 Dec
6514 Apr 14 8234 Feb 6
9114 Jan 10414 Nov
100 June 19 10512 Aug 6
4',M,. 1
8 May 244 Feb
1718June 14
1412 Apr 28 35 Aug 4
.
74 June 47 Feb
25,2July 6 4118 Feb 10 -3
13958June 18 15,44 Feb 15 13058 Jan 145 Dee
85 Feb 1214 Oat
11138 Mar 31 12214 Aug 6
10618 Jan 4 113 May 26 10412 Jan 110 Nov
844 Feb 1194 Oct
1104 Mar 31 12134Ju1y 22
114 Jan 22 135 Feb 13 103 Apr 1354 Nov
7614 Del
3438 Jan
4334 Apr 13 74 Jan 4
9714 Aug 103 Feb
101'i Mar 3 10814 Jan 27
3454 May 6414 Jan
19 June 9 4278 Jan 13
6912 MaY 9618 Jan
66 Apr 30 8914 Jan 4
74 Jan
112 Dec
54 Jan 13
1 Aug 3
I. Aug 4
4
JAB
h Dec
44 Jan 13
7 May 124 Jan
518May 19 1218 Feb 4
244 May 444 Dee
20 May 19 4818 Feb 4
3514 Apr 5314 Nov
4112 Mar 30 5178 Aug 8
26
Jan 484 Deo
3478June 11 4414 Jan 2
Oct
904 Jan 105
100 Mar 4 105 Jan 4
9018 Mar 100 Oat
9014May 21 974 Jan 13
20 Mar 274 Oot
1318May 22 254 Feb 13
15 Dec 204 Oct
534May 20 17 Jaa 4
90 Dec 9314 NOV
80 Apr 30 93 Feb 1
Jan
8
Jan
18 Apr 12 3134
1758 Oct
1918 Jan 2 234 Jan 2
15
Jan 2018 Nov
48 May 17 6311 Jan 2
39 June 6014 Dee
10112 Aug 110 Dee
108 Mar 18 11134 Feb
3714 Mar 30 5478 Jan
46h Aug 6138 Nov
96 Mar 25 1024 Jan
Oot
94
Jan 102
102 May 19 108 Jan 2
101
Jan 1084 Feb
4454 Jan 6 60 Mar
32 Mar 4714 Dec
3318 Mar 31 6838 Jan
20
Jan 77 Sept
3514 Apr 16 5614 Jan 3
31
Jan SO Sent
97 Mar 3 12838May 2
954 Jan 11712 Feb
11514 Apr 21 120 June 2
113 Sept 11734 June
54 Mar 4 60 July 3
45 June 65 Deo
Jan
94 Jan 8 97 Apr 1
904 Oct 94
9 July 1 174 Jan 3
94 Feb 21 Dee
8 July 30 28 Jan 2
22 July 324 Jan
874 Jan 96 Aug
6134 Aug 2 93 Jan
12 Apr 30
414 May
12 Dec
218 Feb 1
107 Mar 146 Feb
9278 Mar 31 13612 Jan
107 Aug 11658 Jan
105 Mar 31 114 Feb
2312May 11 334 Jan
184 Aug 334 Dee
23 July 14 2912 Jan
16 Aug 30 Dee
39 Mar 31
534 Apr 13
30 May 19
3714May 20
119 June 1
28 Juno 11
10414June 21
418 Mar 24
3518 Apr 15
20 May 25
..,, '.:.,y 10
12May 5
934June 29
112June 24
133 mar 31
68 Mar 30
2912June 1
107 June 5
2438 Mar 30
121 Mar 31
2033 Mar 31
97 Mar 30
774 Apr 13
494 Jan 4
714 Feb 4
3914 Jan 4
5014 Jan 7
105 Feb 2
3212 Aug 6
10712July 14
914 Jan 11
514 Jan 7
4118 Jan 4
374 Jan 4
3 Jan 18
27 Jan 28
1018 Jan 11
15312 Aug 6
9714 Aug 6
4858 Jan 7
111 Mar 10
32 July 21
144 July 23
44 Feb 13
103123une 22
105 July 20
3814 Sept
80 Mar
37 Sept
37 June
9314 June
___---_ _ --its May
25 June
404 Aug
27
Oct.
14 May
22 July
638 July
12058 Jan
7318 Dec
46 Dec
96 Mar
24 June
921: Feb
17 Mar
914 July
Jan
65
534 Feb
7754 Aug
4158 Dee
534 Jan
102
Jan
---- -- - ---8 Oot
-87Oct
52
46 July
44l May
Oct
5
Oot
36
Oot
14
1564 Nov
10014 Nov
4614 Dec
Oct
109
4938 Jan
136 Dec
39 Dec
Oct
99
103 Sept
New York Stock Record-Continued--Page 3
689
For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 31.
Monday.
Aug. 2.
Tuesday,
Aug. 3.
Wednesday, Thursday,
Aug. 4.
Aug. 5.
Friday,
Aug. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
$ per share $ per share $ per share $ per share $ Per share $ ver share Shares. Indus.& Miecell.(Con.) Par 3 per share
*2912 2934 29% 3014 *3012 3078 30
30
3012 30
*30
31
1634 Mar 18
700 Bush Terminal new__ _No par
93
93
93 .92
1392
9212 9212 9212 *90
924 *92
93
200 Do debenture
100 86 Apr 6
*10178
*10134 -- *10134
*10178 ____ +10178
_ *10178
'Bush Term Bldg% pref
100 994 Jan 20
4'5
5%
5
5
5
514
5
513 *5
514 *5
538 2,700 Butte Copper & Zinc
434May 26
5
441z 4412 4618 49
4812 50
4712 4934 4938 5012 4934 51
16,100 Butterick Co
100 1714 Mar 3
*1012 1114 1034 1034 1058 11
11
11
1138 1114 1114 1,400 BUM` A Superior Mining
11
74May IS
10
*56
58
57
5538 5558 57
5618 57
*55
58
5514 57
500 By-Products Coke____No par 53 June 30
37
*35
*35
35
*35
36
38
37
35
35
35
35
1,100 Byers & Co (A M)____No par 28 Mar 29
71
x6938 71
139 139
74
7234 744 7338 7478 7312 7438 23,400 t autorula Packing_ __Ns par x6938 Aug 2
1
4 3234 3318 3234 3314 3234 3234 3234 33
3212 32/
3234 3312 15,300,California Petroleum
25 3038 Jan 20
152
11
/
4 *158
178 *158
134
178
13
134
134
134
178
1,400 Callahan Zinc-Lead
112 Mar 26
10
*684 694 6914 6914 6912 7112 70
71
7014 71
7112 73
8,600 Calumet Arizona Mining
10 5512 Mar 29
1614 16
15
,
4 1578 1558 1578 16
1634 1618 1658 1612 1714 8,300 Calumet & Hecla
25 1338 Mar 31
141 143
1404 14014 14018 143
143 149
14614 169
16514 176
33,80 llCase Thresh Machine
100 6211 Jan 4
*111 11312 *110 1134 11312 114
115 11612 116 117 *117 118
1,700 Do pref
100 96 Jan 5
*834 878
834 9
878 9
9
918
812 84
84 9
2,300i central Leather
718May 3
100
*53
5412 5334 5414 5378 5378 5434 5538 53
5312 53
5412 MOO: Do pre(
4314 Apr 28
101
174 174 *1634 17
*16
1634 1634 1634 17
17
1612 1612
1238June 8
600 Century Ribbon Mills __No pa
*8
*83
86
*83
89
*83
89
*83
89
*83
89
I Do pref
100 83 May 25
6914 6914 6912 70
6912 701I 6834 7012 6912 7078 7018 73
22,800 Cerro de Pasco Copper_No par 574 Jan 22
4512 4534 464 464 4634 47
4634 4714 4612 4634 47
4812 9,300 Certain-Teed Products_No par 3618Ma7 20
*101 105 .101 105 *101 105 *101 105 *101 105 *101 105
1st preferred
100 100 May 22
1234 1238 1234 1234 13
*12
1234 •12
1278 1278
1278 13
2,900 Chandler Cleveland MotNo par 1134May 18
2838 2812 2812 283
2834 3212 3114 3212
3012 3012 304 31
28 May 18
9,300 Preferred
112 112 *113 1144 *112 11412 *110 11412 111 111
113 113
300 Chicago Pneumatic TooN
l_o_lp0
aL 944 Apr 8
5218 5212 6218 5218 5214 5214 5214 53
52
5118 514 52
900 Childs Co
Nn par 4518May 19
3418 334 344 3414 3438 3414 3434 13,500 Chile Copper
34
3414 3418 3438 34
25 30 mar 3
*20
24
23
*20
24
*20
22
22
+20
23
*20
23
100 Chino Copper
5 16 Mar 3
4458 4458 *44
*44
47
46
46
47
*4512 47
454 4838 1,800 Christie-Brown certifs_No par 40 Mar 30
1
4 3658 3814 364 3712 36
3672 3734 3712 38/
37
3612 3712 231.300 Chrysler Corp new ____No par 284 Mar 30
103 103 *103 104 *103 104 *103 104 *103 104
*102 104
No par 93 Mar 30
200 Do pref
65
65
65
*63
65
•64
64/
1
4 64/
1
4 *63
65
500 Ciuett, Peabody dr Co____100 6014 Mar 31
6412 644
112 112 *110 11378 *110 114 *107 110
*no 114 .110 114
100 10314 Jan 13
100 Preferred
158 15878 159 16112 161 16271 15934 16234 16278 16478 20,500 ('ora Cola co
15834 159
No par 128 Mar ?4
4334 4434 4434 4478 444 4412 45
4312 4414 4318 44
45
No 1p0a0r 3434May 27
3,100 Collins & Alkman
107
10412
*104
10412 *10412 10512 *10518 10512 10514 10512
*104 10614
9834May 27
400 Do pref
4458 4558 4458 4714 4534 4734 4578 4678 4534 464 35,100 Co.or*.do Fuel & iron
45
45
100 2)38 Mar
62
63
6312 6278 6278 6238 627g 4,900 .'olumblan Carbon v t 0 No par 555* Jan 26
614 6112 6112 6134 62
8334 8332 8434 85/
1
4 8414 84/
1
4 8418 85/
1
4 8412 85/
1
4 8412 8532 27,300 Col Gas & Elec
No par 6312 Mar 29
1
4 *115 11512 11512 11512 *115 11512 1.200 Preferred
115 11514 11534 115/
11414 115
100 112 Mar 30
2812 2818 2878 2734 28
2818 284 2814 2814 28
274 27581 3,000 Commercial Credlt____No par 26 May 19
*23 24 *23 24 *22 24 *22 24 1
24
*23
*23
24
Preferred
25 23 Apr 20
*22
26 *____ 25
*2212 24
25
*23
2312 2312 *23
. 2.
5 2312 Aug 5
100 Preferred B
27
9134 9134 .9112 94
94
9112 9112 *91
*9112 94
100 90 June 1
*9112 94
200 Do 1st pref (6 ,l4)
*66
70
70
66
664 6618 .66
66
66
66
*66
70
500 Comm lu.est rrust___/Vo par 55 Aur 12
*97 100
*97 100
*97 100
*97 100
+97 100
7% preferred.
lon 97 June 7
*97 100
*92
•92
95
*9214 94
95
*92
95
*9214 94
*9214 94
Do pref (6)4)---_ ____100 89 May 7
1
4 162 165
165 166/
13163 167
160 161
160 16112 161 16634 3.700 c,unmer,iai -,,tvent* B No oar 11814 Jan 4
2614 2412 2512 24
2412 254 25
24% 2358 2438 2334 24
61,600 Congoleum-Nalra Inc_No par 1212klav 1:1
4212 4212 4112, 4112 *42
4113 42
*4234 43
43
No par 4012May 17
*4218 43
. 700 Congress Cigar
*58
3
*58
3
,
*58
4,
8
"8
Ai .
"8
84
38 Mar 18
Conley Tin leollscpd__ _No par
69
6938 6852 6912 6812 6912 688 694 674 6812 684 74
40,2001 Consolidated Cigar____No par 4514 Apr 15
*102 106 *102 106 •102 10714 *103 10714 *103 10714 *103
pref100 91 Mar 31
412 5
4
4/
1
4
434 5
3/
1
4 414
458 5
234 Mar 3
Distrib're No par
418 107D
478 96,700 Conso
10814 11012 1084 10978 10712 11014 109 11212 1104 11478 113 11538 276.600 Consolidated Gas(NY) No par 87 Mar 30
134
134
134 17g
134
134
134
134
134
114May 10
134
1341
173 1,600 Consolidated Textile_ _No par
8278 8234 84
84
85
8258 8278 82
z83
8378 8212 8312. 18,200 Continental Can, Ina_ _No par 70 Mar 30
12934 12934 130 13012 131 13212 133 133 *132 133
25 122 Mar 31
131 132121 1,200,Continental Insurance
1078 11
1034 11
11
1034 11
1114 1078 1118 11
978May 17
1114. 9.600'Cont'l Motors tern ctfs_No par
4558 4412 45
43/
1
4 4472 44
4414 44/
1
4 4414 4532 4512 4614' 46,800 Corn Products Refill w 1
25 3552 Mar 30
812714 128 *12714 128 *120 125
12634 12714 *12534 12612 *12612
Doref
100 12212 Jan 6
49
5012 *49
5012 5012 5214 *51
52
*50
53
In
')c,
No par 4412 mar 29
5212 1289
5234 2,02009
*74
7534 7534 778 764 7712 *7414 78
*73
75
7etteel of AmerIca__100 64 Apr 15
7634 7634 6,4
pcolblepS
800'1 Cru
1014 10134 •I01 1011
*10012 101
/
4 102 102
102 102
10112 10112
100 96 Mar 30
5018 51
5038 51
50/
1
4 5134 5034 511
/
4 5034 5112 5072 517 23,000 Cuba CO
NV par 3911 Apr 1.5
94 914 ,1,918 914
94 9141 *94 924
94 934
852May 22
934 974 3,000 Cuba Cane Sugar
No Par
•38
39
38
3812 3812 39 I *3812 3912 3
1C0 3512June 8
281
5'3 41% 4034 4114 8.900 Do pref
2512 2512 25
2512 2538 2618 25
2512
3 2634 264 267 22,100 Cuban-American Sugar ____10 2338July 15
*100 102 *101 102 *100 102 *100 102 *100 102 *100 102100
9784 Jan 5
Do pref
*1634 18
1614 1634 *1633 18
*1634 18
ioci 1634 July31
*17
18
•17
100 Cuban Dom'can Bug newNopar
18
*88
*88
90
1388
90
90
88
934 93
76 Apr 21
94
9458 9612 4,200 Cudahy Packing
*96 100
*96 100
*96 100
*96 100
*97
No par 774 Mar 1
99
Cushman's Sons
*97
9912
*454 4612 *4512 464 46
4618 46
46
46
46
No par 4212 Apr 15
4512 46
3514 355g 3534 3612 3538 3658 3534 3712 37
1
4 Mar 30
it
v t c_No par 27/
3838 38
b3m
on
eiCFhreumical
aY
va
Du
60,8
101 C
39
13512 13612 13712 13712 137 13714 *13612 137
137 13714 13712 13712 2,900 Detroit Edison_
•
100 12312 Mar 30
3734 37/
1
4 3938 3912 3712 38
38
38
1
4 Apr 15
374 3814 3734 3734 3,000 Devoe & Raynolds A No par 33/
3438 3212 337
1
4 34/
1
4 33
3334 3414 33/
3238 3314 3214 33
90,500 Dodge Bros Class A.. No par 2114May 17
881
/
4 8852 8812 8812 88
8818 88
8833 88
No par 7912May 17
88
8778 884 7,700 Preferred certife
1112 1112 1112 1134 1114 117s
81111 12
11
No par 1618July 22
11
1078 1118 3,500 Dome Mines, Ltd
29
29
2914 2914 30
29
30
3 0 3038 3058 3012 3314 6,300 Douglas Pectin
19 Mar 20
par
*114 115 *114 115 *11414 11512 11514 11514 *1143 1154 11538 11512
11112 Mar 3
N
400 Duquesne Light 1st pret__o
1
4 11414 114% 11438 11312 11312 114 114/
1124 11212 113/
No par 10658 Mar 30
1
4 1134 114
3,400 Eastman Kodak Co _
2852 2858 29
2912 2934 3078 2912 304 2912 3018 2938 297 35,800 Eaton Axle & SprIng
No par 2378May 19
279 28312 28012 28934 29212 298
29178 30112 29012 291
29112 29534 54,600 E I du Pent de Nem Co _100 19318 Mar 29
10558 106 *10534 106
10558 106
*10558 106
10534 10534 10534 106
1,300 Do 6% non-vot deb__100 10034 *.pr 2f)
•1212 1312 12
13
1314 1212 1314 13
*1378 14
13
111
/
4June 10
25
1.200 Eisenlohr & Bros
13
*66
66
*66
68
6514 6514 66
66
67
6134 Mar 31
No par
6612 664 66%
800 Electric Autolite
614 64 .831 612
612
638 67
7
612 1334
4 Mar 23
No par
872 714 16,000 Electric Boat
1914 208a 1958 2012 1934 204 1934 2034 1934 20
No par 1534May 19
1912 20
25,6001 Elec Pow & Lt ctfs
•10412 108 *10458 106
105 10518 105 105 *10158 106
9912 Mar 30
900 40% pr pd
10458 10434
*10518 ___ *10512 ____
103 Apr 17
Pref full paid
_
.
34 ___
-oii -9
4. -6
9512 9632 *91
9612 9612 97
97
97
8912 Mar 24
9658 9658 1,400 Do pref rtfs
6978 70
26838 6914 684 6834 67
6814 67
6712 66/
1
4 67/
1
4 7,900 Electric Refrigeration_No par 6214May 19
84
8414 8312 84
84
83
8438 *83
8378 8378 84
8412 3.300 Elea Storage 13attery_No par 7112 Mar 3
•1111
112
112
112 •118
112'
1 May 20
300 Emerson-Brantingham Co_100
112 112 *158 3
*11
/
4 3
*814 10
*812 10
*812 10
5 May 20
*812 10
1,100 Preferred
100
*812 10
11
11
6614 6614 66
66
66
66
654 66
50 8512 Mar 31
1,000 Endicott-Johnson Corp
66
66
6578 66
*116 11734 *116 11734 *116 1173 '116 11784'1l6 11734'114
Do pre( .
100 114 Jan 7
11734
123 124
123 123
120 120
121 121
121 121121 121 12114 1,600 Equitable Office Bldg pfd_100 99/
1
4June 17
53
53
53
5313 5234 53
5212 5212 5212 5212 52
5238 2,400 Eureka Vacuum Clean_No par 43 May 19
16
16
*16
17
*15
17
+15
17
100 Exchange Buffet Corp_No par 144 July 20
+15
17
.15
17
13214 3
*214 3
*214 3
Fairbanks Co
*214 3
2 Apr 16
*214 3 . *214 3
25
5234 5234 *49
52
•48
51
5134 5478 52
No par 46 Mar 29
700 Fairbanks Morse
5214 5218 5218
*10834 111 *10834 111 *10812 111 *109 111 *109 111 *10912
100 10812 Jan 6
11578 116
11558 11634 11518 11612 11538 11612 11534 11612 11638 IIIrred
feePlayerb-LaSky_No par 10318 Jan 19
mou
11934 67,900 FaPre
*109 122 *11912 12134 *11912 120
11912 11912 *11914 12014 11938 121
300 Do pref (8%)
100 115 Mar 31
*30
31
3012 3012 3012 3012 304 3018 3078 33
15 28 Mar 31
33
3378 10.600 Federal Light & Trite
*8718 ____ *8718 ____ *874 -___ *8718 ____ *8718 88
No par 86 June 18
*88
_
__
*81 100
81
81
*79 ____ *80 100
Ned
fer
lining & SmelPg-100 41 May 22
•80 100
Pr
eera
100 Fed
*78 100
*7111 74
7212 7212 73
7312 74
77
77
79
100 81 Mar 3
7712 7712 6,100 Do pref
•185 190 *185 190 *188 190 *185 190 •185 190
Fidel Phan Fire Ins of N Y_ _25 160 Apr 15
*185 190
1316
1872 *16
1878 •16
1872 816
1878 *15
Fifth Ave Bus tern ctfs_No par 14/
1
4 Jan 2
19121
•15
1712
*10312 104 *10312 104 *10312 104
10312 10312 10312 103'z'10353 104
100 96 May 18
300 First Nat'l Plc, 1st pref
*32
324 32
3212 *32
321
3212 33
33
Nat'l Stores
33
First
No
par
1,500
8
30
Mar 3t.
1734 1814 1734 18
1778 1918 19
1938
No par
1414May 2
1872 1014 57.700 Flak Rubber
*8014 82
*8014 82
8014 8014 80
81
8
10
9
Do 1st pref stamped_ _100 761
/
4
Apr 19
3.490
12
14
,
,
,N
*97 102
*97 102 .97 102
*97 102
*97 108129131:
Do 1st pref cony
100 94 June 3
4818 494 4914 52
4814 49
5034 5178 5018 51'8 5014 5114 64.000 Fleischman Co new____No par 3214 Mat 29
974 95
*9414 9534 95
9814 9412 9812 93
9534 05
No par 8512j
9,400 Foundation Co
e1
95
ku
la
ny
7234 7312 7234 73
73
73
7212 7314 73
74
No par 551
7358 7412 11,700 Fox Film Class A
/
4 Mar 31
3012 3012 3014 3112 2978 3134 31
324 314 3214 3118 3112 37,500 Freeport Texas Co
No par 191
/
4 Jan I
3212 32% 3278 3278 3234 3312 3278 3318 3234 33
3214 327
No par 29 Mar 25
5,700 Gabriel Snubber A
*6
653
058 658 *612 634 *624 6%
018 612
622 612
500 Gardner Motor
No par
49/
1
4 49/
1
4 5052 4912 50
4812 4914 49
Gen Amer Tank Car
19.700
46
100 39 Mar28
*105
108 *1044 108 *10412 108 49412 108 '104
13105 108
Do pref
*102712
18
2 1
100 9912June 24
671z 7133 7018 7214 6934 7158 6978 7214 7212 31%
674 68
7414 48.000 General Asphalt
100 50 Mar 3
*104 113 *110 114 *109 113 1+106 113 *108 113
Do
pref
14
19
3
*
500
14512
100
94/
1
4 Mar 3
60
504 50
50/
1
4' 4912 50
507 51
50
50
4,700 General Cigar, IncnewNo par 46 Mar 29
•11212 120 *11212 120 *1124 120 1•11212 120 *11212 120 *112712 120
Preferred (7)
Jan 11
100
109
*112 11312 11312 11312 *112 11712 *112 117 2 *112 11712 *12
400 Debenture preferred (71_100 10914 Apr 12
1174
*6412 5512 5512 5578 5534 56
56
563 255
55
55
1.800 Gen Outdoor Adv A__ _No par 51 Mar 30
55
3234 3353 3318 3512 3412 3514 34
3234 33
34
3414 3412 11,100 Trust certificates___ _No par 2658 Mar 3C
700 General Electric
1001 2115 Apr 15
8912 89/
1
4 8814 89/
1
4 8814 8934 88/
1
4 9152 -868s 13138 -614 if" 23,400 DO new
No par 1 79 June 9
•Bid and asked prime; no sales on this day. 3 Ex- dividend.
Highest
PER RE ARE
Range for Previous
Year 1925.
Highest
Lowest
$ per share $ per share $ Per ash'
26 Dec
3414July 14
1453 June
1
4 June
80 May 89/
93 Aug 2
964 Jan 103 Dee
103 June 4
834 Jan
44 Mar
614 Feb 10
17 May 2834 Jan
50 2 Aug 5
164 Jan II
64 May 2414 Jan
6018July 14
s -0041•2June le
-ii- Oct 14717912 Feb 4 10018 Jan 3618 Nov
2378 Jan 3438 Dec
3818 Feb 10
41
/
4 Feb
114 Oct
238 Jan 15
45 Apr 6118 Dec
73 Aug 6
1858 Jan
1714 Aug 5
1214 May
24 Mar 6812 Dee
176 Aug 6
60 Mar 10712 De:
117 Aug 5
1
4 0c,
1434 Mar 23/
2012 Jan 5
Oct
4914 Mar 71
6834 Jan 5
3034 Sept 4712 Mar
3272 Jan 8
94 Dec 9833 Jan
90 Jan21
4312 Mar 6432 Nov
73 Aug 6
1
4 Sept
4034 Mar 58/
494 Jan 6
8912 Jan 110 Sept
1054 Jan 21
26 Feb 11
4514 Feb 15
Kfai 128 "Li";
120 Jan 2
/
4 Oct
49/
1
4 Mar 741
6632 Jan 4
3012 Mar 3758 Jan
361
/
4 Jan 6
24 July 20
19 API* 28/
1
4 Feb
6234 Dec WI Dee
63/
1
4 Jan 4
54/
1
4 Jan 9
10812
2
7 10;
8
018
2 Julyr 1-1-1-7; I.TO;
68 Jan
711
/
4 Jae
115 June 11 10312 Jan 109 Sept
1,1478 4.1.1• 6
80
1
4 Na,
Jan 177/
4834July 14
10612July 21
4 -ie
.
;
4744 July 20
32
Apr 181
45 Mar 62/
6978 Eel)23
1
4 Dec
Oct
4534 Jan 86
90 Jan 9
11578 Aug 3 10414 Jan 11412 Des
/
4 Dee
384 Sept 551
47,2 Jan 14
2514 Sept 2712 Oct
2614 Jan 13
1
4 Ian 11
2614 Sept 27/
27/
1
4 Des
9912 Feb 26
72 Jau 11 10 - "ii; 8412 Nov
1(14 Jan 28 100 Nov 10712 Nov
100 Jan 13
Jan
76 May 189
171 Jane 29
157 Nov 4312 Jim
2714July 13
4438June 8
May
1 Mar 12
74 Aug 6 -;;IC3
13
7/
1
4 r
Dee
2 JaIl 6
7934 Jan 96 Dee
107/
1
4July 28
9/
31
/
4 Jan
1
4 Fek
63 Jan 7
11518 Aug 6
7412 Mar 97 Dee
334 Jan 18
514 Jan
234 June
604 Mar 934 Deo
924 Jan 2
14434 Jan 9 103
Jan 140 Dec
13 Jan 5
1512 Oct
84 Jan
32/
1
4 May 4252 Dee
4832June 21
12912 Apr 28 11812 Jan 127 July
60/
1
4 Jan 4
48 Aug 4012 Dee
814 Jan 4
6412 Mar 8452 Nov
102 Aug 5
92 May 102 Dee
4414 Dec 54:2 Ost
5338June 30
1112 Jan 29
49/
1
4 Feb 4
30/
1
4 Jan 28
104 Feb 5
2014June 7
97 Jan 4
10012July 19
51 Jan 14
4634 Feb 17
1411
/
4 Feb 1
1041
/
4 Feb 10
4714 Jan 2
90 July 20
20 Mar 13
3314 Aug 7
116‘2 Apr 27
114% July 13
3234 Feb 13
30112 Aug 4
1061
/
4 July 28
2012 Feb 1
82 Feb 1
8/
1
4 Feb 1
3411 Feb I(
115 Feb 11
11012 Feb 26
9712 Feb 11
7812June 23
8633June 25
4 Feb 1
2434 Jan 29
7253 Feb 8
113 Feb
13214July 28
56 July 15
17 Apr 22
34 Feb 25
5934 Feb 10
115 Feb 9
12712June 11
124 Mar 11
3938 Feb 3
89 Jan 4
1111
/
4 Jan 5
105 Jan 6
20014 Jan 23
211
/
4 Feb 9
107 Feb 13
4938 Feb 5
2614 Jan 13
8414 Mar 16
107 Mar 1
5612 Feb 1
17934 Jan 29
Jan 2
3412June 3
42 Feb 11
924 Jan 4
55/
1
4 Jan 2
10512July 27
7432July 7
11512 Aug 6
504 Feb 11
11512 Feb 18
11812 Feb 10
5632 Aug 4
3512 Aug 3
38612 Feb 19
9152 Aug 4
734
371s
20
9378
Oct 1433
Oct 6252
Oct 334
Nov 101
131-3 -Dec
62 Mar
44 Nov
27/
1
4 Apr
Jan
110
53
Oct
2134 June
7313 May
1234 Apr
14 Feb
105
Jan
104/
1
4 July
1012 Feb
1344 Jan
94
Jan
Feb
Feb
Mar
Mal
107
Uei
104
Ost
59 May
4924 Jan
1594 Sept
94314 Dee
4884 Nov
9112 Oct
1812 Nov
234 Aug
11312 Dee
118
Jab
3012 Des
27114 Nov
1044 Nov
_
17/
1
4 Apr 404 July
100 Mal 110 Jul.
1004 Mar 11034 Jane
89/
1
4 Aug 9434 Dee
6014 Mar 16" -fie;
1% May
5/
1
4 July
8 May
Ws Aug
1
4 Sept
63/
1
4 Apr 74/
Ill May 11834 Oct
481; Nov
5718 1Yee
1312 July
19/
1
4 Jan
214 Mar
434 Aug
324 Jan
54/
1
4 Oct
1064 June 11012 Nov
9014 Feb 11434 July
103/
1
4 Feb 120 July
26
Oct3714 Dec
8212 Sept89 Dec
1514 Mar 954 Dec
1
4 Dec
4912 Mar 94/
14712 Jan 179 Dec
Jan
1734 July
Dec
11/1ar
.
-31-.(ti
2-------
40 Die
2834 Oct
12
---- --
11185
6812 Sept85
8 Mar 24%
28/
1
4 Aug 3972
1614
412 Jan
4412 Aug 60
9334 Feb 104
4212 Mar 70
8612 Mar 109
Nov
Dee
Oct
Nov
Mar
Oct
Nov
Dec
Dec
105
Jan 1111, May
104 July 116 Dee
451
/
4 Aug
5_74_ Sept
Mg A we 348s Dec
22714 Feb 33714 Aug
____
690
New York Stock Record-Continued -Page 4
For sales during the week of stocks Usually Inactive,see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 31.
Monday,
Aug. 2.
Tuesday,
Aug. 3.
Wednesday. Thursday,
Aug. 4.
Aug. 5.
Friday,
Aug. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jas. 1 1928.
On basis of 100-shars loss
Lowest
Highest
per share $ per share $ per share 3 per share
per share $ per shore Shares. Indus.& Miscall.(Con.) Par $
share
per share
111a 1112 1118 1114 1118 1114 1118 1114 114 114 1118 1114 8,700 G3neral Electric special __ 10 IIper Jan
5 111
/
4 Mar 22
*38
40
3934 4212 42
45
44
45
44
4538 45
4638 19,300 General Gas de Elec A__No par 34 Mar 30 59 Jan 2
*9714 98
*9714 98
*9714 98
*9714 98
*9714
98
*9714 98
Preferred A (7)
No par 95 May 11 984 Jan 4
*10612 107 •10612 107 *107 108
107 107 *10612 108 •10612 108
100 Preferred A (8)
No par 10512 Apr 8 110% Jan 15
*9334 953s *9334 953s 95
95
*9334 9538 *9334 9532 *9334 9538
100 Preferred 13 (7)
No par 924 Apr 27 96 Jan 4
18818 19072 190 201
20312 21334 20512 21412 20412 20934 20514 20912 1288500 General Motors Corp Nu par 11314 Mar 29 21412 Aug 4
*118 11812 11812 11812 11838 11852 11852 11852 11858 11872 11812 119
3,400 Do 7% pref
100 11312 Jan 29 120 May 28
*104
*103 105 *103 105 *103 105 *103 106 *103 106
Deb 6% pref
100 .9814 Or 13 105 June 22
6612 6612 67
67
*68
69
69
69
*67
69
*67
6812 1,000 General Petroleum
25 4912 Mar 2 7018June 29
86
86
85
8612 8512 894 8914 9212 8914 9178 8934 9134 60,700 GenRy Signal new.... No Par 6012 Mar 31
9212 Aug 4
*104
_ _ •104
*104
____ *104
____ *104
__
_
*104
Do pref
100 103 Apr 14 101 Jan 18
*4014 43
*4014 43
*4014 41
*4014 41
41
*4014 43
43
200 General Refractories_ _ _No par 36 May 27 49 Jan 4
497s 50
51
51
51
517g 51
52
52
5338 5234 5418 5,200 Gimbel Bros_
No Par 4518 Mar 3e 7872 Jan 4
*10512 107 *105 107 *104 110 *105 110 *105 110 *105 110
Do pref._
100 10338 Apr 1 11138 Jan 19
174 1712 1712 1734 1734 18
18
18
1812 1814 18
184 5,100 Glidden Co
No par
1538June 3 2534 Jan 7
5034 51
5014 5114 4934 5112 5014 52
5014 51
5112 5312 14,900 Gold Dust Corp v t o Ne par 4112:Mar 31 5678 Feb 4
49
4912
4912 49
49
5072 50
50
5034 6,000 Goodrich Co (B F)
507s 4912 50
No par 4512May 20 7034 Feb 3
*9612 97
*964 97
100
9614 9614 *9614 904 *9614 9634 *9614 9612
Do prat
100 95 June 25 100 Feb 9
105 105 4,10412 10512 *10412 105
1,200 Goodyear T & Rub pf v t 0_100 9812 Mar 30 10934 Feb b
10438 10452 104 10452 10312 104
•10634 1082 *10734 10812 10772 10772 *10734 108
10734 1073,
400 Do prior pref
4 10734 108
100 10538 Jan 22 10838June 1
*4812 50
*4834 49
49
51
5118 5114
1,400 Gotham Silk Hosiery_No par 3314 Mar 30 54342une 19
51
4934 4972 51
4878 4878 49
49
493s 4912 4972 1,500
4914 *49
4914 4914 *49
Do new
No par 4712July 12 5012July 20
*108 11212'108 111 *108 111 *108 112 *10912 112 *10912 11212
Preferred
111 June 22
100 98 Apr
*1632 17
1612 1612 17
1,200 Gould Coupler A .
17
1632 164 1614 1612 1614 1614
No par
1814 Apr 15 2112 Jan 23
23
2312 2312 2472 24
2434 2418 2434 2432 2472 2412 2478 16,700 Granny Cons M Sm & Pr_100
1618 Mar 31 2478 Aug 2
*94
95
9412 9412 94
9534 9512 9512 9412 9634 967 981
3,400 Great Western Sugar tern ctf25 89 Apr 14 10614 Feb '2
*116
116 116
200 Preferred
115 115 *114 118 *11312 117 *11312 117
100 10812 Mar 30 11814July 22
2034 21
2052 21
2112 15,700 Greene Cananea Copper._.100
22321 21
2052 2134 2172 2214 21
934 Apr 3 2212July 24
*612 7
*612 7
7
1,300 Guantanamo Sugar_ _ _ No par
*612 7
712
734 734
*612 7
518 Jan 5 1078 Feb 1
73
7334 7334 7412 7412 7538 74
73
7572 7334 74
100 62 May 15 9332 Jan 4
7334 6,200 Gulf States Steel
*52
60
*52
*52
60
60
58
60
*47
*52
58
*52
Hanna 1st pref class A _...100 45 June 18 57 Feb 26
2734 2734 274 2734 2733 2772 2738 2833 2712 281g 2712 2712 3,500 Hartman Corporation_ ..No par 2534June 21 35 Jan 6
*3212 3314 *3212 3314 3314 3378 3334 3512 3372 3373 3372 337s 2,500 Hayes Wheel
No par :30'4 July 1 46 Jan 14
77
77
77
*7512 7512
*76
500 Heime (0 W)
7734 7712 7734 *7512 77
25 68 Mar 29 80 July 12
76
*2812 29
3132 31
29
29
29
3112 1,900 Hoe (R) & Co tern etfs_No par
3014 31
*2812 29
1712Mav 27 35 Jan 6
*5414 55
*5414 55
5412 541z 5412 5412 55
*5414 55
55
700 Flomestake Mining
100 4712 Jan 4 62 Feb 23
*4314 44
4314 4312 4312
*4314 44
434 4314 4312 4312 *43
500 Househ Prod,Inetem ctiNo par 40 Mar 3 4838 Jan 8
*5812 59
5872 6034 59
603g 5978 5978 6014 6034 1,800 Houaton 011 of Tex tern ctfs100 5014 Mar 31 71 Jan 5
6034 60
3734 3734 3734 383s 38
3878 384 3814 3818 3812 38
38
5,900 Howe Sound
No par 27 Jan 8 3918July 21
693s 7212 73
7514 694 7234 6752 70
7514 70
684 7212 586,100 Hudson Motor Car__ No par 491
/
4June 25 12314 Jan 4
2458 2512 2473 2538 65,400 Hupp Motor Car Corp_._ _ 10 17 Mar 2 2832 Jan 4
2352 24
24
2412 24
2614 251* 26
2412 2534 2572 267s 2534 2714 2514 2638 2514 2634 2614 2712 101,700 Independent Oil& Grut_No par
19/
1
4 Mar 30 34 Jan 2
•1912 2012 *1934 2012 *1952 2012 *1912 2012 1912 1912 *1912 2012
100 Indian Motocycle
No par 18 Jan 6 2414 Feb
10
1012 1058 105* 1012 2,600 Indian Refining
1012 104 107s 107s 1034 1112 10
1334 Feb I
10
9 Mar 31
1034 1034 1012 1052 9,000 Certificates
952 958 *933 934
972 1112 1012 11
10
8 Apr 13 1212 Feb 1
*91
*91
93
*91
*91
95
93
94
*91
*91
95
95
Preferred
100 CO May 14 104 Jan
9234 9234 59214 9214
*9112 93
*92
93
93
9278 9278 *92
300 Ingersoll Rand new____No par 8014 Mar 31 104 Jan
42
42
*41
42
42
41
4134 42
4214 4134 :
41
4 12 2,700 Inland Steel
No par 3412May 11 4312 Jan
*11112 11212 *11112 11212 *11112 11212 11212 11212 *11212 113 *11112 113
100 Do pref
100 10834 Mar 16 115 Feb
2512 2512 25
25
25
25141 2512 2532 2512 2578 2538 2578 4,200 Inspiration ('one Copper
20 2034 Mar 30 2672 Feb 1
1612 1658 1634 1734 17
17341 1714 1772 1634 1714 1672 174 6,600 Intercont'l Rubber__ No par
1312May 10 2134 Feb 1
*1312 14
1314 1314 *13
14
*1312 14
1312 *13
1312 1334
400 Internat Agricul
1314July 27 2614 Jan 2'
No par
82
843
4
*80
8434 83
82
8434 8434
*80
8112 82
83
500 Prior preferred
100 SO July 19 95 Jan 2
48
49
48
4852 *48
4812 *48
4812 4858 4832 48
4812 1,500 Int Business Machlnea_No par (13818 Mar 30 5012July 1
54
5352 54341 531s 5378 5352 54
54
54% 54
54
563g
720 International Cement_ No par 5012May 17 711
/
4 Jan 2
10412 10412 *10412 106 *10412 106 *10412 106
*104 106 *10414 106
100 Preferred
100 102 Mar 17 106 Jan 2
5314 5578 5314 5534 5532 5678 564 5714 171,800 Inter Comb Eng Corp_ _No par 3312 afar 30 6412 Jan
5234 5414 3312 54
12714 12812 12852 12938 12812 130 I 12814 1302 12912 13072 131 13552 55,300 International Harvester_ _ _100 11214 Mar 29 1351
/
4 Aug
*12312 12412 *124 12434 124 12434 •12438 12614 •12412 12614 126 126
600
Do pref
100 118 Jan 5 126 Aug
7
7
*672 7
7
*67s 7
7
612 612
634 634 1,400 Int Mercantile Marine_ _._100
61s July15 1238 Feb 1
31
31
30
3052
3014
3134
3012 3034 30
3034 3034
30
4,300
Do )ref
100 27 Mar 30 4638 Feb I
63181 6314 634 6214 6312 6212 6258 2,000 International Match pref__35 53/
6332 6312 6312 6352 63
1
4 Mar 3 6632 Feb 2
38
3858 3752 3872' 3714 3772 37
3712 38
3712 3714 38
16,200 International Nickel (The)_25 3238 Mar 30 4814 Jan
*101
*101
__
*102
*103
*102
Do pref
100 1011
/
4 Jan 29 10414 Apr 2
51 1 251 5338 5214 -55
51
51
51
51
51
5414 5532 12,600 International Paper
100 4418 Apr 15 63% Jan
*9312 9412 9372 9378 *9334 9412 9412 9532
9372 94
*9334 94
900 Do prof (7)
100 89 May 7 98/
1
4 Jan 2
*16512 170 *166 170
16712 16718 *167 170 *167 170 •167 170
100 International Shoe__ __No par 135 May 6 175 Jan 11
11534 11534 115 11534 11512 11852 11814 11912 118 11814 1184 11934 28,800 Internat Telep & Teleg
100 111 Mar 3 133 Jan 25
•1912 2012 *1912 2012 1912 19'2 1878 1932 19
*20
21
19
300 Intertype Corp
No par 1812July 24
38
3714 39
3812 *37
3812 39
*38
3834 *37
3818 381s 2,300 Jewel Tea, Inc
100 25 Jan 4 39 July 13
*122 124 •122 124 *122 124 *122 124 *122 124 •122 124
Do prat
100 115% Jan 29 125 Feb 9
13
1314
13
1312
1312
13
1312 13
1212 1212 •1214
1314 1.200 Jones Bros Tea, Inc. atpd _ _100 1012June 30 1912 Feb 5
24
24
2318 2418 23
*2358 24
2512 2418 2538 *2434 25
6,300 Jordan Motor Car
No par 21 July 19 66 Feb 19
CA
12
*4
*14
12
*14
12
Kansas Gulf
12
12
24 Jan 8
*14
*14
12
10
/
1
4 Mar 4
10934 112 *10934 111 *10934 111
*10934 112 *10934 112
10934 10934
100 Kan City P&L 1st pf A _No par 10714 Mar 29 11212June 12
3938 *3714 39
*38
39
3878 38
*38
38
3734 38
39
1,100 Kayser (J) Co v t c___ _No par 3314May 20 4752 Jan 14
1334 1312 1318 1312 1312 1,100 Kelly-Springfield Tire__ _ _ _25 1214May 19 2112 Feb 6
13
1312 813
*13
1334 1278 13
60
60
*51
*51
*51
60
60
*51
*51
60
*51
Do 8% prof
56
100 51 May 20 7434 Feb 5
*6212 64
*6212 64
*6212 64
62
*6212 64
62
100 Do 6% prof
*6212 64
100 62 Aug 6 73/
1
4 Feb 5
*9512 96
97 10234 10134 10234 10212 10212 *96 102
4,700 Kelsey Wheel,Inc
*9512 96
100 86 May 12 126 Feb 4
1
4 5678 57
5814 5712 5872 5734 5832 69,500 Kennecott Copper
5612 5612 5614 5612 56/
No par 4934 Mar 30 5878 Feb 10
12
2,2 1,700 Keystone Tire & Rubb_No par
38
52
513
58
58
52
52
i2May 11
2% Jan 2
38
58
56
55
5812 *55
56
56
56
56
56
55
5734 *55
800 Kinney Co
No par 54 July 23 8218 Jan 7
5312 5312 5312 5414 5312 5414 5312 5432 5258 5314 5338 5414 17,100 Kresge(58) Co new
10 4234 Mar 30 82 Jan 29
Preferred
•11014 114 *11014 114 •11()14 114 *11014 114 *11014 114 *11014 114
100 113 Feb 18 11434 Feb26
22
22
22
2112 22
*20
22
22
2214 1.000 Kresge Dept Stores_ _ _ _No par 1513 Mar 25 3338 Jan 14
22
2214 22
84
*73
84
*73
84
*73
*75
Preferred
84
84
84
*73
100 7014 Mar 26 9314 Feb 1
*77
168
*166
168
*156
*164
168
*164 168 *164 168 *164 168
Laclede Gas L (St Louis)_ 100 148 Mar 29 17512Ju1y 10
1918May 14 2412June 14
2272 2214 2278 2214 225* 221g 2238 2218 2252 28,100 Lago 011 & Transport_No par
22
22
22
5412 55
57
No par
5712 13,400 Lambert Co
3912May 7 6078July 16
5473 5814 5734 5834 5678 5778 5614 57
*812 9
812 812 *812 9
800 Lee Rubber & lire_ _ _No par
812 812
8 July 27 14 Jan 4
812 812
812 812
3712 37
3718 3714 3712 3,800 Lehn & Fink
/
4 Jan 2
No par 3034 Mar 30 411
375g 37
38
38
3734 3814 37
2112 1,700 Life Savers
2132 *21
2112 *21
No par
1714May 4 22 June 25
2112 2138 2132 2114 2158 21
*21
8514 85
8512 854 85
1
4 Jan 25
600 Liggett dr Myers Yon new._25 7212 Mar 31 94/
86
*85
86
*85
*8412 86
8512
100 11934 Jan 18 12934May 5
Do , pref
*12212 12312 *12212 12312 *12212 12312 •1221z 12312 *12212 12312 .12212 12312
8412 85
8432 845* 84
Do -13" new
25 71 Mar 24 94 Feb 1
*8412 8434 8472 85
85
85
8412 1,800
No par 5312 Mar 31 6934 Jan 4
60
6014 61
61
60
61
1,100 Lima Loc Wks
5978 5972 597g 60
60
*59
4214 42
4212 42
425* 42
4212 4212 415 4252 42
4212 30,700 Loew's Incorporated.. No par 3414 Mar 2 4318July 29
No par
7 Jan 28 1114 Feb 10
714 714 1,500 Loft Incorporated
7/
1
4 712 *74 712
7/
1
4 712
1
4 714
7/
714 714
44
44
431 *4314 45
*4312 44
44
44
600 Long Bell Lumber A _ No par 4212July 23 5012 Feb 3
43
*4314 45
100 88 Mar 30 153 Aug 6
134 153
6,700 Loose-Wiles Biscuit
130 13034 131 13478 134 13434 *129 132 *129 132
140 140
100 12014 M ar 30 155 Aug 6
14434 155
14114 14312 *141 14312 141 142
1,500 2d preferred
140 140
/
4 Feb 3
25 3014 Aug 6 421
3034 3134 3014 314 28,200 Lorillard
33
3314 3252 3314 31
334 3332 33
/
4 Apr 5 117 Apr 23
100 1111
11412 11412 *114 115 *113 116 *113 115 *113 116
100 Do pref
*114 115
1614 1678 1612 1634 1612 17
3,600 Louisiana 011 temp ctts_No par 12 Mar 3 1978June 21
1634 17
1614 1634 1634 17
1
4 Mar 31 2612 Feb 10
2412 2412 2412 2412 2412 241z *244 2412 *2412 2434 2412 2412 1,500 Louisville 0& El A__ _No par 22/
No par 3014 Mar 30 5814 Feb 4
3814 •3714 3712 4,600 Ludlum Steel
37
36
3612 3714 3812 38
*3612 3712 36
100 130 May 15 138 Feb 9
Mackay Companies
*13434 136 *13434 136 *135 136 *13434 136 *13434 136 *13434 136
100 68 Mar 19 73/
Preferred
1
4 Feb II
74
73
*71
*7112 73
72
*71
*71
72
7212 *71
*71
No par 10312 Mar 30 159 Jan 4
12512 128
124 1267g 123 12514 12312 12434 83,600 Mack Trucks, Inc
12412 12632 12514 127
100 10934 Jan 4 113 June 10
Do 1st pref
*11112 112 *11112 113 *11112 112 *111 112 .11112 113 *11112 113
100
100 Do 2d pref
*10612 10912 *10612 10912 *107 10912 *107 10912 *107 10912 10712 10712
104 10434
900 Macy (lb HI dr Co,Ine_No par
*101 10472 10434 10434 104 10478 *10212 105 .10378 105
100
Preferred
•11738 ___- *11712 ____ *11712
1
4
*11712 __ *11712 ____ *117/
42
41
No par
4114 41
41
41
*4014 al
4134 4118 4134 _ -5;i6E1 Magma Copper
41
18
18
18
*17
*17
17
1734 *17
400 Mallinson (H RI & C9_No par
18
1718 17
17
Manua
Sugar
*57
pref
60
*57
60
*57
100
60
60
60
300
60
60
6
1
3
*57
8434 8412 85
8412 8514 844 8552 11,200 Manh Elea Supply__No par
8352 833s 8334 84
83
25
*2412 25
25
600 Manhattan Shirt
*2412 25
25s 2572 2514 2514 •24
25
25
*331g 36
*3318 36
*3338 36
Manila Electric Corp __No par
*334 35
*3312 36
*3313 36
*2212 23
2258 2314 1,700 Maracaibo Oil Expl__.No par
224 234 2314 2334 2234 23
23
23
No par
6018 112,700 Marland 011
5753 58
577s 5912 5812 5978 5812 5912 5852 5934 59
2912 *28
2912 *28
No par
200 Marlin-Rockwell
2912
2912 *2812 2912 2912 2934 *28
*28
22
2238 *2214 2232 22
*2112 22
100 Martin-Parry Corp._ _ _No par
2238 *22
2232 *22
*22
80
7978 7978 *77
80
80
80
800 Mathieson Alkali Wkstom ctf50
8214 80
8232 82
*80
1
4 424
538 18,900 May Department Stores-- _50
473 120
*120 12034 120 12078 120 12134 12134 12314 123 124/
125
*124
*124
*124
125
Preferred
125
100
125
*124
125
*124
20
3/
No par
1
4 8
237
1
4 2378 2338 2378 2334 2378 2334 2334 8
188
4 4,500 Maytag Co
2312 2378 23/
*7814 80
8212 83
83
900 McCrory Stores Class B No par
*82
81
80
80
80
2434 2532 25
25
28
*25
5:2
8 1,500 McIntyre Porcupine Mines_.8
•2532 28
2513
23 8 23
•2538 28
1
4 2378 2378 231/4
800 Metro-Goldwyn Pictures 91_27
1
4 23/
*23/
1
4 23/
*2334 24
*2334 24
12
12
12
5,800 Mexican Seaboard 011_ No par
12
123
2
1214
1212
1214
2
123
1212
123
2
1218
5
14/
1434 147
147 15
1
4 1538 10.000 Miami Copper
1438 147g
1412 147
144 15
3124 38,400 Mid-Continent Petro .VII par
/
4 31
3012 311
1
4 31
1
4 3012 3014 3072 30/
2938 29/
29
S lift-dividend. a Hz-rights.
•Bid and tutted prlcee: no Wei on thla daY,
104 Apr 17
8612 Mar 29
11512 Mar 1
34 Apr 19
15381May 19
55 June 4
56 Jan 4
2212May 24
2712 Mar 20
2034 Mar 3
4914 Mar 30
27 Mar 29
17 May 20
6212alay 12
10678:May 17
12238 Feb 2
19 Mar 3
72 Mar 30
2232 Jan 2
2214 Jan 8
8 Feb 25
11 Mar 3
2712Ju1y 22
10712 Aug 6
106 Feb 10
11834 Jan 14
4478 Feb 10
28/
1
4 Jan 5
82 Feb 1
8734July 19
3272 Jan 4
3912MaY 17
28 Feb 2
83%June 17
33 Mar 11
23 June 25
10618 Jan 2
137% Jan 2
125 June 11
2418July 17
121 Jan 11
30 Feb 15
2414 Feb 9
1334July 23
15/
1
4July 17
37 Jan 2
PER SHARE
Range for Prssious
Year 1925.
Lowest
Highasf
$ per share $ per share
10% Oct 11% July
58% Dec 6132 Dee
99 Dec 100 Dec
110 Dee 110 Dec
-(1,1;
3 Jan
102
Jan
8812 Apr
42
Jan
68 Nov
9012 July
42
Oct
47 Mar
10214 Mar
121
/
4 Mar
37 Mar
3634 Jan
92
Jan
8618 Jan
103 Apr
39 Dee
149114
115
99%
5912
80%
105%
5812
83
114%
26%
51
74%
102
114%
109
42
Dec
1872 Dec
13 Mar
91
Jan
Apr
107
/
4 Mar
111
3/
1
4 Sept
6712 Mar
4213 July
25/
1
4 Apr
30 Mar
66 May
27 Dec
43
Jan
3412 Jan
59 Apr
1612 June
1
4 Jan
33/
1414 Mar
1312 Jan
13 Mar
513 Jan
6 Sept
77 Mar
77 Nov
3834 May
10412 Apr
22% Apr
1-627
2 Dec
23 Sept
21/
1
4 Dee
11318 June
11512 Dec
194 Jan
612 Jan
9534 Nov
89 Feb
3712 Jan
4912 Nov
7734 Jan
48/
1
4 Jan
50
Jan
4718 Nov
85
Jan
3118 Nov
13912 Nov
31 Nov
4134 June
24 Aug
14% Dec
12/
1
4 Dec
110 Dee
10712 De,
50 Feb
112 Sept
32/
1
4 Jan
7l Jan
40 Apr
110 Mar
52
Jan
10212 Nov
3134 Jan
9618 Mar
114 Mar
71
.June
27 Aug
56% Dec
2414 Mar
94
Jan
48% Mar
86 July
108 Feb
8712 Apr
18 July
16% July
10212 Jan
11% Dec
35% Aug
14 may
Jan
99
18% Mar
1214 Mar
41 Mar
43 Mar
87 Aug
4812 Mar
1/
1
4 Sept
75 Mar
85 Nov
17614 Nov
8112 Sept.
107 Aug
6912 Dee
13814 Sept
121 Nov
14% Feb
52% Feb
60% Dec
48% Nov
102 Nov
Oct
76
99/
1
4 Oct
199% July
144 Aug
2932 Oct
2632 Dee
115% Dee
gr. Feb
65 Nov
112 June
10938 Sept
4212 Dee
2132 July
74 July
72 July
124 Dee
5914 Nov
312 July
Oat
100
Nov
Dec
Nov
Dee
Oot
Nov
Jan
Dec
Nov
Dee
Oct
Nov
Nov
Oct
Dec
Dec
-211-3 Nov
001
11014 KI-a-r 116
2812 Dee 45% Jan
Jan 97% June
88
11014 Jan 178 Mar
11% Feb
37% Dec
57 -1171-a;
1612 Jan
55% Mar
60 June
22 Feb
6
Jan
% Mar
77 Feb
104 Feb
3014 Jan
1081
/
4 Feb
13/
1
4 OUR
23 Dec
3134 Feb
114 Mar
66 Mar
117 Jan
104
Jan
99 Jan
6912 Jan
114% Jan
34 Mar
211
/
4 Dec
79 July
32 Mar
2014 Mar
2812 Mar
2032 Sept
32/
1
4 Mar
1032 Mar
19 Dec
51
Jan
101 Mar
11612 Mar
21/
1
4 Nov
79 Mar
16
Jan
18 Jan
9 Dec
8 May
25% Aug
- -- 19
Oot
4412 Oot
92 Dee
124 Dec
89/
1
4 Dee
74% Jan
4434 Nov
9/
1
4 Apr
43 Sept
143/
1
4 Dec
148 Dee
39% Sept
118 Aug
2334 Feb
2832 July
80 Dec
141 Sept
78% Feb
242 Nov
113 Aug
10653 Aug
112
Oct
118 Aug
48 Nov
37% Jan
82% June
59 Mar
34% Nov
49% Apr
3512 Jan
8012 Dec
32% Oct
374 Jan
107/
1
4 Dee
13912 Dee
124 June
2632 Oct
139% Oot
2254 Oot
2412 Nov
2212 Jan
24% Jan
38 Nov
691
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,
July 31.
Monday,
Aug. 2.
Tuesday,
Aug. 3.
Wednesday. Thursday,
Aug. 5.
Aug. 4.
Friday.
Aug. 6.
•
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On baste of 100-shore lots
Lowest
Higbee
S per share
Per share
$ per share $ per share g per share a per share $ per share 5 per share Week. Indus. & Miscall. (Con.) Par
499 100
100 Mid-Cont. Petrol. Pref ___ _100 90 Mar 30 100 May 19
499 100
*99 100
*99 100
9952 998 499 100
13
114 114
213 Jan 8
114 Jan 2
114
138 18
114 114
114 114
114 132 4,700 Middle States Oil Corp___.10
*/
1
4 1
/
1
4
*/
1
4 1
:
7
4/
1
4 1
1
118 Jan 8
72 Jan 7
10
1
200 Certificates
478
1
115 11634 118 123
11313 113/
1
4 *110 115 *113 115
11313 115
3,200 Midland Steel Prod pref.._100 107 Mar 30 13212 Feb 23
30 May 17 4434 Feb 25
37
37
3634 435
4364 37
36% 3534 367
1,300 Miller Rubber cas___ _No par
368 37
7913 8113 7958 8012 7912 8038 798 8112 7912 80
IOU 6932 Mar 26 8312 Jan 14
7913 8118 6,400 Montana Power
7138 7152 7114 7234 7112 7314 7178 7553 7334 76
7413 76 166,500 Montg Ward & Co III corn_ _10 56 May 19 82 Jan 2
1912May 18 3738 Feb 10
2432 24
2334 2414 24
238 2372 23% 24
25/
1
4 24
No Par
2412 10,000 Moon Motors
74 Feb 8
5%July 12
6
612 612
6
612
6
618
614 614
614
614 614 3,200 Mother Lode Coalition_No par
41918 1914 19
1912 19
p
par
o, 19 Jan 26 2312June 3
194 *19
*19
1912 *19
19
N o
300 Motion Picture
1912
42
42
42
3334May 19 5332 Feb 10
41
4214 4114 4214 4034 414 41
No
41
4134 5,200 Motor Meter A
*2314 2312 234 2313 234 2312 2313 247: 24
No par 22 May 18 3372 Feb 15
24
2414 2414 5,000 Motor Wheel
413
154 *13
1512 13
*1114 1512 *1113 15
13
412
100 Mullin- Body Corp_ -NO Par 11 July 7 1954 Feb 1
15
*3612 3812 *3612 3812 *3612 3812 43612 3714 *3612 3812 *3612
par 348 Apr 6 388* July 6
unalelgw
ear
Co
NI
3813
8
813
8
84
734 8
3 May 8 1572 Feb 214
No
No par
712 812
752 734
734 812 14,900 Murray Body
58/
1
4 6012 604 6134 6014 6172 5918 6078 5814 5972 58
No par 52 Mar 24 66 Feb 23
5934 112,90 Naab Motors Co .
818 84
13 1272 Jan 11
734 77
712Ju1y
734 734
8
8
National
Acme
stamped__
_100
8
8
1,000
*7% 8
49252 9334 9234 9334 9258 9334 9258 9353 9212 93
25 74 Jan 8 9812June 25
ti0
onavireitiscult
302
1
4 11,00
600 Nap
19
5/
4129 130 *129 130 4129 130 *129 130
12912 12913 *1294
9
100 126 Jan 27 13113 Apr 28
433
4312 438
4212 4313 421
4312 4334 43
: 4272 4212 4278 10,100 Nat Cash Register A WINO par 38 May 22 54 Jan 5
425
27
25
2414 2414 42414 25
25
42418 2534 *24
2612
200 National Cloak & Bolt..,_.100 2012May 21 57 Jan 2
*73
75
*7314 75
*73
75
*73 2 75
*7313 75
100 7212June 7 9212 Jan 8
4734 75
Do prof
*6712 6812 6853 6852 68
6852 6812 6958 693 7034 6912 7014 11,900 Nat Dairy Prod tern ctfalvo par 53 Apr 14 80 Jan 2
42572 2612 *2572 2613 *2512 264 *2534 2612 257 257 *253426
100 Nat Department Stores No par 2514May 25 4212 Jan 7
*91
92
*91
92
491
92
100 90 Jan 14 97 Jan 19
91
*91
9172 91
*90
100 Do 1s1 prof
92
16
1612 1634 1634 1714 171
/
4 1838 1953 1912 2238 2153 24
13,900 Nat Distill Prod ctfs___No par 1212May 18 34 Jan 4
3834 3834 374 397
4013 4214 437 437
4512 4712 49
52% 3,100 .to pre te.e et% _ _ _ _No par 3712 Aug 2 7312 Jan 4
*2112 2312 23
*22
23
23
421
422
23
22
2212 2212
600 Nat Enam & Stamp1ng_ .100 2114July 14 4012 Jan 2
475
83
475
83
475
83
*75
83
100 76 July 13 8914 Jan 4
475
83
475
83
Do prof
4157 159
160 161
160 160
160 161 "158/
1
4 160 *15
100 138 Apr 15 1743* Jan 5
193
634 11
593
734
800 National Lead
/
4 411612 11734 *11634 11734 411634 11734
1511612 11714 *11612 1171
100 116 Jan 16 120 May 20
Do prof
/
1
4
2214 23
2234 2314 2238 23
1634 Mar 2 3833 Jan 21
22
312
3 6
2253 2338 2213 234 6
23
2% 27,600 National Pr & Lt ctfs. _ No par
64
11513 6434 66
65
6538 6518 66
_50 554 Jan 4 65 Aug 2
x6413 6412
9,000 National SUMS,
4130 145 4135 139 4135 138
145 145 *140 146
119 May 15 238 Jan 4
146 15512
600 National Tea Co
1312 1352 1312 1312 1334 1372 1334 14
"
5
2 1158June 1 1432July 14
1378 14
137 1412 6,800 Nevad2 Conan' Copper. 2
3812 3834 3853 4072 40
4114 40
1
4 Mar 11
par 3612 Jan 2 44/
4058 4012 4283 4214 4234 26,200 N Y Air Brake
4473 4538 4434 4532 454 4618 454 4012 4514 48
32 Apr 12 8414 Jan 20
'5o
4812 50
,1 V (Ampere temp ett. N
38,900 :
8313 84
*83
84
84
No par 83 June 16 85 Apr 29
482
84/
1
4 *83
8312 8313 84
900 Do pref
432
432
432
35
36
432
*32
35
35
3212 Mar 30 457 Feb 6
35
*32
New York Dock
35
no 72 470 75 *70 72
470
72
*70
72
470
72
100 69 May 13 74 Feb 5
Do prof
2818 284 428
284 2812 284 428
2818 428
2818 428
2812
200 Niagara Falls Power pf new _25 2752 Mar 31 2853 Jan 22
5413 5634 5513 5612 5513 56
54
5653 564 57
10 42 Mar 30 67 Jan 14
5512 5534 100,600 North American Co
45012 51
51
5013 5072 *504 5113 450
51
51
51
51
400 Do prof50 49 Jan 2 511:June 23
*9513 9534 4954 9534 957 958 954 96
9513 9553 9512 951
1,500 No Amer Edison pref __No par 9112 Mar 31 %%June 29
7a. July 6 1512 Jan 14
*734 8
*734 8
8
8
"8
814
*734 8
100 Norwalk Tire & Rubber___ -10
*7% 8
415/
1
4 1513 1678 17
17
415
415
18
17 • 17
15
1,400 Nunnally Co (The)---No par 1338 Mar 1 174 Jan 7
161
3412 35
3434 35
34
35
25 30 July 2 36 Feb 5
34
34
*3413 35
34% 347
3,800 OD Well Supply
154 1532 1518 1534 1532 151
15
1512 147* 15
1418 Mar 30 2214 Feb 23
No par
1513 171 13,100 Omnibus Corp
384 3818 384 381s 3833 394 40
4384 42
43812 42
/
4 Feb 2 4512June 29
NO par 311
40
1,200 Onyx Hosiery
__ *10212 1031s 410218 10312 41024 1031
*100 10218 4100 -- -- 41021
100 95 Apr 17 10112July 6
Preferred
454/
1
4 5552 4554 5434 *5513
8.
-56/
1
4 56
56
400 Oppenheim Collins & CoNo par 47 Jan 12 6012 Mar 11
56
561
294 29'3 2913 2934 42913 293
42932 2912 297 30
183
:r
34 1,100 Orpheum Circuit, Inc__ .._ 1 2712 Mar 25 3114June 29
jno 101 Jan 13 105 Apr 21
4103 104 4103 104 4103 104 4103 104
103 103 4103 107
100
12114 12114 12212 123
12012 1224 12212 123 412113 123
50 106 May 20 12934 Feb 5
122 122
3,400 Otis Elevator
410534 11134 410813 11134 *10812 11134 *10812 11134 410813 1113 *10812 11134
100 10234 Jan 13 10812June 18
Preferred
97 10
10
1013
*97 1012 410
1014 cos 10
812May 10 1412 Jan 19
*912 10
No par
2,000 Otis Steel
495 101
495
*9514 100
495
99
*95 101
100 85 May 17 111772 Feb 17
993 *954 9934
Do prof
74
74
74/
1
4 74
734 74
74
74
73
25 5334 Mar 29 7514July 19
731
7312 74
2,900 Owens Bottle
447
448
49
4812 4712 4814 *48
4812 447
No par 44 May 19 52 Apr 6
49
448
300 Outlet .743
49
49913 102 4100 102 4100 104 *100 104 4100 104
*9913 104
100 9713 Apr 1 10114 Jan 16
Preferred
130 13014 12912 12934 *12812 12912 4129 1291 12912 129%
4127 130
700 Pacific Gas & Electric.. 100 118 Mar 31 13214 Jan 29
132 153
I% 113
11
/
4 153 *114 153
No par n1 May 13 8312 Feb 13
183
138
I% 1% 6.000 Pacific 011
41/
1
4 42/
1
4 4218 4213 4218 4252 424 4253 4053 421
10 3134 Mar 31 4514July 7
4113 41% 20,500 Packard Motor Car
16
1613 151: 1653 1572 174 161
16
16
/
4 17
164 1632 11,200 Paige Del Motor Car_ _No par 1332May 14 2812 Jan 4
69% 688 69
5612 Mar 31 7612 Jan 2
468
46914 6912 6912 694 69
70 '68
2,300 Pan-Amer Petr & Trans__ _ _5
69
7032' 6813 6914 6812 6872 6814 6912 61,600 Do Class B
6732 671
50 5672 Mar 31 7832 Jan 4
6753 698 69
gg
3813
*3712
38
38
38
3872 3878
38
3813 38
3834 1,700Pan-Am Weal Petrol B.No par 34 Mar 1 46 Jan 2
412 Jan 21
32 June 17
2214 2012 21
2034 21
2114 2134 21
1934 2034 188 2153 9,500 Panhandle Prod & Ref _No smt
51 Jan 19 993sJune 16
86
8114 8112 481
481
86
481
90
100
8014 811
/
4 480
prue
It& ,r
Do
4
700
00 t*ar
90
/
4 2312 42113 2213 2112 221
2212 2314 *211
421
2113 2112 22
1
4 Jan 4
lord tern ctIs_iVo par 1934 Apr 13 28/
813 Feb 5
714 7/
572May 14
1
4 *7
7
7
46% 7
714
7
7
7
1,100 Park Utah C M------------1
7
5372 5812 571
54
*50
5472 5538 5538 53
No par 4512May 17 83 Jan 7
/
4 5934 5734 591 230,200 Pathe Exchange A
*1972 20
1973 20
20
2014 20
420
No par 1672 Jan 28 23 June 16
198 1973 1913 191
1,500 Penick & Ford
712 7/
1
4 4713 8
*7/
1
4 g
7/
7 Aug 6 17 Feb 8
1
4 714 *7
50
712
7
400 Penn Coal & Cote
7
11
/
4 114
214 Jan 4
118July 14
112
114
14
112 114
114 114
14
112
11
4,900 Penn-Seaboard St'l vto No par
1
4 4124 12413 12312 12453 4,500 People's G L & C (Chic)-100 117 Jan 4 130 Feb 11
122 12413 12334 12458 124 12434 12334 124/
1
4 7314 *70
73
714 7214 73/
71
470
470
73
470
700 Philadelphia Co (Pittsb) _50 5912 Mar 2 7653 knr 8
73
50 4714 Jan 4 5114July 7
5012 *513
5013 *513
5013 450
501
*50
5012 5014 5014 *50
100 6% preferred
384 3734 3914 3878 4032 3812 391 16,200 Phil& & Read C & I___No par 3614 Apr 14 4818 Fen 13
3852 3853 384 3814 38
*37
3914 *3752 4013 438
437
40
41
43713 40
Certificates of int_ __No par 3634June 14 4612 Jan 11
438
40
52
448
448
*47
52
*47
52
447
52
Phillipo-Jones Corp.__ _No par 60 Mar 30 5534 fan 29
52
448
52
22
21/
1
4 2134 2113 2134 1,000 Phillip Morris & Co., LtA__ _10 16 Apr 3 2438July 13
22
2214 22
22
22
422
23
47% 4734 4753 4888 4734 4833 4758 4813 4752 4853 48
No par 40 Mar 30 4912June 22
4812 65,500 Phillips Petroleum
440
440
42
42
5 31 Mar 30 4472 Jan 9
41
4212 *40
*37
41
42
500 Phoenix Hosiery
*40
42
498 100
991
/
4 994 498 100
498 100
100 94 Mar 25 9912 Jan 21
498 100
100 Preferred
498 100
19 May 15 434 Jan 9
3252 3072 3353 2913 3173 3012 32 116,200 Pierce-Arrow Mot Car No par
2834 294 2832 29% 29
100 7612 Apr 15 120 Aug 6
11234 11234 11214 11312 11312 1134 11314 11414 11313 11412 115 120
7,600 Do oral
5
174 Jan 30
%July 21
52
25
58
1/41
14
ss
58
34
34
/
1
41
52 1,700 Merce Oil Corporation
41213 15
*1212 15
*1213 15
41213 15
41213 14
100 14 July 23 2712 Jan 30
Do prof
41213 15
3/
1
4 312
314 3/
1
4
3
/
1
4
31
312
3/
1
4 353
3/
1
4 3/
1
4
7 Jan 30
.1une
29
tern
Plerce
Petrol'm
otfaNO
Par
31
/
4 313 5,000
34
432
4324 33% 33
432
35
432
35
432
35
100 29 June 9 4212 Jan 5
100 Pittsburgh Coal of Pa
33
73
73
472/
1
4 75
473
4728 76
*73
76
100 70 June 21 85 Jan 5
76
300 Do prof
473
76
497 100
*97 100
497 100
497 100
497 100
100 94 Mar 29 98 Feb 1
Pittsburgh Steel prof
497 100
4112 4113 4012 41
441/
1
4 42
441
42
440
100 3978May 20 6372 Jan 9
42
441
300 Pitts Term Coal
42
482
482
86
86
482
86
482
86
482
83 Mar 26 9214 Feb 5
100
Preferred
86
482
86
10112 1021 10118 10414 10214 10734 10313 10718 10234 104% 1034 1063s 106,100 Post'm Cer Co Inc new_NO par 7512 Mar 30 1247s Feb 3
3614 3614 3678 3712 38
436
37
38
100 3412May 19 414 Mar 19
436
37
600 Pressed Steel Car new
436
3712
8414 8414 84
483
85
483
85
483
85
100 82 Mar 4 9514 Jan 7
84 4._ __ 8372
200 Do prof
41112 1134 1114 1113 1113 11'2 2,200 Producers & Refiners Corp.50 11 Mar 29 1712 Jan 2
4.1118 11% 114 1112 1172 12
43115 321 *3112 321 43112 321 431% 821 4314 3212 "314 3212
50 3034May 11 3614May 27
Preferred
91
933
9053 911
9112 9384 9253 937
39,600 PuhServCorp of NJ newNo nor 72 Mar 2 9378 Aug 2
904 9173 9I12 92
49934 1001 49934 1001 49934 1001
/
4 *9934 1001 *99% 10118 *9934 1004
9612 Apr 7 10014 Jan 25
100
Do 6% prat
41108 1083 4108 10812 4108 10812 108 108
100 10314 Jan 12 10952July 9
108 10814 10612 10613
400 Do 7% Prat
121 121 411934 12134 4120 1211 4120 12113 4120 1214
121 121
200 Do 8% pref._ ...__ _ 100 115 Mar 2 122 July 27
*10234 103 410234 103 *10234 103 *10214 103
10234 10234 10213 10212
200 Pub Fiery F2ec & Gas ptd_100 97 Jan 22 104 July 22
112 112 411112 114
112 112
4112 114
114 114 411138 11412
300 Pub Service Elec Pr pre!_100 106 Jan 18 114 Aug 5
178 17912 17712 17934 17714 1791 177 178
178 179
100 14'o Mar 31 18212June 22
8,200 Pullman Company
17713
17814
•3414 35
: 3413 344 35
*34
3453 *331
50 33 Apr 14 47 Feb 4
34
Punta Alegre Sugar5,400
36
3534 364
2758 2773 2738 271
2714 2753 2753 273
25 25% Apr 13 31 Jan 4
274 2772 2734 2772 10,900 Pure Oil (The)
11012 11012 *110 111 4110 111 4110 111
4110 111 4110 111
100 106 Apr 14 11234June 25
DO 8% Pref _
100
44
4633 4334 4414 4352 44% 4312 4412 66,900 Radio Corp Of Amer__.,No par 32 Mar 30 4838June 22
4133 4414 444 46
48
*4753 4853 48
*474 4858 448
*4734 48
50 4412 Mar 31 4852July 13
500 Do prof
48% 4758 48
*343 35
*3413 3612 4344 3618 43473 35
No par 3214 Apr 30 374July 1
35
100 Rand Mines. Ltd
35
*344 3612
14
1414 1432 141
1334 14
Consolidated
14
14
Copper__
10 1012 Mar 3 1478 Aug 6
Ray
1412 14/
1
4 14% 14% 17,700
434 43
Na par 4i7 July9 56 Jan 4
4312 44
43
43
44
43
44
4413 44
4513 1,900 Reid Ice Cream.
9
9
/
4 912
912 *91
*9
91.2 *9
712,fuly 24 1814 Feb 23
No par
872 8% *812 9
300 Reis(Robt)& Co
*11214 11434 1138s 11313 114 11552 11312 115
114 119/
1
4 11813 12134 26,500 Remi'ton Typewriter.. _ inn 831: Apr 20 127 Feb 3
100 106 Apr 21 112 July 19
•112 115 *112 115 "112 115 "112 115 4112 115 •112 115
Do 7% 1st prof
100 105 Apr I 11434July 2
*113 116 "113 118 *113 116 4113 116 4113 116 4113 116
Do 8% 2d prof
8/
1
434ay 20 157 Jan 4
93
No par
9/
1
4
934 104
97 104
104 1014
9/
1
4 934 4912 9% 1,800 Replogle Steel
100 44 May 19 6352 Jan 7
59
5973 60
1
4 59
58
58% 58/
6112 60
6113 61
6114 26,100 Repun.te Iron & Steel
9114
Mar 30 977 Aug 5
100
97
974 97
9712 9712 97
prof
Do
9713 9712 97
97% 97% 97% 1,200
512 Feb 24
103 Jan 5
No par
61
/
4 612
632 612
4614 68 *64 688
61
/
4 614 46/
1
4 6% 1,600 Reynolds Spring
90
Mar
30 984 Jan 5
25
(RJ)
Tob
Class
B
Reynolds
97/
1
4 95% 9634 97
1
4 96
9714 9732 97/
97% 9753 97
21,800
97
Jan 20
100
Mar
2
88
25
Co
Insurance
4
486
99
85
89
482
88
485
88
Roasts
485
89
89
"85
1
4 Aug 2 5715 Jan 9
5014 50
501
/
4 50
*5032 5052 49% 5013 50
50
3,600 Royal Dutch Co(N Y shares)- 49/
4912 50
10
3654m
ay
11
4812
Feb
10
Lead
42
42
42
415
2
41
413
4
Joseph
42
St
7
s
418
4134 411
/
4 4113 4172 3,200
No par 4212 Mar 31 5412June 22
*5012 51
5034 5014 517
50
*50
51
511
/
4 51% 51% 5272 4,300 Safety Cable
814 79% 79% 79% 79% 2,300 Savage Arms Corporat1on_100 73 Mar 31 1024 Feb 10
47834 7912 783 7834 47834 7934 79
434Juue 2 1014 Jan 4
No par
.514 612 46
612
813
6
53
6
900 Seneca Copper
6
6
6/
1
4 612
8July 28
6834 7012 6713 6913 68
6634 69
674 68
69
6812 6914 11,600 Shubert Theatre Corp_No par 52 Mar 4 705
4212
Mar 30 1381: Jan 23
par
_No
Stores__
Retail
3
Schulte
46%
47
46
47
4
47
10,100
463
463
464
4 47
46
4713 4912
100 11212 Jan 6 119 June 4
Do prof
____ 4117 11712 4117 11713 4117 11714 •117 11714
*117 11712 4117
No pas 1212 Mar 8 1414 Mar 12
1353 1378 •1313 1373 13% 1352
1334 137
13% 1332 *133 135
700 Seagrave Corp
8 Ex-dividend. a e x.rigbts
•Bid and asked prim; 50 Isles 00 Ulla (tar
t
PER RH el.A
Ranee for FrevIe.
Year 1923.
Loser,
atekop
tot shar, 5 per $a
8314 Apr 9414 Oct
June
113
314
52 Feb
A 2
96
Jan 147 Aug
-64 - -Apr 19/
1
4 -AUX
/
4 Nov
41 Mar 841
2234 Mar 42 Deo
‘,12 Jan
8 344*
1932 Dec 2012 ue
40 Nov
4472 Get
18 Apr 35 June
13 Aug 2112 Fed:
3012 Apr 39 Dee
5/
1
4 Dec 4212 Ma‘
1934 Jan 488
Oct
41
/
4 Mar
1252 Der
85 Apr 79
Der
12312 Mar 1284 Me,
-491-2 Dec
873* Dec
42 Jan
3812 Jan
96 Apr
2952 Dec
5212 Jan
25 Apr
75 June
1384 Apr
11412 Sept
5453
201
1114
314
3114
847. -Oce
104
Jan
8172 Nur
46 Ma,
102
tan
4314 Oct
81
Oct
4133 be,
89/
1
4 Jap
17484 Nov
119 Sera
Dec 71
Dec 250
Apr 1612
Oct 5612
Mar 8113
18 Mar
5212 Jan
2752 Oct
4112 Jan
4658 Jan
9412 Dec
124 Sept
8
Jan
8310 Dee
Jan
Dee
Jan
Jan
Dee
-4114 NOV
76 Dee
29
Jan
75
Oct
5012 Sept
9612 Dee
1814 Aug
184 Nov
38 Nov
•7552 Jan
-01 .
1-1
7814 Mar 97 Nov
4112 Sept 63 Der
3274 July
253.1 Jan
98
Jan 107 Sept
8793 Feb 14012 Aug
101 Feb 112 July
8 Mar 1514 A1111
5014 Mar 9712 Aug
4234 Mar 6932 No•
49/
1
4 Nov 57 Nol
98 Nov 1007
, Dee
10213 Jan 13712 Nol
5152 Aug 7812 Dee
Jan 4812 Noy
15
1753 May 32 001
594 Sept83% Mat
6012 Aug844 Mar
37/
1
4 Oct 498g Der
r24
914 ao
37
Oct6013 Dec
so Sap
611.2
70 Nov90/
1
4 Oct
17 Dec 28
Apr
1254 Apr 26/
1
4 Jac
1 Aug3 Jar
112
Jan 123
Oat
514 Mar 6714 Dec
6512 Jan 49 July
3753 May 5212 Jan
38 July 5013 Jan
51 Nov 9014 JaL
1234 Mar 25538095
3614 Mar 4712 Jun.
Apr 4214 July
18
84 Apr Ira Dee
1074 Mar 4714 Get
43 Mar 100 Nov
114 Nov
812 Feb
2014 Dec 40 Feb
VI Dec
814 Feb
3714 May 5412 Jan
Jan
80 May 99
94 Mar 1024 Jan
all
, 3111)
Apr 631
79 July 8814 Nov
64% Nov 121 Des
761k July 921k Jar,
1212 Aug 3253 Feb
27 Sept47/
1
4 Feb
62% Mar 8774 Aug
_
99 Jan
Oet
10852 Apr 119
99
Jan 106 Nov
9212 May 1004 Dee
129 Mar 17312 Sept
33 July 4714 Jan
2512 Aug3315 Feb
10212 Jan 1084 Sept
3914 Nov777s J.5
CS Dec 54 Feb
3344 Nov3912 Atli
11% Apr 1711 Feb
43 Oct6014 Dee
10 May 2814 Jul'
4634 Jan 11714 Dec
Jan 10912 Oct
100
103 Sept11312 Apr
1215 June 2314 Jan
42/
1
4 Apr 64% Jan
95
Jan
8414 J uly
8 July
18
Jan
7214 Mar 95/
1
4 Noy
85 June 51713 Feb
4814 Mar 5715 Jan
361 July 5212 May
48 Dec 5012 Dee
4812 July 10822 Mar
9 Nov11 Nov
5112 Dec 5512 Dee
10114 Sept 13474 Dee
110
Jan 118 Aug
1314 Nov
1615 JUDO
niii" No,
692
New York Stock Record -continued-Page 6
For sales during the week of stocks usually inactive, see sixth page preceding.
Or HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, 1Monday,
July 31.
Aug. 2.
Tuesday,
Aug. 3.
Wednesday, Thursday,
Aug. 4.
Aug. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On Oasis Of 100-share lots
PER MIMI
Range for Previous
Year 1915.
Friday,
Aug. 6.
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share $ oer share $ Per share $ per share Shares Indus. tic Miscall.(Con.) Par $47
44m
sr29
e 157
7 4 Auz
per share $ yor Mare
sArtrel
54% 5412 5412 5538 5538 5612 504
5714 5612 57
5612 5678 36,400 Sears.Roabuck&ConeW NO Par
•64
65
6334 6334 6312 648 62
6312 *62
65
*62
800 Shattuck (F G)
6412
40l Mar -11- -LW/
No par 47 Mar 30 9938 Jan 4
*4078 417 •407 4178 *40h 407 *4058 417
Shell Tramiport & Trading_a2 4012July 26 4858 Jan 4
4178 *4038 417
*405*
49 Dec
3912 Sept
2814 2838 2818 2888 2814 28,2 2838 2812 2814 2812 28
2812 50,900 Shell Union 011
No par 24 Mar 3 2878July 8
2158 Aug 284 Dec
*106 10712 1071
/
4 10714 *10312 107 *10312 10634 10312 10634 *10312 10612
100 Do pref
100 103 Mar 3 114" July 2
9913 Jan 10614 Nov
1714 1734 1752 1814 18
1814 1712 18
1812 18
6,100 Simms Petroleum
1712 18
10 1612July 21 284 Jan 2
174 Sept 2634 Jan
34
3434 34
3434 34
3434 3458 345* 34
3438 9,400 Simmons Co
3458 34
No par 33 July 7 5412 Jan 4
314 Mar 544 Nov
*10714 10912 *10714 10912 *10714 108
10714 108
10714 108 *10714 108
Preferred
10912
Jan
100
29
1074
July
2
10018
Jan 1064 Dec
2031; 2012 2012 2114 2114 22
2134 2214 2178 2212 2134 221s 57,300 Sinclair Cons Oil Corp_No par
1938 Apr 13 2478 Feb 23
Jan
244 Feb
17
*9818 9834 *9612 9812 98
99
9914 99
98
995* *99,8 9914 1,400 Do pref
100 90 Mar 30 9912June 24
7834 Jan 9418 Feb
3214 3318 3234 34% 34
1
3414 347 33,800 Skelly 011 Co
3438 33
3414 333 341
25
265
8
Mar
30
3718June
Nov
28
3212
214
Mar
*13212 135 *13212 13412 13212 133
13234 13234 130 130 *12912 132
600 Sloss-Sheffleld Steel & Iron 100 103 Apr 12 14134June 30
8014 Mar 1434 Dee
*108 112 *108 111
111 11314 10934 111 I 108 115
115 11812 15,900 South Porto Rico Sugar_ _.100 92 Apr 15 14712 Feb 2
Jan 1094 Dee
62
*108 11714 *108 11714 *108 11714 108 11714 *108 11714 *108 11714
Preferred
100 112 May 4 11712 Feb 8
9934 Jan 11314 Dee
*302 32
31h 32
3158 3124 3112 31,
81 3114 3178 313 317 •2,700 Southern Calif Edison
25 3012June 14 33 July 19
5234 5278 5214 537
5312 54
5311 537
4,100 Southern Dairies cl A.No par 43 Mar 31 5512July 17
53
53
5312 53
_--3034 3134 31 18 32
3112 33
3158 321
/
4 3112 321
/
4, 3184 318 19,100 Do class B
No par 22 Mar 31 3534 Mar 11
*11
14
*111
/
4 12
*1112 14
12
12
*1112 14
*1112 14
100 Spear & Co
No par 11 June 2 174 Feb 19
-1318 Dec 14- May
•71
75
*72
75
*72
75
*72
Do pref
75 I *72
75
75 , *72
100 72 Apr 20 8212 Jan 13
7814 Dee 92 May
*2214 2212 2214 2214 2312 2514 2438 25
2312 2412 2312 2438 18,1001Spicer Mfg Co
No par
1834
Apr
19
3138
Feb
5
1512 Feb 364 Sept
*103 105 .103 105 *103 105 *103 105 *103 105 *103 105
Do pref
100 101 Jan 12 105 Mar 11
92 Apr 108 July
557 57
5452 56
5534 58,
8 5558 5614 5534 5614 56
561 38,200 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
Oct
404
Jan 61
50
56
5612 5634 5658 567
5672 5678 5612 5678 56% 57
1,500 Preferred
50 5334 Mar 30 5758 Feb 9
504 Mar 5618 NOv
71
71
72
75% 761
72
*7214 .7312 7234 76
5.800 Standard Milling
7434 75
100 6734May 19 1212 Feb 4
62 May 88 Dee
*85
89
*85
89
*85
90
*8514 90
Do pre
*85
*86
90
90
100 80 Mar 2 90 Feb 5
81
Jan 8634 Dee
5934 60
59% 6078 60
61
59% 59% 5918 60
34,900 Standard Oil of Cal new_No par 5258May 14 6278July 6
590 60
---- -44% 4438 4414 4538 4434 4512 4412 4514 4434 4514 4458 451 90.700 Standard 011 of New Jersey 25 4012
Mar 3 464 Jan 2
4712 Feb
-18.32-4
*116% 11614 1161* 11614 11618 11614 11614 11688 1161
4,300 Do pref non-votIng_ _ _ _100 116 July 6 11918May 18 11614 July 119 Feb
/
4 11612 11614 1161
534 614 *512 612 •512 6 I *5% 614 $578 6%
600 Stand Plate Glass Co__No par
5% 57
4May
21
1078 Feb lo
43
558 Aug 16
Jan
*8612 8718 *86 12 87
8612 8612 86
1,000 Sterling Products
86
86
86
861
86
No par 75 Mar 27 90 July 10
6214 Mar 82 Dee
7214 73
7312 7372, 7334 747
73
7412 7234 7312 7234 731 14,700 Stewart-Warn Sp Corp_No par 683831ay 17 9278 Jan 2
55 Mar 964 Dee
66% 678 67
6812' 68
6912 674 68
2,600 Bromberg Carburetor_No par 5978May 19 7714 Jan 4
67
67
67
67
61 Mar 89/
1
41 041*
56
5312 5628 58
5714 5734 587, 57
567 127,300 Studeb'rCorp(The) newNo par 47 May 18 613* Feb 71
55
,
8 57% 56
414 Jan 6858 Nov
120 120 *118 123 1'118 123 *118 122 *118 123 *118 123
1001 Do pref
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
2
*112 2
*11,
2
*112 2 I
Subrnarino
8 2
2
500
Boat
No par
158 lh •1,
112July 27
34 Feb 1
3
Oct 12 Mar
3012 31
*31
3112 *31
3112 3114 3112 3114 3114 31
1,000 Sun 011
31
No par 3018 Mar 30 4158 Jan 4
3818 Nov 4378 Nov
112 11
/
4
112
112
114
lh
11
11
/
4 *1h
138
4,800 Superior Oil
13
114
1 July 29
No par
414 Jan 8
2 Dec
64 Feb
2518 2518 *2512 2612 27
27
27
•26
27
27
27
27
500 Superior Steel
1912 Apr 12 27 Apr*
20 May 4138 Jan
•1358 14
1358 1358 *1312 1358 *1312 138
400 Sweets Co of America
1312 1312 *13h 13h
50
858 Apr 13 1438July TO
151/ Oct
578 Mar
12 812*812 834
812 812 *814 8,2 *814 812 1.100 Sytnington temp ctfa__No par
812 812
712May 14 1412 Jan 4
1012 Jan 2078 Sept
1714 1712 *17
1712 1712 1712 17
17
17
17
171
/
4 1714 1,300 Class A temp ctfs_ _ _ _No par 16 June 28 207e Feb 4
1934 Dec 2618 Sept
1112 1112 1112 1112 *1112 1134 *1112 1134 1134 1134 •11,
300 Telautograph Corp_ _ __No par 11 Apr 5 147s Jan 19
8 12
11 Aug 164 Nov
12
1218 12
1241 1134 12
12
12
12
1218 4,600 Tenn Copp & C
758 Apr 16 Dee
No Par lO7gMar3l 16 Feb 5
114 12
53% 5312 5314 5412 5434 5434 5312 5412 5318 54
533 5418 34,200 Texas Company (The)._ _ 25 48 Mar 30 56 June 22
4234 Jan 55 Des
164 16434 163% 16812 16814 173
17018 172/
1
4 16812 1705* 168,
60,200 Texas Gulf Sulphur
8 170
10 11912 Jan 12 173 Aug3
974 Feb 12178 Dee
1438 1412 1438 1478 1434 1472 1414 15
14,
3 151 14,500 Texas Pacific Coal & 011_ 10 1218 Mar 2 1912 Jan 7
104 Aug 235s Feb
1458 15
*858 900
875 875
905 905 .930 970 *900 950
940 945
80 Texas Pacific Land Truirt_100 510 Mar 19 1035 Slay 27 255
Apr 667 Dec
*2734 2812 *2734 28
2734 28
*27/
1
4 28
1,100 The Fair
2754 2724 2734 281
8214 Sept 894 Oat
_ No par 2718 Mar 31 34 Jan 14
45
1
4 45/
4514 *44/
1
4 *4434 45
*4434 4514 4514 451
44/
500 Thompson (J R)Co
1
4 443
25 4214May 7 48 June 16
1134 3114 *3012 32 I 3018 3012 3012 3012 *3012 311
1,200 Tide Water Oil
31
4
31
100
,a Aug 3 8914 Jan 25 -161Des
36a30
*9212 9314 *92
93
91
91
•9112 93
911
/
4 911 *911, 93
Preferred
300
99 Nov 101
100 90 Mar 31 103 Jan 26
Oet
6012 6138 61
617
6012 6218 6034 6172 6058 611
6012 6114 38.800 Timken Roller Bearing_No par 4478 Mar 3 6214July 30
3734 Mar 604 Oat
104 10412 10414 105
104 105
10414 10434 10312 10434 105 10638 16,600 Tobacco Products Corp_ _ _100 954 Apr 12 11014 Feb 23
70
Jan 10154 Nov
.112 11278 113 113
11234 11234 11214 11214 111 112
11214 11212 2,300 Do Clam A
103
Mar 3 11312July 2
934 Jan 1104 Nov
100
44 5
434 518
48 518
4
,
8 5
452 47
4,
8 4% 38,400 Transet'10iltemetfnew No par
3 Mar 4
512July 9
312 Sept
578 May
•17
*17
19
1712. *17
1712 17
17
1658 1638 •1678 1712
200 Transue & Williams SO No par 16!July 30 27 Jan 28
2412 Sept 35
Jan
*5412 55
5434 85
57% 5712 3,808 Underwood Typewriter
5434 5434 5414 55
5514 57
3818 Mar 654 Nov
25 511* Mar 30 6314 Jan 7
46
463s 48
46
46
46
4614 4612 47
511
/
4 52
8,800 Union Bag & Paper Corp. _100 34 May21 7114 Jan 5
57
36
Apr 86
Oft
3434 8434 85
8514 8514 851k 8588 86
8512 86
8518 8938 19,000 Union Carblde & Carb No par 7712 Mar 29 8938,Aug 6
5224 53
525* 54
53
5414 5332 54/
543 27,600 olon 41 I si tornla
1
4 '53% 54% 54
33
Oct 43's Fib
25 3714 Jan 20 58 July 13
94
*9312 94
.93
95
9358 9434 *94
*9312 94
Union Tank Car
9412 9412
14 Dec 134 June
100 8414 Mar 31 9472June 17
511612 11814 *11712 123 ,*11612 11814 *11612 11814 .11612 11814
*11612 1181
/
4'
Do pre/
100 11314May 22 118 July 12 11314 June 1174 May
8 34
3312 33,
34
34
3414 3312 3312 3312 3312 3318 33% 2,700 United Alloy Steel
24 May 364 Mar
No par 2512 Jan 21 354July 15
9712 974 98
9858 9712 98 I 97
1814 97
97
9812 9912 7,200 United Cigar Stores
6014 Jan 11511 Nov
25 834 Feb 4 10012June 30
*121 129 •121 129 *121 129 *121 129 •121 129 *121 129
Preferred
100 1144 Mar 4 125 June 30 115 Dec 13314 Deo
1
4 155h 1584 15634 160121 15914 161
15832 158/
15712 160
15834 15938 7,300 United Drug
100 134 Mar 30 167 Feb 4 1104 Feb 16212 Oes
5714 5714 *5718 5758 5718 5718 58
58
5714 58
58
58
700 Do 1st pref
52
Jan 1584 Nov
50 5512 Mar 5 59 July 8
113 113
113 113
113 11318 113 11312 113 113h 11312 115
3,700 United Fruit new
No par 98 Apr 15 11612July 8
.2258 24% *24
2414 *24
2412 *24
2414 23
23
23
23
200 United Paperboard
1814 Apr III; Vet)
100 22 May 4 381; Mar 2
*94
97
9512 *94
*94
97
9512 9512 957 97
300 Universal Pictures 1s1 pfd_100 90 Mar 8 9712July 8
*9512 97
9478 Dec 10312 040
24
2532 2314 2412 2314 241$ 23% 23% 2312 241
22h 25
/
4 37,000 Universal Pipe & Rad_ _Nopar 134 Mar 31
2834 Jan 5
26 Dec 504 P.O
7134 7134 723 7234 71
71
72
72
•71
7314 7112 73
600 Do pref
100 52 Mar 30 7812 Jan 5
65
July 94 Feb
2394 244
23912 24812 241 248
240 244
238 24212 240 24312 42,500 U S Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 1314 Apr 250 Fob
*106 10712'106 10712 *106 107 1 107 107 *106 107
10612 1061
/
4
200 Do pref
100 10014 Mar 8 109 July 9
91 July 113 Aug
56
55
5534, 5412 56
344 5534 55
54
55h 5418 5472 9,800 U 8 Distrib Corp tern elf No par 39 Mar 30 6112 Feb 13
304 Feb 634 Dee
4978 5058 497 5034' 50
497 497
5034 4972 4978 49
4912 4,500 US Hoff Mach Corp v t a No par 4578 Jan 2 5938 Feb 4
23
Jan 4918 Oat
57
563* 5712' 561 5712 5612 6138 6214 63% 31,200 Lt S Industrial Alcohol__ _100 4538 Mar 30 7512 Jan 13
5418 5514 55
7014 Dec 98
Oat
*10312 105 *10312 105 *10312 105 I 10472 1047 105 105 •104 106
300 Do pref .
100 9914 Apr 22 105 Aug 5 102 Dec 115 Ions
62
6238' 62
6112 62
6172 62
6238 6112 6238 61h 6214 10,100 USRealty&Improv't newno par 484 Mar 29 7178 Jan 4
5812 5914 5812 5914 5834 6034 5912 61
5712 5912 5818 6014 36,100 United States Rubber
100 5014May 19 8814 Jan 23
3311 Mar 9711 Nov
*106 10612 *106 10612 10612 10678 107 107
10614 10658 •106 107
1,400 Do let pref
100 10112 Mar 30 109 Jan 19
9234 Mar 1084 Nov
41
41
40% 407
41
411
41
*40
41
4158 40
4112 1,800 U S Smelting, Ref & Mln
50 3658 Apr 21 494 Jan 2
Feb 51 Dea
30
4912 *49
*49
491
/
4' 4912 4912 *49
541
*49
*49
50
4912
Do pref
200
50 474 Apr 9 50 Jan 4
Apr 4914 Deo
44
14752 153 I 15014 15338 14912 1511* 150 1511
14812 14812 14658 148
/
4 846,000 United States Steel Corp_ _100 117 Apr 15 15338 Aug 4 1124 Mar 13914 Nov
128
*12814
12912 128 128
130
1293s 12912
12972 130
128 12812 1,700
Do pref
100 12412 Mar 3 13018June 11 12218 May 12658 Jan
*6312 64
6312 *62
•6312 64
1
4 64
65,8 6312 6312 *63/
*62
100 U S Tobacco
No par 564 Jan 4 64 July 13
5112 Mar 5914 Nov
•112
•112
*112
____ *112 ____ *112
*112
Preferred
100 112 Mar 19 11418 Feb 26 10558 Apr 114 Sept
*103 104 *103 104 *103 104 *103 104 *103 104
104 104
100 Utah Copper
10 93 Apr 1 105 Feb 11
82 Mar 111 Nov
30
3134 3034 3112 3058 3034 2934 3032 30
3012 30
3012 10,8001 Utilitles Pow & Lt A__ _No par 2814 Mar 31 37 Feb 15
3.) Aug
38 Aug
3612 3612 23614 3634 3534 3612 3614 361
/
4 3534 3614 36
36% 2,600 Vanadium Coro
No par 29 Mar 3 3712 Apr 14
2558 May 3434 July
4534 45% 4534 48/
5112 511 52
1
4 4812 Ws 4912 5034 50
11,000 Vick Chemical_
No par 4314July 21 52 Aug 6
Virginia-Camo Chem__ _No par
48 Feb28
178 Jan 15
Sept -114July
-134 -1112
54 lila _ "2-,500
14
-117-8
14514
41
I
New..
No par 1238July 1 254 Feb 3
1778 Dec 2174 Dee
34 July 2
Do "B"
7 Aug
No par
-----158 Jan 8
478 July
45
-41.
.
37s 4678; *4512 465* 45
;44-3T8 47
45'2 441$ 45
1,600 6% pref w 1
100 4312July 6 69 Jan 4
564 Nov 6378 Dee
*9014 0012 1,700 7% pref w I
• 9034 9034 9034 90341 9012 9034 90s 9012 90
90
100 8512July 8 984 Jan 6
924 Nov 954 Dee
*43
*43
46
48
48 I *43
*43
*43
Virginia Iron Coal & Coke.100 40 May 15 50 June 10
46
46
30 June 46 Dee
14
nor
3
-1
3158 3238 32
3278 32
327* 32
32h 3258 32/
1
4 46,900 Vivaudon .V) new
-307s
26 Mar 30 3273 Misr 3
No
714 Jan 2854 Dec
10012 102%
*98 102 •100 10014 *101 10434 *100 104 •100 104
Do pref
300
100 9434 Jan 29 10314 Feb 10
2058 2058 *20
8 21
2034 2038 2012 2018 2012 2012 20,
21h 3,600 Waldorf system
No par 17 Jan 12 2138July 28 -1-41i Aug 19* Jan
1612 1612 1634 17181 1612 1612 1614 1638 •1614 1612 2,800 Walworth Co ctts
17
*16
No par 1214June 2 2314 Jan 27
2114 Dec 244 Dee
e_
10518 *95 106
*95 106
*95 106
*95 106
Ward Baking Claes A_ _No par 99 June 30 195 Jan 2 116 Apr 198 Dee
*95 106
524 3214 32
34
3234 3312 33
3314 3414 32
34
No par 2414May 18 854 Feb 1
33,2 19,200 Class B
3714 Mar 954 Oct
*9018 92
*9018 92
•90% 92
*9018 92
*9012 92
Preferred (100)
No par 90 Apr 15 11018 Jan 15
*9018 92
9412 Feb 112 Dee
18
18
1678 18
1518 17
16
17% 18
1814 184 2032 12,300 Warner Bros Pictures A__ _ 10 12 June /1 2038 Aug. 6
1714 Dec
278 Oct
*46
*46
4614 4614 4614 4614 47
4634 47
1,900 Warren Bros
46h 4634 49
No par 4378 Apr 15 504 Feb 18
43 June
012 July
60
6014 6012 5912 5912 597 597
60
60
6012 5912 60,4 1,700 Weber & Heilbr. new_r No par 53 Apr 20 8512 Jan 13
51
Apr 10013 Dee
1464 14614 145 145
144 144 •144 145
144 144
144 144
Union
Western
Telegraph
800
..100 13412 Mar 30 147,
8July 7 1161
/
4 Jan 14478 Sept
132 13314 132 1335 13334 13612 13314 135
*132 133
13378 134/
1
4 19,500 Westinghouse Air Brake... 50 10514 Mar 31 13612 Aug 4
97 Apr 144 Aug
7014 69% 70
6914 69
6912 7012 69% 7114 16.600 wostIngholtse Flee It Mfg_ 50 65 May 19 794 Feb 10
6934 71
69
Jan
6014 Mar 84
1812 18% 1812 187
18
1858 1758 19
1812 19
1818 1878 12,500 Weston Elec Instrument
1334May 10 1912July 28
914 Apr 204 Aug
•31
32
32
*31
31
32
31h 31/
31
1
4 *3114 311
*31
/
4
2001 Class A.
2714 Jan 4 324July 7
284
195
8
Dee
Mar
*9512 9612 *96% 9612 *9512 9612 9512 9512 .95
96 .
95
100 West Penn Elec ofA elf No par 884 Jan 6 97 Feb 11
96
*98 102 •100 102
*9818 101
*100
100 100 - _5_,6
16
- *97 100
06
0 Preferred
100 95127.fay 17 16012July 15
____ •11118
West Penn Power pre_ _100 108 Mar 25 112 Jan 18 1.64.- -374i ifi July
*100 III *100 112 *100 112 *111
____
*111
1
4 2638 263s 2638 268 265* 2614 2618 264
White Eagle 011
2618 2618 26 26/
No par 2518 Apr 20 2084 Feb 10
254 Aug 3114 Feb
.. ._ . 50 5118 A Pr 15 go Feb II
593s 6038 6014 6114 6114 627* 6212 64h 6112 6338 6212 635, 138,500 White Motor
574 Mar 10412 Aug
28
*27
28
*27
300 White Rock Min Sp ctf_No par 26 Mar 27 383* Feb 3
2812 2812 2812 2812 2718 2718 *27
28
334 Dec 4938 Aug
rs
34 1
1
1
*75
1
1
1
Wickwire
7*
1,000
Spencer Steel ctf __ _
1
1
34 July 22
338 Jan 6
2 Dec
54 May
3014 29
29
2978 28
2912 2818 2938 183,600 WIllye-Overland (The)...... 5 18 MaY 17 34 Jan 4
2812 2878 2878 30
94 Jan 3473 Nov
96
96
96
9512 96
96
96
96
96
Do prat
96
600
100 91 18 Jan 10 99 Feb 4
96
96
7214 Jan 12378 Dee
3
97
97
10
9% 914
912 9
*91'2 934 *9
*oh 10
700 Wilson & Co. Inc. new_ No par
6 May 20 1214July 16
_
1758 184 •18
1812 1818 184 1818 19
1,300 Do Class A
*18
20
17% 18
No p,, 14 May21 2134 July 1(3
--*55
5612 *55
56
*55
57
56
56
55
55
57
• 400 Do pref
*55
100 42 May 19 6134July 17
16714 17112 166 169
15612 168/
167 169,
4 35,000 Woolworth Co (F W)
1
4 16718 17012 16714 170
25 13514May 19 222 Jan 4 1-1214 -Jan 120 - -Oct
28
2812 28,
297
* 29
28
28
28
30
2812 2812 2,900 Worthington P & M
100 2014 Mar 30 4434 Jan 6
30
354 Aug 7938 Jan
*66
70
70
70
70 .66
*66
*66
Do pref A
*66
466
70
70
100 67t4 July 14 80 Feb 2
76 Nov 88
Jab
59
*49
59
5912 *49
*49
*49
59 2 •49
Do pref B
59
59
100 63 Mar 29 65 Feb 24
*49
58 Aug 7634 Feb
3838 3712 38
3938 38
38
38
N parpar 2412 Mar 30 395 July 16
3758 7,900 Wright Aeronautical.__Noo
3814 38
37
38
16 Mar 3258 July
53
53
*5234 5312 *53
53
33
53
53
53
500 Wrigley(Wm Jr)
5312
4512 Mar 574 Oct
*51
47 Apr 3 59114 Feb II
700 Yale & Towne
62 Sept 7014 July
13012 Mar 4 69 June 5
6734 6734 67h 6734 6712 6712 6814 6814 6834 6834 6834 6878
355* 3212 3412 324 3334 371,400 Yellow Truck & Coacit.......10
2478 2978 3034 3614 33
20
5 20 May 24 3614 Aug 3
2278 Oct 4034 Oct
2412 25
10214 10212 10258 10258 1,100 Preferred
100 9112 Apr 3 10238 Aug 6
Ost
90
Oct 100
10118 101% 10118 101% 10112 10134 *10112 105
94
9038 927
934 105,000 Youngstown Sheet & T No par 69 May 14 9412 Aug 3
92
891
/
4 907s 89% 9412 92
91
87
63 Mar tat• Nov
•Bid and asked prices; no sales on erns ay s Ex-dividend
693
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of testing bonds was changed and prices are now "and interest"—ercept for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week 1•:iided Aug. 6.
z.E
Price
Friday,
.me. 6.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Elided Aug. 6.
Price
Friday,
Aug. 6.
Week's
Range or
Last Sale
4„
Roue
Since
Jan. 1
Hiph
Ask Low
High re-s. Low
Bid
5
4212 55
50
50
70
50
045 Q J
Mexico(US)esti Ss of 1899 £1.'
341, 593,
4412 121
444 Sale 89,4
be 01 )899
ss
Aenting
4834
38
2
42
42 Sale 42
Assenting 5a large
37,2 May'25
Assenting 58 small
34
2714
27l
34
29
July'26
D
J
1954
1904
01
4s
deb
Gold
2014 3712
28% 25
287 Sale 2714
Assenting 48 of 1904
2314 Aug'25
Assenting 4s of 1904 small___ _
2912 25% Oct'25
1-5
Assenting 4s of Igo
2412
2714 103
Assenting 4s of 1010 large
313s
22
Sale
22
2618 146
26
2
small__
1910
01
0111,2
4s
Assenting
4,
100
101
433
101
,33 363
3912 5214
30
41
Tress 68 of '31 assent (large)'331-5 4314 4512 3912
4312 Sale 3712
4312 54
37'2 5312
1021431021,33 799 1011.3, 03.3s
96 10212
16
1952 J D 10158 Sale 10112 102
killeo 7s
temva
107,133108
122 1063” 0811:3 MonS
7 106% 10913
109
10914
1031,33104
65 1021131 041311 Netherlands(is (fiat prices)_ _1972 M S 1087 10913 1037
52 10314 104%
104
1011,331011,n 58 10014s 0242
30-year external 6e (flat). _1954 A 0 10378 Sale
9934 10278
10214 30
1943 F A 10112 Sale 10114
Norway 20-year extl as
1944 F A 10078 Sale 1005, 10118 46 100 10214
20-year external (03
State and City Securities. 1
102%
28
100
10112
10012
Sale
8
1005
0
101
A
1952
6s
100
external
30-year
N Y CitY-4)e Corp stock_1960 81 S 1003,s ___ 10012 June'26
9814
95
9814 138
10012 10214
1965 J D 9814 Sale 9778
196411 13 10112 102 10158 July'26
40-year s f 5%a temp..
4 yts Corporate stock
9812 10114
17
10012 102% Oslo (City) 30-year $ 168. I955 M N 101 Sale 10012 101
1956 A 0 10112 102 1023 July'26
4%s Corporate stock
10054 10134
1972 A 0 10158 102 10134 June'26
41£s Corporate stock
6 10012 103
1953 J I) 102 10212 10212 10214
1054 1055s Panama (Rep) ex(1 51-613
1971J D 10618 107 1055 Apr'26
43.s Corporate stock
10334 28 10112 105
1944 A 0 10312 Sale 103,4
10478 10638 Peru (Rep of) external 8s
4.10 Corporate stock_July 1967,J J 10614 10658 10614 June'26
97 100
33
99
9912
Sale
9912
1940 M N
8 10634
106
1965J D 10618 10658 106
4 104,
Ext1 sink fq 7145 temp
41.4s Corporate stock
68%
61
67% 16
1041,10658 Poland (Rep of) gold 68_ _ _1940 A 0 6658 6734 6618
1963 M S 106 10612 10612 10612
4%e Corporate stock
8214 91
8614
143
J
19503
99
89
g
99 July'26
1959 M N 9838
Extl sink Id
9734
4% Corporate stock
10378
98%
2
38
3
85
10
82
10
3
10314
le1
a2
10
614 8
9734 9812 Porto Alegre (City of) 8s_ _1961 J D
9813
9812
1958 MN 9812
4% Corporate stock
2 11012 11414
11334
Queensland (State) ext s f 76_1941 A 0 11334 11414 11314
9778 99
1957 M N 98%
99 July'26
4% Corporate stock
10512 21 104% 108
1947 F A 1043, 1053, 105
9714 Mar'26
1955 M N 975
9714 9714
25-year external (is
4% Corporate stock
95t2 106
362
106
1955 MN 075,
9714 Apr'26
4% Corporate stock
9714 9714 Rheinelbe Union is with war 1946 J J 10578 Sale 105
97
95
July'26
99
Without stk punch war'ts.1946 .1 J
98
1936 M N 9814
99 Mar'26
4% corporate stock
104
98%
5
5
3
9
10
1
10312
64
110412 106
1957 MN 10558
Rio Grande do Sul extl SI 813_1946 A 01 053,
10513 July'26
4%% Corporate stock
97% 104
29
103
10414 10558 Rio de Janeiro 25-yr e f 8s 1946 A 0 10234 Sale 10218
10558 June'26
1957 M N 10538
44% Corporate stock
97
10234
18
102
1947 A 01 10134 Sale 101 14
8914
8914
4
25-yr WI 8s
4 89,2
87,
34% Corporate stk_May 1954 M N 8914
107
34% Corporate stk.Nov 1954 M N
8914 -8918 8938 July'26
8814 89% Rotterdam (City) extl 66_1964 M N 10512 10534 10512 105% 10 103
89
N
51
1955
stock
89
8918
corporate
-___
88%
Apr'26
3%,
9 100% 105%
1952 M N 10412 10514 1043, 105
101% 10133 Sao Paulo (City) e 1 88
New York State Canal Im_481961 J J --------1015, Jan'26
10512 16 1024 10613
1962
____ 102 May'26
San Paulo (State) ext 8I 85_1936 J J 105 10512 105
10134 102
48
10112 106
27
542
0
0
10
9
.
105I
106
Sale
1064
J
J
rects_1950
int
8s
f
---1942
External a
1- -rj
10118 Mar'25
4e Canal
96% 9712
65
Sale
97
External water loan 7s__ _1956 M S
102 1-1-0-1;
102
1964 1 J __-__Apr'26
4%8 Canal Inapt
99
89
904
84
1942 Jr J 88 Sale 87
101% 10178 Seine (France) extl 75
10178 Mar'26
4s Highway impt
83
92
923
4
93
Sale
8713 94
N
M
811014 May'26
reglater'd195
4%8_1963 5i-S. --11014 11012 Serbs. Croats & Slovenes 85_1962
Highway Improv't
86
81
84% 21
1938154 N 81 12 8434 8412
aiia
1991 J J
Soissons (City) extl 135
7612 Feb'25
Virginia 2-3e
8 10312 10534
1939.1 D 10438 Sale 10438 105%
Sweden 20-year (is
10338 104 10318
10378 143 10113 106'3
External loan 5149
Foreign Govt. & Municipal's.
11714
11312 27 11314
J 1134 Sale 11314
40 M N
19541
Argentine (Nat Govt of) 74_1927 F A 100% Sale 100,
4 10118 29 10012 10218 Swim Confed'n 20-yr s fle_ _1
48 10234 106
9178 Switzerland Govt ext 545_ _1946!A 0 10334 Sale 1034 104
1959 • D 9014 Sale 9914
96
IS I (91 of June 1925
9912 126
17
75
7534
67
7412 743
95% 100
9912 110
Tokyo City 5s loan of 1912_ _1952M S 74
Ext1 I f 64 of Oct 1925_ __ _1959 AO 9918 Sale 99%
nn% 101 12
1
10112
10114
10112
2
101
J
41
,
6%8_194
MS
extl
_1957
(City)
A_.._
9918
1004
Sale
Trondhjem
964
Ser
100
6s
8
093
fund
64
Sinking
Si
18
90
91
91
91
Sale
I)
1945..1
195) Jo 99% Sale 9918
9534 91.34 Upper Austria (Prov) 75
Series B_ Dec_
External
8 85
99,
6 1071i 111
10912
99% Uruguay (Republic) ext 831_1946 F A 10012 Sale 10914
N 9918 Sale 9918
tO8
Extl of 69 of May 26 rcts_1960
99,2 109
9
96 !
96% 359
1960 111 N 9618 Sale 96
92
S 92 Sale 9038
External at 6s int rcts
85
92
152
Argentine Treasury 56 £_ _ _ _1945
964 9912
9812 Sale 9818
Australia 30-yr 5a__ July 15 1950 1
9812 105
Railroad
1943 J D 10258 Sale 10134 103
Austrian (Govt) a f 78
34 100 103
101% 10314
Ala Gt Sou 1st C0118 A 5e._ 1943 3 D 10312__ 10318 July'26
100% 102
10714 101 105 11114 Ala Mid 1st guar gold 513___ _1928 M N 10038 1-02 100% July'26
Belgium 25-yr ext.f 7%8 g_1945• D 10714 Sale 1061g
8634
June'26
8414 ,
8512
843
0
A
1946
8
3145
1941 FA 10614 Sale 10614
1085
CODy
SUSQ
4
20-year, f 8s
&
1053
Alb
107
33
8234 85
4-88
86 July'26
1998 A 0 8314
1949 M
95
92 Sale 9014
29-year ext 654e
88
92
Alice & West let g 48 glI
160
2
92% 96
9414
1942 M S 9414 945 9414
86
1955 • J 8514 Sale 8412
Extl a I 68
8112 8778 Alleg Val gen guar g 4s
181
11
81 Sale 1 81
81
7514 „,t2'2
July 1995Q
4 Ann Arbor let g 4s
9158 97,
93% 155
1955 • D 93% Sale 9212
Extl 30-yr 1 74_ _
89% 1e*
9314 110
1945 M N ____ 113 113
Bergen (Norway) 41 8s
Atch Top & S Fe—Gene 48_1995 A 0 93 Sale 1 9234
113
2 113 115
9114
914
5
8814
9114
0
A
8
1017
Registered
25-year sinking fund 61_1949 AG 101 Sale 101
98
101
2
4
875,
8434 8834
1950 AO 9158 Sale 9114
8514 9234
Berlin (Germany) 6554
Adjustment gold 45 _ _July 1995 Noy 86 -Si I 87
92
66
84% 89
22
88
July 1995 M N 8714 8712 8714
964 104
Stamped
Bogota (City) ext'l I f 843_ _1945 AG 10312 Sale 10234
104
13
834 834
834 Jan'26
85
M N 83
9613 102
Registered
Bolivia (Republic of) 84_ _ 1947 MN 101% Sale 10114
10134 91
4
8434 8934
8934
195511 D 8974 --- 891
86 Sale 8514
_Cony gold 4e 1909
8114 87
Bordeaux (City of) 15-yr 54_1934 MN
8612 133
8413 8974
_ 8934 July'26
1955!J D 897g
1941 ID 10412 Sale 104%
Brazil U S. external 8e
Cony 48 1905
105
116 10(112 105
8314 87%
89% 9612
1952 J o 9434 Sale 9412
Cony g 45 Issue of 1910_1960:1 13 87% ____ 873 June'26
78 (Central Ry)
95
74
4 100
984
995
July'26
East Okla Div let g 411-1928 M S 9914 9958
74.(coffee secur) E (flat)_1952 AG 10712 Sale 107
10712
5 103% 10733
86% 89%
19
88
1965:1 J 88 Sale 8734
9812 46
Rocky Mtn Div let 4s
9212 9878
Bremen (State of) extl 7e_ _1935 M N 9813 Sale 98
92
88
2
0
9
907
907
7s
Buenos Aires (City) eat'6%91955 J
Trans-Con Short L let 48_1958 J J 8912
10014 Sale 10014
9714 10114
10012 21
9474 '991k
953
4
97 . 95
Cal-Ariz 1st & ref 43-4s A.1962 M S 95
10312
10313
10312
10314
_
Apr'26
D
J
AO
1948
10114
54
Canada (Dominion of) 5a__ _1931
10318 Atl Knoxv & Nor 1st g
10114 Sale 10114
10178 17
1
9034 98'2
1929 J A 102% Sale 1021g
10-year 5%e
10238 24 10138 10338 Atl & Charl A L let A 444_19444 J 10
1 10111 1041a
7' 10
'
92
: 10
7
92
92
8 10
7374
771
1944 .7 1 9218
1952 MN 10478 Sale 10434 105
85
1st 30-year 58 Series B
40 102% 105%
_
8512
85
July'25
____
19511J I
1936 FA 9818 Sale 984
99
4%8
Atlantic City let cons 45
98
9814 32
3 -SW 9218
924
1954 J J 10214 103 103
Carlsbad (City) 8 f 85
103
10 10114 10418 Atl Coast Line let cons 48._01952.1x1 S 924 924 10512
10578 14 10518 107
1930 M N 10514 10578
Chile (Republic) extl a f 8s 1941 FA 10934 Sale 10834 10934 268 10714 10934
10-year secured 7a
0314 9333
5
9734
1964• J D 974 ---- 973
10014 102%
General unified 4)-is
External 6-year a f aa__ _1926 AO 100% 10114 101 July'26
044
5
91
9212
1942 MN 101 Sale 10078
20-year extl 713
L & N roll gold 4s____Oct 1952,M N 9118 9212 917
10134 54 100 10212
8212
76
13
8018
80
8074
8038
J
19483
1946 M N 109% Sale 10812 1091, 116' 107 1095s Atl & Danv let g 4s
25-year e f Ss
76
26
65
73
7212
7114 73
19481J
Chile Mtge Bk 6%s June 301957 ID 9612 Sale 9612
2d48
94% 9812
9634 114
83
2
7614
8138
813
8
s
813
8212
AO
o
J
48
3912
40%
1949
guar
e
Sale
1st
1951
Tad
5s
4038
Chinese (Iluktiang Ry)
41
48% Atl toe
23
100% 102
Christiania (Oslo) 30-yr s 16,1954 M S 100% Sale 10058
2
100,
99 10212 Austin & N W 1st gu g 5s__ A941 J J 10138 10312 102 July'26
99%
10012
Colombia (Republic )6%,.....1927 AG 100 Sale 100
100%
8
894 9214
9114 53
Bait & Ohio 1st g 48_ _ _July 1948 A 0 91,4 Sale 1 9014
Copenhagen 25-year a f 5%4_1944 J J 100 Sale 9934
100
31! 984 101
88% 90%
1
9014
885, 892 ' 9014
July 1948;Q J
Registered
99
1942 J J 99 Sale 99
Cordoba (ProY) Argon 74
12, 9524 9914
984
94
185
8
8
9614
963
,
965
Sale
193311
-year
cony
4!.ia
5
102
1944 MS 10012 10112 1004 10012
10
Cuba ta of 1004
11 98
8834 38%
4
883
Apr'26
S
NI
98 10114
Registered
External 5, of 1914 Ser A_1949 FA 10058
10034 10034
5
93% 98%
9812 121
9812 24
Refund & gen 5s Series A_19951 0 9812 Sale 977
External loan 410
1949 FA 9812 Sale 9:314
8834 9812
19481A 0 10234 Sale 10212 10314 135 10214 105
Sinking fund 5148
1953 J J 10158 Sale 10112 102
let g 5s
44 10034 103
10312 82 102% 10334
19294 1 10318 Sale 10278
10-year 6s
9934 10312
Czechoslovak (Repub of) 83_1951 AO 10234 Sale 10258
10334 36
111 104 109
1955J 0 10678 Sale 10638 107
Sink fund 8s SerB
1952 AG 102% Sale 102
Ref & gen 68 Ser C
9634 10234
10234 21
9118 11
9112
4
8938 0238
903
91
997,
9912
Ext'l a f 714e Ser A
1945 AO 99% Sale
P L E & W Va Sys ref 4a_19411M N
105' 957A 100
98 102
J 10978 Sale 10018 1007 143
1st 58
Div
1950!J
Southw
738 8114
18
3
80
Sale
8012
Danish Con Municip es A__1946 FA 111 Sale 111-5, 11114 231 10812 1124
80
1
_19591
CM
Div 1st ref is A
Tol &
eli
0214
Serlea 11 a 84
1946 FA 111 Sale 110,8
111
Battle Cr & Stun let gu 313_1989 J 13 6238 _ _ _ _ 7214 Feb'26
39 10812 112
9514
93
July'26
9512
9612
9514
Denmark 20-year 68
1942 II 103% 104 1035, 104
-1
let
5
4s___
g
4
_1936
Creek
gu
1043
Beech
102
33
Nov'25
4
903
____
1
94
Dominican Rep Con Adm s f 5a'58 F A 103
D
Registered
1024 July'26
10113 103
o 82
Custom Admtntstr 5.%e_ _ _1942 111
93% Ms Beech Cr Ext 1st g 314e_ _1951 A 0 773 8234 80 July'26
97 Sale 97
9714 56
_
13914 9111
Dresden (City) extl 75
1945 M N 9714 9712 9612
9714
1944 J D 8918 9038 9114 July'26
9214 97,4 Big Sandy let 45
11
7314 410i
Dutch Emit Indies eV!68
3
1947 J J 10558 Sale 1053g
78 Sale 76
2,
78
4 60 10334 10612 Bost & N Y Air Line lit 43_1955 F A
105,
40-year 6a
9314 934
1962 114
10558 Sale 10553 10534 43 103% 10612 Bruns & W 1st gu gold 4a
1938 .1 J 9312 9512 9312 Jan 26
101% 102%
30-year extl 548
1953 11 S 10312 Sale 103% 10334 42 10112 10412 Buffalo R & P gen gold 843_1937 M $ 10212 ____ 10212 July'26
8714 92
30-year extl 5124
1953 M N 10312 104 10312 10334 33 102 10418
91 14 53
1957 M N 91 Sale 903,
Consul 4%s
87% 8714
El Salvador (Rep) 84
Feb'26
1948 .1 1 107 109 107
M
8714
87%
4
N
893
Registered
10514
103
107
6
10132
100%
Finland (Rep) exti as
1945 M S 8878 Sale 8812
Burl C R & Nor 1st 533
1934 A 0 10018 ____ 10112 June'26
8484 90
8914 16
External f 78
191011 S 9814 Sale 98
99
95
9812 41
Finnish Mull Lrl 6144 A
1954 A 0 9234 Sale 9214
10513
AO
102%
104
104
10414
105
3
8914 9212 Canada Sou cons iru A 6e.....1962
9234 16
93% 954
External 5148 Series B1054 A 0 9212 Sale 924
95 Sale 943
95
2
8914 92% Canadian Nat 404s-Sept 15 1954 M
9212 14
9514 9912
French Repub 25-yr esti 34_1945 hi S 10178 Sale 10158
9434 Sale 9918 , 99% 12
5-year gold 412s__Feb 15 1930 FA
10314 627
9814 10334
20-yr external loan 71431_ _1941 J 1) 971s Sale 95
9 11434 1174
115
9734 382
9212 0934 Canadian North deb a f 7a_1940 JO 115 116 11478
External 78 of 1924
1949 J D 01% Sale 8912
118
6 117 1184
20-year a f deb 612e
1946 J J 11712 Sale 11714
86% 9214
9214 1258
9612 9814
10-yr gold 4%s__ _ _Feb 15 1935 FA
9734 Sale 9758
973 231_
9
1949 A 0 105 Sale 105
13n4 861a
German Republic cal 7s
86
1053, 460 10134 1053s Canadian Pac Ry 4% deb stock_ J J 8534 Sale 84%
9414
94
German Cent Aerie Ilk 74_ _ _1950 5I S 993 Sale 9938
94 100,4 Carb & Shaw 1st gold 4s
995g 82
1932 MS 9312 ____ 9414 July'26
8412
Graz (Municipality) 8, ------.C(4 MN 98
81%
D
9814 98
8312 8514 8312 July'26
9618 9858 Caro Cent let con g 4e
1938
0814 14
(It Brit & Irel (UK of) 5%8_1937 F A 105 Sale 105
10 101% 10374
10514 80 10312 10612 Caro Clinch & 0 1s1 3-yr 5.3_1938 ID 10138 Sale 1013, 102
1929 F A 119 Sale 1185
10-year cony 548
1st & con g 6s Ser A
108% 26 107% 109%
119
'952 Jo 10734 10812 108
20 11712 119
Greater Prague (City) 748.195211 N 1005 Sale 10012 10018 30
9278 1017s Cart & Ad 1st gu 411
90
1981 Jo 88 ___ 90
I' 81% 90
1984 M N 88 Sale 88
Greek Govt le
D 83
84
1948
887
8334 8234
20
8914 Cent Branch U F let g 48
83
22
1952 A 0 9914 Sale 98
Haiti (Republic) e I (Is
9914 29
9534 9914 Central of Ga 1st gold 58__-p1945 F' A 1054 ____ 10512 June'26 s
la
Heidelberg(Germany)ext 710450 1 J 9912 100
113 111i3
:
39'
1
9914
Conan! gold 5s
1 02
234 1_0
9618 10034
9912
3_7_8 1100%18
.
1945 MN 100
2
Hungarian Munk Loan 7481945 1 1 957 Sale 9512
MN
Registered
10133 WI%
96
844 97
Feb'26
172
Hungary (Knurl of) a f 748_1944 F A 100 Sale 100
10214 10578
100 , 52
10-year secur 6s__ _ _June 1929 ID 10238 10234 10212 10212
9312 102
3
Ind Bank of Japan 6% notes1927 F A 100 10018 997
Ref & gen 51413Ser B
9934 10074
1959 AO 10414 10434 10414
10434 12 10114 1004
100% 78
1951 J
8878 Sale 8858
864 8814
Italy (Kingd of) ext'l 7s
8818 94%
Chatt Div pur money g 48_1951 J
89% 436
8718 8812 88 May'26
100 10314
Mae & Nor Div late 55_1946
, ___ 10314 July'26
1027
1
Japanese Govt £ loan 48.... 1931 J J 897s Sale 8914
Mobile Division 6s
10138 10134
8358 904
1946 1 J 101% ____ 1013, Mar'26
8918 98
1954 F A 967 Sale 9634
7512
30-yearsf 648
68
97181 458
92% 9734 Cent New Eng let gu 4a
1961 I J 73,2 744 7334
7478 15
Oriental Development 69.1053 11 S 92 Sale 9112
9844 9958
92 I 45
85
9214 Central Ohio Reore 4%a.__1930 M S 99
_ 993, May'26
9512 Sale 9518
1947 F A
Rot
Ga
1013
543.1937
g
MN
&
roll
Leipzig (Germany) a f 7s
RR
s
983
Cent
95
8
,
96
____
101
July'26
____
10012
9534 27
Lyona (City of) 15-year 68_ _1934 M N 86 Sale 85
8612 170
Central of N J gen gold 58_ .1987 J
81 18 87
11112 1127 1115, July'26 ____ 1085, 113
Marseilles (City of) 15-yr 68_1934 14 N 86 Sale 8514
Registered
10331 11114
8113 87
8612 Dm
1987 @ J 10914 111 10918 July'26 __
30 Mar'26
1943 M N
Mexican Irrigation 4148
A
F
g
gu
_1949
ref
4s__
let
8513 9134
Cent Pac
9113 100
31
91 Sale 91
30
3412 3578 34
1943
Assenting 81 4144
5
34 ,
Mtge guar gold 3%a
119293 D 9714 ____ 9714
9638 +7/,
4
2834 40
974
1
1st
L
St
gu
0
___
A
Through
4a
1954
90
____
87
July'26
88
8712
894
1
9714 102
1960 F A 10058 Sale 10018
Guaranteed it Nt_...
10012 176
a Option ante.
$5--=.6. 0 Due July. 1 Due Aug. p Due Nov
All
IBid
U. S. Government.
First Liberty LoanJ I) 101133 Sale
3%% of 1932-1947
J D 1001,33
Cony 4% 011932-47
1 D 102,33 Sale
Cony 43j% of 1932-47
J 13,1001,33
24 cony 411% 01 1932-47
Second Liberty LoanM N 1001,34
4s of 1927-1942
M N100",, Sale
Cony 411% 011927-194'
Third Liberty Loan-M S 10141 Sale
4(.(% of 1928
Fourth Liberty LoanA 0 1021133 Sale
43(% of 1933-1938
1947-1952 A 0 107,,32 Sale
Treasury 438
1944-1954 J D 1031,33 Sale
Treasury 48
1946-19501! 5,101",, Sale
Treasury 35111
Low
High N o
Lois
High
01.141
101133 101,03 1731
111 1..21001..1
12 99.14a 011..1
10242
154 1011.33 0233.:
_ 101.43 021.n
)02',,July'26
1
993081
1001h3July'26
100,33 10003,. 523 100113, 101
694
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 6.
New York Bond Record-Continued--Page 2
i4
Price
Friday.
Aug. 6.
Week's
Range or
Last Said
1
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 6.
B
44
Poise
Friday,
Aug. 6.
Week's
Range or
Lass Sale
1 4_ 1
_4.
40
Range
Since
Jan, 1
Nigh
Bid
Ask Low
High No. Low
High'No. S Low
Iligli
Bid
Ask Low
()ay & Mich let cons 446_1931 3 J 9778 ____I 9778 June'26 ___
11712 11912 11212 Feb'25 -977s 9814
Jail; Del & Hudson 1st & ref
1
10034 10115 101
101
4s. _-1943 M N 9258 Sale 924
9258 16
903s 95
1055
8
1 10236
30-year cony 58
10415 10434 10415 10412
1935 A 0 11318 Sale 11212 11334 257 1081s 1164
I5-year 530
10212
10214
102141
3 102 10314
.10514
1937 M N 10378 10434 10312 105 1 20 1027
02
97
19-year secured 78
9515 Sale 9514
9515 38
19301 I) 107 10738 10738 10738,
1 107 110
I) RR & Edge 1st gu 48 g
9338 9378 9018 July'25 ---1938 F A 9414 ___ 95 Apr'26 __
9414 95
8 De&to
99 Sale 9834
W799 I 124
lt
i G-let
gold oi
co
sns 5 45_19313 J J 9012 Sale 8934
9012 39
853s 91
144 1 14 124 15014
141 Sale 140
95
1938 .1 J 94
89
95
2
9434
9434
13915 July'26 ---- 129 14315
Improvement gold 55
1928 1 D 99H Sale 9914
9512 100
9958 26
10018
10018 July'26 -- 10018 10214 Den & RG West gen 5s_Aug 1955 MN 72 Sale 70
72
02
72
512
Gee M & Ft D 1st gu 0-A935 1 J 43
8034 ---__I 884
83
88
8818,
8
44
49
474
44 July'26 ___
88381 10
8714
_8858
Temporary ctfs of deposit.____ 40 Sale 40
8534 8855
47
39
40 1
8
8278 8712 Des Plaines Val let 430__._1947 M N 93 8 _
8712
8578 1831
4 8715
9318 Feb'25 --__
- - ,-984 102
9914
__ 102 July'26 __-- -2
-4 71 June'26 ____
-707
&M4
711-let Hen g 4.11-1995 .3 O 71 -743
.
66
7112 C814
Gold
7034 9;1e 69
7034
8
65
1905 J D 65
65
69
85 May'26 ____
Detroit
69
69 Sale 69
1
2
64
70
River Tunnel 430 1961 M N 9634 Sale 96
9634 41
9434 9812
514 8014 Otil Missabe & Nor gen 58 _1941 J J 1044
5834 Sale 57
5834' 52
10315 Apr'26 ____ 1034 10312
5714 Sale 57
58
Dul & Iron Range lat 58
51
5714 62
_ 10118 10312
1937 A 0 1015± 1-02 10178 July'26
8512 86
8354 87
8612 July'26 _--Dul Sou Shore & All g 54_1937 J J 87
sp 001:
89
87 July'26 -___
_
_ 8415 Feb'26 ---8412 8434
i
914 9412 Rut Ry Minn Nor Div let 0.'48 A 0 9034 93
§51-5 16
93
91
9112
9115 June'26 ____
9314, 5
965
4 10014 Ear T Va & Ga Div g S&.,1930 J J 10012
9915 9978 9915
9978. 13
10015 July'26 ____ 1008. 1015±
Cons let gold 56
9915 Mar'25 _
1956 M N 106 1-07 106
106 I
5 1005s 10634
Elgin
Joliet & East Is( 5 55_1941 M N 1014 105 10412 June'26 ____ 10115 1047e
0134 9214 9134
9212 13
9058 13-1
2
91% 9238 El PAW* 8 W let Sc
9238 Mar'26 --.A.
19115 A 0 1044 10434 10414 June'26 __
10258 1044
106 Sale 1054 106 I 50 1,254 1064 Ere let consol gold 78 ext_ 1930 M S 107 10712 10584 1071 . 1;
56
4414
let eons g 46 prior
4714 Sale . 4512
4712 44
791 79'± 791
1996
:
164 1725801 312
2
Registered
14034 Sale 10438
10434 29 10438 10712
.1997 J J 78% 7834 7115 Dec'25 -------- 151 coosol gen lien g U.__ 19961 J 7112 Sale 7112
774 Sale 77
78 I 21
734 7934
72
29
4
Registered
10512 ___ 106 July'26 _
10138 10818
1996 1 J --------6814 Feb'26 __
65 6 4
Penn col; trust gold 45____1951 F A 9812 100 9815
6938 Sale 69 • 6958 182, 844 707s
9658 984
9812 126
I
84 year eons/ 46 Set A.
i953 A 0 7534 Sale 7515
7618
6714 77
Chic Ind ar Loulsv-Ref 66_1947 3 J 11314 ____ 11318 July'26 -- 11073 1134
do Series B
1953A 0 7534 Sale 75
76 I 13
8714 77
Refunding gold 56
Gee cons. 44 Series D
1947 J J 10278 ____ 10234 July'26 ----1 101 10334
1953 A 0 82 Sale 8134
8215 18
7318 85
Refunding 46 Series C
J:
1947 3 J 9038 ___ 80
Erie &Jersey lets f6s
110 Sale 10934 11018
1956 J
Jan'26 ---I 794 8°
7, 104 11012
General 55 A
1966 M N 9834 Sale 9834
Genesee River let 5 f 56_1957 3 J 10934 1101±110 July'26 ____1 10414 1104
92
9931
99 , 30
General (Ss B
May 1986 J J 106 Sale 106
89 June'26 ----. 86
19401 J 8712 91
107 I
9 10314 10834 Erie & Pitts SRI g 336613
91
Chic Ind & Sou 50-year 45_1958 3 J 8912 ____ 8938
891z Mar'26 ____
Series 0 3340
89 894
1940 J J 8712 91
8958
5, 8312 92
9814 Est RR extl 5 f 78
Chic LS & East 1st 430.-1969
D 957
8112 844
96 June'26 ----1 96
1954 M N 8318 Sale 83
84 . 308
1
0M&PUgetSd15tgu4j949J J 5412 Sale 1 5214
47
544
5412 25
Certificates of deposit
Fla Cent OZ Penn let ext 551.1930 .1 J 10012 ___ 9938 Apr'26 --- _
54 . 14
5334 56
98 100
5218
454 ,0,!
Ch M & Eit P gen g 4s Ser A-41989 J 1 8414 Sale , 8338
0814 11.12
101
Consol gold fe
101
5
1943 1 J 101
8138 '
5
8415 29
General gold 330 Be, B__e1989 3 3 7414 __ 7414 July'26 ----1 7014 7414 Florida East Coast let 434e.5959.3 D 9714 -98
974
9738 158
9538 98'2
97 10015
Gen 4He Series C___May 1989 3 J 9238 Sale , 9258
96397
let & ref 58 Series A
9987
1974 M S 99 Sale 9815
9234 12
„„
Registered
01
101.4 Fonda Johns & Glov 43,4±. - _1952 MN 62 Sale 8114
62 I
9
5838 8478
9114 Apr'26 -Gen & ref Series A 430....82014 A 0 5414 5515 5312
-4814 5
_54 Fort St U D Co let g 430._1941 J J 9215 9812 9014 Dec'25 ____,
5515 93
Certificates of deposit------ _ - 5514 Sale , 5314
_- 107 07 June'26 ____I fog
5514 542
474 ..? 1-1 Ft W & Den C let g 5366__1961 1 D 101378
Gen ref cony Set B 5sa2014 17- -A 55 Sale ' 5414
9828
Ft Worth & Rio Or 1st g 4s 1928 1 1 9658 -9818 9838 July'26 ____ • 98
55 I 50
4715 00
. 5614 Sale 5314
Certificates of deposit
47
5614 Fran,Elk & Mo Val let 86_1933 A 0 1074 109
0812 July'26 ____' 107 1084
5614 129
I
1st See 8.1
19353 J 10318 10334 10314
10358 19 102 108
1
Debenture 4366
974 1014
19323 D 5514 Sale 53
193IMN, 10058 Sale 004 10038
2
47
5511 GH&SAM&PIst5e
5514 122
Certificates of depoeit.......
10018 101
. 55 Sale 5314
2d extena 5s guarii
10034 10034 July'26
55 1 184
464 55
Debenture 4a
934
99
19253 D 55 Sale 5315
9618
9818
Gal,
9818
1
9133s
55 I 304
1j
Hone & Rend 1st 59_1
A
19
933
455s 55
1 55 Sale 53
Certificates of derieadt
go 100
5518 262, 4678 55's Ga & Ala Ry 1st cons 5s____51945 J J. 9838 9812 9832 July'26 15-year deben ure sa...-1934 J -.II 55 Sale 5315
10014
10014
Ga Caro & Nor lst gu 5s 1929 J J 100
55 I 611 4715 55
5, 100 10012
Cerrificates of deposit
7212
5514 98
7212 July'26 ____1 83
5514 Sale 5314
1946 A 0 7112
47
5514 Georgia Midland 1st 38
Oblo & Mo Itiv Div 54-1926 J J 9978
__ 9934 June'26 --96
98 Sale 96
0034 0775
1
9978 Or R& text lst gu 4368-- -1941
Chic& N'weet Ext4s-__1886-1926 F A 9978 100
11013
115
AO
115
9978 July'26 ____
11534
11318
Sale
Grand
Trunk
13
of
9936 99711
Can deb 76.1940
Registered
1888-1928 F A 9934 100
9934 July'26
9938 9934
15-year s f 138
1936 MS 10712 Sale 10678 10712 13 10674 158
General gold 3365
1987 M N 76
1131 136 10934 1144
7714 7618
7458 784 Great 'tor gen 78 Series A
77 1
9
1936 J J 113 Sale 113
Registered
76
7415 July'213
11318 Apr'26
Q F
7412 7412
Registered
1124 1134
General 48
1987 M N 8634 Sale 8634
951 131
97%
87 1
6
1961 J J 9212 Sale 9214
1st & ref 4364 Series A
8535 894
Registered
Q F 8415 8614 May'26
11 10264 108
General 51is Series B
8614 864
19523 J 106 Sale 1054 106
Stamped 4s
1987 M N 88
Q714 1024
8852 8914
87
87
tort J J. 10058 Sale 10038 10078 39
General As Series C
8714
3
General 58 stamped
1987 M N 105 10578 10518
1013
6 103 1084
924 92,83
Genera1430 series D
1976 J J 9234 Sale 9214 July'26
Oinking fund 136
1879-1929 A 0 10112 ____ 10358 10358
78
a,
81 July'26
Febl 7814 85
6 1034 10531 Green Bay & West deb Ms A_ _
Registered
2014
A 0 10314 _ _ 10384 June'26
Feb 20 Sale 1934
2014 205
Debentures Ws 13
10314
10334
Sinking fund 56
1879-1929 A 0 10138
_ 10234 June'26
15012 10318 Greenbrier Sly 151 gu 4a
1940 M N, 9114 -- 9114 July'26 ____
88/
1
4 91'4
Registered
1879-1929 A 0 10012
10058 May'26 -- 10012 10038 Gulf Mob & Nor let 5366._ _1950 A 0 10414 Sale 10414
10414 10 101 106
Sinking fund deb 55
1933 M N 10114 1027
__8 101
10141 16 100 10178 Gulf & Si let ref *15 5a..._b1952
.1 10834 -- 10715 July'26 __ ' 10314 10711
Registered
MN 10114 ___ 10114 July'26 --_-_. 10114 10114
10-year seeured 7s 5
1930 .1 1) 10714 111715 10714
10518
flocking Val lat cone g 430.1999 J 1 9614 9718 96 July'26 ____I 9138 96711
107121
2 107
15-year secured 634s g
1936 M F3 11158 11212 11158 11158
00
90
I 11114 1144
90 May'26
1999
Reglater)d
J, 9238 _
_
let & ref g 56
May 2037 J D 10114 104 10334 10334
9956 1044 Housatonic Ry cone g 55_ _1937 M NI 984 9912 9814 July'26 ____. got, 9912
1
Chic RI & I.-Reams gen 4819883 J 8615 87 1 81315
/00 1024
8612
2
& T C let g int guar
85
88
1937 J J1 10034 102 10112 10115
5
Registered
J J 8334 86 1 8434 July'213
8412 8512
Waco & N W 1st 66
1,
3,
7 19
1014 10134
10134 Mar'26
0
,
13
14
0
z
19
9371r
Refunding gold 45
1934 A 0 904 Sale 90
874 92
Houston Blot & Term let 56_
9814 July'26 ____
9014 987
99
9615 100
Registered
A0
8938 July'26 ---8814 9012 Houston E & W Tex let 5 56_1933'M N 10018 -- 10115 June'26
101 1014
I
100 10115
1st guar 56 red
1933 MN,10018 -- 10115 Mar'26
CBS & NO Mem Div 44._1951 3 0 8734 8914 8712 July'26 ____
Bud R
&eg
Mwatn
864 90
erho
at 56 Series A 1957 F A 9615 Sale 9814
924 98
9638 58
C St & P let cons g 5s. ___1932 A 0 101 1024 10114 July'26',._. 10114 102
97 Apr'26
97
97
Chic St P 151 & 0 cows 68_1930 J D 10314 104 10315
103121
2 10278 10413
Adjustment income 56_ _ 1957 A 0 8112 Sale 8114
7514 8312
8134 133
9412
reduced
to
330_1930
_
J
13s
D
95 June'26 -Cons
95 95
084 101
1930 M 8. 9914 -911i4
Debenture 58
9914 July'26 -___
IllInots Central let gold 44... _1951 J J 9334 954 9312 July'26 ____
9114 974
Stamped
_I 9914
_ 100 May'26'
984 10014
Registered
93
93
1951 3
91% -- 93 Mar'26
Chic T H & So East ist 5s1960 3 D 8814 Sale 88
884 26
77 90
834 8715
let gold 3Ha
87 July'26 __
1951 J
8838
Dec I 1980 M S, 8134 Sale 801.
,
8134
9
7658 8534
Inc fru frel
Registered
ii 8315 -- 824 Jan'25
9418
973
4
____ 9634
Chic Un flta'n Ist gu 4Hs A.1903 J 3, 97
9834
1
Extended 1st gold 3He_ _1951 A 0 8134 -- 834 Mar'26
-87134
1963J J 1041 10434 10412 10518 11 lea% 10578
let 56 Series B
151 gold 35 sterling
71
71
± ___9
_
1951 M S 87 -- 71 Feb'26
1944 J D 10114 Sale 10114
Guaranteed g58
884 92
10114
4 100 103
Collateral trust gold 43_1952 A 01
0 84
9014 _9_1... 91
J
Series
118
C
Sale
117
1963
3
let 830
11818
5 1157s 11914
8034 Nov'25
Registered
9912 10615
Chic & West Ind gen 5 86_ _p1932 Q M 10514 10612 9934 July'26 -.-.
1st refunding 48
1988 M NI 9318 Sale 914
934
5 107;
1952 3 J 8512 Sale 8514
8714
Consol 50-year 49
8512 42
81
Purchased lines 33.4s
8415 July'25
19521.11
.7 J 8
79
212 84
8158
1982 MS 104 Sale 1034 10414 68 1004 105
lat ref 530 ser A
8412 July'25 ____
Registered
Choc Okla & Gulf cons 5e.. 1952 M N, 10212 ____ 10334 July'26 -- 1024 104
891.
CoR
ileg
atzter
al ed
73
14
2.
8_8_
trust gold 46-__1953IM
90U
M N 85
98
9715
8778 J
Cin H & D 2d gold 430
1937 J 31 9718 ____ 9718 July'26
,
D 3,
8
0:
8
26
5
In
9412
5lUSh
C I St L & C let 5 44___Autt 1936 Q 1
19661 M N 105 10715
,
1 9438 ____ 9338 July'26
Refunding 58
10
03t4 9314
9314 July'26
Aug 1936 Q F 9338
953
5284
Registered
15-year secured 530
104
16 10214 104
19343 J 104 Sale 10
I5-year secured 836e g
Cin Leb & Nor gu 46 II
1942 M N 8934 ____ 9015 May'26
1936 J J 11215 Sale 11134 11215 42 11112 11334
8915 904
1928 J I, 100 . 10012 10015 1004
Cairo Bridge gold 46
9014 9278
1 100 10112
9278 9278 July'26 __
Cln S & Ci cons lst 5 59
19503 11, 90
Litchfield Div let gold 313_1951 J J 7514 ---- 7514
.7514
I
2
74
784
Loulsy Dlv & Term g 33.4e1953.3 I 8112 -- 8214
Cleve Cin Ch & St L gen 44-1993 0 8612 Sale 8615
8678 35
85 8771
8214.
1
8034
._
J J 81
1931 I J. 99 Sale 99
20-year deb 4366
99
Registered
31
9714 9958
N783*
10418
FA
101
102
10312
1023
8
7
4
24
Omaha Div Is gold 3s___ _1951
4
1993 1 D
2j
General 5a Series B
JulyY:2213
103
8
7458 ---7318 7412
5
St Louis Div & Term 5 38_1951 .1 1 734 Sale
737
Rei&lmpt6aSerle1A.1929J I 103 Sale 103
103
27 10134 1034
7334 744
334
Gold 330
J 1071z
05 108
_ 10712 July'26
8284
1941
S. Series C
bik 8714
9 19,34
1951 J J 8234 85
82341
1
Springfield Div Is g 3366_1951 .11 J1 8378 84 8
72
19631 J 10214 Sale 10218
3312
4 Feb'26 _
19 Series D
10214
891s 8212
91
9312
____ 9312 July'26 ___
9012 July'26
Western Lines 1st 5 4a
Cairo Div let gold 4e.._.1939 1 J 92
1951 F Ai 9014 92
89% 9012
ClnW&MDlv1qtg4s1991J I 8515 8578 8512 July'26
Registered.
8134 8578
1951 17 /1 1 88 --- 84 Aug'25
I
St I. Div led coll tr 5 50-1990 M N 86 ---- 874 July'26 ___
8212 8734 III Central & Chic St L & N 0
834 8314
Joint let ref 54 Series A. 1963 3 D 10178 Sale 0114
8314 Feb'26 -MN
Registered
994 10312
102 I 53
J D 10212 105
89
9118
Gold 59
03H July'26
SP,& Col Div let 2 41----1940 54 A 9114 9212 9118 July'26 ---10314 10512
J D. 10118 10214 024 Apr'213
Registered
W W Val Div 1st 5019401 .1 884 9212 8112 May'26 -8115 90
1024 10214
D 79 ---- 7815 Feb'26
Gold 330
OCC&lgenconsifis____19341 3 10714 ---_ 107 July'26 -- 1067s 10735
1
195
9511
7812 7815
_ 8814 Aug'25
Clev Lor & W con 1st 5 5s. _1933 A 0 10118 ____ 10158 July'26 -- 10118 10234 Ind Bloom& West let ext 46_1940 A 0 Nis
Ind Ill & Iowa let g 46
Cdeve & Mahon Val g fla. _1938 .1 J 9912 10134 9858 Dec'25
1950 .1 I 901492 9038
9038
CIA Mar let gu 5 43.0
8312 8415
965± 168, Ind & Louisville let gu 4s_ _ _1958
1935M N 9714 99 , 9638 Mar'26 -7938 8412
Cl & P gen gu 4He Ser A_ -1942 J J 10014 --_- 1011z Mar'26 -- 1014 10115 Ind Union Ry gen 56 Ser A _1965 J J 10212 Sale
10054 104
834
88
10112 10212
8513 87
86
Gen & ref 56 Series B
1965 J
Series C 33.0
13
July
5'
9242
:6
82... 5
86 1
1 10074 10312
esA
18
948MN
50F
Seri
D 3366
35's 8518 tot & Oil Nor let 89 Set A.A952 J I 10512 Sale 044 105141 ii 103 101315
9518 JUD026,___ _
9413
974 10118
7l53
Adjustment 61), Series A 1952 Apri1 77 Sale
Cleve Shot Line let gu 4He 1981 A 01 9812 100 1 9812
9812' 5
88
7718
AM', 75
Stamped
Cleve Union Term 5 W3- - - -1971 A 01 10612 107 107
6614 75711
7534
107I
3 1084 10835
let 5 I 5s Ser B
1973 A 0 1034 Sale 103
10314
8 10034 10434 lot Rye Cent Amer 1st 5s___1972 MN 78
7834
7614 81
D 584 6012 5811
5814 6558
Coal River Ry let gu 4a
1945 J D 8814 _-_- 8838 June'26
8634 884 Iowa Central let gold 5a____1938
0814 9915
6012 58 July5'
Cuts of Deposit
Colorado & South 1st g 46..1929 F A 99 Sale 1 9815
99 1 13
-- 58
7799528
831_2
_ 1235
518
.1 58 65
084 974
M 8 1712 1734 174 July'26 _ _ _ I
d
Refu,nrdal g .gtole
als 234
Refunding & eaten 430-1935 M N 952 96 I 9.534 July'26 _8718 89,4 James Frank
1948 A 0 8918 9015 8914
le4a
Col & 11 V let ext g 46
1
241322 9114
ar let 0_1
8914
19
959
9114
1 J DI 8914 91
9114
1
8718 90
9015 90 May'213
Col & Tot let ext 46
1955 F A 90
8212 Ka A AGE let gug 56
Conn & Passum Riv lit 45..1943 A 0, 8534 ____ 8212 Jan'28
81
101 lui
19313 J 1 103 -- - 01
Apr'26i _
7812 82
Ka
2ndrr
d, yw
let 58
115 44
83
87 July'26 ___
Oocsol Ry deb 4a
1930 F 41 9234 ____ 82 Mar'26
1990 Al) 834
8512 73
6738 Mar'26 9972 1111
Non-cony 45
1954 .1 J
8714
1927 J J
10014 0014 July'26
854 75
79 , 75 July'26 --Non-cony debenture 4s 1955 1 It 74
K C Ft fl & M cons g 84._ _1928 M N 10134 102
m18 103ss
8,5t2 74
79 1 74 July'26 ---K C Ft8& M Ry ref 9 46_1936 A 0 9214 Sale 9214
Non-conv debenture 44.1950 J J. 74
8918 93
9212 85
88s4 9812 KC&MR&B let gu Se
Cuba RR let 50-year 54 g_ _.19523 J 95 Sale 9412
95 1 16
0178 July'26 ____ 1 985± 1024
1929 A 0 100
1st'ref 7366....... _ _ _ 19313 1 0 10834 Sale 10834 10915 19 105 10912 Kansas City Sou let gold 38.1950 A 0 7234 Sale 7238
7212 78
734 48
lirt lien & ref 65 ser B
9938
4
Ref & Inapt 56
9912 9958
99'2
19363 D
Apr 1950
J 9715 Sale 9718
9712 45
911 9911
Cuba Northern Sty ist Oa__ _191116 J .1 9714 Sale 9714
98
36 I 924 984
I
I
I
I
Charleston & Savannah 7e__1936 J J
Chen & Obio fund & Impt 56_1929 J J
let 0011aol gold 56
1939 M N
Registered
1939 M N
General gold 436s
1992 M S
Registered
1992 M 13
20-year cony 4365
1930 F A
30-year cony aecur-s1 58_1948 A 0
Registered
A 0
Craig Valley 1st g 55
1940 J J
Potts Creek Branch let 45_1946 J J
Et & A Div lst con g 4s
1989 J J
2d consol gold 4e
1989 .1 J
"41113 SPrings V lat g 5s 1941 M 75
Chic & Alton RR ref g 31949 A 0
Ctf dep stpd Apr 1926 int
Railway that lien 3365
_____-1950 i
3 .
Ctfa dep Jan '23 & sub coup.
MN Burl & Q-411 Div 3366_1949 .1"i
Registered
.1 J
Illinois Division 45
1949 J 1
Nebraska Extension 413
1927 M N
Registered
M N
General 45
1958 M S
Registered
M S
1st & ref 56
1971 F A
Chic City & Conn Rya 56-1927 A 0
Chicago & East Ill is 6a_1934 A 0
C & E III Ry(nasco) gen 55 1951 MN
Chic & Erie let gold Ss
1982 M N
Chicago Great West let 4s_.1959 M S
-8-44
840°21 3842
ii
•Due Jan. 5 Due Feb. it Due May. o Due Oct.
p Due Dee. a Option sale.
695
New York Bond Record-Continued-Page 3
BONDS
re. 3, ErrOCH EXCHANGE
Week Ended Aug. 6.
V
Price
Friday,
Aug. 6.
Week's
Range or
Last Sale
Kama
Since
Jan, 1
BONDS
N. Y,STOCK EXCHANGE
Week Ended Aug. 6.
H
Price
Friday,
Aug. 6.
Feet's
Range or
Last Bale
11
Ask Low
High No.
Bid
Ask Low
High
Mob H 0 Low
Bid
Kansas City Term lett 4&...1960 J J 8673 Sale 8675
85
8714 118
8834 N Y Central & Hudson River7934 61
Kentucky Central gold 45_1987 J J 8714 88%91
1997j j 7934 Sale 7834
91
' ____
86
Mortgage 335s
Kentucky & Ind Term 4145_1961 J .1 83
7912 June'26
1997 J j
91
Registered
81
8412 91 May'26 -Stamped
96
46
1961 J .1 86
1934 M N 9534 Sale 9515
Debenture gold te
8534 8714
8812 8714 Mar'26 _
Lake Erie & West 151 g 55_1937 J 1 10134 102 10134 July'26 ---- 100 1021$
Registered
M N 945s ____ 9415 Jan'26
1942j .7 9212 9318 924
20 gold 6e
924 20
1941 „T J 004 902 99 July'26 9838 101
30-year debenture 43
lake Shore gold 334s
93 Feb'25
19973 D 7912 80
80
Registered
30
78% 82
795
Registered
8
7712 7612
7712
19973 D --------7813 July'26 _ _-_
77
80
Lake Shore coll gold 3354_1998 F A 77
Debenture gold 45
79
7734 June'26
9912 92
9835 9912
1928 M S 9935 Sale 9875
Registered
1998 F A
25-year gold 4s
80 July'26
1931 m N
9614 9734
971
/
4 32
9715 Sale 97
Mich Cent coll gold 3411.1:1
:
.
1 I 7734 80
Registered
3
1931 MN
7712
7712 8034 7712
96 Dec'25 _
Registered
Leti Val Harbor Term fa.„1954 F A 10355 10414 10453 June'26
9414
1
944
96
102 104% N Y Chic & St L let g 4i
1937 A 0 94
Leh Val NY let gu g 4455_1940 J ; 984 9875 9612
1937 A 0 9333 95 945 July'26
95 99
Registered
9634
2
Lehigh Val (Pa) eons a 4a 2003 m N 854 8534 8512
96
8534 10
8254 8714
25-year debenture 4m
1931 MN 96 Sale 96
2
RegIstered
1931 pa N 103 Sale 10312 10312
8012 May'26 M N
80
8034
2d 6s Series A B C
General eons 4455
92
99
2003 M N
97 Sale 97
Refunding 5458 Series A-1974 A 0 1038 Sale 10315 10412 65
9714
8
Lehigh Val RR gen 94 Seriea_2003 MN 10214 103 10234 103
41
104
Sale
10334
2 10034 10534
1033
4
Refunding 53.4s Ser B
1975 J .1
Leb V Term Ry let gu g 5a_ _1941 A 0 10334 10414 10234 July'26
10215 104
N Y Connect lat gu 4/As A 1953IF A 9512 9612 964 July'26
9014
Leh & NY let guar gold 4s_ .1945 M S 90
1953 p A 101 10112 10112 July'26
8812 9055
9014 25
OM4 -14
1st guar Sa Series B
Le:& East 1st 60-yr fes gu_ J966 A 0 10612 Sale ;10812 10815
m N 91
1 10515 110
_ _ _1 91 July'26
48_1947
N Y & Erie let ext gold
Little Miami 45
94 Noy'25
1952 M N 8612 88 I 8512 Apr'28 84s 8712
1933 m s 98 100
3d eat gold 43.4e
Long Dock consul g es
1935 A 0 109 11012 10933 June'26 10055 Mar'26
109 10934
4th ext gold 55
1930.A 0 10015
tong Led let con gold 58_81931 Q J 101
19281j o 9814 100
____ 10034 June'26 ---_ 1004 10034
99 Mar'26
5th ext gold Ss
let consol gold 44
2
9412 95
61931 Q J 96
9712 9412 Apr'26 ---987
N Y de Greenw L gu g ta
1946 M N 9834 9914 987
General gold 48
1938 J D 92 Sale I 92
1
9055 93
7914 Apr'26
2000;pA N
92
N Y & Harlem gold 345a
Gold 4s
1932 3 D 924 _ _ _ _I 97 Apr'26
97
97
I
Unified gold 4s
1949 M 8 874 8914, 9133 July'26
e44 894 4 Y Lack & W let & ref 5a_ _1973 MN 100 --- 80 July'25
Debenture gold 55
1934 j D 9912 100
9934 June'26 _
_--- 101 June'26
9735 994
1973 M N 100
let & ref 4455
20-year pm deb 55
97% July'26 ---.1937M N 974 98
1930 M S 10815_ - 10615 June'26
94 100
NYLE&Wlst 75 ext
Guar refundIng gold 4a_ _.1949 Pa 8 874 88
8712 July'26 ---85
90% N Y & Jersey 181 55
1932 F A 10012 1-01-4 10034 10034
Nor Sh B 1st con g gu 54_01932 Q .1 100 Sale 100
100
2
90 Mar'26
99% 10034 N Y & Long Branch gen g 43_1941 M S 9055 92
Louisiana & Ark let g 5a_.1927 M S 100 101 100
90% 101
100
18
1
4 --__ 7712 June'25
N Y N H & Hart n-c deb 4e..1947 m (3 75/
Lou &Jeff Bdge Co gu g 46 .1945 M 8 8714 ____ 8738 July'26 ---86% 9012
-- 60 June'25
Registered
MS
Louisville & Nashville 58_1937 PA N 10312 10415 10314 July'26 -- 10215 10634
Vo 70 July'26
Non-cony debenture 34511-1947 M 6 69
Unified gold 48
1940.1 J 94
94 4
9434 18
934 95%
Non-cony debenture 334s-1954 A 0 6612 7014 6712 July'26
Collateral trust gold U....1931 M N 101 1-0112 10178 July'26 ---_ 1-1 RH
_
Non-cony debenture 4a___1935 J j 7334 744 74% July'26
10-year secured 7s
1930 M N 10534 Sale 10534
7414 12
10673 12 1054 108
Non-cony debenture 4a.__1956 m N 74 Sale 7312
1st refund 5455 Series A 2003 A 0 10812 10875 10812
1 t0534 11014
109
663
1956 1 .1 6614 6812 884
Cony debenture 3455
1st & ref 94 Series B
2003 A 0 103 105 10312 10312 23 1034 10814
1948 j J 10312 Sale 10312 10334 83
Cony debenture Cs
let & ref 4455 Series C__.2003 A 0 98% Sale 9814
42
987
1/6 10014
9934 July'26
1 J
Reglatered 140 & M let gold tie
1930 J J 10378 10434 104 July'26
;10014 10034 54
104 102
1940 A 0 10012 1107
Collateral trust 65
26 gold 65
1930 1 .1 10375 105 104 June'26
1957 m N 88
103% 104
6812 684
88%
Debenture 44
Paducah & Mem Div 48.A946 F A
92
92 June'26 --9138 9212
Harlem R & Pt Cbes let 461954 WI N 8814 894 8815 July'26
St Louis Div 26 gold 38..1980 NI El 6812 -6714 6812 July'26 -_-_
6512 88
N Y & Nortbern 1st g 6e
1927 A 0 10014 10034 10035 July'26
Mob & Montee lift g 4455_ _1945 M S 9938 100
99
7312
74
8
1
99
9875 3/9513 N Y 0& W ref ist a 4s_June 1992 m a 734 75
South By joint Monon 4a19623 J 8612 871s 87
16
1
87
8515 89
1955 j o 6955 70 695s
General 45
70
All Knoxy & Cin Div 4s_..1955 ail N 91
924 91 July'26 -.014 9314 N Y Providence ez Boston 48 1942 A 0 8712 ---- 8615 Apr'25
Lousy Cln & Lax Div g 4 4s'32 M N 9912 100 100 July'26 -_ -9914 100
N Y & Putnam 1st con gu 40_1993 A 0 88 ---- 8712 May'26
Mahon Coal RR let 6a
1934 1 1 103
_ 10134 Mar'26
10134 10154 N I'& R B lea gold 58
100 July'26 1927 m s
Manila RR (South Lents) 40_1939 m N 64
65
64
1
6012 67
6414
88
4
881 88
88
N Y SUBQ & West lat ref 5s._1937 j J 100lst 4e
1959 at N 7414 75
75
75
2
70
6212 761s
78
73 July'26
2d gold 434e
1937 F A
Manitoba Colonization 5a_ _ 1934 1 13 10012 Sale 1004 10012
9
7034 Sale 7234
General gold 5e
3 100 101
73
19
40
F
A
IdanGB&N W lat 3 tie...1941 1 .1 8133 ____ 85 Apr'26 -85 85
99 July'26
Terminal let gold 54
1943 M N 99 102
Web Cent Det & Bay City 5s.'31 M 8 102
____ 102 June'26 --- 10075 102
1
4
N Y Vrebes & B lert Ser I 4%5'46 J 3 7753 Sale 76/
7733 37
Registered
M S ___ -___ 99% July'26 ____
9955 101
Mirth Air Line 48
953 June'26
1940.2 J 94
8075 177
42% 95% Nord By exti if 614e
1
4
1950 AO 8014 Sale 78/
.1 L & 51st gold 345e
1951 M S 8334
_ 79 Mar'26 -_-_
79
803s Norfolk South let & ref Ala 1961 FA 854 8514 85
85/
1
4 16
lot gold 345s
.1952 IP N ---- lite 84
84
8512 Norfolk de South let gold 54_1941 MN 100 101 10034 July'26 ---32
lt3
20-year debenture 4s_
1929 A 0 9814 9833 9358
93%
2
93% 9834 Norf & West gen gold 8a _ _ 1931 MN 107-- 107 July'26 -Mid of NJ lat ext 68
1940 A 0 9312 95
941
/
4
9412 18
904 98
Improvement dc ext 68_ _1934 FA 10814 iosa 10912 May'26 -sow 1.8 & West imp g 66_1929 F A 10012 10115 10012
10012
1 1004 101%
1932 AO 1064 --- 107 July'26
New River 1s1 gold
MU & Nor let ext 435e(blue)1934 J D 955 98
9413 Dec'25
9
9253
N & W Ry 1st cone g 4a _ 1996 A0 9233 Sale 9258
Cons ext 445s (brown)_1934 J D 9434 96
9814 July'26 ---115; Ws;
1996 AO
-- 91% May'26
Registered
Mil Spar & NW 1st gu 4s___1947 al 8 92
93
93
93
93
4
89
DWI let lien & gen g 4a_1944 I,
1111w & State I- let go 340.1941 .1 J 83
____ 8133 Dec'25
14
2 18
54
512 28
38
a3
le
(s 18
52
43
1929 MS
4
8 E10-year cony 6a
Pocah C & C joint 46_1941 JO 92/
1
4 93 93 July'26 _-Minn & St Louis 151 75
1927 J D 99 102 103 Nov'26 _ __ _
10412 July'26
Nor Cent gen & ref 55 A,,_.1974 MS 10416
it consul gold Ifes
1934 M N 5714 80
68 July'26 ---_
1
95
-64-75 95
North Ohio 191 guar e es
1945 A0
Temp Ws of deposit
MN
67 July'26 -58 6334 Nor Pacific prior lien 4s_ -1997 @
13
89
89 Sale 8812
let & refunding gold 4s_ _ _1949 Al 13 1815 1933 1914
1912
2
18
23
1997 Q
Regiatered
8855 July'16 ____
Ref & ext 50-yr 56 Ser A..1962 Q F 135s 15
1312 June'26 __1235 1614
6512 32
; 65%
General lien gold 3e ____a2047 Q F -8514 -653
let guar g 78
1927J D
IDO 102 Sept'25
*2047 Q
Registered
M St P & S 13 M con g 45 106 gu'38 J J 88 Sale 8812
857; 9112
8812
--iii
3
A
V
I21aer
A_
911
_
_2047
12
2
Impt
434s
4
&
Ref
-iii2
let cons 5e
1938 .1 J 98
99
98
12
98
97% 994
Registered
- --__ 11235 Apr'25 -JJ
1st cone 58 gu as to Int _ _1938 1 J 9812 9834 9812
974 9934
983 26
ill% Sale 1111
/
4 11178 67
2047 .1
Ref &'mot 6es ser B
ii)-year coil trust 635e
1931 M S 1027a 10314 10278
103
3 10214 106
Registered
11014 Mar'26
33
let & ref 6a Series A
1946.1 J 10012 102 10135
10124
5 1004 103%
10112 103" 10114 10134 12
2047
Ref & inapt Ss aer C
15-year 545s
1949 PA El 8958 90
8933
8955
1
12
89
10112
Sale
D
92%
2047
Sa
ser
10112 102
&
impt
Ref
3.2
tat Chicago Term if 4s.... _1941 MN 9315 ____ 93 Mar'26 -_-93 93
Nor Pao Term Co lit g 65_1933 JJ 10934 ---- 1094 July'26 -- _ Mississippi central let 5a_.2949J J 90 Sale 96
96
9
1938 A0 103
93
98
No of Cal guar g Se
___- 10434 May'26 ---tdo KID] A Tex-let gold 4s_1990 J D 81378 Sale 884
8675
4
8455 8734 North Wisconsin 1st 61_..1930
103
_ --- 10314 June'26 ---Mo-K-T RR-Pr 1 6a Ser A 1962 1 3 101 Sale
004 103
10034
10112 22
40-year 43 Series 13
8015 8812 Og & L Chem 1st gu 4s a_ _1948 j I 7978 Sale 798
1962 J .1 8578 8653 8575
8573
6
79%
10-year (ia Series C___. 1932 J J 10234 10333 10234
103
2 10215 10414 Ohio Connecting By 1st 45_ _1943 m S 92- 9034 Dec'25
Cum adjust Se Ser A Jan_1967 A 0 93 Sale 9234
1936j D 1014 0212
9312 383
904 9534 Ohio Myer RR 1st a 6a
1-- 10135 June'26
Missouri Pacific (reorg Co)
1037 A 0 101- 102 June'26
General gold 58
tel & refunding be Sec A_ 1965 F A 98 Sale 98
8914 100
9833 68
Ore & Cal 1st guar g fes
19271 j was 16638 10018 10036 12
let & refunding es Ser D 1949 F A 10514 Sale 1054
1051
93 101% el17
50
92
Ore RR & Nav con g tle___..19461 D 9173 9218 91%
lat St refund 84 Fier E lot 1955 M N 10514 Sale 105
1051
35 101% 10714 Ore Short Line-let cons g 5s_'48 j j 105 106 10512 106
2
General 4e
1975 IS S 73% Sale 73
7412
7334 173
85
1946 j J 106 108 10514 July'26
Guar cone Ss
Mo Pac 3d Ts extat 4%
9213 July'26
1938 MN 9235 93
518
93
98,8 54
1929 J p 9812 Sale 0734
Guar refund 4s
Oregon-Wash 1st & ref 4a
1961 j J 8534 Sale 8514
8534 63
Mob & Bir prior lien g 5e. _ A945 J J 10015
99 Sept'25
15
95
9212
Pacific Coast Co lat g 5s95
1946 1 D 94
Mortgage gold 4s
1945 J J 86
87'2 8735 June'26
1675 Pae RR of Mo 1st ext g 431-1938 F A 93
9312 93 July'26
Small
84
86 June'26
1945 J J 82
1938j j 10112 102 10112 June'26
26 extended gold 58
7934 87
Mobile de Ohio new gold 6s A927 J D 10212 Sale 10212
10212
3 100% 1035s Paducah & Ills 181 a f 4455._1955 J J 97% -- 08 July'26
1st extended gold (is
61927 Q J, 10012 10114 10078 July'26
1
10034 10814 Paris-Lyons-Med RR 6a_
4 Sale 7434
7812 20
1958 F A 75/
General gold tlei
00
9212
9212 July'26
1938 M 5 9212 _
8612 188
1958 MS 8434 Sale 83
S f external 7s
Montgomery Div let g 58.1947 F A 10034 10114 10033 July'26
85
57
9914 101
RR s f 78
83
Paris-Orleans
84%
Sale
1954
M
S
St Louis Division 5a
094 10012 Paulleita By 78
100 1003 1004 July'26
4
1927
1942 m S 10212 Sale 10212 10212
Mob & Mar len gu gold 4a_ 1991 M S 87/
1
4 8812 9833 July'26
87
98% pennayIvania RR-cons g 48 1943 al N 9412-- 94 June'26
Mont C 1st gu g 611
5
1937 J J 110Ij 11214 111 July'26
Consol gold 48
9312
10955 1124
1948 m N 9312 Sale 034
let guar gold 94
/
4 July'26
1937 J J 10215 104 1021
10115 1027s
9334 93 July'26
4s Merl Mod dol._ _May 1 1948 MN 93
Morris & Essex 1st gu 314s_ _2000 I D 78
28
79
Sale 10012 101
81%
7734
Consol 445a
774
1
101
1960
F
773
4
A
Naahv Chatt & St L let 01_1928 A 0 10055 10112 1007
1965j 13 9712 Sale 074
General 4458 Ser A
101
97% 71
6 10034 101%
N Fla & lat gu Sa
1937 F A 103/
1
4 _ _ 10175 May'26
10134 10178
General 5s Ser B
1968 J D 10512 Sale 10434 10512 27
Nat Ry of Me:pc lien 445s_ .1957 J .1
Sale 10714 1075s 120
30 Sept'25
10-year secured is
107%
1930
A
0
July 1914 coupon OD
19 Apr'25
15-year secured 64s_1936 F A 111% Sale 11175 11214 25
Assent cash war rot No 3 on
1814 19
18
Registered
2
15 -1212
112 June'26
1812
F A
Guar 70-year 5 f 45
1977 ft:-C0
8712 June'25
40-year gold fa
1964 M N 10134 Sale 10114 1014 95
Anent cash war rot No 3 on.
2115 2273 2212 July'26
174 27
Pa Co-Gu 3455 coll tr A reg 1937 M S 8412
- 8812 Oet'25
1st RR Me: prior lien 4455_1926 J J
Guar 345s coll trust Ser 13_1941 F A 8418
3812 July'25
_ .
- - 88 July'26
July 1914 (*upon on
./ J
____ 23 June'25
23
23
Guar 345s trust etre C.._ _1942 J D 8415 Sale 844
8418
Assent cash war rot No 3 on.
31 Sale 31
Guar 345s trust etfs D_ _. _1944 J Le 8334 -- 8353 June'26
31
10
284 3512
1s8 consul 4s.
1951
____ 28 Apr'25
gold
Guar
15-25-year
41
9712
July'26
973
s
1734
1931
A
0
April 1914 coupon on
A
1812 June'26
"fill
' if
Guar 46 Ser E
1952 M N 8812 8914 8914
83's 14
Assent cash war rot No 800. 01635 1714 16
17
13
35
20%
0 2pr
o
. 84
poor%
& East let eons 48._.1910
85 84
84
2
New England eons As
1945 .1
1004 101 100/
1
4 July'26
48
Income
954 10018
414
3912 4175 41
Canso! 45
1946
86% 87 86%
8658
Pekin
2
Un
1st
545e..
_
81
87
&
_1974
Pao
A
2
103
103
10112
10314
0
NJ June RR guar 1st 4&.. _1988
A
8514 Apr'26
844 8514 Pere Marquette let Sec A 65_1956 J J 10134 Sale 10134 10214 16
NO&NE lar refhimp 445s A '62
9512 9614 95%
95%
2
924 9755
1956.1 J 8612
1st 49 Ser B
1
863
4
-863
4
New Orleans Term let 411_ ....l963
8514 Sale 854
8514
1
84
8738 Phila Balt & W lat g 4e
1943 MN 9275 1514 94 July'26
IS 0Texas & Max n-o Inc 56_1935 A 0 99 Sale 99%
99%
8
9614 10034
Gen 5e Series B
1974 F A 107% 108 1074 107%
1st 65 Series B
1954 A 0 99% Sale 99
99% 60
96 10034 Philippine By let 30-pa s 1 as 1937 J J 4314 4312 4312 July'26
lit 5455 Series A
1954 A 0 105 Sale 10455 105
24 10215 10515 Pine Creek regetd /
1932,, Ile 10814
11
4
105/
1
4 Mar'25
N & C Bdge gen guar 440_1945
95 July'26
9434 96
944 9834 PCC&StL9u445aA
1940 A 0 991s 100
9955 July'26
te yB&MB 1st con g 5a_1935 A0 10034
10034 June'26
4455 guar
9924 102
B
1942
Series
A
0
Sale
983
4
4
9834
8
9
N y Cent RR eonv deb 6e_ _1935 MN 10634 1074 10873 109
22 104% 109
Series C 445/1 guar
1942 MN 984 9834 97% Apr'26
Registered
N
1064 May'26
1064 10612
Series 1)4, guar
1946M N 954 _ _ _ _ 94/
1
4
June'26
Consul 48 Series A
1998 FA 8815 Sale 884
8812 14
Series E 3358 guar gold.-1949 F A
86(
3 9014
9415 June'26
/
4 Sale 904
2013 A0 961
RsfAlmPt434s"A"
9735 21
9214 9715
Series F 48 guar gold
1953 .1 0 954 _ _ _ _ 92% Feb'26
Ref&lrnpt5eSerIe5C.20l3 A0 104% Sale 10414
10475 63 10115 10634
Series G 4s guar
1957
M
-N
954
_
_
9535
July'26
Registered
A0
10313 Apr'26
10315 10315
a Due Jan. 0 Due April. p Due Dee. 1 Option sale.
Range
Since
Jan. 1
Low
High
7615 814
713% 8055
944 9615
aye 944
924 97
IA 16-
78
78
77 84
774
9214 95
92 944
9317 9734
1024 105
984 10455
984 105
92 9634
1004 104
oh 91
99
lOOl& 100s
984 99
94
ee
794 7914
993, 102
1064 10614
1004 1014
90 90
7012 7711
61$4
W-
674
fig
754
675s 75
61
674
9734 1043,
98 100
964 101.
58 70
8434 69
700 10014
674 76
6215 71
11431; I715
100 10034
77% 89%
73
64
7413
63
9755 99
894 7834
774 8214
7714 861
/
4
98 101
106 107
10818 110
107 1074
9014 9384
ge
924
9071 9412
138 15614
91
93
100% 1041
/
4
88 974
me 91
86
93
614 66
50 634
87 9518
fat:
ink 11014
9814 104
084 1034
10934 10934
1014 1054
10288 10334
73
93
1661-2 102's
lot 1024
mos 10114
8914 9212
10484 10733
1054 1074
957A 987s
8344 88
91% 96
9112 934
100 1014
964 984
7312 784
112
874
82 87
100ss 103
94, 947s
8D8 9914
1/114 95
97% 10154
944 994
10211 10674
107 1084
1114 1134
112 11214
98% 1024
I684
82
984
884
844
Ms
974
8914
7933871$
as 43
1004 104
1014 1044
85ts 837s
9811 94/4
Iowa 1114
404 46
-9-57; 1161:
96%
974
9312
92'4
927s
93
991
/
4
971
/
4
94's
9418
93
954
696
New York Bond Record—Continued—Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 6.
t`"
at
15.
Price
Friday.
Aug. 6. I
Bid
PIUS CM Chic de St L(Cenanded)
aeries H 4e
1960 FA
Series I cons guar 434e1983 FA
Series J 4348
1964 MN
General M Si Series A1970 JD
Gen mtge be Series B
1975 AG
Pitts & L Erie 2d g be
a1928 AG
Pine McK & Y lit gu 6e193233
Pitts Sh & L E lst g 56
1940 AO
lit consol gold Si
1943 j j
Pitts Va & Char lit 4e
1943 MN
Pitts Y & Ash lit cons its_1927 MN
lit gen 4e series A
1948 JD
let gen Is series 13
1962 FA
Providence &cur deb 4e___ A957 MN
Providence Term let 4s
1920 M
Week's
Range or
Lost Sale
AskiLoto
Co'4
RIgS No. Lour
9334 Sept'25
9514
9734 ___I 9734 July'26
9734
_ 9712 June'26
10334 Sale 10334
10334
10234 Sale 10234
103,4
10078 1004 June'26
10518 106 106 Aug'25
10138 102 10121 June'26
10038
_ 1004 Oct'25
9114 May'25
92
Apr'26
100
____,100
9214 __I 914 Mar'26
10414 10438 10438 June'26
67
8812 6712 July'26
834 June'26
8438
Reading Co(en gold 45
9838 ___ _1 99 July'26
1997 3
Registered
444 May'25
J J
Jersey Central coll g 4a _1951 AG 93
94
9412
94
Gen & ref 449 Ser A
98
9778 Sale 9733
1997 j
itichm & Danv deb Si land_.1927 AG 10038 Sale :10038
10038
RIc13 & Meek Ist g 4s
78 July'26
1948 MN 7812
ItIchm Term fly let f(11 Si....1952
j 10112 10234 1014 July'26
Rio Grande Juno let gu 88_1939 3D 100 101 ,10014
10014
Rio Grande Sou 151 gold 46_ _1940
54 Dec'25
7
J
Guaranteed (Jan 1922 coup on)33
May'25
Rio Grande West let gold 44.1939 33 9114 Sale 9114
9114
Mtge & coil trust 46 A _ _1949 AG 83 Sale 8212
83
RI Ark & Louie lit 4 Ne1934 MS 9318 Sale I 9312
9312
Rat-Canada let gu g 46
8212. 8112 July'26
1949 J J 81
Rutland let con g 4 Ns
9173 July'26
1941 33 9134
Bt. Joe& Grand Iii 1st g 4a_1947'3 8334 85
8412
85
Elt Lawr & Adk 1st g 54
9834
9834
9834
1996 3 J
2d gold Si
..:101 Sept'25
1996 AO 10114
St. L Cairo guar g 4e
1931
J 944 9614 9614 June'26
8$LIrM&Sgen eons 58_1931 AG 10038 10013 10014 July'26
Unified & ref gold 44
9714
11129 J J 97 Sale 9634
Registered
1 93 Sept'25
J J
ltiv & G Div let g 46
9214
1933 MN 924 Sale 914
St L M Bridge Ter gu 5e
1930 AO 100 101 1100 June'26
L & Ban Fran (rears co) la 195(1 I
8212
8212 Sale 82
Registered
8314 June'213
J J
Prior lien Sec B Est
98
1950
J 98 Sale , 9612
Prior lien Ber C 55
j 10212 10234 10218
1928
10213
Pr'or Ben 5.448 Bet D____ 1942
3 1014 Sale 10114
10134
Cam adjust See A 64A1955 AG 97 Sale I 9834
97
Income Series A 136
9434
/51960 Oct. 9434 Sale 94
etLoule & Ban Fran fly gon Si '31 33 105 106 1 108 July'26
Geueral gold be
10034 Sale ,10034 101
1931 J
Bt. L Pao &N W lst gu 5/1_1948 3' 10338 10434 1034 July'26
Bt. Louis Sou 1st gu g 4e
96 July'26
1931 MS 94
8$L SW letg4i bond ctfe 1989 MN 8818 Sale
ETt - - 8613
8712
24 g 4e income bond infe_D1989 3 3 7733 794 8034 July'26
Consol gold 4s
9312
1932
D 9312 Sale 93
let terminal & unifying Si _ 1952 .1
9412
9412 95
9412
St. Paul & K C Sh L let 4341 1941 FA 8912 Sale 8914
8912
Bt. Paul & Duluth lit 15s
994 Mar'25
1931 QF 10114 103
let °mewl gold 46
1908 3D 8912 ____ 904
9014
Ot Paul E Or Trunk 43481947 33 924 ____ 91
Jan'28
et Paul Minn ec Man con 4.6_1933 3D 98
9633 984
964
Registered
9214 July'25
3D
lit consol g de
D 10734 109 1074
1933
10734
Reentered
107 Mar'26
J J
Is reduced to gold 43'4e___1933 3, -55" 19.3-4 99
99
Registered
99 Mar'26
1933 3,
Mont ext let gold 41
9418
1937 JD 9418 Sale 9418
Registered
9214 May'26
3D
Pacific ext guar 46(sterling)'403, 90
9018 90 July'26
t Paul Union Depot 55___.1972'3 10434 1044 105
105
28
9512
41
20
5
2
10
11
16
7
5
51
183
209
138
32
45
103
133
7
5
247
2
29
5
2
1074 28
10713 Sale 1074
10612 June'26
125
84
834 Sale 8314
11114 Bale 111
11112 33
11712 sale 117/
1
4 11712 28
10
10512_- 10614
10814
3
8952
894 -9038 8953
100 103 10053 June'26
14
9114
92
9114 92
1
82
8834 8634
864
9912 May'26
100
1
98
98
974 -98
10233 Sale 10233 1023s
87 Sale 87
87
100 102 100 June'26
10514 106 10553 10538
100 10038 10014
10014 10
103 Sale 10214
11
103
101
10178 July'26
10012
10013 July'26
10018 1-0012 0012 July'26
23 June'26
_--- 30
89 Sale 88
89
99 100
98 Mar'26
99
964 Dec'25
9218
90 Nov'25
8838 90
90 June'26
a Due Jan
d Due May.
Due June, ADue July
99
95
9414 984
9934 10(338
80
78
1014 10212
9512 10114
9214
85
9474
8334
92
85
9912
_
953,, 9813
1001, 101
954 9734
741s
89
75/
1
4
87
7812
97,2
89
994 10012
7733 844
84
80
9933
93
10112 103
9914 10314
9211 974
8455 9434
101 106
10013 10112
1024 104
9413 974
844 88
82
76
9138 95
8913 974
86 914
87 1014
go%
96
9734
1/52.34
107 107
gg 100
9812 99
93
We
9214 9213
894 90
1014 10534
Benthern--Ist cons s be— —1994 J J
J D
Reentered
Develop & gin de Bee A__1956 A 0
1956 A 0
Develop & gen 85
1956 A 0
Develop & gen 63411
Mem Div let g 4346-84-1996 .1 J
St Louis Div let g 4s
19513 .1
East Tenn reorg lien, 56_1938 M S
Mob & Ohio coil tr 46_1938 M S
11115okane Internal lit, 5e...1955 J J
Superior Short Line let 56._•1930 M
TeeAeenolS$Llitg4.448.1939A 0
let cone gold be
1944 F A
Gen refund I g 40
1953 3 J
Tex & N 0 eon gold be
19433 J
Tease & Pao let gold 5e2000 J D
19313 J
La Div B L let g be
Tex Pao-Mo Pan Ter 8316-1964 M S
ToI&OhioCentlitgu6i1935J J
Western Div lit g 6e_1935 A 0
1935 J D
General gold be
1917 J J
Toledo Peoria & West 4e
Tol St LA W 50-yr g 45_1950 A 0
1931 J .1
Tol W V & 0 gu 4356 A
19333 J
Belles B 4Ne
1942 MS
Series C 4s
---1946 J D
Tor Ham & Buff let g
644
634
374 July'26
944
9514
9212 July'26
9912
9934
9912 May'26
8834
894
10712 July'26
10233 10234
9514 9734
9734
96
100 10412
/
4
9911 1041
10052 101
1-6613
9112
91
10212 1044
63 6834
.831s 8318
8838 8712 86
8634
10233 May'26
110
Jan'26
10134 Dec'25
8913 July'26
82 July'26
8014
8014
77
8018
7412
754
9533
9534
9114
9114
9414
9412
9974 June'26
iOi 1-02 10112 102
10414 June'26
102
106 1-0712 10612 10813
8712
864 8734 8612
_ _ 8734 8513 May'26
98 Sale 9774
9814
10032 Sale 10032 1004
1004
1004 101 10014
90
8914 Sale 884
85 June'26
_ 104 June'26
ins
9414 Jan'26
943895
92
9112 Sale 9114
108
102
8818 19
8018__
8014 gile
7714 Sale
7434 Sale
9534 Sale
904 92
9412 Sale
High
11073
- 1-6314
j3
B•
•A Pass 1st gu g
Banta Fe Pres A Plum 5s1942 MS
Say Fla & West lit g 6s____1934 AG
1934 AO
let g be
ele4oto VANE lit fru g 461989 MN
Seaboard Air Linea 45
1950 AG
Gold 45 damped
1950 AG
Oct 1949 FA
Adjustment lie
Refunding 4s
1969 AO
lit & cons 6s Berke A_
1945 MS
Atl& Blrm 30-yr lit g 46_41933 MS
Seaboard-All Fla let gu 66 A_1936 PA
Seaboard & Roan let 66_1928 3,
Be Car & Ga let ext 530_1929 MN
1936 FA
V&NAlaconsgugie
Gen cone guar 50-yr 5e. _ _1963 AD
Be Pie Col 46(Cent Pie co0t1949 3D
3D
Registered
June 1929 MS
20-year eons,46
1934 313
20-year cony be
20-years oa
1944 MN
San Fran Terial lit 44_1950 AO
AO
Registered
Be Pee of Cal—Gu g 56
1937 MN
J
1937
Be Pao Coast let gu g 4g
3
Be Pao RR litt ref 46
1955
1928 J D 8578 Sale
Ulster & Del let eons g be
1952 A 0 3834 40
let refunding g 46
1947 3 J 9412 Bale
Union Pacific let g 46
J 1 9238 ____
Reentered
1927 J J 9912 Sale
20-year cony 4e
J 1
Registered
82008 M B -8914 Sale
let & refunding 42
_
e2008 M B
Ist lien & ref be
10-year perm secured 6e1928 3 J 10212 Sale
Rang.
Sines
Jan, 1
10
10
182
186
227
1
53
5
3
34
158,
3
10
12
120
5
44
76
62
21
84
89
10012 10254
110 110
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 6.
t3
Prise
Friday,
Aug. 6.
Bid
_A_ _a_It
ROAN o.
U N J RR & Can gen 45_1944 MS 94
9512 9212 Dec'25-Utah & Nor gold 55
1928 3' 944 984 10012 Mar'26 ---lit extended 45
1933 3, 944 9834. 9512 Mar'26 ---;
Vandalic conic 4o Sec A
90121
1
1955 FA 9014 ____1 9012
Com3o1 48 Series B
1967 MN 9034 ____ 9034 July'26 ---20
Vera Cruz & P 1st go 434e---1924 3,
..1
" Sept'25 - --2634 24 Arp'26 ---,July 1914 coupon on
J 25
2712 Sale I 22
2712
1
Assenting 1st 41.35
1934
Virginia Mid bs Series F
_ _1100 Dee'25,---,
1931 Ji
10238 10238
- 10234 10238:
1
General 55
1936 MN 10012Va & Southw'n 1st gu 56_2003 J J 10134 10314 10212 July'26 ---,
let cons 50-year 5e
9612 9312
94 I
0
19513 AG 93
VIrgintan lit As Series A
1962 MN 102 Sale 1 10112 10212, 82
Wabash lit gold be
103 I
5
1939 MN 10338 Sale .103
202
20 gold be
1939 PA 10012 Sale 10012 101
Ref 5 1 5 Ns ser A
1975 MS 10338 Sale 10238 10338 70
9334 Feb'25 - --Debenture B Os registered. 1939 M
let lien 50-yr g term 4s
1954 33 834 854 8612 June'26 --- 10212 ____ 10238 July'26 -Det & Chi ext let g Ii.... .1941
Dee Moines Div lit g 48_1939 J J 8634 894 90 July'26 ---8234 28
Om Div 1st g 3 Ne
827s 814
1941 *0 81
Vol & Ch Div e 46
1941 MS 894 --_ 884 July'26 ---Warren let ref gu g 334s__.1000 FA ---81 May'26 -- -7
1
851,
Wash Cent let gold de
1948 QM 8514 li- 854
Wash Term 1st gu 3356
1945 FA 8418 87 8512 June'26 -let 40-year guar 4e
1945
A 911g ____ 9133 Apr'26 ---,
9853 Mar'28 -W Min W & NW let(0 58.1930 PA 9712 100
7318 41
West Maryland let g 4s
1952 AO 7318 Sale 7212
Weet N Y & Fa let g ba__1937 J J 10134
1014 July'26 Gen gold 48
1943 AG 8612 88 87 July'26 ---45 Feb'25
Income g Si
Apr 1 1943 Nov
Western Par 1st Ber A 56_1946 MS 99 Sale 99
9912 II
let gold 8s Series B
1946 MS 10238 Sale 1024 10258
1
86
87
West Shore lit disuse
2361
86
8618
7
8512 Sale 8513
8512
4
Registered
2361 j
Wheeling & L E lst g 5.2_1928 AO 994 100 10012 June'26
Wheeling Div lit gold 55_1928
J _--- 101 100 July'26 ---994 June'26
Ext'n & inapt gold bs
1930 PA 9928 _
89
89
89
3
-Refunding 434e Series A 1968 MS 88
89
8
RR let consol 45
1949 MS 88,2 - - 89
7238• 10
Wilk & East let gu g 5e
1943 3D 7233 734 7212
10212 Apr'26
D 10212 _
Will de S F let gold Si
1938
854 July'26 -Winston-Salem SD let 46
1960 J J 844 88
8212 26
Wis Cent 50-yr let gin 41-1949 J J 8212 Sale 8214
894 8912
8912,
1
Sup & Dul dlv & term 1st 0'315 MN 89
/
4
86 June'26:---Wor & Con East let 434s
1943 J J 811
INDUSTRIALS
Adams Express cell tr g 4e-1948 MS
Ajax Rubber lit 15-yr if 84-1936 JO
1925 MS
Alaska Gold M deb Os A
1926 MS
Cony deb 86 Bites B
S
Alpine-Montan Steel 7e
1955
Am Agrle Chem let Si
1928 AO
1941 PA
let ref 6 f 73ds g
Amer Beet Sue cony deb 85_1935 PA
American Chain deb 5 I 68_1933 AO
Am Cot 011 debenture 156_1931
N
Am Dock & Impt gu 6s
1936 33
Amer Ice deb 7s__Ju-y 15 1939
-"C)
AmMaeb&Fdysf8s
1939•
Am Repubin Corp deb 6e_1937 *0
Am Bm & R let 30-yr be tier A1947 AG
let M 136 Series B
1947 *0
Amer Sugar Ref 15-yr 66_1937'3
Am Telep & Teleg colt tr 48_1929 J J
Convertible 4e
1936 101
20-year cony 43.e
1933 M
30-year coil tr Si
1946 Jo
J D
Registered
35-yr 6 deb 56
1960'3
20-years? fiNe
1943 MN
Am Type Found deb 65
1940 AO
Am Wat Wks & Elea 5e
1934 AG
Am Writ Paper it f 7-65
1939 J
Temp interchangeable ctfe dep.
k Due Aug. 13 Due Nov. s Option sale
Low
22
Hip)
33
IOC icTisi
9912 10213
9034 96
9954 1034
101 104
9812 10172
9813 105
-84c101
8414
774
87
80
84
83
83
-1361-2
10233
90
83
90
81
8511
884
91,4
96/
1
4 98/
1
4
6678 7533
1007s 10213
834 88
iA7a 1003*
loos, Iowa
835s 86/
1
4
83 88
9973 10012
100 10213
9852 994
8074 894
81
894
6414 7434
1024 10213
8514 8814
804 87
8612 91
764 8813
854 86
86 July'26 -10314 Sale 10314
10312
5
44 July'26 44 6
44 6
412 Feb'26
91
25
8978 9018 90
103 10318 103 July'26 -71
10434 Sale 10414 108
9318 9412 93 July'26 -10112 102 10112 1014
6
9438 9614 944 July'26 — -10512 -- -- 10512 July'26 ---120 135 121 May'26 -10211 July'28 ---10238 _ _
10012 11
100 Sale 100
1004 Sale 10012 10075 78
10812 13
10812 Sale 108
24
104
1034 Sale 10314
9812 122
9818 Sale on
9814 Sale 9818 July'26 ---1
98
98
1024 Sale 10238 10275 23
10278 Sale 103 June'26
10014 Sale 10012 1004 246
1
4 1054 70
10578 Sale 105/
8
10513 10538 1044 105
9
99
99 Sale 98
574 36
5512 Sale 6513
5734 34
5512 Sale 5512
85
8712
10112 105
44 5
4
412
90
9113
10254 10414
10313 108
9012 10113
9814 102
9315 9714
10512 10652
118 13412
10014 103
98 100/
1
4
99 1014
106 10%
102 1.0612
967s 9834
92
95
9714 10213
1004 10313
10234 103
9752 101
10253 10634
10314 106
94534 99
42 6114
4114 61%
208
313
155
64
8
3
57
111
102
10114 1044
10214 1074
964 10412
9514 100%
8412 9812
944 99%
904 92%
921s 9612
102 10312
10
12
21)18 20%
70
71
9934 10242
V682
82
8778 Anaconda Cop Min let 68_1953 PA 10378 Sale 10314 1034
76
15-year cony deb 75
1938 PA 10734 Sale 10653 1074
9633 Andes Cop Min deb 7s50% 06'43 33 10212 Sale 10214 1024
94
9812
Anglo-Chilean Nitrate 7s...1945 MN 9812 Sale 9734
87
88
9214 98,
4 Antilla (Comp _.zue) 7Ne 1939 3
9978 100/
1
4 Ark & Mem Bridge & Ter 55_1964
98
98
B
9112
1014 102
Armour & Co let real eel 4461939 3D 9034 Sale 904
1034 10414 Armour & Co of Del 5 Ns
9418
1943 J J 9312 Sale 9314
1
4 Associated 0116% gold notes 1935 M
103 Sale 1024 103
1054 108/
854 9058 Atlanta Gee L lit As
1947 ID 10014 ---- 994 Mar'25
843, 8512 Atlantic Fruit 7s ate dep
28
Jan'26
1934 JO
9852
204 Jan'26
Stamped etre of deposit
100 10254 AtiGulf &WISSL be
7014 7052 7014
7012
1959 j
9934 10173 Atlantic Refit deb Si
1937 J J 1014 Sale 1004 10113
87 91
86 8512 Baldw Loco Works let 56_1940 111 N 10514 Sale SOSs
10512
1034 10434 Baragua (Coup Az) 734e
0412 July'26
1937 3 J
944 944 Barnadall Corp deb Si
9734
1940 J D 974 Sale 974
go
984
93
Belding-Heminway Si
J 98 Sale 9434
1936
103
Bell Telephone of Pa be
1948 3 J 10234 Sale 1024
In & ref 541 Ser C
104 108
1960 AD 1024 103 10214 103
10% 10612 Beth Steel let & ref Si guar A.'42 MN 10118 Sale 1014 10133
9714
80-yr p m de imp s f ge
8114 864
1936 J J 96 Sale 96
10112
Cons 30-year 136 Series A,,,.1948 F A 1014 Sale 101
10714 11373
9714
Cons30-year54e5erlesB 1953 F A 97 Bale 954
112 1187s
94
92
9212
195015 B 92
10114 10814 Bing & Bing deb 6 Ns
98
97 July'26
1926 A 0 96
88
904 Booth Fisheries deb if 8e
9924 10953 Botany Cons Mille 634e
85
83
83
1934 A C 84
Brier Hill Steel let 5348
1942 A 0 10412 Sale 10412 105
8712 93
81
874 B'way & 7th Av let g 5e
714
1943 J D 7114 7112 714
9913 9912
74
7134 July'26
Ctfe of dep stmpd June '23 mt ---- 70
954 984 Brooklyn City RR 55
9452 944 July'26
1941 J J 94
10432
Bklyn Edison Inc gin ae A 1949 3 J 10371 Sale 1034
101 106
General 64 Series B
1930 3 3 104 10412 1044 July'26
8434 87'2
9853 102
9812
Bklyn-Man R Tr Sec 8e__1968 J J 964 Bale 961s
103 10712 Bklyn Qu Co dt Sub con gni Si'41 MN 62
8312 64
64
9934 101
151 68
19413
got, 106
741379
9
72
9 June'
Brooklyn R Tr let cony g 40_2002 J J
79
25
1004 1017.2
13612 Nov'25
3-yr 7% secured notes
192I J J
10012 1011s
1231s Mar'25
CU('of deposit stamped
975s 102'8 Bklyn Iln El 1st g 4-be
94
1950 F A 9334 Sale 9334
375s
Stamped guar 4-5s
1950 F A 9334 Sale
23
92
3313
4 July
874 9052 Bklyn Un Gas 1st cons g 55 1945 M N 10012 10314 10
9
'
4
26
9753 98
lit lien & ref 85 Series A 1947 M N 11312 ____ 11318 JUly'26
---Cony deb 534e
19383 J 16534 Sale 15612 166
Buff & Susq Iron s 1 56
19323 D 92 ____ 91 June'26
i74 -91114 Bush Terminal let 46
9034 July'26
1952 A 0 9078 93
Conseil Si
19553 3 944 954 94,2
95
Bush Term Bides be gu tax ex 1950 A 01100 Sale 9878 100
6012 80
384 48
9218 954 Cal & E Corp unit & ref 58.1937 MN 10134 Sale 10134 10134
834 9334 Cal Petroleum if g 8 Ne_1933 A 0 20414 Sale 10312 10414
Camaguey Bug let 51 g 7s
9914 100
1942 A 0 90 Sale 98
99
99
9912 Canada SS Lines 1st coil a f 7e '42 M N 10412 105 10412 10412
88
9034 Cent Dist Tel let 30-yr 56_ —1943 J D 10112 102 101'2 10112
1064 40912 Cent Foundry let if 8e
1931 F A 97 Sale 97
97
1024 1034 Cent Leather let lien if 8.__19453 J 10174 102 10134 10214
7814
7814
70
694
91
mil
Range
Since
Jan. 1
Week's
Range or
Last Sale
5
98
65
46
37
13
22
179
178
5
13
21
7
49
173
5
2
10
23
10214 105%
108 106%
97 101
944 100%
1005e 10372
100 10372
101%
93
9812
954 10112
8712 97%
9012 95
70
97
804 95%
101 105
71
76%
704 73
934 95%
10253 10584
io3be mole
9214 98
61
go,
72 79
1-11; WI;
31
884 9533
10053 10444
110 11334
126 166
91
92
874 92
90
9814
954 100
16
30
1
2
1
42
10014 102
10% 10534
9013 9922
10112 1047s
1014 10313
934 9934
100 10234
697
697
New York Bond Record-Continued-Page 5
BONDS
N Y.STOCK EXCHANGE
Week Ended Aug. 6.
i
g
Pries
Friday,
Aug. 6.
Veek's
Range or
4 Salk
14
'
1g3
ma
Range
Since
Jan.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 6.
s
Pries
Friday,
Aug. 6.
Weare
Range or
Lest &as
I;
g
4.4
No,
Rano
Sines
Jan, 1
Higll
Low
Ask Low
Ask Low
84/1
High
Bid
High' No Low
High
11712 12013 12012 July'26 ____ 11514 123.4 'm County El let g 43_1949 F A 79% ---- 8112
8112
7714 8214
5
4
1
4 103 102/
1
101/
1949 F A 8112 Sale 81
814 19
7713 82
Stamped (mar 4e
10112 103
14
00058
tiale 10
0014 sal
0441 22
03
7214 Bale
10
7212 128
July'2614
9833 101
6534 81
/Orme County Lighting Es_19541.1 J 105%
106 110
10734 Sale 107
10734 1901 10512 1094
1954 3 1
1st & ref 6145
102 10212 102
102
2 102 144313 Kinney(OR)& Co7 M % notes'38,3 13 10512 10612 10512 10814
2 104 107
1041s
104 10414 104
9814 100
5 10212 105)3 Lackawanna Steel let Si! A_ _1950,91 S 9834 Sale 9824
9914 18
01,: 103
03
118 3
9514 134
9424 954 Lae Gag L 0283 L rehtext 58_1934.A 0 1_023_4 Sale_ 10
3 100 1014
15
9414 Sale 9434
82 May'26
1024 105
Coll & ref 63.45 Series C
82.3
82
1953 F A
944 Sale 9412
98 10012
_ 99- July'26
9412
9014 9534 Lehigh C & Nav s t 4 Ms A 1954 J
9
_- 10012 10114
10112
998914 Bale 8914
9012 25
2 10018 10112
Lehigh Valley Coal let e 58_1933 .1 J 10014
83114 91
4
1
99/
10018 1004 10012 10014
9914 1004
9914
1954 F A 9912 100
8
9914 101 14
let & ref s I Si
4
1
3974 40/
10018 Sale 10018 10018
4012 Feb'26
7 100 101
Lex Ave & P F let eu g 53_1993 M S
liggett & Myers Tobacco 78_1944 A 0 1227* fit 12234 12234 29 118 1284
12012 May'26
_ _ 1204 122
A 0
Registered
0934 10334
9
Columbus Gas let gold 53_ _ _193213 J 10() Sale 100
100
2
1951 F A 6134 Sale 10034 102
9914 10014
58
80 Sale 80
100 100
100 July'26
*5
Commercial Cable let g 4e_ _2397,Q
80
F A
75 8134
Registered
Commercial Credits!as_ __ _19341M N 98 Sale 98
98
7
1944 A 0 11634 118- 12034 July'26 ____ 11512 12118
98 1004. Lorillard co(P)74
_ 1181±1181,
_ _ 11812 June'26
Col tr t 54% notes__ 1935 J J 9334 Sale 9334
9334
1
A 0 114
Registered
924 9913
984 10212
Commonwealth Power 63_ _ _1947 M N 10514 Sale 10434 10514 47 102/
10012 30
1951 F A 994 19012 100
4 10512
1
53
9 104/
Comnuting-Tab-Rae f as_ _1941 J .1 10.5 Sale 105
Oct'25
10534
9412
F A
__- 9614
4 118
1
Registered_
Conn Ry & L let & ref g 414s 1951 J J 9112 9412 93 July'26
4 100 1 32
1
9412 Louisville Gm & Electric 5$._1952 M N 9972 Bale 99/
90
1951 J J 9212 9352 9212
9412 Loafer Ry lert con Bs
Stamped guar 414s
9212
924 July'26
3
1930 3 J
90
Cons Coal of Ma 1st & ret 53_1950 J D 8214 Sale 82
824 24
784 86
Lower Austrian Hydro-Mee CoComo!Gas(NY)deb 5 Ms_ _1945 F A 10534 Bale 10538 105/
1944 F A 8614 Sale 8614
4 87 10414 10613
1
8613
5
ln s / 13143
10414 11.54
1044 Mar'26
Cons'd Pr & Leg 1st Ms_ _ _1943 M S
9314 103
Cone Pap& Bag Mills6 Ms_ _1944 F A 7512 Sale 754
99 I 27
7513
1942 A 0 99 Sale 9834
2
Mansell Sugar 714s
7378 3.2
____ 101 July'26
Consumers Gas of Chic en 53 1936 J J 101
5914 894
6652 19
9814 10234 'Manhat Ry(N Y) eons g 41_1990 A 0 6614 Sale 85
Consumers Power let 5s_ -1952 M N 10014 Sale 100
53 63
8212 July'26
al
10014 18
D 58
2013
9712 103
2645
spotenbagen Telep ext 68_1950 A 0 9914 100 101 July'26
102 11514
11478 June'26._
1942 M N
99 101
Manila Electric 78
1931 MN 99
8912 9734
9734 July'26
Corn Prod Retg,stg 58
-9
4 July'25
1
-- 90/
96i
Manila Elec Ry & Lt 3 t 53-1953 M
97 99.4
1934 M N 10112 1-013 10112 10112
lst 21-Year el 58
1 cans 133
98
43
Market St Ry 78 Series A..1040 Q J 9772 Sale 9712
Crown C,ork ,k Seal In 3t 63_1943 P A 9272 Sale 92
927k
4 9414 %feu Ed 1st ref g as tier 13_1952 F A 10712 10734 10712 10712
1
92/
18
1 104 10814
100 Sale 9912 100
9626 10114
1951 .7
Chown-W111amette Pap 138
100
6
J 100 Sale 100
1953
100
139 99
lst&ref5lSecicaC
_ 10234 July'26
1935.5
Cuba Co 11012Y Iles
1953 3 13 10434 105 10414 105 1
9218 10314 Metropolitan Power as
3 10212 10512
4 Sale 9112
1
Cuba Cane Sugar cony 73_ _1930 J J 92/
4
1
92/
7112 7423
6
7312 July'26
88 96
Wet West Side El (Chic) 43_1938 F A 7312 75
9834 Sale 9512
Cony deben stamped 8%.1930.5
9834 22
1940 M S 10414 Sale 10412
10412 62 10114 105
92 100
Old-Cone Pete Ist e Ms
Cuban Am Sugar let coil 88_1931 M 8 10814 Sale 107/
4 10814 21 106/
1
4 Sale 96/
1
974 68
4 98
1
4
1
4 10912 Midvale Steel &()cony e t 53 1938 M S 98/
1
92/
4 Sale 9612
1
9632 09
Cuban Dom Aug let 7 Mu_ _1944 M N 96/
9812
97
23
9114 9914 MilwElfaiRy&Ltref&ext43.4311 J J 984 9812 9814
5
1024 10214 10214 10214
982$ 104.14
Cumb T & T In & gen 63_ _ _1937 J
19513 D 994 Sale 9934
9934 16
1 10014 10223
General & ref 53 A
9012 9814
Ctiyamel Fruit let 68 het ctfs '411 A 0 98 Bale 95/
4
1
59611 D 9734 Sale 971
98
96
29
37
1st & ref 5s B
4
1
9334 97/
1st & ref e as Series C_ -1953 M S 1044 Sale 10414 10413 23 10014 105
924 Aug'25
99 9974
Deny City Transw let con 5s 1933 A 0
9912
4
Milwaukee Gas Lt 1st 46-1927 M N 101 10112 994
DeaGas&EL Ist&retsf 5811 MN 9714 Sale 984
9973 102
12 S9
4
1
1/
07
9732 29
1943 J J 13
1e1± 10012 1014 23
a7
98s Montana Power let 55 A
94
M N 9712 98
9812 9824
9712
Stamped
93
9712
4
1
97/
9
2
9312 9813 Montreal Tram let & ref 53_1941 J J
3112
81)2
7s__1942 M S 8112 82
Deo' Corp(D G) 1st
9212 93
93 June'26
1955 A 0
3
8132 91
Gen & ref f 53 Ser A_
se
84
4 15 10074 10374 Morris & Co Ist t 4 Ms
/
Detroit Edison let ooll tr 53_1933 J J lel 10114 10114 1011
1939 J J 8672 Sale 8614
24
87
81
go
lit & ref fn Series A _July 1940 M 8 10214 Sale 0212 102/
4 19 1002$ 10434 Mortgage-Bond Co 43 Ser 2_1988 A 0
1
81 May'26
1949 A 0 10112 10212 1014 10112
Gen & ret 5s Seeks A
9/314 98
97
1932 J J
1)7
1 100 10433
2
10-25-year 5. Series 3
4 Sale 1074 107/
1
let & ref as Series B._July 1940 M S 107/
4
1
D 9214 Bale 9214
884 9478
92/
1934
4
1
1013 10814 Murray Body let 8143
3
4 Sale 1011
/
1955.5 13 1011
Gen & ref fa see B
4 10172
/
4 10212 June'26 _ _
/
9834 108
10014 104
Mu Fuel Gm let gu e 53_ _1947 M N 9912 1011
Del United let sons g 430_1932 J J 93 Sale 9314
100 10214
4
1
93/
90 9712 Mat Un fad bonds ea 4%1941 M N 10114 ____ 100 Mar'26
8
96 Sale 9514
1041 MN
Dodge Bros deb 62
96
194
924 97/
4
1
4 Sale 75
1
Dold (Jacob) Pack let(4_1942 M N 74/
5818 8414
75
9
60 I
4
8934 83
Nassau Ele1 guar gold 48-1951 I J 5914 Sale 594
3472 Sale 35
1939 J J
Dominion Iron & Steel 6a
98 10014
3514 12
1931 .1 D 9912 Sale 994
35 62% National Acme 734s
9934 10
9513
J
Sale 95
9512 99
1942
Donner Steel let relic
96
9712. 36
9274 974 Nat Dairy Prod a% notee_ _1940 MN 9714 9734 97
17
J 10512 Sale 10514 106
Duquesne Lt let & coil 6e_.1949
10012 108
43 105 107
Net Enam & Stamm let 5s.19293 D 101 103 101 June'26
ooll trust 548 Series B-1949 -11 J 10514 1054 105/
4 July'26
1
9914 101
9914 June'26
994 101
10473 10624 Nat Starch 20-year deb 53-1930
1014 1044
1952 M N 10314 10412 10312 July'26
National Tube 1e1 53
East Cuba Suit 15-yr e e 7)0'37 M S 104 Sale 103
_ 10274 July'26 ____ 10012 1034
10414 36 103 108/
1948J 0
4 Newark Conaol Gas 55
1
9438 _ _ _ _ 9514 July'26
Ed El III Bkn let con e 48_ _1939 J
10132 1023
--3 10132 10212 15 10074 10324
93 997e New England Tel A Tel 5$..-1952 J D 1027410812 10812
Ed Elec III let cons g 53_ _1995 J J 10611 - 9222 9434
1981 M N 94 Bale 93/
1 103 10814
late4MsSer13 wi
4
1
9414 62
4 Sale 91
/
Elec Pow Corp (Germany)6)4410 M S 911
92
29
8573 9314 NY Air Brake let cony 6.1928M N 10134 Sale 10134 10234: 11 10074 103
9912 99
Elk Horn Coal let & ref643.1931 J D 99
99
941;
4 35
1
96/
904 9614
96
9818 100
2
New Orl Pub Sere 1st 58 A1952 A 0 95
904 9612
Deb 7% notes (with warets 313
9914 May'26
9514 15
19551 D 95 Sale 9434
9914 9914
1st & ref fa eer B
Empire Gas & Fuel 7e__ A931 MN 103 Sale 10272
814 864
84141
1034 125 10112 104
N y Dock 50-year let g 48._1951 F A 8414 Sale 8414
4
1st & ref 642(with waren')'41 A 0 9712 Sale 9713
9734 50
& ref 6M3A_1941 A 0 11514 Sale 11514
98
97
118 I 17 116 118
N Y Edison
4 10014 100 June'26
1
Ecialt Gas Light let con 58 1932 M S 99/
1944 A 0 10214 Sale 10214 102/
4
1
9912 10034
let lien & ref SIB
7 102 10414
Federal Light & Tr 1s) 581942 M S 9514 Sale 9514
4
1
105 10514 105
105/
9514
1
4; 5 104 105/
1
924 9772 N Y Gee El Lt & Pow ir 53_ _1948 J
1942 M S 103 Sale 103
let lien as stamped
4914 92
4 Sale 90/
1
91 I
10314 17 100 1044
4
1
1949 F A 90/
3
Pmehase money e 43
D
1954
30-year deb as fler B
96
101 101
____ 101 July'26
96
93 97
9
NYLE&WeetC&RR54111942 MN 101
Federated Metals a I 78
1939 J D 89 Sale 89
1014 11.1234
89
10234 May'26
y'2
NYLE&WDock&Imp53_1943 J J
1
8412 98
116 Sale 118
4 1016114
1
Fisk Rubber lat s t fki
1941 M
116
l00',
3 11312 1104 N Y Q El L & P 1st g 58_ _1930 F A 16614 foi- 1001
2
2 100/
8518 88
Ft Smith Lt & Tr 1st g 53_ _ _ 1936 M
8514
____ 55 Apr'26 _ _ 52 80
85/
4 15
1
7514 86
N Y Rya 1st R E & ref 43_ _ _1942 J J
Framerfc Ind & Dev 20-yr 710'42 J J 9012 Sale 8934
ass
48
58
91
-- 58
93
88
39
Certificates of deposit
Francisco Sugar let sf 745.1942 M N 10414 10514 10414
104
5
312 To
5 July'26
10512
80-year ac11 Inc fes_ _ _Jan 1942 A 0
6 104 10712
4 10141
3/
French Nat Mall SS Llnes 731949 J D 81 Sale 79/
4
1
10
5
8112 32
5
1
Certificates of deposit
5 I
79
8214
37
22
2713
Bale
274
6s1an
Inc
Corp
1965
2712
40
s
Rh
NY
4
1
Gas & El of Berg Co owing 531949 J D 102/
82 884
10212 June'26
19(151 .1 8212 834 82/
4 July'26
1
Prior lien (is Series A
10038 1024
1939 A 0 108 107 1054 10512
Gen Asphalt cony (is
1951 M N 10312 ____ 10234 July'26 •_ _ 10034 102114
2 1044 1084 NY & Rich Gas lst as
5314 5934
9114 Sale 9114
1942 F A
Gen Electric deb e 3Ms
9114 15
MN
Sale
4)48_1962
534
54
55
cons
lat
29
9114 N Y State Rys
87
10234 Sale 10114
7034 82
Gen Elec(Germany)78 Jan 15.'45 /
103
1982 M N 73 Sale 7274
73
95 104
3
51
let eon GM series 13
Sfdeb64ewithwaz_1940J D 110 Sale 106
11012 350
9914 1104 NY Steam 1st 25-yr ae Fier A 1947 M N 10418 Sale 10334 10411 12 10118 1044
1940 F A 100 Sale 99/
97 9914
Gen'Petrol let t 53
4 11014 179
1
984 10112 N Y Tel%)1st & genet 4 M3_1939 MN 9878 Sale 9772
98
37
Gen Refr 1st s f g 68 Sec A_ _1952 F A 102 10234 10212 103
30-yesz deben s t 63_ __Feb 1949 F A 110 Sale 110
1104, 24 10978 11114
2 10012 10314
10614 Sale 106
1094
10712
Goodrich (B F) Co let 848_1947 J
0
A
Sale
107
68_1941
$
1077
4
1
/
gold
10612 73 104 107
refunding
-year
10841
40
20
Goodyear Tire & Rub let 83_1941 MN 12034 Sale 12034 121
4 10214 10214 July'26;____ 10014 103
1
101/
Niagara Fall Power let 5._h9321
20 120 122
sign F A 11014 Bale 11014
10-year s t deb g 83
11012 48 10934 11218
10484 106'.
Jan 1932 A 0 10514 10812 10513 1054
Red 44 gen 63
4
/
99 1011
85
Gould Coupler 1st f 68_ _ _1940 F A 8712 89
88
10012 14
85 934 NM( Lock & 0 pr 1st fe A_ _1955 A 0 10012 Sale 100
83
95 100
Granby Cons M S az P son lis A'28 M N 10014 101 100 July'26
99 Sale 99
9912 50
100 101
NO Amer Cement deb 6 Ms A 1940 M
1923 M N 10014 Sale 10014
Stamped
10412 12 1014 105
10014 11 100 101
Nor Amer Edison 63
1952 M B 10414 Sale 104
4 Sale 108
1
1930 M N 111/
Cony deb 7s
4
/
11171 167 100 1111
Secured e 1 e 684. Sec B-1948 M 8 10512 Sale 10514
10534 23 10378 106
Gray & Davis lit cony if 78_1932 F A ---- -- 105 July'26
9234 99
4 Sale 9614
1
96/
9612 14
9614 109
Nor Ohio Tree & Ugh;63. _1947 M
973.101
Ge Cons El Powee(Japan)73.1944 F A 9514 Sale 9478
9532 89
36
9934 100
904 984 Nor States Pow 25-yr Si A_ _1941 A 0 9934 100
MN
Great Falls Power lets I 5s_ _1940
99 99
4 July'26
1
100/
99 July'26
A 0
Registered
100 10412
1st az ref 25-yr fis Ser B___1941 A 0 1051± 108 10512 10614
4 10412 121414
4
1
Hackensack Water lit 4$_ 1952 3
8711 88
87/
8712
9612 98
7
4 884 North W T lst fd g 4 Ms etd_1934 J J 974 9814 9712 May'26
1
86/
1930M
Hartford St Ry 1st 48
3834 __ 9512 Aug'25
A'54 M
Havana El Ry L & P gee
104 Sale 9711 104
11312
112
0
A
1124
_1946
11312
104
Public
Sale
A_
Ohio
11312
Service 734s
242 -fii1-2
10
Havana Elea oonsol g 58_ _1952 F A 97
99
11038 113
4 ____ 113 July'26
1
1947 F A 113/
let & ref 7s series B
9412 1004
2
Hershey Choc let & coil 55431940 J I 102 Sale 10134
15 10114 1064
4 Sale 10414 105
1
Ohio River Edison lit 66_1948 J J 104/
102
994 102
43
Hoe(R)& Co Ist 61,4 I terap_1934 A 0 98/
4 97
1
88 9714
9534
1944 F A 9013 9134 9014
5
91
9612
4
914 9914 Old Ben Coal 1st 83
Holland-Amer Line Cs (ikU) 1947 MN 834 Sale 8312
9942 10212
15
8312
79 851, Ontario Power N F let Ss__ _1943 F A 10112 Sale 10112 102
2
Hudson Co Gas let g 158
1940 M N 10274 103% 103
4 101
1
66/
103
2 10018 10312 Ontario TransmIaelon 56_ _1945 M N 10034 ---- 10013 July'26 ____
Humble Oil & Refining 5)48_1932 J J 1024 Sale 1024 10212 22 10113 103
10514 10834
1941 F A
Otis Steel 88
1074 1071
4
/
4 103/
1
4
1
_ 100/
_1
1s1 25-yr s t g 7Mo Ser B 1947 F A
10234 July'26
Illinois Bell Telephone 5I
1956 J D 10212 Sale 10211 1024 40 10014 10312 Pacific & El gen & ret 53_ _1942 J 3 99/
9712 1004
4 Sale 9934
1
s 54
Illinois Steel deb 454o
1640 A 0 9612 97
ems 101
984
9414 98
97
40
Pac Pow & Lt letaret 20-yr 54'30 F A 100 10112 100
10013
Ind Nat Gas & 011 58
1936 M N 9812 Sale 984
1
4 1011
/
3 10011023;
4
/
9812
914 9812 Pacific Tel & Tel let 55
1937 3 1 10134 Sale 1011
Indiana Steel 1,1 6.
two 10213
4 105 1044 104/
1
1952 M N 103/
4 25 1014 1054
1
N 1014 Sale 101
Ref M 53 series A
1952
10111 39
Ingersoll-Rand lit 5u
J 100
1935
____ 9934 Dec'26 _ _
Pan-Amer P & T cony it 88_1934 MN 106 Sale 10512 10612 113 104 11214
Inland Steel deb 534s
1945 MN 100/
4 101 100/
1
4 101
1
78
-year
let
10
1930 F A 10512 Sale 10512 10534 25 love lors
19 114-4 50418
Inspiration Con Copper8 S43 1931 M S 10034 101 101
9212 98
101
1 1004 102 Paramount-Bdway let 530_1951 J J 97/
4 Sale 97
1
9712 20
Interboro Meteor( coil 4 4e 1955 A 0
_ 11
7
Park-Lex et leasehold 6348_ 1953_
9212:
Apr'25
4 98
1
85/
J 924 SA115 9212
Guaranty Tr Co Ws dep
1434 13 May'26
10() 10234
13 13
__
S 10034 ____ 102/
4 10234
1
Pat&Paacalc0&Elcon8511949M
2
Ctf dep stpd stead 16% sub_
1012 Mar'25 _ _ _ _
PeopGaa&Cletcongg6sl943A 0 113 Sale 113
1104 113
112
1
1
Interboro Rap Tran let 53_1966
75 Sale 74
75
130 6
Refunding gold 58
- 1; /17i
1947 M S 102 Sale 102
9812 1034
10214 10
Stamped
7414 Sale 7334
4 1004
1
7412 278
7572 Philadelphia Co coll tr an A_1944 F A 10412 Stile 10412 10434 51 103/
62
1932 A 0 7572 Sale 754
10-year as
ggss 10112
15-year cony deb 534 a_ _1938 M S 101 Sale 10034 101 I 11
84
7814 64
7834
96 Sale 9572
1932 M
10-year oonv 7% notes
4
1
9612 110
8514 9714 Phlla & Reading C & I ref 53_1973 J J 10014 Sale 9934 10014 31 • 102/
N
M
94
89
lot Aerie Corp let 20-yr 53 1032
9434 July'26 -__
884 984
M N 881
Stamped extended to 1942_
4 88
/
8914 July'26
__
8212 9172 Plerce-Arrow Mot Car deb 881943 M
108 Sale 10712 108 I 14 we 1084
Inter Merean Marine e I 88_1941 A 0 8814 Sale 88
4 1077s
1
Dec 15 1931 J 0 10512 107 10512 10512
884 103
4 98 .lerce Oils f Si
1
84/
1 103/
1947 J .1 9612 Sale 94
International Paper 541
9612 109
914 9612 Pillsbury Fl Mills 20-yr 83_1943 A 0 102 Sale 10112 10212
4
/
9 10114 1041
9934 Sale 9914
1955 M
Re1 s f (Se Per A
100
9613 10013 Pleasant Val Coal let g e t 58_1928 J J 9912 ___ 9912 July'26
20
9813 100
S
M
Telee
1945
10914 Sale 107/
cony 534,
4 10914 58 107 11614 Pocah Con Collieries 1st s I 531957 J J 9094 92
1
tat Telep &
9014 93
4 July'26
1
90/
_
Port Arthur Can az Dk C. A.1953 F A 10418 10433 103/
4 104/
1
4 13 102 1054
1
105 107 10812 10613
negen3 Works&(Rea prke)_1947 J
4 100 116
1st M 63 Series B
1953 F A 104 10512 10412
__ _ _ 1014 1054
4 10212 1024 14 10014 10334 Portland Elea Pow let 63 B_1947 IS N 10114 10112 10112 July'26
1
Kansas City Pow & Lt 53_ _ _1952 MS 102 102/
99 184
____
July'26
105 106 10434 10512 22 1014 100
4 10212
1
66/
Kansas Gas & Electic 83 _ _1952 M
Portland Gen Eleo let 53_1935 J .1 10014 10012 10118
4,
5
1011
A
F
4
1
/
105
72'42
106
Co
&
let 81
106
Kayser (Julius)
108 1
2 105 10712 Portland Ry let & ref 6e_ _ _1930 MN 95
4 96
1
92/
95
7
9512
1
95
9 1027s 108
Kolly-Springt Tire 8% notes_1932 M N 10413 Sale 1044 1044
4
1
4 94/
883
Portland Ry Lt & P 1st ref 581942 F A 9134 924 9134
2
9234
Keystone Telep Co let 5s. 1938 J J 914 9212 91
91
l,tl&reftheSerB
9212
90
1047 M N 10114 Sale 10114
99 10312
3
10312
Kings County El & P g 53_ _ _1937 A 0 99 10314 10312 July'26 -let & refund 73.48 Sec A_ _1946 M N 10714 108 10713 July'26 ___
102 104
10534 10812
1997 A 0
12334 12334
Purchase Money 08
9 1204 12372 Porto Rican Am Tob 85_1931 M N 105 ____ 105
5 105 10514
105
Central Steel 1st g e 8s____1941 MN
Ch 0 L & Coke let aug 5a_ _1937 J J
1927 F A
Chicago Rye let 53
1932 A 0
Chile Copper as Sec A
Cincin Gan & Elec let & re/ 53 16 A 0
19811 A 0
514s Ser B due Jan 1
Cities Serv Pow az Ls f 69 _.1944 M N
Clearfield Bit Coal let 43_1940 J 3
Colo F & I Co gen a I 66_1943 F A
Col Indus 131 & coil 53 eu__ _19341F A
1927.7 J
Columbia G & E lets.
1927.7
Stamped
Col az 9th Ay let gug 6s___ _1993 114 S
a Due May. a Option sale.
71
698
THE CHRONICLE
New York Bond Record-Concluded---Page 6
[VOL. 123.
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked"!."
BONDS
M.T.STOCK EXCHANGE
Week Ended Aug. 6.
Price
Friday.
Aug. 6.
Pressed Steel Car cony g 58__1933 J J
Prod & Ref sf 8s(with waent29'31 3D
Without warrants attached__ _ ID
Pub Serv Corp of NJ sec 68_1944 PA
Pub Serv Elec & Gas let 53451959 AO
le$&refS4s
1964 AO
Pub Serv El Pow & Ltg 88_1948 *0
Punta Alegre Sugar deb 78_193733
Remington Arms 68
1937 MN
Repub I & S 10-30-yr 66 f 1940 AO
Ref & gen 534e Ser A___ 1953
J
Rhine-Westphalia Elec Pow 79'50 MN
Rime Steel let 78
1955 FA
Robbins & Myers 8178
1952 3D
Rochester Gas & El 78 Set B_1946 M S
Gen Mtge 534s Series C1948 MS
Rogers-Brown Iron gen de ref 7842 MN
Stamped
MN
Week's
Range or
Last Sale.
Range
Since
Jan. 1
High
Bid
High Na Lou
Ask Lou
94% Sale 94
94 98%
94% 30
11118
11014 11234
11114 July'26
111
_
11118 July'26
10934 112'4
103% Sale 103
4 66 100 10434
10434 Sale 10434 10514 34 10M4 10534
10434 Sale 10434 105
12 10374 10512
10612 107 10612 107
13 10138 105
2 104 111
10634 10712 10634 10634
8014 9112
90 Sale 8712
90
47
ggI2
9914 Sale 6812
9714 10014
97% Sale 974
9212 9712
983s 42
95 100
9712 97% 9914
9912 27
88 90%
90 Sale 8914
17
90
59 Sale 59
3
56 6812
59
11118 11212 11118 112
1 111 114
10518 Sale 10514 10514
1 10468 106
5212 7334
5212 54
6012
6012
5012 6512
5018 Sale 5018
5018
St Jos Ry Lt Ht & Pr 5s__1937 MN
St Joseph Stk Yds 1st 434s_1931..'3
St L Rock Mt & P 58 stmpd_1955
J
St Louis Transit gen Imp 58_1924 AO
St Paul City Cable cons 5s__1937 J J
Saks Co s f 7a
1942 PA
Saxon Pub Wks(Germany) 78'45 MS
San Antonio Pub Serv 1st 69_1952 J J
Sharon Steel Hoop let 885er A'41 MS
Sheffield Farmi let & ref 634s_'42 AO
&erre & Ban Fran Power 521_1949 FA
Sinclair Cons 011 15-year 79_1937
S
let le col tr 6s C with warr 1927 JO
let lien 639s Ser B
1938
Sinclair Crude Oil 3-yr 88 A_1928 FA
3-yr 8% notes B Feb 15_ A928 PA
Sinclair Pipe Lines f 5s__1942 AO
Skelly 011634% notes
1927 AO
Smith (A 0) Corp let 830_1933 MN
9518 95% 95
6
9534
4
9718 Sale 9718
974
77% 7814 7812 July'26
7612 Apr'26
96
98
9714 June'26
110 Sale 110
11018
7
9812 Sale 98
98% 29
8
10412 10434 10412 10434
11
108 Sale 108
108
107% 10734 1073 July'26
21
97 Sale 96%
97
9812 Sale 9714
98% 148
104% Sale 10312 10514 343
93 Sale 9212
9318 92
1014 Sale 10078 10118 63
100% Sale 10078 101
9112 Sale 91
9112 55
87
140 Sale 135
140
10012 10112 10014 101
4
9114 97
0632 0718
28 81%
7011 7612
95% 98
10718 11034
9234 994
10138 106%
102%109
10678 10812
9112 98
9314 9938
103 11334
87 94%
10014 10112
1003a 10112
82 91%
11188 148
100 10212
South Porto Rico Sugar 78 1941 J D
South Bell Tel dr Tel let s 1581941 3 J
Southern Colo Power 6e
1947 J J
(Tweet Bell Tel 1st & ref 58_1954 F A
Spring Val Water g 58
1948 111 N
Standard Milling let 58
1930 M N
let & ref 531e
1945M
Steel & Tribe gen f 76 Ser C 19513
Stevens Hotel 1st 65 ser A__ _1945 3 J
Sugar Estates (Oriente) 78_1942
Superior 011 let $ f 78
1929 FA-I
Syracuse Lighting let g 5e....1951 J D
Tenn Coal Iron & RR gen 58_1951 J J
Tennessee Elee Power let 65.19473 D
Third Ave 1st ref 4e
19603 J
Ad] Ric fs tax-ex N Ya1980 A 0
Third Ave Ry let g 58
1937 J J
Toho Elec Pow let 78
1955 M s
Tokyo Elec Light 6% notes. 1928 F A
Toledo Edison let 78
1941 M S
Toledo Tr L & P 5M % notes 1930 J .1
Trenton
& El lst g 58_ _1949
S
Trumbull Steel lst a f 69___ _1940 F A
Twenty-thlid St Ry ref 59...1962 J J
Tyrol Hydro-El Pow 7318_1955 Al N
10712 Sale 10712 10712
3
10218 Sale 1028 103
33
10034 1018 100% 102
8
10212 Sale 10212 10212
9
6912 _ _ 10038 July'26
100 1003s 10038 10038
100 10034 10012 10012
108 10812 1077
12
108
10014 10012 9934 10034
9
99 Sale 98
99
27
95
96
95 July'26
10214
10218 July'26
10338 10514 10338 July'26
1048 1047 10418 105
18
6412 Sale 6314
648 39
5612 Sale 56
57
26
9612 9814 97 July'26
9514 Sale 95
9512 78
9838 Sale 9812
9834 131
108 10818 108
10812 30
9938 Sale 9938
9934 23
102 __
10234 June'26
99 Sale 9738
99
91
65
6712 6712 July'26
_
97 Sale 9512
96
24
107 10934
10118 10312
974 102%
RNA 103
904 10038
68%10112
977, 10114
10711 109
9934 10034
89% 100
96 9712
100 102%
1021e 10434
102% 106
5512 6512
4112 65%
92% 9812
9012 96
96 9914
10734 10914
98 9934
10018 10234
9412 99
75
61
9414 97%
Undergr'd of London 4348_ _1933 JJ 9118
1)6
96 Apr'26
94
_
Income 68
9434 May'26
90 95
1948 33 91%
Union Elea Lt & Pr lst g 158:1932 MS 10034 101% 10034 July'26
10028 10214
Ref & est 58
1933 MN 10012 10034 10038 10034 12 10018 102%
let g 534s Series A
1954 ii 102 Sale 102
10212
4 10012 10234
Union Elev Ry (Chic) 5s
1945 AO 84
8414 8414
8414
7712 5512
3
Union 011 let lien is f 5s
10018 101%
1931 33 101
10138 June'26
30-yr gs Ser A
May 1942 PA 10712 10778 108
108
2 10038108,4
9518 gg
1st lien a 1 5s Ser C
1935 PA 98% Sale 9812
9834 20
United Drug 20-yr 6s_Oct 15 1944 A0 10614 Sale 10538 10612 12 10312 10712
United Fuel Gas 1st f 6s.__1936 J J 10312 ---- 103
10338 11 10112 101
United Rya St L let g
_1934 ii 7612 7712 7614
7411 79
7612
3
8712 95
United 13.9 Co 15-yr 6e
87%
3
1937 MN 8712 8814 87%
United Stores Realty 20-yr 88 '42 AO 104 10414 104
10412 18 103 105
9334 126
US Rubber tat & ref 53 Ser A1947 J J 9334 Sale 9314
9111* 95
1930 FA 107 Sale 10634 10738 19 INN 1083
.
10-3,r 734% see notes
S Steel Corprcoupon___ _41963 MN 106 Sale 10512 10612 133 103 10734
105 July'26 __ _ _ 10434 106,2
f 10-60-yr 5211regisfered -41983 MN
86% 94
Utah Lt & Trite 1st & ref 58..1944 AO 91% 9214 9134
92
38
Utah Power & Lt 1st 5e
1944 FA 9738 9734 97
9712 34
95 '9934
_ 10212 Apr'26
Utica Erne L & P lat 5e_ _1950 J J 102%
100% 10212
Cities Gas de Elm ref Sr ext 58 1957 3, 10112 10212 10114 July'26
_ 10018 102%
90% 9912
9812 • 17
Vertientes Sugar 1st ref 75.1942.10 984 Sale 93
55
5912
July'26
Victor Fuel lst s f 58
5314 6412
1953 J
1054
V&-Caro Chem let 78
712 10712
1947 JO
1 105 108
107 June'26
10514 108
Certificates of deposit______
Eltpd as to payt 40% of Min
10734 11112 109
119
let 78
5 10434 109
1947
10812 10812
Ct1 of deposit
3 10412 10934
10734 10912 10712 Jan'26
10671 10812
Ctl of deposit etpd ______
110 Feb'26
734e with & without war_ _1937 JD
107 11112
80 Feb'26
80 113%
Certifs of dep without warr_
107 Jan'26
107 107
Certlfs of dep with warrants_
b Iron Coal & Coke 1st g 581949 MS "55- 16 93
93
1
91% 98
Va Ry Pow let & ref 58
971/ 10138
984
99
23
.1934 J J 98% 99
9018
Waiworth deb 634s(with war)'35 A0 9018 Sale 90
9
89 9512
9114 97
let stoking fund 88 Ser A__1945 A0 96% Sale 96
97
95
82
79 100
Warner Sugar Refin let 78_1941 JO 8414 Sale 80
13
Warner Sugar Coro 1st 78--_1939 J J 6012 Sale 58
60
24
56 88%
Wash Wat Power 8 f 5s__1939 33 10278 10312 10278 July'26 _
10112 102%
102 10338
W witches Ltg e 58 drool fad 1950 3D 10134
-- 10238 July'26 .._
Wmt Ky Coal let 78
9 100 102%
1944 MN 10112 EIS-le 10112 10134
west Penn Power Sec A 58_1946 MS 10012 100% 10012 10012 13
99% 103
105 July'26 _
let 75 Series D
105 10834
1946 MS
tel 58 Series E
1
9914 10314
1963 MS 10012 10078 10012 10012
181 5 Ms Series F
1953 AO 10434 105 1048 10478 10 10438 106
Weft Va C & C 1st 66
80
65 91
29
1960"3 80 Sale 79
Menem Electric deb 5a
1944 *0
Western Union coll tr cur 56_1938 33
Fund & real estate g 4349_1950 MN
15-year 018 g
1936 FA
Westinghouse E & M 7e
1931 MN
81 N
Registered
w bite Sew Mach Os(with warr)'313 .1
Wrnewlre Spen Steel let 7s_ -1935 33
Certificates of deposit
Certificates of deposit stamped MN
07lestetre Sp Steel Co 78 Jan 1935 MN
Willys-Overland e f 6 Ms.....1933 MS
Wilson & Co let 25-yr I 88.1941 *0
Registered
1928 J
10-year cony 8 I 613
Certificates of deposit
FA
p1931
10-yr cony e f 734e
Certificates of deposit
1941
Winchester Arme 734s
toting 11 Sheet & T 20-yr 68_1943 33
1005s
1007
56 10018 10314
101
101
1 101 1033s
9812
9812
9
9614 99
11218 11318 18 111 1171s
10534 10614 106 104 107
10534 June'26
10534 10534
0638 Sale 9614
9412 97
9612 33
61
70 61
61
2
57
7012
6014 Mar'26
60% 8014
7012 Mar'26
79% 7912
50
49
4912
11
49 6812
10212 Sale 10214
10234 18 101% 10314
9838 Sale 98
9812 21
9568 101
_
93 Feb'25
4312 May'26
_
42'l 71
41 May'26
41
72
41 May'2
40 83
4218 June'2
72
41
104 10412 104
1048 58 101% 104%
94 10114 105
1047 Sale i10432 105
10034 Bale
101% 10214
9812 Sale
11218 113
10614 Sale
1
a Due Jan. 4 Due April. p Due Deo. a Option eale.
I
Standard Oil Stocks Par
dik : Railroad Equipments Pera Basis
Angle-Amer 011 vol st___31 51738 111
ios
5.15 4.95
Ba
tE
llan
it
tilop
ere.
C:
&nas
tot
6hLl
i n6e881
167
7138
39
2 A
Non-voting stock
Li *1634
4.90 4.70
Atlantic Refining
100 11514
5.15 4.95
Preferred
100 117 120 1
4.85 4.62
Equipment 4348 & 56.Borne Scrymeer Co
100 295 299 Buff Roth & Pitts equip 13e- 5.15 4.95
Buckeye Pipe Line Co__ _ 50 *4734 4812 Canadian Pacific 448 & Os. 4.85 4.55
Chesebrough Mfg new
25 *73
7414 Central RR of NJ 68
5.15 4.95
Continental Oily to... 10 *2138 2112 Chesapeake & Ohio (te
5.15 4.95
Crescent Pipe Line Co_ 50 *16
4.85
5.10
Equipment
6
Ms
17
Cumberland Pipe Line 100 11218 114
4.85 4.65
Equipment 5s
Eureka Pipe Line Co.__ _100 47
50 Chicago Burl & Quincy 65
5.15 4.95
Galena Signal Oil com_ _.100 1812 6
20
7 Chica
138.- 5.15 5.00
North
8
Egugiopm
dren
N
2
Preferred old
5.10 4.90
100 65
Preferred new
88 Chic R I & Pao 4 Ms& 58
4.85 4.70
100 66
Humble 011 & Ref
25 *6214 6234
5.20 5.00
Equipment88
Illinois Pipe Line
100 13412 13434 Colorado & Southern 68
5.20 5.00
Imperial Oil
5.15 4.95
eaw
ta
*3534 363461
tipre
me & Hudson 13/1
Indiana Pipe Line Co_ _ _ 50 *57
5.00 4.75
Erie
International Petroleum__
5.20 5.00
*33%
National Transit Co_.12.50 *1412 1434 Great Norte&heet5rn6setle
5.15 5.00
New York Transit Co_ _ _100 3214 3412
5.15 5.00
Equipment 58
Northern Pipe Line Co_ _100 *6212 69 Hocking Valley 58
4.85 4.70
Ohio Oil
5.15 4.55
25 *6134 6178
Equipment68
Penn Man Fuel Co
521
212 mE
4.75 4.60
26 *2112 2
604346 & 58
ingw
oispcmen
entrtai
Prairie Oil & Ga8 new _ _ 25 *5134
5.15 4.95
Prairie Pipe Line new__ _100 125 12512
4.85 4.70
Equipment 78 & 6348
Solar Refining
03 Kanawha & Michigan 68
5.15 5.95
100 200
Southern Pipe Line Co new
5.00 4.80
2312 25
Equipment448
South Penn 011
25 .*3934 4012 Kansas City Southern 5348. 5.10 4.85
Southwest Pa Pipe Line6.100 50
17
18
2 Louisville & Nashville 6s..... 5.15 4.95
50
Standard 011 (California). _- *59%
4.85 4.75
Equipment 63'6S
Standard Oil(Indiana)._ 25 *64% 6434 Michigan Central 58 & 68-- 4.95 4.75
Standard 011 (Kansas)._ 25 2112 22 MInnStP&SSM 4318&56 5.10 4.85
Standard Oil (Kentucky) 25 *12312 25
5.10 4.90
Equipment 6I1e & Bi
Standard 011(Neb) new_ 25 *47
4812 Missouri Kansas & Texas68- 5.25 5.00
Standard Oil of New Jer_ 26 44% 4434 Missouri Pacific 68 & 6315
5.20 4.90
Preferred
4.90 4.65
100 11614 1612 Mobile & Ohio 434e & 5e
Standard 011 of New York 25 *3312 3313 New York Central 4348 & 58 4.80 4.82
Standard 011 (Ohio)
5.15 4.95
100 292
Equipment68
Preferred
4.85 4.75
100 11812 9420
Equipment 713
Swan & Finch
100 1734 18
Norfolk & Western 434s... 4.70 4.55.
Union Tank Car Co__ _ 100 9312 94
4.75
1824 Northern Pacific 7e
Preferred
5
4..91 4.75,
100 11612
Pacific Fruit Express 713
Vacuum 011 new
5 4.65
26 10278 03 Pennsylvania RR eq 55 & 68 5.10
4.90
Washington 011
10•
Pitts & Lake Erie 6318
Other Oil Stocks
5.15 5.00
Equipment68
Atlantic Lobos 011
4.70 4.55
t •112 134 Reading Co 4 Ms & 58
412 St Louis & San Francisco 58- 4.85 4.85
Preferred
50 *334 86
Gulf 011 _
25 58612
Seaboard Air Line 5;i is & 611- 5.20 4.95
Mountain Producers.... 10 *go 2514 Southern Pacific Co 4A8.... 4.75 4.80
Mexican Eagle 011
4.85 4.75
5 *418
Equipment 75
60 Southem Ry 431s & 58
National Fuel Gas
4.85 4.70
100 153
9
Salt Creek Cons Oil
5.15 4.95
10 *8%
Equipment68
Salt Creek Producers
10 *3078 31
Toledo & Ohio Central 611.- 5.15 4.95
4.85 4.70
Union Pacific Ts
Public Utilities
*9621 9712
Amer Gas & Elea
Tobacco Stocks
97 American Cigar common 100 122 126
6% pref new
• *95
100 99 102
Deb 68 2014
al&N *101 10112
Preferred
Amer Light & Trac cm:12_100 22212 225 British-Amer Torras ord. El *2112 2212
£1 *2114 2214
Preferred
100 107 109
Bearer
Amer Power & Lt pref
28
101, 9534 9612 Imperial Tob of G B & Irel'd *26
Deb 6s 2016
Mea 9912 100 Int Cigar Machinery---100 95 100
Amer Public Util corn _100 82 84
Johnson Tin Foil & Met-100 60
42
95
7% prior preferred _ _ _100 92
MacAndrews & Forbes-100 40
100 100 103
89
4% panic pref
100 87
Preferred
100 37
3812
Associated Gas 42 El pt. _t *4912 5012 Mengel Co
68
Secured g 631a 1954_ _Ida *104 10434 Porto Rican-Amer Tob._100 65
77
Blackstone Val G&E corn 50 *99 100
Universal Leaf'Fob com _100 74
100 98 100
Cities Service common_ 20 *4214 4234
Preferred
100 120 126
Preferred
100 86% 8738 Young (J 5) Co
*738
100 103 109
Preferred B
•
10
Preferred
Preferred B-B
100
_ Rubber Stocks (Ciereistad)
Cities Service Ban g ere Shares *21
97s
(t) *
Conit'velth Pow Corp new.t *41
4112 Falls Rubber corn
25 *
19
Preferred
Preferred
100 8634 8714
Elec Bond & Share pref.100 10812 109
Flrestone 1ire & Rub corn 10 .108
1001 101
Elec Bond & Sh Scour
*75
76
6% preferred
Lehigh Power Securities . *1734 18,4
7% preferred__ _ ._ _100! 9612 97
Mississippi Riv Pow coin 100 60
General Tire & Rub corn. 25 4158 160
1001 107 10712
97
Preferred.
_100 95
Preferred
First mtge 55 11151. __J&I 101 102 Goodyeai Tire & R com_100 3312 3412
r_ _ __ 96
S F g deb 7s 1935. _at&N 102
Goody'r T & R of Can rif 100 •___
_ 3112
Nat Pow & Lt pre(
*101 1-0112
-- fndia Tire & Rubber new (ti
*14 1
-- 8I88011 Tire & Rub coin_(t)1
Income 78 1972
J&J 10434
100
11
8
'orth States Pow corn..100 10612 10712
Preferred
Preferred
100 10134 102.z Miller Rubber preferred-.100 102 103
37
100 30
Nor Texas Elea Co con2.100 18 _
Mohawk Rubber
73
65
Preferred
51
Preferred
100 48
Pacific Gas& El 1st pref_100 99 101
Selberling Tire & Rubber (t) *2412 2512
104
95
Power Securities corn
t .5
Preferred
712
*18
22
Second preferred
Sugar Stocks
95
Coll trust 138 1949 _.1&D *92
54 •114 214
85 Caracas Sugar
Incomes June 1949_ _F&A *182
79
Puget Sound Pow & Lt_100 2812 30 2 Cent Aguirre Sugar corn- 20 *77
100 136 138
6% preferred
100 8312 8612 Fajardo Sugar
50
7% preferred
Federal Sugar Ref corn_ _100 40
101) 4102 105
104
75
60
Preferred
let & ref 534s 1949_ _J&D 100 101
3.0412e8aug sugar. Inc--(t) 4,1
4
86
Republic Ry & Light_ _100 83
104. 10 _Preferred
Preferred
100 10612 108
33
South Cal Edison 8% pf 25 *3334 35
Holly Sugar Corp cOm (t) *29
100 74
78
Preferred
Standard (I&EI 7% pr pf 100 103 10312
National Sugar Refining.100 122 123
Tenn Elec Power Oct pf 7% 102 103
9412 New Niquero Sugar..10( 60
75
Western Pow Coro pf _ _100 94
97 Santa Cecilia Bug Corp of100
5
1
West Missouri Pr 7% pref.. 94
Savannah Sugar corn -(t) *155 160
100 125 128
Short Term Swrnrities
Preferred
60
Anaconda Cop Min 68'29 J&J 102% 103 Sugar Estates Oriente pf.100 55
Chic R I & Pac 55 1929.3&3 10018 10038
95
Indus. & Miscellaneous
Federal Susi Ref Os'33_5144N 92
83
25 *81
Missouri Pacific 58 '27..J&3 10012 10038 American Hardware
100 120 122
Sloss-Sheff S&I 6e '29.11'&48 10214 10234 Babcock & Wilcox
10014 100% Bliss(E W)Co new
21
(t) *20
Wig Cent 534s Apr 15 '27
Preferred
50 455
58
Chicago Joint Suit Land B
Borden Company cOm (t) *100 102
21
5348 Nov 1 1951 opt 1931__ 10212 10412 Celluloid Company _ -100 19
Preferred
KS
53 Nov 1 1951 opt 1931_ 100 10212
6812 7112
5s May 1 1952 opt 1932._ 10012 10212 Childs Company pref._ _100 115 117
100 170 178
434e Nov 1 1952 opt 1932.. 10012 102 Hercules Powder
Preferred
100 114 116
434s Nov 1 1952 opt 1932... 99 10012
Op)May 1 1963 opt 1933__ 10034 1021 International Silver pref _100 104
5s Nov 11963 opt 1933.- 10112 10234 Lehigh Valley Coal Sales 50 *91
93
Phelps Dodge Corp
99% 101
43.0 Nov 11964 opt 1934._
100 123 126
9934 101
Royal Baking Pow com.100 160 165
431s Oct 1 1965 opt 1935_
Fax Coast of Portland. OrePreferred
100 9912 10012
58 1955 opt 1935_ __M&N 101 10314 Singer Manufacturing_..I00 364 368
58 1954 opt 1934 _M&N 10112 103 Singer Mfg Ltd
31 *628 612
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
a New stook. I Flat price. k Last sale. n Nominal. x Ex-dividend, 1/ Ex- rights
Ex-50% stock dividend. *Sale Dries r Canadian quotation.
699
BOSTON STOCK EXCHANGE-Stock Recordseetrpag.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
July 31.
Monday,
Aug. 2.
Tuesday,
Aug. 3.
1Vednesday. Thursday,
Aug. 5.
Aug. 4.
Friday,
Aug. 6.
Sales
for
She
Week,
STOCKS
BOSTON STOCK
EXCHANGE.
Range Since Jan. 1 1926
Lowest
Railroads.
100 159 Jan 9
171 172
171 17138 171 172
172 172
*17158 173
315 Boston & Albany
---- --__
84
100 77 May 3
8312 84
8412 85
85
85
84
85 I 83
85
1,367 Boston Elevated
85
101 101
100 89 Feb 27
/
4 *101 10134 101 101
____ 101 1011
*101
78 Do pref
iii- 121100 11518 Jan 16
118 118
*120 122 *120 122 *120 122 *118
25 Do let pref.__ .
100 9812 Jan 9
10612 10612 10612 10612 10614 10614
107 107 *106 107
10618 107
105 Do 2d preferred
5412 5518 1,593 Boston & Maine
. 100 35 Mar 30
55
54
55
54
544 54
55
56
5534 66
100 32 Apr 14
-- Do pref
*z;-75*z75
____
*17612 7712 *175
7712 7712 7712 7712
550
Do series A let pre(_100 59 Apr 15
110 110
100 84 Apr 15
*1110 ____ 5z105
*z105
*z105
25 Do series B 1st pref
*95-*z95
_ _- 95
*195
_
__ 95 -9-0 *z95
95
65 Do series C let pref.... _100 74 Apr 15
145 145
101145 ____ 145 145
*z135 ____ *1135
125 Do series D 1st pref _100 105 Jan 29
103 103-- 103 103 I *10112 103
103 103
94 Apr 16
*103 10312'102 1024 *z135-70 Prior preferred
*182
*182
*182
_ *182
_
*182
100 117512 Mar 19
Boston & Providence
5612 s____ -56-2*____ 56 i•___ 56
•____ 5612
East Mass Street Ry CO_ 100 51 Apr 22
64 *161
64
tii" Wf 64 *161
63
61
61 *161
*161
i . Do 1st pref
100 5912 Apr 29
59
*x____ 60 *____ 60
60 *_ 60 *_ _ _
60
59
100 56 May 6
10 Do pref B.
43
*42
43
42
42
42
42
42
*42
43
*42
42
100 40 Apr 29
175 Do adjustment
54
52
52
*5212 54
5212 5212 *52
*52
55
60 Maine Central_ _ _ __. ___ 100 50 Feb 10
/
4 *4514 4512 -.
-1 8 164 1,080 NY Nil & Hartford . .100 31% Mar 30
457 4638 4638 4718 4614 4612 4558 461
*91
____ *91
*92
91
91
*91
107lorthern New Hampshire_100 81 Apr 8
*125
__
*127 ____ *127 ____ *127*127
Norwich & Worcester prel _10 120 Apr 22
- *120 122
120 120
122 122" 120 120 *120 125
10 111 Jan 6
35 Old Colony
*104
*103 ____ *103
____ *104
____ *104
____
9934 Mar 12
Vermont & Massachusetts_10
Miscellaneous
314 Mar 29
*334 4
*338 38 *334 38
334 334 5335 3% ---- -- - 75 Amer Pneumatic Service__ _2
------22
21 22
2134 22
2112 2134
*21
2212 22
2112 Mar 3
410 Do pref
5
14212 143
/
4 143
14234 143
14112 1418 14118 14314 14238 14338 1421
1,817 Amer Tel‘phone & Teleg _10 13912June 24
49
49
49
4912 4914 4934 4918 4918 4914, 4914 4914 4912
4812Ju1y 13
No pa
694 Amoskeag Mfg
73
73
*73
_ _ _ _ *73
73
_ _ _ __ *73
____ ---- ---73
7234July 2
No pa
161
Do pref
_
no ____ *20
*20 ____ no
___ *20
_
20 Jan 16
Art Metal Construe, Inc__ 1
5812 -66 *5812 5934 5812 -00 - --------250 Atlas Plywood t 0
5812 60
5212 Apr 14
*59
60
•1138 12
•1138 12
*114 12
51138 12
__
*1138 12
912June 19
No par
Atlat- Tack Corp
1812 *1818 1812 ,*1814 1812 1812 1812 *1818 1812 18
1418Mav 11
*18
18
600 Berson Oil Co corn T C
8212 8212 8112 8212 81
8112 81
84
81
*183
80
81
808 Bigelow-Hart( Carpet_ _No par 82'2 July 30
12 10912 107 10912 107 107
111z108 ____ 10912 10912
130 Boston Cons Gas pre 634%100 10512 Jan 25
*61
65
65
*60
64
64
*6112 6312 6412 65 *109-63
63
135 Dominion Stores, Ltd__No par 57 May 8
---- ---- ---- ---- ---- -- - - ---- 100 104 Jan 6
Do pref A
212 *2
212 *2
212 *2
134May 20
-;2- -11-2 *2
10
24
East Boston Land
414 414 *414 412 *414 412
*414 412 *414 412
312 Mar 8
414 44
200 Eastern Manufacturing- 5
5778 5712 5712 573 5734 5712 5712
59
57
58
25 57 Apr 15
59
59
680 Eastern SS Lines. Inc
4112 4113 4112 4112 *4112 43
*4112 4213 ---*4112 43
No par 3834 Apr 15
601 Do Prof
*94
95
*94
95
95
*94
95 1
*94
100 92 June 25
*94
95
I 1st pref
1912.110Y 7
*1912 2012 *1912 2012 *1912 204 *1934 2012 1934 1934
50 Economy Grocery Stores
233 235
23412 235
10011207 Jan 15
235 235 .
230 233
2341
.2 23
229 230
382IEdison Electric Illum
.
4_12
16
16
*15
20
194 1934 *15
20
17
19
225 Galveston-Houston Elm_ _1001 14 June 22
1312 *12
134 *12
1312 *12
1134 Apr 12
*12
1312 *12
General Pub Ser Corp cow__
1312
No par 3414 Apr 20
*364 3878 *3612 3678 *3612 3678 3612 3612 3612 3612 3678 -3078
155 Gilchrist Co
9438 95
9412 9413 94
19434 9434 9412 95
*9412 95
94
633 Gillette Safety Razor_ _No par 8812 Mar 30
*12
13
1314 *12
1314 *12
13
13
13
25 10 May 6
13
12
12
50 Greenfield Tap & Die
5718 5712 *574 58
No par 57 Aug 6
574 5714 .
*574 58
*574 58
7
.... _5_7_14
.
180 Hood Rubber
100 Internal Cement Corp_No par 52 May 17
-;.-1-0
6 e15 -;
•.10
International Products_No par .10 Jan 2
.25
.25 *_
.25
100 .30 May 19
Do pref
95
95
95
95
*95
_
106 Kidder, Peab Accep A pref.100 z93 Apr 15
*95*814 -038
812
8
7 Mar 24
814 814 *8
8
10
8
-0
8
8
217 Libby, McNeill & Libby
7
7
7
7
7
7
25
6 July 8
7
7
108 Loew's Tbeatres
83
83
83
*183
84
84
84
83
824 -03-- 83
100 80 Apr 20
84
222 Massachusetts Gas Cos
*67
6712 6712 6712 67
6712 67
100 65 Jan 6
6712 68
68
0718 68
161 Do pref
+106 108
107 10712 106 107
106 106 *105 108
108 108
230 Mergenthaler Linotype_No par £104 June 2
12
12
12
12
1114 1112 1014 1112 *10
734 Apr 22
12
260 Mexican Investment. Inc._ 10
*95
97
*95
97
*95
97
*95
07
*95
97
Miss Riv Pow stpd prat_ _ _100 89 Apr 9
-_-_2issi -__-258.._
*212 2% *2118 234
212 212
2
2 Aug 4
212
1
234 234
133 National Leather
27
2714 27
27
2712 2734 2712 2734 274 2712
_ 5 1512 Jan 9
399 Nelson (Herman)
..25 .50 *.25 .50 *.25 .50 *.25 .50 *.25 .50 -tr fs_ _ .z.0 Jan 2
Corp__New Eng Oil Ref Co
*3
3 July 15
9
*3
9
100
*3
9
53
9
*3
9
_65_ _65._
Do pref (tr et's) ct99
99
99
99
99
99
99
99
*99
56 New England Pub Seri, prior pf 96 Mar 2
--109
Highest
175 Feb 13
8512Jttly 15
102 Mar 20
122 Jan 7
112 Jan 2
5812July 26
53 June 30
80 July 27
120 July 26
105 July 27
148 July 26
10312July 29
182 Jan 21,
61 Jan 6
71 Jan 2
69 Jan 13
4914 Jan 29
60 Feb 3
4838July 17
91 Aug
12712July 17
12212July In
105 July 26
5 Jan 7
2514June 3
15034 Feb 15
71 Jan 2
78 Feb 23
2112 Jan 23
6334 Jan 19
174 Jan 2
2012 Jan 14
9812 Jan 2
10912June 21
684 Feb 1
11218June 9
34 Jan 21
434 July 14
884 Jan 22
45 Jan 6
910: Jan 9
26 Feb 5
250 Feb 11
254 Feb 25
17 Jan 22
404 Jan 12
11312 Feb 6
134 Jull 17
6834 Feb 4
6814 Feb 9
.25 Mar 24
.55 Jan 5
96 July 30
94 Feb 1
1218 Jan 18
8612 Feb 26
704 Feb 20
£110 May 1
1438May 26
98 Jan 4
413 Jan 5
2912July 19
.95 Apr 29
1012 Jan 6
100 Jan 6
8 Feb 18
2 May 11
5 Aug 5 28 Jan 29
110% Apr 1 11834 Feb 17
89 Feb 15 96 Feb 25
.18 Feb I 27 Feb 25
3512July 6 55 Jan 2
40 Mar 25 684 Jan 12
15 Feb 8 17 Jan 12
14 Apr 28
14 Jan 19
OS May 28 110 Aug 6
111 Apr21 117 Feb 20
54 Mar 31 70 Jan 4
7 Jan 5 1512 Feb 11
47 Mar 31 5234 Feb 20
28 Jan 2 30 June 25
100 May 19 135 Feb 16
60 May 30 90 Apr 3
17 Jan 6 2112 Aug 6
29 Jan 18 40 Feb 5
52 Jan 23 60 July 19
102 Jan 29 11012 Apr 13
23 Jan 27
12341May 2
44 Mar 25 504 Feb 18
43 Ms,24
39 Apr I
42 Apr 16 47 Feb 10
1234 Aug 4 Int Jan 2
PER SHARE
Range for Prestos'.
Year 1925.
Lowest
158 Feb
754 Mar
92
Jan
109 Mar
94 Mar
10 Apr
1112 Apr
17 Apr
29
Apr
25 Apr
3512 Apr
96 Dec
Feb
167
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb
Fltglest
1644 Jai.
Jan
86
10414 Dec
130 Dee
116 Der
494 Der
46 Dec
55 Dec
874 Dec
794 Dee
Dec
116
99 Nov
IRO May
624 No;
73 Dee
70 Dee
50 Dee
56 Dec
464 Dec
00 Dec
Oct
126
OM
113
Dec
101
5
212 Mar
164 Mar 2418
13038 Jan 145
6112 May 87
704 May 86%
Jan
16
14
464 Aug 674
94 Aug 21
Der
Dec
Dec
Aug
Aug
Aug
Dec
Der
9713 Nov 10918
103
Jan 10814
284 Jan 74
99 June 100
14 Apr
Oh
3 July
614
42 Mar 8978
35
Jan 4614
89
Jan 100
18 Aug 2312
200
Jan 213
Oct38
17
OW
Am
00
Der
Seto
Jan
Dec
Oct
July
Sept
May
Jan
-3-211Au
.
g 48 July
57is Jan 11512 Dec
11 May
1512 June
72
Oot
52 May
524 Jaa 80
Oct
2
Jan
.05 Dec
.10 Dec 1012 Jan
9512 Nov
8212 Jan
91 Jan
614 Apr
114 Aug
1338 Jan
68
Feb 85 Dee
6318 Jan 70 001
167
Jan 197
Oct
74 Sept1614 Jan
8712 Jan 9614 Nov
314 Dec
614 JAn
114 Dec 17 D.
10 Dec
2 June
534 Apr
12 Sep
272 Dec 11
Feb
New Eng South Mills_..NO par
Jac
20 Dec 55
100
99 Apr 1224 Not
Telep & Tales _100
%
l
30
35
5 NairElu
90 Sep 100 May
1(1 No Amer Util let pf full paid....
20 May 28 Mae
145% paid
m02
14
01palcsiftlepref
38
50 Dec 814 Jan
100
3ii4 -3078
32 Aug 75
Oct
10
0
60'Plant (Thos CO. 1st prat__ .10
4214 4314
Apr
18
1514 Aug
!Reece Button Hole
14 Nov
2T, Jars
13
2051 Reece Folding Machine.- 10
--112
994 Dec 101 Dee
10912 1.-1-0 4
115 Swed-Amer Inc par
10914 Apr 120 Feb
Praf--1
180
°
1134 114
1771 Switt & Co
4512 Apr 734 Der
25
67
67
487 Torrington Co
Oct
3
5
74 Jan
___
__
210 Union Twist Drill
4034 Jul
50 NOT
-47% -48 - 1,477 United Shoe Mach Corp..... 25
264
Oat
29
Jan
pref
Do
*28
2812
535
98 Ma 12412 Dec
2000
i S & Foreign See 1st Pre f P..
112 112
2412 Jan 73 Nov
85
8612 1,5881 1st pref 75% paid .
144 Aug 1934 Jan
21
2112 8,215', Waidorf Sys,Inc, new sly No par
5 Jan 34 Dec
a0
r
265'Walth Watch el B com_Nu 1p0
_ ___ ___ _
1714 Jan 57 Dec
ctfs
pref
trust
Do
160
_ ___ ____
55
Jan 105 Der
100
Do prior pref
-_-__ ____ ______
1614 June 2714 July
Company
20
2401
5012 July
37
Jan
50
Bros
:lii4 -4-01-2 1,470-Warren
374 Jan 4312 21.112
50
1251 Do 1st prof
4012 41
40h Jan 48 Dec
50
35: Do 2d pref
11 Mar 217s Der
251W111 & Baumer Candle corn....
Mining
+.30 .35 +.30 .35 *.25 .35 '
Jar,
25 .05 Mar 15 .40 July 19 .05 Dec 25
1.30 .35
.25 .3
*30 .35
115 Adventure Consolidated
*.05 .20 *.05 .20 *.05 .20 *.05 .20 *.05 .2
.10 Feb 2 .10 Mar 25
Jan
25 .10 Feb
lAlgomah Mining
*05 .20
1
118 Cal
50 Dec
3 Jac
IN Aug 4
118
114
114
114
138
118
870,Arcadian Consolidated.... 25 .25 Mar 27
13
134
134
11% 1178 1138 1138 1134 1178 1134 12
124 Jan 2
5
94 Mar 1534 Feb
914May 2
12
121
3
11
2318
4 3
12
214 1,9301Arizona Commercial
32
32
32
5534 Jan 4
32
2814 July 6014 Oct
10 29 June
3112 3112 31
31
230 Bingham Mines
32
32
1534 1578 1534 1578 1538 16
1238 June 1858 Jan
1714 Aug 6
25 1314June
16
164 1614 163 .
1623
12 1730
14 6.862 Calumet & Hecla
•.23 .30 *.23 .30 *.23 .30 •.23 .30 *.23 .3
1 .20 June 1
.50 Jan 2 .20 May 90 Aug
Carson Hill Gold
1712 174 1718 1712 171
25 13 May 20 20 Jan 4
/
4 1712 1734 18
18 Dec 33
Jan
18
181
1814 1838 1,560 Capper Range Co
5312 34
234 334
4 Feb 3
1
334 3%
3 June
4May
Copper
338 334
54 Jan
23
Butte
Mining_
10
338 33
East
1,020
33
4
34
*a.50 .75 *a.50 .60
.40 .40 *8.40 .65
114 .Tan 20 .04
Jan
25 .35 May 21
138 Jan
.55 .5
*0
+8
50 17
,5
2
225 Franklin
114
*.80
*.80
114 *.80
114 •.80 112 *.80
1I4 July 17 .50 June
134 Feb
Hancock Consolidated__ 25 .50 Feb 2,6
11
1838 1812 18
1838 17% 1814 1712 18
1
14 Mar 29 2114 Jan 4
154 July
23
Jac
*17% 171
1714 174 2,440 Hardy Coal Co
+118
112 *118 14 *1
112 +114
112
1 ,4
1 4 11
1 Dec
2 Jan 11
25 MO Mar 27
312 Feb
700 Helvetia
183 185
181 184
183 185
182 18412 182 182
1 141 Mar 29 185 Aug 2 121 Mar 165 Dee
180
118 1801)8
308 Island Creek Coal
102 102
*102 106
101 102 *10212 106 *102
944 may 10012 Dee
1 994 Jan 4 106 July 28
*102 105
42 Do prof
1212 1212 *1212 1314 1212 1254 124 13
912June 7 1312July 17
13
25
1314 1338 1338
94 Apr 204 JITD
625 Isle Royale Copper
114 *1
114
•1
1
118
1
114 *1
25 .50 Jan 2
178July 17 .50 June
114
112 June
118
112 2,105,Keweenaw Copper
+114 112 *114
112
114 114 *114
112
.75 May 19
1/
1 4 118
2
138July 14
1 Apr
3
Jan
118
138
375 Lake Copper Co
118
*1
118 *.90
*1
118 *1
118
1
25 .80 June 12
1
34 Jan
24 Mar 15
1 Dec
118
Ps
650 La Salle Copper
2
2
2
2
2
2
214 212
212 Aug 4 .95 Sept
134 Jan 26
2
5
218 *24 212
234 Jan
660 Mason Valley Mine
*A5 .75 +A5 .75
.40 .50
.40 .50
.40 .40 *.50 .75
25 .25 Mar 16 .75 July 19 .40 May
14 Jan
140 Mass Consolidated
1Pa.75 1
*a85
.75 .75
sa.75 1
1
1
112 Jan
*a85 1
25 55 May 17
1
Jan
.50 Nov
3
155 Mayflower-Old Colony
3912 3934 3912 394 3912 40
4012 4078 4078 42
25 30 Mar 30 42 Aug 5
2512 June 41
Jan
4112 42
1,800 Mohawk
23
2338 2314 2312 23
227s 2278 2234 23
5 1812May 19 2312 Aug 4
Jan
23
18 Mar 25
2214
2312 1,505 New Cornelia Copper
.10 .10 *05 .20 *.10 .20
+.10 .20
.20 .20
05 Jan 30 .20 June 10 .10 July 85 Feb
700 New Dominion Copper
22
22
22
22
22
100 24 Apr 20 25 Feb 4
25 Apr 31 Aug
New River Company
-2-2-46
46
*45
50
54
*45
50
.50
54
100 45 July 13 72 Feb 11
54
40 June 65 Aug
59
*54
268 Do pref
*54 538
54 514
54 514 *518 54 *54 538
778 Jan 27
5,
438 July
5 July 8
638 Jan
514 514
495 Nipissing Mines
37 Nov
2% 24
234 278
234 234
34 Jan 9 .89 June
278 3
15
*238 2%
2 Apr 13
24 3
1.095 North Butte Mining
.90 .90 *8.99 114
1 Apr29 .15 Nov
114 Jan
25 .50 Jan 4
1
a.99 114 *a.90 1
1
*1
114
313 Ojibway Mining
19
*18
194 *18
19
18
18
19
1654 Dec 27
Jan
1834 19
25 14 May 26 20 July 17
1814 181*
695 Old Dominion Co
104 June 1878 Sept
1012 Mar 29 15 Jan 2
11% 12% 1238 1238 •1212 124 1212 1238 •1238 1238 •1214 1238
480 Pd Cr'k Pocahontas CAN° par
2314 234 2312 234 2312 2334 1,335 Quincy
19 Apr 394 Jan
25 1512May 24 25 July 16
2212 2312 234 23% 2314 24
*3112 32
3212 3212 324 *3214 33
32
32
32
3212 32
2812 Apr 48
Jab
1.005 St Mary's Mineral Land___ :6 2512May 25 3812 Feb 10
932 Jan 4
478June 1
714 Nov
612 *6
612 *6
612
612 *6
11 Nov
*6
192 *6
30 Seneca Mining
6
6
10 .35 May 18 .80 Jan 5 .56 May
*,50 .70 *.513 .70
.50 .50 *.50 .70 *55 .70 *1.55 .65
14 Jan
10 Shannon
Iii• Mar 1 .70 May
.55 .55 *55 .70 *.65 .75 *.60 .75
*.60 .75 *.55 .75
2
Jas
25 Superior & Boston Copper_ _10 .35 Apr 21
738 778
5 6 Jan 6 1114 Feb 5
34 Jan
74 8
74 74
74 8
811, Jan
2,026 Utah-Apex Mining
77a 8
74 77
1 .50 Jan 8 21314 Mar 13 .40 July .98
tlls
138
114 *14
138 *115
14
118
118
118 *118
4 .11
75
4
Jan
450 Utah Metal & Tunnel
.75
.40
25
Feb 23 .22 Nov
Msy 24
.00 .00 *.50 .75 *.513 .75
*.51) .75 *.50 .75
14 Jan
10 Victoria
25 .12 July 8 .40 July 20 .10 Dec .48
.20 .20 *.20 .35 *.22 .30
.20 .20
*.25 .35 •.25 .35
140 Winona
Jan
23 40 Feb 1 .45 Mar 22 .05 Apr .21
Wyandot
Feb
•Bid and asked Prices: no sales on this day. a Assessment paid. 9 Ex-stock dividend. tNew stock. z Ex-dividend. y Ex-rights. s Ex-dividend and rights.
*2
__
*2 ---*7
10
*7
10
*7
10
10
57
5
5
*11414 11412 11412 11412 11412 11412 11414 11412 11418 11412
*91_ _ *91
91
91
*91
____
*1938 2034 *194 -2-078
- 201
/
4 2014 *1934 2014 *1914 2014
*13812 3712 3612 37
37
38
38
39
3812 3838
+43
__
47
47
*43
48
*43
43
*1512 ____ *1512 ____ *154 ____ *1512 ---- *1512 ---+112 2
*112 2
*112 2
112
112 *112 2
*108
_ *109
_ *109
____ 10912 109)2 109 10934
11318 11318 11312 11012 11312 114
11312 114
11312 1131
65
66
66
67
*6614 67
67
67
*6712 68
*11
1134 1112 1112 1112 1134 *11
12
*11
12
4734 48
4734 48
4734 48
478 48
4734 48
*28
2812 ns
2814 2838 284 28 28
28
28
*1111 115
111 111
113 113 *112 113 *112 113
87
8712 88
8934 88
90
87
87
8638 883
2038 2012 201s 2034 20
2034 20
2012 2012 21
*3812 40
39N 40
*39
40
40
*38
41
*57
58
5712 5712 57
57
57
57
*56
58
*107 110 *107 110 *107 110 *104 107 *104 110
17
17
1634 1634 17
1712 1638 17
1612 17
46
46
46
40
46
4612 4512 4513 46
461
54038 42
*4038 4112 *4012 4112 *4012 41
*4012 41
4212 *43
.42
4212 4312 4312 *43
4312 *42
431
*11234 13 *11234 13 *11234 13
1234 1234 *11234 13
---5
5
114 11412
____ __ _ _
700
[VOL. 123.
THE CHRONICLE
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
70
$1.000
70
96
43,000
96
8834 8834 4,000
Low.
67
96
86
Mar
July
Jan
High.
74
96
90
Feb
July
July
66% 66% 5,000 62
May 7014 June
74
Mar 76% June
4,000 65
74
80
80
July
Apr 84
100 74
98
98
Aug
Apr 98
1,000 96
10434 105
7.000 104% Jan 106 June
98% 98%
1,000 97% June 9934 June
9934 9934 6,000 9834 Jan 99% June
103 103
1,000 9934 Feb 105% Apr
100% 100% 2,000 99
Mar 102% July
95
95
1,000 95
Aug
Aug 95
May
10034 101
5,000 10034 Feb 102
Feb
Mar 111
105 105
4,000 100
Mar
100 10034 10.500 9934 June 101
96
96 100.000 96 June 96 June
10114 10134 12,000 98% Mar 101% Jan
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange July 31 to Aug. 6, both inclusive, compiled from official lists:
37
'
12234.
baW5W
O WO
W
.WW8g4.CONNN:71 5
0010J,
WWW04,
WWOW
11234
Low.
4X A
g XXX g
XX
4
X X th!XA g
>•`4'i.)04Z9.e"44rant4.4t
nng4U4g!IgggliTarnlig4n.gqqqn4g.NgEnnggqg4gqgg4MIn
153
114
28
1,905
25
163
65
25
20
102
22
30
50
348
50
213
19
5
26
226
250
87
20
80
30
85
303
1
11
135
42
40
30
44
20
56
169
15
43
10
340
58
50
175
10
50
220
45
90
007.r.D.WW.t.t.t.WNOWW
N..44•PWW.WWNWWONWO.0..WWWWQ..4
132
40
35
3534
235 235
132 133
3934 3934
26
26
.70 .70
153 153
11334 114
28
28
2334 2334
24
2434
92
92
5134 5434
11034 11036
11234 113
127 12734
3634 37
834 834
33
34
10234 10234
12234 123
1636 1634
934 934
1834 1834
934 934
92
92
8234 86
51
51
21
2134
2134 2134
2034 2034
23
24
405 405
2234 2234
50
50
36
36
68
66
50
50
8034 81
150 150
1934 1934
99
99
234 234
1834 1834
200 20134
52
54
X
3534
8W8WWW4.0WWWT1.05g0WWW50
OIWWW.W
Arundel Corp, new stock."'
AtJan Coast L(Omn)_ _50
Baltimore Trust Co_ _ _ _50
Baltimore Tube. pref _ _100
Central Fire Insurance_ At
Central Teresa Sug. pref_10
Century Trust
50
Ches&PotTel of Balt,pf 100
Commercial Credit
"
Preferred
25
Preferred B
25
634% preferred
100
Consol Gas,E L & Power_.
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ ....100
Delimit Tire & Rubber...•
Eastern Roll Mill, new stk•
Empire 38 St allot ctts____
Fidelity & Deposit
50
Finance AC Guar Co, pret.25
Finance Co of America-25
Finance Service, class A.10
Preferred
10
100
Hare di Chase pref
Houston 011 pref tr cts 100
Manufacturers Finance_ 25
1st preferred
25
25
2d preferred
25
Trust preferred
Maryland Mtge Co
•
Mercantile Trust Co_ _ _ _50
Motion Vail Tow pref_ _25
Mortgage & Accept pref _50
Preferred ctfs
Mt V-Woodb M pf v t r 100
New Amsterd'm Cas Co_ 10
50
Northern Central
Penna Water & Power_100
•
Silica Gel Corp
Standard Gas Equip_ _ _ 100
50
Union Trust
United Ry & Electric_ _50
US Fidelity & Guar__ _50
West Md Diary Inc pre(_50
Range Since Jan. 1.
X
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
High.
Jan
36
26234 Jan
154
Feb
Feb
55
2834 Feb
.82May
182
Feb
116
June
4634 Jan
2634 Jan
2734 July
99
Feb
5734 Feb
11134 June
11334 June
12834 Feb
Feb
53
834 July
Feb
48
10234 July
Feb
124
17 June
Jan
12
2134 Jan
1034 Feb
Mar
92
Jan
89
6834 Feb
Jan
23
2434 Feb
Jan
23
July
24
July
405
2336 Apr
54)
Aug
Aug
36
Apr
83
5034 Jan
82 June
Jan
171
Jan
22
10034 Mar
Aug
234
1934 Mar
21934 Jan
5454 Jan
BondsAmer Gas & El 5s_ ..2007
Consol Trac NJ 1st 58 1932
Elec & Peoples tr ctfs 4s'45
Inter-State Rys coil 4s 1943
Keystone Telep 1st 55_1935
Lehigh Val Coal 1st 55_1933
Lehigh Val 4368
1940
Phila. Co cons & coil tr 5s
&mod sk fd & red_ _1951
Ma Electric 1st 55_1966
1947
5345
1941
135
1972
534s
UnitetRys gold tr ctt 45'49
1937
14,1, Rvs 1.0 5a
97
6034
9834
10334
107
10634
102%
6014
44614 96
10334
107
108%
10254
c.c.,-.44..j>,..11t" c.c...1011`a9.-.L.
EqfigNEuVWVagEtngggg
=XXX=XXXXXX
XXX
July
Apr
Jan
8
5234 June
Mar 91
60 71
23,322 48% Mar 55%
Jan 91
38 71
50 66% Feb 7634
150 37
Mar 3934
42 48% Apr 5034
68,035 41% Apr 6734
534
3% Apr
4,790
10 50
Jan 68
Jan 57%
587 51
127 5634 Jan 65
448 11
Mar Iasi
165 82
Apr 9934
46 40
Aug 40
11 89
Jan 101
17.652 55
May 75%
434
5.660 2 1-16 Apr
734
6.280 4 15-16 Jan
Jan 4334
439 38
14,016 84% Mar 14434
Mar 8536
20 80
334
2
Apr
100
Mar 48
315 43
Apr 56
16 49
13 3634 June 3834
1334 July 18%
5,164
Feb
Jan
Feb
Apr
June
July
Jan
July
July
Feb
Feb
may
July
Aug
Feb
July
Jan
Feb
Jan
Jan
June
Mar
July
Jan
Feb
Aug
97
34.000 89% Feb 10134 May
61
3.000 58
Jan 6954 Feb
6134 16.900 57% Jan 6534 Feb
51% 2,000 50 June 56% Feb
91
Jan 93% Feb
4.000 91
10034 2.000 100% Mar 101% Apr
98
Aug
1,000 98
Aug 98
9834 2.000
104
3.500
107
5,000
10814 7,200
102% 29,000
6034 4,000
9614 5.600
9634
102
10334
105
100%
57
9534
Jan
Mar
Mar
July
July
June
Jan
9936
104)4
108
10834
103
65
9634
May
June
June
Aug
May
Jan
July
•No par value. z Ex-cUvIdend.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 31 to Aug 6, both inclusive,
compiled from official sales lists:
•
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
par. price. Low. High. Shares.
Adams Royalty Co corn..• 2734
All America Radio el A__5 1634
934
American Pub Serv pref 100
Am Pub Util Co par pfd 100 87
1834
American Seating pref,__* 3734
••
Common v t o
American Shipbuilding.100 78
51
Amer States Becur Corp A•
2134
Class B
•
34
Warrants
2134
Armour & Co(Del) pref 100 94
20%
Armour & Co pref
100 86
405
Common cl A v t tr. _ _ _25 1434
2236
Common cl B v t a_ _25
Assoc Inv Comm
• 37
36
Auburn Auto Co corn_ __25 58
Balaban & Katz v t o_ _ _25 7334
50
Preferred
100
Beaver Board v t c B
•
434
Preferred certificate:4_100 4234
Bendix Corp cl A
10 3334
99
Borg & Beck corn
10 3934
234
Brach & Sons(E J) com- • 3034
Bunts Bros
10
Butler Bros
20 2934
54
Central III Pub Serv pret-• 8834
Central Ind Power pret_100
BondsCent Pub Serv (Del) com_• 16
Baltimore Brick 1st 55 1943
100 100' $3,000
Aug Central B W 7% pref.-. 93
100
Bait Electric stpd 55..1947
10234 10236 2.000
Prior lien pref
• 96
10234 June
Balt Sparrows P&C 4345'53
Warrants
8234 8236 5,000
2274
8234 Aug
8334 8336 2,000
Carolina Central 45._ _1949
8334 July Chic City & Con Ry pt eh*
434s..1954
9534 96
Consol Gas gen
14,000
Preferred
334
9864 Apr
"
Consol G E L & P 43481935 9836 98
9834 9,000
9854 Apr Chicago Fuse Mfg Co_ _ _ -• 32
10134 10134
1965
Preferred 5s
1,000
10234 May Chic N 9 & Milw com__100
534% notes. Ser E.1952
Prior lien pret
1,000
10634 10634
100 100
10634 Aug
100 10134 2.000
Davison Sul & Phos 68.1927
Preferred
100
10134 Aug
9834 99
Elkhorn Coal Corp 6345'32
12,000
Apr Commonwealth Ecilson.100 13634
100
93% 94
Fair & Clarks Trac 58_1938
6,000
Rights
June
94
100 10014 7,000
534
Ga Car & Nor 1st 5s_ _1929
5
10034 June Consumers Co new
96
Preferred
9634
Md Electric Ry 6 36s_ _1952
1,000
100
9734 Mar
98
98
•
Norf & Ports Trac 58_1936
2,000
9934 Jan Continental Motors
6934 70
United Ry & E 4s_ _ _ _1949
13,000
25 56
7134 Mar Crane Co
30
1949
Income 45
Preferred
5034 21,000
100
5034 Mar
1936
Funding 58
7034 7034 5,000
50 4834
May Cuneo Press A
72
1927
2,000
9854 99
6% notes
99 June Decker (Alf) di Cohn,Inc_• 3164
96
96
1,000
65, when issued_ _ _ _1949
100
Mar Deere & Co pret
96
100 100
100 118
United Towns Elm 68_1945
2.000
100
Aug Diamond Match
6334 14,000
Wash Balt & Annan 581941 6334 63
7334 Feb Eddy Paper Corp (The). •
1,000
10134 10134
West Md Dairy 1314
101 34 Ang El Household Util Corp_10 15
• 17
Eleo Research Lab
•No par value.
Evans & Co. Inc. el A.._ _5 29
(The)
Co
* 28
Fair
Philadelphia Stock Exchange.-Record of transactions
Preferred
100
at Philadelphia Stock Exchange, July 31 to Aug. 6, both Fitz Simons & Connell Dk
it Dredge Co
inclusive, compiled from official sales lists:
Foote Bros(G & M)Co__• 1234
r
3
Godchaux Sugar
Friday
Sates
•
Gossard Co(11W)
Last Week's Range for
Range Since Jan. 1.
Great Lakes D &
_100 147
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Greif Bros Coop'ge
D_Acora• 43
StocksLow,
High.
Hammermill Paper pre( 100
10
47
47
Alliance Insurance
10 36
Jan 59
Jan Hart,Schaffner & Marx 100 11034
" 77
7834 7834 5,381 60
American Stores
Mar 9434 Jan Hibbard,Spencer,Bartlett25
124 12534
10
Baldwin Locomotive--100
230 9934 Apr 12534 AUg Hupp Motor
11134
pref
11236
2.5
Pa
161
of
10934 Mar 11334 June Illinois Brick
Bell Tel
40
40
56
6 38
Jan 4034 June Illinois Nor Utilities pf _100 91
Cambria Iron
2334 2634 2,185 1354 May 2634 Aug Jaeger Machine Co
•
•
Congoleum Co Ine
26
26
30 25
Mar 2634 Feb Kellogg Switchboard newl0 15
East Shore G & E8% pf _25
100
13
13
Preferred
100 12 June 2054 Feb
100
Elsenlohr (Otto)
83
8434
513 73
Jan 8534 June Ky Hydro-Eleo lard----100 96
Electric Stor Battery--100
5034 5036
70 50
Jan Kentucky ULU Co pref._50 5234
July 68
Fire Association new- -10
100
70
250 58
7134
July Kraft Cheese Co
25 69
Mar 74
General Asphalt
54
30 31
55
May 6234 July La Salle Ext IMO,(111)_10
Giant Portland Cement_50
54
5C 54
54
47 3454 Jan 56
July Libby McN & Libby new 10
834
Preferred
IC 5134 5134 52
863 49
Mar 6434 Jan McCord Radiator Mfg A.•
Insurance Co of N A_
18
18
•
50 117
July 2954 Jan McQuay-Norris Mfg
Keystone Telep pref. _50
105 60
76
76
July Mer & Mfrs pref
25 36
Jan 76
Keystone Watch Case •
2
2
2
275
434 Jan Middle West Utilities_ • 11434
134 July
Lake Superior Corp- _ _ _100
Preferred
1,016 9734 Mar 12034 Feb
50 11114 11114 113
ilk)
Lehigh Navigation
60
100 8034 Apr 9334 July
Prior lien preferred_ _100 11634
9134 9134
Lehigh Valley
24334 2614
250 25
10
Mar 8534 Jan
Lit Brothers
93
61
60
5134
91
10034
98
High.
Low.
2
51
2734 2734
16
17
9634 97
87
87
3734 3714
3236 3231
78
7834
3
336
234 3
34
34
9334 94
8534 86
1434 1434
7
7
3534 37
54
59
7334
73
100 100
334 474
38
4234
3334 3454
3634 3934
303.4 3074
20
20
2934 2934
88
8834
87
88
1536 1634
9234 93
94
96
2234 2334
34
34
254 334
3154 3234
46
46
9934 100
75
75
136 13654
434 434
536 534
75
75
11
1154
5734
56
117 117
4754 4816
31
3134
109 110
118 119
25
25
1434 1534
15
18
2634 29
28
2834
106 106
3,460
950
205
50
140
30
235
815
330
650
365
695
335
50
405
6.460
2,040
77
725
860
2,585
9,075
340
30
1,155
173
175
352
475
325
890
100
1,325
250
75
330
10
420
435
835
25
400
239
10
185
270
35
300
100
289
1,125
1,900
483
15
3034 3034
1234 1236
3
3
3334 34
140 151
3934 43
109 10934
110% 11034
76
76
24
2534
4834 50
91
90
2534 26
15
13
99
99
9534 96
50
5234
73
67
9
934
814 834
3934 40
1534 1534
3634
36
11434 115
107 10734
116 1163.4
175
100
280
85
570
3,621
20
25
10
310
185
22
75
320
100
80
187
5,600
245
1,935
210
135
140
2,580
550
200
a to
Range S SG Jan. 1.
Low.
High.
X
Bonds-
Atl G & W I SS L 58_1959
Cent Pr & Lt Co 58_1956
Chic Jet Ry & US It 481940
Hest Mass Street RRSeries A 434s
1948
Series B 58
1948
Series D lls
1948
Rump Mtge & Inv 734866
Hood Rubber 7s
1937
KCM&Bino5s____1934
Mass Gas 434s
1929 9934
534s
1946 103
Miss River Power 58..1951
Nat Cott'd Pd Copr 634541
New Engl Tel & Tel 581952
PC Pocah Co 78 deb_ _1935
Swift & Co 58
1944 10034
Un St Wks 63.4s ger 0_1951
Western Tel & Tel 56_1932 10134
Range Since Jan. I.
100
14
3734 Feb
1934 Jan
09
July
91
Feb
42 June
36 June
9534 Jan
834 Feb
534 Feb
1 June
98
Mar
9214 Mar
2594 Feb
17
Feb
3734 Mar
7274 Mar
7634 June
103
Feb
474 Apr
4234 Aug
35
July
3934 Aug
3734 Feb
22
July
30
July
91
Jan
93
Jan
1634 July
9634 July
100
Feb
2534 July
34
Jan
7
Jan
35
Jan
6134 Feb
101
Mar
83
Jan
145 June
43.4 June
1034 Feb
93
Feb
1334 Jan
60
Jan
11736 Jan
50
Feb
32 June
110
Aug
12934 Feb
27 June
25
Jan
3234 Jan
3014 Feb
3354 Jan
107
Feb
X AX
Friaay
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Man Rubber
10
234 2%
MInehill & Schuyl Hay_ _50
51
51
Penn Cent Light & Power
gumul preferred
72
72
7234
Pennsylvania RR
z54
50
54%
Penne Salt Mfg
75
50
76
Philadelphia Co (Pitts)_.50
72
72
Preferred (5%)
50
3734 3754
Preferred (cumul 6%)-50
4934 49%
Phila Rice of Pa
25 51% 4834 52
Power receipts
25
534 5%
534
Phila. Insulated Wire
65
•
65
Phila Rapid Transit.._ _54) 5531 5514 5634
Phlla Traction
50
60
60%
Phila & Western
50
12% 13
Reading Company
50
96% 9834
1st preferred
50
40
40
Scott Paper Co pref...l00 9734 97% 9734
Stanley Co of America.._
72
7536
Tono-Belmont Devel____1
3
.3%
Tonopah Mining
1
634 674
Union Traction
50
39% 39%
United Gas Impt
50 11334 109 114
Victor Talking Mach _ _1
82
82
Warwick Iron di Steel. _ _10
2
2
West Jersey & Sea Shore_50
46
4734
Westmoreland Coal new_ 50
4934
49
York Rys pref
50
37
37
Shreveport El Dorado_ ___
14
1834
liggV.g2tV.Zza
A X X
X X
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 31 to Aug. 6, both inclusive:
Range Since Jan. 1.
tgur5g..gt=n=16'4 O2gt= .2 24tg.=58=t0V.=g18.
xx x
xx x
xx
xx
XXXg XXX X XXX X
:..c.44'C'44X9X4,
.X>n.4444c.
1:44g4g44ggqA44gngqq4n.144E
41 '1'4'4
Outside Stock Exchanges
32
1534
7
39
171
43
110
125
7934
2836
5234
92
2934
17
102
9934
52
9034
1434
10
42
1934
3634
134%
1113.4
12314
June
Jan
Feb
Jan
Jan
Aug
Apr
Jan
Apr
Jan
June
Mar
Feb
June
June
July
Aug
Jan
Jan
Feb
Jan
Feb
May
Jan
Feb
Feb
AUG. 7 1926.]
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Midland Mil prior lien_100
Preferred A
100
Morgan Lithograph Co_ _•
Mosser Leath Corp com_ •
Nat Carbon pref new_ _100
•
Nat Elec Power A w L
Preferred
100
10
National Leather
National Sta dard com .•
North American Car com_•
Nor West Util pr In pf _100
100
7% preferred
•
Novadel Process, pref_
Omnibus pref A w I_ _ _ _100
Voting trust ells w I a_ 5
•
Penn Gas & Elm w I
Pick Barth & Co pref A__•
Certificates
Pines Winterfront A
5
Pub Serv of Nor III
•
Pub Serv of Nor III_ _ _ _100
Preferred
100
7% preferred
100
Quaker Oats Co
•
Preferred
100
Real Silk Hosiery Mills_10
Reo Motor
10
Ryan Car Co (The). -25
So Colo Pr Elee A com_25
Southw Gas & El 7% pf.100
Sprague-Sells Corp cl A30
Standard Gas & Electric_•
Preferred
50
Stewart-Warner Speedom.•
Swift & Company
100
Swift International
15
Tenn Prod Corp corn. •
Thompson (J R)
25
Union Carbide & Carbon_•
Unit.d Biscuit class A ___•
United Lt dr Pr Awl new
B w I new
•
Preferred el A w 1 a._ _•
Preferred cl B w I a_
•
United Paper Board
_100
U 8 Gypsum
20
Preferred
100
Vesta Battery Corp_ _10
Ward(Montgomery)&Co 10
•
Class A
Williams Oil 0 Mat com_•
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Machines part pfd.•
YellowTr & Coach Mfg BIO
Preferred
100
Rights
Yellow Cab Co Inc (Chic)•
102 102
181
102
135
99
99
99
6034 584 6134 5,175
40
1634 1635
110
126 126
2434 25
700
660
95
95
9534
275
234
234 24
30
4,200
2931 30
29
31
29
310
94
9734
95
94
96
239
27
350
274
200
90
90
9034
400
16
16
17
2134 2131
250
2234 22
23
800
1254 1234
350
1234
58
58
604 3,455
132 133
45
133
134 134
10
134
20
104 104
1134 11331
60
18234 185
105
184
20
106 106
48
49
1,650
225
1934 2034
10
1134 1134
25
2434 25
165
45
9634 96
964
2934 2934
50
56
56
100
56
5634
200
7334
7234 75
4,910
114
11331 114
996
19
1834 194 2,345
10
10
90
4434 45.34
835
8934 8431 90
9,269
43
42
43
600
17
1634 174 2,230
20
20
2031
580
87
87
87
80
51
5134
285
110
2)34 234
16635 164 17034 2,840
121
121
10
124 124
400
74
74
75
11134 11134 111 34
60
1831 19
650
110
6
6
53
524 534 2,030
27
27
274
1,085
324 2434 3531 33,700
10131 1014
15
6
24 74 37,600
44
705
4334 44
Range Since Jan. 1.
Low.
98
Mar
96
Jan
424 Mar
16
July
125
Feb
1934 Mar
July
92
2.4 May
26
May
Mar
26
93
Jan
914 May
2634 June
90
Aug
144 May
1934 June
May
19
124 July
3334 Mar
1284 Apr
12931 Apr
10034 Jan
112
Jan
128
Jan
1 5
Feb
3131 June
1934 June
114 June
22
Apr
93
Apr
29
May
5434 June
54
Jan
6834 May
110
Apr
1431 Apr
10
July
42
Apr
7234 Jan
38
Mar
134 Apr
15
Apr
814 Mar
424 Apr
22
Mar
125
Mar
11331 Apr
84 May
584 Mar
1074 May
144 May
534 Feb
49
Apr
26
Mar
21
May
91
Apr
4 July
4254 Mar
BondsChicago City Ry 59_1927
74
75 $21,000 67
Chic City & Con Rye 5s '27 4734 46
4734 38,000 4431
Chicago Railways 5s_ _1927 73
16,000 67
7134 73
5s series A
1927 49
464 49
44,000 45
4s series 13
3231 29.000 29
1927 314 29
Commonw Edison 5s_ _1943 10434 10434 10434
1.000 10034
HousGGCosfg64s 1931
97
9734 18,000 9534
latolf1. A. On lot a f rt C. In,.
'nal, Inn, fa /111ri COIL
High.
104
9934
65
1634
128
2631
9634
434
304
32
99
96
28
98
2134
24
23
13
6034
140
140
106
11654
185
1084
5834
254
16
2531
98
303(
6434
564
93
117
2231
1531
48
90
5834
26
31
92
5134
38
171
121
25
814
11234
234
934
554
32
354
1014
734
504
June
June
Feb
Aug
Apr
July
Feb
Jan
July
Jan
Jan
Mar
June
Feb
Feb
Feb
Aug
July
Aug
June
June
July
Mar
Aug
July
Jan
Jan
Jan
Jan
Mar
June
Feb
Jan
jar
Feb
Jan
Mar
Feb
Aug
Jan
Feb
Mar
May
Aug
Mar
July
Aug
Jar
Jar
Mai
Feb
Jar
Jar
Feb
Aug
Aug
Aug
Feb
Mar 7934 Jar
July 564 Jar
Apr 82
Jar
Mar 50 Jun(
July 40
Jar
Mar 105
July
Apr 99
Fel
I.... •nn••
..
No par value
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange July 31 to Aug. 6, both inat Pittsburgh Stock Exchange July 31 to Aug. 6, both
inclusive, compiled from officials sales lists:
Stocks-
bridal
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
IndustrialsAmer Laund Mach com_25
Amer Rolling Mill com..25
Preferred
100
Amer Seed Mach pref._100
Amer Prod common
Buckeye Inc
Champ Fibre pref
100
Churngold Corp
•
Cin Warehouse
50
Cln Postal Term pref _ _100
City Ice dr Fuel
•
Cooper Corp(new) corn 100
New preferred
100
Eagle-Picher Lead com_20
•
Formica Insulation
Giant Tire
•
Gibson Art corn
•
Globe Wernicke corn
(undeposited)
100
Gruen Watch common_ •
Preferred
100
Johnston Paint pref._.100
20
Kahn participating
Kroger common
10
New preferred
100
McLaren "A"
•
Paragon Refining corn_ _25
Procter & Gamble corn_ _20
100
6% preferred
100
Pure Oil 6% pref
100
8% preferred
Standard Drug
ll S Can corn.•
20
US Playing Card
116 Print & Litho com_100
Preferred
100
•
U S Shoe com
100
Preferred
•
Whitaker Paper corn
Preferred
100
100
Wurlitzer 8% pref
117
1134 119
3931 484 50
1094 10934 11034
64
64
2534 2534 26
324 33
103 103
103
52
4931 524
15
15
91
91
234 234
68
68
10034 1001.4
324 3134 3 54
24
24
35
35
35
39
3831 39
94
. 9331 94
41
42
1074 1074
100 100
4334 434
1304 1304 1344
1124 1124 1124
1831 19
734
7
64
150
150 152
112
112 11231
964 9631 97
10834,10834
214 2234
3934 3914
1434 1394 14331
87
88
98
98
98
734
74 74
44
44
44
4731 474 4731
9934 9935
10631 10631
BanksFifth-Third Union units100 322
320
Public UtilitiesCincinnati & Sub Tel_ _ _50 8734 874
100 90
8934
Cincin Gas & Elec
6734
C N & C Lt & Trac com 100
100 11034 110
Ohio Bell Tel pref
Tractions33
Si
322
874
9034
6734
1104
33
Range Since Jan. I.
Low.
3,650 108
1,649 464
163 108
20 64
302 244
151 30
20 103
225 4931
5 15
6 88
40 23
39 654
155 9951
1,085 264
128 20
150 334
1,005 3634
18
40
18
2
2
340
6
7
147
800
197
132
35
31
300
70
24
30
89
4
15
21
30
924
36
10334
99
424
10434
11031
18
631
13934
10834
854
1054
21
40
137
804
91
6
44
43
43
105
6 318
High.
Mar
July
May
July
May
Jan
Aug
Aug
Aug
Mar
July
July
June
May
Mar
Jan
Feb
14734
59
111
75
2731
31
106
70
15
95
254
80
108
35
27
35
40
Jan
Feb
Apr
Jan
Mar
July
Apr
Feb
Aug
Feb
Jan
May
Jan
Jan
Apr
Aug
Apr
July
Jan
June
Jan
May
Mar
Mar
July
Mar
Jan
Apr
Jan
Jan
July
July
Apr
Jan
Jan
Mar
Aug
June
June
Mar
1004
41
108
1024
45
1354
1124
204
94
164
11431
98
11034
24
63
155
95
100
834
5634
56
56
1064
June
July
Apr
Mar
June
Jan
Mar
Feb
Jan
July
Apr
June
Apr
June
Jan
Jan
Feb
June
Feb
June
Jan
Jan
Aug
Mar 330
Apr
10 81
167 88
15 814
276 109
Apr 8934
May 95
Jan 93
Jan 115
July
Mar
June
July
215
115..
....
32
oc
• No par value.
Pittsburgh and St. Louis Stock Exchanges.-For
this week's record of transactions on the Pittsburgh and
St. Louis Stock Exchanges see page 679.
701
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from July 31 to
Aug. 6, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Y'ridat
Sales
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares
Week Ended Aug. 6.
Stocks-
Indus. & Miscellaneous.
10
Acme Packing
3,
Ala Great Soutla. corn_ _ 50
Preferred
Allied Packers senior p1100
iuo
Prior preferred
Aluminum Co corn
100
American Arch Co
Amer Cyanamid, elan B.20
100
Preferred
Amer Electrice Corp v t c_5
& Elec. corn...•
AL er
Preferred
Amer i.t 'Frac. corn_ _100
100
Preferred
Amer (1). kit pref... too
Amer Pub UZI]7% pref _100
•
Amer Rayon Prod
Amer Roll Mill. corn _ _25
AmSeatIngCo(newcorp)vtc
Cony preferred
Amer Sumatra Tob(new co)
Voting trust ctfs
Amer ouperpow Corp. A _•
•
Class 13
25
Prior preferred
First preferred
American Thread, pre - _5
Assoc uas & Elec, class A_ •
Atlantic Fruit & Sugar_
Atlas Portland Cement_ _ _•
Auburn Automobile,com2b
Babcock & Wilcox Co 10(
Balaban & Katz, oom vtc25
Bancltaly CrpuratiJn_
Beaverhoard Co cl B,corn •
Preferred
Rigel. w Bart( Carpet.com•
Blaw-Knox Co common_25
Bliss(E W)& Co
Borden
Fireproof Prod_.01
BradleyCompany5
Brill Corp (new)class A. •
•
Class B
10
Brit-Amer Tob ord bear.Cl
Brooklyn City RR
Bucyrus Co common _ _100
Buff Nlag &East Pow corn.
25
Pref-rr5d.
Burroughs Add Mach pf100
esp I *toy 'Inger s le. _
Car Ltg & Power corn__ _25
Celluloid Co common_ 100
lIe
Preierred
•
Celotex Co corn
100
Preferred 7%
50
Cent Aguirre Sugar
Central Pow & Lt 7% pf100
Centrifugal Pipe Corp__ •
Chic Nipple Mfg CI A....50
50
Class B
Cities Service corn
la
m
Preferred
Preferred I1
100
Preferred B B
Bankers shares
•
Cohn-Hall-Marx Co
__
'WAD
Columbia Gas & El(new co)
Common w I
Preferred w
Com'wealth-Edison Co_100
.
Conewealth Power CorpCommon
100
Preferred
Warrant•
Conan' Dairy Products_ _•
Con Gas,E L&P Balt corn*
Conned Laundries, w __ _•
IContinental Baking,comA•
Common B
•
100
8% preferred
Continental Tobacco_ _•
Copeland Products IncClass A with warrants..*
Courtrolds. 1.111
I
50
Cuneo Press class A
Cuross Aeropl & NI. coat_ •
In Forest Radio Corp... •
Dixon (Jos) Crucible._ _100
•
I mehler Die Casting
Dominion Stores, Ltd. __•
Dresdner Bank Amer ells_
Dubllier Cond & Radio._•
Dunhill International_ •
Durant Motors. Inc
Duz Co class A
•
Class A v tc
Eitingon-SchIld Co, corn.*
Elec Bond & Share, p1. _100
Elec Bond & Share Secur_•
Elec Invest without warr_•
•
Elec Ry Securities
Empire Pow Corp part stk•
•
Emporium Corp
Engineers Public Service_•
Piet allot ctis(80'1),
Pref allot Ws(full paid)Estey-Welte Corp class A.
Fageol Motors Co corn.,10
100
Fajardo Sugar
Federal Motor Truck ,.I0
Federal Purch Corp class A
Class B
•
Federated Metals
Feltman dr Curme Shoe CIA
klachine_•
Film Inspection
pf.100
.re-mone T & R,
Ford Motor Co of Can_100
•
Forhan Co, class A
Foundation CoForeign shares class A._ 5
Fox Theatres class A.com•
Franklin (H H)Mfg nom-•
Freed-Elsemann Radio_ •
•
Freshman (Chas)Co
Galv-Houst El Co com_100
Gamewell Co common...'
Range Since Jan. I.
Low.
Jan
Ma,
Mar
July
May
Jan
Aug
July
Feb
July
kis r
Apr
Nts•
Mar
A.July
July
July
July
July
10e
1)6)34
130
10
29
76
132%
47
96
11)4
9934
96%
2114
115)4
97
94)4
35%
59%
3634
40%
Aug
Feb
Aug
July
Jam
Feb
Feb
Feb
Feb
Feb
July
July
Jam
Jam
July
Aug
Jam
Feb
July
June
15
Apr
1934 Mat
21% Mar
23
Mar
93
May
34 Aug
25)4 Mar
Jan
80c
44% June
41A Mar
114
Apr
Mar
64
78% June
Mar
4
30
Mar
RI 4 Au5034 Apr
1644 Ma)
9134 Mar
50e May
33% May
14% May
121% July
7
May
179
Jan
234 July
24
Feb
1054 Apr
31%
37%
39
264
93%
4
3544
2
55%
73
149
7654
804
431
40
9814
6014
'22%
110
1%
5734
33
31%
9%
335
384
3134
107
53%
234
26
75
198
95
95
98
27
4434
27%
42%
87
744
76
20%
3344
334
Aug
Jan
Jan
Feb
May
Jam
ALig
3e
Sc
10c 11,000
1,140 96,
94 1224 12931
12
30
320 9434
124 130
7
200
7
7
ao 934
2134 204 2134
300 544
6834 70
117 118
50 117
3434 3434
100 314
90
90
100 88
934 10%
1,000
8
97
95% 994 15,800 64
9534
400 90%
95
325 195
223 225
125 105
108
10734 108
96
640 92
96
9834
9434 9434
70 93
1334
1,500 11
134 12
494 484 494
30 45%
1,000 32%
3234 3234 32%
1.700 37%
3735 3734 37%
31
32
323.4
3714
35
45
7334
8034
434
40
1010
374
27
244
4534
14
22
180
934
77
4434
274
4234
87
234
84
96
41
86%
6651
544
23
7531
931
9131
19%
1754
431
62%
114
1434
154
34
1084
7534
4654
28
314
2934 3234
2931 323.4
254 2531
93
93
34 351
3334 3531
134 14
45
45
5354 57
11934 121
73
7334
804 8034
44 44
40
40
8134 823.4
604 6034
21
20
9934 1014
57c 65c
1 354
34%
144 1534
2234
22
731 734
235 236
31
32
25
25
10534 1054
4434 46
1%
1%
19
22
6931 75
163 198
9234 94
76% 77
9731 98
2034 224
444 4434
2734 2731
4134 423i
8634 87
734 734
754 7534
203-4 2054
22
22
234 21111
8234 85
92
96
138 138
384
864
56
234
52%
224
73%
94
91
19
27
40 ,{
1
15
Si
117
88
7634
97)4
16%
42
2511
37%
8234
734
74
19
21
2
29
82
304
24
444
22
65
831
86%
11%
100 17
21% 21%
100 '26%
2634 2634
100 43
4834 4834
600 15%
173.5 18
331
454 9,300
51c
140 140
50 130
1731 18
800 114
624 65
300 57
134 134
90 101
54 55(
900
44
23
23
200 18
64 13)4 228,800
334
14% 154
800 10
15
934
1551
90
34
3434
20
33
10831 109
62 104%
69
23,50
77
5634
43
4631 20,600 3031
54 54
100
434
1,900 21
2534 26%
364 37
200 24%
16
2334
23
734
2534
16
5534
June
Feb
Fe
June
June
July
Aug
alas
Feb
Apr
Feb
Apr
Feb
Mar
Jan
June
Mar
Feb
Mar
Mar
Jan
June
July
Aug
Aug
Jan
Aug
June
Jan
Jan
Jan
Jan
June
Feb
Feb
Jan
July
Feb
June
Mas
Ape
Aug
Aug
July
Feb
Aug
Jam
July
Aug
Mar
Aug
June
Mar
June
Jam
Jan
1,900 8234 Aug 85
Aug
1,400 92
Aug
Aug 96
10 134
July 14444 June
424 33,800
300
8631
4,103
68
300
2%
544 8. 00
254 4,200
3,800
76
95
,4 16,800
1.200
9331
1934 2,200
107 107
1074 10734
264 26
264
4%
44 44
13734 13134 13734
50% 48% 52%
314 30
31%
11%
11
11%
1234 1234
394 3934
6
6
9734 9734
4974 495 509
16
1531 17
1834
23%
15,800
7,000
13,700
300
100
500
12,000
• 4,800
300
225
30
1,200
400
200
200
50
100
1,600
2.200
1,900
1,400
600
500
2.600
100
1,100
1,000
10
8,800
500
460
190
875
895
200
150
4,100
800
1.100
10,900
1,400
400
400
100
100
11,700
High.
Mar 4244 lam
Mar 88% July
Mar 76
Feb
June
5% Jan
Jan 58
Feb
Mar 28% Feb
Mar 12154 Feb
May 3034 Jan
Mar 102
Feb
May 20% June
Apr 27,4
Aug 354
Jan 50%
May
23%
June 1031
Mar 159
May 1834
May 67%
May 134
Apr 11
May 2634
May
13%
May
21
May 22
Mar 37%
Jan 110
Mar 86
Ma
744
Jan
10
May 32
July 3934
100 104% July 107
100 97
Mar 107
9,100 24 " Jan 28
900
3% July
1031
230 124% Apr 169
1,400 32
Ma
5234
1,500 30
May 3234
1,400 10
May 134
100 12
June 22
100 39% Jun
394
100
334 May
74
25 974 May 100
130 440
Apr 655
1,700 1334 Ma
20
164
1,300
244
1,500
234
200
931 2,300
27% 10,900
16
180
so
5531
15
194
1934
334
17%
14
55
May
Ma
May
Ma
Jan
May
July
55
3434
33
9%
283(
24
5934
Jan
June
Feb
Jan
Jan
Jan
July
Jan
Aug
Jan
Jan
Jan
Feb
Feb
Jan
July
Jan
Jan
Jan
Feb
Jan
Aug
Aug
Jan
Jan
Feb
Aug
June
June
Jan
June
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Aug
Apr
Feb
Jan
Friday
Sates
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Aug
Oared Corp
5,100
8
8
731 8
23.4 Feb
•
General Baking, class A_ _• 58% 584 59% 3,800 44 34 - Apr 7936 Jan
Class B
•
6
54 Mar 17% Jae
64 17,700
6
General Electric(Germany)
Common stork receipts.. 3434 34
3431
200 284 July 344 Aug
Jan
Gen'l Fireproofing com _ _ ..• 55% 55
Mar 57
5531
300 40
Jan
Gen Gas & Elec of Del B..*
Mar 49
200 28
37
37%
General Necessities
734 Aug
734
100
73.4 734
734 Aug
General Public Sore. corn _• 12% 1254 1234
100 1234 May 16% Feb
July
Giant Portland Cement-50
Mar 62
50 47
5734 59%
Feb
Gillette Safety Razor. _• 94% 934 95
Mar 114
2,100 89
15% July
CO Spring & Bump
May
11334 zl334 144
700 • 12
Glen Alden Coal
May
• 168% 1654 168% 3,300 13854 Jan 171
Mar
Goodyear Tire at R.com100 3331 33% 3534 5,600 28
may 50
Jan
Mar 85
300 50
64
Grand (F W)5-10-250 St_•
6454
11734 11734
10 116
June 1174 Feb
at At'dr Paerea let pf 100
Jan
14 Apr
1,700
7
Grimes Rad & Cam Rec._•
254 3
234
64 631 1,400
6
Happiness Candy St,el A.•
84 Jan
July
634
74 Jan
6
700
Founders shares
6
5% June
634
84 Ape 214 July
1,100
Hazeltine Corp
• 1734 1734 19
Hellman (Richard) CoMar 364 Feb
700 30
30% 3131
Peale pref with warrant* 31
10 14034 Feb 152
Feb
150 150
Hercules Powder com_ _100
June
234 Jan
134
1
Heyden Chemical
500
134
13.4
Hires (Chas) E CoJ,Lii
24
400 2278 July 26
24
Class A. corn
•
400 27
27
Hollander(H)dr Son corn_* 27
Aug 36% Jan
2734
Mar 62% Jan
300 41
Horn & Harclart
50
5034
•
19% Jan
634 Aug
Industrial Rayon.class A.•
63.4 834 9,700
834
Jan
200 31
31
Internet Util. class A. •
314
May 39
•
934 Jan
300
44 4%
434 Mar
Class B
143 152
Johns-Manville. Inc
Mar 165
375 130
July
• 151
Keystone Solether
6,800 10e Apr 75e July
52e 69c
10 52c
350 54 34 May 88% Jan
Kraft Cheese
69
25
70
Xruskal & Kruskal Inc_ __* 19% 19
May 20% Feb
700 16
19%
Land Co of Florida
Mar 474 Jan
100 21
27
•
27
Landover Holding Corp931 Apr
Class A stamped
Apr
934
800
934 934
Lehigh Coal & Nav1g. 50
100 103
111 111
Mar 1204 Feb
Lehigh Power SecuritiesNew Consol Corp
Jan
Mar 22
• 17% 17% 1834 24,700 10
Lehigh Valley Coal Sales.50 90
Mar 95
500 80
July
8934 91
Lehigh Val Coal Ws new._ 414 41
414 5,200 36 34 Mar 4514 June
Libby. McNeill & Libby_10
100
8
931 Feb
8
754 Mar
Libby Owens SheetGlass.25 1254 125% 135
Jan
' 660 125% eAug 219
4031 41
MacAndrews Forbes corn.* 41
400 394 May 4631 Feb
44
100 37
McCall Corp
44
Mar 46 June
•
McCord Radla'r& Mfgv tc* 2234 21 34 22%
May 25% Jan
900 17
100
450 34
36% 38
Apr 52
Jan
Mengel Co
123 123
100 100 June 145
Mercantile Stores
100
Jan
31
800 244 Mar 494 Jan
35
Metropol Chain Stores •
800 107% May 135
1144 115
Middle West Util,corn...•
Jan
46
44
200 41
46
Mar 48
Feb
Midland Steel Products__ _
400 214 May 25% Mar
2234
Midvale Co
• 2234 22
2431 2634 7,000 2034 Mar 28% Feb
Mohaa k & ud Pow.com.• 25
394 3934 39%
Mohawk Valley Co
July 37% July
300 25
1,100 12% Mar 13% Mar
Municipal Service Corp • 12% 124 13
700
134
134 Mar
24 Jan
Mu-Red Radio
•
134
Feb 864 Feb
175 75
Narragansett Elea Ltg-50 83% 8334 84%
Nat Elec Power,class A. • 244 2431 244 1,200 154 Mar 263-4 Jan
100 9534 July 1004 Mar
9534 954
Preferred
100
300 11
11
Aug
15
Fen
Nat Fireproofing, corn. _50 11
1134
100 334 Aue 36
Mar
Preferred
50 334 3334 3334
24 May
300
2% 24
44 Jan
10
National Leather
Mar 1024 Jan
475 97
Nat Power& Light, pref..• 10131 10031 101 34
Jan
NatPub Serv, cl A.com__• 19% 1931 203( 1,700 154 Mar 24
16
Mar 16% July
1634 1,000 10
Common,class B
•
11534 120
Mar 1294 June
750 102
Nat Sugar Refining_ _ _ _100 122
27
100 19% Mar r2931 June
27
5
Nelson(Herman)Co
300 2354 June 2554 Jan
2434 2434
Neptune Meter class A. •
234 2334
100 1834 Mar 44% Jan
Nevada-Callf Elec corn-100
Jan
13% 144 3,900
94 Apr 17
14
New Mex & Ariz Land...
11334 114
350 11034 Apr 1154 June
NY Telep,634% pref-100
18% 20
14,600 17 34 Mar 384 Jan
Northeast Power, Corn._ _• 20
13% 1434 5,000 11
Mar 2634 Jan
Northern Ohio Power Co.• 14
20 78
85
85
Feb 85
Aug
Northern Oat L & P pf_100
10334 10794 4,400 9834 May 136% Jan
Nor StatesP Corp,comae* 107
200 9954 Apr 1024 June
100 10131 101% 10134
Preferred
June
1034 10%
9% June 11
800
Ovington Bros panic pref_•
1254 13
Apr 1634 Feb
1,200 11
• 13
Pacific Steel Boiler
113 125
Apr 125
210 111
Aug
25
Parke Davis & Co
Apr 36% Feb
27
274
300 23
Pender (David) Grocery B*
July
10 98
98
98
Aug 99
Penney (J C)& Co cl A p1.
834 June
7% 834 10,300
731
634 May
Penn Ohio Secur Corp._ ..•
14834 150
Jan
380 1304 Mar 174
Penn Water & Power_ _100
Apr
12134 1214
10 120 May 139
Phelps Dodge Corp. -100
51
49
Mar 67
400 40
Jan
25
Phlla Elec common
Pick (Albert) Barth & CoApr 13 July
Common vet trust ctf_ _1 12% 1234 1234 1,300 10
Feb
40
414
Feb 48
800 36
Pillsbury Flour MUD- - _50
146 159
Mar 1624 Jan
270 130
Pitts & L ERR,com_ _ _50 150
Feb
734
5%
July
734
100
12
734
com__-_*
Securities,
Power
57
Mar 604 Feb
400 31
5734
Pratt & Lambert. Inc_ _ _ _• 57
Jan
150 15134
150 1423.4 Jan 163
Procter & Gamble. com.20 150
20 42
49
49
Aug
Feb 49
Pro-phy-lao-tic Brush corn•
28
800 28 June 603.4 Jan
28%
Puget Sound P&L,coin _100 28
41 34 41 34
Mar 43
100 35
July
Purity Bakeries class A25
324 32%
Mar 394 Jan
700 24
•
Class B
96
Mar 99 June
20 91
'96
Preferred
100
1131 12% 1,200 104 Mar 12% Aug
Pyrene Manufacturing ..10
Jan
46% 23,400 344 Apr 48
Rand-Kardex Bu,new, vi l• 454 43
35
35
100 3034 Mar 52% Jan
Rem Noisel Typew corn A •
2054 2,800 19% Apr 25% Jan
10 204 20
Reo Motor Car
4
5
434 July 16% Jan
700
Republic Mot Truck v t c_•
Feb
18
18
Jan 23
600 15
Richmond Radiator com_• 18
4034 41
500 3634 Feb 414 Mar
Preferred
100
04 Jan
34 43.4 16,900
3 May
434
RIckenbacker Motor
•
Jan
10 141
Apr 213
174 174
Royal Bak Powd. com.100 174
Feb
30 9931 Apr 103
Royal Bak Powder pref 100 100% 1004 100%
June
1284 129
Jan 132
30 123
Safety Car Heat & Ltg_100
300 45% July 50% June
45% 46
St Regis Paper
•
400 274 Aug 284 Aug
Seeman Brothers com
• 27% 2731 284
Servel Corp (Del) corn...* 21% 21% 223.4 3,400 214 July 224 July
Mar 2./4 Feb
100 2n
Sharon Steel Hoop
50 24% 24% 24%
Feb
100 35
42
42
Feb 43
Sherwin-W'ms Co corn..25
5c
5c
1,000
Sc Aug
231 Jan
Sleeper Radio Corp v t c.._•
200 23
27
27%
Mar 2834 Jan
Sierra Pac Elec Co,corn 100
10 82
May 854 Aug
Preferred
100 85% 854 85%
18% 20
2,600 114 Mar 2231 Jan
Silica Gel Corp corn v t c... 20
364% 36531
Jan
May 385
70 295
Singer Manufacturing_ _100
Sal Viscose ord (200 lire;
8
84 1,700
134 June
July
8
8
Den rcts Chase Nat Bank
Jan
354
400 27
35
Apr 49
Southern Cities Util. com25
Jan
23
100 23
23
July 49
Southern Colo Power A.25
2.100 2134 July 2734 Feb
Southern G & P Class A._• 21% 214 22
2931
284
15,200
2134
Mar
46%
Jan
29%
com
_
_
_
•
&eastern Pr & Lt
Mar 68% July
Participating preferred.• 6534 654 66% 1,100 59
934 934 1.000
7
Mar 1531 Feb
934
Warrants to pur com stk9934 99%
100 964 Apr 10034 June
•
87 preferred
1144 11454
July
80 11131 Jan 116
&western Bell Tel pfd_ _100
24 24
500
2% Mar
14 June
Stand Motor Constr._ _100
6% 8% 2,100
73.4
63-4 July 193.4 June
Stand Publishing class A 25
Mar 7534 Aug
734 7334 7534 1,500 49
Stanley Co of Amer
42
42
100 39
Apr 4531 Feb
Strooek(S) & Co
22% 224 24% 2,200 1934 Mar 3734 Jan
Stutz Motor Car
113 114
100 110
Apr 11614 Feb
Swift & Co
100
Swift International
10 19% 18% 194 1,500 1434 May 2234 Jan
20
20
100 20
Aug
20
Taggart Bros
Aug 20
50
50
June 87 May
800 48
Tampa Electric new_ _100 50
Aug
8,700 424 Aug 43
Texas Gulf Sulphur _ _ _10 424 424 43
134 5.000 50e July
534- Jan •
Thompson(RE)Radio v e•
1% 70e
[VoL. 123.
THE CHRONICLE
702
•
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Ccmanued) Par Price. Low. high. Shares.
Range Since Jam. 1.
Low.
aka.
1,300
1134 11 34
83-4 Mar 11% JUlY
Timken-Detroit Axle_ _10 11 34
4g Jan
33.4 May
100
Tobacco Prod Dm CorP.-•
33-4 334
Jan 40 JUDO
Todd Shipyards Corp._ _ _•
200 29
39
39
Aug
Jan 73
110 87
73
70
Torrington Co
25
Trans-Lux Day Pict Screen
Jan
64 June 14
84 834 1,500
834
Class A common
•
8% Jan 134 Feb
12
1234 2,100
Trumbull Steel common.25
Ma, 30% Jan
400 22
Truscon Steel
10 2534 254 27
Jan
Apr 240
60 161
180 187
Tublse Artlf Silk class B._*
Aug
10
600 17,4 Mar
18% 1934
Tung Sol Lamp Wks. cl A.
1931
7% Mar 1034 Jan
500
8
8
Common
835
934 June 1731 June
1331 14 34 16,500
United Biscuit class B
* 14
Mar 14434 Jan
108 114 34 20,500 84
United Gas Imprvt
50 114
Feb
United Lt & P corn A new • 17
1634 1731 15,100 1234 May 28
94 June 14% Jan
300
United Profit Sharing....
1134 104 11 34
Mar 25% Apr
2234 2534 2,900 16
US Light & Heat. com I0 25
74 May
534 Mar
7
Preferred
7% 2,300
10
73.1
July 1231 Feb
12
100 11
U S Rubber Reclaiming *
12
Feb
18
500 133.4 A"
Utilities Power & Lt Cl B.• 1334 1334 1431
754 May 144 Feb
200
Utility Share Corp
934 10
•
Feb
6
June
231
3,100
Utll Share Corp opt war'ts'
23.1 3
Mar
Apr 38
300 20
Van Camp Packing pfd_50
2034 21
Apr 964 Jan
300 68
824 83
Victor Talking Mach..100
8 June 184 Aug
Warner Bros Pictures
• 17% 14% 183-4 3,200
700 2334 Mar 304 June
Warner Quinlan Co wt. _ • 2831 28
2834
Western Auto Supply panic
Jan
Mar 28
300 22
25% 26
pref with warrants, •
May
July 53
100 45
45
Western Dairy Prod A. _ ------ 45
Jan
99
Mar
914
120
94
94%
Western Power Prof.._100
July 28 June
100 27
27
27
Yates Amer Mach part pf•
Apr
1734
9
mar
15%
2,500
15
1534
Yellow Taxi Corp, N Y •
Rights.
Brit Amer Tob ord coupon
Ordinary registered
354
33.4
Former Standard 011
Subsidiaries.
1734
Anglo-Amer 011 (vot ah) T1
Borne-Scrymser Co--100 295
Buckeye Pipe Line
50 48
Chesebrough Mfg
25
Continental 011 v t c.._ _10 2131
Cumberland Pipe Line-100
Eureka Pipe Line
100
Galena-Signal Oil com.100
Old preferred
100 66
New preferred
100
Humble 011 dr Refining _25 62%
Illinois Pipe Line
100 134
Imperial 011 (Can)
• 3531
Indiana Pipe Line
50
National Transit _ _ _.12.50 143-4
New York •Trarislt
100 3331
Northern Pipe Line.. _100 68
Ohio 011
25 61%
Penn Mexico Fuel
25 2234
Prairie 0111 & Gas
25 52
Prairie Pipe Line
100 125
Solar Refining
100 200
South Penn 011
25
Southern Pipe Line new... -----So West Pa Pipe Lines-1118
Standard 011(Indiana)-25 6434
Standard 011 (Kansas)..25 22
Standard 011(Ky)
25 1234
Standard Oil(Neb) new_25
Standard 011 of N V. _25 33%
Standard Oil(0) corn. 100 29034
Preferred
100
Vacuum 011
25 10274
3%
3%
8,100
200
3)4 June
34 Aug
34 July
3% Aug
17% 1734
289 295
4734 4831
733.4 74
20% 214
111 11334
51
53
19
19
66
664
6634 6734
60
83%
133 13434
353-4 3634
60
614
1434 15
334 4334
68
7254
57
6234
2234 23
514 5234
12431 12534
189 200
3931 4131
25
254
51 34 51%
6434 64%
21% 2234
1233-4 1243.4
47
48
333.4 343-4
20034 295
11934 120
102 10434
1,100
80
1,450
200
14,300
160
500
175
100
70
12,800
590
3,100
150
1,200
850
950
6,000
200
5,600
1,050
150
1,000
200
150
15,500
2,000
600
700
90,600
120
30
5,400
164 May
Jan
226
474 Aw.
Jan
65
194 Apr
1074 Ally
474 July
17 June
Aug
66
61:1A Aug
5334 Mar
June
131
323.4 May
Jan
58
1434 June
3334 Aug
Aug
68
554 July
Mar
15
Mar
48
1223.4 Mar
18434 June
3434 June
July
25
May
49
8134 Mar
July
21
Mar
108
Apr
42
304 Apr
2004 Ad"
1164 Feb
943-4 Mar
19% Jan
Aug
295
59% Jan
75% July
2534 Jan
Jan
13'
634 Jan
324 Jan
9754 Jan
Apr
85
8831 Apr
1443-4 Apr
3831 Jan
Mar
70
2031 Jae
5131 Mar
8014 Feb
8734 Jan
24% July
6011 Feb
12734 Mar
212 Juno
Jan
50
July
27
Mar
56
7034 Jan
3634 Jan
13434 Jan
514 May
47% Jan
Jan
362
July
122
1094 Jan
331
34
Other 011 Stocks.
631 Feb
134 90e
Amer Contr Oil Ffelds_o
14 15,000 750 July
144 Jan
Amer Maracalbo Co
634
631 63-4 8,200
5
34
•
33.4 334
Atlantic Lobos 011 pref. •
May
100
43-4 Feb
18
Beacon 011 Co corn
184 5,900 144 Mar 194 Jan
• 18
un
ae
r
34 Feb
54c 62c
30 Jm
Cardinal Petrol Corp---10 600
5,400 49
2234 Feb
1534 1534 16
Carib Syndicate
7,700
34
1
200
84 Mar 104 Feb
Consol Royalties
934
934
143 15
Mar 1534 July
931 52,500 10
Creole Syndicate
• 15
74 Jan
24
14 Mar
6,300
Crown Cent Petrol Corp..•
234 3
34 July
e.
100
75
1m
•
234 24
Darby Petroleum
May
4 June
Derby Oil& Ref corn
•
334 334 2,200
134
28
131
500 Mar
134 3,400 8
331 Feb
1
Euclid 011
Mar
4%
74 May
4
44 19,100
1
Gibson 011 Corp.
500 63c Mar
2
Jan
Gilliland Oil corn v t c. •
Apr 93% Jan
85
1 31 86
1 34 3,700 82
• 86
Gulf Oil Corp of Pa
333.4 3434 18,400 284 Mar 3731 Jan
International Petroleum_ _• 34
2
July
2
24
33-4 Feb
Kirby Petroleum
234 3,000
•
M
Aapyr 1234 Feb
6,400
73.4
Leonard 011 Develop't_.25
6%
2531 Feb
22
7% 23
931 2,700 20
Lion Oil Refining
•
500 64c Aug
134 Jan
64c 64c
Livingston Petrol
•
500 31
June 56
3834 41 34
Jan
25
Lone Star Gas
200 1254 July
12 34 12%
16
June
Margay Oil new
33.4 Mar
431
534 Feb
434 434 14,400
Mexican Panuco Oil.-10
Apr 26
5,600 23
24% 25
Jan
Mountain Producers..._10 25
10 131
154 154
Apr 159
Feb
100
National Fuel Gas
800
531
531 5%
534 July
634 Jan
5
New Bradford Oil
100
2
Mar 1131 July
731 731
New England Fuel OIL'
100
Mar 17
Jan
1031 103t
8
25
New York Oil
123.4 Feb
700
8% 934
834 July
North Central Tex Oil_ *
Mar 44% Aug
Ohio Fuel Corporation..25 424 424 444 9.000 33
1,400
7% 8
731 July
8
9% May
Pandem Oil Corp
3,500
c Mar
600
24 Feb
Peer 011 Corp
900 144 July 2254 Feb
12
7
643-4
1834
18% 9
Pennock Oil Corp
800
631 Feb 38 May
22
294
214
26
25 29
Red Bank 011
17,700 1434 Jan 2734 Aug
Reiter-Foster 011 Corp. • 27
6,500 20c Apr 95c June
74e 85e
Royal-Can 011 Syndicate.• 810
43-4 Apr
600
734 Jan
531 531
Ryan Consol Petroleum..
100
8
Apr 10
Feb
8% 834
Salt Creek Consol 011-10
Jan
30% 3134 3,000 28% Apr 36
Salt Creek Producers...l0 31
100
134 Feb
4
June
3
3
Savoy 011
5
11
Jan
3,800
20
Aug
14
•
20
20
Shreve',El Dorado P L._25
100
Jan
73.4 Apr 10
94 934
934
Tidal Osage voting stock.*
300
8% May
934 Aug
9
934
Non-voting stock
Apr 27
24% 7,300 21
Mar
Tide Water Assoc Oil__ __• 244 24
900 9734 Mar 99% Mar
Preferred
100 973,4 9734 9734
434 Jan
3.900
734 Mar
631 7
6%
Venezuelan Petroleum__ _5
Mar 3634 June
Wilcox 011 dr Gas new _ _ • 323.4 3234 3334 5,400 22
200
454 May
74 June
63.4 634
Woodley Petroleum Corp.*
Sc
Jan 35c may
28e 30e 35,000
"Y" 011 & Gas
1 28e
Mining Stocks.
Amer Cora M & M
Arizona Globe Copper _1
Carnegie Metals
10
Consol Copper Mines- -1
Cons Mln dr Smelt of Can25
Engineer Gold Mines,Ltd 5
Eureka Croesus
1
First Thought Gold Mm..1
First National Copper...1
Forty-nine Mining Co....
Golden Centre Mines_...5
Golden Cycle Min & Red_ 1
Golden state Mining _10c
Goldfield Consol Mines-1
Goldfield Florence
1
Hawthorne Mines. Inc__ _1
po
,
N r1.1..
115n
Sc
7c
1334
331
334
220
74
8
Sc
Sc
3c
30
200
20e
100
10c
234
2%
134
4e
12c
7c
Sc
120
Sc
Sc
80
14
33,4
220
1034
Sc
4c
20e
120
2%
134
4c
120
8c
15c
1.
12,000
3c
9,000
7e
200 1334
10,200
154
10 180
3,400
731
7,000
30
9,000
3c
1.000 17c
12.000
Sc
17,900
1
200
14
4,000
20
2,000
40
9,000
130
20,000 12c
1.4
July
Sc
May 310
July 21
Apr
334
Mar 222
Aug 284
Apr 10c
Aug 10e
Mar 25c
Feb 190
3
Mar
134
Mar
Sc
Jan
Feb 220
July 180
Apr 320
1014
July
Feb
Jan
May
Mar
Feb
June
Apr
Feb
Apr
May
Mar
June
June
Feb
Feb
A!n-
AUG. 7.1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Wed.
Mining (Concluded) Par Price. Low. bigh. Shares.
Hollinger Cons Gold Min _5
Jerome Verde Devel_ _ _50c
I
Kay Copper Co
@FedFRASER