The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
tininircatt
financial-
rum&
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
SATURDAY, DECEMBER 11 1926
VOL. 123.
Bank and Quotation Section
Bankers' Convention Section
NO. 3207.
strong position, having just closed a very successful
year. The episode was in contrast with that of last
WEEKLY
ED
PUBLISH
May, when the stock was heavily attacked and apparTerms of Subscription—Payable in Advance Mos. ently supported at 52. Transactions then on one
12 Mos. 8
including Postage—
WOO
$10.00
204,900 shares. The stock at that
Within Continental United States except Alaska
8.75 day amounted to
11.50
of Canada
In Dominion countries,
7.75
s— 13.50
territorie
and
Possessions
S.
U.
been put on a new basis
recently
had only
Other foreign
rates of exchange, time
NOTICE.—On account of the fluctuations In the ents must be made
advertisem
a 900% stock dividend.
and
ns
of
t
subscriptio
paymen
European
for
the
remittances
through
In New York Funds.
stock was placed on a
the
July
during
ently
s
Subsequ
Subscription includes following Supplement
SECTIONS—
COMPENDIUMS-regular quarterly basis, at a rate of $2 regular and
BANK AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually) )
(monthly)
EARNINGS
RAILWAY
(semi-ann.
L
RAILWAY & INDUSTRIA
$2 extra annually, which rate has since been mainBANKERS' CONVENTION (yearly)
STATE AND MUNICIPAL (semi-annually)
Terms of Advertising
tained. The motor industry is closing a year of ex45 cents
line
agate
industry,
per
matter
display
Transient
On request traordinary success for the leaders in that
Contract and Card rates
Representative.
Western
Gray,
ation of
H.
continu
Fred.
of
a
charge
for
°mesa° On-Ice—In
and the outlook at present is
208 South La Salle Street, Telephone State 0613. E. 0.
London,
Gardens,
Drapers'
1
Smith,
offering
&
are
wards
as
es
OPTICS—Ed
compani
LONDON
excellent business for such
basis
price
tive
competi
WILLIAM B. DANA COMPANY, Publishers,
a
high grade products on
Front, Pine and Depeyster Streets, New York.
hand.
in
well
and with their costs
DANA COMPANY.
Published every Saturday morning by WILLIAM B.
Manager, William D. Riggs;
Government cotton reports published on WednesPresident and Editor, Jacob Seibert: Business
Co.
of
Office
all.
of
Addresses
Treas., William Dana Seibert; See.. Herbert D.Seibert.
day showed a further increase in the estimated size
on.
Situati
al
of the cotton crop of 219,000 bales, the estimate,
The Financi
now
are
,
which is the final one, now standing at 18,618,000
Bond prices continue to advance and
d, the increase was considerably
thought to be as high as at any time during the past bales. As it happene
had been generally expected, and this
ten years. The Dow-Jones average of 40 bonds, smaller than
increase in the price, but with
which reached 96 on Friday, Dec. 3, reacted slightly resulted in a sharp
tendency asserting itself the next day,
thereafter and has now passed that figure. Bond a sagging
on Thursday again falling near the 12-cent
offerings have been in fair supply, yet the trend of the price
of level for December options. Cotton crop figures,
prices seems to indicate that the accumulation
, have ceased to be much of a security marinvestment funds is at a rate more rapid than the however
of
ket factor, except in so far as the low price and
output of new bond issues. With the promise
payabundant supply are exerting a helpful influence on
extraordinarily large interest and dividend
futextile securities. It is now definitely recognized
te
ments on Jan. 1, the outlook for the immedia
bonds
in
that the money value of the cotton crop probably will
h
ture at least seems excellent. The strengt
arly
be less than was counted upon several months ago.
particul
was conspicuous in the foreign issues,
On the other hand, the buying power of the agriGerman.
important cotton
of
Notwithstanding this definitely upward trend in cultural community in many the
arly low. In
bonds and investments of the highest grade, the States will probably not be particul
probably
have
ons
movement of the stock averages did not become par- Texas other very favorable conditi
In
cotton.
in
decline
the
ticularly marked until Thursday and Friday of this offset, or more than offset,
the
for
ons
conditi
better
week, when they spurted up sharply. Previously the Southeastern States
activity of
for some days the course of the stock market did not textile manufacturing plants and greater
the situTaking
factors.
ng
offsetti
are
s
indicate any definite drift except for the fact that the railroad
conany
be
to
seem
not
does
there
,
its
entirety
in
the
ation
upward
the most conspicuous activity was on
power
ing
purchas
the
that
yet
as
e
to
evidenc
wellvincing
largely
d
side and the advances were confine
country as a whole
known stocks of the best calibre. United States of the agricultural classes in the
than in the preSteel was again strong, mainly on the increase dur- will be materially less, if less at all,
vious crop year.
ing November in the company's unfilled orders.
in
ed
Nash
Freight car loadings for the week ended Nov. 27
develop
activity
ay
sudden
Thursd
On
the week preMotors, a stock which ordinarily has a steady but showed a falling off of 136,020 from
onding
corresp
the
over
19,586
of
not a large turnover. Whereas transactions have vious, but a gain
in
1924.
week
same
the
over
63,661
and
year,
been averaging 1,000 or 2,000 shares a day, on week last
ng
is
week
precedi
the
d
with
compare
as
decline
Wednesday 11,100 shares were traded in, with an The
of
nce
the
to
occurre
also
due
l
but
seasona
4
/
1
only
y
not
90,advance of 1% points to 59 , and on Thursda
It is only proper to point out,
600 shares, with a further advance to 62. There was Thanksgiving Day.
s are quite misleading as
loading
car
that
,
however
activity
exceptnothing to account for this sudden
. The high totals folactivity
s
busines
of
index
the
an
and
fact
rumors
rmed
ing a number of unconfi
of a single circumresult
the
as
largely
very
low
nally
an
in
exceptio
be
is
to
y
known
compan
that the
he Thronide.
2936
THE CHRONICLE
[VoL. 123.
stance, namely the unprecedented movement of coal,
The revised estimate of the area of cotton for harand this in turn has been occasioned by the British vest this year is 47,653,000 acres.
The area abancoal miners' strike, which created an exceptional ex- doned, according to the latest figures,
is 1,245,000
port demand for coal and stimulated coal mining in acres, or 2.9% of the original estimate
of cultivation.
all parts of the country. For instance, in the week The Sept. 1 estimate of abandonment
was 1,691,000
ending last Saturday the bituminous output broke acres, or 3.5% of the area under
cultivation. The
all records. But the British coal strike is now a area abandoned in 1925 was 4.2%, while
the ten-year
thing of the past and its influence will not be felt average, 1916-1925, inclusive, of
abandonment is
much longer. Then, also, in the case of anthracite 3.5%. The latest estimate of yield
for this year is
production, comparison is now with our own strike based on a production of 187.0 pounds
to the acre;
of a year ago, when not a pound of anthracite was last year the average was 167.2
pounds to the acre,
mined month after month.
while the ten-year average, 1916-1925, inclusive, is
A moderate advancing tendency in commodity 153.7 pounds. Of the States of larger
production,
prices has continued, the Irving Fisher index of a decline appears in the estimate of
area harvested
wholesale prices for the three weeks ended Nov. 19, this year, as compared with 1925, in
Oklahoma, but
26 and Dec. 3, respectively, having been 149.2, 149.4 all of the other large producing
States show an inand 149.5. Brokers' loans continue to rise, those crease in area, especially Georgia,
Alabama and
reported by the Federal Reserve Board for Dec. 1 Texas. For North Carolina, South
Carolina, Arkanhaving recorded a gain of $38,370,000 during the sas and Louisiana, the other large
States, the inweek and those reported by the New York Stock Ex- crease in area harvested this year
more than offsets
change for the end of November a gain of $17,984,- the decrease in Oklahoma and some
of the other
000 as compared with those at the end of October. smaller cotton growing States.
The Federal Reserve figures are now $173,729,000
It is not so much the increase in area this year over
lower than on Sept. 15, but nevertheless are still last, to which the larger yield this year
can be attribof huge proportions, and this obviously suggests uted as it is the heavier yield per acre.
Texas naturcaution.
ally leads all of the States in the estimates of yield,
The changes of the past month apparently have production this year now being placed
at 5,900,000,
been of little significance. The French franc crossed bales, in contrast with 4,165,374
bales for 1925, an
4 cents on Wednesday, but fell back somewhat on increase of 1,735,000 bales this year.
Conditions in
Thursday. The French situation has not yet be- Texas last year were much less
satisfactory than
come sufficiently definite to have any very direct they have been this year. Larger
yields are promised
influence upon security prices on this side. Con- in Oklahoma and Arkansa
s, but Louisiana, with the
tinued strength is a matter of increasing confidence. increase in acreage accredit
ed to that State, shows
On the other hand, until the debt agreements have quite a declind in production
this year. In the latest
been ratified and definite measures have been taken estimates for Tennessee and Missouri
some decline in
to insure stabilization, the security markets are not production from last year is indicate
d.
likely to be under any definite new influences except
The ginning returns this year conform to the rein so far as French funds which had come to this port of large yield. The quantity
ginned to Dec. 1
country for safety may continue to return, possibly this year totaled 14,644,966 bales, an
increase of
causing a slight strain on money here and liquida- 1,691,000 bales over the ginnings to Nov.
14. In 1925
tion of some securities.
the ginnings to the corresponding date were 13,870,000 bales ,and the increase over the return of Nov. 14
The cotton crop for the current year is now esti- 1925 was 1,610,000 bales. The ginnings
to Dec.1 this
mated by the Department of Agriculture at 18,618,- year exceed those to the same
date a year ago by
000 bales on the basis of conditions in the cotton 774,000 bales. All of the
above figures leave out of
growing States on Dec. 1. This is 219,000 tales consideration entirely
linters, the production of
larger than was indicated about two weeks earlier, which last year was 1,112,58
0 bales, and the present
or on the basis of conditions Nov. 14, and compares year presumably will be
larger, as the crop itself is
with the pyevious record yield in 1925 of 16,103,679 larger. Accordingly, the
outlook is for a total yield
bales. The Department states that the increase io of lint and linters somewhere
in the neiehborhood of
yield is the result of the favorable developments dur- 20,000,000 bales.
ing the last two weeks of November, and that the
quantity still to be ginned of this year's growth will
Preparations were in progress for more than a
depend upon influences affecting the harvesting of week for the meeting of the
Council of the League of
the portion of the crop still in the fields. Conditions Nations that began in Geneva
on Dec. 6. Announceduring the last two weeks of November 1925 were ment was made in a special
Geneva dispatch to the
also favorable, perhaps slightly more so than this New York "Times" on Dec.4
that "the League Counyear, for the increase in the estimate of yield a year cil Committee, which has
been studying the past
ago, covering the same period of time was 305,000 week what M. Boncour terms
mobilization against
bales, as against this year's increase in that time of war, completed its work to-day
and adopted its final
219,000 bales. Furthermore, in the case of the 1925 reports, which go to the Council.
As the Council
crop, there was an addition of 500,000 bales, after Committee in reality is the
Council under another
the Dec. 1 1925 estimate, according to the final gin- name, all the measures taken
in the committee will
ning returns for that year. There is an absence of be automatically approved."
It was asserted also
any suggestion in the latest report on cotton, as to in the same dispatch that
"not only has the Council
how much of the present crop will be left in the shown that it intends to
prepare for action against
fields, owing to low prices, etc., etc. The presump- war, but action against a
threat of war."
tion is, however, that little will be left, the same as
Word had come from Paris the day before, Dec. 3,
was the case in other years.
that "Sir Austen Chamberlain, the British Foreign
DEC. 11 1926.]
THE CHRONICLE
2937
to participate in the
Minister, and Aristide Briand, the French Foreign o'clock to-night for Geneva
opening Monday.
session
Council
Nations'
of
Minister, conferred here to-day on the problems to League
State SecVon
Schubert,
Herr
by
ed
accompani
is
He
arise before the Council of the League of Nations in
and
technical
of
experts
staff
a
and
Gauss
Dr.
retary
Geneva next week. They are reported in agreement
n
hopes to
Streseman
Dr.
that
added
was
It
men:"
that
said
ent
on all essential points." The correspond
in-Briand
the Chamberla
"later Sir Austen declared that their views on the be advised of the result of
Geneva, and since
reaching
before
conference
Paris
and
identical
almost
were
nt
issue
German disarmame
he will have time
evening
this being so, he 'would be profoundly disappointed he arrives late to-morrow
his own
formulate
and
s
conclusion
if within the next few months it would not be pos- to sum up those
conMinisters
Foreign
the
meeting
before
sible to recall the Inter-Allied Control Mission and viewpoint
d
maintaine
ent
correspond
"Times"
The
substitute control by the League of Nations.'" The cerned."
impormost
is
meeting
Geneva
present
"the
Paris representative of the New York "Herald Trib- that
the reactionaries
une" declared in a cable message to his newspaper tant for Dr. Stresemann, since
because they see
under date of Dec. 4 that "all inter-Allied military claim their patience is exhausted
League and
control will be withdrawn from Germany before no practical results of the Locarno
unless he
and
them,
March 1. This definite assurance will be given Thoiry theories as they term
shape of
the
in
trip
this
Foreign Minister Stresemann of Germany when the brings home the bacon
Inter.
the
of
abolition
or
Rhineland
Council of the League of Nations meets at Geneva evacuation of the
the
against
agitation
n
Commissio
this week. According to his information, "this is Allied Control
rewith
begun
be
will
t
Governmen
the result of an agreement reached here by represen- little Coalition
force."
tatives of Great Britain, France, Belgium, Poland newed
and possibly Italy, considering that German disAn uncertain situation and outlook at Geneva on
armament is now sufficiently achieved to warrant
eve of the League Council meeting were porthe
of
Gern
turning over to the League the supervisio
trayed in a special cable dispatch from that centre
many's military establishment."
In part the
The New York "Times" correspondent in London to the New York "Times" on Dec. 5.
e at
atmospher
political
had cabled on Nov. 28 that "if Germany desires to correspondent said: "The
Ministers
Foreign
Four
ht.
see the Allied Military Commission of Control with- Geneva is hazy to-nig
train
drawn from Berlin and replaced by a supervisory have held long conversations since the Paris
secrecy
is
there
to-night
and
committee of the League of Nations she will have to arrived this morning,
opensubmit to the following points, which Sir Austen regarding these conversations which even the
interviews
The
know.
not
did
Locarno
of
Chamberlain drew up and submitted to the French, ing days
Belgian and Italian Governments: 1. Subordina- between Dr. Stresemann and M. Briand, Dr. Stresetion of the Commander-in-Chief of the Reichswehr to mann and Sir Austen Chamberlain and M. Vanderon the
the authority of the Minister of Defense. 2. Regula- velde and Sir Austen Chamberlain centred
modiand
tion of the question of recruiting and military or- question of the cessation of Allied control
League
the
by
ganizations. 3. Control of the export of arms and fication of. the procedure adopted
violations of the
munitions. 4. Destruction of new fortifications on Council for investigation of alleged
Germany in the
by
accepted
ns
armaments stipulatio
the eastern frontier of Germany."
outstanding.
are
facts
Two
Versailles.
of
Treaty
ions
considerat
internal
place
must
n
Streseman
Dr.
Attempting to forecast to some extent what might
bacon.
the
with
home
go
and
else
everything
before
happen at Geneva, the Paris representative of the
to Dr. Wirth. On the
New York "Times" said in a dispatch under date of Otherwise he may give way
own public opinion to
his
has
Briand
M.
hand,
other
leavare
Dec. 3 that "both Chamberlain and Briand
discretimi
ing for Geneva to-morrow evening and will have the look after and must exercise the greatest
n to
Streseman
Dr.
permits
he
which
points
the
in
ben
Streseman
Dr.
whole of Sunday for talks with
fore the Council meeting begins. There they will take to Berlin."
Apparently the "Times" correspondent was not
meet Signor Scialoja, but that meeting will be all
that will materialize of the widely advertised four- greatly impressed with the importance of the proPower meeting. Somehow or other Premier Musso- gram for the Council sessions. He asserted that
lini does not seem able to find time to leave the other "the Council agenda is extremely unimportant and
six Ministries he occupies to go to Geneva, and it is the items which are listed for the first three days
rather too much for him to expect that the other will with one exception be considered by the CounForeign Ministers should go to see him when he is cil in a routine manner. As to other points, the
the petitioner for favors. Germany will, therefore, schedule has not been prepared, but the question of
once more occupy the centre of the Geneva stage. It the appointment of chiefs for the League investigawill be perhaps the last meeting of the Allied and ex- tion is at the tail-end of the list. This obviously was
enemy Ministers in which any big surviving issue of arranged to permit the maximum time for private
the peace treaty will have to be dealt with. It will negotiations before the decisive moment at the Counalso be the first at which Germany has spoken as the cil table."
equal and colleague on the Council of the League of
It became known through an Associated Press disNations and not more or less as a culprit at the bar.
from Geneva under date of Dec. 6 that "the
patch
and
With the progress they are making toward peace
of the League of Nations Council was
session
43d
are
they
admit
real accord, Briand and Chamberlain
o'clock this morning under the presi11.45
at
opened
content."
Foreign
Minister Vandervelde of Belgium."
of
dency
special
wireless
a
It was made known through
Press dispatch from Geneva
'United
a
to
According
on
"Times"
York
to
Berlin
the
New
from
message
Dec. 3 that "Foreign Minister Stresemann as the the same afternoon, "after a public session of unhead of the German delegation left Berlin at 9.15 usual brevity, the opening session of the Council of
2938
THE CHRONICLE
[Vor.. 123.
the League of Nations to-day adjourned until Tues- adopted by the Council contained a clause
which
day afternoon to give the 'Big Three' of the Council applied to the demilitarized zone, providing for
contime to• privately discuss German disarmaments." tinuity of investigation in that part
of Germany in
The Associated Press correspondent said also that the event that the Council deemed it
necessary. This
"seven Foreign Ministers are in Geneva for the ses- clause was the basis of Germany's
objection to the
sion, and it is possible that secret conferences be- plan. The diplomats of the five
Powers therefore
tween them may be held outside the Council cham- are considering revision of the existing
plan in order
ber in an endeavor to ameliorate the present situa- to drop the provision, which
then will logically go
tion. In addition to Dr. Stresemann, the Ministers over for discussion with the plan
of investigation of
are N. Briand, France; Sir Austen Chamberlain, the demilitarized zone. By such
an agreement noGreat Britain; M. Vandervelde, Belgium; M.Zaleski, body loses and perhaps both
Dr. Stresemann and
Poland; Dr. Edward Benes, Czechoslovakia, and M. Briand win something
personally. Dr. StreseJonkheer van Barnebeek, Holland. It is doubtful mann could not have returned
to Germany had he
if Premier Mussolini of Italy comes to Geneva, but accepted the plan of
investigation as it stood. M.
it is thought possible that Dr. Stresemann may make Briand could not have been
sure of himself had he
a trip to Italy after the Council session has ended." given way and simply dropped the
provision concernLittle of a definite character was accomplished ing the Rhineland. But M. Briand
is ready to trade
during the first day of the Council meeting, accord- the system of evacuation against
an agreement pering to later Geneva dispatches the same evening. mitting continuity of investigat
ion—or control. By
The New York "Times" representative said that "a putting the objectionable provision over
for discustwo-hour conversation between the Foreign Minis- sion with the system of investigation
for the Rhineters of France, Britain, Germany and Belgium and land, M. Briand then will be able to trade
in the
the representative of Italy this afternoon ended with same money in which he is dealing."
no solution of the questions of control and investigation of German armaments in sight. The seriousAs the week progressed the principal Foreign Minness of the situation is indicated in a communique isters attending the Council of the League of
Nawhich was given out by all the delegations who, with tions at Geneva appeared to be as concerned as ever
the exception of the Germans, refused to receive over the leading international problems with
their press correspondents. The communique says: which they had to deal, and no nearer a solution
of
'We met in order to continue in common the conver- them than when they started. The Associated
Press
sations which we commenced separately. We are representative at that centre cabled on Dec.
9 that
satisfied with the progress made at the first meet- "uneasiness for the future concerning
Mussolini's
ing. We shall have further meetings and hope an politics abroad, of which the Italo-Albanian pact
is
agreement will be reached.'"
regarded by many as a disturbing indication; anxStill, in an Associated Press dispatch the next iety over the situation in China and the position
of
afternoon, Dec. 7, it was stated that "Dr. Gustav the foreigners there and a probable agreement
with
Stresemann, German Foreign Secretary, believed Germany concerning modified supervision of
Gerto-day that Germany's request for the abolition of man armaments were the three outstanding
features
inter-Allied military control was nearer realization to-day on the international stage in Geneva. Offithan ever before. His optimism was the outgrowth cially, the seven Foreign Ministers gathered
here
of a conference of representatives of Great Britain, for the League Council sessions would say nothing
France, Germany, Belgium and Italy on the subject. about Mussolini, but the correspondent is in a
posiWhen the conference adjourned M. Vandervelde, the tion to say that secretly they are disturbed
over the
; Belgian Foreign Minister, went so far as to say 'an possibility that the Puce's patriotic
ambition for
agreement will be reached.' The official commu- Italy's development may imperil that
world order
nique said: 'We are satisfied with the progress which the League seeks to preserve.
This apprehen
made. We will have further meetings and hope that sion undoubtedly rendered more
vigorous the Counan agreement will be reached.'"
cil's action yesterday in approving all possible means
of strengthening and speeding the operation of the
A later dispatch from the Geneva correspondent League's machinery in moments
of international
of the "Times" indicated that the Foreign Ministers, danger."
at least Stresemann and Briand, were most concerned with working out a plan that would enable
There is little probability of a world disarmament
them to meet successfully political opposition at conference being called by the League
of Nations in
home. The correspondent said that "an arrange- the near future, judging from a special
Geneva disment which will permit Dr. Stresemann to face the patch to the New York "Times" on Dec. 8. The
corOpposition in Berlin and at the same time safeguard respondent of that newspaper outlined the
principal
the French thesis regarding the necessity of provid- features of the situation as follows: "The
possibiling continuity of League investigations in the de- ity of convoking a disarmament conference
next year
militarized zones is being favorably considered by practically disappeared this afternoon
when the
all parties to-day. The scheme is simply a logical Council adopted a resolution asking for the Preparadivision of the question of investigation which will tory Commission's advice on the subject
of a poshave the effect of postponing difficult points till sible date. Sir Austen Chamberlain, speaking,
he
March. The protocol of investigation, adopted by said, in the name of public opinion, stressed
the imthe Council two years ago, applies to Germany portance of proceeding cautiously and building solproper. Another protocol was ordered for the de- idly. He was supported by Signor Scialoja
of Italy.
militarized zones but never studied. Despite the M. Paul-Boncour made an eloquent plea for expeditfact that Germany is divided in two parts for the ing the preparations and pointed
out that the Assempurposes of League investigations, the protocol bly resolution asked for a conference
to be called at
DEC. 111926.]
THE CHRONICLE
2939
reached no verdict to-night,
the earliest possible moment. The Council, never- this thorny problem,
ased on reports submitted
decision—b
the
than
other
theless, adopted the resolution in which the PreWalsh, of Great BritGeneral
and
Foch
Marshal
by
paratory Commission was.asked to 'submit proposals
three important respects Germany
with regard to the moment at which it will be pos- tain—that in
to fulfill the provisions of the Versible to convene a conference.' This means that the still had failed
Council, after a three-hour
Preparatory Mission, which meets at the end of sailles Treaty. But the
Foreign Minister Streseif
that
March, may take a decision which will only be Con- session, decided
will guarantee that
Geneva,
in
now
is
sidered by the Council in June. Then it will be too mann, who
t obligadisarmamen
these
out
carry
will
late to convoke a conference before the Assembly Germany
to
objection
further
no
probability
all
in
then
tions,
meets, and there appears to exist a feeling against
be
will
control
military
Allied
of
cessation
the
conferences in the last quarter of the year. On the
ed immediately.
other hand, the Council in a private session decided raised. The Council communicat
and asked
in
Geneva
Briand
Minister
Foreign
with
Gein
held
be
that the economic conference should
The
's
decision."
neva on May 4. This decision means that Russia him to procure Dr. Stresemann
Dr.
"on
Stresethat,
will not participate and consequently the opinions correspondent declared also
of all the efforts to
of Russian experts are not considered essential to a mann's answer rests the fate
and the AlGermany
between
agreement
correct estimate of the situation and the measures reach an
p.
overseershi
military
terminate
would
to be taken to ameliorate it. The United States, it lies which
forthwill
be
promise
German
the
that
hoped
is learned, will be invited, in the same manner as the It is
be able to
League members, to send unofficial experts." Ac- coming and that the Council then will
League
the
to
Germany
over
supervision
all
transfer
cording to an Associated Press dispatch from Gemay
Rhineland
the
of
evacuation
the
and
Nations,
of
cirin
neva on Dec. 9,"the general belief held League
1927."
cles here is that the work of the Preparatory Com- be hastened in the early weeks of
mission will be concluded and everything will be
S. Parker Gilbert Jr., Agent-General for Reparain readiness for the disarmament conference early
tions, in his second annual report, which was pubin 1928."
t
Announcement was made the next day (Dec. 9), lished on Dec. 5, commends the German Governmen
obligations
reparations
of
however, that "the United States will be invited in for its prompt payment
the near future to participate in an international and for maintaining the currency on a stable basis,
conference next fall on the supervision of the private but criticizes the budget and general budget policy
manufacture of arms, according to a decision to-day of the Government. The New York "Times" repreof the Council of the League of Nations. Russia will sentative in the German capital said in a wireless
also be invited to collaborate with the nations mem- message on Dec. 5 that "for over two years German
bers of the Council, which will act as a commission. currency has remained stable. Foreign loans and
The commission will take as a basis for its work the other funds from abroad have poured into the counfirst draft for a convention which was prepared by try in a steady stream to the point of exceeding at
the Council Subcommittee of Three. The Commis- times the capacity of German economy to make
sion is authorized to forward the final draft through advantageous use of them, and the situation of Gerthe Secretary-General of the League to all the States man currency and exchange has grown constantly
dispatch
invited to attend the 1925 conference on supervision stronger." It was added in the "Times"
time
first
the
for
provided
past
just
year
"the
that
of international traffic in arms, munitions and imcapacity
the
and
pay
to
capacity
Germany's
of
test
a
plements of war. The Assembly resolution asked the
on a
Council to call a special conference on this subject of the -creditor Powers to receive reparations
events
of
course
the
'actually
and
scale,
substantial
not
should
if the General Disarmament Conference
meet before the Eighth Assembly in 1928. As re- has, if anything, outrun the expectations of the exported yesterday, the disarmament meeting will perts.'"
There is greater concern, according to the New
probably not be held before January 1928."
The Geneva representative of the New York "Her- York "Times" representative, over Germany's budget
ald Tribune" cabled the same evening (Dec. 9) that than any other feature of her financial structure. It
"the Secretary-General of the League of Nations was claimed that "the Dawes Committee is plainly
to-day dispatched• an invitation to the American disquieted by the condition of the German budget
Government to send a delegation of five to the Inter- and Berlin's general budget policy, despite the fact
national Economic Conference, to be held here under that the budget remains balanced. Mr. Gilbert also
the auspices of the League on May 4 1927. The invi- criticizes adversely the method of distribution of
tation is expected to be followed by another to at- taxes among the German States. Referring to the
tend a conference on the supervision of the private possibility that internal borrowing may become necmanufacture of arms, which, under the present plans, essary to cover extraordinary expenditures during
will be held next fall. The Economic Conference, the financial year, he admits that heavy demands
which is expected to be one of the most important have been made on the budget for unexpectedly large
post-war meetings of the Powers, will be held under unemployment doles, but adds: 'The Government
the chairmanship of former Premier Theunis of Bel- itself has embarked on a program of capital expenditures far exceeding anything that was in contemplagium,a leading economic and financial authority."
Another phase of the disarmament situation was tion a year ago.' While this gives no cause for conpresented in a special Paris dispatch to the New cern in itself, Mr. Gilbert declares 'the experience of
York "Herald Tribune" under date of Dec. 9. The the past year suggests that counsels of greater modcorrespondent said in part: "It is now up to Ger- eration in expenditures will soon have to premany whether inter-Allied military control shall be vail if budget troubles are to be avoided in the
withdrawn from her territory. The Council of Am- future.'"
bassadors, which convened here especially to handle
2940
THE CHRONICLE
Although the German Reichstag last week failed
to pass on second reading a bill "for the suppression
of trashy and obscene printed matter and pictures,"
the measure with several of the most objectionable
features amended, passed on third reading on Dec. 3
by a vote of 250 to 158. It was explained in a special wireless dispatch from Berlin to the New York
"Times" on that date that "the compromise finally
reached in the literature—pictures—movie censorship bill concerns the manner of effecting control.
The Committee on Education proposed to create
censorship boards in the various Federal States with
one national board as a court of appeal and last
decision. The Democrats' opposition to this plan
was based on the grounds that the Federal States
might be prejudiced on account of religious, political
or ethical views and thus suppress literature necessary for the advance of culture. It was then decided
to sugarcoat this by creation of several national
boards and drop the idea of Federal censorship.
However, the Bavarian People's Party voted for the
bill only on the promise that the board censoring
Bavaria's printed matter and pictures would be composed entirely of Bavarians." The "Times" correspondent also suggested that "though Germany has
an old law providing for the suppression of unfit literature, it was to a certain extent displaced by a decree providing for freedom of the press, which was
one of the first promulgated by the Republican Government after the fall of the monarchy. For this
reason the present bill was brought out and finally
passed after being side-tracked in committee more
than a year."
[VoL. 123.
assumed power last July, flatly declared that he
would reveal no plans regarding either stabilization
or revalorization of the franc for international speculators to profit by. He revealed none—either as to
what rate he would stabilize at or when. Instead,
France's adamant Premier and Finance Minister
shot back at his criticis salvo after salvo. He would
not admit that the franc had soared above its value.
He charged that the cries of an economic crisis were
exaggerated. He admitted that there was some unemployment, but promised that the Government
would aid in keeping it at a minimum. M. Poincare
warned gravely that even with stabilization achieved
hardships must still be expected. And he topped all
this with sizzling, steel-jacketed projectiles, crisp
Poincarianisms fired from a business-like statesman's brain. Among them were:
shall tell you
that stabilization must not be decreed; in any stabilization the fact must precede the act. We must have
confidence not only in one man or several men or
even the Government, but general confidence in the
word of France regarding her creditors inside and
abroad. If I see good opportunities of getting shortterm loans abroad for the consolidation of our debts
I shall use them. The budget of 1927 will be protected against any speculation which might try to
bring down the rate of the franc again. We shall intensify all production in France's colonies. I shall
bring to Parliament at the beginning of the year a
vast program with this object.'"
Premier Poincare has succeeded in having his
budget passed by Parliament. In fact, the Paris representative of the Associated Press cabled on Dec. 4
that "Premier Poincare has accomplished his selfimposed task of having France's largest budget
passed by Parliament in the shortest time in history." Continuing to outline the situation, the correspondent said: "The Premier three weeks ago set
Dec. 3 as the date to adopt the appropriations, totaling 40,000,000,000 francs, and he was only three
hours behind schedule when the Chamber at 3 o'clock
this morning, by a show of hands, voted the appropriations as a whole. The Premier's haste in driving through the budget was due to the fact he desired
the income side might be approved and the budget
become law on New Year's Day. Since he started
his work of getting the budget out of the way three
weeks ago the Premier has been brisk and alert. He
kept the Deputies' noses to the grindstone week days
and Sundays, tearing down obstructions and quoting figures in answer to objections. He was always
filled with optimism while storming or reasoning
A master of his subject and of himself at all times."
Paris dispatches continue to convey the impression that Premier Poincare does not intend to be
hurried into plans for stabilizing the franc. On
Dec. 4 the Paris representative of the New York
"Times" cabled that "Premier Poincare is reported
to have locked his door against all manner of delegations of business men, employers and workmen
who come to urge him to stabilize the franc soon and
avoid the industrial crisis which they consider will
follow its too rapid revalorization. The Premier
only a few days ago declared that he did not see any
signs of the prophesied crisis, and in consequence
everybody has begun to tell him about it."
Premier Poincare further indicated _his attitude
on the question of stabilization in opening the discussion on the Finance Bill in the Chamber of Deputies on Dec. 7. The New York "Times" correspondent cabled that "Premier Poincare is keeping his
own counsel on when he will seek to stabilize the
franc. He hopes and expects to see natural stabilization occur when the soundness of the country's
finances and the balance of her trade will make franc
According to a special Paris cable dispatch to "The
speculation dangerous and produce stabilization in Sun" on Dec. 1, "the French
interior debt now is exfact, which later can be made legal. He warned the actly 286,546,000,000
francs, or, at 30 francs to the
Chamber to-day that before this stabilization in fact dollar, $9,551,000,000,
according to the budget report
could occur there were still several conditions to be just issued by the Finance
Ministry. The foreign
realized, but little by little events were moving to- debt totals 219,777,000,000
francs, or $7,325,000,000.
ward this desirable goal, he said."
The total French debt is over 500,000,000,000 francs,
Even more specific statements of the policy and or nearly $17,000,
000,000. Although part of the
attitude of M. Poincare were made by the Paris rep- foreign debt is not
consolidated and no interest is
resentative of the New York "Herald Tribune" in a being paid on it, the French
budget must, neverthedispatch on the evening of Dec. 7. He said in part: less, be charged with
21,000,000,000 francs, or more
"Premier Poincare, standing by his guns in the than $700,000,000, for
debt interest alone. More
Chamber of Deputies to-day to answer the first se- than half the total budget
receipts for 1927 will go
rious criticism of his policies voiced there since he to
pay the interest on the debt. To that must be
DEC. 11 1926.]
THE CHRONICLE
added $140,000,000 more for interest and amortization of the foreign commercial debt." It was stated
also that "Deputy Palmade, in presenting this report, remarks that the enormous taxse which the
French people are paying are a considerable help to
the Treasury. Nevertheless, the improvement of
franc exchange is increasing the gold value of the
debt and at the same time increasing the difficulty
of paying taxes."
Word came from Paris, Dec. 9, that "the Chamber
of Deputies this evening completed its discussion of
the 1927 budget, going through the difficult task in
the record time of 27 days. To-morrow the bill will
be forwarded-to the Senate, where an immediate discussion will begin. The Chamber's final vote wo
410 to 135. As it goes to the Senate the budget provides a revenue of 40,099,000,000 francs for an expenditure of 39,634,000,000 francs." It was added
that "France's budget has been ratified on time
only once since the war. That was under Finance
Minister Doumer in a Briand Cabinet, who got
the 1922 budget adopted at 11.15 a. m. Jan. 1
1922."
Cable advices, both as to the health of King Ferdinand of Rumania and also political conditions in
his country, have been more reassuring in some respects. Queen Marie and her children, Prince Nicholas and Princess Ileana, arrived in Bucharest from
their American trip last Saturday, Dec. 4, "after an
absence of two months, thirty-seven days of which
were spent in the United States." The King met
her at the railway station, notwithstanding the distinctly alarming reports relative to his health that
had been cabled to American newspapers. The Associated Press correspondent in Bucharest stated that
"his physical appearance then seemed anything but
*robust, but he walked without difficulty and certainly did not appear to be a man in immediate danger of death." Announcement was made in the Rumanian capital on Dec. 6 that "King Ferdinand today underwent an operation." It was added in an
Associated Press dispatch that "the operation was
not a dangerous one. His physicians say the King
will be able to leave his bed within a few days."
This optimistic view of King Ferdinand's condition and prospects apparently was not generally
held in Bucharest or in the other capitals of Europe,
notably Paris, in which there has been special interest in the political situation in Rumania. It became
known in the Rumanian capital on Dec. 8 that "a
second operation completing that of Monday's was
performed on King Ferdinand this morning at the
royal residence at Cotroceni." It was added in a
special Bucharest dispatch to the New York "Times"
that evening that, "as on the occasion of the first
operation, only local anesthetics were used, and an
official bulletin indicates complete success. It is
understood to insure a new outlet from the patient's
lower intestine, which should relieve the pain caused
by his major ailment and probably served to prolong his life. Professor Hartmann's satisfaction at
the outcome of his delicate task is shown by an announcement that he is returning to Paris to-night."
In an Associated Press dispatch the next day it was
said that it would require about 17 days to determine whether the second operation had accomplished
the purpose for which it was performed. It was
further stated that "meanwhile, it is declared, the
2941
King is in no immediate danger of death. He has
rallied from the surgical shock, but is weak and
feeble after three days in the hands of the surgeons."
The attending physicians and surgeons, according to
a Bucharest dispatch under date of Dec. 9, say the
King may live in comparative comfort for from one
month to six months. This second operation was
attended by an event bordering on the tragic. The
"Times" correspondent cabled-that "about the time
it was in progress the old royal palace in the centre
of the capital was being destroyed by fire." In an
Associated Press dispatch the next day it was stated
that "an official inquiry shows that the fire started
from a faulty kitchen chimney. The loss to the
building is estimated at 45,000,000 lei. The Chamber of Deputies has voted 20,000,000 lei toward the
restoration of the palace."
According to a special Bucharest dispatch to the
New York "Evening Post" last evening, "Queen Marie, who since her return from Americ& has been
working to establish her position in case the King
dies, has obtained favorable consideration for her
plan whereby if the King lives but is forced to relinquish his duties, she will become Regent. She
would then be intrenched in a strong position in case
of his death. Her plan to succeed Ferdinand, however, has thus far been foiled, although it is now
planned to include her in the regency."
Premier Mussolini of Italy continues to take radical steps with regard to the affairs of the Italian
Government and people. According to a special
wireless message from Rome to the New York
"Times" on Dec. 6, "the Cabinet Council to-day, at
Premier Mussolini's suggestion, approved the establishment of a special tax on bachelors between the
ages of 25 and 65 years. This tax, says an official
communique, is based on the principle that it is a
man's duty to marry and rear children and that the
Government must intervene to provide juridical
punishment for failure on the part of citizens to
fulfill their moral obligations. The proceeds of the
tax, the amount of which has not yet been fixed, will
go entirely to the State subventioned organization
for the protection of maternity and infancy, which
hitherto has been greatly hindered in scope by lack
of funds." It was added that, "after an exhaustive
report by the Premier on the internal sittiation of
the Kingdom, the Cabinet Council also approved the
suppression of all sub-prefectures and the creation
of 17 new prefectures." The Associated Press representative in the Italian capital rather facetiously
observed that, "while Italy's bachelors will have to
pay for their freedom from matrimonial responsibilities after the first of the year, her spinsters will
not be penalized for their unmarried state. Premier Mussolini's Cabinet instituted the tax on male
celibacy, on the suggestion of the Premier, in furtherance of his campaign against birth control
which he initiated eight months ago, with the declaration that 'Italy is a prolific nation and intends
to remain prolific.' Spinsters were excluded from
the penalization of singlehood, because, as the Premier stated,'the failure to contract matrimony often
does not depend on the desires of women.'"
Evidently the ever-energetic Italian Premier and
Dictator intends that his people shall keep busy also.
Announcement was made in an Associated Press
dispatch from Rome on Dec. 7 that "Mussolini to-
2942
THE CHRONICLE
day notified the nation that the annual Fascist celebrations were over and that the time had come for
renewal of work. Messaging the prefects, he said:
'The period of ceremonies, inaugurations and celebrations is finished. The nation must work tranquilly and with a sense of discipline. The prefects
are invited to provide for the postponement to another season of ceremonies of every kind.'"
M. Nintchitch, Foreign Minister in the Jugoslavia
Cabinet, resigned on Dec. 7 "because of the recent
signing by Italy and Albania of a pact of friendship
and security, which it has been contended here constituted an act of the utmost gravity to Jugoslavia
and likely to compromise the friendly relations existing between Italy and Jugoslavia." The next morning "the Uzunovitch Cabinet decided to hand in its
resignation to King Alexander as a result of the
resignation of Foreign Minister Nintchitch last
night." The New York "Times" correspondent in
Belgrade said that, "though a Cabinet crisis has
been imminent for two weeks and has always more
or less threatened, there having been three major
and seven minor Cabinet crises already this year in
Belgrade, it has aroused unusual excitement, due to
the fact that this one is directly due to the foreign
situation, iptably to the strained relations with
Italy growing out of the recent Italo-Albanian
treaty." Continuing, he said: "M. Nintchitch intended by his resignation to emphasize how serious
Jugoslavia considers the Italo-Albanian treaty. In
resigning he wrote this letter to Premier Uzunovitch:
have followed the policy which I was convinced was best for my country and which was
founded on mutually agreed principles. I have by
ally followed these principles during my whole Min
istry. But in the last few days an event has occurred
which has shaken the confidence on which I based
my policy. For this reason I resign as Foreign Minister."
[VOL. 123.
the Jugoslav Ministry's resignation been confirmed
than that Government's representatives here hastened to put the matter before the League Council
leaders, contending that the League's rights had
been violated and that Italy had overstepped her
privileges as a League member. The Jugoslav delegates went much further, however. They charged
that Italy had no right to assume the exclusive right
to intervene in Albania, and that whatever might
happen there to cause trouble must be settled by
the League. Moreover, they made the serious
charge that Italy had forced Albania to sign the
compact."
The Italian Government naturally took the ground
that there had been undue alarm over the agreement
with Albania. The Associated Press representative
in Rome cabled on Dec. 8 that "emphatic denial was
given in official quarters here to-day of a report
that the agreement signed recently by Italy and Albania contains a secret military clause amounting
virtually to a protectorate by Italy over Albania.
Alarmist and false reports which it is declared here
have been spread abroad, especially from Geneva,
are characterized as absurd and offensive, since it
is held the treaty concluded at Tirana has no aggressive character and does not aim at anybody. Indeed, Italians say, it contains a clause establishing
that, according to the treaties of Versailles and St.
Germain, it must be registered with the League of
Nations, as in the case of similar treaties concluded
between Italy and other countries in Central and
Eastern Europe, all having the object of maintaining
peace by dispersing prejudices and misunderstandings, and strengthening good relations through protection of reciprocal economic and commercial interests. Therefore, it is asserted, the Italo-Albanian
treaty is entirely within the spirit and letter of the
League of Nations ideals."
Italian Government officials claimed not to see any
reason for excitement anywhere over the Italo-Albanian agreement, and Rome cablegrams Dec. 8
stated that "the Ministry of Foreign Affairs denied
to-day that the Italo-Albanian treaty contains any
secret clauses. The text published a week ago today is the full text of the treaty, which is not accompani,.d by any secret clauses or understandings of
any sort whatever, it was stated. The treaty will in
addition be registered at the League of Nations."
Apparently the Italo-Albanian situation was not
favorably regarded in Berlin. On Dec. 9 the correspondent at that centre of the New York "Herald
Tribune" cabled that "the recently negotiated ItaloAlbanian treaty will mean the end of Jugoslav-Italian friendship, according to opinion in well-informed
Jugoslav circles here. The former Jugoslavian Foreign Minister, M. Nintchitch, left no doubt, the 'Herald Tribune' learned to-night, that his disappointment over Italy's concluding the treaty with Albania
was the chief reason for his resignation. M. Nintchitch regards Italy's action as a breach of the
treaty between Italy and Jugoslavia, especially in
view of the agreement that both countries should
inform each other before concluding another treaty
affecting the other's interests."
Announcement was made in Belgrade on Dec. 7
that the King has asked M. Uzunovitch to form a
new Cabinet. It is probable he will try to arrange a
coalition containing for the first time representatives of the Slovenes as well as the present Croatian
and Serbian Government parties."
Word came from Geneva, likewise on Dec. 7, that
"the resignation of Foreign Minister Nintchitch of
Jugoslavia and his reported denunciation of the
Italo-Albanian treaty, which was signed recently,
have caused a sensation in League of Nations circles. M. Nintchitch was President of the last Assembly of the League." The Paris representative
of the New York "Herald Tribune," cabling from
Geneva, reported that "immediate intervention by
the League of Nations against the newly signed
treaty between Italy and Albania was demanded
here to-day by representatives of Jugoslavia." He
added that "this step was urged upon Sir Austen
Chamberlain, the British Foreign Secretary, Foreign Minister Briand of France, and other League
officials soon after word had reached Geneva that
the Jugoslav Cabinet had resigned to-day as a protest against Premier Mussolini's pact with Albania,
From Belgrade came an Associated Press cableby which Italy obtains the right to intervene in Albania." The "Herald Tribune" correspondent like- gram the same afternoon, however, in which it was
wise asserted that "a violent reaction to these de- claimed that "popular excitement in Jugoslavia over
velopments jarred League circles. No sooner had the signing by Italy and Albania of a pact of friend-
DEC. 11 1926.]
THE CHRONICLE
2943
The Bank of Poland has reduced its discount rate
ship and security shows no signs of abating. In
fact, it has been intensified by reports that the pact from 10 to 9%, according to a cable dispatch from
includes a secret military arrangement, and the feel- London yesterday morning. Otherwise no change
ing is now comparable to that in 1908, created over has been noted in official discount rates at leading
2% in Paris; 7% in Bel1
the annexation of Bosnia and Herzegovina by the European centres from 7/
2% in
1
Hapsburg dynasty, then ruling Austria and Hun- gium, Italy and Austria; 6% in Berlin; 5/
% in
2
1
/
4
London
Madrid;
in
and
Denmark;
precrisis
Cabinet
"the
that
admitted
was
It
gary."
2% in Holland and
1
cipitated by the announcement of the pact is prac- Sweden and Norway and 3/
tically ended. Premier Uzunovitch, who, with his Switzerland. Open market discount rates in Lonentire Ministry, resigned, has taken the task of don were a shade easier and closed at 4 9-16@4%%
2(g4 9-16% for three months,'in
forming a new Government, which will be a Coali- for short bills and 41/
a
8% for both short
/
rate of 45
flat
with
comparison
tion Ministry."
Money
earlier.
on call in Lonweek
a
bills
long
and
through
Word came from Belgrade last evening
finished
and
from
at
firm
3%70,
was
unchanged
don
PaP.
"Nikola
that
dispatch
an Associated Press
chitch, former Premier and Minister of Foreign Af- a week ago. At Paris and Switzerland the open marfairs, died to-day. Death was caused by apoplexy, ket discounts remain at 6Y4% and 234%, respecwhich is believed to have been brought on by intense tively, the same as a week ago.
excitement because of the crisis centring in the
The Bank of England in its statement for the week
Italo-Albanian treaty, in addition to a political scandal in which M. Pachitch's son is the storm centre." ending Dec.8 showed an addition to gold holdings of
It was added that "the country is quiet, but the £357,626, while the reserve of gold and notes in the
people seem fully alive to the gravity of the situa- banking department increased £417,000 as a result
tion growing out of the Italo-Albanian pact. This of a reduction in note circulation of £59,000, while
has been intensified by the prompt, unanimous rati- the proportion of reserve to liabilities advanced to
fication of the treaty by the Albanian Chamber of 27.70%, from 25.93% last week. The deposit acDeputies despite the fact the Belgrade Government count showed shrinkage. Public deposits fell off
had made representations to Albania in opposition £386,000, and "other" deposits dropped £6,242,000.
Loans on Government securities decreased £6,105,to such action."
000, and loans on other securities £948,000. The
The coal situation in Great Britain appears to Bank's stock of gold stands at £153,233,705, as
have improved with surprising rapidity, following against £145,007,870 last year and £128,504,026 in
the collapse of the miners' strike. The London cor- 1924 (before the transfer to.the Bank of England of
respondent of the New York "Times" cabled on the £27,000,000 gold formerly held by the RedempDec. 7 that "announcement was made in Parliament tion Account of the Currency Note Issue). Reserve
to-day that all restrictions on the exportation of totals £33,349,000. This compares with £21,438,555
coal, except hard coal and coke, would be removed in 1925 and £23,808,851 a year earlier. Loans
after midnight to-morrow. It was stated that there amount to £68,725,000, as against £71,081,114 and
was sufficient coal now on hand to enable this to be £72,740,160 one and two years ago, respectively,
done without endangering domestic supplies. Rail- while note circulation stands at £139,724,000, which
way freight cars in fact are being used as ware- compares with £143,319,315 a year ago and £124,445,houses of existing congestion. The removal of re- 175 in 1924. The official discount rate of the Bank
strictions will facilitate resumption of work in the of England remains unchanged at 5%. Clearings
mines, and it now seems assured that the 900,000 through the London banks for the week were £780,miners will be working before the end of the year. 949,000, as against £875,041,000 a week ago and
Incidentally, the price of domestic coal was reduced £831,-264,000 last year. We append comparisons of
to-day about $4 a ton."
the different items of the Bank of England return
for a series of years:
As an echo of the miners' strike, a vote of censure
BANK or ENGLAND'S COMPARATIVE STATEMENT.
1922.
1923.
1924.
1925.
1926.
for the Government's handling of the matter was
Dec. 13.
Dec. 12.
Dec. 10.
Dec. 9.
Dec. 8.
undertaken in the House of Commons on the evening
Circulation
b139.724,000 143,319,315 124,445,175 126,270,325 123,161,310
of Dec. 8. According to a special London cable dis- Public
deposits
8,805,000 8,780,798 10,039,431 11,597,768 10.112,664
111,585,000 120,225,541 125,696,953 116,864,537 114,772.579
patch to the New York "times" that evening, "a Other deposits
Governm't securities 36,153,000 54,367,526 57,042,363 50,598,532 53,927,091
labor vote of censure on the Government for its han- Other securities_ _ 68,725,000 71,081,114 72,740,166 74,194,485 66.123,250
notes tk coin 33,349,000 21,438,555 23,808,851 21,498,935 22,735,137
dling of the mining dispute was rejected in the House Reserve
Coin and bullion__a153,233,705 145,007,870 128,504,026 128,019,260 127,446,447
of Commons to-night by 339 votes to 131, after a Proportion of reserve
183(%
165i%
1734%
165%
to liabilities
27.70%
lengthy debate in which Premier Baldwin, ex-Pre- Bank rate
3%
4%
4%
5%
5%
miers Ramsay MacDonald and Lloyd George and a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
note issues and which was transferred to the
Chancellor of the Exchequer Winston Churchill were previously held as security for currency
Bank of England on the British Government's decision to return to gold standard.
the principal speakers. The Labor motion read: b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
England notes issued in return for the same amount of gold coin and bullion held
'That this House regrets the policy pursued by the of
up to that time In redemption account of currency note issue.
Government during the lockout in the mining industry and declares that the Government is deservThe weekly report of the Bank of France issued
ing of censure for its disregard of the findings of the under date of Dec. 8 showed a reduction of 37,436,000
Royal Commission, for its partiality toward the francs in note circulation, bringing that total down to
mine owners, for its failure to'control the prices of 53,294,362,105 francs. For the corresponding date
coal and for the passing of the Coal Mines Eight last year the total of notes outstanding was 49,536,Hour Act, which prolonged and embittered the dis- 001,250 francs and the year previous it was 40,567,!
pute
931,265 francs. A small gain in gold of 1,850 francs
raised that item to 5,548,806,100 francs, which corn-
2944
THE CHRONICLE
pares with gold holdings of 5,547,811,871 francs and
5,544,900,054 francs at the corresponding date in
1925 and 1924, respectively. The Bank was not
obliged to make any fresh advances to the State during the week. The total of advances to the State
therefore remains " at 36,700,000,000 francs, against
33,700,000,000 francs a year ago and 22,700,000,000
francs two years ago. Other changes in the Bank's
report were: Silver holdings increased 37,000 francs,
trade advances 118,318,000 francs, Treasury deposits
16,944,000 francs and general deposits 456,585,000
francs. Comparisons of the various items in this
week's return with the statement of last week and with
corresponding dates in both 1925 and 1924 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
1,850
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as o
Dec. 8 1926. Dec. 10 1925. Dec. 11 1924.
Francs.
Francs.
Francs.
3,684,485,193 3,683,490,963 3,680,579,146
1,864.320,907 1,864,320,907 1,864,320.007
Total
Inc.
1,850
Silver
-Inc
27.200
Bills discounted Dec. 1.299,764.000
Trade advances...Ins. 118,318,000
Note c1rculation—Dec. 37,436,000
Treasury deposita_Ine. 16,944,000
General deposlts _Inc. 456,585,000
Advances to StateUnchanged
5,548,806,100 5,547,811,871 5,544,900,054
310,716,605
313,810,317
304,927,530
3,801.466,389 3,661,082,412 4,611,979,624
2.235,394,480 2.672367,397 2,933,262,739
53,294,362,105 49,536,001,250 40,567,931,265
30,493,002
30,936,822
26,885,663
5,261,422,196 3,230,452,047 1,846,646,848
36,700.000,000
The weekly statement of the Imperial Bank of
Germany, issued as of Nov. 30, reflected the heavy
strain of meeting Dec. 1 disbursements. Among the
more important changes was an increase in note circulation of 511,764,000 marks. This was to some extent offset by contraction in other maturing obligations of 505,493,000 marks, but other liabilities expanded 109,925,000 marks. On the side of assets, the
Bank reported an increase in holdings of bills of
exchange and checks of 73,824,000 marks, and expansion in advances of no less than 295,396,000 marks.
Reserve in foreign currencies increased 39,927,000
marks. There were, however, reductions in all of
the following items: Deposits held abroad 1,902,000 marks, silver and other coins, 4,347,000 marks,
notes on other banks 13,020,000 marks, investments,
200,000 marks, and other assets the large sum of
270,419,000 marks. A nominal gain in gold coin and
bullion occurred, namely .35,000 marks, which
brought the grand total of gold held to 1,754,959,000
-marks, as compared with 1,207,262,000 marks last
year and 695,487,000 marks in 1924. The Reichsbank's note circulation outstanding is 3,374,470,000
marks, against 2,770,882,000 marks in 1925.
The Federal Reserve banks' weekly statements,
issued at the close of business on Thursday, revealed
continued expansion in open market trading, but a
drop in rediscounting operations, at least so far as
the System is concerned. The report for the banks
as a group shows that gold reserves fell $1,300,000,
while rediscounts of Government secured and "other"
bills declined approximately.$40,700,000, thus bringing tota,1 bills discounted to $604,726,000, as compared with $679,374,000 a year ago. Holdings of
bills bought in the open market increased $22,800,000, and holdings of Government securities were
enlarged in amount of $176,000,000. Total bills and
securities (earning assets) declined nominally—
$300,000—while deposits fell off $35,800,000. An
‘Increase occurred in the amount of Federal Reserve
notes in actual circulation of $32,100,000 and a decrease in member bank reserve accounts of $26,200,000. The New York Reserve Bank lost gold in its
[VoL. 123.
transactions with interior institutions to the amount
of $54,600,000. Rediscounting of bills secured by
Government paper increased $38,600,000, while rediscounting of "other" bills fell $18,700,000, so that
total bills discounted showed a reduction of $19,900,000. Total bill and security holdings increased
$45,600,000. Declines occurred in each of the following items: Federal Reserve notes in actual circulation, $900,000; member bank reserve accounts,
$8,100,000, and deposits, $8,000,000. Reserve ratios
declined. For the System as a whole the loss was
trifling, the ratio declining 1%, to 72.1%, but at
New York the ratio dropped to 75.8%, off 3.7%.
Establishment of a deficit in reserve in amount of
over $45,000,000 was the outstanding feature of last
Saturday's statement of New York Clearing House
banks and trust companies. This was the result of
a large expansion in loans and deposits, which with
other important changes, indicated the heavy shifting of funds incident to the month-end payments.
The item of loans, discounts, etc., showed an expansion of $36,766,000. Net demand deposits rose $65,073,000, to $4,415,277,000, which total is exclusive
of $17,516,000 in Government deposits. Time deposits, on the other hand,fell off $3,047,000, to $646,361,000. Cash in own vaults of members of the Federal
Reserve Bank dropped $3,684,000, to $45,187,000,
which, however, does not count as legal reserves.
Reserves of State banks and trust companies in own
vaults declined $876,000 and reserves kept by these
institutions in other depositories fell $92,000. Member banks drew down their reserves in the
Federal
institution to the amount of $53,784,000; hence
the
loss in surplus reserve of $63,031,860, which after
wiping out last week's surplus reserve of $18,030,690
left a deficit in reserve of $45,001,170. The above
figures for surplus are based on legal reserve requirements of 13%, against demand deposits for
member banks of the Federal Reserve, but not including $45,187,000 cash in vault held by these members on Saturday last.
Call money at this centre was firmer during the
first half of the week, following the disclosure of
a
large deficit in the actual statement of Cleari
ng
House member banks last Saturday. Loans were
called freely on Monday and the rate on demand
loans advanced to 5%. The very next day, however,
it seemed that the loan situation had been pretty
well adjusted. Loans were called only to a modera
te
degree, and the rate ruled at 5% on the Stock Exchange, with some accommodations said to have been
arranged in the outside market at concess
ions.
There was a rather surprising drop on Thursd
ay afternoon at 41/
2%. It was the only quotation yesterday. It is assumed that next Monda
y
and Tuesday there will be renewed firmness
because
of the unusually heavy, Government operati
ons and
interest and dividend disbursements on the 15th.
The Treasury made an offering of $200,000,000
31/
4%
tax certificates of indebtedness running for
nine
months. The low rate and the announcement
by
Secretary Mellon that "the present offering is intended, with the balance already on hand and the
December tax receipts, to cover the Treasury's further cash requirements until the March quarterly
tax period," were favorably received in the financial
district, and as foreshadowing a continuance of
DEC. 111926.1
THE CHR
easy money conditions. Subscription books for the
new certificates were closed on Thursday, the off,
ing having, of course, been oversubscribed. The pl.acing by President Coolidge in his Budget statement
to Congress of the surplus of the Government for
this fiscal year at $383,000,000 and for the next year
• at $200,000,000 was regarded as conservative. Some
disappointment was expressed over his opposition to
• "a permanent reduction of the tax schedules at this
time." Naturally, gratification was felt over his
repetition of his previous recommendation for the
return to taxpayers of the present year's Treasury
• excess. General business conditions do not appear
to have changed greatly. There has been a large
volume of money seeking investment, both in established securities and in new offerings.
2945
CLE
MOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 10 1926.
Payer Maturing—
After 90 After
but
Days, but
Within 6 Within 9
Months. Months.
Within
90 Days.
FEDERAL RESERVE
BANK.
Coyerciat Secured
&oriel & by U. S. Bankers' Trade Apricul.* Agricul.
and
and
AccepLivestock Governm't Accey.
Paper. Oblige- lances. sauces. Livestock Livestock
Payer.
Paper.
Hons.
n.ea.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Rallas
Ban Francisco
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured/ „
by warehouse receipts. &o
What amounted to almost complete stagnamon
prevailed in the sterling exchange market, and the
As to money rates in detail, callroans this week week just closed proved to be the dullest experienced
ranged between 41A and 532%, the same as a week in quite some time. Whatever business was transago. Monday 514% was the high, with 432% the acted passed at either of two quotations-4 843/i or
low and also the rate for renewals. On Tuesday, 4 84 7-16 for demand bills—the only figures named
Wednesday and Thursday there was no range, all during the six business days of the week. This
loans being negotiated at the single figure of 5%. intense dulness was variously interpreted, but the
Easier conditions prevailed on Friday and call funds opinion most generally accredited was that it was due
were lowered to 4M%, which was the high, low and to absence of developments of any special consequence
ruling quotation for the day.
in Great Britain and the centring of attention elseFor fixed date maturities the market was dull, but where—notably upon the colorful happenings in the
steady, with quotations at 4/@4%% for all periods franc market. At all events, sterling for the moment
from sixty days to six months, which compares with is at a standstill, with large operators in a waiting
4% for sixty days and 4/@4%% for ninety mood and speculative activity absolutely nil, though
414@43
days, four, five and six months lastitweek. Offer- bankers look for a broadening of activity very shortly.
ings were light.% Last week's poor Clearing House It is pointed out that preparations to meet the heavy
bank statement lent an undercurrent of firmness to Jan. 1 settlements, not to mention the international
the tone of the money market throughout the debt adjustments, should create a brisk demand for
week.
sterling and hence result in a resumption of normal
Commercial paper rates have not been changed conditions. On the other hand, there are some who
from 43i@,43'% for four to six months' names of intimate that it is useless to hope for improvement in
choice character, while names less well known still the British trade situation, at least not until the ill2@4%%,the same as a week ago. Trans- effects of the great coal strike have begun to wear
require 4/
actions were light, without of town banks the themselves off. Nevertheless, a good deal of encourprincipal buyers. Thersupyly of prime names was agement is derived from the fact that during a prongland mill paper and the tracted period of uncertainty, not to say stress, it has
restriccr— New
shorter choice names continue to be dealt in at been possible to maintain sterling values and prevent
4X-%•
anything like a drain upon British gold reserves.
Banks'randlibankers'facceptances remainfat the
As regards quotations, in detail, sterling exchange
levels previously current with the volumelof busi- on Saturday last was quiet but steady, with demand
ness small. The tone of the market was firm, in bills quoted at 4 84M (one rate) and cable transfers
sympathy with the stiffening in the call division; at 4 85. Monday brought little if any increase in
as a result the aggregate turnover attained only activity and rates remained unchanged, at 4 843/i for
moderate proportions. For call loans against bankers' demand and 4 85 for cable transfers. A slight tenacceptances, the posted rate of the American Accept- dency to reaction developed on Tuesday; partly in
ance Council remains at 4%. The Acceptance sympathy with the weakness in Continental rates
Council makes the discount rate on prime bankers' and partly on a lack of buying power; as a result deacceptances eligible for purchase by the Federal mand declined to 4 84 7-16 and cable transfers to
I% bid and 3%% asked for bills
/
Reserve banks 33
On Wednesday there was no change and
4% asked for 4 84 15-16.
3.74% bid and 33
30
days;
running
the quoted rate was again 4 84 7-16 for demand and
60 days; 4% bid and 3/4% asked for 90 and 120 4 84 15-16 for cable transfers. Dulness characterized
days, and 4313% bid and 4% asked for 150 trading on Thursday; the undertone, however, was
days and 180 days. Open market quotations steady and, demand bills continued at 4 84 7-16,
follow:
with cable transfers at 4 84 15-16. On Friday
SPOT DELIVERY.
rates were firmly held at the level of the
80
Days.
Dais.
60
sterling
Days.
90
83(08%
11Mi88%
314(4,3M
Primal:110bl. Ms
previous day, viz.,484 7-16 for demand and 484 15-16
FOR DELIVERY wrrEux THIRTY DAYS.
for cable transfers. Closing quotations were 4 845-16
3% bid
Prime .6181ble Mlle
and 4 84 15-16 for cable transfers. Com8X bid for demand
Eligible non-member banks
bills finished at 4 84 5-16, sixty days at
sight
mercial
days at 4 78 7-16, documents for
ninety
5-16,
There have been no changes this week in Federal 4 80
at 4 80 9-16 and seven-day
days)
(sixty
payment
the
schedule
Reserve Bank rates. The following is
Cotton and grain for
83
11-16.
4
at
bills
grain
of
classes
paper
of rates now in effect for the various
5-16.
84
4
at
closed
payment
at the different Reserve banks:
2946
THE CHRONICLE
No gold was reported this week as engaged for
either export or import on the other side, while the
Bank of England movement also has evidently
slackened, only a few small amounts being reportedapproximately £10,000 for export.
[VOL.123.
has been noted in the quotation for Austrian schillings, which remain at 143/
8. Italian lire closed at
4.36 for bankers' sight bills and at 4.37 for cable
transfers. A week ago the close was 4.34 and 4.35.
Exchange on Czechoslovakia finished at 2.96%
3 (unchanged); on Bucharest at 0.50, against 0.539.; on
Poland at 11.50 (unchanged), and on Finland at
2.523 (unchanged). Greek exchange closed at 1.25
for checks and at 1.26 for cable transfers, in comparison with 1.32 and 1.323/
2.
Trading in Continental exchange was nervous and
excited, and at times decidedly erratic, with of course
the outstanding feature of the week, the advance of
the French franc to 4.00 for a brief period. As a
matter of fact, the whole market waited upon developments in France and interest centred very closely
While very little semblance of activity characterupon the sensational gyrations in that country's cur- ized dealings in the so-called neutral
or minor Contirency. Paris checks opened at 3.95, advanced on nental currencies, up-and-down
movements occurred
persistent buying to 3.983', then slumped with great in some of the Scandinavians, notably
in the usually
sharpness until 3.79 was reached; only almost imme- motionless Swedish krone, which
moved up from
diately to commence another ascent, this time cross- 26.67 to 26.75, while Norwegian exchange
continued
ing the 4-cent mark. Explanation of these spec- in the limelight and attracted further
attention by a
tacular changes was somewhat difficult to find. A drop from 25.51 to 25.28, then a
subsequent recovstrong undercurrent of optimism developed on the ery to 25.35, all apparently on speculative
activities.
quick passage of the new French budget with so few One explanation of the rise in Swedish
exchange was
important changes, and this was interpreted as indi- that it was possibly the result of steps
taken by the
cating that M. Poincare would have far less diffi- Swedish National Bank with a view to
discouraging
culty in putting his finance measures through the a drain upon its gold reserves. Dutch guilders
reFrench Chambers than had been expected. The re- main inactive at or near 39.96, while Swiss
francs
sult was a rush of speculative buying which left the ruled at close to 19.28, but finished at 19.31. Spanmarket in a more or less vulnerable position and ish pesetas were firmly held and ruled
all week bepaved the way for a speedy reaction. Later on a tween 15.21 and 15.223/
2, then closed easier, after
fresh splurge of buying sent the quotation to the high- declining to 15.16.
est point of the week and francs for a time sold at
Bankers' sight bills on Amsterdam closed at
4.00. Paris and Amsterdam merchants were heavy 39.953 2, against 39.97; cable transfers
at 39.973',
buyers of francs, and toward the close of the week against 39.99, and commercial sight
bills at 39.973/2,
it was reported that local dealers were in the market against 39.93 a week ago. Final quotations on Swiss
francs were 19.31 for bankers' sight bills and 19.32 for
for round amounts.
Belgian francs were unaffected by the movements cable transfers, which compares with 19.28 and 19.30
in exchange on Paris and remained at close to 13.90 last week. Copenhagen checks finished at 26.62 and
cable transfers at 26.63 (unchanged from last week).
for the newly created belga. Italian lire, on the Checks
on Sweden closed at 26.72 and cable transother hand, moved somewhat in sympathy with the fers at 26.73, against 26.67 and
26.68, while checks on
franc, although rate variations were comparatively Norway finished at 25.23, cable transfers at 25.24,
small, and trading was generally quiet. The range against 25.51 and 25.52 a week earlier. Spanish
was between 4.36 and 4.253/2,.with most of the pesetas closed the week at 15.183/2 for checks and
business passing at around 4.33@4.31. German at 15.193/b for cable remittances, against 15.21 and
previous week.
marks remained steady at 23.76@23.77. Austrian 15.22 the
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
and Russian currencies continue to rule at nominal
DEC. 4 1926 TO DEC. 11 1926, INCLUSIVE.
levels. Greek exchange was firmly held for a time, but
Bate for Cable Transfers la New York.
turned weak and lost several points before the close. Cougars and Moaetarr Noes Duras,
Value its Melted States Money.
In the minor group of central European exchanges,
Dec. 4. Dec. 6. Dec. 7. Dec. 8. Dec. 9. Dec.
10.
there is little new to report. Trading was dull and EUROPE$
$
$
$
$
S
Lustria, schilling-- .14103
.14079
.14093
.14077
.14068
.14072
narrow, at virtually unchanged levels, except Ru- Belgium, belga
.1391
.1391
.1391
.1391
.1391
.1391
.007300 .007250 .007281 .007216 .007203
Bulgaria. ley
.007243
.029619
Czechoslovakia,
krone
manian lei, which turned weak and lost nearly all
.029616 .029621 .029619 .029620 .029624
.2663
Denmark, krone
.2663
.2663
.2663
.2663
.2663
pound ster-48495
recent gains. In the late dealings increased activity England.
ling
4.8495
.8494
4.8491
4.8490
.025207 .025211 .025207 .025203 .025205 4.8489
Finland. markka
developed in both franc and lire futures and declines France,
.025209
.0397
franc
.0391
.0386
.0397
.0396
.0390
reichomayk .2378
.2378
.2378
occurred. There has been a discount of several points Darman,
.2378
.2377
.013159 .013163 .013002 .012875 .2378
Dreece, drachma
.012798 .012718
.3998
Holland, guilder
.3998
.3998
.3998
in lire futures for weeks past, but widening of the spread Hungary,
.3998
.3998
.1758
.1755
pengo
.1760
.1755
.1758
.1758
Italy, lira
.0434
.0434
.0430
.0432
.0435
between spot quotations and franc futures was inter- Norway. krone
.0435
.2547
.2549
.2536
.2530
.2535
.2529
Poland, zloty
.1139
.1120
.1128
.1128
.1131
.1138
preted as meaning that bearish factors are once more Portugal,
.0514
.0512
escudo
.0511
.0515
.0512
.005313 .005278 .005197 .005118 .004985 .0512
Rumania,lei
.004985
at work, although thus far dealings have been con- Spain, peseta
.1522
.1521
.1519
.1521
.1518
.1519
2269
Sweden.krona
.2673
.2673
.2672
.2671
.2672
fined to operators at foreign centres. Local traders Switzerland.
franc_ .1929
.1929
.1929
.1929
.1932
.017660 .017654 .017656 .017658 .1932
Yugoslavia, dinar
.017650
.017661
are plainly averse to making long term short commit- ASIAMina.6154
Chetoo, tadl
ments under present uncertain conditions.
.6129
.6179
.6175
.6208
.6213
.6053
Hankow,tael
.6003
.6088
.6047
.6075
.6066
.5845
.5832
tadl
The London check rate on Paris closed at 124.20, Shanghai,
.5877
.5861
.5893
.5904
.6196
Tientsin, tad
.6163
.6204
.6196
.6229
.6233
Hong Kong, dollas_ .4705
.4711
against 124.90 a week ago. In New York sight bills Mexican
.4732
.4727
.4741
.4748
dollar__ .4306
.4341
.4327
.4334
.4350
.4363
or Pelyang
on the French centre finished at 3.91, against 3.91; Tientsin
.4250
dollar
.4238
.4246
.4248
.4258
.4250
.4217
Yuan, dollar
.4204
.4213
.4213
cable transfers at 3.92, against 3.92, and commercial India,
.4225
.4225
.3594
rupee
.3592
.3593
.3592
.3590
.3589
!span,
.4909
yen
.4909
.4909
.4909
sight bills at 3.90, against 3.90 last week. Clos- lIngspore(S.S.),dollar .5592 .5594 .5592
.4908
.4900
.5594
.5594
.5594
NORTH
AMER.ing rates on Antwerp francs were 13.90% for checks 3anada, dollar
.999980 .999646 .999526 .999204 .998936 .999282
.999344 .999125 .999219 .999188 .999125
7lba, peso
.999125
and 13.91 for cable transfers, the same as for the dexico,
.469333 .470500 .469000 .468167 .466833 .467833
peso
dollar .997875 .997563 .997375 .997094 .997063 .997281
previous week. Reichsmarks finished the week at 4ewfoundland,
SOUTH AMER.1rgentina, peso (gold) .9252
.9265
.9274
.9291
.9277
.9283
23.76 for checks and at 23.78 for cable remittances, 1razil,
.1203
milreis
.1198
.1193
.1186
.1178
.1134
.11111e, peso
1208
.1206
.1206
.1206
.1206
.1206
as against 23.77 and 23.79 a week ago. No change Inlanskv naan
1.0018
1.0017
I 0091
I 0091
I none
O007
THE CHRONICLE
DEC. 11 1926.]
With regard to South American exchange, trading
was dull, though the tone of the market was firm
and Argentine pesos rose to 40.89 for checks and to
40.94 for cable transfers. The close last week was
40.70 and 40.75. Brazilian milreis, on the other
hand, again lost ground and finished lower, at 11.40
for checks and 11.45 for cable transfers, as against
12.20 and 12.25 a week earlier. This weakness
was the result of rumors of revolutionary disturbances and continued uncertainty over the
country's stabilization plan. Chilian exchange closed
at 12.05, the same as a week ago, while Peru remained
at 3 58, the same as last week.
Far Eastern exchange was generally inactive at
close to the levels of a week ago. Hong Kong finished at 47 13-16@4814, against 47 11-16@48%Shanghai, 59%@593/2, against 58%@59A; Yokohama showed only a fractional change and finished
4@49.31, against 49.15@49.37 last week;
at 49.103
Manila, 49.60@49.75, against 49.60@49.95; Singapore, 56%@56M (unchanged); Bombay, 36@3634,
against 36@36 3-16, and Calcutta, 36@36N, against
36@36 6-16.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,130,363 net in cash as a result of the currency movements for the week ended Dec. 9.
Their receipts from the interior have aggregated
$6,699,463, while the shipments have reached $1,569,100, as per the following table:
CURRENCY RECEIPT
AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended December 9.
Banks' Interior movement
Out of
Banks.
$6,699,463
Gain or Loss
to Banks.
81,569,00e Gain $5,130,363
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
8attaday. Monday,
Dec. 4.
Dec. 6.
Tuesday. Wednerd'y Thursday
Dec. 7.
Dec.8.
Dec. 9.
Friday. I
Dec. 10.
I
Aggregate
for Week.
5
8
88,000,000 84.000,000 89,000,000 84.000,000 88.0000,00 80.000,000 Cr.513.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
December 9 1926,
December 10 1925.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
f
£
£
Z
f
England __ 153,233,705
145,007,870
153,233,705 145,007,870
France a_ _ 147,379,408 13,600,000 160,979,408 147,339,639 12,640,000159.979,639
Germany b 78,915,000 c994,600 79,709,600 49,999,400 d994,600 50,994,000
102,263,000 27.033,000129.296.000 101,467,000 26,206.000127.673,000
Spain
45,597,000 4,159,000. 49,756,000 35,646,000 3,358,000 39,004,000
Italy
Netherl'ds. 34,804,000 2,242,000 37,046,000 37,865,000 1,922,000 39,787,000
Nat. Belg- 17,720,0001,073,000 18,793,000 10,954,000 3,655,000 14,609,000
Switzerl'd_ 17,725,000 3,032,000 20.757,000 18,235,000 3,615,000 21,850,000
12,523,000
12,807,000
Sweden_
12,523,000 12,807,000
881,000 12,495,000 11,630,000 1.050,000 12,680,000
Denmark _ 11,614,000
Norway—. 8,180,000
8,180,000 8,180,000
8,180,000
Total week 629,954,113 53,014,600682,968,713579,130,909 53,440,600632,571,509
Prey. week 628,980.413 52.726,600681,707,013577,787,311 53,500,600631.287,911
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of f8,830,000 held abroad. c As of Oct. 7 1924.
President Coolidge's Annual Message and the
Budget.
One of the unexpected results of the adoption of
a Federal Budget system is that we now have two
annual Presidential messages instead of one. The
2947
first, prepared in fulfillment of the constitutional
requirement that the President shall give to Congress information regarding the state of the -Union,
is a more or less comprehensive survey of the multifarious activities of the Government, and is usually
looked to for indications of the policies which the
Administration favors or opposes. The second is
the Budget message, sent in, as a rule, the day after
the regular message is submitted, and devoted to
such explanation as the President chooses to offer
of the estimates of receipts and expenditures and
regarding other matters coming within his province.
It is difficult to see how the arrangement could be
avoided, but it nevertheless has some disadvantages
besides those of repetition. One of the disadvantages is that the average citizen who is confronted
on Tuesday or Wednesday with two solid newspaper
pages of the general message, only to face the next
day another page or more of what the President has
to say about the Budget, is very likely to pass hurriedly over the second if he has already read the
first, or to neglect the first because he feels more
interested in the second. As a matter of fact, both
messages are important, and both ought to be widely
and attentively read.
As far as financial matters are concerned, the
two messages which were read in Congress on Tuesday and Wednesday are properly to be considered
together, what is presented somewhat generally in
the regular message being amplified and buttressed
with figures in the Budget message. On the question of tax reduction, easily the most important of
all those discussed, Mr. Coolidge holds language
which is not only clear, but a bit peremptory. His
original suggestion of taking ten or twelve per cent
off the income tax payments due on Dec. 15 has been
dropped, for the reason, obviously as true when the
suggestion was made as later, that it is "administratively difficult to consider any arrangement affecting the Dec. 15 1926 tax payment." In its place
Mr. Coolidge proposes a reduction of the taxes which
fall due in the first six months of next year, being
the last six months of the present fiscal year, leaving to Congress the determination of the amount of
relief to be thus afforded to the taxpayers. If Congress does not favor such a reduction, it may apply
the surplus to a more rapid reduction of the debt.
While the two proposals stand as alternatives in
both messages, Mr. Coolidge makes it clear that he
much prefers tax abatement to debt reduction, but
not at the cost of any permanent tax reduction at
the present time. The reasons which he urges
against any permanent lightening of the tax burden
now are, first, "too short an experience with the
new law to permit an intelligent permanent reduction of tax rates"; second, the appearance this year
of non-recurring receipts which in the next and
succeeding years "will no longer be material"; and,
third, the obvious uncertainty regarding the future
prosperity of the country. For these reasons Mr.
Coolidge declines to recommend either a permanent
reduction of taxes or the abolition of any particular
tax. If, however, Congress shall conclude that the
estimated surplus is too large, and shall be indisposed to apply all of it to the debt, Mr. Coolidge
suggests a temporary tax reduction which shall cut
down the surplus "by leaving the excess in the pockets of the American taxpayers." The advantages
of such a course, the Budget message insists, are to
2948
THE CHRONICLE
[VOL.123.
be weighed against the "desirability in the future tempt such a revision at a short session. There will be
of greater debt reduction now." In other words, Mr. general agreement with Mr.Coolidge in his suggestion
Coolidge favors a temporary reduction of taxes now that the question should not be treated as a partisan
if Congress thinks that the surplus will justify it, one, but what is done should nevertheless be done
but is willing to accept a further reduction of the in accordance with principle, and not in the
debt, beyond what is now contemplated by law, if easy temper of party compromise. Non-partisanCongress prefers that method of relieving the tax- ship in legislation is not an excuse for lack of party
payers. To any suggestion of a permanent reduc- vigilance, especially on the side of the Opposition,
tion of the tax rates, however, he declines to listen.
and some of the inequalities and mistakes of the
As to the proposal to reduce taxes instead of re- present income tax law might have been avoided if
ducing the debt, Mr. Coolidge takes substantially the Opposition at the last session of Congress had
the same ground that the "Chronicle" has already been more alert.
taken in the matter. The convincing proof that
For the rest, the two messages afford the usual
taxes are too high for the needs of the Government comprehensive view of the work of the Government
is the existence of a surplus, not merely for the pres- and the more important needs that have still to be
ent fiscal year but for the two years next ensuing, met. Mr. Coolidge favors legislation for the relief
and taxes that are too high ought to be reduced. The of the farmers, and specially commends the extenfigures submitted in the Budget message show an sion of co-operative marketing, but no one of the
actual surplus of $377,767,816 64 for the present fis- relief plans that has been brought forward is singled
cal year, and estimated surpluses of $383,079,095 for out for particular commendation, and he continues
1926-27 and $200,703,863 for 1927-28. It would be to oppose any treatment of the agricultural situaidle to maintain that such an excess of revenue could tion which shall commit the Government to price
not be materially reduced without in any way jeop- fixing or embark it in the business of finding a
ardizing the condition of the Treasury, and without market for surplus crops. For this he will have the
essaying any such task as a general overhauling of thanks of all those who believe that a violation of
the revenue laws. We have already pointed out that plain economic laws and experience is not to be
the income taxes to be collected in the calendar year justified by the plea that something needs to be done
1927 will be based upon incomes that have accrued for agriculture.
in 1926, and that while it is entirely possible that
Consolidation of the railways is advocated as a
business conditions may be different next year from necessary preliminary to rate reduction, and the
what they have been this year, nothing is likely to advantages of developing commercial aviation
hopen before Jan. 1 1927 to impair appreciably through private enterprise are emphasized. A stout
tie record of prosperity which most important lines defense of the protective tariff system was to be exof business have shown during the current year. A pected, the defense being directed in this instance at
continuing surplus, then, is assured unless Congress "those who are starting an agitation for a reduction
of tariff duties, partly at least, for the benefit of
puts a brake upon the taxes.
Mr. Coolidge is of course correct in pointing out those to whom money has been lent abroad." On
that debt reduction is also a form of saving, and that the other hand, the exceptional space devoted to the
what is paid early will not have to be paid later. state of the Army and Navy and the general condiWe are still of the opinion, however, that the reduc- tion of national defense raises a question as to why
tion of the debt is amply provided for at present by this aspect of the Government service chould be parthe sinking fund, and by the allocation by law to ticularly dwelt upon just at this time.
At one important point Mr. Coolidge seems to fall
debt reduction of the payments received from foreign Governments. The Budget estimates of appro- into contradiction with himself. We mean in his
priations for 1927-28 include $354,157,085 for the recommendation of legislation which shall enable
sinking fund and $208,672,475 93 in payments to the Executive to deal, "through a special temporary
this country of interest and principal of the foreign board of conciliation and mediation and through addebts. While the total estimated receipts of $562,- ministrative agencies for the purpose of distribution
829,560 93 from these sources, all of which go to- of coal and protection of the consumers of coal from
ward debt reduction, are less by $6,152,243 91 than profiteering," with a serious strike which he
the estimated receipts for the fiscal year 1926-27 believes is threatened next spring in the bituminous
from the same sources, the item of interest on the coal fields. On this point we can only repeat what
public debt shows a decrease of $30,000,000 from we have already said more than once, that it is not
the business of the Federal Government to see that
the amount called for in the latter year.
that
people
Congress,
question
get coal, or to determine at what prices coal
if it chooses
There is no
sold. That function, if it is to be performed
lighten
shall
the
be
weight
taxation
greatly
of
to do so, can
imperiling
Government
by
the
at all in this country, belongs excluresources
the
way
of
without in any
Treasury during the next two years, or that the pub- sively to the States, and the best service that the
lic that pays income taxes (a public of which the Federal Government can render to the States in the
farmers, as Mr. Coolidge significantly points out in performance of their duty is to keep its own hands
his regular message, practically form no part) is off. Mr. Coolidge himself counters his own proposal
entitled to prompt relief. The corporation tax effectively a little later in his annual message, when
should be lowered, the middle group of rates in the he declares that "it is too much assumed that beincome tax schedule should be revised so as to af- cause an abuse exists, it is the business of the naford as much relief as has been given to taxpayers tional Government to provide a remedy. The prewho fall under other parts of the schedule, and the sumption should be that it is the business of local
surtaxes should begin at a higher figure than at pres- and State Governments. Such national action reent. None of these changes necessitates a general re- sults in encroaching upon the salutary independence
vision of the tax laws, and it would be unwise to at- of the States, and, by undertaking to supersede their
DEC. 11 1926.]
THE CHRONICLE
natural authority, fills the land with bureaus and
departments which are undertaking to do what it is
impossible for them to accomplish, and brings our
whole system of government into disrespect and disfavor." It is this sound doctrine of State rights and
responsibility, and not that of Federal interference,
that should be applied to the treatment of the threatened coal strike if one occurs.
Generally speaking, the tone of the annual message
is cautious, and both messages show a marked disposition to leave with Congress full responsibility
for the legislation that shall be enacted. If this
seems to some extent an abnegation of the leadership
which the country has been accustomed to expect in
the President, it is perhaps as far as Mr. Coolidge
feels that he may safely go in view of the party balance in the Senate and the overshadowing election
of 1928. Be that as it may, he has marshaled the
facts and submitted his recommendations, as the
Constitution and the laws require. The next steps
must be taken by Congress.
Contemplation vs: Action in Human Life.
Sir Oliver Lodge is one of the world's great scientists who is also a spirtualist. He has lately delivered a lecture in London entitled "Science and Human Progress." In it he deplores the use of scientific knowledge for the creation of engineries of destruction. He says "the world is to-day living in an
epoch of danger." He foresees in another great war
the possible annihilation of a whole population
through aerial locomotion and the use of chemical
compounds, bombs, gases and microbes. He calls
upon the statesmen of all nations to curb the "tendency of scientists to produce instruments of destruction," according to a recent report of his, lecture. And to this he adds: "In the present state
of civilization the power of destruction need not take
an active form. Mere inertness on the part of those
to whom the instruments of civilization are entrusted
can bring a nation to poverty and misery without
any attack from the outside and without any attempt
at active damage. Society as a corporate body has
only to refrain from industry and things will go to
rack and ruin around us. No scientific advances
would be competent to save mankind in such an
emergency."
• We do hot undertake to advocate the cause or
creed of spiritualism. But if we take the materialistic postulate that this life ends all, then we are
admonished to make the one brief existence the best
possible for ourselves and others. We cannot do
this by greed, sloth, hate, envy and inordinate seeking after pleasure. And if, as millions, not spiritualists in the true meaning of the term, believe there is
a future life, they cannot escape the conviction a
wise purpose does not contemplate that man shall
know all and do all in his earthly career. And yet
to-day, as affecting individual society and the State,
there are ideas afloat as potential for evil as dynamite and poison gas. One of these, as the text above
suggests, is that man can and ought to live without
work. Another is found in his almost maniacal
egotism that all the naturally evolved customs and
institutions are essentially wrong and that all the
powers of nature are his toys and baubles to play
with, that there are no limitations placed upon his
present life that he is bound to respect if he wants
to use them for his own aggrandizement or pleasure.
2949
It has been said all are not devout who cry "Lord,;
Lord!" And it is counted nothing short of silly to
ask whether man is living within his prescribed field,
of action. Even so it may be pointed out that philosophy does not keep pace with science. And -those
who count it almost a sacrilege to try to communicate with the dead because that is outside the appointed sphere, are the very ones who point to scientific progress as man's deliverer and guide. They
probe the hidden secrets of a material world and at
the same time deny all excursions into a purely spiritual world. Yet can any rational man declare ethics to be less important than physics? Can anyone
gauge a short journey without contemplating its destination? Can anyone rationally say that, if death
ends all, the present issues of life lie outside a materialistic conception and centre in a philosophy of
love, helpfulness and joy as distinct from pleasure?
Is the world not in danger, then, from these ideas
of pleasure, success, accomplishment, unless they
are tempered by the spiritual, by an ethical philosophy, as it is from those scientific instruments of
destruction? It is estimated that in twenty years
one hundred and sixty-five thousand persons, many
of them children, have .been killed by automobiles.
It is not that the automobile must be banished, but
that human love and right action demand it be used
with a due sense of the sacredness of life. It is not
that nitrogen shall not be taken from the air to fertilize the earth, but that it shall not be put into a
compound to blow a safe. It is not that a pistol
shall not be made,but that a silencer shall not be put
upon it to enable a murderer to kill and escape. By •
the same reasoning it is not that man shall know all,
enjoy all, experience all in a single lifetime; it is
rather that he put his knowledge, joy and experience
to the good of others. Not that he shall escape work,
but that he shall work; not that he shall succeed as
the world measures success, but that he shall do his
best and thus succeed, even in failure, of and for
himself; not that he shall attain power, pleasure,
wealth, in inordinate degree, but wisely apply them
to human good.
The greed, madness, turmoil, discontent of the
hour and day are as fatal to the spiritual, the inner,
the soul-man, as dynamite and poison gas to the
physical man. The resolve to get all, to own all, to
enjoy all, in a few brief years, with no thought of
the needs of others is fatal to spiritual progress. It
is the philosophy of true living we need more than
further scientific attainments. Not less work but
more, should be our slogan. Education should not
seek alone the processes of inanimate nature but the
processes of the human heart that "weeps and trembles." To make this life worthy of the next by triumphing over idleness, doubt and despair, this is the
issue. To transform a riot of pleasure-seeking into
the satisfaction of contemplative joy, this is worthy.
To renounce, submit, "accept," be humble in sincerity and meek in worship, these are spiritual factors that will not only banish atheism and war, but
will smooth the pathway for generations to come.
To bequeath a philosophy of love is more than to bequeath a science of success.
We are so eager to do something that was never
done before, that the old-fashioned, every-day, necessary things are neglected or abandoned. We must
build the tallest buildings, bore the longest tunnels,
dig the deepest mines, sail the swiftest ships, run
2950
THE CHRONICLE
[VoL. 123.
the fastest cars, make the largest fortunes, construct
We white people know them in the main only from
the biggest corporations, and turn out the most co- the outside, and as so many distinct and generally
lossal mass-production in everything, and ever en- "backward races," while they regard us with dislarge our most congested and cosmopolitan cities. trust which, despite our varied efforts and even our
In a word, we are "out to break the record" in all best intentions, ripens into enmity and disdain. An
that we do. Life is a series of Olympic games, and inside view is just now given us by a discerning travhe who has never won a prize is not admitted to its eler who in recent years has spent much time
among
greatness. In fiction we usually aim at a "best many people from Russia through Central Asia, Perseller." In art we run to the bizarre subject and the sia, and now from the heart of North Africa, whence
spreading canvas. In science, ah, in science! we as one having the advantage of friendly and intimate
eavesdrop upon the thoughts of God, and imagine association he describes in the book, "The Fire
of
we are ourselves the creators, and straightway seek Desert Folk," by Ferdinand Ossendowsk (Dutton),
i
a patent upon the process. We are forever peering the situation as he has seen it, and indicates
the unin at the windows of the world and radio-ing the seen and generally silent forces which
are powerfully
sights we see to every crossroads cabin. Life is so contending to control the future.
earnest and so real, it is so interesting and exciting,
Once well within North Africa and behind the
that we have no time to be happy, or to think for Riff in Morocco he finds everywhere the evidence of
ourselves, or to understand what we know.
the races and the civilizations which have superWe want to do everything collectively, and do as seded one another in that land of great desires in the
little as possible personally. The village a town eyes of the men of the past. Phoenicians, Carthawould be, and the town a city. Why, the wise ones genians, Romans, Vandals, Moors, Arabs, and then
tells us, the people never before enjoyed themselves Spanish and French, came seeking the ores of iron,
as they do now! And it is the joy of the twinkling zinc and lead, the jewels and precious metals of its
signboard, the syncopating band, the twisting, writh- mines and the grain, the fruit, the oil, the wood of
ing dance. Measure the mind catered to in enter- its fertile fields, each trampling the peoples it found
tainment against the natural eagerness of a child to and planting its own forms of civilization and of
learn of the opening world, and call it happy if you culture; in turn to leave behind enduring testimony
can. Half of this riot of pleasure is just to get away to what it brought and gave, if not evidence of what
from the vacuity of self. To look within is not quite it destroyed; contributing also something of its own
a compliment. It denotes a hidden despair. Dissat- blood and stock to the surviving population. France
isfaction in the midst of true progress is anomalous. now widely established may be considered as seekWe have been moving so fast, accomplishing such ing to assure to these people a comfortable life in
"wonders," having such hilarious fun, carving out their sunny land and saying in reply to their coinsuch marvelous careers, "creating" such masterful plaints: "Gentlemen, we spend lavishly and
we
wealth, weighing the stars and shattering the atom, bring you a true civilization and culture without
that what we need most now is to take stock of our- which the liberty you ask would be that of the aniselves. A period of rest and contemplation would mals in the forests and would result in the same
do us a world of good and tend to strengthen our strife that is their lot." That may be wise and bespiritual natures.
neficent, but as there are among them Berbers, Riffians and Arabs, many men of strong character, they
are responsive to the prevalent unrest.
North Africa and the Problem of the Future.
Here at the extreme southwestern extremity of the
Professor Keyser, the philosophical mathematician encircling wall he found the Soviet emissaries of the
of Columbia University, in his new book, "Thinking Russian Bolsheviki, as he had found them all the
About Thinking" (Dutton), calls attention to the way. The soil is ready and the seed of revolt is at
fact that the major part of our thinking, to be inde- hand. It is the same everywhere; the germs
of dispendent, is or should be in the "If—Then" form; content, of envy, of resentment, and of hatred
are
that is, it starts with certain assumed facts or sowed in the minds of the multitude and supply the
axioms, which may or may not be true, but which means of influence and authority for such of the
serve as the foundation for a logical conclusion. Our stronger men as are won over, while all await the
lives are ordered in this way; but we need to know hour of opportunity which is to come.
that at any time the postulate no longer holds; the
The question at once arises, Is there a common
"If so" ceases to avail and the "Then so and so" fails. bond among these different nations? Without it
Our knowledge both at the beginning and at the end any movement that would break up or even disturb
of the process proves to have been inadequate.
seriously the existing order would bring on anarchy.
Nothing is more uncertain than the problem of The attacking forces would soon fall apart and bethe political future to-day; and nothing is more cer- fore long would be fighting and seeking to destroy
tain than that we are all more or less concerned in one another. Racial differences and national disand with it. One billion of people, or approximately tinctions would be rampant. The only bond that
two-thirds of the population of the earth, inhabit would hold them together and withstand this inevthe territory surrounding Europe on the east and itable disintegration and defeat would be the possouth. Considering Europe as the creator and cen- session of a vital religious faith common to them
tre of Western civilization, a wall extends about it, all.
separating it from the colored races as distinct from
Mohammedanism is to-day the one religion that
the white, a vast multitude of different nationalities, meets for them this requirement. One author found
with different speech and different history and in- it in North Africa, in Fez, for example, a city of
terests, but all bearing witness to the unrest which 200,000 inhabitants, Mohammedan for more than
is the outstanding result of the war and of the new 1,000 years, its faith in every way, in its edifices, its
world which has opened for us all.
worship, its hold upon its followers, as virile, as
DEC. 11 1926.]
THE CHRONICLE
uncompromising, as confident, as aggressive, as at
the beginning. Out of the stream of the modern
centuries it is still in constant and vital connection
with Islam and the centres of the Moslem faith.
Nationalism does not exist for the Moslem. A pan.
Islamism prevails for the Mohammedan peoples over
the vast territory from the Pacific and the Indian
oceans westward to the Mediterranean and the Atlantic. The propaganda for its re-establishment
flows from Turkey, Egypt and Tripoli, even from
Paris. Fez is the centre, as it also is that of the
French control. Under the Treaty of Algeciras
France is loyally trying to do her best for the people
while she keeps the peace among the tribes. The
city is like Constantinople and Bagdad in the life
within its bounds. It has the same mixture of temples and schools, of proud, intelligent aristocrats
and enterprising merchants dealing with the Sudan
and Egypt. Its art extends to the far Orient, and
goes back to Greece and Cyprus, and patterns for
its industries come from Russia, Syria and China;
for Mohammedan pilgrimages have wide extent and
traditions outlive the centuries. A thousand years
ago the city was famous for its art, its culture and
its commerce. To-day decay has fallen upon its art
and civilization as on all the Islamic nations. Life
has among them all become difficult. They have
neither the men nor the means to keep in repair their
mosques or their cities. The French try to aid them,
but the two races stand apart. The young life is
filled with revolutionary unrest. There is external
gaiety, with sudden wild outbreaks; then all is
again quiet.
All are waiting to see what the white race will do
for them. They recognize, for example, that some
of the French officials in North Africa are wise administrators; but for all that France and the other
white nations will have to pay for their mistakes in
the past; they come seeking gain and do not realize
that the spirit of liberty moves from one end of the
world to the other. People are everywhere claiming their own heritage. This is not France's fault.
She has had a difficult task; now the new propaganda is widespread, and is quietly but persistently
pushed. Islam seen in Turkey, Turkestan, the
Steppes, Khorassan, Persia, Russia, even in China,
is everywhere Islam. It loves Africa, where its progress is unimpeded. Fez is the centre of its intensest
form; the only question is to what it shall be di-
.
2951
rected; whether to co-operate with Europe in the
subjugation of nature or to draw the scimitar and
fight the invader.
The danger and helplessness that threaten the
colored races increased before the present situation
arose. They have long said: You white races take
from us our religions leader and abolish the Caliphate. You talk of love for all men and would
change our customs, take our lands and do what
you will with us, while you quarrel and have no
unity among yourselves. You believe in the mailed
fist. We bide our time. When Fate demands action the long patience of Islam will vanish and the
flame of their passion will burst forth.
The answer is the patient courtesy of understanding and appreciation of all that is worthy; backed by
a faith in what we offer them that is made manifest
in our conduct and the spirit that rules our lives.
The white race brings to them much that is obviously desirable, order, personal safety, assurance of
food and physical supplies in better agriculture and
the products of their forests and mines. All this is
recognized, but one false step of misunderstanding
or injustice, or even of condescension, arouses the
whole galaxy of emotional factors, distrust, suspicion, antagonism, enveloping the foreigner with an
atmosphere of suppressed hostility and displeasure.
It all points to the universal truth that humanity
as a whole has a part in the great movement by which
the world about us is unfolding. We are immeasurably uplifted and helped by the new knowledge of
the process by which nature advances from one form
to another. We have gained a new knowledge of •
ourselves as well as new power in ordering our daily
life.
Islam and all the "backward races" have unquestionably their part, as have we, in the process. Evolution in Islam, if we understand it as the unfolding
and development of all that is good and useful in
her history, is to be looked for, and to be accompanied by a corresponding development and adaptation and self-discipline in our colonial policy, if we
are to do our part in helping them. We are not sent
to destroy, but to work together with them. And
the way for us is to heed and to take to heart the
searching rebuke of the Indian Moslems in London:
"Europe has forgotten Christ's Sermon on the
Mount." In Him and His teaching is the key to the
whole problem.
Do Banks Create Credit.—The Views of Dr. Walter Leaf of the
Westminster Bank of London
By TTARTLEY Wrrazas, formerly E ditor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." -Exclusive copyright in the United States.]
Dr. Walter Leaf, the distinguished Chairman of the Westminster Bank, has lately published his opinion that the
now generally accepted theory, that banks of deposit can
create credit for their customers, is a delusion. In a book
on "Banking," written for the Home University series, and
again in the November "Review" of the Westminster Bank,
he has done his best to pulverize this belief. The question
is one in which I am especially interested, because the contention that deposit banks can and do create credit, and that
every loan by a bank makes a deposit, was the chief theme
of a book called the "Meaning of Money" which I published
in 1909, and it is thus somewhat disturbing to find its main
contention now challenged, after being accepted for nearly
twenty years, by so eminent a practical authority as the
Chairman of the Westminster.
With all deference, however, I venture to think that Dr.
Leaf is under-rating the powers of the bank which he governs, and of its colleagues and rivals in England and other
countries.
Taking his article in the "Westminster Bank Review" as
being more completely devoted than his book to the exposition of this subject, let us consider his argument.
"It is supposed," he says, "that the banks have the power
to inflate currency at their own will. This I positively
deny. . . . The creation of credit can only be the work
of the State. A hundred years ago this was not so. Banks,
under certain limitations, were able to create credit in the
most obvious way, by issuing, in the form of loans to their
customers, their promissory notes to bearer, payable on
demand; and if the public could be induced to pass these
THE CHRONICLE
2952
[voL.123.
notes from hand to hand, the currency was increased and If my bank which makes the advance were the Westminster
bank were Lloyds, then my check would
Inflation was entirely in the hands of the banks. This sys- and the seller's
have been paid into Lloyd's, and £2,000 would have been
tem was brought to an end by Peel's Act in 1844, and in this
added to Lloyd's deposits. At the same time £2,000 would
sense, at least, it is perfectly clear that the banks can no have been transferred, through the clearing house, from
longer 'create credit.' . . . Banks of issue are creators of the Westminster's balance at the Bank of England to that
credit: deposit banks are only distributers of credit which of Lloyd's. The final result would thus have been an inis created by powers entirely beyond their control. This is crease on both sides of Lloyd's balance sheet, while the only
decrease of
In the main a mere question of arithmetic. The two sides of change in the Westminster's would hare been a
£2,000 in cash at the Bank of England and an increase of
a bank's balance sheet must balance. A bank cannot, any
the same amount in its advances to customers. The Westmore than a private individual, lend more than what it owns minster's proportion of cash to deposits would be slightly
plus what it can borrow."
lower, and that of Lloyd's would be slightly higher. But
These are hearty blows rained upon my contention. Yet the advance made by the Westminster would have increased
the deposits of Lloyd's without causing any diminution on
I can still paraphrase Henley's poem and say:
its own.
Beneath the bludgeoning of Leaf
It is thus evident that the deposit banks can and do create
My head is bloody but unbowed.
deposits for themselves, or for one another, by making
For I venture to maintain that there is no difference what- loans, and it could also be shown that they do the same
ever, in practical effect on the supply of our currency, be- thing when they make investments. Their power to expand
tween a loan made by a bank with the right of note issue deposits in these ways is only limited in the British Isles
and banks which work the deposit system. In the case of by their own prudence with regard to the proportion between
their deposit liabilities. In the United
the note issuers, borrowers took out notes which passed, as their cash assets and
States the proportion that the deposit banks are obliged to
Dr. Leaf admits, as currency, and so the currency %vas,
maintain is regulated by law. But as long as they are
enlarged. In the case of the deposit banks, borrowers take within the legal limit, their power to create credit is, of
the right to draw checks, and checks being universally ac- course, as effective as that of the British banks.
cepted in ordinary business in civilized communities in payment for goods, are just as effective as notes as purchasing
The President on Banking.
power. If loans by banks increase deposits, which involve
the
New York "Journal of Commerce" for Dec. 9 1926.1
[From
the right to draw checks and so are potential currency, the
very rare occasions on which the President has
of
the
One
deposit banks, by making advances, create credit and in- expressed himself definitely with reference to a banking or
crease currency just as effectively as the note issuers.
financial subject is included in the Executive's recent mesDr. Leaf, however, does not admit that the banks can sage to Congress. Mr. Coolidge devotes a fairly long paraincrease deposits by making advances. A bank, he thinks, graph to the subject, dealing therein with two topics—the
cannot lend more than it owns plus what it can borrow. one the necessity of passing branch banking legislation, the
other the need of extending the charters of Federal Reserve
Let us see. If I go to my bank and ask it for an advance
banks. It is characteristic of the way in which the banking
• of £2,000 for the purchase of a house, and it gives me the
discussion has been carried on during the past two or three
right to draw a check for that amount and I pay the check years that this part of the message begins with the referto the seller of the house, who also banks at my bank, what ence to branch banking, then "tapers off" into a section
will have happened? As Dr. Leaf very truly observes, the about two or three times as long as the "Introductory" part
being
bank's balance sheet must balance, and so it would, but at a of the discussion, these latter phases of the paragraph
devoted to the re-charter question.
higher figure. For the seller of the house would have paid
Now it is an almost absurd situation in which a fundamy check into his account, increasing the deposits of the mental question like the re-charter of Federal Reserve banks
bank by £2,000; the bank's cash would not have been af- Is dealt with legislatively as merely an incident in a bill
fected, but the addition of £2,000 to its deposits would have dealing with some relatively minor questions affecting
been balanced by a similar increase, on the assets side, in branch banking. To have the President of the United
the advances to customers. There will have been a minute, States concur in this strange reversal of emphasis is doubly
still more remarkable is the fact that
almost negligible, decrease in the proportion between the astonishing. But
never until this time has the President officially taken cogbank's cash and its deposits, and the maintenance of this
nizance of the McFadden bill in this way, although he calls
proportion at a level which prudence demands, is a matter attention to the fact that it has been "pending for nearly
to which the banks have to give vigilant attention. But three years." There must have been some great change in
their own prudence in this respect is the only limit on their the content of the bill, or else a correspondingly great change
in the President's own point of view to afford any real expower to increase deposits by making advances.
But of course it does not always, or generally, happen that planation of the reversal of attitude which is thus indicated.
when a bank lends to a customer the recipient of the conseThe McFadden bill, whether viewed as a branch banking
quent check banks at the same bank. What usually hap- measure or as a re-charter proposal, has not been frankly
pens is that a bank, by making an advance, makes a new and squarely presented to the people of the United States.
deposit for another bank. In the example supposed above, It ought not to be passed until it has been so presented.
Gross and Net Earnings of United States Railroads
for the Month of October
Returns of railroad earnings are beginning to reflect the presence of unfavorable influences. Our
compilation this time covers the month of October,
and while the general results, as measured by the
grand totals, are like those of all the months immediately preceding in showing substantial gains, as
compared with the year preceding, in both gross and
net earnings, only very brief examination of the figures suffices to bring out the fact that considerable
irregularity marks the character of the returns and
that the general totals are by no means indicative
of the nature of the exhibits of a considerable number of separate roads and systems, not a few of
which, so far from enjoying gains, have sustained
larger or smaller losses. The remark applies to
gross earnings and net earnings. The truth is, many
sections of the country and not a few separate roads
and systems have had to contend with drawbacks
of one kind or another that have left their impress
in diminished earnings. Accordingly, had it not
been for certain special advantages which have operated to swell to unusual proportions the tonnage
DEC. 11 1926.]
THE CHRONICLE
2953
and revenues of some particular groups of roads, our with the depressing effects of the big drop in the
general totals on the present occasion would have price of cotton and those along the Atlantic seaboard
likewise had to contend with the collapse of the
recorded a loss instead of a gain.
It is the coal-carrying roads, both anthracite and speculation in real estate. Most of the Southern
bituminous, that have saved the day for the roads as roads, as a consequence, are obliged to report losses
a whole, and by the magnitude of their increases in earnings, gross and net, notwithstanding they had
have served to overcome the falling off experienced a much larger cotton tonnage owing to the huge size
by large numbers of roads in other parts of the of the 1926 crop of the staple. Some of the Southcountry. The anthracite lines had a normal anthra- western roads, especially those running through or
cite tonnage the present year, but in October of last connecting with Texas, Oklahoma and Arkansas,
year they moved no anthracite whatever, the miners likewise suffered from the low price of cotton, which
being on strike at that time and not a pound of an- had a depressing effect on general trade—some of
thracite being mined. By reason of the strike re- them, too, notwithstanding they raised an excellent
ferred to, the anthracite carriers a year ago suffered harvest of winter wheat against a very poor yield in
heavy reductions of their earningE3, gross and net. 1925. Further to the north, some of the Northern
The present year, however, these anthracite roads transcontinental lines have suffered losses in earnhave been recovering their losses of 1925 and report ings, the reason being that the spring wheat crop in
gains corresponding with their 1925 decreases. The those sections proved much smaller this year than in
bituminous roads in turn have had their coal ton- 1925. And the whole western half of the country
nage enlarged in no less conspicuous manner, the was, of course, adversely affected by the low level to
cause of the expansion in this instance being the which agricultural prices have dropped, particuextraordinary foreign demand for American coal larly in the case of corn and oats.
With this analysis of the situation the improvegrowing out of the miners' strike in Great Britain,
which has lasted for a period of almost seven months, ment shown by our general totals assumes a somethat is, from May 1 1926 to the end of November. what different aspect than appears from the face of
The coal roads serving the Pocahontas region, like the figures. Satisfaction is nevertheless to be dethe Chesapeake & Ohio, the Norfolk & Western and rived from the fact that it was possible to wipe out
the Virginian Railway, benefited most from the large the many separate losses in different parts of the
export shipments which resulted, since the Pocahon- country and to leave a gain in gross and net alike.
tas region produces the grade of coal particularly Our compilations show that in the gross earnings
sought, but most other coal-carrying roads also re- United States railroads, treating them collectively,
ceived benefits, the export takings of coal having during October the present year added $18,043,581
served also to stimulate the domestic demand (partly to their totals of 1925, being an increase of someout of fear) and thus to lead to a considerable in- what over 3%. At the same time there was an augcrease in the production of coal generally, besides mentation in expenses of only $4,682,162, or no more
which the continued industrial activity in the United than 1.15%, leaving, therefore, an increase in the
States has operated in the same direction. The part net of $13,361,419, or 7.35%. The following are the
played by the large coal traffic in swelling the ton- grand totals for the two years:
Inc.(+) or Dec.(—).
1925.
1926.
Month of October—
nage and revenue of United States railroads in re- Mlles
—244 0.10%
236,898
236,654
of road (185 roads).—
+318,043,581 3.08%
$586,008,436
8604.052,017
or
earnings
importance
Gross
the
given
been
cent months has not
1.15%
+4,682,162
405,379,042
410,061,204
expenses
Operating
69.18%
attracted the notice it deserves. According to the Ratio of expenses to earnings._ 67.88%
$193,990,813 $180,629,394 +313,381.419 7.35%
statistics of the Bureau of Mines, the production of Net earnings
the foregoing that the ratio
from
noted
be
will
It
bituminous coal in the United States for the four
(not including taxes) the
earnings
to
expenses
weeks ending Oct. 31 aggregated 50,891,000 tons in of
as against 69.18% in
67.88%,
only
was
year
present
1926, against 47,756,000 tons in the corresponding
further back, we
go
should
we
If
1925.
October
the
of
five weeks of 1925. In addition, the output
was 70.50% and
ratio
the
Oct.1924
in
that
find
would
1926
of
weeks
anthracite mines during these four
was 8,029,000 tons, against the trivial amount of in Oct. 1923 as high as 75.9%. These comparisons
62,000 tons in the four weeks of 1925. Much is being are interesting and significant as showing that growmade of the large car loadings of United States rail- ing efficiency of operations is still the conspicuous
roads and the fact that new high records are being feature of the time. It is scarcely necessary to say
registered from time to time, but the results are ob- that the increases the present year, speaking of the
viously delusive and misleading, since they follow roads as a whole, follow increases also in the same
very largely, if not entirely, from the exceptional month of last year. In October 1925 our tables
movement of coal. It seems all the more important showed $18,585,008 increase in gross, or 3.25%, notthat this point should not be overlooked now that withstanding the heavy losses then suffered by the
the British miners' strike has become a thing of the anthracite carriers. In the net the increase was $12,past and will no longer be a stimulating influence 054,757, or 7.14%. The gains the present year are
in this country in enlarging the volume of the bitu- in 'addition to these gains in 1925. On the other
minous coal tonnage. There was one other favoring hand, as far at least as the gross earnings are concircumstance the present year in October, the same cerned, the 1925 gain was little more than a recovas in the previous month, namely the large ore traf- ery of the loss sustained in October 1924, a year
fic to the Great Lakes, due in part to the late open- when industrial activity was at a low ebb because of
ing of navigation in 1926 and in part to the large the pending Presidential election. In other words,
production of iron. But that also is now a thing of in October 1924 there was a loss in gross of $15,135,757 as compared with 1923. In the net, however,
the past.
Apart from the circumstances just mentioned, the there was no falling off in October 1924, but rather
influences and developments during October were an improvement in the considerable sum of $26,209,mostly unfavorable. Southern roads had to contend 836, due to the great curtailment of operating ex-
2954
THE CHRONICLE
S
[VOL. 123.
penses then effected as a result of increasing effi- advance in passeng
er and freight rates made by the
ciency of operations, which efficiency, as just noted, Director-General
of Railroads under Government
has been carried still further in the two years since control, gross earning
s registered a gain in the large
then.
sum of $106,956,817, or 28.30%, but expenses moved
As a matter of fact, improvement in net results up in amount
of $122,450,404, or 47.97%—causing a
has been a distinctive feature of the returns in all loss in
net of $15,493,587, or 12.63%. In October
recent years since the abandonment of Government 1917 the situati
on was much the same. The gross at
operations and the return of the roads to private that time
increased $43,937,332, but expenses ran up
control, just as in the period preceding net results in amount
of $50,267,176, leaving net smaller by
had been growing steadily worse, year by year. In $6,329,
844. Even in 1916 and prior years rising operOctober 1923 our compilations showed an increase ating
expenses were a striking feature in railroad
of $37,248,224 in the gross, or 6.78%, and an increase affairs.
For October 1916 the comparisons were
in the net of $20,895,378, or 17.26%. Going back
fairly good, our compilations then having recorded
still another year, to 1922, we find that gross earn$35,050,786 gain in gross earnings, or 11.28%, and
ings then increased only $13,074,292, following a
$11,798,124 gain in net, or 9.91%. In October of the
tremendous loss in the year preceding (1921), when
year preceding (1915) we had a better exhibit than
trade was extremely depressed, and this was atthe average as regards both gross and net, the additended by an augmentation in expenses of $30,758,tion to the gross having been $37,087,941, or 13.57%,
244, leaving, therefore, an actual loss in the net for
and the addition to the net $30,079,562, or 33.70%.
the month in that year of $17,683,952. On the other
These gains, though, at that time represented in
hand, the fact should not escape attention that in
considerable part recovery of previous losses, the
October 1921 a prodigious saving in expenses had totals
of earnings having shown decreases in gross
been effected—dire need having forced the utmost
and net alike in both the two preceding years. In
economy and compelled the elimination of every item the
following we furnish a summary of the October
of outlay that could be spared or deferred for the compari
sons of gross and net for each year back to
time being. Owing to this great saving in expenses
1906. Fel.1910,1909 and 1908 we use the Inter-State
there was a substantial addition to the net in 1921
Commerce totals, but for the preceding years we
in face of the enormous contraction in the gross revegive the results just as registered by our own tables
nues. The really singular point was the circumeach year—a portion of the railroad mileage of the
stance that so small a part of the great loss in the
country having been unrepresented in the totals in
gross revenues in 1921 was recovered in 1922 and
those days because of the refusal at that time of
1923. In brief, the decrease in the gross in October
some of the roads to report monthly figures for
1921 reached the huge sum of $105,922,430, of which
publication.
only $13,074,292 was regained in 1922 and $37,248,Gross Earnings.
924 in 1923,followed by a loss of $15,135,757 in 1924. Year.
Net Earnings.
Year
Year
Increase or
Year
Year
Increase or
On the other hand, this loss of $105,922,430 in gross
Given.
Preceding.
Decrease.
Given.
Preceding.
Decrease.
operating revenues in 1921 was attended at the time Oct.
8
$
$
$
$
$
1906 _ 143,336,728 128,494,525 +14,842,203 51,685,226
+4,858,869
by a saving in expenses in amount of no less than 1907 _ 154,309,199 141,032,238 +13,276,961 46,983,606 46,826,357
50,847,903 —3,864,297
1908 _ 232,230,451 250,426,583 —18,196,132 88,534,455 83,358,002
+5,176,453
$128,453,510. Of course, a genuine basis for the 1909 _ 261,117,144 232,556,223 +28,560,921 104,163,774 88,803,236 +15,360,53
8
1910 _ 263,464,605 260,821,546 +2,643,059 93,612,224 104,101,228
—10,489,004
great cut in expenses in 1921 existed in the huge 1911 .. 260,482,221 259,111,859 +1,370,362 93,836,492
91,725,725 +2,110,767
1912 _ 293,738.091 258,473,408 +35,264,683 108,046,804 93,224,776 +14,282,02
8
1913 _ 299,195,006 300,476,917 —1,281,011 97,700,506 110,811,359
antecedent increases in expenses. In addition, also, 1914
_ 269,325,262 298,066,118 —28,740,856 87,666,894 95,674,714 —13.110,853
—8,014,020
_ 311,179,375 274,091.434 +37,087,941 119,325,551 89,244,989
the carriers had the advantage of a 12% reduction 1915
1916 _ 345,790,899 310,740,113 +35,050,786 130,861,148 119,063,024 +30,079,562
1917 _ 389,017,309 345,079,933 +43,937.332 125,244,540 131,574,384 +11,798,120
in the wages of railroad employees made by the Rail- 1918.
484,824,750 377,867,933 +106956,817 107,083,319 122,581.905 —6,329,844
—15,493,587
1919_ 508,023.854 489,081,358 +18,942,436 104,003,198
road Labor Board effective July 1 1921.
1920_ 633,852,568 503,281,630 +130570938 117,998,825 106,196,863 —2,193,664
1921 _ 534,332,833 640,255,263 —105922430 137,928,640 103,062,304 +14,936,521
As indicating the extent of this antecedent rise 1922.545,759,206 532,684,914 +13,074,292 120,216,296 115,307,560 +22,531,080
1923.586,328,886 549,080,662 +37,248,224 141,922,971 137,900,248 —17,683,952
in operating costs, it is only necessary to say that 1924
.571,405,130 586,540,887 —15,135.757 168,750.42 121,027,593 +20,895,378
1925_ 590,161,045 571,576,038 +18,585,008 180,695,4281142.540,585 +26,209,838
expenses had been mounting in very pronounced 1926.604.052.017 586.008.436 +18,043.581 193,990,813 168,640,671 +12,054.757
180.820,394 +13,361,419
Note.—In 1906 the number o roads Included for the
fashion for a number of successive years owing to 1907,
month of October was 91; In
88;in 1908, the returns were based on 231,721 miles
In 1909 on 238,955 miles:
1910 on 241,214 miles; in 1911 on 236,291 miles; in
repeated advances in wages and the g-owing cost of In
on 237,217 miles; in 1913
on 243,690 miles; In 1914 on 244,917 miles: in 1915 1912
on
248,072
miles; In 1916 on
mites;In 1917 on 247,048 miles; in 1918 on 230,184
operations generally. So much was this the case 246,683
miles; in 1019 on 233,192
miles: in 1920, 231,429 miles; In 1921 on 235,228 miles;
in 1922 on 233,872 miles; in
1923 on 235,608 miles; in 1924 on 235,189 miles; in
1925 on 236,724 miles; and in
that even the big advances then made in railroad 1926 on 236,654 miles.
rates—passenger and freight—did not suffice to abAs far as the returns of the separate roads are
sorb the constant additions to the expenses. The concerned, what has already
been said has made it
experience in that respect of the carriers in October apparent that losses, as compar
ed with a year ago,
1920 furnishes a capital illustration of the truth of are hardly less conspicuous than
the gains. Souththis remark. The roads had then just been favored ern roads, particularly, make
an unfavorable showwith a new advance in rates, calculated to add $125,- ing, and with some of these the
losses are extremely
000,000 a month to their gross earnings, and accord- heavy. The latter part of this
remark applies espeingly our tabulations then showed an increase in cially in the case of the roads
running to or congross earnings in amount of $130,570,938, or 25.94%; necting with Florida. Thus the
Atlantic Coast Line
but unfortunately, $115,634,417 of this was con- falls $1,191,608 behind in gross
and $1,082,390 besumed by augmented expenses, leaving only $14,- hind in net; the Florida East
Coast $777,741 in gross
936,521 gain in the net earnings, or 14.49%. This and $418,605 in net and the Seaboa
rd Air Line $585,growth in the expenses had added significance in 852 in gross and $112,500 in
net. The big systems
view of the huge rise in operating costs in preceding lying further inland have
done appreciably better
years. Thus in October 1919 our tables showed $18,- and the Illinois Central and
the Yazoo & Mississippi
942,496 increase in gross, accompanied by $21,136,- Valley record considerable gains
in gross and net
161 increase in expenses, leaving actually $2,193,665 alike, the last mentioned
road presumably because
loss in net. In October 1918, owing to the first great of a large cotton moveme
nt. The Louisville & Nash-
DEC. 11
1926.]
THE CHRONICLE
vile reports a decrease of $119,464 in gross and of
$201,582 in net. The Southern Railway has lost
$366,117 in gross and $132,653 in net. This is for
the Southern Railway itself. For the entire Southern Railway System, the result is $664,879 loss in
gross and $541,287 loss in net. The roads in the
Pocahontas region of the South, for the reasons enumerated further above, stand, of course, in a class
all by themselves and have gains-gains, too, of
very exceptional size. .
In the Southwest, also, some heavy losses are met
with, though here more or less irregularity marks
the character of the returns. The Atchison reports
$533,005 increase in gross, but $509,276 decrease in
net, while the Missouri Pacific has $521,941 increase
in gross and $309,998 increase in net; the MissouriKansas-Texas has added $181,813 to gross and $113,686 to net, but the St. Louis-San Francisco has lost
$334,397 in gross, though only $88,001 in net; the
Southern Pacific has added $53,717 to gross and
$54,418 to net; the Union Pacific has lost $1,400,425 in gross and $427,474 in net; the Chicago Rock
Island & Pacific reports an increase of $359,020 in
gross and $173,371 in net; the Chicago Burlington &
Quincy has enlarged gross by $213,490 and net by
$303,489.
Passing to the transcontinental lines on the extreme north, the Northern Pacific has suffered a
decrease of $394,406 in gross and of $307,150 in net,
reflecting the diminished yield of spring wheat the
present season in that part of the country, while
the Milwaukee & St. Paul reports $760,009 decrease
in gross and $498,590 decrease in net. On the other
hand, the Great Northern, benefiting by its large
iron ore traffic to Lake Superior, is able to show
$681,975 increase in gross and $677,681 increase in
net, while the Chicago &North West, benefiting somewhat in the same way, has added $123,409 to gross
and $396,711 to net. The distinctively ore-carrying
roads like the Duluth & Iron Range and the Duluth
Missabe & Northern, have very exceptional amounts
of gain in both gross and net.
In the case of the great east and west trunk lines
between the Mississippi River and the Atlantic seaboard, the Pennsylvania Railroad reports, on the
lines directly operated east and west of Pittsburgh,
$4,450,936 gain in gross and $2,816,663 gain in net.
The New York Central proper has suffered a decrease of $679,828 in gross and of $250,121 in net,
while for the whole New York Central system the
result is a loss of $334,011 in gross and of $578,494
in net. The Baltimore & Ohio reports $163,539 gain
in gross and $171,158 gain in net; the Erie, being a
large anthracite carrier, has no less than $1,830,731
gain in gross and $1,184,255 gain in net, and the
Reading, the Delaware & Hudson, the Lackawanna
and the Lehigh Valley are all distinguished for the
magnitude of their gains, gross and net. In the
following we show all the changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net:
2955
Decrease.
Chicago Milw & St Paul.. $760,009
6679.828
New York Central
585.852
Seaboard Air Line
424,452
Detroit Toledo & Ironton
394.406
Northern Pacific c366,117
Southern Railway
334,397
St Louis San;Fran (3)-- _
257 635
Hocking Valley
22,715
1
Nashv Chatt & St Louis_
213.755
Los Angeles & Salt Lake205.391
Mobile & Ohio
182,627
Georgia So & Fla
176.587
Western Pacific
150,568
Chicago & Alton
122,517
Indiana Harbor Belt
Northwestern Pacific_
121,074
Total(54 roads)
$27,526,147 Louisville & Nashville_ _ _
119,464
Decrease. 0 NO & Tex Pacific_ _ _ _
108.463
Union Pacific (4)
102,776
$1.400,425 NY Chicago & St LouisAtlantic Coast Line
1,191,608 Chic St PM &0
102,592
Minn St Paul & S S M
790,294
Florida Et
as Coast
777.741
Total (29 roads)
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b The New York Central proper shows $679,828 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a loss of $334,011.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern. the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama.the whole going to form the Southern Railway System,
the result is a decrease of $664,879.
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
Me-Kansas-Texas (2)-__
Lehigh & New England__
Elgin Joliet & Eastern__
Chicago & East 111
New York Connecting_ _
Baltimore & Ohio
II CMex 0 of Tex
N Y N H & Hartford..
Lehigh & Hudson River_
Chicago & North West'n
Belt Railway of Chicago..
NY Susquehanna & West
Det Grand Hay & Milw_
Maine Central
Louts
0 C C & St Lou
Increase.
181.813
175.565
173,529
173,137
167,212
163,539
148.546
127,708
124.264
123.409
119,588
106,841
106.138
102,663
100,413
PRINCIPAL CHANGES IN NET EARNINGS FOR OCTOBER.
Increase.
Increase.
42,816,663 Lehigh & New England_ _
Pennsylvania
$166,168
1,348,111 Term Ry Assn of St Louis
Reading
165.821
Delaware & Hudson_ _ _ _ 1,234,402 Elgin Joliet & Eastern__ _
163.502
1,227,833 St Louis Southwest'n (2)
Delaware Lack & West
163.205
1,203,325 Grand Trunk Western_ _
Lehigh Valley
162.810
1,184,255 Intern Great Northern.._
Erie (3)
158.217
978.092 New York Connecting_ _
Chesapeake & Ohio
148.598
Norfolk & Western
851,391 Mo- Han-Texas (2)
113,686
Dul Missabe & North_
790.278
Great Northern
Total (45 roads)
$19.599,634
677,681
Decrease.
Virginian
564.762
$1.082.390
Central of N J
424,431 Atlantic Coast Line
509,276
Chicago & Northwestern
396.711 Atchison Top & S Fe (3)N Y bi H & Hartford_
498.590
386,883 Chic Milw & St Paul_ _ _ _
Long Island
477.651
349.405 MStP&SSM
427.474
Bessemer & Lake Erie__
339,857 Union Pacific(4)
Western Maryland
418,605
318,864 Florida East Coast
Missouri Pacific
390,971
309.998 Detroit Toledo & Ironton
Chic Burl & Quincy
337,175
303,489 C N 0& Tex Pacific_ _
322,419
N Y Ontario & Western..
276.633 Michigan Central
Central New England__ _
274,799 Northern Pacific
307,150
Los Angeles & Salt Lake..
245,603 Boston & Maine
278,895
6250.121
Wabash
219,414 New York Central
Illinois Central
211.223 Louisville & Nashville201.582
Duluth & Iron Range_
198.419 Indiana Harbor Belt..___
182.691
Chicago & East Ill
197,508 Chicago & Alton
176,318
Chicago R I & Pacific(2)
173,371 Southern Ry
c132,653
Yazoo & Miss Valley_ _ _ _
173.188 Union RR (Penn)
113,646
West Jersey & Sea Shore..
172,104 Seaboard Air Line
112,500
Baltimore& Ohio
171,158 Mobile & Ohio
109.882
Maine Central
168,973
Total(24 roads)
Pere Marquette
168.803
$6,329,989
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michgan Central, the "Big Four," &c., the result is a decrease of $578,494
c This is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System.
the result is a decrease of $541,287.
When the roads are arranged in groups or geographical divisions, according to their location, the
distinction between the roads advantaged by favorable conditions and those suffering from adverse
conditions is again strongly brought out. In the
Southern district, for example, the group of coal
carriers in the Pocahontas region is in enjoyment
of very large gains in both gross and net,, while on
the other hand the rest of the roads in the Southern
region record considerable loss in gross and net
alike. The Central Western region shows a loss in
both gross and net, but the Northwestern region,
though having a small loss in gross, has a respectable increase in the net. The remaining regions all
show improvement in both gross and net, though of
varying amounts. Our summary by groups is as
follows:
SUMMARY BY DISTRICTS AND REGIONS.
District and RegionInc.(+)or Dec.(-)
1925.
1926.
October$
Eastern District$
$
%
24.761.313+807.501.
New England Region (10 roads)
107,100,417 98,853,159 +8,247.258 8.24
Great Lakes Region (33 roads)
Central Eastern Region (31 roads)_ _ _ _139,838,162 130,207,506 +9.630.656 7.40
PRINCIPAL CHANGES IN GROSS EARNINGS FOR OCTOBER.
Increase,
Increase.
Pennsylvania
4.4,450.936 Missouri Pacific
$521,941 ' Total(74 roads)
271,699,892 253,014,477
Reading
2,022.000 N Y Ontario & Western..
496,302
Erie (3)
1,830.731 Int Great Northern
Southern District447,946
76,215.091 79,162,175
Del Lack & Western_ _ _ _ 1.797,462 Long Island
(30
roads)
Reston
Southern
394,642
Delaware & Hudson..___ 1,749.320 Pittsburgh & Lake Erie_ _
27,106,443 24,762,523
365,367 Poeohontas Reston (4 roads)
Lehigh Valley
1,695.762 Chic R I & Pacific (2)-..
359,020
103,321,534 103,924,698
Central of NJ
1,163,366 Bessemer & Lake Erie_ _
Total(34 roads)
352.669
Western Maryland
879.897 Grand Trunk Western__
Western District291.185
Norfolk & Western
859.935 Illinois Central
71,916,391 72,144,320
278.374 Northwestern Region (18 roads)
Chesapeake & Ohio
857.613 Pere Marquette
256,386 Central Western Region (22 roads)___102,250,839 104,596,426
794,841 Duluth & Iron Range
Dul Missabe & North -_54.863,361 52,328,515
222,437 Southwestern Reston (37 roads)
723,096 Chic Burl & Quincy
Virginian
213.490
681.975 Central New 'England_
Great Northern
192.253
roads)
229,030,591
Total
(77
229,069,261
630,638 NO Tex & Mexico (3)..
Yazoo & Miss Valley_ _
187,351
Atchison Top & S Fe (3).
533,005 Colorado& Southern (2)Total all districts (185 roads)
181.842
604.052,017 586,008,436
+18,685,415 7.34
-2,947,0843.72
+2,343,920 9.46
-603,164 0.58
-227,929 0.32
-2,345,587 2.24
+2,534,846 4.84
-38,670 0.02
+18,043,581 3.08
2956
THE CHRONICLE
k District dc RegionNet Earnings
s, October1926.
1925.
Ine.(+) or Dec.(-)
r Eastern District- -Mileage----1926. 1925.
$
$
$
%
New England
7,361
7,583 7,070,685 6,210,701
+859,984 13.86
Great Lakes Region_ 24,921 24.842 30.217,414 24,885,017 +5,332,397 21.42
Central East Region_ 27.088 26.951 40,286,842 34.453,338 +5,833,564 16,93
Total
59,370 59,376 77,574,941 65,549,056 +12,025,885 18.35
Southern DistrictSouthern Region._ 38,419 39,045 21,274,475 23.488,027 -2,213,552 9.43
Pocahontas Region
5,555 5,544 10,863,616 8,499.301 +2.364,315 27.81
Total
43,974
Western DistrictNorthwestern Region 48,597
Cent West Region
51,069
Southwestern Region 33,644
be Ise
Total
133,310
44,589 32,138,091 31,987,328
+150,763 0.47
48.788 28,153,998 26,871,829 +1,282,169 4.77
50,717 39,037,148 40,407,027 -1,369,881 3.40
33,428 17,686,637 15,814,154 +1,272,483 8.04
132.933 84,277,781 83.093,010
+1,184,771 1.43
Total all districts_236,654 236,898 193,990,813 180,629,394 +13,361,419 7.35
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Grea
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg.
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Reoton.-This region comprises the section east of the Mississippi River
and 8011th of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprlias the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central ll'e,tern Region.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads had the advantage of only a slightly
larger grain movement in October the present year,
notwithstanding the big contraction in the movement a year ago. In other words, the receipts of
wheat, corn, oats, barley and rye at the Western
primary markets for the five weeks ended Oct. 30
were 98,914,000 bushels in 1926, against 91,523,000
bushels in the corresponding five weeks of 1925, but
comparing with 195,064,000 bushels in the five weeks
of 1924. The small addition in 1926 followed almost
entirely from the gain in corn, the receipts of which
were 31,088,000 bushels in the five weeks of 1926,
against 15,008,000 bushels in 1925 and 22,036,000
bushels in 1924. In the case of wheat there was
only trifling recovery after the big loss last year, the
receipts this year having been 43,278,000 bushels,
against 42,232,000 bushels in 1925 and no less than
96,968,000 bushels in 1924. The details of the Western grain movement in our usual form are set out in
the table we now subjoin:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Weeks
Wheat
Ended
Corn
Flour
Rye
Oats
Barley
(bush.)
(bush.)
(bbls.)
(bush.)
Oct. 30.
(bush.)
(bush.)
Chicago1,460,000 1,940,000 15,173,000 4,465.000 1,556.000
498,000
1926
1,358,000 2.201,000 5,896,000 3,674,000 1,464,000
737,000
1925
Milwaukee972,000 2,173,000
927,000
117,000
397,000
202,000
1926
381,000 1.362,000 1,178,000
46,000
319.000
546,000
1925
St. Louts208,000
5,000
582,000 3,347.000 2,436,000 2,168,000
1926
353,000
43,000
574,000 1,965,000 1,760.000 2,966,000
1925
Toledo15,000
593,000
3,000
323,000
645,000
1926
2,000
394,000
5,000
105,000
1,227.000
1925
Detroit64,000
98,000
90,000
341,000
1926
10,000
95,000
2,000
59,000
90,000
1925
Peoria4,000
928,000
127,000
132,000 3,430,000
1926
275,090
212,000
3,000
239,000 2,045,000 1,046,000
1925
174,000
Duluth602,000 1,672,000
279,000
8,000
10,077,000
1926
46,000 3,602,000 1.944.000 2,131,000
13,754,000
1925
Minneapolis601,000
832.000 2,921.000 2,029,000
13,464.000
1926
37.5,000 4,012,000 2,881,000 1,025,000
14,640,000
1925
Kansas City349,000
6,909,000 1,403,000
1926
799,000 1,541,000
3,676,000
1925
Omaha & Indianapolis20,000
2,960,000 4,414,000 1,646,000
1926
1,807,000 2,315,000 2,587,000
1925
Sioux City12,000
216,000
606,000
218,000
1928
2.000
568,000
370,000
205,000
1925
St. Joseph230,000
1926
948,000 1,353,000
2,000
276,000
1925
740.000
956,000
Wichita24,000
1926
48,000
1,900,000
117,000
120,000
192.5
926,000
Total AP,'1926
1925
2,519,000 43,278,000 31,088,000 16,090,000 5,464.000 2,994,000
E,4215.000 42,232,000 15,008.000 22.243.000 8,043,000 3,997,000
[VOL. 123.
Jan. 1 to
Flour
Wheat
Corn
Oats
Oct. 30.
(bush.)
(bush.)
(bbls.)
(bush.)
Chicago1926
10,775,000 35,627,000 72,683,000 40,088.000
,1925
10,993,000 26,146,000 63,243,000 47,379,000
Milwaukee1926
1,643,000 6,382.000 7,113,000 11,529,000
1925
1,869,000 3,938,000 6,634,000 13,820,000
St. Louts4,510,000 29,919,000 21,501,000 22,783,000
1926
1925
4,519,000 29,754,000 19,271,000 28,149,000
Toledo10,388,000 3,637,000 5,860,000
1926
1925
6,114,000 2,664,000 8,031,000
Detroit1,588,000
1926
570,000 1,020,000
1925
37,000 1,152,000
355,000 1,242,000
Peoria2,186,000 1,378,000 21,882,000 7,775,000
1926
1,779.000 1,537,000 17,770,000 9,096,000
1925
Duluth41,148,000
1926
130,000 9,895,000
56,761,000
1925
774,000 20,254,000
Minneapolis83,854,000 8,518,000 20,791,000
1926
84.200.000 12,849,000 36,834,000
1925
Kansas City75,171,000 14,869,000 3,523,000
1928
41,566,000 16,170,000 12,257,000
1925
Omaha de Indianapolis22,006,000 30,069.000 14,420,000
1926
18,268,090 24,800,000 23,545,000
1925
Stour City2,151,000 2.759,000 2,046,000
1928
1,613,000 3,488,000 4,108,000
1925
Si. Joseph8,209,000 9,738,000 1,801,000
1928
8,476,000 7,935,000 1,660,000
1925
Wichita23,232,000 1,506.000
1926
357,000
12,764,000 2,090,000
1925
644,000
Total All1926
1925
Barley
(bush.)
Rye
(bush.)
8,227,000 1,667.000
8.737,000 4,115.000
7,383,000
10,341,000
930,000
856,000
786,000
864,000
328,000
223,000
24,000
37,000
198.000
98,000
3,000
48,000
259,000
158,000
1,208,000
1,025,000
39,000
34,000
4,499,000 8,316.000
15,097,000 10,565,000
13,159,000 4,012,000
19,390.000 6,032.000
6.000
10,000
22,000
34,000
74,000
2,000
10,000
2,000
4,000
19,114,000 341053,000 194975,000 141888,000 35,317,000 15,773,000
19,197,000 292289,000 178043,000 206919,000 55,619,000 22,091,000
At the same time Western roads had to contend
with a diminished live stock movement. At Chicago
the receipts of live stock comprised only 22,888 carloads in October 1926, as against 23,779 cars in
1925; at Kansas City the live stock receipts in October this year were 13,106 carloads, against 14,114,
and at Omaha they were but 9,358 cars, against
411i
10,431 cars.
Southern roads were favored, of course, by a
greatly increased cotton movement, the crop being
of such huge dimensions. Gross shipments overland, however, were not quite as large as last year,
having been 253,309 bales in October 1926, against
266,354 bales in October 1925; this compares with
214,250 bales in October 1924; 157,971 bales in October 1923 and 203,482 bales in October 1922. On
the other hand, at the Southern outports the receipts
of the staple aggregated no less than 2,539,937 bales,
against 1,787,877 bales in 1925 and 1,613,328 bales
in 1924, as will be seen by the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JAN. 1 TO OCT. 31 1928, 1925 AND 1924.
Manila of October.
Ports.
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, Am
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
Siam January 1.
1928.
1925.
1924.
710,48'
753,08,
486.857
106.08t
5.879
225,449
601,771
281.065'
432,617
47,08:
9,272
167,621
100
58,611
32,946
156,791
757.704 2,185,901
265,798 2,340,134
332,505 1,402,422
24,083 198,343
3,595
12,489
118,057 714,361
100
413
36,494 385,291
18,469
93,804
56,523 305,780
118,761
25,160
108,181
1926.
1925.
1924.
1,038,072 2,112,502
1,505,28f 737,633
1,473,071 1,111,588
155,679 103,822
11,687
18,643
677,647 479,086
283
813
275,462 111,009
59,515
106,901
343,490 181,334
2 539,937 1,787,877 1,613,328 7,638,945 6,593,067 4,908,459
Million-Dollar Fraud in Poultry, Oranges, Honey,
Charged-Suspect in Alleged Nationwide Swindle
Through Advertising Seized in Atlanta.
The following Associated Press advices from Atlanta, Ga.,
Dec. 9, appeared in the New York "Herald Tribune" of
yesterday (Dec. 10):
An alleged nationwide swindle through newspaper advertising, which
already is said to have netted its promoters approximately $1,000,000, was
revealed here to-day with the arrest of D. W. Nichols, said to be from headquarters offices maintained here by three companies offering poultry.
oranges and honey for sale at unusually low prices.
It was alleged oranges were offered for sa,e, postage prepaid, for $3 a
box new honey in the comb prepaid at $1 75 for ten pounts, while bees
for hiving and setting chickens were offered at quotations considerably
below market prices. The goods were not delivered after the money was
received, it was charged.
The firms, as listed In the advertisements, officials said. Included the
Acme Orange Farm, of La Orange. Tex.: the Fulghum Hatchery, of Birdsboro, Pa., Heavener, Okla., and Bloomsburg. Pa.. and the Duo, Bee
Apiary, of Roslyn, Long Island.
DEC. 11 1926.]
2957
THE CHRONICLE
Message of President Coolidge to Congress—Temporary Tax Relief Proposed—Branch
Banking Legislation and Renewal of Federal Reserve Bank Charters Favored.
In his annual message to Congress this week President
Coolidge expressed it as his conviction "that it would be
greatly for the welfare of the country if we avoid at the
present session all commitments except those of the most
pressing nature." While favoring a speedy reduction of the
debt, the President said "there is no reason why a balanced
portion of surplus revenue should not be applied to a reduction of taxation." In his tax relief proposals, however, the
President said: "I do not think any change in the special
taxes or any permanent reductions is practicable"; and he
therefore urged both parties of the House Ways and Means
Committee to agree on a bill granting temporary relief in
the form of reductions In the payments which accrue on
March 15 and June 15 1927. Considerable attention was
devoted in the message to the subject of agriculture by the
President, who declared that the important place which it
holds "In the economic and social life of the nation cannot
be over-estimated." Stating that "attention is again directed to the surplus problem of agriculture by the present
cotton situation, he added:
In his reference to radio legislation the President indicated that he did not believe it desirable to set up further
Independent agencies in the Government; instead he submits
it as "advisable to entrust the important functions of deciding who shall exercise the privilege of radio transmission
and under what conditions, the assigning of wave lengths
and determination of power, to a board to be assembled
whenever action on such questions becomes necessary." The
mission of Colonel Thompson to the Philippine Islands was
among the matters commented upon by the President, who
said that at an early day the Islands "should be taken out
from under all military control and administered entirely
on the civil side of the Government." The message also
dealt with the merchant marine, prohibition, alien property,
etc., the tariff, too, receiving attention,, the President letting it be known that he is not in sympathy with "those who
are starting an agitation for a reduction of tariff duties."
The message sent to Congress by the President, and read in
the Senate and House by their respective Clerks on Dec. 7,
follows in full:
Surpluses often affect prices of various farm commodities in a disastrous
manner, and the problem urgently demands a solution. Discussions both in
and out of Congress during the past few years have given us a better understanding of the subject, and it is my hope that out of the various proposals
made the basis will be found for a sound and effective solution upon which
agreement can be reached.
In my opinion co-operative marketing associations will be important aids
to the ultimate solution of the problem. It may well be, however, that
additional measures will be needed to supplement their efforts. I believe
all will agree that such measures should not conflict with the best interests
of the co-operatives, but rather assist and strengthen them.
MESSAGE.
Members of the Congress:
In reporting to the Congress the state of the Union, I find it impossible
to characterize it other than one of general peace and prosperity. In
some quarters our diplomacy is vexed with difficult and as yet unsolved
problems, but nowhere are we met with armed conflict. If some occupations and areas are not flourishing, in none does there remain any acute
chronic depression. What the country requires is not so much new policies
as a steady continuation of those which are already being crownedlwith
such abundant success. It can not be too often repeated that in:common
with all the world we are engaged in liquidating the war.
In the present short session no great amount of new legislation is possible,
but in order to comprehend what is most desirable some survey of our general
situation is necessary. A large amount of time is consumed in the passage
of appropriation bills. If each Congress in its opening session would:make
appropriations to continue for two years, very much time would be saved
which could either be devoted to a consideration of the general needs of the
country or would result in decreasing the work of legislation.
In enumerating measures which would enure to the benefit
of the farmer, the President stated that acting upon his
recommendation, Congress has ordered the Inter-State Commerce Commission to investigate the freight rate structure,
directing that such changes shall be made in freight rates as
will promote freedom of movement of agricultural products.
Railroad consolidation, which he is advocating, would also,
said the President, result in a situation where rates could
be made more advantageous for farm produce, as has recently been done in the revision of rates on fertilizers in the
South. Additional benefit, he noted, will accrue from the
development of our inland waterways. He further said
that the advantages to be derived from a more comprehensive and less expensive system of transportation for agriculture ought to be supplemented by provision for an adequate supply of fertilizer at a lower cost than it is at present obtainable. This advantage, he observed, "we are attempting to secure by the proposed development at Muscle
Shoals, and there are promising experiments being made in
synthetic chemistry for the production of nitrates." The
President also said a survey should be made of the relation
of Government grazing lands to the live stock industry. He
went on to say that "additional legislation Is desirable more
definitely to establish the place of grazing in the administration of the national forests, property subordinated to
their functions of producing timber and conserving the
water supply."
Another of the important subjects dealt with in the
message was that of banking legislation, as to which he
said: "I trust that means may be found so that the differences on branch banking legislation between the Senate and
the House of Representatives may be settled along sound
lines and the legislation promptly enacted." The President
also urged that action be taken at the present session on the
question of renewing the charters of the Federal Reserve
banks. Calling attention to the fact that the wage agreements in the bituminous coal industry will expire on April 1
next, and that "conflicts may result which may imperil public interest," the President again recommended "the passage
of such legislation as will assist the Executive in dealing
with such emergencies through a special temporary board of
conciliation and mediation and through administrative agencies for the purpose of distribution of coal and protection of
the consumers of coal from profiteering."
The importance of the development of water resources
was referred to by .the President, who in calling attention
to the fact that the great projects of extension of the Mississippi system, the protection and development of the lower
Colorado River, are before Congress, declared himself in
favor of the necessary legislation to expedite these projects.
Economg.
Our present state of prosperity has been greatly promoted by three
important causes, one of which is economy, resulting in reduction and
reform in national taxation. Another is the elimination of many kinds of
waste. The third is a general raising of the standards of efficiency. This
combination has brought the perfectly astonishing result of a reduction in
the index price of commodities and an increase in the index rate of wages.
We have secured a lowering of the cost to produce and a raising of the
ability to consume. Prosperity resulting from these causes rests on the
securest of all foundations. It gathers strength from its own progress.
In promoting this progress the chief part which the National Government
plays lies in the field of economy. Whatever doubts may have been entertained as to the necessity of this policy and the beneficial results which
would accrue from it to all the people of the nation, its wisdom must now
be considered thoroughly demonstrated. It may not have appeared to be a
novel or perhaps brilliant conception, but it has turned out to be preeminently sound. It has not failed to work. It has surely brought results.
It does not have to be excused as a temporary expedient adopted as the
lesser evil to remedy some abuse, it is not a palliative seeking to treat
symptoms, but a major operation for the eradication at the source of a
•
large number of social diseases.
Nothing is easier than the expenditure of public money. It does not
to
anybody. The temptation is overwhelming to bestow
appear to belong
it on somebody. But the results of extravagance are ruinous. The
property of the country, like the freedom of the country, belongs to the
people of the country. They have not empowered their Government to
take a dollar of it except for a necessary public purpose. But if the Constitution conferred such a right, sound economics would forbid it. Nothing
Is more destructive of the progress of the nation than Government extravgance. It means an increase in the burden of taxation, dissipation of the
returns from enterprise, a decrease in the real value of wages, with ultimate
stagnation and decay. The whole theory of our institutions is based on
the liberty and independence of the individual. Ile is dependent on
himself for support and therefore entitled to the rewards of his own industry.
He is not to be deprived of what he earns that others may be benefited by
what they do not earn. What he saves through his private effort is not
to be wasted by Government extravagance.
Our national activities have become so vast that it is necessary to scrutinize each item of public expenditure if we are to apply the principle of
economy. At the last session we made an immediate increase in the
annual Budget of more than $100,000,000 in benefits conferred on the
veterans of three wars, public buildings,and river and harbor improvement.
Many projects are being broached requiring further large outlays. I am
convinced that it would be greatly for the welfare of the country if we avoid
at the present session all commitments except those of the most pressing
nature. From a reduction of the debt and taxes will accrue a wider benefit
to all the people of this country than from embarking on any new enterprise.
When our war debt is decreased we shall have resources for expansion.
Until that is accomplished we should confine ourselves to expenditures of
the most urgent necessity.
The Department of Commerce has performed a most important function
In making plans and securing support of all kinds of national enterprise for
the elimination of waste. Efficiency has been greatly promoted through
good management, and the constantly increasing co-operation of the wage
earners throughout the Whole realm of private business. It is my opinion
that this whole development has been predicated on the foundation of a
protective tariff.
Tax Reduction.
As a result of economy of administration by the Executive and of appropriation by the Congress, the end of this fiscal year 'will leave a surplus
2958
THE CHRONIC -4E
in the Treasury estimated at $383,000,000. Unless otherwise ordered,
such surplus is used for the retirement of the war debt. A bond which can
beretired to-dayfor 100 cents will cost the people 10431 cents to retire a year
from now. While I favor a speedy reduction of the debt as already required
by law and in accordanoe with the promises made to the holders of our
Liberty bonds when they were issued, there is no reason why a balanced
portion of surplus revenue should not be applied to a reduction of taxation.
It can not be repeated too often that the enormous revenues of this nation
could not be collected without becoming a charge on all the people whether
or not they directly pay taxes. Every one who is paying for the bare
necessities of food and shelter and clothing, without considering the better
things of life, is indirectly paying a national tax. The nearly 20,000,000
owners of securities, the additional scores of millions of holders of insurance
policies and depositors In savings banks, are all paying a national tax.
Millions of individuals and corporations are making a direct contribution
to the National Treasury which runs from 1% to 25% of their income,
besides a number of special requirements, like automobile and admission
taxes. Whenever the state of the Treasury will permit, I believe in a
reduction of taxation. I think the taxpayers are entitled to it. But I
am not advocating tax reduction merely for the benefit of the taxpayer; I
am advocating it for the benefit of the country.
If it appeared feasible, I should welcome permanent tax reduction at this
time. The estimated surplus, however,for June 30 1928 is not much larger
than Is required in a going business of nearly $4,000,000,000. We have
bad but a few months' experience wider the present Revenue Act and shall
need to know what is developed by the returns of income produced under it,
which are not required to be made until about the time this session terminates, and what the economic probabilities of the country are In the latter
part of 1927. before we can reach any Justifiable conclusion as to permanent
tax reduction. Moreover, the present surplus results from many nonrecurrent items. Meantime,it is possible to grant some real relief by a simple measure making reductions in the payments which accrue on the 15th
of March and June, 1927. I am very strongly of the conviction that this
Is so much a purely business matter that it ought not to be dealt with in a
partisan spirit. The Congress has already set the notable example of
treating tax problems without much reference to party, which might well
be continued. What I desire to advocate most earnestly is relief for the
country from unnecessary tax burdens. We can not secure that If we stop
to engage in a partisan controversy. As I do not think any change in the
special taxes, or any permanent reduction Is practical, I therefore urge both
parties of the House Ways and Means Committee to agree on a bill granting
the temporary relief which I have indicated. Such a reduction would
directly affect millions of taxpayers, release large sums for investment in
new enterprise, stimulating industrial production and agricultural consumption, and indirectly benefiting every family in the whole country. These
are my convictions stated with full knowledge that it is for the Congress to
decide whether they judge it best to make such a reduction or leave the surplus for the present year to be applied to retirement of the war debt. That
also is eventually tax reduction.
Protective Tariff.
It is estimated that customs receipts for the present fiscal years will
exceed $615,000,000, the largest which were ever secured from that source.
The value of our imports for the last fiscal year was $4,466,000,000, an Increase of more than 71% since the present tariff law went into effect. Of
these imports about 65%, or roughly $2,900,000,000, came in free of duty,
which means that the United States affords a duty-free market to other
countries almost equal in value to the total imports of Germany and greatly
exceeding the total imports of France. We have admitted a greater volume
of free imports than any other country except England.
We are, therefore, levying duties on about $1,550,000,000 of imports.
Nearly half of this, or $700,000,000, is subject to duties for the protection
of agriculture and have their origin in countries other than Europe. They
substantially increased the prices received by our farmers for their produce.
About $300,000,000 more is representd by luxuries, such as costy rugs,
furs, precious stones, &c. This leaves only about 5550,000.000 of our
imports under a schedule of duties which is in general under consideration
when there is discussion oflowering the tariff. While the duties on this small
portion,representing only about 12% of our imports, undoubtedly represent
the difference between a fair degree of prosperity or marked depression to
many of our industries and the difference between good payand steady work
or wide unemployment to many of our wage earners, it is impossible to conceive how other countries or our own importers could be greatly benefited
if these duties are reduced. Those who are starting an agitation for a reduction of tariff duties, partly at least for the benefit of those to whom money
has been lent abroad, ought to know that there does not seem to be a very
large field within the area of our imports in which probable reductions would
be advantageous to foreign goods. Those who wish to benefit foreign producers are much more likely to secure that result by continuing the present
enormous purchasing power which comes from our prosperity that has increased our imports over 71% in four years than from any advantages that
are likely to accrue from a general tariff reduction.
Agriculture.
The important place which agriculture holds in the economic and social
life of the nation can not be over-estimated. The National Government
is justified in putting forth every effort to make the open country a desirable place to live. No condition meets this requirement which falls to supply a fair return on labor expended and capital invested. While some localities and some particular crops furnish exceptions, in general agriculture is
continuing to make progress in recovering from the depression of 1921 and
1922. Animal products and food products are in a more encouraging position, while cotton, due to the high prices of past years, supplemented by
ideal weather conditions, has been stimulated to a point of temporary overproduction. Acting on the request of the cotton-growing interests, I appointed a committee to assist in carrying out their plans. As a result of
this co-operation sufficient funds have been pledged to finance the storage
and carrying of 4,000,000 bales of cotton. Whether those who own the cotton are willing to put a part of their stock into this plan depends on themselves. The Federal Government has co-operated in providing ample facilities. No method of meeting the situation would be adequate which does
not contemplate a reduction of about one-third in the acreage for the coming Year. The responsibility for making the plan effective lies with those
who own and finance cotton and cotton lands.
The Department of Agriculture estimates the net income of agriculture
for the year 1920-21 at only 8375.000,000; for 1924-25. $2,656,000,000; for
1925-26, 52,757,000.000. This increase has been brought about in part
by the method already referred to, of Federal tax reduction, the elimination
of waste, and increased efficiency in industry. The wide gap that existed
a few years ago between the index price of agricultural products and the
Index price of other products has been gradually closing up, though the
recent depression in cotton has somewhat enlarged it. Agriculture had, on
the whole, been going higher, while industry had been going lower. Industrial and commercial activities, being carried on for the most part by cor-
[VOL. 123.
porations, are taxed at a much higher rate than farming, which is
carried
on by individuals. This will inevitably make industrial commodity
costs
high while war taxation lasts. It is because of this circumstance
that
national tax reduction has a very large indirect benefit upon
the farmer.
though it can not relieve him from the very great burden of the
local taxes,
which he pays directly. We have practically relieved
the farmer of any
Federal income tax.
There is agreement on all sides that some portions of our
agricultural
Industry have lagged behind other industries in recovery from the
war and
that further improvement in methods of marketing of
agricultural products
is most desirable. There is belief also that the
Federal Government can
further contribute to these ends beyond the many helpful
measures taken
during the last five years through the different Acts of Congress
for advancing the interests of the farmers.
The Packers and Stockyards Act,
Establishing of the Intermediate Credit banks for agricultural
purposes,
The Purnell Act for agricultural research,
The Capper-Volstead Co-Operative Marketing Act,
The Co-Operative Marketing Act of
1926,
Amendments to the Warehousing Act,
The enlargement of the activities of the
Department of Agriculture,
Enlargement of the scope of loans by the Farm
Loan Board,
The tariff on agricultural products,
The large Federal expenditure in improvement of
waterways and highways,
The reduction of Federal taxes,
In all comprise a great series of governmental actions
in the advancement of
the special interest of agriculture.
In determination of what further Measures may
be undertaken, it seems
to me there are certain pitfalls which must be
avoided and our test in
avoiding them should be to avoid disaster to the
farmer himself.
Acting upon my recommendation, the Congress
has ordered the InterState Commerce Commission to investigate
the freight rate structure.
directing that such changes shall be made in freight
rates as will promote
freedom of movement of agricultural products.
Railroad consolidation
which I am advocating would also result in a
situation where rates could
be made more advantageous for farm produce, as
has recently been done in
the revision of rates on fertilizers in the South.
Additional benefit will
accrue from the dmelopment of our inland
waterways. The Mississippi
River system carries a commerce of over
50,000,000 tons at a saving of
nearly $18,000,000 annually. The Inland
Waterways Corporation operates
boats on 2,500 miles of navigable streams and
through its relation with
165 railroads carries freight into and out of forty-five
States of the Union.
During the past six months it has handled over
1.000.000 bushels of grain
monthly and by Its lower freight rates has raised the
price of such grain to
the farmer probably 2ye cents to 3 cents a
bushel. The highway system
on which the Federal Government expends about
$85.000,000 a year is of
vital importance to the rural regions.
The advantages to be derived from a more
comprehensive and less
expensive system of transportation for agriculture ought to be
supplemented
by provision for an adequate supply of fertilizer
at a lower cost than it is
at present obtainable. This advantage we
are attempting to secure by
the proposed development at Muscle Shoals,and there
are promising experiments being made in synthetic chemistry for the
production of nitrates.
A survey should be made of the relation of
Government grazing lands to
the livestock industry. Additional legislation is
desirable more definitely
to establish the place ofgrazing in the administration
of the national forests.
properly subordinated to their functions of producing
timber and conserving
the water supply. Over 180,000,000 acres of grazing
lands are still pastured
as commons in the public domain with little or no
regulation. This thas
made their use so uncertain that it has contributed
greatly to the instability
of the livestock industry. Very little of this land is
suited to settlement or
private ownership. Some plan ought to be adopted for its use in grazing,
corresponding broadly to that already successfully applied to the national
forests.
The development of sound and strong co-operative associations is of fundamental importance to our agriculture. It is encouraging to note, therefore, that a vigorous and healthy growth in the co-operative movement is
continuing. Co-operative associations reporting to the Department of
Agriculture at the end of 1925 had on their membership rolls a total of
2.700.000 producers. Their total business in 1925 amounted to approximately $2.400.000,000, compared with 5635,800,000 in 1915. Legislative
action to assist co-operative associations and supplement their efforts
was
passed at the last session of Congress. Important credit measures
were
also provided by Congress in 1923 which have been of inestimable value
to
the co-operative associations. Although the Federal credit agencies
have
served agriculture well. I think it may be possible to broaden and
strengthen
the service of these institutions.
Attention is again directed to the surplus problem of agriculture by
the
present cotton situation. Surpluses often affect prices of various
farm
commodities in a disastrous manner, and the problem urgently demands
a
solution. Discussions both in and out of Congress during the past few
years have given us a better understanding of the subject, and it Is my
hope that out of the various proposals made the basis will be found for a
sound and effective solution upon which agreement can be reached. In
my opinion co-operative marketing associations will be important aids
to
the ultimate solution of the problem. It may well be, however,
that
additional measures will be needed to supplement their efforts. I
believe
all will agree that such measures should not conflict with the best
interests
of the co-operatives, but rather assist and strengthen them. In
working
out this problem to any sound conclusion It is necessary to avoid
putting
the Government into the business of production or marketing or attempting
to enact legislation for the purpose of price fixing. The farmer does
not
favor any attempted remedies that partake of these elements.
He has a
sincere and candid desire for assistance. If matched by an
equally
and candid consideration of the different remedies proposed, sincere
a sound
measure of relief ought to result. It is unfortunate that no
general agreement has been reached by the various agricultural interests upon
any of the
proposed remedies. Out of the discussion of various proposals
which can
be had before the Committees of Agriculture some measure
ought to be
perfected which would be generally satisfactory.
Due to the emergency arising from a heavy tropical storm
in southern
Florida, I authorized the Secretary of Agriculture to use
certain funds in
anticipation of legislation to enable the farmers in that region to
plant their
crops. The department will present a bill ratifying the loans which
were
made for this purpose.
Federal legislation has been adopted authorizing the co-operation of
the
Government with States and private owners in the protection of forest
lands from fire. This preventive measure is of such great importance
that
I have recommended for it an increased appropriation.
Another preventive measure of great economic and sanitary importance
is the eradication of tuberculosis in cattle. Active work is now In progress
In one-fourth of the counties of the United States to secure this result.
Over 12,000.000 cattle have been under treatment, and the average
degree
of infection has fallen from 4.9% to 2.8%. The Federal Government is
making substantial expenditures for this purpose.
DEC. 11
1926.]
THE CHRONICLE
Serious damage is threatened to the corn crop by the European corn
borer. Since 1917 it has spread from eastern New England westward
into Indiana and now covers 'about 100,000 square miles. It is one of
the most formidible pests because it spreads rapidly and Is exceedingly
difficult of control. It has assumed a menace that is of national magnitude
and warrants the Federal Government in extending its co-operation to
the State and local agencies which are attempting to prevent its further
spread and secure its eradication,
The whole question of agriculture needs most careful consideration. In
the past few years the Government has given this subject more attention
than any other and has held more consultations in relation to it than on
any other subject. While the Government is not to be blamed for failure
to perform the impossible, the agricultural regions are entitled to know
that they have its constant solicitude and sympathy. Many of the farmers
are burdened with debts and taxes which they are unable to carry. We
are expending in this country many millions of dollars each year to increase
farm production. We ought now to put more emphasis on the question
of farm marketing. If a sound solution of a permanent nature can be found
for this problem, the Congress ought not to hesitate to adopt it.
Development of Water Resources,
In previous messages I have referred to the national importance of the
proper development of our water resources. The great projects of extension of the Mississippi system, the protection and development of the
lower Colorado River, are before Congress, and I have previously commented upon them. I favor the necessary legislation to expedite these
projects. Engineering studies are being made for connecting the Great
Lakes with the North Atlantic, either through an all-American canal or
by way ofthe St.Lawrence River. These reports will undoubtedly be before
the Congress during its present session. It is unnecessary to dwell upon
the great importance of such a waterway not only to our mid-continental
basin but to the commerce and development or practically the whole
nation. Our river and harbor improvement should be continued in accordL nee with the present policy. Expenditure of this character is compatible
with economy; it is in the nature of capital investment. Work should proceed on the basic trunk lines if this work is to be a success. If the country
will be content to be moderate and patient and permit improvements to be
made where they will do the greatest general good, rather than insisting
on expenditures at this time on secondary projects, our internal waterways
can be made a success. If proposed legislation results in a gross maulfestation of local jealousies and selfishness, this program can not be carried
out. Ultimately we can take care of extensions, but our first effort should
be confined to the main arteries.
Our inland commerce has been put to great inconvenience and expense
by reason of the lowering of the water level of the Great Lakes. This is
an international problem on which competent engineers are making reports,
Out of their study it is expected that a feasible method will be developed for
raising the level to provide relief for our commerce and supply water for
drainage. Whenever a practical plan is presented it ought to be speedily
adopted.
Reclamation,
It is increasingly evident that the Federal Government must in the future
take a leading part in the impounding of water for conservation with incidental power for the development of the irrigable lands of the arid region,
The unused waters of the West are found mainly in large rivers. Works
to store and distribute these have such magnitude and cost that they are
not attractive to private enterprise. Water is the irreplaceable natural
resource. Its precipitation can not be increased. Its storage on the
higher reaches of streams, to meet growing needs, to be used repeatedly as
it flows toward the seas, is a practical and prudent business policy,
The United States premises to follow the course of cider irrigation countries, where recent important irrigation developments have been carried
out as national undertakings. It is gratifying, therefore, that conditions
on Federal reclamation projects have become satisfactory. The gross
value of crops grown with water from project works increased from $110,000,000 in 1924 to $131,000,000 in 1925. The adjustments made last year
by Congress relieved irrigators from paying construction costs on unprofitable land, and by so doing inspired new hope and confidence in ability
to meet the payments required. Construction payments by waterusers
last year were the largest in this history of the bureau,
The anticipated reclamation fund will be fully absorbed for a number
of years in the completion of old projects and the construction of projects
inaugurated in the past three years. We should, however, continue to
investigate and study the possibilities of a carefuly planned development
of promising projects, logically of governmental concern because of their
physical magnitude, immense oast, and the inter-State and international
problems involved. Only in this way may we be fully prepared to meet
intelligently the needs of our fast-growing population in the years to come.
2959
Some of our vessels necessarily need repairs, which should be made. I
do not believe that the operation of our fleet is as economical and efficient
as it could be made if placed under a single responsbile head, leaving the
Shipping Board free to deal with general matters of policy and regulation.
Radio Legislation.
The Department of Commerce has for some years urgently presented
the necessity for further legislation in order to protect radio listenersfrom
interference between broadcasting stations and to carry out other regulatery functions. Both branches of Congress at the last session passed
enactments intended to effect such regulation, but the two bills yet remain
to be brought into agreement and final passage.
Due to the decisions of the courts, the authority of the Department
under the law of 1912 has broken down; many more stations have been
operating than can be accommodated within the limited number of wave
lengths available; further stations are in course of construction; many
stations have departed from the scheme of allocation set down by the
Department, and the whole service of this most important public function
has drifted into such chaos as seems likely, if not remedied, to destroy
Its great value. I most urgently recommend that this legislation should
be speedily enacted.
I do not believe it is desirable to set up further independent agencies
in the Government. Rather I believe it advisable to entrust the important functions of deciding who shall exercise the privileges of radio
transmission and under what conditions, the assigning of wave lengths
and determination of power, to a board to be assembled whenever action
on such questions becomes necessray. There should be right of appeal
to the courts from the decisions of such board. The administration of
the decisions of the board and the other features of regulation and promotion of radio in the public interest, together with scientific research,
should remain in the Department of Commerce. Such an arrangement
makes for more expert, more efficient, and more economical administration
than an independent agency or board, whose duties, after initial stages,
require but little attention, in which administrative functions are confused with semi-judicial functions and from which of necessity there must
be greatly increased personnel and expenditure.
The Wage Earner.
The great body of our people are made up of wage earners. Several
hundred thousands of them are on the payrolls of the United Stabs Governmet. Their condition very largely is fixed by legislation. We have
recently provided increases in compensation under a method of reclassification and given them the advantages of a liberal retirement system as a
support for their declining years. Most of them are under the merit
system, which is a guaranty of their intelligence, and the efficiency of their
service is a demonstration of their loyalty. The Federal Government
should continue to set a good example for all other employers.
In the industries the condition of the wage earner has steadily improved.
The 12-hour day is almost entirely unknown. Skilled labor is well cornpensated. But there are unfortunately a multitude of workers who have
not yet come to share in the general prosperity of the nation. Both the
public authorities and private enterprise should be solicitous to advance
the welfare of this class. The Federal Government has been seeking to
secure this end through a protective tariff, through restrictive imm.grat on.
through requiring safety devices for the prevention of accidents, through
the granting of workmen's compensation, through civilian vocational
rehabilitation and education, through employment information bureaus,
and through such humanitarian relief as was provided in the maternity
and infancy legislation. It is a satisfaction to report that a more general
condition of contentment exists among wage earners and the country is
more free from labor disputes than it has been for years. While restrictive
'immigration has been adopted in part for the benefit of the wage earner,
and in its entirety for the benefit of the country, it ought not to cause a
needless separation of families and dependents from their natural source
of support contrary to the dictates of humanity.
Bituminous Coal.
No progress appears to have been made within large areas of the bituminous coal industry toward creation of voluntary machinery by which greater
assurance can be given to the public of peaceful adjustment of wage difficulties such as has been accomplished in the anthracite industry. This
bituminous industry is one of primary necessity and bears a great responsibility to the nation for continuity of supplies. As the wage agreements in the unionized section of the industry expire on April 1 next, and
as conflicts may result which may imperil public Interest, and have for
many years often called for action of the Executive in protection of the
public, I again recommend the passage of such legislation as will assist
the Executive in dealing with such emergencies through a special temporary
board of conciliation and mediation and through administrative agencies
Transportation,
It would be difficult to conceive of any modern activity which con- for the purpose of distribution of coal and protection of the consumers of
tributes more to the necessities and conveniences of life than transportation, coal from profiteering. At present the Executive is not only without
Without it our present agricultural production and practically all of our authority to act but is actually prohibited by law from making any expendicommerce would be completely prostrated. One of the large contributing ture to meet the emergency of a coal famine.
causes to the present highly satisfactory state of our economic condition
Judiciary.
is the prompt and dependable service, surpassing all our previous records,
The Federal courts hold a high position in the administration of justice
rendered by the railroads. This power has been fostered by the spirit
in the world. While individual judicial officers have sometimes been
of co-operation between Federal and State regulatory commissions. To
render this service more efficient and effective and to promote a more subjected to just criticism, the courts as a whole have maintained an
exceedingly high standard. The Congress may well consider the question
scientific regulation, the process of valuing railroad properties should be
same
simplified and the primary valuations should be completed as rapidly as of supplying fair salaries and conferring upon the Supreme Court the
rule-making power on the law side of the distric.) courts that they have
possible. The problem of rate reduction would be much simplified by a
also pending providing for
process of railroad consolidations. This principle has already been adopted always possessed on the equity side. A bill is
although they have
as Federal law. Experience has shown that a more effective method retirement after a certain number of years of service,
should
have
your
favorable consideration.
must be provided. Studies have already been made and legislation intro- not been consecutive, which
Government
are
about
the
last that remain
These
faithful
servants
of
the
duced seeking to promote this end. It would be of great advantage if
it could be taken up at once and speedily enacted. The railroad systems to be provided for in the post-war readjustments.
Banking.
of the country and the convenience of all the people are waiting on this
important decision.
There has been pending in Congress for nearly three years banking
Merchant Marine.
legislation to clarify the national bank Act and reasonably to increase
It is axiomatic that no agricultural and industrial country can get the the powers of the national banks. I believe that within the limitation of
full benefit of its own advantages without a merchant marine. We have sound banking principles Congress should now and for the future place the
been proceeding under the Act of Congress that contemplates the estab- national banks upon a fair equality with their competitors, the State
lishment of trade routes to be ultimately transferred to private ownership banks, and I trust that means may be found so that the differences on
and operation. Due to temporary conditions abroad and at home we branch banking legislation between the Senate and the House of Reprohave a large demand just now for certain types of freight vessels. Some sentatives may be settlefalong sound lines and the legislation promptly
suggestion has been made for new construction. I do not feel that we enacted.
are yet warranted in entering that field. Such ships as we might build
It would be difficult to over-estimate the service which the Federal
could not be sold after they are launched for anywhere near what they Reserve System has already rendered to the country. It is necessary
would cost. We have expended over $250,000,000 out of the public only to recall the chaotic condition of our banking organization at the
Treasury in recent years to make up the losses of operation, not counting time the Federal Reserve System was put into operation. The old system
depreciation or any cost whatever of our capital investment. The great consisted of a vast number of independent banking units, with scattered
need of our merchant marine is not for more ships but for more freight, bank reserves which never could be mobilized in times of greatest need In
Our merchants are altogether too indifferent about using American ships spite of vast banking resources, there was no co-ordination of reserves or
for the transportation of goods which they send abroad or bring home, any credit elasticity. As a consequence, a strain was felt even during crop
2960
THE CHRONICLE
[voL. 123.
moving periods and when it was necessary to meet otherrseasonal and an army and navy proportionate to itsiampulation, the
extent of its territory
regularly recurring needs.
and the dignity of the place which it occupies in the world. When it is
The Federal Reserve System is not a panacea for all economic or financial considered that no navy in the world, with one exception,
approaches ours
ills. It can not prevent depression in certain industries which are ex- and none surpasses it, that our regular army of
about 115,000 men is the
periencing over-expansion of production or contraction of their markets.' equal of any other like number of troops, that
our entire permanent and
Its business is to furnish adequate credit and currency facilities. This it reserve land and sea force trained and training
consists of a personnel of
has succeeded in doing, both during the war and in the more difficult period about 610.000, and that our annual
appropriations are about $680.000,000
of deflation and readjustment which followed. It enables us to look to a year, expended under the direction of an
exceedingly competent staff, it
the future with confidence and to make plans far ahead based on the can not be said that our country is neglecting
its national defense. It is
belief that the Federal Reserve System will exercise a steadying influence true that a cult of disparagement exists,
but that candid examination made
on credit conditions and thereby prevent any sudden or severe reactions by the Congress through its various committees
has always reassured the
from the period of prosperity which we are now enjoying. In order that country and demonstrated that it is
maintaining the most adequate dethese plans may go forward, action should be taken at the present session fensive forces in these present years that it
has ever supported in time of
on the question of renewing the banks' charters and thereby insuring a peace.
continuation of the policies and present usefulness of the Federal Reserve
This general policy should be kept in effect. Here and there temporary
System.
changes may be made in personnel to meet requirements in other direcFederal Regulation.
tions. Attention should be given to submarines, cruisers and air forces.
I am in favor of reducing, rather than expanding, Government bureaus Particular points may need strengthening, but as a whole our military power
which seek to regulate and control the business activities of the people. is sufficient.
The one weak place in the whole line is our still stupendous war debt.
Everyone is aware that abuses exist and will exist so long as we are limited
by human imperfections. Unfortunately, human nature can not be In any modern campaign the dollars are the shock troops. With a depleted
changed by an Act of the Legislature. When practically the sole remedy treasury in the rear, no army can maintain itself in the field. A cduntrY
for many evils lies in the necessity of the people looking out for themselves loaded with debt is a country devoid of the first line of defense. Economy
and reforming their own abuses, they will find that they are relying on a Is the handmaid of preparedness. If we wish to be able to defend ourselves
false security if the Government assumes to hold out the promise that it is to the full extent of our power in the future, we shall discharge as soon as
looking out for them and providing reforms for them. This principle is possible the financial burden of the last owar. Otherwise we would face a
pre-eminently applicable to the national Government. It is too much crisis with a part of our capital resources already expended.
The amount and kind of our military equipment is pre-eminently a quesassumed that because an abuse exists it is the business of the national
Government to provide a remedy. The presumption should be that it is tion for the decision of the Congress, after giving due consideration to the
the business of local and State governments. Such national action results advice of military experts and the available public revenue. Nothing is
in encroaching upon the salutary independence of the States and by under- more laudable than the co-operation of the agricultural and industrial retaking to supersede their natural authority fills the land with bureaus and sources of the country for the purpose ofsupplying the needs of national dedepartments which are undertaking to do what it is impossible for them to fense. In time of peril the people employed in these interasts volunteered
accomplish and brings our whole system of government into disrespect in a most self-sacrificing way,often at the nominal charge of a dollar a year.
and disfavor. We ought to maintain high standards. We ought to punish But the Army and Navy are not supported for the benefit ofsupply concerns:
wrongdoing. Society has not only the privilege but the absolute duty of supply concerns are supported for the benefit of the Army and Navy. The
protecting itself and its individuals. But we can not accomplish this end distribution of orders on what is needed from different concerns for the purby adopting a wrong method. Permanent success lies in local, rather than pose of keeping up equipment and organization is perfectly justified, but
national action. Unless the locality rises to its own requirements, there is any attempt to prevail upon the Government to purchase beyond its needs
an almost irresistible impulse for the national Government to intervene. ought not to be tolerated. It is eminently fair that those who deal with the
The States and the nation should both realize that such action is to be Government should do so at a reasonable profit. However, public Money
adopted only as a last resort.
is expended not that some one may profit by it, but in order to serve a public
The Negro.
purpose.
While our policy of national defense will proceed in order that we may be
The social well-being of our country requires our constant effort for the
amelioration of race prejudice and the extension to all elements of equal Independent and self-sufficient, I am opposed to engaging in any attempt
opportunity and equal protection under the laws which are guaranteed by at competitive armaments. No matter how much or how little some other
the Constitution. The Federal Government especially is charged with country may feel constrained to provide, we can well afford to set the examthis obligation in behalf of the colored people of the nation. Not only ple, not of being dictated to by others, but of adopting our own standards.
their remarkable progress, their devotion and their loyalty, but our duty We are strong enough to pursue that method, which will be a most wholeto ourselves under our claim that we are an enlightened people requires us some model for the rest of the world. We are eminently peaceful, but we
to use all our power to protect them from the crime of lynching. Although are by no means weak. While we submit our differences with others, not
violence of this kind has very much decreased, while any of it remains we to the adjudication of force, but of reason,it is not because we are unable to
defend our rights. While we are doing our best to eliminate all resort to war
can not justify neglecting to make every effort to eradicate it by law.
The education of the colored race under Government encouragement is for the purpose of settling disputes, we can not but remember that the peace
proceeding successfully and ought to have continuing support. An increas- we now enjoy had to be won by the sword and that if the rights of our couning need exists for properly educated and trained medical skill to be devoted try are to be defended we can not rely for that purpose upon any one but ourselves. We can not shirk the responsibility, which is the first requisite of
to the service of this race.
all government, of preserving its own integrity and maintaining the rights
Insular Possessions.
This Government holds in sacred trusteeship islands which it has acquired of its own citizens. It is only in accordance with these principles that we
can
establish any lasting fotmdations for an honorable and permanent
in the East and West Indies. In all of them the people are more prosperous
than at any previous time. A system of good roads, education, and general peace.
It is for these reasons that our country, like any other country, proposes
development is in progress. The people are better governed than ever
to provide itself with an army and navy supported by a merchant marine.
before and generally content.
In the Philippine Islands Maj.-Gen. Leonard Wood has been Governor- Yet these are not for competition with any other Power. For years we have
General for five years and has administered his office with tact and ability besought nations to disarm. We have recently expressed our willingness at
greatly to the success of the Filipino people. These are a proud and Geneva to enter into treaties for the limitation of all types of warships acsensitive race, who are making such progress with our co-operation that we cording to the ratio adopted at the Washington Conferenee. This offer Is
can view the results of this experiment with great satisfaction. As we are still pending. While we are an— shall continue to be armed, it is not ass
attempting to assist this race toward self-government, we should look menace, but rather a common assurance of tranquillity to all the peaceupon their wishes with great respect, granting their requests immediately loving people of the world. For us to do any less would be to disregard our
when they are right, yet maintaining a frank firmness in refusing when they obligations, evade our responsibilities, and jeopardize our national honor.
are wrong. We shall measure their progress in no small part by their
Veterans,
acceptance of the terms of the organic law under which the islands are
This country, not only because it is bound by honor, but because of the
governed and their faithful observance of its provisions. Need exists for
clarifying the duties of the auditor and declaring them to be what everyone satisfaction derived from it, has always lavished its bounty upon its veterans.
had supposed they were. We have placed our own expenditures under For years a service pension has been bestowed upon the Grand Army on
the supervision of the Comptroller-General. It is not likely that the reaching a certain age. Like provision has been made for the survivors of
expenditures in the Philippine Islands need less supervision than our own. the Spanish War. A liberal future compensation has been granted to all
World War. But it is in the case of the disabled and the
The Governor-General is hampered in his selection of subordinates by the the veterans of the
necessity of securing a confirmation, which has oftentimes driven him to dependents that the Governments exhibits its greatest solicitude. This
work
administered by the Veterans' Bureau. The main unis
being
well
the expedience of using army officers in work for which civilian experts
that of hospitalization. This requirement Is being
would be much better fitted. Means should be provided for this and such finished feature is
Various veteran bodies will present to you recommendations
other purposes as he may require out of the revenue which this Government rapidly met.
which should have your careful consideration. At the last session we innow turns back to the Philippine Treasury.
creased our annual expenditure for pensions and relief on account of the
In order that these possessions might suffer no seeming neglect, I have
veterans
of three wars. While I apbreve of proper relief for all suffering.
recently sent Col. Carnal A. Thompson to the islands to make a survey in
I do not favor any further extension of our pension system at this time.
co-operation with the Governor-General to suggest what might be done to
improve conditions. Later, I may make a more extended report including
Alien Property.
recommendations. The economic development of the islands is very
We still have in the possession of the
Important. They ought not to be turned back to the people until they are has always been the policy of America Government the alien property. It
to hold that private enemy property
both politically fitted for self-government and economically independent. should not be confiscated in time of
war. This principle we have scrupuLarge areas are adaptable to the production of rubber. No one contem- lously observed. As this property is
security
for the claims of our citizens
plates any time in the future either under the present or a more independent and our Government, we can not
relinquish It without adequate provision
form of government when we should not assume some responsibility for for their reimbursement.
Legislation for the return of this property, actheir defense. For their economic advantage, for the employement of their companied by suitable provisions
for the liquidation of the claims of our
people, and as a contribution to our power of defense which could not be citizens and our Treasury, should
be adopted. If our Government releases
carried on without rubber, I believe this industry should be encouraged. to
security which it holds for Americans, it must at the same
foreigners
the
It is especially adapted to the Filipino people themselves, who might time provide satisfactory safeguards
for meeting American claims.
cultivate it individually on a small acreage. It could be carried on extensively by American capital in a way to furnish employment at good
Prohibition.
wages. I am opposed to the promotion of any policy that does not provide
The duly authorized public authorities of this country have made profor absolute freedom on the part of the wage earners and do not think we hibition the law of the land. Acting under the Constitution, the Conshould undertake to give power for large holdings of land in the islands gress and the legislatures of practically all the States have adopted legisagainst the opposition of the people of the locality. Any development of lation for its enforcement. Some abuses have arisen which require reform.
the islands must be solely with the first object of benefiting the people of Under the law the National Government has entrusted to the
Treasury
the islands. At an early day, these possessions should be taken out from Department the especial duty of regulation and enforcement. Such
suppleunder all military control and administered entirely on the civil side of mentary legislation as it requires to meet existing conditions should be caregovernment.
fully and speedily enacted. Failure to support the Constitution and observe
National Defense.
the law ought not to be tolerated by public opinion. Especially those in
Our policy of national defense is not one of making war, but of insuring public places, who have taken their oath to support the Constitution,
peace. The land and sea force of America, both in its domestic and foreign ought to be most scrupulous in its observance. Officers of the DepartImplications, is distinctly a peace force. It is an arm of the police power ment of Justice throughout the country should be vigilant in enforcing the
to guarantee order and the execution of the law at home and security to law, but local authorities, which had always been mainly responsible for
the enforcement of law in relation to intoxicating liquor, ought not to seek
our citizens abroad. No self-respecting nation would neglect to Pruvld
DEC. 111926.]
2961
THE CHRONICLE
evasion by attempting to shift the burden wholly upon the Federal agencies.
Under the Constitution the States are jointly charged with the nation in
providing for the enforcement of the prohibition amendment. Some
people do not like the amendment, some do not like other parts of the
Constitution, some do not like any of it. Those who entertain such sentiments have a perfect right to seek through legal methods for a change.
But for any of our inhabitants to observe such parts of the Constitution
as they like, while disregarding others, is a doctrine that would break
down all protection of life and property and destroy the American system
of ordered liberty.
Foreign Relations.
The foreign policy of this Government is well known. It is one of
peace based on that mutual respect that arises from mutual regard for
international rights and the discharge of international obligations. It is
our purpose to promote understanding and good will between ourselves and
all other people. The American people are altogether lacking in an appreciation of the tremendous good fortune that surrounds their international
position. We have no traditional enemies. We are not embarrassed ever
any disputed territory. We have no possessions that are coveted by others;
they have none that are coveted by us. Our borders are unfortified. We
fear no one; no one fears us. All the world knows that the whole extent
of our influence is against war and in favor of peace, against the use of
force and in favor of negotiation, arbitration, and adjudication as a method
of adjusting international differences. We look with disfavor upon all
aggressive warfare. We are strong enough so that no one can charge us
with weakness if we are slow to anger. Our place is sufficiently established
so that we need not be sensitive over trifles. Our resources are large enough
so that we can afford to be generous. At the same time we are a nation
among nations and recognize a responsibility not only to ourselves, but in
the interests of a stable and enlightened civilization, to protect and defend
the international rights of our Government and our citizens.
It Is because of our historical detachment and the generations of comparative indifference toward us by other nations that our public is inclined
to consider altogether too seriously the reports that we are criticized
abroad. We never had a larger foreign trade than at the present time.
Our good offices were never more sought and the necessity for our assistance
and co-operation was never more universally declared in any time of peace.
We know that the sentiments which we entertain toward all other nations
are those of the most sincere friendship and good will and of an unbounded
desire to help, which we are perfectly willing to have judged by their fruits.
In our efforts to adjust our international obligations we have met with a
response which, when everything is considered, I elieve history will record
as a most remarkable and gratifying demonstration of the sanctity with
which civilized nations undertake to discharge their mutual obligations.
Debt settlements have been negotiated with practically all of those who
owed us and all finally adjusted but two, which are in process of ratification. When we consider the real sacrifice that will be necessary on the
part of other nations, considering all their circumstances, to meet their
agreed payments, we ought to hold them in Increased admiration and
respect. It is true that we have extended to them very generous treatment, but it is also true that they have agreed to repay us all that we loaned
to them and some interest.
A special conference on the Chinese customs tariff pr-vided for by the
treaty between the nine Powers relating to the Chinese customs tariff
signed at Washington on Feb. 6 1922, was called by the Chinese Government to m et at Peking on Oct. 26 1925. We partidpated in this conference through fully empowered delegates and, with good will, endeavored
to co-operate with the other participating Powers with a view to putting
Into effect promises made to China at the Washington conference, and
considering any reasonable proposal that might be made by the Chinese
Government for the revision of the treaties on the subject of China's tariff.
With these aims in view the American delegation at the outset of the conference proposed to put into effect the surtaxes provided for by the Wash
ington treaty and to proceed immediately to the negotiation of a treaty.
Which, among other things, was to make provision for the abolition of taxes
collected on goods in transit,remove the tariffrestrictions in existing treaties.
and put into effect the national tariff law of China.
Early in April of the present year the central Chinese Government was
ousted from power by opposing warring factions. It became impossible
under the circumstances to continue the negotiations. Finally. on July 3.
the delegates'of the foreign Powers, including those of the United States,
Issued a statement expressing their unanimous and earnest desire to procoed with the work of the conference at the earliest possible moment when
the delegates of the Chinese Government are in a position to resume discusions with the foreign delegates of the problems before the conference.
We are prepared to resume the negotiations thus interrupted whenever a
Government representing the Chinese people and acting on their behalf
presents itself. The fact that constant warfare between contending
Chinese factions h s rendered it impossible to bring these negotiations to
a successful conclusion is a matter of deep regret. Throughout these
conflicts we have maintained a position of the most careful neutrality.
F
Our naval vessels in Asiatic waters, pursuant to treaty rights, have been
used only for the protection of American citizens.
Silas H. Strewn, Esq., was sent to China as American Commissioner to
co-operate with commissioners of the other Powers in the establishment of
a commithion to inquire into the present practice of extraterritorial jurisdiction in China, with a view to reporting to the governments of the several
Powers their findings of fact in regard to these matters. The Commission
commenced its work in January 1926 and agreed upon a joint report which
was signed on Sept. 16 1926. The Commission's report has been received
and is being studied with a view to determining our future policy in regard
to the question of extraterritorial privileges under treaties between the
United States and China.
The Preparatory Commission for the Disarmament Conference met at
Geneva on May 18 and its work has been proceeding almost continuously
since that date. It would be premature to attempt to form a judgment
as to the progress that has been made. The Commission has had before it
a comprehensive list of questions touching upon all aspects of the question
of the limitation of armament. In the Commission's discussions many
differences of opinion In ye developed. However, I am hopeful that at
east some measure of agreement will be reached as the discussions continue. The American representation on the Commission has consistently
tried to be helpful, and has kept before it the practical objective to which
the Commission is working, namely, actual agreements for the limitation
of armaments. Our representatives will continue their work in that direction.
One of the most encouraging features of the Commission's work thus far
has been the agreement in principle among the naval experts of a majority
of the Powers parties to the Washington treaty limiting naval armaments
upon methods and standards for the comparison and further limitation of
naval armament. It is needless to say that at the proper time I shall be
prepared to proceed along practical lines to the conclusion of agreements
carrying further the work begun at the Washington Conference in 1921.
Department Reports.
Many important subjects which it is impossible even to mention in the
short space of an annual message you will fund fully discussed in the departmental reports. A failure to include them here is not to be taken as indicating any lack of interest, but only a disinclination to state inadequately
what has been much better done in other documents.
The Capital City.
We are embarking on an ambitious building program for the city of
Washington. The Memorial Bridge is under way with all that it holds
for use and beauty. New buildings are soon contemplated. This program
should represent the best that eXists in the art and science of architecture.
Into these structures which must be considered as of a permanent nature
ought to go the aspirations of the nation, its ideals expressed in forms of
beauty. If our country wishes to compete with others, let it not be in the
support of armaments but in the making of a beautiful capital city. Let it
express the soul of America. Whenever an American is at the seat of his
Government, however traveled and cultured he may be, he ought to find
a city of stately proportion, symmetrically laid out and adorned with the
best that there is in architecture, which would arouse his imagination and
stir his patriotic pride. In the coming years Washington should be not only
the art centre of our own country but the art centre of the world. Around
it should centre all that is best in science, in learning,in letters, and in art.
These are the results that justify the creation of those national resources
with which we have been favored.
American Ideals.
America is not and must not be a country without ideals. They are
useless if they are only visionary; they are only valuable if they are practical. A nation can not dwell constantly on the mountain tops. It has to
be replenished and sustained through the ceaseless toil of the less inspiring
valleys. But its face ought always to be turned upward, its vision ought
always to be fixed on high.
We need ideals that can be followed in daily life, that can be translated
into terms of the home. We can not expect to be relieved from toil, but
we do expect to divest it of degrading conditions. Work is honorable; it is
entitled to an honorable recompense. We must strive mightily, but having
striven there is a defect in our political and social system if we are not in
general rewarded with success. To relieve the land of the burdens that came
from the war, to release to the individual more of the fruits of his own
industry, to increase his earning capacity and decrease his hours of labor,
to enlarge the circle of his vision through good roads and better transportation, to place before him the opportunity for education both in science
and in art, to leave him free to receive the inspiration of religion, all these
are ideals which deliver him from the servitude of the body and exalt him
to the service of the soul. Through this emancipation from the things that
are material, we broaden our dominion over the things that are spiritual.
CALVIN COOLIDGE.
The White House, December 7 1926.
Budget Message of President Coolidge—Temporary Tax Reduction Proposed.
Indicating in his annual Budget message his views on the
subject of tax relief, President Coolidge observed that the
Revenue Act of 1929 "has been in effect but nine months,"
and that "we have had too short an experience with the
new law to permit an intelligent permanent reduction of
tax rates." The President stated that "our estimated surplus of $200,000,000 for 1928 is none too large an operating
margin In a business involving an annual expenditure of
1
2 billions of dollars payable from ordinary remore than 3/
ceipts, or more than 4 billions of dollars, when we include
our postal expenditures payable from postal receipts." He
added that "In considering the question of a lessening of
the surplus for the current fiscal year it is necessary to
weigh the desirability in the present of temporary relief to
the American taxpayer against desirability in the future of
greater debt reduction now. Should Congress be of the
opinion that the surplus estimated for the current fiscal
year based upon receipts expected to be received under the
existing law is too large, then I suggest a temporary tax
reduction measure which will cut down this expected surplus by leaving the excess in the pockets of the American
taxpayers." The President's Budget message submitted to
Congress on Dec.8 follows in full herewith:
To the Congress of the United States:
Herewith is transmitted the Budget of the United States for the fiscal
year ending June 30 1928. The receipts and expenditures shown In detail
in the Budget are summarized in the following statement:
SUMMARY (EXCLUSIVE OF POSTAL REVENUES AND POSTAL EX
PENDITURE5 PAID FROM POSTAL REVENUES).
Estimated 1928.
Receipts—
Customs
Income tax
Miscall. Internal revenue
Miscellaneous receipts
Total receipts
Total expenditures
v..... nf ranni ntfl
Estimated 1927.
Aaual 1926.
$001,800,000 00 $016,800,000 00 1579.430.092 86
2,090.000.000 00 2,190.000 000 00 1,982,040.088 58
619.685,000 00
568.985.000 00
855.599.289 26
511.968,077 00 600,295,688 00
545.686,219 44
$3.772,753,077 GO $4,026,780,688 00 $3962755690 14
3,572.049,214 00 3,643,701.593 GO 3.584.987.873 50
1200.703.863 00
$383,079,095 00
1377.787.816 64
Including reduction of the public debt required by law to be made from ordinary
receipts.
2962
THE CHRONICLE
[Vor.. 123.
In carrying out the purposes of the Budget system so wisely prescribed over the Budget estimate, and aidecreaselin expenditure:of $33.687,31450
by the Congress in June 1921, the executive branch and the legislative below that estimate, which is approximately 1% of the total expenditure.
branch of the Government have been co-laborers. It has been a great This increase in receipts and reduction in expenditure increased the estidemonstration of co-operation made possible by our form of government. mated surplus by $115,726,060 64—from $262,041,756, the Budget estiThe results of this united effort have gone directly to the people of this mate, to $377,767,816 64. the actual surplus.
nation. The real object back of this united effort has been to make the
This brings us to the current fiscal year, of which five full months are
greatest possible return to the people of the money which was taken from now completed. The Budget for 1927 forecast for that year receipts
them to finance the World War. And this has been accomplished not to $3,824,530,2034 and expenditures $3,494.222,308 44, and indicated a.surthe dertiment of the Federal service, not by the withholding of funds for plus of $330,307,894 56. This favorable forecast made one year ago now
necessary and worthy purposes, but to the advantage of that service and may be made even more favorable. With five months of the current year
of the business of the people. It has required us to put our house in order completed, the estimate is now that our receipts will amount to $4.026.and to provide for its management in a scientific business way, not alone 780.688 and our expenditures, $3,643,701,593, thus forecasting a surplus
for its current operations, but also for its future requirements.
of $383,079,095.
In the span of a little more than five years there have been three subWhile the revised estimate for 1927 shows an increase of $52,771,200 in
stantial reductions in taxes. The direct result of this has been that the the surplus, it also shows a net increase of $149,500,000 in the estimated
people have been permitted to retain more of their own earnings for their expenditure for that year.
own use and productive investment. And from this, and probably to a
This net increase embraces a number of items in which changes, both
greater extent than from any other cause, has come the great prosperity increases and decreases, have occurred in the year which has ensued since
which now exists in almost all lines in this country.
the original estimate was made. On the increase side of the new estimate
In considering the question of further tax reduction there are many fac- the principal items are: Pensions, $41,000,000; construction of public
tors which should be taken into account. During the past five fiscal buildings and vessels under the Treasury Department.
$25,000,000; vocayears the Treasury has had the benefit of receipts aggregating $950.000,000 tional rehabilitation, insurance and compensation under the
Veterans'
representing returns from moneys theretofore expended by the United Bureau, $41,000,000; public debt reduction, $50,000,000. The lastStates, and,in addition, there has been received $400,000,000 from income mentioned item was due to a corresponding increase in the estimated
receipts
taxes for past years in excess of refunds. In the present fiscal year the of funds that are required by law to be applied to debt reduction as a
result
net income from these items represents about $250,000,000 of our expected of new foreign funding agreements made during the year. The
other items
receipts. They are now about at an end, and in the fiscal year 1928 it is of increase are due principally to new legislation enacted during the year.
estimated the net return from this source will amount to less than $50.- On the decrease side the major items are adjusted service certificate fund,
000,000. We have come to the point, therefore, where we will have to rely $24,000,000; increased receipts of the War Finance Corporation, applied
for the future entirely upon current taxes. The yield from current taxes to a reduction of expenditure, $15.000,000; and interest on public debt,
of the Federal Government is measured by the prosperity of the American $10,000,000. Part of the increase in estimated expenditure was provided
people. When business is good and national income is high, our revenue by appropriations made during the last session of Congress. There
remains
from income taxes based upon a percentage of income is also high. But to be provided at the present session of the Congress for the
1927 requireshould the national income decline, the Government would experience a ments of the Veterans' Bureau $28,000,000,and for pensions $41,000,000.
material loss of revenue even under existing rates of tax. Miscellaneous
We come now to the estimates of appropriations for the fiscal year 1928.
taxes and customs duties are dependent upon the purchasing power of the These are summarized in the following statement, in which they are compeople, which also is subject to variation with prosperity, and we must pared with the appropriations for the fiscal year 1927:
expect a decrease in Government revenue from these sources with any drop
in the purchases of the American people. Under these conditions our
ESTIMATES OF APPROPRIATIONS FOR 1928 COMPARED WITH
estimated surplus of $200,000,000 for 1928 is none too large an operating
APPROPRIATIONS FOR 1927.
margin in a business involving an annual expenditure of more than three
and one-half billions of dollars payable from ordinary receipts, or more than
Estimates of
four billions of dollars when we include our postal expenditures payable
Appropriations, Appropriation4,
from postal receipts.
1928.
1927.
The Revenue Act of 1926 has been in effect but nine months,and the re$16,174,988 76
317.834.919 57
duction in miscellaneous taxes has not yet been fully reflected in revenue. Legislative establishment
We have had too short an experience with the new law to permit an in- Executive Office
438,460 00
819,460 00
telligent permanent reduction of tax rates. It must be clear to all that a Independent Establishements:
Alaska Relief Funds
15,000 00
15,000 00
permanent reduction of rates affects not only the current fiscal year, in
Alien
Property
Custodian
130,650 00
98,000 00
which, as I have said, there are included nonrecurring items aggregating
American Battle Monuments Commission_ _
600,000
00
800,000
00
3250,000,000, but the next and succeeding fiscal years in which nonrecurring
Arlington Memorial Bridge Commission_
2,500,000 00
2,500,000 00
Board of Mediation
items will no longer be material and when current taxes may feel the effect
*285,220 00
390,000 00
Board of Tax Appeals
614,224 64
570,000 00
of any change in our prosperity. Business can easily adjust itself to less
Bureau of Efficiency
210,350 00
210,350 00
expenses brought about by less taxes, but it is much more difficult to make
Civil Service Commission
1,002,742 00
1,001,592 00
an adjustment for more expenses made necessary by more taxes. This
Commission of Fine Arta
7,30000
5,295 00
Employees'Compensation Commission
is particularly true with respect to Federal taxes, since the necessity of
2,694,740 00
2,744,540 00
Federal Board for Vocational Education
8,165,230 00
8,210.620
00
imposing additional taxes would arise from a decline in prosperity which
Federal Power Commission
42,500 00
32,40000
would decrease governmental revenue below governmental expenditures, a
Federal Trade Commission
984,350 00
997,000 00
General Accounting Office
decline which must also affect all taxpayers. Increased taxes to meet
3,783,000 00
3,859,960 00
Housing Corporation
564,236 00
673,398 00
Government requirements would come at a time not of prosperity but of
Inter-State Commerce Commission
6.104,96700
6,153,157
00
depression, and would aggavate the depression. For these reasons I do
National Advisory Committee for Aeronautics
not advise the present session of Congress to reduce permanently our tax
523,000 00
513,000 00
Public Buildings Commission
rates or abolish any particular tax. Each of the three reductions in taxes
260,000 00
Public: Buildings and Public Parks of the
which have been enacted by the Congress since the fiscal year.1921 have
National Capital
2,422,950 00
2,306,850 00
been predicated on an assurance that our financial condition warranted it.
Smithsonian Institution & National Museum
909.871 00
893,301 00
Tariff Commission
No such assurance can be given to-day as a warrant for future permanent
682,000 00
699,000 00
United States Geographic Board
3,94500
345 00
tax reduction.
United States Shipping Board
12,290,000 00
24,198,574 00
With our still enormous national debt amounting to nearly 19% billion
United States Veterans' Bureau
475,400,000 00 462,965,000 00
dollars, a surplus can be no embarrassment,since it can be applied without
Other independent offices, &c
161,000 00
difficulty to the reduction of the interest-bearing obligations of the GovernTotal, Executive Office and independent
ment and thus effect a saving in interest costs. Interest is the largest single
establishments
3520,402,641 00 i521,049,936 64
item of Government expenditure, and its decrease offers the most fruitful
subject for permanent reduction of governmental expenditure. We have Department of Agriculture
3144,487,820 00 8139,635,823 00
had since the close of the war an established program of debt reduction Department of Commerce
35,240,430 00
30,632,847 00
Department of the Interior
285,717,596 00 252,962,318 00
through the sinking fund and application ofreceiptsfrom foreign debt settle- Department
of Justice
25,895,349
50
25,628,707
00
ments. This should not be disturbed. But surplus is a factor in debt Department of Labor
8.558,54000
9,561,305 00
reduction in addition to the items I have just mentioned. In considering Navy Department
313,815,500 00
322,061,975 00
11,969,119 41
17,357,062 64
the question of a lessening of the surplus for the current fiscal year it is State Department
Department
170,468,453 00
176,637,465 63
necessary to weigh the desirability in the present of temporary relief to Treasury
War Department, including Panama Canal,., 366,722,142 00
354,345,801
16
the American taxpayer against desirability in the future of greater debt Districtof Columbia
38,519,869 00
36,532,128 00
reduction now. Should Congress be of the opinion that the surplus estiTotal ordinary
81,937.972,44867 81,904,240,288 64
mated for the current fiscal year based upon receipts expected to be received
under the existing law is too large, then I suggest a temporary tax reduction Reduction in principal of the public debt:
measure which will cut down this expected surplus by leaving the excess in
Sinking fund
8354,157,085 00 8336,058,208 26
Redemption of securities from Federal Rethe -pockets of the American taxpayers.
Federal
and
Bank
Intermediate
serve
temporary
tax
reduction
should
such
take,
if the
In determining the form
Credit Bank franchise tax receipts
800,000 00
1,000,000 00
Congress proposes one,I believe we should adopt the simplest practical plan
Redemption of bonds, &c., received as repayments of principal and as interest paywhich will do equity. It is administratively difficult to consider any arobligations
of
foreign
ments
on
Governm'ts
208,672,475 93 232,923,596 58
rangement affecting the Dec. 15 1926 tax payment. Many individuals
have already paid their income taxes in full, and time is too short for action
Principal of the public debt
3563,629,560 93 3569,981,804 84
Internal
Revenue
before
the
Bureau
of
December
by
the
by Congress and
Interest on the public debt
755,000,000 00
785,000,000 00
payment. It would not be practicable, either, to postpone the date of the
Total payable from the Treasury
83,256,602,009 60 83,259,222,093 48
December payment, since there are $452,000.000 of United States certifiPost Office Department and Postal Service,
Ss
cates ofindebtedness maturing on Dec. 15 1926. and the Treasury is relying
payable from postal revenues
757,969,115 00
738,805,303 00
upon cash to be received during that month to assist it in meeting this
Total, including Post Office Department
maturity. It has seemed to me, therefore, that the most practicable way
and Postal Service
84.014,571,12460 33,998,027,396 48
of preventing the accumulation by the close of this fiscal year of a surplus
authorize
a
reduction in the
larger than the Congress deems desirable is to
*Appropriations for the Railroad Labor Board for 1927 were made available
next
year;
months
of
the
that
Is,
a
six
first
taxes which become due in the
for expenses of the Board of Mediation.
reduction on the quarterly tax payments due March 15 and June 15 1927.
This statement indicates that the estimates of appropriations for 1928
The amount of this relief should depend upon the surplus which Congress
may desire to divert from debt reduction to tax reduction. It is a problem payable from the Treasury are 32,600,000 less than the appropriations
for
action.
1927. The estimates for 1928 do not include the amount which will
originate
must
on which the House under the Constitution
With the experience of another year's test of the Revenue Act of 1926. be required in that year, in addition to existing appropriations, for carrying
and with a more accurate knowledge which the year will give of what the out the Public Building Act of May 25 1926. An estimate for this purfuture has in store for a continuance of our prosperity, we can determine pose, which will amount to approximately 820.000,000, will be submitted
what our pemanent policy of taxation shall be. In times of peace we must to the Congress later, as all of the essential data has not yet been assumbled.
meet governmental expenditures out of governmental revenues. We should On the other hand, the appropriations for 1927 do not take into connot take by taxation more than our requirements. But also we should sideration certain lawful obligations for that year for whch it will be necessary to present supplemental estimates to the Congreelits•
not take less than our requirements.
In the Budget for the fiscal year ending June 30 1927, transmitted to the
Tax Refunds.
Congress Dec. 7 1925, the estimated receipts for the fiscal year 1926 were
The appropriations for 1927 and the estimates for 1928 make no pro$3.880,716.942 and the estimated expenditures $3,618.675,186. Actual
receipts for that year were $3.962.755.690 14, while actual expenditures vision for tax refunds. There will be needed for the balance of the current
totaled but $3,584,987,873 50—an increase of $82,038.748 14 in receipts year $119,000.000 and for 1928 the sum of $152,000,000, approximately.
DEC. 11 1926.]
THE CHRONICLE
There has been spent this year for this purpose $34,775,000, so that the
expenditures for the two years will fairly balance. The appropriations
for this purpose have been completely exhausted. A supplemental estimate
to provide for refunds up to and including December 1927 will be presented to Congress.
National Defense.
The estimates for the War and Navy Departments total $680,537,642.
In addition to this they provide for availability through contract authorizations and allotments from the naval supply account of $5,900,000. Eliminating all non-military items, including the retired list, the Budget provides
$574,000,000 for our national defense. This is a very considerable amount
to spend for protection in time of peace. No threatening cloud at the
present time darkens the sky. Our intent and attitude is one of peace
and friendly regard toward all nations and peoples. This, however, is
not sufficient warrant to neglect our defense and default on necessary
precautions. In recommending the amount herein carried for the Army
and Navy and other national defense factors, I am fully satisfied that
with the wise administration we have reason to expect from those charged
with its expenditure it will give us an adequate defense program.
With regard to personnel the estimates provide for the Army an average
of 11,961 commissioned officers, 1,153 cadets, 1,219 warrant officers,
and 115,000 enlisted men, exclusive of the Philippine Scouts, for which
provision is made to the number of 6,882. For the Navy provision is
made for an average of 7,231 commissioned officers, 1,479 warrant officers,
1.545 midshipmen, and 82,500 enlisted men, and for the Marine Corps
1,020 commissioned officers, 155 warrant officers, and 16,800 enlisted
men. These, with our highly trained and efficient National Guard, for
which the estimates make provision for an average personnel of 180,000,
give us the rather formidable strength of 426,945. But we do not stop
here. The estimates contain funds for the War Department for the
training of 12,924 reserve officers, for the attendance of 30,000 men at
civilian military training camps and for the enrollment of 116,141 students
in the units of the Reserve Officers' Training Corps. Under the Navy
Department provision is made in the estimates for 14,142 fleet and assigned
fleet reserve of the Navy and Marine Corps and the training of 11,145
Navy and Marine Corps reserves.
Taking all of these into account, we are really making provision for
military and naval strength of more than 610,000 men. And this does
not take into consideration the military and naval retired lists, which
embrace 14,167 officers and men, or the Coast Guard of 11,969 officers
and men which, in time of emergency, becomes an integral part of our
national defense. I am in favor of adequate military preparedness, and
so far as personnel is concerned we should certainly have this from the
funds carried in these estimates.
While on the subject of our natoinal defense it is proper to state that
no provision is made in the estimates for the Navy Department for commencing the construction of the remaining three of the eight light cruisers,
which the Act of Dec. 18 1924 authorizes to be undertaken prior to July 1
1927. This country is now engaged in negotiations to broaden our existing
treaties with the great Powers whiI deal with the elimination of competition in naval armaments. I feel that it would be unfortunate at
this time and not in keeping with our attitude toward these negotiations
to commence the construction of these three cruisers. Rather do
I recommend to the Congress the enactment of legislation which will extend
the
time for beginning their construction.
With regard to the improvement of Pearl Habor, Hawaii, an appropriation of $1,000.000 is available this year for commencing dredging operations.
Bids covering the completion of this Navy project will be opened during
the current month. A supplemental estimate will be submitted should
it be found that additional funds for 1928 are needed for the orderly prosecution and early completion of this important project.
Aviation in National Defense and in Commerce.
The Congress has recently prescribed a well-digested and orderly program
for the further development of the air services of the Army and Navy.
The estimates herewith make adequate provision for carrying this program
into effect. They provide for the immediate availability of certain amounts
for the Air Corps of the Army so as not to delay the inauguration of the
five-year program. As the Act defining the Army aircraft program was
not approved until July 2 1926, there was no opportunity to present to
the Congress at its last session an estimate for funds fully to carry into
effect the first Increment during the fiscal year 1927. The estimates submitted herewith make ample provision for carrying into effect that part
of the program for 1927 and 1928 which orderly and efficiently can be
accomplished. They do not, however, make provision of funds for two
full yearly increments, as I do not believe it is the desire of the Congress
that we attempt to crowd into less than one and one-half years a full twoyear increment. The Act of July 2 1926 increases the authorized commissioned strength of the Air Corps of the Army by 403 officers in yearly
increments over the period of the five-year program. No provision for
any of these additional officers is made in these estimates, as the Air Corps
should first absorb the additional 328 officers necessary to bring its actual
strength-919—up to the authorized strentgh-1,247 under the old law.
These 328 additional officers are to be provided from the commissioned
force for which provision is made in these estimates. The additional
enlisted men authorized for the Air Corps are provided for in the enlisted
strength of 115,000 men.
The Navy five-year air program approved June 24 1926, authorized the
construction of two rigid airships of approximately 6,000,000 cubic feet
volume, the two to cost not in excess of $8.000,000. The Act provides that
the building of one of these ships shall be undertaken as soon as practicable
and prior to July 1 1928. Having in mind that the Congress recently appropriated $300,000 for the construction of an all-metal airship for experimental purposes, to determine by practical demonstration the type of
construction and character of material to govern in the future in the making
of lighter-than-air craft, it is thought the part of wisdom to wait upon this
determination, even though it may be found necessary to ask for an extension of the time limit placed on the initiation of work on one of the ships.
Briefly summarized, provision is made in this Budget under the appropriation items for the air services and other items which enter into the cost
thereof for a total of 873,477.380 for aviation of the Army and the Navy.
This amount embraces $20,600,000 for the procurement of new planes and
$2,400,000 for the construction of barracks and quarters at aviation fields.
It does not, however,include the value of supplies available from war surplus
which would increase this total by a number of millions of dollars.
While discussing the subject of our air service, it is proper here to refer
to the other provisions made in this Budget for air navigation. To carry
into effect the Act to encourage and regulate the use of aircraft in commerce,
approved May 20 1926,the estimates carry for the Department of Commerce
$796,250 for the promotion of air commerce and regulatory work, which
Includes funds for the procurement of not to exceed 10 airplanes. and $3.219,500 for the establishment and maintenance of aids to air navigation. The
estimates carry $523,000 for the National Advisory Committee for Aero-
2963
nautics. Under the Department of Agriculture they provide $50,000
for the maintenance and operation of airplane patrol in the national forests
and $120,000 for special weather observations for the benefit of air navigation. The estimates for the Postal Service carry for the operation of the
air mail service between New York and San Francisco $2,350,000, with provision that a part of this sum be made available for contract service if the
route be leased to private operators, and for the contract air mail service
$2.000,000. The estimates for the Coast Guard carry $186,151 for the operation of its seaplane fleet.
The proper development of the aeronautical industry in this country is
essential both to our national defense and commercial aviation. The Federal requirements for aircraft alone are strengthening this industry. The
program which the Congress has prescribed for our air forces will assure the
industry continuing Federal business and an increase from other sources
should accrue to the industry from the legislation for the encouragement of
commercial aviation and from the policy which we are following of making
contracts with private operators for the air transportation of mail. The
Government is operating but one air mail route and proposals have been
Issued by the Post Office Department with a view of placing this route under
contract for operation by private interests. In the production of airplanes
and accessories there is no competition between the Federal Government
and private industry. It is a fortunate situation when the needs of the Government can be met by affording an orderly stimulation of the industry
upon which we depend to supply our needs. The present sound condition
of the aeronatuical industry in this country shows the wisdom of the policy
which we are following. If there is any question as to the failure of our
Government to recognize the importance of aviation in national defense and
in commerce, the answer can be found in the vast sums which heretofore
have been appropriated and the legislation enacted by the Congress. The
estimates contained in this Budget carry alone for this purpose a total of
more than $82,500,000.
Shipping Board.
There is included in this Budget $12,000,000 for the operating deficit of
the Shipping Board. It is believed this amount, re-enforced by certain
receivables and other available resources, with reduction of losses through
sales of lines as opportunity offers, as contemplated by the Congress. will
permit necessary operation of the Government's merchant marine during the
fiscal year 1928. From 1921 to 1926, inclusive, the total net loss incurred
in the operation of its various lines was $238,157,582 18. These figures
represent losses sustained through the operation of the active fleet and the
maintenance of inactive vessels. I mention this to show that in the BIZ
fiscal years from 1921 to 1926, inclusive, the Government has spent in the
operation of its merchant marine an average of nearly $40,000,000 a year.
The losses have been gradually diminishing each year. Provision is also
made for continuing the availability of the $10,000,000 defense fund appropriated in the first session of this Congress.
With regard to the operation of vessels by the Shipping Board. the
Merchant Marine Act of 1920 contemplates that such operation shall be
maintained unless it shall appear within a reasonable time that the lines or
parts thereof can not be made self-sustaining. None of the lines now
being operated are self-sustaining, and while the reduction in cost has
been helpful from the standpoint of the Treasury there is no immediate
prospect that any part of these lines can be operated without loss to the
Government.
Under the joint resolution of July 3 1926, the United States Shipping
Board will present to the Congress not later than Jan. 1 1927, two plans
for building up and maintaining an adequate merchant marine for commerce
and national security—one through private capital and under private
ownership and the other through construction, operation, and ownership
by the Government. The time is approaching, if it has not already been
reached, when the Congress should give consideration to the formulation
of a more definite policy regarding our merchant marine. Such definite
policy, I trust, is foreshadowed in the resolution to which I have referred
Eradication of Tuberculosis.
- For the eradication of tuberculosis in animals an estimate for $5,853,000
is included in the Budget. This is an increase of $1,200,000 over the
amount provided for the current year. The continuing increase in the
number of cities which have placed embargoes against milk from dairy
herds which have not passed the Federal tuberculin test is placing a heavy
burden on the owners of dairy herds, since slaughter of infected animals Is
the accepted method of eradication. The furnishing of pure milk is of vital
importance to the health of the people. Because of its inter-State character, it is entirely proper that the Federal Government share with the
States the cost of protecting the purity of this great food supply. The
amount included in the estimates should permit adequate prosecution of
the work of eliminating tubercular cattle from dairy herds.
The results of the work already done warrant the belief that we can
confidently expect the complete elimination of this menace to health.
With this hope and probability in mind, there certainly is no excuse or
warrant for State or Nation to withhold the funds necessary to effectivtly
carry on this important campaign.
Forest Conservation.
The estimates carry a total $22,037,984 for the protection, preservationl
and conservation of our forests. The forest acreage in the United States Is
approximately 372,426,000 acres, of which 158,000.000 acres are in the
national forests. With such generous forest resources we have been prone
to consider the supply of forest materials inexhaustible. The constantly
increasing demands to meet our growing needs, however, and the destruotion of forests by fire are arousing apprehension that in the comparatively
near future industry may be seriously handicapped for lack of forest
products. Important remedies to meet this situation are fire prevention
and reforestation. Throughout the forest regions co-operative work in
connection with protection of timber and reforestation of lands has been
highly developed. In many of the States it is compulsory on private owners.
The Clarke-McNary law contemplates that the Federal Government as
beneficiary in this co-operative work contribute approximately one-fourth
the cost. Since forest products enter so largely into the necessities of all
of our people, it is proper that the Federal Government stand ready to
bear its share of the needed conservation of our timber resources. The
increased estimates for forest activities now submitted have that end in
view. The recent heavy losses by fire must be met by a deficiency appropriation, which will approximate 52.000,000. With further protective
measures, it is hoped such large deficiency appropriations may be avoided
in the future.
The estimates also include 81.000,000 for the acquisition of land at the
headwaters of navigable streams. While this item is primarily for the
conservation and control of water, the project bears an important relation
to forest conservation. There is now pending in Congress a bill to authorise
an appropriation of $2,000,000 a year for the fiscal year 1928 and
1929 for
this purpose. In the event of the passage of this bill consideration
will be
THE CHRONICLE
2964
given to the submission of a supplemental estimate of $1,000,000 for this
purpose.
Rural Post Roads.
[Vol,. 123.
needed construction program. The funds which we spend to complete thla
program will be a good investment and bring us adequate return.
Special Funds and Accounts.
For co-operative construction of rural post roads to June 30 1928, the
In
addition
to
the
usual
statements giving information of the financial
amount of $765,000.000 has been authorized by the Congress. The esti- transactions
of the establishments of the Government for which annual
mates carry $75,000,000 for 1928, which is the total authorization for that appropriations are made, the 1928
Budget carries a comprehensive summary
year. This amount would bring total appropriations to $666,200,000— of the financial status of a considerable number of special funds, accounts
$98,800,000 less than the amount authorized. In view of the authority and authorizations operated either by Government agencies or under some
granted the Secretary of Agriculture to enter into contractual obligations form of Government supervision and responsibility. This summary makes
for the total authorization, it Is necessary only to appropriate in each available information concerning the financial condition of various Governfiscal year the funds required to pay for current work. The construction ment institutions not heretofore published in readily available form.
program is not delayed by this method. In view of the increasing ability
of the States to finance their own road construction, due to the general
The National Debt.
adoption of the gasoline tax. I renew my recommendation of a year ago
The
reduction
in
the
total
gross debt for the fiscal year 1926 was $872,legislation
restrict
the
participation
in
Federal Government's
that future
State road construction to primary or inter-State highways, leaving it to 977,572 71. This was effected by (1) $487.376,050 69 on account of the
the States to finance their secondary or intercotmty roads. This would sinking fund and other debt retirements chargeable against ordinary reoperate to diminish the amount of the authorizations after the fiscal year ceipts; (2) application of the entire surplus of $377,767,816 64; and (3) reduction in the general fund balance of $7,833,705 38 below the balance at
1929, when the present authority expires.
the close of the previous fiscal year.
In the past five fiscal years the debt reduction aggregated $4,334,000,000,
daternity and Infancy.
and in June 1926 reached a level below twenty billions for the first time since
No estimate is submitted for carrying on the work under theMaternity November 1918. The short-dated debt required to be paid or refunded
and Infancy Act, approved Nov. 23 1921, inasmuch as the authorization of in three and one-half years, which includes the Third Liberty Loan,
appropriations for this purpose was fulfilled 'with the appropriation for amounted on June 30 1926 to 4.7 billions, as compared with 6.1 billions at
the close of the previous fiscal year. The decrease of 1.4 billions in this
1927. A bill is now pending before the Congress extending the provisions part of the
debt has strengthened the position of the Treasury for the reof that Act to the fiscal years 1928 and 1929. If and when that measure funding operations necessary in
connection with the Third Liberty'Loan,
becomes law I propose sending to the Congress a supplemental estimate which matures on Sept. 15 1928. and Is not
callable before that date. •
for an appropriation to make its provisions effective. I am in favor of the
The interest payment on the debt, the largest single item of our expendiproposed legislation extending the period of operation of this law with the tures, amounted to $832.000,000 in 1926. as
against $999,000.000 in 1921.
understanding and hope that the administration of the funds to be provided a decrease of $167,000,000. or nearly 17%.
For 1927 the estimated expenwould be with a view to the gradual withdrawal of the Federal Government ditures are $785.000,000. and for 1928
$755,000.000.
from this field, leaving to the States, who have been paid by Federal funds
The World War Foreign Debt Commission has substantially completed
and schooled under Federal supervision, the privilege and duty of maintain- the duties imposed upon it by Congress.
Eliminating certain debtors
ing this important work without aid or interference from the Federal with which negotiations are not now practical, funding
agreements have
Government.
been signed with all of those nations owing the United States on account of
I have referred in previous Budget messages to the advisability ofrestrict- loans made during and after the war. All of
the settlements have been
ing and curtailing Federal subsidies to the States. The Maternity Act ratified by Congress except those with France and Jugo-Slavia, and in these
offers concrete opportunity to begin this program. The States should now cases the House of Representatives has acted but
the bills are still pending
be In a position to walk alone along this highway of helpful endeavor, and In the Senate. But the French settlement has not yet
been taken up by
I believe it in the interest of the States and the Federal Government to their Parliament. In general, uncertainty with
respect to war debts has
give them the opportunity.
ended.
Enforcement of Prohibition.
For the enforcement of prohibition nearly $30,000,000 is provided in
the Budget by direct and Indirect appropriations. The Coast Guard has
been enlarged and strengthened to enable it to prosecute effectively its
part of the campaign of enforcement, while the other enforcement agencies
have been amply financed. Whatever is necessary to put into effect the
expressed will of the people as written into the Eighteenth Amendment of
the Constitution of the United States and the will of the Congress as
expressed in the Volstead Act Will be done. Whatever funds may be
necessary to vindicate the law and secure compliance with its wise and
righteous provisions should be provided. The constitutional duties of
the President and the Congress make any other course indefensible.
River and Harbor Works.
This Budget carries $66.347,600 for the improvement and maintenance
of existing river and harbor works, flood control, operation and care of
canals, and other works of navigation. This does not include the Maintenance and operation of the Panama Canal, for which $7,600.000 is recommended. For rivers and harbors proper the sum of $50,000,000 is asked.
To complete•approved projects. $195,000,000 will be required. Of the
350,000,000 contained in the Budget slightly more than $30.000,000 will
be available for improvement and new construction. At this rate we will
complete authorized projects in something less than seven years. We are
providing $50.000,000 annually for river and harbor work and $10.000.000
annually for Mississippi flood control. Commitment of the Federal
Government at this time to a more ambitious and generous annual spending
program should not be made without the most careful study of the financial
condition of the country and the plight of the taxpayer.
Relief of Veterans.
For the relief, care, and comfort of the veterans of our various wars and
their dependents I am recommending in this Budget a total of nearly
$705,000.000. This total includes pensions, adjusted compensation, and
all other factors, direct and indirect, that enter into this great patriotic
service the Government owes its defenders. There can be no thought of
curtailing this work of appreciation, this willing attempt to pay the nation's
debt. It may be wise, however, to call a halt at this time with regard to
additional legislation for the veterans. It may be in the interest of the
beneficiaries to permit existing provisions for their care and the care of
their families to rest undisturbed for a period, at least until we can definitely
determine what deserving need is unprovided for. What the veterans need
It is a privilege to give and the giving should crowd the heels of the need
when determined.
Civil Service Retirement.
Neither the estimates of expenditure nor the estimates of appropriations
contained herein include any amount for meeting the accrued liability of
The
the Government to the civil service retirement and disability fund
pay-as-you-go policy should apply to this fund and an appropriation be
Government
The
Act of Congress
made to meet the accrued liability of the
deet
approved July 3 1926. provides for the annual submission of a
an
estimate.
Such
however,
purpose.
this
appropriation
for
estimate of
requires an actuarial valuation of the fund under the new law. 'Chis valuation is under way, but is not yet completed. When completed. I shah
submit to the Congress an estimate of the amount required for the fiscal
Year for this purpose.
Federal Buildings.
The Congress has made wise and substantial provision for the construction of much-needed Federal buildings, both at the seat of Government and
in the States. Contemporaneously with this the Congress made similar
provision for our foreign building requirements and also for permanent housing at our military posts and stations. These measures give us a much-
Alien Property Legislation.
By the Paris agreement the United States has participated officially in
the restoration• of Germany. Through the Federal Reserve system and
through our bankers and private American citizens we have been of assistance in the progress of financial restoration of many countries in Europe.
The American spirit, characteristic of construction, will, I feel sure, be an
active help in further plans to put other countries in sound condition. Europe is progressing and is reaching again peace condition.
There remains still for the United States to settle a series of related ques
Lions now unanswered but which already have the attention of Congress.
These questions are three, and have to do principally with Germany, although similar matters but lesser in amount also involve Austria and Hungary. As a war measure the President, through the Alien Property Custodian. seized the private property of enemy nationals, and to a large extent this property is still held by the Custodian, awaiting disposition by
Congress. Under her treaty of peace with us, Germany undertook to reimburse American nationals and the United States Government for losses and
damages occasioned by Germany. By the treaty the property of German
nationals seized and held in this country is pledged as security for the payment of the claims of American nationals against Germany, and by arrangement between the two countries a mixed German-American commission has been constituted to pass upon the merits of the claims and is now
completing its awards.
Germany's obligations to pay reparations were in excess of her immediate
capacity, and her creditors des ised for her reorganization a I Ian and method
of payment a part of which accrues to the United States. This plan,
in the opinion of its framers. constitutes the maximum that Germany can
immediately pay to her former enemies and of necessity rei resents holding
In abeyance some of Germany's obligations, Un er this plan the amount
applicable to the immediate payment of the American claims is as a practical matter inadequate. Some other way will have to be found to insure
prompt payment to our nations for their losses.
Also as a war measure the United States seized and used ships, radio
stations, and patents belonging to German nationals and found in the
United States. The moral obligation to return the private property or
its proceeds in the hands of the Allen Property Custodian to its German
owners is equally applicable to the payment of compensation for the ships,
radio stations, and patents or proceeds received from their disposal. We
should treat the two situations alike.
Congress should enact into law during the present session a fair and comprehensive plan for the settlement of these three questions. Without here
suggesting the details of any particular plan, I beliet e that a correct solution of the problem is controlled by two i rincit lea. The Supreme Court
of the United States has held in effect that it is within the legal right of
Congress to make such use of the property of German nationals which the
United States has seized as Congress may desire. It might, therefore,
apply the proceeds of this property belonging to German nationals to the
payment of the obligations of the German Government to the United
States and to our nationals, thus satisfying American claims. In my
opinion such a course is not consistent with the American ideal of the
sanctity of private property of nationals, even though their Government
may be at war with us. Sound American policy is opposed to the application of the property of German nationals to the payment of the debt of
their Government. This is the first principle. If the Policy I have just
mentioned is right, as I believe it to be, then the cost of its adoption must
be borne by the whole people, and the policy can not be affirmed at the
sacrifice of the rights of only a part of the people—the American claimants
against Germany. The alien property is pledged as security for the paymentof the American claims. If the United States de; rix es the American claimants of their security it can only do so fairly if it substitutes for this security
practical assurance of ultimate payment of the American claims. The
United States should do justice to German nationals, but it must not do
Justice to Germans by doing injustice to otr own American nationals.
This is the second principle. Within these principles I feel sure that
means will be found to accomplish a solution of the questions fair to all
and consistent with American policies.
CALVIN COOLIDGE.
The White House, Dec. 6 1926.
DEC. 11 1926.]
THE CHRONICLE
2965
Annual Report of Secretary of Treasury—Tax Figures for 1925 Reveal Unparalleled Level
of National Income—McFadden Bill Endorsed.
service retirement fund, and a publis
In indicating the high plane of the country's prosperity, to make up the deficit in the civil
building program necessary to meet in part the Government's need of
Secretary of the Treasury Mellon, in his annual report pre- buildings untouched since before the war. Total expenditures chargeable
sented to Congress on Dec. 9 observes that "from the pre- against ordinary receipts of six billion in 1920, the first real peace year,
and one-half billion in 1924, but, as I have said, by reason
liminary tax figures of profits and earnings for the calendar dropped to threeactivities
of the Government further decreases in expendiof the increased
year 1925, just compiled, it can be safely stated that the tures have not been possible and the tendency has been for these expendicountry has reached a level of national income not before tures to increase slightly in spite of the very considerable saving in interest
the public debtthrough itsretirementand reftmding atlowerinterestrates.
exceeded." Mr. Mellon refers to the financial structure of onThe
suggestion has been made that the expenditures of the Government
the Federal Government as "in excellent shape," and credit could be decreased by altering the sinking fund provision and the use of
were adopted
throughout the country, he says, seems to be ample. An the proceeds ofrepayments offoreign loans. These provisions
by Congress during and after the war, and on the faith of them every
indication of this, he notes, is the ease with which $16,000,- Government
has
time
been taken
obligation sold by the Treasury since that
000 has been recently raised through private subscription by the American people. I need not again express my opinion that the
a contract which it has made with the
for marketing corporations to handle the situation arising United States will never repudiate
purchasers in good faith of its securities. Aside from the ethics of such
out of the large cotton crop. "On the whole," he adds, "it repudiation, which is controlling, business sense demands an early retire
seems to me our domestic situation is in good shape and ment of the national debt. The total interest charges at 4X% on a $25,000,000,000 indebtedness retired uniformly over a 25-year term is $16,000.we can look forward to another satisfactory year."
000,000:over a 62-year term Interest charges would be over $46,000.000,000,
The increase in installment buying is one of the subjects or nearly three times as much interest to be paid over the longer term as
referred to in the Secretary's report; while stating that "the over the shorter term.
The real value of the dollar, that is, its value in terms of goods it will
increase in savings deposits, in building and loan associapurchase, does not remain constant. The experience with our Civil War
tions, in life insurance and in investments shows that in- debt was that we borrowed a 54-cent dollar and repaid an 85-cent dollar
we paid back in
stallment buying has not yet progressed to a point where it (using the 1860 vain° as the base), or, in other words,
value $3 for every $2 we borrowed. Using 1913 as a base, our present war
interferes with the intelligent saving of the American peo- debt was borrowed on a 51-cent dollar, and to-day the dollar is worth
ple," there are, however, he says, two elements of weakness 66 cents. If the appreciation of the dollar continues—and such has been
the longer we postpone payment
against which we should be on our guard. The purchaser fiscal history after other great wars—then
the moreinreal value we will have to pay. From both a moral and a financial
should be careful that the article which he acquires upon standpoint the sinking fund and the application of foreign repayments to
credit has a real and permanent value, and that he does not debt retirement should not be altered. An early repayment of our debt
after other great wars in our history.
tie up too much of his future earnings for his present enjoy- has been the policy of this country
It is sound policy that in the days of our prosperity we should prepare for
ment. Secondly, if demand should decline, there is danger the next emergency.
a
that to stimulate further consumption the terms of payment
If, as I have said, it does not seem probable that we can contemplate
in the next few years, then we must
may be so lightened as to make the credit unsound from a reduction in Government expenditures
to
determine
to
order
in
turn to a consideration of Government receipts
banking standpoint, and the finance companies and the what extent, if at all, taxes can be reduced. These receipts have been of
banks thus become holders of large amounts of slow or un- two general classes.
During the war and in the period of post-war adjustment the Government
collectible paper."
made what might be called capital investments in such things as war supIn his recommendations for legislation, Secretary Mellon plies, now surplus, loans to railroads, investments in the War Finance
In the last
re-states his recently announced views on tax relief, which Corporation, and in the bonds of the Federal Land banks.
fiscal years receipts from these and other similar sources have rehe proposes be in the form of a credit upon inbome taxes, five
turned to the Troasury some $950,000,000. During the same period collecstating that "there is not time to pass legislation to cover tion of back taxes over refunds of taxes,a contribution also from past years,
fiscal year net receipts from
the Dec. 15 1926 income tax date, but before March 15 1927, has brought in $460,000,000. In the current
similar revenues should be $250,000,000. In the next fiscal year similar
Congress might provide for this credit against all income receipts should be about $50,000,000, a decrease of $200,000,000. Of the
taxes, both individual and corporate which are due and pay- investment assets there remains about $400,000,000, but the greater part
doubtful or slow character, and by the close of the present fiscal year
able in the first six months of the calendar year 1927." His Is of
in June the Internal Revenue Bureau should be substantially current on
proposal is that "a credit might be allowed of 30% of the back taxes, and this item as a material not receipt will disappear. In
for future years, therefore, this class of
half year's taxes." Secretary Mellon expresses himself in determining Government receipts
receipts can no longer be relied upon.
agreement with the action taken at the recent annual conThe second general class is composed of the receiptsfrom current taxation.
vention of the American Bankers Association recommending The three divisions, consisting of customs,income taxes, and miscellaneous
revenue, are estimated for the present fiscal year to bring in: Custhe enactment of the so-called McFadden bill, including the internal
toms$615,000,000.income taxes $2,190,000,000,and miscellaneous internal
provisions rechartering the Federal Reserve banks, with revenue, $620,000,000, a total of $3,425,000,000. In the next fiscal year,
certain restrictions on branch banking. The Secretary's that ending June 30 1928, these figures are, respectively, 8600,000,000.
$2,090,000,000 and $570,000,000, a total of $3,260,000,000. The loss on
recommendations for legislation are made as follows:
Income tax revenue is the expected decrease in back taxes, and the loss in
LEGISLATION.
miscellaneous internal revenue is accounted for entirely by the reductions
RECOMMENDATIONS FOR
Taxation.
On Feb. 26 1926, the President approved the Revenue Act of 1926.
This law embodied changes in the administrative provisions which the
actual operation of the income tax law had found desirable; increased the
personal exemptions from $1,000 and $2,500 to $1.500 and $3,500; extended
the credit for earned income; and reduced the normal tax to a 5% maximum
and the surtaxes to a 20% maximum. The capital stock tax on corporations
was removed and in lieu thereof 1% additional income tax was imposed to
make up for the loss in revenue but with no increase in the taxes paid by
corporations. The estate tax was reduced and the possible credit for
inheritance or estate taxes paid to a State increased from 25 to 80%. The
legality of this provision is now pending in the Supreme Court. Many
of the excise taxes were removed,including taxes on trucks and accessories.
The automobile tax was decreased from 5 to 3%. The income tax provisions were generally made applicable to the tax on income earned in the
calendar year 1925 and taxed in the calendar year 1926, and the excise tax
changes became effective either upon the enactment of the law or a few
months later. The effect of the law, therefore, has been felt by the Treasury only during the five months to date of this fiscal year. The law also
created a Joint Congressional Committee on Internal Revenue Taxation
consisting of five members of the Finance Committee of the Senate and five
members ofthe Ways and Means Committeeof the House of Representatives
with the duty of investigating the operation and effect of the Federal system
of internal revenue taxation. This committee has just begun its work.
We have then a new law to which the test ofactual experience has only just
begun to be applied.
The Federal Government in time of peace should meet its expenditures
from current revenues. The source of a government's revenue is taxation.
Taxation must be sufficient to carry out the policies which the Federal
Government deems essential for the welfare and happiness of its citizens.
It is the duty, therefore, of the Government to determine what policies
should be essential, and, if they can be more than met over a series of years
from taxation, to reduce taxes. Conversely, if the governmental revenues
are not sufficient then it is the duty of the Government to increase taxes.
After every great war abnormal expenditures can be reduced, but at the
same time there is an opposing tendency of normal expenditures to increase
due to the growth of the country and the increase in governmental activities.
This latter increase tends to neutralize and ultimately overcomes the
reduction of war expenditures even with the economies in government which
this administration has enforced. Without enumerating all the causes of
greater expenditures by the Government, I might mention,among others.
contributions for good roads, adjusted service compensation,appropriatlonc
of the Revenue Act of 1926, which in practice do not become fully felt for
several years. It is upon these current taxes that the Government must
rely.
In the divisions of the spheres of taxation between the State and municipal
governments, on the one hand, and the Federal Government on the other,
one fundamental difference is particularly noticeable. In general, taxes of
the States and municipalities are based upon real and personal property,
the valuation of which is fairly constant, and upon other sources, such
as franchise taxes, which do not vary substantially over a period of years.
Federal Government revenue on the contrary comes almost entirely from
sources which may and do fluctuate violently from year to year. Income
taxes are based on a percentage of the income earned by the taxpayers.
A good year is immediately reflected in increased income and more Government revenue, and a bad year will equally make itself felt in decreased
income and less Government revenue.
The greater part of the miscellaneous internal revenue taxes are dependent upon the purchasing power of the American people, which In turn
reacts promptly to good or bad times. This is also true of customs. If
consumption falls off, imports immediately decrease, and with them customs duties. I know of no other great nation of which the revenues are
so intimately linked with the prosperity or want of prosperity of its citizens.
Under our present system we have abundant revenues when business is
good, and we may expect diminished returns when conditions change
materially.
There
We are now at a very high tide of prosperity in the United States.
determining
Is no reason to expect at this time a marked reaction, but before
that permanent tax reduction can be had we must have reasonable assurance
obtained.
of a continued flow from the sources from which our revenue is
With only a few months' test of the Revenue Act of 1926, common sense
near
the
exhaustion
face
We
precipitately.
requires that we do not act
war-time assets and the necessity of putting our sole reliance for Government revenue upon a class of current taxes which are peculiarly susceptible
to large variations. Tax reduction applies not to one year but to every
in one
year after its adoption. Surplus is a casual happening, occurring
year and not in another. A loss of revenue which could be easily sustained
In the fiscal year 1927 might result in putting the Budget in the red in 1929
and require the imposition of additional taxation. Business can easily
adjust itself to a lowering of expenses through a reduction in taxes, but if
a decline in prosperity should come business could not stand a raise in
expenses through more taxes Just at a time when it needed not uncertainty
but certainty, not tinkering by the Government, but a sustained and
known public policy.
2966
THE CHRONICLE
r The imperative necessity that we do'not commit our Government to an
[VoL. 123.
not for partisan purposes or to satisfy any class or group, but accordance
in
unsound fiscal policy for the future should not prevent the Government with sound
banking principles.
treating its taxpayers fairly in any particular year in which Government
Banking Legislation.
revenues are overabundant. I believe in debt reduction along the program
The Federal Reserve system is a most important element in the
settled after the war, but I do not believe in the payment of public debt
cona
tinuation of ptsperity in America and will be indipensable
to the undue burdening of productive industry. A balance should
again in any
be financial
crisis which may come. Its continued operation, however, demaintained between debt reductions and tax reductions which is fair
to
all interests in our country. According to present estimates the present pends upon its representing the bulk of the banking resources of the country
and its power to retain these resources in time of
fiscal year should end with a Governmental surplus of
emergency.
about $350,000,000
Membership in the Federal Reserve system is made up of a 1 the national
after providing for the retirement of debt through
the sinking fund and banks,
which are required by law to be members, and of such State banks
from repayment of foreign loans. I see no reason why the greater
part as ma vcluntarlly
of this surplus might not be left in the pockets
join the system. At present the membership consists
of the people of the country of all the
by a credit upon their income taxes.
national banks, about 8,000 in number, and 1,400 out of 20,000
State banks. The combined resources of member banks
There is not time to pass legislation to cover
represent nearly
the Dec. 15 1926 income tax two-thirds
of the banking resources of the country. If the system becomes
payment date, but before March 15 1927, the
Congress might provide for one composed
this credit against all income taxes, both individual
principally of voluntary members, the system, the Governand corporate, which ment, and
the country might be embarrassed in time of emergency by the
are due and payable in the first six months
of the calendar year 1927, being withdrawal
of membership and the depletion of the banking resources subthe last six months of the Government
's fiscal year. A credit might be Ject
to mobilization. It seems to me, then, desirable that Congress
allowed of 30% of the half year's taxes
should
due and payable in the first six keep
the national banks, which are always members of the Federai
months of 1927. This would represent
Reserve
a credit of 15% on the total taxes system,
upon a reasonable equality of powers with the State banks, so
due for the entire calendar year 1927, but
that
the whole credit would be taken in the
national banks may continue to meet the competition
the first six months of the year before
of State banks
the Government's fiscal year closes and
survive.
on June 30. If this policy were
adopted by the Congress, we should end
The national bank is the creature of the Federal Government
the fiscal year having taken from
; the State
our taxpayers only sufficient to carry bank
the
out the essential purposes of the
Federal Government. We will not have National creature of the particular State in which the bank is located.
handicapped the finances of the
banks and State banks exist side by side in the various
States;
Government for the future by adopting a and if
in any State the law of that State grants a power to
permanent reduction of taxes which in
the State bank
lean years might prove inadequate which the
laws of Congress deny to its neighbor, the national bank, and
to our needs. With the Treasury
and the taxpayer both protected, we can If
this power be a valuable business privilege, the tendency
fairly await further experience under
Is for the State
the Revenue Act of 1926.
bank to grow at the expense of the national bank until ultimately
the stockExtension of the Federal Reserve Bank Charters.
holders of the national bank abandon their nati nal charter a
d take out a
The Federal Reserve System has
been in operation 12 years. The State charter. With the development of banking some States have inoriginal charters for the Federal Reserve
banks were for a period of 20 years. creased the powers of their banks, and in some particulars Congress has
so that they now have less than 8 years
to run. These charters must be also liberalized the national bank act to equalize privileges between the
renewed sufficiently in advance of the expiration of
their present tenure to two classes of banks. For example, under certain conditions a national
Itivid any uncertainty as to continuity
of policies and adminisltrations. bank may exercise trust powers in a State where like privileges are given to
It would seem, therefore, that the question
of their renewal shou d not be S tate banks. This is fair to each and is a policy which should be followed
, delayed beyond the present session of Congress.
There is, fortunately, by Congress, except in such cases as the privilege granted to a State bank
little difference of opinion as to the advisability of extending
these charters. is in the opinion of Congress unsound from a banking standpoint.
In the few years of their existence the Federal Reserve
In the former Congress'what has been known as the McFadden
banks have demonbill was
strated beyond any doubt their value to the country.
During these years introduced, based on the principle of the equality of power I have mentioned
the country has come safely through a meat war, not only
above
and which also clarified some of the provisions of the National Bank
without a panic
but with a minimum of strain upon our financial structure.
The credit for Act. The bill failed of passage in the former Congress, was reintroduced
this achievement is due in large measure to the steadying
influence exerted in the present Congress, passed both Houses, but in different forms, and is
by the Federal Reserve system.
now pending in conference between the Senate
and the House. I am
It is difficult to imagine how this could have been
accomplished with advised that the principal matter upon which agreement has not yet been
the archaic banking system under which the country
had
between
the
two
Houses is on the question of the Hull amendment.
operated prior to the
passage of the Federal Reserve Act. That system
The original McFadden bill gave national banks
consisted of a network of
the rig t to establish
Independent banks, with scattered and immobile bank
reserves and a credit branches within the corporate limits of the city in which they were located
Inelasticity which rendered it totally inadequate
to the country's needs. in States where a State bank was authorized to have branches. The
The old banking system was so constituted that
it operated to aggravate provisions of the bill were general and applied to any State in the Union
rather than to relieve panic symptoms in any financial
emergency. Na- in which, at the time the national bank sought to establish its branch, the
tional banks could issue currency only when
secured by Government bonds Policy of that State permitted branch banking. The sole object of the
and were consequently unable to increase the currency
in times of stringency. Hull amendment was to limit the right of national banks in establishing
State banks could expand their credit facilities
only by borrowing from branches to those States in which at the time of the passage of the McFadden
the larger metropolitan banks, with the
result that all loans in the end con- bill the policy of the State was in favor of branch banking. Therefore,
verged on New York. Instead of a co-ordinate
d system of banks with a If any State, which prohibits branch banking, should after the passage
common reservoir of credit, we had a large number
of independent banking of the McFadden bill change its pellet in favor of branch banking, the
units, which in times of stress struggled against
each other,never working Hull amendment would deny to national banks the right to have home
tOgether as part of one great financial structure.
city branches in such a State. In other words, under
the Hull amendment
These defects are cured by the Federal Reserve system.
The 12 regional a national bank in New York City, a State where to- • ay branch banking
barks, under the responsible co-ordinating influence
Is
permitted, might establish branches within the city, but in
of the Federal Reserve
St. Louis,
Board, can effect that prompt mobilization of reserves
which is so essential in a State where to-day branch banking is not permitted, if the State
in preventing panics. These banks are
also able to provide the country policy-changed in the future to favor branch banking, a national bank might
with an elastic currency, which expands
or contracts with seasonal and trade never have branches. Thus the unfairness to national banks sought to
needs. It is possible to supply the farmers and
the trade with adequate be removed by the McFadden bill would be removed in New York State
currency during the crop-moving period and
to effect the necessary con- but not in Missouri.
traction when the seasonal requirements have been
A Federal law which would give certain powers to national banks in 22
met. The reserves of
each regional bank are available, through
the discounting privilege, to all States and would deny the same powers in the future under the same
other Federal Reserve banks. The funds of the
conditions
to national banks in the remaining 26 States is not proper Federal
central reservoir can be
diverted to any bank in the system which has need
of them, so that the legislation. The Hull amendment adds nothing to the protection given by
financing of an increasing or a decreasing volume of
business can be accom- the original McFadden bill to those States which do not permit branch
plished with ease.
banking. Under the original bill national banks may not have branches
Although the Federal Reserve system was put into
operation just prior in such States. But if the policy of a State should change and it permit
to the outbreak ofthe World War,in a period of
State
banks to have branches, then it seems to me that the principle which
unprecedent
financiad strain, is not only emerged without any.impaired economic and gives limited branch anking facilities to national
banks in tates now
ment of its own
strength and stability, but gave the country the soundest financial
structure permitting branch banking should equally apply to States which may
in our history. It also enabled the nation to
adopt
policy
a
similar
in the future. Want of equality between competitors
adjust itself to the new conditions following the war and kept the financial
crisis, which arose during is the reason given for any Federal branch-bank legislation, and I can not
the period of post-war deflation, from degenerating int)
see
reason
why
is
not applicable to to-morrow's want of equality as
that
a panic. As a
result, there was no impairment of our financial structure
at a time when well as to to-day's.
such a calamity would have had most serious consequence
meeting
At
the
annual
of the American Bankers Association, held in
s throughout the
World.
Oct. 1926, in Los Angeles, Calif,, the association adopted a resolution
The Federal Reserve system is to-day one of the most important
recommendi
Congress
the enactment of the so-called McFadden bill,
ng
to
factors
in the effort toward world stabilization. When England made the
moment- including the provisions rechartering the Federal Reserve banks, with the
ous decision to tie its currency to gold and to re-establish the pound
restructions
following
upon branch banking:
upon
First, that no national bank be permitted in any State to establish
a gold basis at its former value, it meant that the end standard for
a
financial branch beyond the corporate limit of the municipalit
y in which the bank
transactions was to continue and that America was not to be left holding is situated;
second, that no national bank be permitted
establish a home
the world's supply of a meta for which the other nations were seeking a city branch in any State which does not at the time of to
such establishment
substitute. The Treasuries ef the two countries supported this action,but permit the State banks to establish branches; third, that no State bank be
permitted to enter or to,retain membership in the Federal Reserve
great credit is due to the Federal Reserve banks for the part which they If
system
it has in operation any branch which may have been established
after
played In bringing about this result. These banks extended a credit of the enactment of H. R. 2 beyond the corporate
limits of the municipality
$100.000.000 to the Bank of England, and the British Treasury arranged in which the bank is sutuated; fourth, that no branches which may have
been
established
after
the
enactment
for credits of an additional $200,000,000 with private American bankers.
of H. R. 2
the corporate
limits of the municipality in which the parent bank isbeyond
situated be permitted
England has been on a gold basis now for a year and a half and has not to be retained
when the State bank
into or consolidates with the
used a single dollar of these credits; nevertheless, without the support national bank, or when two or threeconverts
national banks consolidate.
furnished by the Federal Reserve banks, I do not believe that stabilization
With this recommsndation and under the limitation therein
would have taken place at the time when it actually occurred.
set forth. I
In the plans for the stabilization of the rest of Europe,the participation of thoroughly agree. The national banks have waited patiently for constructive banking legislation from Congress. Owing to the unfortunate
injection
the Federal Reserve banks is equally necessary and In a 1 this the
of the Hull amendment into the McFadden bill, redef
has not yet been had.
interests of the American farmer and manufacturer are vitally concerned.
Many banks have withdrawn from the national bank
system, and unless
The nations of the world must be re-established on a sound financial basis
action is taken by Congress I am fearful that the national
bank system will
If our surplus products are to find an export market. The improvement in
be further weakened. The Federal Government
owes to its own banking
world markets and some adjustments in production have already accomcorporations treatment which will permit them to meet their
competitors.
plished more for agriculture in this country than unlimited extensions of the
State banks, upon at least fairly equal terms. We can
not afford to
credit or artificial measures of price control could possibly have done.
destroy the national banks, which are and must be the backbone
of our
The plans which are now taking shape throughout the world look far Federal
Reserve system.
ahead;for this reason, it is important that no element of uncertainty should
be injected into the situation such as would come from a delay in extending Disposition of Sequestrated German Property
and Payment of Mixed Claims.
the charters of the Federal Reserve banks. It is equally important that
It is eight years since the war ended, b t reconstructi
on is difficult and
the system should not be impaired by changes which seek to benefit any the task is not yet completed.
special group of producers or consumers but which, in the end, might prove of possible friction, and there America still has a duty to remove sources
is
no
greater cause of misunderstanding beto be fundamental and might interfere seriously with the proper functioning tween
nations than the existence of unsettled international questions. For
of the banks as reserve institutions. There must be changes from time to this
reason the administration has urged the funding of inter-allied debts.
time and adjustments to new conditions. But these changes must be made, As a
further step in the program of adjustment, the Treasury prepared last
DEC. 11 1926.1
THE CHRONICLE
2967
be insured by:the United States
March a comprehensive plan fodthelsettlement of thdexisting questions claims. Payment of these claims must
nations should be returned. We can not
between Germany and the United States, and a bill to accomplish this before the property of German
of Germany!at the expense of individual
plan was introduced in Congress by Representative Mills of New York. be generous to the nationals.
(A copy of the Treasury statement describing this plan appears as Exhibit American citizens.
44, page 266 of this report.)
The following extracts are also taken from the report:
This plan proposed in general:
1. That their property be returned to the German nationals.
Through the information the Treasury receives from income tax collec2. That the United States advance the money necessary to pay the tions it is enabled to form an accurate picture of past financial and business
private American claims.
conditions through the country, but necessarily this information does not
3. That the United States pay compensation for the ships,radio stations, cover the current year. From the preliminary tax figures of profits and
and patents taken from German nationals and used by the United States. earnings for the calendar year 1925. Just compiled, it can be safely stated
4. That the Treasury be authorized to borrow the money necessary to that the country has reached a level of national income not before exceeded.
make these payments and all receipts from Germany under the Dawes Nineteen hundred and twenty-six has brought no indication of an ebbing
Plan go to pay interest and principal of the public debt, thus reimbursing of this high tide, and I believe this year has been as satisfactory as the
the
the Treasury.
last. This country has undoubtedly been exceedingly prosperous for
This plan proposed to dispose of the three matters between the United past few years and prosperity is continuing. We have worked hard and
States
United
the
as
States and Germany left unsettled since the war.
extensive
as
nation
we have progressed. still in a
Germany promised to pay the American claims, but Germany also agreed and having such varied interests there must be sections or trades which
to pay to the Allies an enormous bill for reparations. This was more than may not at all times be sharing equally in this prosperity. A land boom in
Germany could do, and in effect it went into receivership. Under the Florida seems to have subsided without serious injury. A bumper cotton
reorganization plan proposed by the Dawes Commission and accepted by crop has materially decreased the price of cotton, but plans for withholding
all of Germany's creditors, including the United States, by the Paris agree- a portion of the crop and for its orderly marketing are already well under
ment, we are to receive a share of the Dawes payments on account of the way and the financing for the purpose is available. The textile industry,
American claims, amounting, when the plants fully operative, to $11,000,- which has been unprofitable for the last few years, will have an opportunity
000 a year. It would, however, take 80 years to pay the awards of the
of the country a
for recovery in the law cost of cotton. In some parts
Mixed Claims Commission if this share alone is used. Unless we should surplus offarm lands, taken over by banks for loans, will have to be worked
confiscatelhe private property of the German nationals which we hold and out. Bituminous coal mining, which has been depressed, shows improveapply the proceeds against these claims, the American claimants, receiving
instances of malment through foreign demand. These are specific
only a fraction of their awards each year, would get little real compensation adjustment, but if we take the United States as a whole, the current year
for their losses. Payments in small installments over a long period of time
from which comes
has been good. The high earning power of our people,
the year
mean little to an individual, but are of benefit to a government which is
our great buying capacity, is indicated by increases in sales during
no
be
particular
It
would
for
centuries.
in
cars, tractors,
existence
expected to continue
by mail order houses and of agricultural implements, motor
of
indication
hardship, therefore, for the United States, out of the money borrowed for
Another
luxuries.
and many other articles once considered
the purpose, to pay off the private American claimants and to rely upon well-being is the amount of travel abroad and within the country by train
the broadness of its
subsequent receipts from Germany for reimbursement.
and motor. The strength of our present prosperity is
The alternative is to confiscate the private property of German nationals
have gone up, more life
base: yet with all this spending, savings accounts
by the small
sought
to pay the debt of their Government,
are
securities
insurance is being written, and sound
Although Germany is obligated to make good to her nationals for any
investor.
declined slightly and
property taken to pay the debt of their Government to American citizens,
During the year commodity prices generally have
unless we know as a practical matter that such payment will be adequate, farm prices have not yet been restored to their relative position as compared
are good. Induswages
for us to take the private property is confiscation. It has always been
and
with all prices. There is little unemployment
prices which has
American policy to recognize this sanctity of private property of ethers,
active. There is a close margin between costs and
is
try
business and
even though we are at war with their Government, and we should not
competition severe, but due to the great volume of
made
change now. As a commercial nation with large interests abroad, the quantity production profits, small in each transaction, have been large
restoration
own
be
our
to
may
the
law
a
of
as
been
part
this
international
has
of
policy
continuation
in the aggregate. The most notable improvement
material advantage in the future should another war ensue. And,finally, of the railroads to their proper place in the community. They are beginning
we took the property as trustee, negativing the intention to confiscate it, to make up for losses following Government control. Their credit is good
and under the Berlin treaty and joint resolution of Congress we have and their efficiency is of the highest order. The railroads are one of the
agreed to hold the property only until suitable provision is made for the principal factors in the strength of this country. Their ability to handle
payment of the American claims. Our own conduct appears to have traffic promptly and efficaciously is evidenced by the increase in carloadings
estopped us from using this private property to pay Germany's debt even and by the practice of hand-to-mouth buying and curtailed inventories of
less effective
if the Constitution would permit confiscation, now that we are at peace.
manufacturers and dealers, which would not be possible with
The payment for ships, radio stations, and patents, is but a recognition transportation.
shape.
excellent
property
of
the
in
benefit
is
States,
having
received
the
United
that
Government
offair dealing
The financial structure of the Federal
with a peak of
taken and used, should pay just compensation.
The national debt is below 193 billion dollars as compared par, and taxes
The plan embodied in one piece of legislation all of the principal matters 204 just after the war, Government bonds are all above
left oVer from the war and would, if adopted, be a settlement with honor are yielding ample revenue. Government expenditures have been kept
more efficiently
to the United States.
down,and the work of the Federal Government is, I think,
Objection arose to the plan in the Committee on Ways and Means of the handled. Credit throughout the country seems to be ample. An indication
House of Representatives because the plan imposed a burden on the Treas- of this is the ease with which $16.000,000 has been recently raised through
ury, and various other plans have been suggested. The Treasury under- private subscription for marketing corporations to handle the situation
is plentiful,
took the preparation of the plan in the first instance for the purPose of arising out of the large cotton crop. Money for investment
investments reprepresenting some constructive solution of the entire problem. I have not and it Is most encouraging to note the extent of security
seems to me our domestic
considered that this particular plan is the only one which Congress should sented by the small investor. On the whole it
to another satisfactory
adopt. I am quite ready to support any legislation for the solution of the. situation is in good shape and we can look forward
question which meets the two requirements which I believe to be essential. year.
country
America has become a large factor in the world's affairs and our
First, that the United States shall not take the private property of enemy
The past year has seen a notable
nationals without insuring adequate compensation to the ownerS; and, in turn is influenced by world conditions.
trade.
its
of
and in the increase
second, that the United States shall not adopt a fair policy to foreign improvement in the stability of the world
operation in England
nationals with whome we were at war at the expense of individual American A gold basis for currency has now been in successful
strike England has not had
citizens, whose complete protection should be the first care of our own for nearly two years, and in spite of a general
against
to call at all on the credits arranged in this country as insurance
country.
operation
The suggestions which have appeared up to the time of the writing of emergencies. The Dawes plan has completed two full years of
confidence
greater
this report as alternatives for the Treasury plan have recognized the first and is functioning satisfactorily. The world is placing
Italy
of those principles, but not to the full extent the second. I think it might in the successful outcome of this great test. The finances of France,
currency
be well for me to repeat some of the re isons why I think the second principle and Belgium have improved: Belgium has recently stabilized its
nations.
is even more l'aportant than the first:
on a gold basis, and I look for further progress in the case of other
First. It is the duty of a nation as a wition to protect its citizens against Settlements have been negotiated by the American Debt Commission with
held by
obligations
by
an individual practically all of the debtor nations and the demand
harm by another nation. Therefore, the burdens suffered
in
through the unlawful aggressions of Germany should be borne not by the the United States have been funded into time obligations, definite
been
individual alone who has suffered, but by the United States as a whole. amount, and uncertainty has been removed. These settlements have
cases
Second. In the Berlin treaty, which embodied certain provisions of ratified by Congress, and by the interested countries, except in the
we can
the Versailles treaty, Germany agreed that the alien property could be of France and Yugoslavia. I think Europe is progressing and
used to pay American claims and that Germany would reimburse her own look for continued improvement abroad.
over-bu ding.
nationals. In the Winslow Act, passed in 1923,for the payment of certain
In America in particular lines there may have been some
and
earnings to the owners of the alien property. Congress seems to have ig- Generally, however, the demand continues for better living conditions
is beginning
which
nored the right of the American claimants and in effect estopped itselffrom the building industry is sound. There is another factor
have
making use of the property as it was originally empowered to do under the to make itself felt. Public buildings, Federal, State, and municipal,
Berlin treaty. In our participation in the Dawos Plan through the Paris not kept up with the growth of the country either in amount or in character.
agreement, without the consent of the American claimants, America in The Federal Government has practically done no building since the war.
Congress has
effect postponed and placed upon an indefinite basis the American claims, although governmental activities have greatly increased.
expenditure of
both as to the amount to be paid and time of payment. The action of now adopted a five-year building program involving the
inadequate
Congress by the Winslow Act and the United States' participation in the $165,000,000. In a great many States public institutions are
have to come.
Dawes plan, by taking rights away from the American claimants, put upon to meet the demand of the community and new buildings will
work.
continued
this country the duty to see that American claimants do not suffer from The program for hard roads is incomplete and requires
will supplethese acts.
I believe that the influence of these governmental requirements
this
In discussing the authority of Congress over enemy property the Supreme ment the private needs and should remove the fear of a slump in
Court, in the recent case of United States vs. Chemical Foundation (Inc.) important industry.
discussion.
(decided Oct. 11 1926), said:
The increase in installment plan buying has caused much
There is no support for a construction that would restrain the force of An installment purchase means that instead of postponing the enjoyment
the broad language used. Congress was untrammeled and free to authorize of some article until the purchaser has saved up the money required to
the seizure, use, or appropriation of such properties without any compensaenjoyment, paying out of future
tion to the owners. There is no constitutional prohibition against con- make the purchase, he takes immediate
fiscation of enemy properties. . . . And the act makes no provision and not past savings. Within limits there is nothing inherently unsound
claim
furniture and
no
The
against
have
former
the
enemy
owners
compensation.
for
in this practice. Itr has been customary to buy household
patents or the proceeds derived from the sales. It makes no difference
installment plan, and its extension to automobiles, washing
to them whether the consideration paid by the Foundation was adequate pianos on the
represents only a natural enlargement of the
or inadequate. The provision that after the war enemy claims shall be machines, and similar things
settled as Congress shall direct conferred no rights upon such owners. articles purchased for personal use. One of the remits of the extension of
Moreover, the Treaty of Berlin prevents the enforcement of any claim by iistallment purchases has been to increase the immediate consumptive
'Germany or its nationals against the United States or its nationals on
power of the public and thus permit large production and full employment
account of the seizures and sales in question.
in savings deposits, in building and loan associaUnder this decision a return of the property to the German owners repre- to continue. The increase
insurance, and in investments shows that installment buying
sents not a legal but a moral duty. This decision has not changed my Cons, in life
progressed to a point where it interferes with the intelligent
view that America can and should be generous in its treatment of this has not yet
American people. There are, however, two elements of
private property. There has been set up a mixed American German saving of the
we should be on guard. The purchaser should
Commission, which has determined the justice and amount of the American weakness against which
2968
THE CHRONICLE
[VOL. 123.
be careful that the article which he acquires upon credit has a real and fled by the
United States and the several debtor Governments. The
permanen value and that he does not tie up too much of his future earnings agreement
with Czechoslovakia has been approved by the United States.
for his present enjoyment. Secondly. If demand should decline there is The Commission
has not yet been notified that action to ratify the agreedanger that to stimulate further consumption the terms of payment may ment has
been taken by the Czechoslovak Republic. The agreements with
be so lightened as to make the credit unsound from a banking standpoint, France
and Jugoslavia have been approved by the House of Representatives,
and the finance companies and the banks thus become holders of large but not by
the Senate. The French Government has not yet ratified the
amounts of slow or uncollectible parer. Subject to avoidance of
these agreement with France, while the agreement with Jugoslavia has been
dangers. installment buying does not yet seem to be menacing our financial approved
by that Government.
soundness.
For brief reports regarding the negotiations and execution of the funding
The Liberty Loan campaign to sell Government bonds taught many agreements, see
the annual reports of the World War Foreign Debt Compeople how to invest their savings. As a result of this education, of more mission
contained in the annual reports of the Secretary of the Treasury
effective bond salesmanship, and of high earnings in America, there has for the
fiscal years ended June 30 1922, 1923. 1924 and 1925, and pages
been created an Investment market, and the public readily buys large
57 to 79 of this [pamphlet] report.
amounts of new security issues, resorting to the banks for loans to assist
There is set out below a statement showing the payments on account:of
in these purchases. I3usiness concerns have come to prefer permanent principal of
the funded obligations up to Nov. 16 1926:
financing as distinguished from commercial loa s from the banks,and there
has been a tendency with a great many corporations through the sale of
in United States Obligations.
bonds, notes, or capital stock, to resort to the public for money to
meet
their corporate requirements. Partly because commercial bills are not as
Country.
Cash.
Accrued InterTotal.
frequently resorted to for credit and the banks have difficulty in obtaining
Face
sit to Date of
Amount.
sufficient amount of these bills, and partly on account of the demand of
Payment.
the public for loans to help carry securities purchased, the banks have had Belgium
$2,100,000 00
52,100.000 00
to seek investments themselves in securities or loans to customers secured Czechoslovakia. 3,000,000 00
3000,00000
92,000 00
by bonds and stocks. This has brought into the assets of the banks an Finland
$44,850
00
$150 00
137.000 00
Great Britain
35,723
62
69.742,70000
increase in investments and loans on securities without a proportionate Hungary
221,576 38
70,000.000
°O
19,690 50
19,690 50
increase in short term commercial bills. Since it is the latter which are Italy
5,000,000 00
5,000,000 00
the most easily liquidated, we are gradually noting a decline in assets which Lithuania
60,225 00
60,225 00
200,000 00
may be rediscounted at the Federal Reserve banks and thus in what may Rumania
200,000 00
Jugoslavia
200,000 00
be called the liquidity of bank assets. This trend has in no way endangered
200,000,00
the strength of our banking system, but it is a movement which may require
$5,707,639 12 574,787,550 00
$221,726 38 $80,716,915 50
care lest it go too far.
There is set out below a statement showing the
For most of our national existence the United States has been what is
payments on account
of
interest on the funded obligations up to Nov. 15
porularly called a "debtor" nation. Large amounts of foreign capital
1926:
sought investment In this country and little American capital went abroad.
As a result of the war and the conditions which have prevailed in America
in United States Obligations
In Bonds
and abroad, investment funds have been plentiful in the United States
of Debtor
Accrued Inand scarce in a reat many other countries. American securities owned by
Country,
GovernCash.
Face Amount. !crest to Date
Total.
meats.
foreigners have largely been resold here,and money of the American investor
of Payment.
has also gone into the securities of other countries. We have become a
$
$
$
5
"creditor" nation. We are owed more than we owe. While this change Belgium
$
1,740,000 00
1,740,000 00
Is a result of world conditions an not of conscious action by this country, Esthonia.
50,000 00
50,000
00
Finland
783,594 28
nevertheless the objection has been raised to foreign loans on two general
154,750 00
55072
938,895 00
Great Britain
49,761,339 43 428,742,600 00 1,376.060 57 479,880.000
grounds: First, that the loans will be used to establish more effective Hungary_
00
_ __ 43,555 50
103,245 06
146.800 58
competition against American in ustry, and, second, that the loans are Latvia
87,000 00
87.000 00
not safe. Considering the subject as a whole it must be remembered that Lithuania..._ 135,225 00 227,706 76
362,931
76
Poland
1,750,000 00
e international bankers are not t .e investors in foreign securities. They
1,750,000 00
simply act as agents in mobilizing the say! gs of thousands of Americans
178.780 50 54 502 ....o.o.
___ __ ___ ono
___ oo‘...
_ _.__ '.-7A
0 •ori 1 on d‘td..ARS•
seeking a sound place to invest. The brea th of this market is indicated
by the fact that in many of the recent large foreign issues the average
Federal
Farm
Loan System.
investment has been around $3,000. The money which is seeking profitable
Federal Land Banks.-During the fiscal year
employment is therefore not that of a single group of interests in the United
ended June 30 1926, the
States, but of an intelligent and widespread body of our citizenship. If Federal Land banks closed 36,803 loans, amounting in the
aggregate to
their savings can make them a better return, all things considered, through $125,253,591. Netearningsfor the same period amounted
to
investments abroad than through investments at home, It would seem a portion of which was used to increase reserve accounts $8,596,543.62,
from $7,544.700
that,so long as credit facilities here are ample, no harm is done to the Ameri- to $8,467,500. The net amount of outstanding mortgage
loans made by
Federal Land banks aggregated, as of June 30
can fiscal s3stern by the encouragement of foreign investments.
1926, 51,043,954,725.03.
The proposition that these loans create competition harmful to America, The amount of Farm Loan bonds, issued by Federal Land
banks, outin its final analysis, is not, I believe, sound. Money which puts a nation standing as of June 30 1926, was 51,029.375,635.
A notable achievement in this period was the
on its feet through the stabilization of its currency or which increases the
reduction in the loan rate
productiveness of industry or trade in a foreign country enlarges the earning from 5.35%, which obtained in all the banks of the system, to 5%
in five
capacity of the people and increases their buying power and thus stimulates of the banks and to 5 y,% in one otherliThis was made possible both
world trade as a whole. In this trade America has a great share. For our because of the favorable terms on which Farm Loan bonds were
being
manufacturers we have the protection of the tariff, and for those for whom sold and because of the volume of business now on the banks' books,
the tariff does not giN e complete protection, particularly the farmer, we enabling them to operate on narrower margins of profit.
The Treasury originally subscribed practically all the capital stock in
should encourage the purchasing power of other countries so that there
the Federal Land banks. The law provides that this capital is to be retired
will be a greater demand for American products.
out
of the proceeds of stock subscriptions by National Farm Loan assoThe question of the soundness of a particular loan is not one upon which
the Federal Government should pass, but it is the banker floating the ciations. On June 30 1926, Government capital had been reduced to $1,loan in this country who must decide this question n the first instance, 180:440. All Government capital has been retired in seven banks.
The National Farm Loan associations, subsidiary organizations through
and it is the investor using his savings to acquire the secur.ty who
must which
Federal Land Bank loans are made, increased in number during
finally decide whether or not the risk is to be accepted. The test of
the
the fiscal year from 4,652 to 4,664. The combined capital stock
security of a foreign loan does not (Eller from the test of the secur.ty
in all
of a
domestic loan. There is, however, involved in foreign loans the question Federal Land tanks on June 30 1926, amounted to $55,816,545, of
which
of exchange, with which a domestic loan is not concerned. The revenues 554.066.050 is owned by National Farm Loan associations,
and the
remainder, with the exception of $569,155, is owned
of a foreign debtor are usually in the currency of his own country and
by the Federal
Its
obligations sold in America are payable in American currency. Ifs foreign Government.
Joint Stock Land Banks.-During the fiscal year two
loan is productive-and by that I mean that the debtor out of the use of
Joint Stock Land
the money borrowed can repay the principal, the interest, and make a banks were chartered and four banks were liquidated. At the end
of the
fiscal year there were 57 Joint Stock Land banks in
profit for itself-then I think foreign loans are sound.
actual operation In
all the States of the Union except the New England
States, Delaware,
OBLIGATIONS OF FOREIGN GOVERNMENTS.
Florida, New Mexico, and Montana.
The total principal amount of obligations of foreign Governments
Loans amounting to $133,187,999 were made by
Joint Stock Land
originally held by the Treasury was $10,338,058,352 20.
banks during the year to 21,220 borrowers.
Debt-funding agreements executed pursuant to the authority of the
The combined capital stock of all Joint Stock Lanu
banks on June 30
Act of Feb. 9 1922. as amended by the Act of Feb. 28 1923,and as further 1926, was 543,494,020; reserve,
34,637,239 50: surplus and undivided
amended by the Act of Jan. 21 1925, providing for the funding of $9.811,- profits, $6,876,014 81. The net amount
of outstanding mortgage loans
094.094 03, principal amount of obligations of foreign Governments held made by Joint Stock Land banks aggregated
as of June 30 1926.$600,149.by the Treasury, have been concluded with the Governments of Belgium, 835 63. The amount of Farm Loan
bonds issued by Joint Stock Land
Czechoslovakia, Esthonia, Finland,. France, Great Britain, Hungary, banks outstanding as of June 30 1926,
was $571.476,800.
Italy, Latvia, Lithuania, Poland. Rumania and Jugoslavia.
Federal Intermediate Credit Banks.-The 12 Federal
Intermediate Credit
There is set out below a statement showing by countries the principal banks authorized by the Agricultural
Credits Act of 1923 have been In
amount of obligations funded and the amount of accrued interest thereon actual operation practically three years.
Each bank has a paid-in capital
included in the principal of the debt as funded:
of $2,000,000, with a call upon the Treasury for
an additional $3,000,000.
The following statement indicates the volume of
their business and the
Funded
extent of their service:
Date of
Ostend,
Funded
Country.
Interest.
Agreement. Principal (Net).
Debt.
Direct original advances to co-operative marketing
associations from the
beginning of operations to June 30 1926, aggregated
$
$
$
5149,160,099 65. In
Belgium
Aug. 18 1925 377,029,570 06 40,750,429 94 417.780,000 00 addition, renewal notes equaled 3108,643,976 32. Total loans, therefore,
Czechoslovakia Oct. 13 1925
91,879,671 03 23,120,328 97
115,000,000 00 amounted to $257,804.075 97. Of this sum
3224,488,164 96 has been
Esthonia
Oct. 28 1925
1,763,777 85
12,066,222 15
13,830,000 00 repaid, leaving outstanding at the
close of the fiscal year $33,315,911 01.
Finland
May 1 1923
718,073 83
8,281,926 17
9,000,000 00
France
April 29 1926 3,340,516,043 72 684,483,956 28 4,025,000,000 00 These advances were distributed by commodities, as follows:
Great Britain_ June 19 1923 4,074,818,358 44 525.181,641 56 4,600.000.000 00 Tobacco
352.239,909 50
Hungary
April 25 1924
253,164 39
1,685,835 81
1,939,000 00 Cotton
Italy
58,281.163 06
Nov. 14 1925 1,647,869,19796 394,130.802 04 2.042,000,00000 Raisins
Latvia
12,600,000 00
Sept. 24 1925
642,712 86
5,775,000 00 Wheat
5,132,287 14
10,138,075 26
Lithuania
Sept.22 1924
4,981,628 03
1,048,371 97
6,030,000 00 Wool
Poland
3,850.145 49
Nov. 14 1924 159,668,972 39
178,560,000 00 Prunes
18,893,027 61
1,900,000 00
Rumania
Dec. 4 1925
44,590,000 00 Canned fruit and vegetables
36.128.49494
8,461,505 06
6.630.837 09
3ugoslavia
62.850,00000 Peanuts
May 3 1926
11,812,113 61
51,037,886 39
565.530 00
Rice
1,914,731 65
9 811 094 094 03 1.711.259.905 97 11,522,354,000 00 Broom COM
335.447
60
Redtop
The funding agreements with Esthonia Finland, Great Britain, Hun- Olive seed
95,80000
oil
51,960 00
gary, Lithuania, Poland and Rumania have been ratified by the United Coffee
406.500 00
States and by their respective Governments and the new obligations pro- Hay
75,000 00
vided for in the funding agreements have b en delivered to the United Grimm alfalfa seed
75,000 00
States. The agreements with Belgium, Ital ai Lit fix hive 1)301 ratlTotal
$149,160,099 65
DEC. 11 1926.]
p
THE CHRONICLE
Original rediscounts aggregated $90,409,465 35 and renewals $43,987.367 04 additional. or a total of $134,396,832 39. Repayments have been
made in the sum of $91.262,725, leaving outstanding at the close of the
fiscal year $43,134,107 39. The agencies through which these rediscounts
were made are classified as follows:
Agricultural credit corporations
$62,453,694 99
National banks
196,215 02
State banks
2,853,393 11
Livestock loan companies
24,376,484 71
Savings banks and trust companies
529,678 42
Total
2969
would have been approximately 5.36%. This in a measure indicates the
increase in the business of the department and is comparable with the
4.65% for the fiscal year 1925. Exclusive of the increases in the expenditures due to the salary bill of 1925, the postal expenditures increased only
1.29%, which is comparable to the 3.34% for the fiscal year 1925.
The actual expenditures,including those for increases in salaries, exceeded
the revenues by $19,972,379 42. The cash deficiency is a decrease of
$19,772,647 87 under that for 4925 when it amounted to $39,745.027 29.
However after adjustments accounting for the amount paid en account of
undischarged obligations carried over from previous fiscal years and the
additions of contributions to the civil service retirement fund and for
obligations for 1925 outstanding, the operating deficit becomes $37.906.118 07. During the year there was paid out approximately 565,000.000 on
account of increases in salaries due under the Act of 1925. If this had not
become necessary, the deficit would have been eliminated and we would
have had a substantial surplus even though no additional revenues had been
derived from the operation of new postage rates.
$90,409,465 35
The Federal Intermediate Credit banks paid into the United States
Treasury, as provided in Section 206, Paragraph (b) of the Agricultural
Credits Act of 1923.50% of the net earnings of said banks for the calendar
year ending Dec. 31 1925. or $508,589 86. On June 30 1926, the surplus,
reserve, and undivided profits accounts aggregated $2,088,618 32.
The following is also taken from the report:
It is estimated that approximately 90,561 farmers have been served
through the rediscount of their individual notes and 882.129 served as
Postal Finances.
members of co-operative marketing associations. The interest rate on
The revenue of the Postal Service for the fiscal year ended June 30 1926,
direct loans to co-operative marketing associations continued at 4%%
until early in November, when due to the condition of the debentui e including the fees from money-order business, amounted to $659.819,801 08.
market,it was increased to 5%. Again, on June 15 1926,it was reduced to This represents an increase of 560,228,323 49 over the receipts for the
year, which amounted to $599,591,477 59, the rate of
45 %. The rate on rediscounts was 5% throughout the period covered by preceding fiscal
increase being 10.04%, as compared with an increase of 4.65% for 1925
this report.
over
1924.
General.—Wbile the operations of the Farm Loan system have, generally
The audited expenditures for the year were 5679,704.053 25, an increase
speaking, proceeded in a satisfactory manner, there appear to oe many
expenditures for
opportunities for substant al improvement in both the administrative and over the preceding year of 540.422.405 26. The audited
operating functions of the system. Some of these improvements may be the fiscal year were therefore 519,884.252 17 in excess of the revenues, and
funds by fire, burglary, and other causes
losses
of
postal
thereto
adding
by
accomplished through revision of regulations, readjustments of personnel,
or standardizing of procedure. The remainder, and unquestionably the of 588,127 25 the total cash deficiency in the postal revenue for the fiscal
more important, may be achieved only by amendment of the FarmLoan year amounts to 519,972.379 42.
The deficiency has decreased 519,772.647 87from 1925,when it amounted
Act.
With respect to those defects which may be remedied without legislation, to 539.745.027 29. The deficiency is subject to adjustments, however,
since it is based on actual payments made during 1925. and includes paythe Treasury has mreaciy taken steps to appLy corrective measures.
could not be
As an examp e of what hoz been accomp isbed along these Ines, reference ments for services rendered in previous fiscal years which
on account
may be made to the revision of the regulations of the Farm Loan Board. paid at the time the obligations were incurred. The payments
and
in
like manner
adjustment,
such
eliminated
in
should
be
years
In Oct. 1925, attent on was drawn to the fact that some of the Joint Stock of prior
should be taken
Land banks had evidenced an inclination to interpret the regulations of similar obligations incurred in 1925 and subsequently paid
into account.
the Farm Loan Board in such manner as to enable them, ny certain book
keeping devices, to pay dividends which, when viewed from a conservative Railway Mail Pay Proceedings Before the Inter-State Commerce Commission.
standpoint, might be deemed excessive. It is appreciated that under the
In the last annual report reference was made to the proceeding pending
act, which permits a Joint Stock Land Bank to sell its bonds to the extent before the Inter-State Commerce Commission on the application of the
of fifteen times its capital, the business of the bank may be extended and railroads in the New England and Intermountain and Pacific Coast States
satifactory service rendered the public only if the capital stock of the to make the new rates theretofore fixed retroactive from the filing of the
bank may be increased as may be found necessary. Sound banking prin- carriers' petition. Adversely to the contention of the department that the
ciples demand, however, that dividends to investors in Joint Stock Land Congress did not give the commission authority to make rates fixed by it
Bank stocks should be paid at a rate that can be maintained, and that retroactive, the commission rendered a decision on Dec. 8 1925, making
wide fluctuations should be avoided in the market values of the stock.
the rates so found effective on the date of the filing of the carriers' petitions.
As soon as the Treasury was advised of the situation as above set forth,
The decision was not unanimous,four of the commissioners filing dissenting
an examination was directed to be made of certain of the banks of the views.
system. As a result of this examination it developed that the regulations
The department furnished the Comptroller General of the United States
of the Farm Loan Board were not sufficiently comprehensive to
enforce with all the facts and asked whether payments could be made in accordance
the adoption of standardized methods of accounting and banking
practice with the order of the Commission. To this the Comptroller General replied
by the Joint Stock Land banks. To remedy this condition, revised
regula- that
tions were prepared and promulgated in June 1926. While there continue
the Act of July 28 1916 (39 Stat. 429, 430) authorizes the payments at the
to be many apparent opportunities for the further strengthening of these increased rates only on and after the date of orders increasing rates for the
is one
regulations, it is felt that the recent revision will prove an adequate remedy carrying of malls, and that any questions of retroactive payments
which the Congress appears to have reserved for its decision and such
for at least some of the former defects in management.
specific appropriation as it may conclude to make, if any.
Among the other improvements attained in the administration of the
Upon receipt of th,s information the Postmaster General renewed his
system is the reinforcement of the bureau's examining facilities. Due, in
all probability, to the rapid growth of the system, the Federal Farm Loan application, supported by the Comptroller General's opinion, to the Comapplication was denied by
Bureau has fallen considerably in arrears in the examination of the banks mission, asking that the order be vacated. This
of the system. An investigation was directed to be made of this situation, the Commission. Payment to the railroads of retroactive compensation
been denied upon the autority of
Commission
has
order
of
the
under
the
as a result of which there has been formed in the bureau an examining
General's opinion. As a result, 20 railroads of the Interdivision, headed by a chief examiner, with three assistant chief examiners the Comptroller
England group have
and a force of examiners and reviewing appraisers sufficient to conduct mountain and Pacific Coast States and 3 of the New
the Court of Claims to recover the amount in controversy.
examinations of the banks of the system, as required by the Farm Loan filed suits in
New
England section
the
railroads
in
the
the
last
report,
As
mentioned
in
Act. This division, in addition, will assist the banks in standardizing
and
methods of accounting and banking practice and of preparing reports of instituted a proceeding before the Commission for a re-examination
refixing of rates for mail service on their lines, asking increases in rates of
condition.
The Treasury will continue to study the operations of the system and will pay. This case is now in process of preparation for submission to the
from time to time make such other improvements as are shown to be Commission.
Reference was made in the last report to the decision of the Commission
necessary.
There are, however, several fundamental weaknesses in the organic In the Intermountain and Pacific Coast States case granting an increase
law. This is not intended, and should not be construed, as a criticism of n pay. Such ncrease was given to the roads as a group on the showing
the framers ofthe original act,for the defectsin question could be ascertained made as such group. During the hearings it was shown that seven of the
only through several years of actual operation and could not have possibly roads were receiving more than adequate pay, and it is believed that as a
been foreseen at the time the law was enacted. It is not possible at this result of the decision five other roads are also receiving in excess of adequate
time to set forth in full the particular provisions which experience has pay. Accordingly the Postmaster General filed his application with the
demonstrated to be faulty. In brief, they pertain to the administrative Commission requesting a re-examination, with a view of decreasing the
powers bested in the board and to the control exercised by the Treasury rates on these roads. The case was reopened by the Commission, and the
over the operations of the system. A careful analysis is being made of the department is seeking to secure the appropriate evidence for submission
situations which have arisen in the past and which may be avoided in the of the case.
As mentioned n the last report, additional short-line railroads in the
future only through revision of the organic ac. As a iesult of such analysis
Intermountain and Pacific Coast States not included in the Commission's
appropriate recommendations will be made to Congress.
The system has fully demonstrated its capacity for providing valuable decision of Jan.22 1925,granting increases to certain roads in that territory,
service to the farmer. Bonds of the system, offered to the investing public, made application to the Comnussion for a re-examination of the facts and
are entirely sound and their popularity is continually increasing. It is circumstances surrounding the transportation of the mails on their lines.
earnestly believed chat with the passage by Congress of the necessary This case was prepared and submitted to the Commission, but decision
remedial amendments to the act, and with the continued introduction of has not been rendered.
Mention was made in the last report that 203 trunk-line railroads and
improved methods of administration, the system will in the future be able
Commerce
substantially to surpass the very creditable record attained during the about 91 short-line railroads had petitioned the Inter-State
Commission
for a re-examination of the facts and circumstances surrounding
10 years of its existence.
the transportation of the mails on their lines. A period from Sept. 16 to
Oct. 20 1925, inclusive, was selected by the department and the roads for
and agreement reached to
Annual Report of Postmaster General—Increase in the purpose of securing statistics as to operation1925.
The statistical data
use the financial statistics for the calendar year
Limit on Postal Savings Deposits Proposed.
were reported by the railroads, and the department is now engaged in
In presenting the record of accomplishment of the postal checking and compiling the same preparatory to the preparation of the
evidence to be submitted to the Commission.
service during the fiscal year ended June 30 1926, Postmaster General New states that "although the salary roll
was increased over $70,000,000 a year, and the new postal
rates produced less than one-half of this new demand, yet
the revenues came nearer balancing the expenditures than
at the end of the last fiscal year. The report says:
r
The postal revenues for the fiscal year were augmented by the additional
enues resulting from the increases in postage rates provided by the Act
1923 The estimated amount of such additional receipts for the year has
ot ye been completed. Estimating the amount approximately and
ing the receipts thereby, the increase on the basis of the old rates
Postal Savings.
On June 30 1926, there was remaining to the credit of postal savings
depositors the sum of 5138.033.326 62, an increase of 52,102.428 04 over
the amount for the corresponding date last year. This was represented by
outstanding certificates of deposit, interest accrued on such certificates, and
unredeemed postal savings stamps as follows:
Certificates outstanding
5134,178,558 00
Interest accrued
3.796,140 72
stamps
Postal savings
58,627 90
savings
deposits
were
being received at 5,853
On June 30 1926, postal
depositories, including 770 branches and stations, a decrease of 32 depositories during the year.
2970
THE CHRONICLE
The facility furnished the depositor for transferring his account from one
post office to another is of special benefit, as it enables him to continue his
account at the new office without loss of interest. During the past year
4,834 accounts, aggregating $2.606.261, were thus transferred, an increase
of $314,158 over the amount transferred during the preceding year.
Payments of 2,031 accounts of deceased and incompetent depositors to
the next of kin or to their legal representatives were authorized during the
year, aggregating the sum of $872,108.
Postal savings certificates may be exchanged on Jan. 1 and July 1 of each
year for postal savings bonds bearing interest at the rate of 2M %. During
the past fiscal year postal savings bonds to the amount of $544,160 were
thus issued to 496 depositors, being an increase of $213,020 in value over
the preceding year, showing a growing appreciation of this facility.
It is believed that the growth of the system is retarded by certain limitations fixed by present law. Undoubtedly if the present limit of $2,500 were
increased, additional money would be intrusted to the department, as
reports from postmasters indicate that many of the regular depositorsNave
already reached the legal limit of deposit and would utilize the service
further if the amount which could be accepted were substantially increased.
Suggestion for legislation to remedy this situation is found elsewhere.
Report of Department of Interior—Pensions of
$207,844,348 Paid During Year—Irrigation
Projects.
Advantageous changes in the administrative methods and
policies of the various bureaus and branches of the Interior
Department are contained in the annual report of the Secretary of the Interior made public Dec. 6. The report
shows that on June 30 1925 there were 16,386 employees of
the Department, as against 14,735 on June 30 1926, a reduction of 1,651. One of the accomplishments of the year cited
In the report is the removal of the Pension Bureau into the
Interior Building so that all, the major branches of the
Department are now housed under the same roof. This
has had the result of bringing the scattered bureaus and
offices together for the first time in the Department's history.
Administrative effort and improved public service by
each of the principal bureaus of the Department are given
in detail by the report. In the General Land Office, a reduction in operating expenses of $538,925 16 is shown, the
costs being $2,370,170 for the fiscal year of 1926, as compared with $2,909,095 for the preceding year. The average
number of employees of the Land Office organization was
decreased from 903 In 1925 to 769 in 1926, a reduction of
134. Revenues of the Bureau collected from all sources
amounted to $11,414,040 for 1926, as against $10,766,195, a
gain of $647,845.
In summarizing the activities of the Pension Bureau, the
report states that the Bureau disbursed in pensions for the
year the sum of $207,844,348, which covered the entire
amount appropriated and available for that purpose. Unexpended balances of $13,707, $423, $2,402 and $6,333 were
returned to the Federal Treasury from appropriations for
operating costs of different divisions of the Bureau. The
Bureau disposed of 139,351 claims and issued 87,956 pension
certificates during the year. Under the Retirement Act
there was $6,766,601 disbursed for annuities during the year
and $3,443,864 for refunds. The amount of the fund on June
30 1926 was $54,622,564.
Activities of the Bureau of Education for the year are
outlined. Eight surveys into different phases of education
were made at the request of the proper officers of States,
while 61 investigations were completed by members of the
Bureau's staff. There are also 63 important studies now in
progress in the Bureau, according to the report, dealing with
educational subjects. Reading courses were conducted,
which enrolled more than 20,00 readers, of whom 1,600 were
added during the year. In Alaska the Bureau conducted 86
schools, including summer schools, for Alaskan natives with
160 teachers and 3,912 pupils. Three industrial schools
were maintained. Five hospitals were also operated for the
natives of Alaska with five full-time physicians, 22 hospitals
and village nurses, and one first-aid man. A boat has been
remodeled, equipped and manned as a floating hospital for
duty on the Yukon River during the season of navigation,
with a medical staff of a doctor and two.nurses. Medical
relief is thus being carried to 4,000 native people who live
along the Yukon and tributary rivers.
The Geological Survey, the report states, made geologic
surveys in 43 States and the District of Columbia, including geologic mapping, determination of stratigraphy, structure and geologic history, and examination of mineral resources. During the year it co-operated with eight States
in geologic work and continued detailed geologic mapping
of the coal fields of public land States, preparing reports
showing the outcropping, thickness, quality of coal and estimates of available tonnage. Eight field parties were main-
[VOL. 123.
tained in Alaska during the field season. The Bureau also
took over by transfer from the Bureau of Mines the supervision of the production of coal and oil on public lands in
Alaska as well as the supervision of mine safety. The report shows that 227,036 books, 8,949 geologic folios and 760,346 maps of the Geological Survey were distributed during
the year, of which 637,779 maps and folios were sold for
$47,841.
The Bureau of Reclamation continued the operation of
Irrigation projects, providing a water supply for the irrigation of 1,802,970 acres of land. Construction work during
the year included the completion of the Gerber dam on the
Klamath project, Oregon-California; the virtual completion
of the McKay dam for the irrigation of the great Umatilla
project in Oregon; continuance of construction work on the
Guernsey dam on the North Platte project in Nebraska.
Wyoming and the American Falls dam in Idaho; and commencement of construction on the Kittitas division of the
Yakima project in Washington. The Bureau also co-operated in the preparation of the Adjustment Act providing
for the exclusion from project obligations of all unfit land
and suspending and wiping out charges on land temporarily
or permanently unsuited to the production of paying crop.
Annual Report of Secretary of Agriculture, W. M.
Jardine—Improvement in Agricultural Situation—
Co-Operative Associations.
Further moderate improvement in the agricultural situation as a whole during the last year is noted by Secretary of
Agriculture W.M.Jardine in his annual report, made public
Dec. 10. Certain regions, he observes, have suffered reverses, notably the cotton States, whose principal crop,
produced in exceptional abundance, is selling at very low
prices. He also says:
Parts of the spring-wheat States have harvested a poor crop. Generally speaking, however, the position of agriculture is better now than
It has been in any year since 1920. Livestock raisers, dairymen, and
winter-wheat growers have earned good returns, and underlying conditions
In the corn belt have improved. The year, in short, has been similar to
the last few years in that it has seen marked but not uniform improvement
in agricultural conditions.
Since the depression period of 1920-21 every agricultural section of the
country and every important branch of agriculture have made progress.
Recovery has not been uninterrupted; nor, as I have indicated, have all
groups of producers shared in it equally. Nevertheless, the gain has been
substantial. For the crop year 1925-26 the net income of the agricultrual
Industry as a unit is estimated at about $2,757,000,000, or 4% more than
for the crop year 1924-25. In the same period the net return on the value
of the capital invested in agriculture was about 4.6%,compared with 3.1%
In the crop year 1922-23 and only 0.6% in the crop year 1920-21.
Unfortunately, the recent slump in cotton prices makes it doubtful
whether the crop year 1926-27 will carry forward the story of improvement
at the rate established in the last few years. An average price of about
18 cents a pound for the estimated cotton crop would be necessary to yield
the cotton States an income equal to that of last year. Recently the farm
price of cotton has been around 12 cents a pound. While there are prospects that this extremely low price will be only temporary, it does not
seem probable at this writing that returns to the cotton growers will be
satisfactory. It is also true that over much of the country farmers are
still struggling with a burden of debt and reduced buying power.
Even a good year, therefore, would have to be spoken of in terms of'
improvement rather than of full prosperity. The situat on continues to
present problems of heavy production and some lingering disparity between
the prices of farm products and the prices of industrial goods and services.
These facts must not be forgotten. On the other hand, they should not
blind us to the real gain that has been made. If the cotton belt is the
black spot in the agricultural picture for the time being, it does not darken
the whole of the picture by any means.
Secretary Jardine enters into a discussion of the tariff
and farmer and says:
It would be in the highest degree unwise for farmers at this time tolaunch an attack on the tariff without carefully considering the possibility
that in the near future they may need it more than any other economic
group in the country. I have said that I can not venture a guess as to
where the balance of advantage lies between agriculture and industry at
this moment in regard to tariff advantages. That is a point that can only
be settled by detailed expert analysis of tariff schedules and commodity
prices. I firmly believe, moreover, that in every possible way the tariff
should be made equitable as between agriculture and industry. Nevertheless, I am obliged to dissent strongly from the doctrine that the tariff
is of no benefit to the farmer at the present time; and I am still more strongly
convinced that the relative advantage of tariff protection will swing definitely to the side of agriculture, as the dependence of our farmers on foreign
markets grows less and that of our industrialists becomes greater.
In urging the organization of co-operative marketing
agencies, Secretary Jardine has the following to say:
Co-operative associations reporting to the Department at the end of 1925.
had on their membership rolls a total of 2,700,000 producers. Allowing
for duplication, owing to the fact that many farmers are members of two or
more associations, and for inactive members, it is conservative to state
that approximately 2,000.000 farmers are now engaged in co-operative marketing. The membership of co-operatives to-day is more than three timesas great as in 1915, when it was approximately 651,000. The total business
of co-operative associations in 1915 was $635.800,000. In 1925 it reached
approximately the huge total of $2.400,000,000.
The United States has become great industrially largely through mass
production, which facilitates elimination of waste and lowering of overhead
costs. Large-scale organization in the business world has effected tremendous economies both in production and distribution, and has enabled manufacturers to supply consumers with what they want when they want It. It
DEC. 11 1926.]
T-FiF CHRONICLE
seems to me that in this matter agriculture...must follow the example of industry. It must have a similar large-scale development of its business organization, managed by competent executives. There are 6,500.000 farmers, each representing a unit of agricultural business. It is therefore not
easy to organize agriculture for effective business operations. But the
start that has been made in that direction indicates that it can be done.
Natural limits to the extent to which co-operative marketing can be centralized are set by the fact that each basic agricitural product presents
problems of its own. It is obviously impracticable to have wheat growers,
cotton growers, fruit growers and livestock raisers all in the same organization. So far as I can see now, there ought to be separate organizations for
each leading commodity. But there ought not to be too many competing
organizations, each striving to handle the same product. When a crop is
handled by several hundred small concerns, whether they are co-operative
or private, there is bound to be confusion, price cutting when supplies are
heavy, market gluts and other conditions that result in heavy losses for
which the producer must pay.
What we need, in short, is organization, both local and regional. Our
co-operative marketing agencies should be organized on the broadest scale
compatible with effective dealing with the special problems presented by
the different branches of agriculture. There are about 4,000 farmers' elevators in the United States, and no fewer than nine wheat pools. These
elevators and pools, however, do not conduct any common policy. As a
result they have probably little more bargaining power than have individual
wheat growers. But if they were federated, our wheat growers' organizations would be in a position to exercise a very considerable influence on market conditions. It is not necessary for a co-operative association to handle
the whole of a crop in order to have some say as to its price. It is often
enough to control merely the surplus beyond what is required for current
consumption.
Farmers can unquestionably exercise effective bargaining power through
commodity organizations representing a majority of the producers of the
crops handled by the organizations. In that way they can prevent disastrous ups and downs in prices, cause a steady flow of products to the
best markets,and exert some influence on production. It is important that
farmers' organizations should not confine their work merely to regulating
the flow of agricultural products to market. They should seek to adjust
production as well as marketing to consumption requirements. Effective
agricultural co-operation begins at seeding and planting time, and •in the
case of many crops ends only when the product is turned over to the processor or to the consumer. When farmers' business organizations take
this broad view of their functions they can make a real contribution to
the stability and progress of agriculture.
As to freight rates the report states:
2971
and
prisoners: "I recommend legislation making it a crime,
escape
prisoner
to
Federal
a
providing a penalty therefor, for
from any institution in which confined or while being con"
veyed to or from such institution.
In regard to legislation,4which is under consideration on
the recommendation of the Department, the AttorneyGeneral calls attention to the pending measure in Congress
(Senate 4041). The experience of the Department in dealing
with removal cases in many parts of the country during
many years has resulted in recommendations for such legislation by the Department in previous annual reports. The
pending measure, as the report states,"provides that criminal
Freight Rates.
Transportation charges, although not overhead in the proper sense
of that term, nevertheless are often a burdensome, uncontrollable factor
in farm business. Farm commodity prices especially in areas distant
from markets, are seriously depressed by high freight rates. It is my
conviction, often stated, that we must have substantial readjustments
In freight rates. There have been no freight rate reductions of importance
on agricultural commodities in the last year. The Department of Agriculture's index of freight rates indicates that they are still 58% higher
than before the war. It is instructive to compare this figure with the
index for farm commodity prices, which in September stood at only 34%
above the pre-war level.
What rail transportation charges sometimes mean to the farmer can
be realized from an Illustration or two. It costs 26.4 cents to ship a
bushel of wheat from Wichita, Kan., to the Gulf of Mexico. It costs
27.8 cents a bushel on the average to ship wheat from the spring-wheat
area to the Atlantic seaboard. These freight costs are large relatively as
well as absolutely. They place the American farmer at a disadvantage
of from 4 to 10 cents a bushel in comparison with the freight costs of his
competitors in Canada and Argentina.
Annual Report of Attorney-General of United States
—Recommendations.
In the annual report of the Attorney-General of the United
States, made public Dec. 6, there are a number of renewals of
recommendations made in the report of a year ago, especially
concerning the7passage of bills that have been prepared in
Congress in pursuance of former recommendations made
by the Attorney-General on behalf of the Department of
Justice. There are also a number of new recommendations,
among which are the following, touching the subject of
criminal contempt:
In anti-trust and other cases the effect of a decree of the court may be coextensive with the United States; hence, In a case where a decree has been
entered in New York and an act in contempt of such decree has been committed in California, the defendant must be brought to New York for
punishment. This in some cases not only inflicts a hardship upon the
defendant, but also imposes a considerable expense upon the United States,
whereas if the offender may be punished in the district in which the contempt was committed speedy action may be had at a minimum expense.
I therefore recommend that Section 268 of the Judicial Code be so
amended as to provide, in cases of criminal contempt instituted by the
United States, that the contempt may be punished either in the district in
which the decree alleged to have been violated has been entered or in the
district in which the Act constituting the contempt has been committed.
Under Section 22 of the Clayton Act a contempt may be punished by
both fine and imprisonment. Under Section 268 of the Judicial Code the
punishment for contempt is by fine or imprisonment. I believe these two
statutues should be harmonized so as to provide the same punishment, and
therefore recommend that Section 268 of the Judicial Code be amended
to provide for punishment of contempt by fine or imprisonment, or both.
It is further recommended that Section 268 of the Judicial Code be
amended so as to add to the punishment for contempt the costs of the
contempt proceedings. There is believed to be no reason why the Government should stand the costs of criminal contempt proceedings in those
cases in which the accused is adjudged guilty, and no reason why the costs
in such cases should not be made a part of the penalty.
warrants issuing out of Federal courts may be addressed to
any marshal or deputy marshal of the United States and
be executed in any place within the limits of the United
States or subject to the jurisdiction thereof by the arrest of
the person named therein and his removal forthwith to the
pending,
district wherein the indictment or information is
and provides for the admission to bail of the person arrested,
district wherein the indictment or information is pending,
and provides for the admission to bail of the person arrested,
where he is entitled to bail, and makes it the duty of the
officer making the arrest in a district other than that in
which the indictment is found or the information filed to
take the person so arrested, if requested so to do, before a
justice or judge of the United States or a United States
commissioner for the purpose of giving bail."
operations of the
In that part of the report relating to the
enforcedivision of the Department having to do with the
entry
the
called
to
attention
is
laws
anti-trust
ment of the
enjoining
of a number of consent decrees during the past year,
conviolations of the anti-trust law, which called forth
siderable public discussion. The report says:
A consent decree is analagous to a plea of guilty in a criminal proceeding
and represents simply a submission by a defendant in equity to the demands
of the petitioner. Such decrees have been of frequent occurrence in antitrust history from the beginning, and have been recognized by Congress
of dein Section 5 of the Clayton Act. It is believed that the readiness
fendants in these cases to seek compliance with the law when violation on
benefits
public
great
productive
of
is
their part is brought to their attention
through the avoidance of long and costly litigation. The result of such
litigation is generally to obtain no more for the public than is obtained by
the entry of a consent decree in the beginning. If an advertised merger or
proposed combination be suspected of illegality, investigation is started
at once and if there be evidence of illegality, proceedings are instituted
before the plan can be consummated. By this method, stock in the concern is not unloaded upon the public, the interest of the sustomer is protected, the honest producer is benefited, and the evil of the promoter is
averted.
Some comments are also made in this part of the report regarding Section 7 of the Clayton Act, attention being called
to criticisms of that section of the Act in communications
received at the Department. While no definite recommendations are made regarding this feature of the law, Section 7
of the Clayton Act is quoted as follows:
That no corporation engaged in commerce shall acquire, directly or
indirectly, the whole or any part of the stock or other share capital of
another corporation engaged also in commerce, where the effect of such
acquisition may be to substantially lessen competition between the corporation whose stock is so acquired and the corporation making the acquisition, or to restrain such commerce in any section or community,or tend to
create a monopoly of any line of commerce.
After calling attention to various suggestions that have
been made with respect to changes in this section of the law,
the following suggestion is offered:
If desired to amend, adopt the language of Sections 2 and 3 by striking
out the words ''between the corporation whose stock is so acquired and the
corporation making the acquisition, or to restrain such commerce in any
i$11
section or community."
On the other hand, it is frequently suggested that the purpose of the
section was simply to prevent the maintenance of "bogus" independents—.
the holding by one corporation of the stock or other share capital of another
corporation ostensibly an independent competitor. The argument is that
the mere acquisition by corporation A of the stock of corporation B is
intended to be legal provided that the assets of corporation B are promptly
thereafter conveyed to corporation A and corporation B is dissolved. If
desired to amend, change "acquire" to "hold."
President Coolidge Does Not Believe Installment Selling
of Sufficient Volume to Give Concern.
President Coolidge does not believe that installment buying
in the United States is of sufficient magnitude to cause concern, it was stated on his behalf at the White House on
Dec.3,says the "United States Daily" of Dec.4, which adds:
It was said that the total income of all persons in the United States is
estimated to be about $70,000.000.000 annually and that credit advanced
to those who buy on the installment plan amounts to about $2,000,000.000.
The President was said to believe this amount of buying on the installnot a matter which should worry the nation when considered
Another new recommendation relates to the subject of ment plan is
in comparison with the total income. None of the departments of the
escaping prisoners, and calls attention to the fact that many Government,it was said, has received any information which would indicate
States have laws making it a crime to escape from prison, the Government should interest itself in the question of installment buying
It was also made known that President Coolidge considers installment
bait there is no Federal law making it a crime to escape from buying to be the modern method of obtaining credit for persons receiving
Federal prison or other places of confinement for Federal small salaries who would otherwise be handicapped in their purchases.
6/
2972
THE CHRONICLE
Indications of Business Activity
[VOL. 123.
1
THE STATE OF TRADE—COMMERCIAL EPITOME. time last year. Stocks have latterly been on the
whole tirm,
Friday Night, Dec. 10 1926.
and to-day in some cases reached new high records on heavy
General retail trade has been stimulated by cold weather, covering, notably in steel, locomotive, motor
oil and other
with snows over much of the country. Holiday business is stocks. The November report of the United
States Steel
good. But wholesale trade, as usual at this time of year, Corporation shows that unfilled steel bookings reached a
slackens. The industries generally show a tendency to slow total of 3,807,000 tons, a gain of 123,786 tens, although
the
down, led hr steel and iron. This falling off, however, is total is over 700,000 tons smaller than at the
same time
not so n••:,rcable in the textile trades, whether in cotton last year. It is pointed out that of the world's gold stock
goods Gr woolens. The actual sales of these gooas, it in of $0,509,793,000, nearly 50% is held in this country.
Money
true, are relatively small at the moment, but the mills are has been easier. French francs have risen to a new high
busier. Cotton has advanced slightly. The last Government level. This has injured manufacturers in France
to a cerreport of the season estimated the crop at 18,618,000 bales, tain extent. Those who bought raw material when francs
or only about 220,000 bales larger than the previous esti- were low naturally, find themselves at a disadvantage in
mate, whereas an increase had been expected of nearly competing with others who bought raw material when francs
treble this quantity, making the total 19,000,000 bales. And had considerably advanced. Money is easy in London
and
the Department's explanation that it was making allow- the better class of stocks there have been noticeably firm.
ance for a possible loss of a portion of the crop, either from
At Fall River the print cloth division is operating at 82%,
bad weather or the abandonment of poor cotton by the the highest in three years. The fine goods division there is
farmer on account of low prices was rightly or wrongly also operating at 82%. At Exeter, N. H., the mills of
the
regarded as a tacit admission that the crop was in the Exeter Manufacturing Co. are to be brought up to date and
neighborhood of 19,000,000 bales. And yet curiously enough, will be reopened in a short time. The new bleachery will
prices ended the week at a small advance. There is sup- have a total production of approximately 21,000,000 yards
port under the market on declines, in.the shape of mill a year. At Claremont, N. H., the Monadnock mills are
and investment buying. Besides, 9c. will be advanced to running 50% of the plant on cotton yarn. At Pennacook,
the farmer by the Intermediate Credit banks on the basis N. H., the Harris Emery mill is working at capacity. At
of middling for 18 months with no calls for margins. This Ashland, N. H., the Ashland knitting mills are very busy.
is figured to equal 10% to 11c, for futures here. Southern Newport, N. H., is ready to allow exemption from taxes to
farmers, it is reported, are not pressing their cotton on the any concern that takes over the Peerless mill, providing the
market so eagerly. Wool has been selling at firm or some- next session of the Legislature grants the power. At Clarewhat higher prices at the London and Australian sales, but mont, N. H., the Dartmouth Woolen Co.'s plant is working
there have been a good many withdrawals in London. Wheat full time and on a night shift. At Hooksett, N. H.,
the
has declined somewhat with export business much of the Dundee mills, one of the few manufacturers of linen crashes
time seemingly small, but it new turns out that it was in this country, is working about half of its force. The only
much larger than was reported. Much Canadian wheat has other linen mill in the State, the Meredith
Linen Co., is
been caught en route to market by the unexpected early said to be doing nothing. The Dundee industry
faces forclosing of Canadian navigation. A somewhat larger export eign competition and much lower foreign than American
business has been done in rye and for the first time in a prices for linen despite the fact that there is a 40%
ad
long period Europe has been buying oats futures in Chicago. valorem duty on the same class of linens as those made by
Prices for No. 2 white oats are the highest for months past. the Dundee mills. Concord, N. H., reports that employCorn has advanced 2 to 3c., owing partly to bad weather ment in the textile mills is much better than a year ago,
interrupting husking. The new crop is of fair grade, so far despite conditions in the Otis Co. plant at Greenville and
as can be judged by the receipts at Chicago. Coffee has the Salmon Falls Manufacturing Co.
declined here and in Brazil. Sugar has advanced on the
Berlin cabled the New York "Times" that textile experts
final signing of the decree by the President of the Cuban consider that the present low price of cotton will help the
Republic limiting the marketed crop to 4,500,000 tons. But German spinning and weaving industry through increasing
business of late has fallen off, although futures are higher consumption. Ever since the war, prices of finished textiles,
than a week ago and prompt Cuban price is at least nom- In Central Europe have been abnormally high, but German
inally 3%c. Rubber has declined with a sharp decrease in textile prices are now falling rapidly.
transactions here of late, while prices in London have also
F. W. Woolworth & Co.'s sales for November were $22,fallen. There have been very large sales of copper, said to 532,891, an increase of 8.98% over November
1925. Sales
have reached 70,000,000 pounds, and the price has risen to for the first.eleven months of this year were
$212,285,545,
13%c. delivered in the Connecticut Valley and 13%c. in the an increase of 6.31% over the correspOnding period of 1925.
Central West. Some of the minor metals have declined in The S. S. Kresge Co.'s sales for November were $10,556,594,
price.
an increase of 16.24% over November 1925. Sales for the
The effect of the ending of the British strike and of the first eleven months of this year were $98,767,244, an increase
very large production in this country is seen in the fart of 12.25% over the corresponding period of 1925. Building
that coal has been in less demand even at declining prices. and engineering contracts let in the five boroughs of New
Coke is lower. The trade in pig iron has been small. As York City during November amounted to $67,231,300, the
usual at this time of the year, steel business has fallen off F. W. Dodge Corporation says. There were declines of 14%
In the East, although Chicago reports a fair business for the from October 1926 and 43% from November last year.
first quarter of 1927. The automobile industry is less ac- National paper production in October increased over Septive. Cold weather has caused larger sales of blankets, tember 4%. Output of all grades increased. Production
clothing, shoes and rubber footwear. It may be added that was 566,569 net tons, shipments 582,841 and month-end
the sales of cotton goods in November exceeded the produc- stocks 224,777 net tons. Domestic wood pulp output was
tion by nearly 8,000,000 yards. Stocks of cotton goods on 215,067 tons; consumption 185,745, and shipments 27,585 net
Dec. 1 were about 25% smaller than on July 1. The lumber tons, leaving a month-end supply of 143,077 net tons.
trade is more quiet. In the East the jewelry trade has been
Seven inches of snow fell here last Sunday, the 5th inst.,
better. In other parts of the country it is said to be smaller and 18,000 men were set to work to clear the streets. The
than at this time last year. The sales of mail order stores temperature fell to 12 degrees. In the East the snowfall
In November were smaller than those in October, but larger ranged from 3 to 14 inches from the Delaware Capes to
than the total for November last year. Mail order stores Maine. In Boston the temperature fell to 4 degrees, the
In eleven months have increased their sales 7.6% over those coldest for that day on record. Bellfonte, Pa., had a zero
for the same time last year, chain stores 14% Vo and chain temperature and 10 inches of snow; other parts of the State
and mail order stores 11.6%. In ten months, department had 6 to 12 inches. The temperature was 18 degrees at Chistores gained 3.2% over the same period last year. As to cago, 24 at Cleveland, 30 at Cincinnati, 16 at Milwaukee, 2
trade in general, it is best in the Central West and in the at Duluth and 4 at Montreal. On the 7th inst. the temperaEast. The effect of low prices for cotton is still apparent ture here was 11 degrees, the coldest of the season. At
In Southern trade. Bar.k clearings are smaller than at this Saranac Lake, N. Y., it was 10 degrees below zero and at
DEC. 11 1926.]
Tupper Lake, N. Y., 24 below; at Springfield, Mass., 16 below; in Vermont it was 20 below, on the New England
Coast 12 to 14 above, and in parts of Pennsylvania 15 degrees below, and the lowest ever known. Later on the 7th
it moderated here, rising to 30 degrees at 2.30 p. m. On the
8th it was still milder, with some rain. To-day the weather
was threatening at first but cleared later. It was 38 degrees here at 4 o'clock.
Dun's Report of Failures for November.
It is the conspicuous exception when November does not
bring an increase in the number of commercial failures in
the United States, and last month's total is 3.8% above that
for October. Numbering 1,830, the November defaults reported to R. G. Dun & Co. compare with 1,763 in the immediately preceding month, and are 9.4% in excess of the
1,672 insolvencies of November 1925. In that year, however, the increase in the November failures over those for
October was larger than in the present instance, being 5.8%.
The year 1924 provided an exception to the usual trend at
this season, the November defaults showing a decrease of
2.7%. Further examination of the records discloses the fact
that the number of insolvencies for last month is the highest of any November since 1921, but the increased number of
firms now in business obviously enhances the possibilities
of financial embarrassment.
Despite the increased number of failures last month, the
liabilities fell about 2% below those for October and show
a reduction of more than 9% from the amount reported for
November 1925. At $32,693,993, last month's indebtedness
compares with approximately $33,321,000 in October, and
with more than $35,900,000 in November last year. The
present total is, in fact, smaller than in any November since
1920, with the single exception of 1924. In November 1923
and 1921, the liabilities exceeded $50,000,000. The statement
of R. G. Dun & Co. continues as follows:
Examined in greater detail, the November insolvency statistics show
440 manufacturing failures for $16,097,444 of liabilities; 1,285 defaults
among traders, involving $14,157,646, and 105 insolvencies in other commercial lines, with an indebtedness of $2,438,933. The number of manufacturing failures is a little less than the total for November 1925, but
both the trading and the other commercial defaults show a considerable
Increase. On the other hand, the liabilities for both the trading and other
commercial classes are smaller than the ambunts for a year ago, notably
the liabilities for the trading division, and these reductions more than
offset an increase in the indebtedness among manufacturers. Further analysis of the returns show that fewer insolvencies occurred last month than in
the corresponding period of 1925 in six of the fifteen separate manufacturing groups, while in one-namely, paints and oils-no change appears.
The classifications in which decreases are shown are machinery and tools;
clothing and millinery; chemicals and drugs; milling and bakers; leather,
shoes and harness, and tobacco, etc.
Most of the fifteen separate trading groups discloses an increased number of failures for last month, as compared with the totals for November
1925. The only classifications in which decreases are noted are hotels and
restaurants, and jewelry and clocks, while in general stores the number is
the same for both years. Five of the fifteen trading classifications, however, show a smaller indebtedness, these being hotels and restaurants;
clothing and furnishings; dry goods and carpets; jewelry and clocks, and
hats, furs and gloves. The reductions in dry goods and carpets and in
jewelry and clocks are especially large.
FAILURES BY BRANCHES OF BUSINESS-NOVEMBER 1926.
Liabilities.
Number.
1926. 1925. 1924.
ManufacturersIron, foundries and nails_ _ _
Machineryand tools
Woolens, carpets & knit gds.
Cottons, lace and hosiery
Lumber.carpenVrs& coopers
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes and harness_
Liquors and tobacco
Glass, earthenware & brick_
All other
Total manufacturing
TradersGeneral stores
Groceries, meat and fish
Hotels and restaurants
Liquors and tobacco
Clothing and furnishings_
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery
Hardware, stoves and tools_
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
5
19
4
2
66
39
14
4
1
19
34
10
10
7
206
4
28
__
1
56
65
7
9
1
16
48
14
11
2
180
440 442
1926.
11 33,989,912
26 3,118,909
__
116,134
1
21,600
27 3,032.166
45
799,503
12
345,616
2
65,516
2
4,700
12
577,738
41
303,514
14
396.224
6
145,061
8
506,115
154 5,574,736
1925.
1924.
$52,258 $1,120,606
2,891,933 1,162,762
24,000
3,070.170
1,244,072
115,700
148,424
3.000
316,999
247,628
518,077
196,858
12,000
5,152,582
2973
CHRONICLE
TTIP
650,000
438,296
911,521
165,000
27,800
51,300
130,389
271,448
156.696
68,300
648,586
4,449,423
361 816,097,444 $13,993,701 $10,252,127
97
97 120 81,545,686 31,515,300 $1,370,005
317 297 259 2,519,858 2.035,632 2,353,287
66 104
67
405,952 1,127,904 1,671,873
28
123,386
20
36
295,643
144,445
157 137 164 1,428,444 1,926,569 2.024.556
75 62
95 1,063,734 4,397,794 1,072,949
50 41
56
428,870
481,195
839,952
53 41
548,826
48
882,900
699,380
37
26
476,177
30
694,800
394,026
63 42 48
490,263
734,139
485,577
55,111
7
6
7
73,438
74,100
27
28
26
237,174 2,275,002
684,651
12
9
8
65,700
100,824
55,373
7
6
8
177,100
137,000
161,504
289 230 221 3,556,167 3,263,457 3.750,505
Number.
1926.
1925.
1924.
1926.
1925.
November
October
1,830
1,763
1,872
1,581
1,653 $32,693,993 $35,922,421
1,696 $33,230,720 $29,543,870
September
August
July
1,437
1,513
1,605
1,465
1,513
1,685
1,306
1,520
1,615
3d quarter
June
May
April
4,635
1,708
1,730
1,957
4,663
1,745
1,767
1,939
4,441 $87,799,486 $102,351,371
1,607 $29,407,523 $36,701,496
1,816 33,543,318 37,026,552
1,707 38,487,321 37,188,622
2d quarter
March
February
January
5,395
1,984
1,801
2,296
5,451
1,859
1,793
2,317
5,130 8101,438,162 3110,916.670
1,817 $330,622,547 $34,004,731
1,730 34,176,348 40,123,017
2,108 43,661,444 54,354,082
1st quarter
6.081
5.969
5,655 3108,460.339 3128.481,780
29,989,817
28,129.660
29,680,009
30,687,319
37,158,861
34,505,191
Industrial Activity as Measured by Use of Electrical
Energy-Plant Operations Lower in November.
Industrial activity in the country as a whole in November was 3% under the rate established in October and marks
the first decline since July,"Electrical World" reports. Industrial activity as measured by the publication is based on
the electrical energy consumption of plants consuming more
than 8 billion kilowatt hours annually. November activity
in the automobile industry was 11.8% under that of October, and stone, clay and glass registered a drop of 7.7%.
The textile industry reported a gain in activity over the preceding month of 9%,after correction is made for the number
of working days in November.
Actual productive operations in the metal industries were
7.6% under those of October, but when correction for number of working days is made the rate of activity in November
was 0.3% over that of the preceding month. Actual operations in the metal industries were 4.7% higher than in
November 1925. November activities in the textile plants
exceeded those of October by some 9%,the rate being higher
than for any month in the past four years. The activities
in the textile industry were approximately 15% higher than
in November kit year. Automobile production fell off
sharply in November and it is felt that the decline in operations must have some material effect on general industrial
operations in the nation.
November Building and Construction Activity Ahead of
Last Year, According to F. W. Dodge Corporation.
The total volume of construction contracts awarded in the
37 States east of the Rocky Mountains during November
amounted to $487,012,500, according to F. W. Dodge Corporation. These States include about 91% of the total
construction volume of the country. The above figure represented a decline of 6% from October 1926. However,
there was an increase of 3% over November of last year.
Analysis of the November building and engineering record
for these States showed the following items of importance:
$229,820,900, or 47% of all construction, for residetnial
buildings; $64,781,100, or 13%, for industrial buildings;
$59,657,100, or 12%,for commercial buildings; $50,128,400,
or 10%, for public works and utilities; $34,571,800, or 7%,
for educational buildings; $24,691,100, or 5%,for social and
recreational projects; $9,603,900, or 2%, for hospitals and
institutions, and $9,329,800, or 2%, for religious and
memorial buildings.
During the first eleven months of 1926 there was $5,812,518,900 worth of new construction started in the 37 States
east of the Rocky Mountains, which was an increase of
6% over the amount ($5,477,581,100) in the corresponding
period of last year. Contemplated construction projects
were reported for this territory to the amount of $633,191,300
during November. There were declines of 1% from October of this year and 11% from November 1925. The following details are furnished:
New York State and Northern New Jersey.
Building and engineering contracts were awarded last month to the
amount of 8118.035.100 in New York State and northern New Jersey.
The above figure represented declines of 4% from October of this year
and 27% from November 1925. The more important classes of work
In the November construction record were: $78,999,400. or 67% of all
construction, for residential buildings: 87,944.200, or 7%. for industrial
buildings; $7.773,500, or 7%. for commercial buildings; 87,190.600, or
6%, for public works and utilities; $6,577.000, or 6%, for educational
buildings, and $6.201,600, or 5%,for social and recreational projects.
New York State and northern New Jersey had $1,548,564,500 worth
1,285 1,146 1,193 $14,157,616 $18,907,091 $15,781,521 of construct.on contracts let during the first 11 months of 1926, compared
Total trading
105
84
3,021,629
99
commercial
2,438,933
5,090,262
Other
with $1,388,867,000 for the corresponding period of last yeAr. being tta
1,830 1,672 1,653 332,693,993 $35,922,421 $31.123.910 increase of 11%.
Total
Contemplated new work reported for the district last month reached
Monthly and quarterly reports of business failures showing number and a total of $181,899,800. This was practically the same as the amoun
liabilities, are contrasted below for the periods mentioned:
reported in October of this year, but was 6% below November 1925,
2974
T H 141 CHRONICLE
New England States.
The November volume of construction contracts let in New England
amounted to $36,557,200. There was an increase of 16% over October
1926. but a decrease of 1% from November of last year. Analysis of
the building and engineering record for this territory showed the following
items of note: $20,424,100. or 56% of all construction, for residential
buildings; 36,079,600, or 17%, for commercial buildings; $2,680,900, or
7%,for public works and utilities; $2,421,700, or 7%,for social and recreational projects, and $1,122,100, or 3%,for industrial buildings.
During the past 11 months there was $408,070,000 worth of new construction started in New England, which was a loss of 8% from the amount
($443,067,100) for the first 11 months of last year.
Contemplated construction projects were reported for the district to the
amount of $39,252,700 during November. There were decreases of
25%
from October of this year and 7% from Novemnber 1925.
Middle Atlantic Slates.
The total volume of construction contracts awarded in the Middle Atlantic States (eastern Pennsylvania, southern New Jersey, Maryland, Delaware, District of Columbia and Virginia) during November amounted to
166.263.700. The above figure represented increases of 78% over October
1926 and 16% over November of last year. The November building record
included: $24,003,900, or 36% of all construction, for residential buildings;
$19,347,800, or 29%,for industrial buildings; $7,268,500, or 12%,for commercial buildings: $5,205,700, or 8%,for educational buildings; $3,163,900,
or 5%,for social and recreational projects; $2,922,500, or 4%,for public
works and utilities; and $2,022,800, or 3%,for religious and memorial buildings.
New building and engineering work started in these States during the first
11 months of 1923 amounted to $611,969,100, as compared with $514,069,000 in the first 11 months of last year. being an increase of 19%. The 1926
11 months' total of contract awards already exceeded the 1925 yearly total
by $59,651,100.
Contemplated construction planned for this territory, as reported in
November, amounted to $97,489,800. The above figure showed gains of
69% over October 1926 and 19% over November 1925.
Pittsburgh District.
Building and engineering contracts were awarded last month to the
amount of $40,822,500 in the Pittsburgh district (western Pennsylvania,
West Virginia, Ohio and Kentucky). There were decreases of 30% from
November 1925. The more important items in November's construction
record were: $14,856,000. or 36% of all construction, for residential buildings; $8,120,000, or 20%, for industrial buildings; $7,267,600, or 18%, for
public works and utilities; 13,073.000, or 8%, for social and recreational
projects; $2,601,500, or 6%,for commercial buildings; 82,550.700, or 6%,
for educational buildings; and $1,216,000, or 3%,for religious and memorial
buildings.
The Pittsburgh District had $696,869,200 in contracts for new construction work during the first 11 months of 1926, which was a decline of 11%
from the amount ($785.143,600) for the corresponding period of 1925.
Contemplated construction planned for these States as reported in November, amounted to $42,077,000. The above figure represented losses of
35% from October 1926 and 11% from November of last year.
[Vol.. 123.
Texas.
The State of Texas had 813,312.900 in contracts for new building and
engineering work last month. There was a decrease of 19% from October
of this year, but an increase of 32% over Nov. 1925. Included in the
November construction record were the following items of note: 86,515,600.
or 49% of all construction, for residential buildings: 13.253,800, or 24%,
for commercial buildings; $1,006,300, or 8%,for public works and utilities;
$451,300, or 3%, for hospitals and institutions; $4423,000, or 3%, for social
and recreational projects; and $291,200, or 2%, for public buildings.
Construction contracts let in the State during the past eleven months
amounted to $215,123,200, which is a gain of 28% over the amount ($167,381,100) for the first eleven months of 1925. The 1926 eleven months'
total of contract awards has exceeded the 1925 yearly total by the amount
of $29,765,300.
Contemplated construction projects were reported for Texas in November
to the amount of $20,583,700. The above figure represented increases of
3% over Oct. 1926 and 47% over Nov. 1925.
Decrease in Factory Employment in New York State
in November.
Employment was reduced over 1% in November as manufacturing in New York State turned downward. From the
reports received it is estimated 18,000 workers were released
during the month,an equivalent of one-third of the employees
taken on since the summer. This statement was issued on
Dec. 10 by State Industrial Commissioner James A. Hamilton. It is based on a preliminary tabulation of reports
from a fixed list of firms who employ approximately half a
million workers. These firms represent both ndustries and
localities of the State. In the November tabulation almost
1,500 plants were included. Commissioner Hamilton adds:
This is the third time since the war that November has brought a decrease
in factory employment. In the other two years, 1920 and 1923, the loss
was part of the downward trend which followed a period of high activity.
Usually the increased operations in the metal and textile industries have
been sufficient to offset seasonal reductions which occur at this time and
to carry employment upward through March.
The scattered losses of October were only forerunners of the general
decline which took place in the metals during November. As the metals
constitute 30% of the manufacturing industries of the State this development had an important effect on the general situation. The group was no
longer effective in keeping total employment above or oven with 1925 and
the comparison of this November with last showed a net loss of nearly 3%.
General Loss in Metals.
For the first time this year the metals did not appear at an advantage
when compared with 1925. The reduction from October to November
amounted to 2% and included all industries excepting cutlery and appliances. In the latter there was a fairly good gain which was well distributed.
The most important break occurred in steel which, in this State, had
The Central West.
advanced without interruption since the summer. The November decrease
The total volume of construction contracts let in the Central West of 4%, however, did not wipe out all of the October gain. Electrical
(Illinois, Indiana, Iowa, Wisconsin, southern Michigan, Missouri, Kansas, equipment declined abruptly and heating apparatus lost more heavily
than
Oklahoma and Nebraska) during November amounted to $154,205,000. in October. The recent losses in the latter industry have brought
employThis figure was 10% below October 1926. However, there was an increase ment slightly below the minimum of 1925.
of 29% over November of last year. Included in last month's building
Automobiles had an important place in the November decline though the
record were the following Important classes of work: $68,925.800. or 45% curtailment was still not common at all the factories. Employment in
of all construction, for residential buildings; 325,501.600. or 17%,for com- this division was reduced 5% from October and in addition to this there
mercial buildings;$22,243.900,or 14%,for industrial buildings:$13,271.700. were some large decreases in allied lines. Brass and copper mills slowed
or 9%, for public works and utilities; 110.829,800. or 7%, for educational up but this condition was reported to be temporary. Railroad equipment
lost further. Repair shops continued to take on more workers until forces
buildings, and 17.463,900. or 5%,for social and recreational projects.
New building and engineering work started in this territory during the were almost as high as in the early months of the year. As exceptions to
first 11 months of 1926 reached a total of $1,541,922,300, as compared with the decline in hardware and stamped ware, factories making household
31,377,431.000 in the corresponding period of last year, being a gain of utensils were noticeably busier. Operating schedules were reduced in
12%. The 1926 11 months' total of contract awards has already exceeded silverware plants but jewelers added to their overtime.
the 1925 yearly total by the amount of 554,682.400.
Textiles Almost at a Standstill.
Contemplated construction projects were reported for the district In
The advance of the textile industries has been proceeding more slowly
November to the amount of $174,180,200, being a decline of 6% from each month until in November the gain
was almost negligible. Usually the
October 1926, as well as a loss of 4% from November of last year.
upward movement persists until the first of the year. Though there were
no
further
losses
in
silk,
no
improvement
was reported In November.
Southeastern States.
Cottons added very slightly to their recent gains and woolens stayed even
Building and engineering contracts were awarded last month to the In contrast to an increase a year ago.
amount of $52.534,800 in the Southeastern States (the Carolinas, Georgia,
Some large reductions in the knitting mills offset most of the
gains
Florida, Tennessee, Alabama, Misisssippi, Arkansas and Louisiana). which were made. Finishing mills
were irregular. The carpet industry
This figure exceeded October of this year by 9%. However, there was a continued its slow but steady climb and
employment
just
the
passed
peak`
decline of 9% from November 1925. The more important Items in No- of the spring.
vember's building record were: $15,580,600, or 30% of all construction, for
Furniture and piano manufacturers made further additions to their forces,
public works and utilities: 312,468,000. or 24%, for residential buildings; though in some of the up-State plants earnings
averaged less than in October.
$6,465,400, or 12%, for commercial buildings; 35.556,300. or 11%, for There was a small decline in miscellaneous
wood products, chiefly In corks.
industrial buildings; 35.029.300, or 10%. for educational buildings; $2,204,- Manufacturers of china and glassware were
busier, probably on holiday
400. or 4%, for hospitals and institutions; $1,926,000, or 4%, for social orders.
and recreational projects, and 31,753.000, or 3%,for religious and memorial
Building materials were showing no more than the usual seasonal losses.
buildings.
Tne reduction in the brick yards was a little less than a year ago. Planing
The Southeastern States had 5691,241,000 in contracts for new construc- mills took on a few more workers in November
though they are still running
tion work during the first 11 months of 1926, which was a decline of 3% below last year.
from the amount ($711,599,800) for the first 11 months of last year.
Seasonal reductions were being effected in the men's and women's clothing
Contemplated construction planned for this territory as reported in shops and employment dropped off for the sewing
group. Men's furnishing
November, amounted to 570.374.000. This represented a gain of 10% were still gaining in response to holiday orders,
however, and women's
over October of this year. However,there was a loss of 50% from Novem- undergarments and miscellaneous sewing advanced
slightly. Most of the
ber 1925.
loss in the men's clothing shops was in New York City, though not all of
The Northwest.
the up-State factories had begun on their new season. Up-State shirt
November construction contracts let in the Northwest (Minnesota, the manufacturers reported longer hours as conditions improved, but forces
Dakotas and Northern Michigan) amounted to 35,281,300. There were remained about the same as in October. Workers of women's garments
decreases of 40% from Oct. 1926 and 10% from November of last year. cut production more sharply than a year ago in spite of the interruption
Analysts of the building and engineering record showed the following of the strike. The settlement was too late to effect the November reports.
Shoe manufacturers slowed up except In the Binghamton district and
classes of importance: 53.628.000, or 69% of all construction, for residential
buildings: $495,600. or 9%, for educational buildings; $353.200, or 7%, part-time schedules were put into effect. Fursstarted downward. Leather
for commercial buildings; 3260,500, or 5%, for religious and memorial goods manufacturers reduced forces slightly but makers of gloves were
buildings: 3217.800, or 4%, for industrial buildings; and $208,200, or 4%, busier. Tanneries recovered more of the ground lost during the third
quarter.
for public works and utilities.
The seasonal slowing down in the food industries was more marked than
The Northwest had $98,689.600 in contracts for new building and
engineering work during the first eleven months of 1926, as compared with a year ago. The reopening of a sugar refinery accounted for the single
gain.
With the end of the canning and beverage season almost a thousand
gain
of 10%.
$90.022,500 for the corresponding period of last year, beings
The 1926 eleven months' total of contract awards has already exceeded the workers were released from the reporting plants alone. Candy factories
also had passed the peak of this year's production and a removal of one
1925 yearly total by the amount of $3,460.800.
Contemplated new work reported for the district last month amounted to plant from the State added to tne seasonal decline. Cigar and cigarette
factories
have shown little fluctuations since the reductions of the early
$7.334,100. There were losses of 33% from October of this year and 38%
spring.
from Nov. 1925.
DEC. 11 1926.]
THE CHRONICLE
Chemicals repeated the advance of October and maintained their good
lead over 1925. Soap manufacturers were steadily increasing forces and
household drugs made another small gain. Industrial chemicals were
Irregular.
Paper box factories were working on holiday goods but other paper
goods started downward. Printing remained oven with October.
Seasonal Decrease in New York City.
Employment started downward in New York City as seasonal reductions
were effected in the food and clothing industries. The loss of 1% was the
same as in Nov. 1925.
Metals in this city did not lose as in the rest of the State but they failed
to gain as a year ago. Manufacturers of brass and copper products and
instruments were still enlarging forces. Cutlery plants were employing
more workers in November but jewelers let some of their employees go
though overtime was increased. Ship yards made the largest reduction
in forces and automobile repair shops came next. The important division
of machinery and electrical apparatus stayed even with the preceding
month.
The loss for the sewing trades was somewhat less than a year ago. Men's
clothing factories did not slow down as abruptly this November and employment was no longer behind 1925. Makers of women's garments, however,
curtailed operations more decidedly than a year ago. Conditions in the
shoe factories varied with the different plants but they were better than in
November 1925 when the strike disorganized this Industry. Leather goods
factories as a whole were running even with October but reductions had
begun in the fur shops.
The chemical industries made the largest gain of the month. Both
furniture and piano manufacturers reported a 3% gain in employment but
a decline in miscellaneous wood products partly offset this improvement.
Printing shops had very few more employees at work than in October.
The closing out of operations in this State by one manufacturer added
to the usual decline in food products. The reductions were most decided
in groceries, candy and beverage plants.
All the up-State cities except Binghamton reported lowered operations
In November. After the reductions had been enforced only Rochester
remained ahead of last year.
The metal centers, Buffalo, Syracuse and the Tr -City Districts were
the ones in which the curtailment was most severe. The loss in Buffalo
reached 3% as steel and non-ferrous metals slowed down. Railroad
equipment and automobiles were additional factors in the decrease. There
were scattered improvements in repair work and stamped metal ware.
Chemicals and mineral products were the only Industries which definitely
advanced. In the Albany-Schenectady-Troy District the reduction of
2% was largely in machinery and electrical apparatus. Railroad equipment declined less rapidly than in October. The improvement in the shirt
industry affected only earnings but textile mills took on more operatives
during toe month. Employment in Syracuse was over 2% lower in November as manufacturers of automobile parts and castings cut down production.
Other metals lost also but on a smaller scale. Chemicals were more active.
Metals were a steadying force in Rochester where the loss of over 1%
was primarily seasonal. Reductions in textiles were added to the expected
decline in shoes and canning. Printing slowed down also. The November
decrease in Utica was under 1%. Metals advanced sufficiently to offset
most of the reduction in the knitting mills but there were also losses in the
food industries which were important because of their size.
The continued improvement in the shoe factories resulted in a further
advance of 1% in Binghamton during November. Metals were still gaining
and there was a further increase in wood products.
2975
and now stand close to the high level of last winter. Cotton mills in the
district are very active for this season and mill consumption of cotton in
the United States was larger last October than for any October since the
war, despite the slump in prices of goods which has accompanied the fall
in raw cotton quotations. Operations at silk mills have expanded further,
although the current rate of output and the level of prices are both lower
than in the same period last year. Price weakness is also evident in the
woolen industry, although mill activity has recently expanded and the
volume of sales exceeds that of 1925. Little change has occurred in the
hosiery trade; there is only a moderate demand for seamless, while an active
market continues for women's full-fashioned and mills making this grade
are working close to capacity. There has been some betterment in the
carpet and rug business and a noticeable increase in mill operations.
The leather industries report more satisfactory conditions. Good demand exists for packer hides and goatskins, despite price resistance, and
also for sole leather and for some grades of kid leather. A fairly good demand is reported for shoes, and factories in the district have increased
operations.
Demand for cigars is excellent; the output of district factories has increased steadily and continues to be well in excess of that for the past
three years.
Farm work in the district has been delayed by poor weather conditions,
and the corn, late potatoes, buckwheat and tobacco crops have sustained
some damage to their quality. Fruit crops have been excellent, however,
and the yield of apples, peaches, pears and grapes are the largest in
several years. Farm products have suffered further price declines and the
present level is lower than at any time in the past two years.
City Conditions.
Recent improvement in business has not been experienced to an equal
extent in all parts of the district. Practically all of the cities have shown
increases in manufacturing activity, retail sales and business payments,
but the gains in some cases have been smaller than ugual at this season.
In the Allentown and Lancaster areas, industrial activity, retail business
and check payments were in smaller volume than in October 1925, while
factory wage payments also declined in Johnstown, Scranton and Wilmington. In Philadelphia, Reading and York, however, factories were
considerably more active than in 1925, while large gains in debits and
retail sales occurred in Scranton and Wilkes-Barre. Building activity was
much smaller in most of the cities; only Harrisburg and Williamsport
showed increases over the October 1925 volume.
Retail Trade.
Business at retail in this district during the past four weeks has been
more active than in the corresponding period last year, according to most
reporting stores. Prices generally continue steady.
but
Total sales during October were about 3% below those of a year ago
exceeded the October volume in 1922, 1923 and 1924. Sales during the
first ten months of this year were 2% above the total for the same period
of 1925. Credit houses, shoe and women's apparel stores report greater
sales, but sales by department and men's apparel stores show smaller
volume of business in October than in the same month last year. Cotton
dress goods, toilet articles and drugs, silverware and jewelry, leather goods,
misses' ready-to-wear, juniors' and girls' ready-to-wear, radio and musical
instruments were among the most active items, whereas woolen dress goods,
women's suits and skirts, sweaters, floor coverings, china and glassware
showed a smaller amount of business. Stocks held by retail stores at the
end of October were somewhat heavier than on the same date last year.
The rate of turnover from Jan. 1 to Oct. 31 1926 was 2.71 as against 2.64
in the same period of 1925.
Trading at wholesale continues at a moderate rate, and prices generally
remain fairly steady. Total sales in October reached the year's peak, although they were below the October volume of last year, owing mainly to
the fewer number of business days in October 1926. Dealers in electrical
supplies and hardware report much greater stocks on Oct. 31 than on the
same date last year, while jobbers in other lines state that their supplies
are lighter, decreases varying from 3.2% in groceries to 24% in dry goods.
Business Activity in Philadelphia Federal Reserve
District at Record Levels.
The Philadelphia Federal Reserve Bank in its "Business
Review" dated Dec. 1, reports that "business activity In the
Philadelphia Federal Reserve District has fe”.ched record
levels for the year in the past two months and in many lines Business Conditions in Cleveland Federal Reserve
of industry and trade the volume of transactions has been
District—Effect of Decline in Automobile
larger than in the same period of the last two years." In
Production.
its monthly summary the bank adds:
1 "Monthly Business Review" of
Dec.
the
to
According
Manufacturing activity in October, as measured by employment and
wage payments, advanced to the highest level since 1923, and preliminary the Cleveland Federal Reserve Bank, "the general trend of
reports indicate a continued high rate of operations in November. Anthra- business in the Fourth (Cleveland) District during the past
cite mines are working close to capacity in response to heavy seasonal debeen mildly reactionary, eliminating seamand, while bituminous mining operations have increased considerably since several weeks has
sonal factors." Probably the leading cause of this, says
early fall and are well above the rate prevailing last year at this time.
The distribution of goods continues in heavy volume. Freight car load- the Bank, was the pronounced decline in automobile producings in the Alleghency district have shown an almost uninterrupted increase
rubber,
throughout 1920, and for the first ten months of the year were 4.6% tion in October, which affected, among others, the
greater than in the corresponding period of 1925. Sales of wholesale deal- Iron and steel and automobile parts Industries, all of very
ers reached a seasonal peak in October and the dollar volume for that month great importance in this district. Steel activity has been
was only 2% smaller than in the same month of 1925, despite the decline
In prices during the past year and the fewer number of business days in declining for some time, and by the middle of November
October 1926. Retail trade has improved seasonally, though somewhat was from 75 to 80% of capacity. The Bank also has the
retarded by continued mild weather, and the total of October business was
following to say:
only slightly less than in 1925. A further increase in sales has occurred in
November. The volume of business payments, as reflected by debits in 18
cities of the district, reached a high point for the year in October and,
in that month, was 1% larger than in October of last year, although wholesale prices have declined since that time.
Construction operations have declined seasonally, with the approach. of
winter, and the value of contracts awarded and of contemplated operations
for which permits were issued in October was considerably below the
record volume of 1925. This was true both for this district and for the
United States as a whole, although the total volume of contracts for the
present year to date has been larger than that for the corresponding period
of 1926. The real estate market in the district is noticeably dull, with
numerous instances of declining rents and lower prices for houses. Industries making building materials are moderately active, although current
demand is somewhat smaller than it was a year ago.
The iron and steel industries of the district report a good demand for
their products and a further expansion in operations. Output of pig iron
and of iron and steel castings in the district has been considerably larger
than in 1925 and the industry as a whole is operating at close to 80% of
capacity. The production of pig iron and steel ingots in the United States
was greater in October 1926 than in the same month of the past several
years.
The textile industries of the district have experienced a marked recovery
from the low levelli reached last summer. Employment is 9.1% above that
In July and wage payments have increased 17.6% during the same period
The bright spot at present is the coal industry, but here the extent of
the existing high level of activity largely depends, of course, upon the
duration of the British strike. Agriculture has not had a very good season in most parts of the district.
One striking feature of the situation is the fact that October bank debits
in 13 large cities in the district were less than in the same month last
year, the first time that this has been true for nearly two years. A number of other important indexei such as automobile production and building
permits, also ran behind last year during October, indicating that the
fourth quarter is not holding up to the 1925 level. This is not strange,
however, since the fourth quarter of 1925 in general was one of the most
active in history, and operations in both the automoble and building trades
were considerably higher than might be expected at that season.
Financial Conditions.
The demand for credit is about normal throughout most of the Fourth
District, but in some parts of Kentucky and southeastern Ohio requirements are rather heavy. The revival of the coal industry accounts for this
in part. The lending power of the banks in all sections of the district
continues ample.
Between Sept. 1 and Nov. 17 cash reserves of the Federal Reserve Bank
of Cleveland declined almost $50,000,000, while bills discounted for member
banks rose about $40,000,000. The increase in discounts is only partly accounted for on seasonal grounds, as the rate of gain was much greater than
for the System as a whole. An analysis of the situation shows that the
2976
THE CHRONICLE
Cleveland bank lost nearly $40,000,000 in October through wire transfers,
and almost $100,000,000 in September and October combined, but regained
part of this through favorable check settlements. In the first three weeks
of November a further loss of about $5,000,000 in wire transfers took place.
This decrease in wire transfers during the past three months largely accounts for both the loss in cash reserves and the sharp gain in discounts
for member banks. In other words, member banks have transferred funds
out of the district, and have then rediscounted with this bank to build
up depleted reserve balances.
Acceptance holdings of this bank rose sharply during October and early
November, while Government securities changed but little. Notes in
circulation and member bank deposits likewise showed no material change.
Loans secured by stocks and bonds of reporting member banks in the district declined slightly during October and the first two weeks in November,
while investments and commercial loans remaned unchanged.
Interest rates on prme commercial paper remain within the 5-6% range
in Cleveland, Pittsburgh and Cincinnati. The prevailing rate in Cleveland
on loans secured by Stock Exchange collateral and on commodity paper
is 6%.
Debits to individual accounts at 13 centres in the Fourth District
amounted to $2,657,978,000 in October, as compared with $2,661,005,000
a year ago. The decline from last year is significant, as October was
the
first month to show a loss from the same month in the preceding year
since
November 1924.
Savings deposits of 70 large banks in the district amounted to $918,597,000 on Oct. 30, a gain of 7% over a year ago and 1.2% over Sept. 30.
Commercial failures in the district, as reported by Dun's, numbered
167 in October of both 1926 and 1925. Liabilities were $2,572,720
this
year and $3,176,711 last year. In the United States there were 1,763 failures in October 1926 and 1,581 a year ago. Liabilities were $33,230,720
and $29,543,870, respectively.
Business Conditions in Richmond Federal Reserve
District-Cotton Price Situation Chief Obstacle
to Optimistic Attitude.
According to the Federal Reserve Bank of Richmond,
"the cotton price situation is the chief obstacle to an optimistic attitude toward the near future in the Fifth District,
but," the Bank adds, "it is too early to judge the extent to
which general business will be influenced." In its district
summary the Bank also says:
On Nov. 1 unfilled orders aggregated 312.423,0007yards, which
was 44%
in excess of October production.
NAM
Stocks on hand Dec. 1 amounted to 222,964,000 yards, an increase
.
of
3% over stocks on Nov. 1, which were 216,588,000 yards. On the latter
date stocks were at the lowest point in five years, after a steady decline
from the reports on July 1. Stocks on Dec. 1 were nearly
25% less than
the 305,425,000 yards on hand July 1. The demand for some lines is so
strong that deliveries are not possible until after the new year.
Since the beginning of the cotton year on Aug. 1, textile merchants have
been able to move a large volume of stocks accumulated up to that
time,
and have been steadily moving current production into consumption.
A1.4
Raw Silk Imports, Stocks, Deliveries, &c.,
November-December.
According to figures made public by the Silk Assocation
of America, stocks of raw silk in storage on Dec. 1 totaled
47,130 bales, compared with 35,094 bales on Nov. 1. The
figures of imports, stocks on hand, Sm., as furnished by the
Association, follow:
RAW SILK IN STORAGE DEC. 1 1926.
(As reported by the principal warehouses in New York City.)
Figures in Bales.
European.
Japan.
AU Other.
Stocks Nov. 1 1926
Imports month of November 1926*
Total amount available during Nov- _ _
Stocks Dec. I 1926_6
564
909
1,473
882
26,571
52,057
78,628
38,158
7,959
6,704
14,663
8,090
35,094
59,670
94,764
47.130
Approximate deliveries to American
mills during November_a
591
40.470
6.573
47.634
Total.
SUMMARY.
Imports During the Month.*
Storage at End of the Month.
1926.
1925.
1924.
1926.
1925.
1924.
43,650
38,568
31,930
31,450
35,120
35,012
37,842
46,421
50,415
48,403
59,670
___
37,084
39,046
31,571
32,648
41,512
41,074
35,595
40,466
52,375
43.530
49.238
45,495
36,364
25,632
16,692
21,272
29,684
20,933
29,352
36,750
48,843
37,932
44,243
39,978
47,326
43.418
35,948
30,122
31,143
29,111
27,528
28,006
34,459
35,094
47,130
____
58.732
60,249
46,663
39,271
42,517
44,016
35,598
32,017
42,708
39,423
46,813
49,824
44.398
40,226
30,375
25,662
27,074
24,843
23,213
30,075
42,260
44,398
55,516
61,533
Total
459,081
Av. monthly 41,735
489,634
40.803
387,675
32.306
35:389
44:/11.9
37:484
January ___
February.,__
March
April
May
June
July
August
September._
October
November __
December_
Approrimate Deliveries to
American Mills.a
1926.
1925.
N.NNN
14,800
14,400
18,400
18,700
18,000
18,300
23,000
24,000
23,900
32,400
19.700
---_
00000000001000
000009.000000
501,343
41,779
In Transit Between Yokohama,
Kobe ck N. Y., End of Month.
odwa,sa..6.4:a
.......
Total
461,775
Av. monthly 41,980
1924.
NoVoOt.,2WW.ONO
1925.
39,885
37,529
45,157
40,040
38,266
39,575
44,013
44,047
41,684
46,815
41,848
42,484
clwaocv..mmoot-..c.
1926.
46,148
42,476
39,400
37,276
34,099
37.644
39,425
45,943
43,962
47,768
47,634
____
January ___.
February _U
March
April
May
June
July
August
September
October
November
December...
NCe16.403.i6006.30ini
02NNMO4C4M00M10000
October probably measured up to seasonal average in the volume of
business transacted in the Fifth Reserve District, and certain developments
were somewhat more favorable than had been expected. Fall liquidation
of indebtedness at member banks and at the Federal Reserve Bank might
have been relatively slow on account of the marked decline in cotton prices,
but thus far this year the payment of loans and rediscounts has been up
to seasonal average. Crops were generally above the 1925 crops in yield,
and the tobacco crop was more profitable than for several years. Except
In western and northwestern South Carolina and a few counties In North
Carolina and Virginia, agricultural conditions this year are probably at
least as good as those of 1925, and the sections dependent primarily upon
Bright tobacco or fruit are considerably better situated than for several
years. Debits to individual accounts during the four weeks ended Nov. 10
exceeded debits during the preceding like period, in spite of a holiday
during the later period and the occurrence in the earlier period of Oct.!,
a quarterly payment date. Savings deposits reached record figures at the
end of October, evidencing the large reserve purchasing power of the public.
Labor is seasonally employed at the same wage levels of the past years.
Bituminous coal production in West Virginia is exceptionally high, and coal
exports are running several times normal figures, chiefly as a result of the
British coal strike. Textile mills are handicapped by uncertainty over
future cotton prices, but they are running practically full time on orders
for early shipment and in October the Fifth District mills consumed more
cotton than in October 1925. Building permit figures for October were
moderately below those of a year ago, but were in large volume nevertheless, and assure workers in the building trades employment for several
months. Wholesale trade was less favorable than most lines of business in
October, but retail trade was at seasonal levels.
[Vol.. 123.
1924.
13,700
8,700
9,600
12,400
13,100
14,000
18,700
30,000
12,000
19,200
21,200
24,000
367,101
30,592
20:509
20:143
16;5135
* Imports at New York during cur cot month and at Peel lc ports previous to th
time allowed in transit across the continent (covered by manifests
170
to 190 incl.). a Includes re-exports. b Includes 2,719 bales heldnumbers
at railroad
terminals at end of month.
Current Lumber Shipments Increase but General
Cuban Decree Lifts Sugar.
Movement Remains Less Than Last Year.
The following is from the New York "Evening Post" of
The
feature
of the national lumber movement last week,
ast night (Dec. 10):
as inferred from reports of 499 of the leading lumber mills
Word received from Cuba that President Machado had signed the
decree limiting the island's output Of sugar for the next crop to 4,500,000 of the country, says the National Lumber Manufacturers'
tons had a stiffening effect on prices in the late trading on the Sugar Association, was a gain in softwood
shipments and production
Exchange to-day.
Before that quotations bad displayed an irregular undertone under and some decrease in the current order file, as compared with
the influence of scattered liquidation by reeent buyers. The offerings, the immediate preceding week. It should be noted, however,
however, were well taken by producing interests and houses with Cuban that in that week 17 more mills
reported than for the week of
connections. Initial quotations were unchanged to two points lower,
but later in the day the market more than recovered the early losses. Dec. 4, which points to the conclusion that new business was
Deliveries on December contracts amounted to 3,500 tons.
about the same for the two weeks, while shipments and production were much larger in the latter. As compared with
Gains in Sales and Unfilled Orders of Cotton Textiles a year ago, there was, however, a heavy decrease in new
busiDuring November.
ness, a falling off in shipments, with production about the
same.
The
hardwood
138
• Substantial gains in sales and unfilled orders of cotton
mills in the foregoing total, retextiles are indicated in the cotton cloth report for November port a gratifying increase in new business and marked exjust compiled by the Association of Cotton Textile Merchants pansions of production and shipments,continues the National
of New York, and made public Dec. 7. During the month Association, adding:
sales exceeded production by 3.7%, while unfilled orders
Unfilled Orders Decrease.
The unfilled orders of 225 Southern Pine and West Coast mills
increased 4.6%. The report compiled by the Statistical
at the end
of last week amounted to 518,118,596 feet, as against
526,516,946 feet
Bureau of the Association is based on yardage statistiso for
226 mills the previous week. The 121 identical Southern
mills
gathered from the manufacture and sale of most of the in the group showed unfilled orders of 201.367,320 feet last week,Pine
as against
standard cotton textiles produced in the United States. 198,891,660 feet for the week before. For the 104 West Coast mills the unfilled orders were 316.751,276 feet, as against 327,625,286 feet for
105 mills
The figures represent more than 200 kinds of staple cotton a week earlier.
Association,
which
adds:
cloths, says the
Altogether the 345 comparably reporting softwood mills had shipments
Sales during November amounted to 222.056.000 yards. This is 7,892,000 90% and orders 82% of actual production. For the Southern Pine mills
yards in excess of production, which aggregated 214,164,000 yards. Ship- these percentages were respectively 81 and 85; and for the West Coast
mills 87 and 76.
ments for the period were 207,788.000 Yards.
Of the reporting mills, the 315 with an established normal production for
Unfilled orders on Dec. I were 326,691,000 yards, an increase of 14,268,000 yards over unfilled orders reported at the beginning of November and an the week of 213,971,295 feet gave actual production 96%,shipments 85%
the
over
previous
month's
52%.
production. and orders 77% thereof.
excess of 110,177,000 yards, or
DEC. 11 1926.]
2977
THE CHRONICLE
1923,
1924.
1925.
1926.
First 48 WeeksThe following table compares the softwood lumber movement,as reflected Average number of mills_
132
123
114
106
by the reporting mills of seven regional associations, for the three weeks In- Production (feet)
5,019,908,761 4,802,316,220 4,488,155,300 4,893,025,562
5,046,940,336 4,922,214,658 4,521,810,993 4,891,301,710
New business (feet)
dicated:
5,053,114,251 4,939,919,403 4,587,091.955 5,028.027.816
Corresponding Preceding Week Shipments (feet)
1926 (Revised)
Week 1925.
Past Week.
362
347
345
Mills
North Carolina's Large Tobacco Crop.
198,546,501
210,263,968
210.707,435
Production
175,886,162
209,030,282
189.832,788
Shipments
Discussing the situation as to the tobacco crop, the Federal
181.257,762
238,980,839
172.994,684
Orders(new business)
Reserve Bank of Richmond in its "Monthly Review" dated
The following revised figures compare the softwood lumber movement
of the same seven regional associations for the first forty-eight weeks of Nov. 30 says:
Tobacco.
1926 with the same period of 1925:
Orders.
Shipments.
Production.
North Carolina apparently has the largest tobacco crop in the United
11.432,977,085 States this year, the Department of Agriculture's forecast of 371,580.000
11,564,896,762
11,415,258,908
1926
11,266,973,947 pounds for that State exceeding Kentucky's yield by approximately 3.000.11,413,572,756
11,573,906,233
1925
make weekly 000 pounds. Auction markets in North Carolina sold 107.403,917 pounds
Association
Pine
Sugar
&
White
The mills of the California
reports, but not being comparable, are not included in the foregoing tables, of producers' tobacco in October, at an average of $26 73 per hundred,
or in the regional tabulation below. Four mills are closed down and 16 and total sales this season to Nov. 1 aggregated 190,246,474 pounds at an
mills, representing 53% of the cut of the California pine region, gave their average of $25 90 per hundred pounds. Wilson led October sales with
production for the week at 15,434,000 ft., shipments 14,841,000 and new 20,415,266 pounds, and Greenville sold 14,221,152 pounds, but in average
business 12.591,000. Last week's report from 13 mills, representing price paid in October Greenville led with $30 70, Farmville ranking second
44% of the cut was: Production. 10,497,000 ft., shipments 8,419,000, with an average of $29 54. The season opened with considerably higher
and new business 7,669,000.
prices than last year, but October did not witness as large an increase over
West Coast Movement.
September figures as usually occurs, and therefore prices at the end of
same time a year ago. On the
The West Coast Lumbermen's Association wires from Seattle that October were very little higher than at the
remunerative and growers are pleased with the
new business for the 104 mills reporting for the week ended Dec. 4 was whole, however, prices are
24% below production, and shipments were 13% below production. Of market.
Virginia auction warehouses opened In October and sold 19,515,298
all new business taken during the week 53% was for future water delivery,
pounds sold in October 1925.
amounting to 41,137,972 ft., of which 27.089,901 ft. was for domestic pounds of tobacco, compared with 10,197,129
the opening of the season, but was
cargo delivery, and 14,048,071 ft. export. New business by rail amounted The quality sold was low, as is usual at
last year. There has been an increase in the
to 31,828,408 ft., or 40% of the week's new business. . Forty-eight per considerably better than
this year, largely as a result of the closing
cent of the week's shipments moved by water, amounting to 43.188,075 number of warehouses operating
receiving stations. October prices averaged
ft.. of which 25,834,815 ft. coastwise and inter-coastal, and 17,353,260 of the Co-operative Association
in October last year. Both the number
paid
76
515
with
compared
ft. export. Rail shipments totaled 40,956,507 ft., or 46% of the week's $24 51,
in October were the highest for
shipments, and local deliveries 5,310,614 ft. Unshipped domestic cargo of pounds sold and the average price paid
10,048.903 pounds in October, leadorders totaled 111,001,716 ft., foreign 120,632,351 ft., and rail trade any month since 1922. Danville sold
led in average price with
Branch
Drake's
ing all markets In poundage, but
85,117.209 ft.
$27 10 per hundred. South Boston was second in both pounds and price,
Labor.
this year
Employment in the Pacific Northwest has reached the low point of selling 3,452,970 pounds for $25 44 per hundred. Virginia's crop
the year. and present conditions will generally preavil throughout the is estimated at 137,080,000 pounds, compared with 129.497.000 pounds
year,
this
national
in
production
third
next two or three months, according to the Four L Employment Service. grown in 1925. The State ranks
or Kentucky.
In the Portland and Columbia River districts there is at present virtually but grew only about 35% as much as either North Carolina
South Carolina tobacco markets were nearly all closed in October, only
no demand for help. A majority of the logging camps will be closed
the crop. Production
about Dec. 15 and loggers are holding their jobs until the shutdown. an occasional warehouse remaining open to clean up
year, compared with
Several logging camps in the Grays Harbor district have been closed In South Carolina totaled 60.060,000 pounds this
average
of 59,178,000 pounds.
five-year
a
and
in
1925
and will not be opened until Jan. 1. Most sawmills are operating, although 71,040,000 pounds
the
a few night shifts have been removed recently. Seasonal employment Prices in South Carolina were much higher this year than in 1925, and
conditions obtain in the Inland Empire. Winter logging operations are 1926 crop was therefore more profitable, even though shorter in pounds.
1a
Nov.
on
and
Maryland tobacco improved notably during October,
generally under way. Sawmill and planing mill operations are gradually
crop of 28,480,000 pounds was indicated in comparison with 24.690,000
approaching the year's low point.
pounds grown last year and a five-year average of 21,442,000 pounds.
Southern Pine Reports.
Maryland tobacco is mostly medium fair to good.
The Southern Pine Association reports from New Orleans that for 121 The quality of the
mills reporting, shipments were 19.15% below production and orders
15.39% below production and 4.66% above shipments. New business Continued Increase in Newsprint Production in
taken during the week amounted to 55,651,200 ft., shipments 53,175,540
October.
ft. and production 65,770,920 ft. The normal production of these mills
is 75,829,640 ft. Of the 118 mills reporting running time, 84 operated
The October production of paper in the United States as
full time, 21 of the latter overtime. Four mills were shut down, and
reported by identical mills to the American Paper & Pulp
the rest operated from one to 5A days.
The Western Pine Manufacturers Association of Portland, Ore., with Association and co-operating organiations, showed an infive fewer mills reporting, shows a little decrease in production, a satis- crease of 0.4% as compared with September's production
factory increase in shipments and a marked decrease in new business.
0.8% increase in September over August), acThe California Redwood Association of San Francisco, Calif., with one (following an
less mill reporting, shows a slight decrease in production, some decrease in cording to the association's "Monthly Statistical Summary
shipments, and new business considerably less than that reported for the of Pulp and Paper Industry," made Public Dec. 1. All
week earller.
in production as compared with
The North Carolina Pine Association of Norfolk. Va., with three more grades showed an increase
mills reporting, shows substantial increases in production and shipments, September, with two exceptions. The "Summary" is preand a marked decrease in new business.
the American Paper & Pulp Association as the
The Northern Pine Manufacturers Association of Minneapolis, Minn., pared by
reports some decrease In production and considerable increases in shipments central organization of the paper industry, in co-operation
and new business.
with the Binders Board Manufacturers Association, ConThe Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis.(In its softwood production), with three more mills reporting, verting Paper Mills Association, Cover Paper Association,
shows a heavy increase in production, a slight increase in shipments, with Newsprint Service Bureau, Wrapping Paper Manufacturers
now business well in advance of that reported the previous week.
Service Bureau, Writing Paper Manufacturers Association
Hardwood Reports.
Paperboard Industries Association. The figures for OcThe hardwood mills of the Northern Hemlock & Hardwood Manufac- and
turers Association reported, from 23 mills, production as 1,999,000 feet, tober for same mills as reported in September are:
shipments 3,867,000 and orders 2.752,000.
Stouts on
The Hardwood Manufacturers Institute of Memphis. Tenn.. reported
Hand, End
from 115 units, production as 19.053,819 feet, shipments 17,815,548 and
Month,
of
Shipments.
Production,
of
No.
orders 17,396,334. The normal production of these untis is 20,106,000
Mills. Net Tons. Net Tons. Net Tons.
Grade,
feet.
14,633
146,411
143.148
71
The two hardwood groups' totals for the week as compared with the Newsprint
44,001
96,536
93,385
61
Book
preceding week were:
44.882
178,716
184,158
109
Paperboard
Orders.
Mills. Production. Shipments.
35.547
52.138
' 52,182
77
Wrapping
8.448
12,789
12,724
138 21,052,819 21,682,548 20,148,334 Bag
22
Week ended Dec.4
41,287
32,004
30,205
19.404.873
87
19,658.185
134
27
Nov.
Fine
18,427,751
Week ended
14,499
14,747
14,896
47
For the past 48 weeks all hardwood mills reporting to the National Tissue
3,640
7,107
5,849
7
Hanging
1,987
12,751
Lumber Manufacturers Association gave production 1,410.851,300 feet. Felts
12,373
14
15,853
24,200
23.091
62
shipments 1,419,087,981, and orders 1,448.852.899.
Other grades
West Coast Lumbermen's Association Weekly Report.
One hundred and five mills reporting to the West Coast
Lumbermen's Association for the week ended Nov. 27 manufactured 92,570,738 feet, sold 82,127,675 feet and shipped
73,179,880 feet. New business was 10,443,063 feet less than
production and shipments 19,390,858 feet less than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Nov:6.
Nov. 13.
Nov.27.
Nov.20.
Pr Week Ended107
107
05
106
No.of mills reporting-92,570,738 107,025,490 105,447,051 113,268,010
Production (feet)
79.928,874
91,046,801
94.306,287
82,127,675
NewAbusiness (feet)
91,209,819 103,191,476
73,179,880 111,012,684
Shipments (feet)
Unshipped balances:
97,252,370
98,877,045
93,454,212
92,098,676
Rail (feet)
128,338,493 127,546,981
Domestic cargo (feet)._ 111,449,500 108,945,134 119,844,356
126,617,427
122,721.574 120,194.032
p, Export (feet)
•141401111
327,625,286 321.237,842 343,435.356 353,041,453
Total (test)
--
Total, all grades
566.569
582,841
224.777
During the same period, domestic wood pulp production
Increased 14%, this increase being distributed over all
grades, with one exception. The October tptal (mills identical with those reporting in September) as reported by
the American Paper and Pulp Association are as follows:
Grade.
Groundwood pulp
Sulphite, news grade
Sulphite bleached
Sulphite easy bleachedSulphite MitscherlichSulphate pulp
Soda pulp
Other than wood pulp
Total, all grades
No. of Production,
Mills. Net Tons.
Used,
Net Tons.
Shipments,
Net Tons.
swots on
Hand. End
of Month,
Net Tons.
96
37
21
6
6
10
11
2
104,062
42,888
23,445
3,922
7,421
16,616
16.713
94,422
35,118
20,444
3,296
6,011
13,701
12,753
6,931
7,935
3,353
532
1,319
3,018
4.497
123,620
9,913
3,016
1.042
269
1,598
3.610
19
--
215,067
185,745
27,585
143,077
2978
THE CHRONICLE
Transactions in Grain Futures During November on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of November 1926, together with
monthly totals for all "contract markets" as reported by
the Grain Futures Administration of the United States Department of Agriculture. The figures listed represent sales
only, there being an equal volume of purchases; they were
made public Dec. 6 by L. A. Fitz, Grain Exchange Supervisor, at Chicago. During November 1926 the total transactions on all markets aggregated 1,807,122,000 bushels,
as compared with 2,004,695,000 bushels in the same month
last year. On the Chicago Board of Trade the transactions
in November this year reached 1,503,601,000 bushels, against
1,670,535,000 bushels in November last year. In the compilations which follow the figures listed represent sales only,
there being an equal volume of purchases:
November1
2 Holiday
3
4
5
6
7 Sunday
VOLUME OF TRADING.
(Expressed in Thousand Bushels-I. e., 000 omitted.)
Wheal.
Corn.
Oats.
Rye. Barley. Flax.
Total.
45,758 22,832 4,454
538 --------73,582
s
9
10
11 Holiday
12
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25 Holiday
26
27
28 Sunday
29
go
32,635
43,547
46,106
23,603
18,645
16,291
17,779
14,803
2,934
909
2,779 1,006
2,827 1,241
1,478
624
53,123
63,623
67.953
40,508
39,564 18,524
23,294 19,988
32,128 12,242
3,376 1,268
4,157
988
1,293
569
62,732
48,427
46,232
58,905 21,611
48,661 10,319
3,880 1,658
4,517 1,667
-----:-
86,054
65,164
43.447
54,067
66,842
42,831
74,579
38,995
2,913
2,795
3.341
2,680
1,589
2,087
1,533
2,180
3.926
3,338
2,779
1,432
----------------_--
65,469
79,621
92,851
65,270
90,784
52,887
43,389 14,944
62.853 10,550
44.184 14.492
7,287 1,572
2,554 1,007
4,575 1,324
----
67,192
76,964
64,575
40,660 10.214
28,586 8.830
5,706 1,371
2,234
860
17,576
20,579
18,742
16,421
11,837
12,373
37,185 15,074 8,864 3,505
46.553 15,180 10,985 4,783
Total ChicagoBd.of Tr.1,016.372 357,846 89,305 40,078
Chicago Open Board- 35.488 11,349
752
16
Minneapolis C. of C. 74,986
32,922 7.948
Kansas City Bd. of Tr. 49,548 11,069
277
_
Duluth Board of Trade *23,906
1,412
St. Louis Mer. Exch__
6,631
929
Milwaukee C. of C_ 1,856
1,661
1,651
325
New York Prod. Exch. 17,055
Seattle Mer. Exchange
446
Los Angeles Grain Exch.
San Francisco C. of C.
Baltimore C. of C..
----
57,951
40,510
---____
64,628
77,501
---
li:iEi 3-.785
"iiL 6,915
---17
1,503,601
47.605
126.093
60,894
38,358
7,560
5,493
17,055
446
17
Total all marketsNovember 1926
1,226,288 382,854 124,907 55,779 6,594 10,700 1,807,122
Year ago
1 499,378 317,029 124,247 47,884 7,377 8,780 2,004,695
Chicago Board of Tr.
year ago
1 260,703 297,493 82,789 29,550 --------1,670,535
*Durum wheat only.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF
TRADE
FOR NOVEMBER 1926.
("Short"side of contracts only, there being an equal volume open on the "long"
side.)
Nov. 1926.
Wheat.
Corn.
Oats.
Rye.
Total.
1
106,240,000 62,191,000 50,696,000 15,093,000 234,220,000
Holiday
2
3
108,705,000 62,446.000 50,951.000 15,074,000 237,176,000
4
108,259,000 62,175.000 51,091.000 15,133,000 236,658,000
5
107,667,000 63,066.000 051,157,000 a15,421,000 237,291,000
6
107,611,000 64,351,000 50,973,000 15,302,000 238,237,000
7 Sunday
s
106,544.000 64,990,000 50,984,000 15,191,000 237,709.000
9
106,382,000 64,583,000 50,813,000 15,283,000 237,067,000
10
107,652,000 64,667,000 50,834,000 15,354,000 238,507,000
11 Holiday
12
109,969,000 64,145,000 50,510,000 15,308,000 239,932,000
13
109,254,000 64,042,000 50,558,000 15,419,000 239,273,000
14 Sunday
109,611,000 64,244.000 50.343.000 15,243,000
15
16
110,963,000 a65.588,000 50,026,000 15,395,000 239,441,000
17
110,677,000 65,053,000 49,699,000 15,080,000 241,972,000
240,509,000
18
111,199,000 64,655,000 49,679,000 14,760,000 240,293,000
19
6115,265,000 64,530,000 49,792,000 15,158,000 a244,745,000
20
114,444,000 63,671,000 49,852,000 15,219,000 243,186,000
21 Sunday
22
111,842,000 63,606.000 50,318,000 15,156,000 240,922,000
23
108,601,000 63,379,000 49,793,000 15,245,000 237,018,000
24
109,153,000 64,462,000 49,479,000 15,303,000
238.397.000
25 Holiday
26
108,528,000 64,526,000 49,061,000 15,168,000 237,283,000
27
107,642,000 63,637,000 48,965,000 14,927,000 235,171,000
28 Sunday
29
106,518,000 63,099,000 48,572,000 14,697,000 232,886,000
30
1)102,738,000 559,332,000 546,229,000 514,372,000 b222,671,000
AverageNovember 1926.-108.933,000 63,758,000 50,015,000 15,144,000
November 1925_ 113,110,000 56,161,000 50,211,000 11,730,000 237,850,000
231,212,000
October 1926
100,158,000 54,427,000 49,162,000 13,123,000 217.568.000
September 1926...102,235,000 46,780,000 46,899.000 12,814,000 208,728,000
August 1926
99,118,000 53,654.000 42,730,000 13,014,000 208,516,000
July 1926
87.023,000 52,196,000 31,397,000 12.393,000 183,009,000
June 1926
84,845,000 60,624,000 36.631,000 9,751.000 191,851,000
May 1928
85,808,000 53,831,000 37,618,000 8,359,000 185.616.000
April 1926
96,935,000 57.876,000 46,132,000 13,177,000 214,120,000
March 1926
95,431,000 59,434,000 50,350,000 14,875,000
February 1928_ __ _109,023,000 54,717,000 53,664,000 15,015,000 220,090,000
232,419,000
January 1926
111,992,000 45,959,000 52,990,000 12,713,000 223,662,000
a High. SLOW.
[VOL. 123.
Complaints from publishers concerning the shortage
of newsprint paper
led to two investigations by the Federal Trade Commission
, one in 1917,
and one in 1920. The situation was solved, however, not
by Government
intervention, but by the normal developments in the industry
itself. The
additional capacity of the paper mills after the war
created a production
more than equivalent to demand. In 1920, the industry
suffered, with
others,from falling prices and temporary over-production.
Output dropped
considerably in 1921 as a result of both the general depression
and a strike.
and since then has shown a steady upward trend.
How great a change has taken place in the situation
since 1920 is shown
in the following table of approximate prices per ton of
the principal products:
1920.
1925.
Newsprint
$13000
$67 50
Sulphate pulp
180 00
60 00
Sulphite pulp
180 00
60 00
Groundwood
175
30 00
Increase in Demand.
Under these lower prices consumption and production are
now running
about even. Figures for production of newsprint during
the past five
years are supplied by the Newsprint Service Bureau as
follows:
NEWSPRINT PRODUCTION (TONS).
U. S.
Canada.
Total.
1920
1.512.000
876,000
2,338,000
1921
1.225.000
808.000
2,033.000
1922
1,448.000
1.082.000
2,530.000
1923
1.485.000
1,266,000
2,751,000
1924
1,481.000
1,353.000
2,834,000
1925
1,530.000
1,522.000
3,052,000
1926 (1st 9 mos.)
1,260,000
1,381.000
2,641,000
The combined production of newsprint for the first nine
months of the
year was 2,640,747 tons as compared with 2,242,668 tons for
the same
period in 1925. This represents an increase of 18%. The
market readily
absorbed this large output, and mill stocks of newsprint at
the end of
August were 33% lower than a year ago and the lowest since
1920. In
the past six years the demand has kept pace with the expanding
production.
Total production for 1926 is estimated at the record figure
of 3.500,000 tons.
00
It is pointed out that this record-breaking output is the
result of general business expansion. By the third quarter
of this year the combined newsprint production of the two
countries was 50% greater than in 1920 and 100% greater
than in 1914.
Since 1920 there has been an increase in the volume of
advertising, reading matter and circulation of the nation's
newspapers. Taking the abnormally active year of 1920
as an index base of 100, the George H. Mead Co. reports
that the index of advertising in September of this year was
103.5; the index of reading matter 179.9, and the index of
circulation 123.4.
Due to the very small margin of profit on its product, the
newsprint industry has been more than ordinarily concerned
with the promotion of efficiency and the elimination
of
waste. Organization on a large scale is one of the most
important steps in lowering the cost of production.
At
present three companies sell about one-half of the total
American and Canadian production.
New Automobile Models and Price Changes.
Additional details concerning the new "Little Marmon,"
mentioned in last week's review on page 2833, were released
for publication on Dec. 8. The announcement sta es that
the new model being introdue d by the Marmon Motor Car
Co. is a light car of 116-inch wheel-base, 8-cylinder high
speed motor, actual brake horsepower of 65 at 3,300 revolutions per minute, steel running boards, or "side-bumpers,"
rubber shackled insulating frame, electric gasoline gauge and
other modern motor car improvements. It is said to
be
capable of attaining a speed of 70 miles per hour and to
run
22 miles per gallon of gasoline. Present plans include the
manufacture of six standard types of bodies-a two-door
sedan priced at $1,795; four-door sedan, at $1,895; twopassenger speedster, at $1,895; four-passenger speedster,
at
$1,895; two-passenger coupe, at $1,895, and a collapsibl
e
coupe at $1,995. In addition, the company plans to manufacture a complete line of custom-built bodies suitable
for
use on the chassis.
An important announcement was also made by
the Lincoln Motor Co., a division of the Ford Motor Co., when
on
Dec. 9 it advanced the prices of Lincoln models $200
The new prices are: Open cars, $4,700; coupe, $4,800;each.
fourpassenger sedan, $5,000; five-passenger sedan,
$5,100; seven.passenger sedan, $5,200; and seven-passenger
limousine,
$5,500. The announcement stated that prices are
advanced
because of the addition to the standard equipmen
t of the
six-brake system.
The Moon Motor Car Co. has just announced
that the
price of the new 6-60 cabriolet roadster in its Light
Six line
will be $1,195 f.o.b. St. Louis. This model was
first announced last October (see our issue of Oct. 16,
p. 1939),
but the price was not made public at that time.
New York Trust Co. on Newsprint Production.
A new six-cylinder truck is being brought out by the
Production of newsprint in the United States and Canada Roamer Motor Co.
of Kalamazoo, Mich., according to
for the first nine months of the year was 18% greater than press dispatches from
that city on Dec. 10.
for the same period in 1925, according to "The Index,"
Prices of Essex cars in Cleveland have been cut to $625
published by the New York Trust Co. "The Index" says:
delivered. Price cuts on Essex cars in Cleveland, New York
DEC. 11 1926.]
THE CHRONICLE
2979
*a
"If Ceylon were to abandon the rubber restrictions, it would have'
and Philadelphia are local matters, controlled by dealers
most serious effect on the policy that would be adopted in Malaya and
in those cities only.
couldn't
among the British estates in the Netherland East Indies. We
A special dispatch from Detroit on Dec. 10 stated that press them to continue by themselves. The results would be very serious
announcement was made by John A. Nichols, President, and an immediate fall in prices would occur.British rubber output, Malaya
"Ceylon produces about 20% of the total
that the name of the new manufacturing organization de- producing
by far the greatest proportion of the total. The motion expresssix,
Knight
priced
a
motored
sell
veloped to produce and
ing dissatisfaction with the Stevenson scheme was presented early this
The motion also criticized as unat around the $1,000 mark, will be the Falcon: Motors month to the Legislative Council. for
the current quarter from 100 to
economic for Ceylon the reduction
Corporation. Previous rumors had speculated on the name 80% of the standard ofrubber output which could be exported at a minimum
on Oct. 30. because the average
directed
of the company but the facts in the matter were only made rate of duty. This reducdon was
for the quarter ending that day had fallen below 21 pence,
complete that morning. The car will be named the Falcon- price of rubber
the price set under the Stevenson plan."
Knight and will be built in a full line of body types. No
Ceylon's opposition to the rubber restrictions was noted
attempt will be made to show models at the national autoour issue of a week ago, page 2843.
in
mobile shows.
Cleveland Federal Reserve Bank on Cut in Tire Prices
and Change in British Rubber Export Restrictions.
Noting that two'important events in connection with the
rubber industry took place during the past month: First,
the tire price cut on Nov. 15, and second, the change in the
British export restriction regulations, announced on Nov. 1,
the Federal Reserve Bank of Cleveland in its "Monthly
Business Review," Dec. 1, goes on to say:
The price cut, ranging from 10 to 10%, was adopted by all the important tire manufacturers. At the same time, a renewal was planned of the
spring dating system, whereby manufacturers deliver tires to dealers
during the winter, and final payment is made in the spring. Various reasons may be assigned for these two moves, one of the most important being
the disinclination of dealers to purchase until some definite announcement
regarding price cuts and spring dating should be made. Other contributing causes were the decline in the price of cotton, an important raw
material; greater efficiency in production methods, resulting in lower operating costs; and the stability of crude rubber prices for several months
past.
Some further slackening of business during October and early November
is reported by Akron manufacturers, due partly to the approach of the
normally dull winter season and partly to the let-down in automobile
manufacturing, with a consequent reduction in sales of tires as original
equipment. The price cut above noted, however, has put the producers in
a more favorable position, as dealers' stocks are admittedly low and buying
from this quarter has been stimulated. The Department of Commerce report as of Oct. 1 puts the average casings per dealer in the United States
at 49.9, as compared with 56.6 a year ago and 53.6 two years ago. Stocks
In manufacturers' hands are still heavy.
The change in the British export restrictions was the result of the failure of crude rubber to average 21 pence (42 cents) a pound in the London
market during the three months ending Oct. 31. Under the law, a 20%
reduction in exports of standard production in the British-owned colonial
plantations automatically takes place, applying to the November-January
quarter. The importance of this action in holding up the price is, of
course, obvious; but what bearing it will have upon the immediate future
of crude rubber prices is not yet clear. So far, prices have not moved
upward, but have remained around the 41-cent level. In this connection
It is reported that the surplus of rubber at present is materially larger
than in the spring of 1925, when the operation of the Stevenson Act brought
the sharp increase in price.
Production of all types of casings for the first three quarters of 1926
was 35,850,000, as compared with 36,113,000 in the same period in 1925.
Stocks of inner tubes in manufacturers' hands declined further in September, but were still 54% greater than last year on Oct. 1.
Dunlop's Cuts Tire Prices.
London advices yesterday (Dec. 10) in the "Wall Street
Journal" said:
Dunlop. Ltd., has cut tire prices 10%. effective Dec. 9.
Automobile tire prices were also reduced by other companies, the cuts
ranging from 10 to 20%. This is the third reduction this year. In April
prices were lowered by 10%, and in October by 15 to 20%•
London"Sunday Observer"Proposes Rubber Producers'
Pool to Combat Buyers' Pool.
The following from London Dec. 4 is reported by the
Associated Press:
Crude Oil and Gasoline Show Almost No Price Changes.
The week in the petroleum markets was a very uneventful
one as far as price changes are concerned, there being none
of any great significance. Reports from Chicago on Dec.6
stated that following the Standard Oil Co. of Indiana's
introduction of its grade 60-62 gasoline 410 end point in
Wisconsin, the Shaffer Oil & Refining Co., Marland Refining
Co'., White Eagle Oil & Refining Co., Cities Service Co.,
Skelly Oil Co. and Producers & Refiners Corporation were
understood to have taken similar action.
The Continental Oil Co., Pueblo, Colo., on Dec. 6 reduced tank wagon and service station prices of gasoline le.
a gallon to 19 and 21c., respectively, effective as of Dec.4.
The most important announcement of the week appears to
have been the advances made in the price of export gasoline
by the Standard Oil Co. of New Jersey. The first occurred
Dec. 4, the company increasing the U. S. Motor grade in
ic. per gallon, making the new price 27.40c. per
case lots y
gallon. This was followed by a second advance of a like
amount on Dec. 9, when the new price became 27.65e.
per gallon.
In the wholesale market at Chicago the prices on Dec. 10
were quoted as follows: Gasoline, U. S. motor grade, 93. ®
9 8c.; 41-43 water white kerosene, 6%@63c., and fuel
oil, 24-26 gravity, $1 30@$1 35.
Crude Oil Production Shows Small Decrease.
The estimated daily average gross crude oil production
in the United States for the week ended Dec. 4 fell below
the output reported for the previous week by 2,450 barrels,
according to the statistics furnished by the American Petroleum Institute. These figures show the estimated production for the week ended Dec. 4 was 2,388,800 barrels as
compared with 2,391,250 barrels for the preceding week. The
daily average production east of California was 1,730,500
barrels as compared with 1,737,350 barrels, a decrease of
6,850 barrels. The following are estimates of daily average
gross production by districts for the week mentioned:
DAILY:AVERAGE PRODUCTION.
Dec. 4 '26. Nov. 27'26. Nov. 20'26. Dec. 5 '25.
(In Barrels.)
472.000
548.400
552,400
547,900
Oklahoma
103.400
117.600
119,150
115,200
Kansas
84.800
261.550
266,050
260,100
North Texas
70.550
54,950
55,300
55.300
East Central Texas
76,950
124,950
119,150
124,800
West Central Texas_ ....39.400
42,400
42,300
42,700
Southwest Texas
45.300
56.450
55,450
55,850
North Louisiana
207.850
141.750
144.050
140,600
Arkansas
90.500
170,550
185,550
178.800
Gulf Coast
105.000
111,500
111,500
111.000
Eastern
81.100
62,200
60,650
64.900
Wyoming
18.750
16,850
16,800
16.750
Montana
5150
7,400
7.750
8.050
Colorado
L.000
6,250
6,550
5,200
New Mexico
635,000
645,700
653,900
658,300
California
2,370,450 2,040.750
2,388,800 2,391,250
Total
The "Sunday Observer's" financial article advocates an attempt to form
a rubber producer's pool to counteract an American consumers' pool.
The estimated daily average gross production of the Mid-Continent field,
It says if the latter scheme may be taken as an indication that the Ameri- including Oklahoma, Kansas, North, East Central, West Central and
can consumer is ready to assist the Stevenson plan to achieve its original Southwest Texas, North Louisiana and Arkansas, for the week ended
object, namely,stabilization of the price ofrubber on a basis fair to producers Dec. 4 was 1,346,050 barrels, as compared with 1,348,300 barrels for the
and consumers alike, then well and good otherwise combined buying should preceding week, a decrease of 2,250 barrels. The Mid-Continent produobe met with combined selling, and a producers' pool strong enougn to with- tion, excluding Smackover. Arkansas heavy oil, was 1,235,250 barrels as
hold supplies from a falling market should be the answer.
compared with 1,236.550 barrels, a decrease of 1,300 barrels.
In Oklahoma, production of North Braman is reported at 26,400 barrels
The formation of the $40,000,000 pool by American
against 29,100 barrels; South Braman, 5,100 barrels against 5,550 barrels;
interests was noted in our issue of Saturday last, page 2843.
Tonkawa, 30,750 barrels against 31,250 barrels; Garber. 24,350 barrels
against 23.350 barrels; Burbank, 44,500 barrels against 44,250 barrels;
Bristow-Slick. 26,900 barrels against 26,850 barrels; Cromwell, 14.300
Ceylon May Withdraw From Stevenson Rubber
barrels against 14,650 barrels; Papoose. 9.100 barrels against 9.250 barrels;
Restriction Scheme.
Wewoka, 24,350 barrels against 24,300 barrels; Seminole, 112,300 barrels
A cablegram as follows from the Central News has been against 111,050 barrels.
In North Texas, Hutchinson County is reported at 145,100 barrels
received by the New York News Bureau:
against 148,350 barrels, and Balance Panhandle. 13,900 barrels against
The Legislative Council has proposed that Ceylon should stand out from
13,950 barrels. In East Central Texas, Corsicana Powell, 24,350 barrels
the rubber restriction readjustment, which is declared to be becoming unagains 24,150 barrels; Nigger Creek. 10,950 barrels against 11,450 barrels;
economic for Ceylon.
Reagan County, West Central Texas, 29,450 barrels against 30,250 barrels;
Last night (Dec. 10) the New York "Evening Post" Crane and Upton counties, 22,350 barrels against 23,500 barrels; and in the
Southwest Texas field, Luling, 19,650 barrels, no change; Laredo District,
announced the following from Colombo (Ceylon):
barrels; Lytton Springs, 3,150 barrels, no
The British Colonial Office believes that if a recent movement In Ceylon 16.900 barrels against 16,700
Louisiana, Haynesville is reported at 8,800 barrels
to abandon the Stevenson scheme for rubber restriction were to succeed, change. In North
against 8,750 barrels; Urania, 13,100 barrels against 13,800 barrels; and in
a severe blow would be struck at the industry.
Telegraphing on the debate in the Ceylon Legislative Council on a recent Arkansas, Smackover light, 13,300 barrels, no change; heavy. 110,800
and Lisbon, 6.450 barrels against 6.600
motion expressing the opinion that Ceylon should stand-out from rubber barrels against 111,750 barrels;
barrels. In the Gold Coast field, Hull is reported at 21,100 barrels against
restriction, Colonial Secretary Amery said:
2980
TM" CHRONICLE
20,200 barrels; West Columbia. 9,650 barrels, no change; Spindletop,
84,750 barrels against 90,550 barrels; Orange County. 7,250 barrels against
7,300 barrels; and South Liberty, 4,550 barrels against 4.850 barrels.
In Wyoming, Salt Creek is reported at 49,950 barrels against 42,200
barrels; and Sunburst, Mont.. 14,000 barrels, no change.
In California, Santa Fe Springs is reported at 45,500 barrels, no change;
Long Beach, 96,500 barrels against 97,000 barrels; Huntington Beach,
.85.000 barrels against 83,000 barrels; Torrance, 26.500 barrels ,no change;
Dominguez, 19.500 barrels against 20,000 barrels; Rosecrans, 13.500 barrels
against 14,500 barrels; Inglewood, 40.000 barrels, no change; Midway
Sunset, 94,000 barrels, no change; Ventura Avenue. 56,800 barrels against
56,200 barrels; and Seal Beach. 8,000 barrels against 8,200 barrels.
Heavy Copper Sales Bring Firmer Prices.
More copper has been sold in the past week than in the
six preceding weeks put together and the market steadied
in all directions, "Engineering and Mining Journal" reports.
'The other non-ferrous metals did not share in this business.
Both lead and zinc were remarkably quiet and slightly lower.
The demand for spot tin has lessened materially. Silver
was quiet, but substantially unchanged. All classes of
'buyers placed orders for copper,from the small brass foundry
up to the leading wire mills, says this publication, adding:
•
The bulk of the business went through at 13% cents a pound for all
deliveries, at nearby New England points, and at 13% cents in the Middle
West. On Thursday the market settled at 139 cents, delivered in the
East, and 133j cents in the Middle West. The largest volume of orders
has been for January shipment, but thousands of tons have been sold for
prompt and December shipment. February has been well represented,
but few orders have been placed for March. The Middle West as well as
the East bought heavily. The wire and brass mills report a healthy increase
in their orders since the copper market has shown signs of strengthening.
The higher domestic prices stimulated export business. The Export Association's level continued all week at 13.95 cents, c.i.f. Hamburg and Havre.
Decrease in Zinc Stocks-Large Volume of Shipments.
Zinc stocks Nov. 30 amounted to 14,481 tons, against
15,909 tons at the end of the preceding month, a decrease of
1,428 tons, according to the American Zinc Institute. Production in November was 55,062 tons and shipments totaled
56,940 tons. Of the latter, 53,319 tons were domestic, 3,171
tons for export. Further details, as given in the "Wall
;Street Journal" of last night,follow:
.
[VoL. 123.
Steel Ingot Production Lower in November.
November production of steel ingots was the smallest of
any of the past four months, according to the American Iron
& Steel Institute in its usual monthly statement as of Dec. 8.
The steel output in November, compiled from companies
which in 1925 made 94.50% of the ingot production in that
year, was 3,517,402 tons, of which 2,915,558 tons were openhearth, 592,239 tons were Bessemer and 9,605 tons all other
grades. On this basis the calculated monthly prbduction by
all companies was 3,722,119 tons in November, as compared
with 4,092,548 tons in October, 3,930,675 tons in September,
4,004,583 tons in August and with 3,902,900 tons for the
corresponding period last year. The approximate daily
production of all companies the past three months, with 26
working days, was 143,158 tons during November, 157,406
tons in October and 151,180 tons in September. In the
following we show the details of production back to the beginning of 1925:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1925 TO DEC. 1925
Reported for 1925 by companies which made 94.50% of the steel ingot production
In that year.
Months
1925.
OpenHearth.
Bessemet.
Calculated
Approx.,
Monthly Monthly No. of
Daily
AU Production Production Work- Production
Other. Companies
AU
fag
AU Cos.
Reporting. CompanIes. Days. OrossTons.
January__
February-.
March....
April
May
June
July
August.. _
September,
October
November_
3,263,256
2,933,225
3,337,721
2,858,866
2,755,561
2,540,729
2,446,068
2,698,285
2,738,673
3,077,114
3,092,194
689,996
602,042
814,880
515,715
497,708
476,945
457,095
523,734
547,121
584,567
581,347
11,960
12,998
13,633
14,182
13.790
12,490
13,547
12,914
13,977
15,824
17,085
3.965,212
3,548.265
3,966,214
3,388,783
3.267,059
3,030,164
2,916,710
3,234,933
3,299,771
3.677.305
3,690,626
4,193,281
3,752,352
4,194,340
3,583.676
3,454,971
3,204,451
3,084,472
3,420,998
3,489,565
3.888,814
3,902,900
27
24
26
26
26
26
26
26
26
27
25
11 months_ 31,741,692 6,091,130 152.200 37,985,022 40.169,820
285
140,947
569.304 15,843 3,754,943 3,970,918
26
152,728
34,911.488 6.660.434 168.043 41.739.965 44.140.738
311
141.932
December_ 3,169,796
Total
155,307
156,348
181,321
137,834
132,883
123,248
118,834
131,577
134,214
144.030
156,116
MONTHLY PRODUCTION OF STEEL INGOTS JAN. 1926 TO SEPT. 1926.
Reported for 1926 by companies which made94.50% of the steel ingot production
in 1925.
Amount of zinc stored for customers in November was 100 tons. There
were 88,076 retorts operating at end of month.
Zinc stocks of 14,481 short tons Dec. 1 in hands of American producers
Calculated
Approz. Per
compare with 15,699 tons Oct. 1, 18,164 Sept. 1, 22,986 Aug. 1. 25.760
Monthly Monthly No. of
Daily
Cent
Mt
OpenBesseAU Production Productio Work- Production of
July 1. 29,934 June 1, high of the year. and 9,295 tons Jan. 1 1926, low of
1926. Hearth.
user.
Other. Companies
AU
inp
AU Cos. Operathe year.
Reporting.Companies Days. OrossTons Son.
Shipments of 56,490 tons in November were second highest peace-time
Jan__ 3,326,846 581,683 13,664 3,922,19 4,150,46.
26
159,633 88.90
shipments in history of the industry, comparing with 54.769 tons in October, Feb...
3,023,829 556.031 12.81: 3.592.67: 3,801,776
24
158,407 88.22
54,609 in September. 56.583 in August, peace-time high, 51,177 in July, March 3.590.791 635,6:. 15.031 4,241,502
4,488,382
27
166,236 92.58
• and 52,400 in August. Shipments for the first 11 months came to 576,463 April _ 3.282.455 601,037 13.652 3,897.124 4.123,941
26
158,613 88.33
28
151.744 84.51
tons, monthly average of 52.405 tons, compared with average of 50,237 May.. 3,201,230 516,676 10.437 3,728,343 3,945,336
June_ 3036.162 498.764 9.441 3.544.367 3,750,653
26
144,256 80.34
tons for full year 1925 and 45,934 tons for 1924.
July__ 2,911.375 526.500 12.372 3.450,247 3,651.055
26
140.425 78.20
Export shipments of 3.171 tons in November compared with 4,160 in Aug.. 3,145,055 627,273 12,003 3.784,331 4,004,583
26
154,022 85.78
October, 4.225 in September, 4,397 in August, 4,587 in July and 6.239 in Sept_ 3,089,240 612.588 12,860 3,714,488 3,930,675
26
151,180 84.19
26
157,406 87.68
June, high for 1926. Export shipments for first 11 months came to 38,753 Oct__ 3.224,584 630,526 12,348 3,867,458 4,092,548
592,239 9,605 3,517,402 3,722,119
26
143,158 79.73
• tons, average of 3,523 tons compared with average of 5,428 tons for full Nov- 2.915,558
year 1925 and 6,572 tons for 1924. giving an indication of how the British 11 MOR 34.747.1056.378.997134.03141.260.13343,661.517 285
153.198 85.32
'coal strike and other European tangles have affected zinc consumption
The figures of 6 per cent of operation" are based on the "theoretical capacity
abroad.
as of Dec. 311925. of 55,844,033 gross tons of ingots.
Domestic shipments in November came to 53,319 tons, highest domestic
shipments in history of the industry, comparing with 50,609 in October,
50,384 in September, 52,186 in August. previous all-time high. 46.590 in
July and 46,161 in June. Domestic shipments for the first 11 months Steel Mills Curtail Operations Though Rail
Orders
came to 537.710 tons, monthly average of 48,882 tons,compared with 44,808
Increase-Pig Iron Price Declines.
tons a month for full year 1925 and 39,362 in 1924.
Production of 55.062 tons in November compared with 54,979 in October,
On the one hand the week's developments in the steel
52,144 in September, 51.761 in August, 48,403 in July, 48.226 in June and trade have confirmed previous
reports of lessening operation
54,411 in March,high for the year. Output for the first 11 months came to
581.649 tons, monthly average of 52,877 compared with 49,244 for full year of mills, declares the Dec. 9 issue of the "Iron Age." Over
;1925 and 44,654 in 1924.
against these are new evidences of expanding railroad con. Retorts operating at end of November, 88.076, compared with 87.028 sumption, including inquiries
for upwards of 15,000 steel
Oct. 31.87.028 Sept.30,84.584 Aug.31 and 96,229 Jan. 31.high of the year.
cars and the placing of some large orders for track supplies,
says the "Age" in its review this week. Steel production in
increase in Unfilled Tonnage of United States Steel November fell below that
of October, as waS expected, but
Corporation During November.
it was enough larger than shipments to cause rather marked
The United States Steel Corporation in its monthly curtailment at the end of the month by several
independent
statement issued Dec. 10 1926, reported unfilled tonnage on producers, the "Age" reported, adding:
At 3,722,000 tons last month's total represented 79.73% of theoretical
books of subsidiary corporations as of Nov. 30 1926 at
3,807,447 tons. This is an increase of 123,786 tons over capacity, against 88% in October. A 70% operation in December would
bring the year's total close to 47,000,000 tons, or 6 to 7% more than the
unfilled orders on Oct. 31 and an increase of 213,938 tons record output of 1925.
To-day's operations in the district taking in Pittsburgh, Youngstown,
year
last
Nov.
orders
30
on hand
over Sept. 30 figures. On
Wheeling, Johnstown, Pa., and intermediate points are somewhat under
stood at 4,581,780 tons and at the same date in 1924 at 70%,
and indications are that this will be lowered later in the month.
,4,031,969 tons. In the following we show the amounts back
The Steel Corp.is on a 75 or 76% basis this week and in view of November
railroad
buying, its Dec. 10 statement of unfilled orders will probably
to the beginning of 1922. Figures for earlier dates may be
show little or no decrease.
found in our issue of April 14 1923, page 1617.
While pig iron production in
Stia of MonthJanuary
February
;March
•Arall
IditY
"June
uly
August
September
October
November
December
1926.
4,882.739
4,616,822
4,379,935
3.887,976
3,649,250
3.478.642
3.602,522
3.542,385
3,593.509
3,683,661
3.807,447
1925.
5,037,323
5,284,771
4.863,564
4.446.568
4,049,800
3,710.458
3,539,487
3,512,803
3,717.297
4,109.183
4,581.780
5,033.384
1924.
4398.429
4,912.901
4,782,807
4.208.447
3.628,089
3.262.505
3,187.072
3,289,577
3,473,780
3.525,270
4,031,969
4.816.676
1923.
6,910,776
7,283,989
7,403,332
7.288,509
6.981,851
6,386,281
5,910.763
5,414,663
5,035,750
4,672,825
4,368,584
4.445,339
November showed a slight increase, it
1922.
went off toward the end of the month, six fewer furnaces being in blast on
4.241,678 Dec.1 than on Nov.1-213 against 219. Due to further
steel works curtail4341.069 ment in the past week, five more blast furnaces have gone out-one
each
4,494,148 of the Carnegie Steel Co.,(Jones & Laughlin Steel Corp., Pittsburgh Steel
5,096.917 Co., Youngstown Sheet & Tube Co. and Republic Iron & Steel Co.
5,264,228
It would appear that shipments of steel in October and November were
5,635,531 larger than were warranted by the operations of consumers, a number of
5,776,181 mills accepting increased fourth quarter orders at 1.90c. for bars and shapes
5.950,105 before the advance to 2c. Thus inventory absorption rather than further
6.691,607 steel supply is the present concern of buyers.
6.902,287
Under these conditions the appearance of new railroad businest is timely.
6,840,242 The week's equipment inquiries include 9,000 cars, which with those pending
6.745,703 bring the total about to be bid on to more than 15,000. The Missouri
DEC. 11 1926.]
2981
THE CHRONICLE
Pacific is out for 3,220. the Baltimore & Ohio for 3,000, the Santa Fe for
1.800 and the Western Maryland for 1,200. Inquiries of the Rock Island
for 2.500, the Norfolk & Western for 2.000 and the Lehigh Valley for 1.200
were reported recently. Locomotive inquiry is active with 50 wanted by
The
the Santa Fe. 35 by the Rock Island and 20 by the Grand Trunk.
Illinois Central's budget provides for more than 9,000 cars, which may
soon be inquired for.
In track supplies heavy buying by the New York Central is noteworthy,
including 15,000 tons of tie plates, 20.000 kegs of spikes and 2,500 tons of
angle bars. The Chesapeake & Ohio and a subsidiary line have been
large buyers of tie plates also, and the Pennsylvania RR.is taking bids on
about 10.000 tons of track accessories. Similar inquiries from Western
roads total 35,000 tons.
Structural steel awards were more than 35,000 tons in the week,and work
on which bids are being received totals upward of 36,000 tons. An office
building in Philadelphia, soon to come up for bidding, will take 12,000 tons
of steel. Thus actual figures give a better account than the common
report.
Some pipe orders are larger than has been estimated, the oil line from the
Texas Panhandle to the Gulf taking a total of 85,000 tons; yet they do not
compensate for the falling off in other tubular products.
Increased competition in sheets is indicated by the shading of Sc. on No.24
black and by 2.30c. and less on blue annealed. In plates, shapes and bars,
however, the market shows general steadiness.
Few of the large consumers of tin plate have placed formal contracts
for the first half of 1927, but their needs are fairly well known. Capacity
Is ample in the way shipments are now spread over the year and with the
new mills completed in Chicago. Thus users feel no concern over supplies.
The pig iron market shows more iron available from steel company
furnaces, now that steel output is falling. In New England prices are
weaker and in all districts demand is light, consumers being eneouraged
to delay purchases in view of the slump in coal and coke prices.
Greater activity in the ferromanganese market is evidenced by sales of
30.000 tons or more by one domestic producer. The contracts carry protection against a decline in price, this feature being a carry-over from the
well-remembered competition in this market a year ago.
New York importers ot German steel products have been notified of new
proceedings under the anti-dumping Act, complaints having just been
entered by a number of domestic companies.
Steel importation is affected by an increase of 50c. a ton in ocean freights,
which partly offsetd late reductions in Continental prices, and by an effort
to increase the charges for inspection of the steel.
Improvement in Germany, where an 80% operation in steel is continued
for December, is shown by a heavy demand for special machines for the
automobile industry.
The pig iron composite price has declined in the week from $20 13 to
$20 04, which is $1 75 below the level of one year ago. Finished steel
remains for the ninth week at 2.453c. per lb., exactly where it was a year
ago. In the interim it has been no higher, but was down to 2.403c. in
May. The composite price table this week stands as follows:
Completed Returns Indicate Small Increase inlPig
Iron Output During November.
Very little difference between the estimated pig iron
output for November, collected by wire by the "Iron Age,"
on Nov. 30, and the actual production is revealed by the
returns for the month. The November output was 107,890
tons per day or only 7 tons larger than the rate of 107,883
tons estimated by the "Age" and published on page 2834 in
the Dec. 4 "Chronicle." The November daily rate is only
337 tons larger than the October rate of 107,553 tonsrper
day, reports the "Age" this week, adding:
The production of coke pig iron for the 30 days of November was 3,236,707
gross tons, or 107,890 tons per day, as compared with 3,334,132 tons. or
daily
107,553 tons per day, for the 31 days in October. The November
tons
rate is the largest for any November since 1918, when it was 111.802
per day. It is the largest peace-time November output ever recorded.
this
Only March, April and May have exceeded November in daily output
year. A year ago the daily rate was 97,528 tons.
been
having
6
November,
during
There was a net loss of 6 furnaces
furnaces.
blown In and 12 shut down. In October there was a net gain of 4
Capacity Active on Dec. 1.
1.
On Dec. 1 there were 213 furnaces active as compared with 219 on Nov.
day
The estimated daily capacity of the 213 furnaces blowing on the first
day
per
tons
with
108,760
contrasted
as
of this month was 105.850 tons,
in during
for the 219 furnaces active on Nov. 1. Of the 6 furnaces blown
to merchant
November, 3 belonged to independent steel companies, 2
banked
or
out
blown
producers and 1 to the Steel Corp. The 12 furnaces
steel comare credited as follows: 5 to the Steel Corp., 4 to independent
panies and 3 to merchant iron producers.
Manganese Alloy Output.
was recorded in
The largest production of ferromanganese for the year
29,129 tons. The
November at 31,903 tons. January ranks second at
the second largest for the
7,565 tens of spiegeleisen made last month was
year, 7,746 tons having been made in January.
Total Furnaces Increased.
of the Weirton
Serviceable blast furnaces now total 373, the new furnace
in Nov. 21. This lathe
Steel Co., Weirton, W. Va., having been blown
•
sixth new blast furnace blown in this year.
Furnaces Blown In and Out.
were the Standish furnace
Among the furnaces blown in during November
the Lehigh Valley;
In New York; 1 furnace of the Bethlehem Steel Corp. in
Clinton furnace in the
the
1 Carrie furnace of the Carnegie Steel Co. and
plant of the Bethlehem
Pittsburgh district; 1 furnace at the Maryland
the Weirton Steel Co.
Steel Corp. in Maryland, and the new furnace of
Pig Iron.
Finished Steel.
in the Wheeling district.
Dec. 7 1926, 520 04 per Gross Ton.
Dec. 7 1926, 2.453c. per Lb.
November were one
Among the furnaces blown out or banked during
$20 13
2.453e. One week ago
One week ago
20 21 Duquesne furnace and one Clairton of the Carnegie Steel Co. in the Pitts2.453c. One month ago
One month ago
21 79 burgh district; the Claire furnace in the Shenango Valley;the Punxy furnace
2 4530. One year ago
One year ago
15 72
Co. and
1 6890. 10-year pre-war average
10-year pre-war average
Pennsylvania; 1 Ohio furnace of the Carnegie Steel
Based on average of basic iron at Val- in Western
Based on steel bars, beams,tank plates,
& Tube Co., in the Mahoning
Sheet
Youngstown
the
of
furnace
Grace
Chicago.
at
irons
foundry
and
plain wire, open-hearth rails, black pipe ley furnace
Co. in the Chicago
and black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Bir- Valley; 2 South Chicago furnaces of the Illinois Steel
furnace of the
mingham.
the United States output.
district; the Thomas furnace in Wisconsin, and 1 Ensley
Low.
furnaces In
High.
Low.
High.
Coal, Iron .5r RR. Co. in Alabama. Two River
1926_ _2.453c., Jan. 5; 2.403c., May 18 1926..521 54, Jan. 5: 519 46, July 13 Tennessee
out Dec. 1.
1925_2.560c., Jan. 6:2.396c., Aug. 18 1925.. 2250; Jan. 13: 1896, July 7 northern Ohio were blown
1924_ .2.789e., Jan. 15; 2.460e., Oct. 14 1924._ 2288, Feb. 26: 1921. Nov. 3
PRODUCTION BY MONTHS-GROSS TONS
1923..2.824c., Apr. 24; 2.446c., Jan. 2 1923._ 3086. Mar. 20: 2077. Nov.20 DAILY RATE OP' PIG IRON
Taal
Merchant.*
Steel Works.
100.787
23,505
77.282
-November
1925
the
markets
iron
and
steel
104,853
23.301
Regarding the status of the
81,552
December
105.974
23,107
83.867
"Iron Trade Review" on Dec. 9 said: "Freight car inquiry 1928-January
104.408
23.260
81,148
February
expanded in the past week to the largest total in more than
111,032
25.191
85,841
March
115.004
a year. There are now pending 20,900 freight, 116 passenger
25.768
89,236
April
112.304
tons
25,622
wen
and 125 miscellaneous cars, requiring probably 220,000
May
107,844
25,658
82,186
June
of finished steel and 100,000 tons of miscellaneous iron and
103.978
24,586
79,392
July
in
manifest
is.
also
103,241
steel products. Heightened activity
25,025
78.216
August
104,543
23,319
81,224
track fastenings, the New York Central RR. placihg about
September
107,553
24,385
83,188
October
25,000 tons, the Pennsylvania opening bids on 15,000 tons
107.890
25,070
82,820
November
activity
This
and a total of 35,000 tons pending at Chicago.
•Includes pig Iron made for the market by steel companies.
confronting the car building industry, rounds out a good
OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
showing in finished steel. The daily rate of bookings thus PRODUCTION
Spiegeleisen and Ferromanganese.*
Total Iron.
-1925- -1926-Spiegel and FETTO.
fax in December exceeded the average for November,
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
1928.
1925.
6.418 29,129
2,692,537 2,599,876 23,578
although the bulk will be for delivery in the first quarter. January
7.084
22,309
4,910
2.539,785 2,272,150 18,184
7.339
5,449 24,064
Contracting for first quarter delivery is encountering no February
2,812.995 2,661,092 20,062
Mandl
7.051
24,134
5,341
21,448
2,677,094
2.514,828
more resistance than could be expected in the present era April..
6,999
23,159
5,294
2.306,887 2,687.138 22.679
May
5,864
25,378
4,972
19,836
2,465.583
on
releases
2,113,566
contract
and
buying.
short
New business
June
of
obligations by the automotive industry show improvement
14,980,598 15,362,933 125,787 31,384 148,173 42,083
Half year
over last month." According to the weekly summary of
market conditions published by the "Review," and further
quoted herewith:
Producers generally look for production and shipments to lose slightly
more ground this month, as is customary in the holiday and pre-inventory
season, but they sense that the downturn has largely spent itself. Steel
Corp. subsidiaries are operating 74 to 75%, while the average for the entire
industry is about 70%. Sentiment concerning the first quarter remains
optimistic, as evidenced by the fact that some producers are making concessions for December business but are holding firmly for the first quarter.
November proves to have been a 79% month in steel ingot production
and in the point of tonnage the second best November since the war. The
month's total output of 3,772,119 tons averaged a daily rate of 143,158
tons, or a recession of 9% from October. This compares with 3,909.900
tons and a daily rate of 156,116 tons last November, almost 20% greater
than in November 1923.
Activity in semi-finished steel is circumscribed by lack of inquiry and
limited specifications against fourth quarter contracts.
Connellsville coke continues to drag, with a further reduction of 25 cents
in furnace and 50 cents in foundry coke. Meiters of pig iron generally are
still discounting a possible tight fuel situation in the spring and the market
lacks action.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $38 24. This compares with $3646 last week and
38 50 the previous week.
July
August
September
October
November
December
2,037,160
2.124,439
2.109,205
2,370,382
2,317,888
2,528,120
2,461,161
2,424,687
2.436.733
2,578,830
16.614
18.867
18.381
21.421
25,490
26.072
5,074
4,939
5,162
5,071
8,375
7,756
252,662 65.761
28,487,792
Year
•Includes output of merchant furnaces.
TOTAL PRODUCTION OF PIG IRON.
1925.
1924.
3,370.336
8,018,890
January
3,214,143
3,074,757
February
3,564,247
3.466,086
March
3,258,958
3,233.428
April
2,930,807
2,615,110
May
2.673.457
2.028,221
June
Half year
July
August
September
October
November
December
26.877
23,557
25.218
28,473
3,699
4,372
2,925
6.295
1926.
3,316,201
2.923,415
3,441,980
3,450,122
3,481,428
3,235,309
17,434,492
19,011,943
19,848,461
1,784,899
1,887.145
2,053,264
2477,127
2,509,673
2.961,702
2,664,024
2,704,476
2,726.198
3,023,370
3,023,006
3,250,448
3,223,338
3,200,479
3,136,293
3.334.132
36,403,470
31,108,302
Year•
•These totals do not include charcoal pig Iron. The 1925 production of this Iron
was 196,164 tons.
2982
THE CHRONICLE
November Iron Ore Shipments on Lake Superior
Declined.
Shipments of iron ore from Lake Superior ports during
November aggregated 3,947,694 tons as compared with
4,257,612 tons in November 1925,a decrease of 309,918 tons,
or 7.28%,this year. The shipments for the season to Dec. 1
totaled 58,516,376 tons as against 54,074,081 tons to Dec.
1
1925, an increase of 4,442,295 tons, or 8.22%. In the following table we show the shipments by ports for Novemb
er
1926 and 1925 and for the respective seasons to date:
Escanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
November
—Season to Dec. 11926.
1925.
1926.
1925.
627,039
681,041 6,584,650 5,644.278
302,361
414,095 3,410,592 3,480,751
411,723
462,815 7,140,203 6,664,501
938,869 1,030,268 16,476,264 14,560,477
1,339,719 1,281,822 18,638,395 17,707,978
327,983
387,571 6,266,272 6,016,096
3,947,694 4,257,612 58,516.376 54.074.081
Coal Trade Shows Unsettled Condition in
Some Sections with Falling Prices—
Anthracite Demand Slackens.
The process of readjustment in the bitumino
us coal
markets of the United States is continuing, with
nothing to
indicate when a period of general stabilization will be
reached,
observes the "Coal Age" on Dec. 9. As has been the
case
since mid-November, the greatest unevenness is apparen
t in
the Eastern sections, but the Atlantic seaboard can claim
no
monopoly in unsettlement, it is declared. West of the
Mississippi River, trading is distinctly weak; there is a soft
undertone to current developments in the Middle West.
The Northwest alone enjoys an unshadowed activity, according to the survey of the "Age," which adds:
Bituminous
Measured in terms ofspot prices, efforts to clean up month-end
accumulations and to replace cancellations with new orders
accelerated the rate of
decline in current quotations. With the exception
of pools 9. 10 and 11 at
Baltimore and gas coals at Philadelphia, the general
tendency in tidewater
quotations was downward. West Virginia, Kentucky.
Ohio coals also were weaker on westbound movement Pennsylvania and
, although smokeless
mine-run did mako a gain in Cincinnati. A slight drop
in Cambria marked
the extent of the additional decline in the New England
market.
The losses enumerated and a general weakness in screenings
in Illinois
and Indiana brought the "Coal Age" index of spot
bituminous prices on
Dec.6 to 226 and the weighted average price to 112
73. Compared with the
figures on Nov. 29, this was a decline of 13 points and
16 cents. The high
point for the year was reached on Nov. 8. when the
index number was
299 and the weighted average price was $3 61.
Analysis of production figures by States shows
that the benefits of increased buying have been widely distributed. It is true, of
course, that the
greatest pressure for tonnage was put upon West Virginia
and Kentucky—
and those districts have been the first to feel
the reaction. During the
week ended Nov. 20, for example, West Virginia output
slipped back 7%
and eastern Kentucky 3%, while Ohio. Pennsylva
nia and Alabama gained
3to 7%,and Illinois, Indiana and western Kentucky output
increased 17%.
Distribution data show exports through the North Atlantic
ports absorbing 956,244 net tons the week of Nov. 20 and 819.774 tons
the following
week. To Nov. 27 exports and foreign bunkers through
Hampton Roads
were 8.166,210 tons ahead of last year. Cargo shipments to New
England
during the same period fell 677,306 tons behind last year, but shipments
to
New England and eastern New York via the Hudson River
gateways were
approximately 250.000 tons greater than last year. Lake dumpings
during
the week ended Dec. 5 were 512,131 tons of cargo and
23.989 tons of vessel
fuel.
Non-union coal operators have a problem on their hands
in the wage
situation. The advances of Nov. 1 came into effect just
about the time
prices began to recede. Some producers in central Pennsylva
nia, northern
West Virginia and the Cunberland field have returned to
the 1917 levels.
Majority sentiment among operators, however, is against such
action, and
there are some who hope to maintain the higher rates through the
rest of
the coal year.
There has been no recovery in anthracite demand and production is
still
on a reduced basis. Output during the week ended Nov. 27 was estimated
by the U. S. Bureau of Mines at 1,638,000 net tons. Cumulative production was over 15.000,000 tons more than at the end of November 1925.
That latter period, however, included three months in which tonnage was
negligible as compared with less than two months during the current year.
Production to Nov. 27 was only 3,098.000 tons behind the cumulative total
for the corresponding period in 1924, so that the present declining weekly
rate is not surprising.
The Connellsville coke market is dull and prices are slipping. Byproduct
ovens in Alabama and elsewhere find buying somewhat less active, but
there have been no breaks in prices.
The coal market is waiting for a situation that contains
cause for anxiety to determine how well it can digest the
events that have recently taken place, declares the "Coal
and Coal Trade Journal" in its Dec.9 market review. The
British strike is finally and surely ended, and advancement
in the production and in production cost remains. Those
who advanced mine wages find that retraction is difficult.
Ur der prevailing shipping conditions, the retention of any
large portion of the foreign business we have recently enjoyed
is also difficult. On the horizon is real labor trouble, it is
pointed out. As against this is the actual demand for coal
which is holding up and is sure to remain, in the opinion of
the "Journal,' which gives further data concerning the
situation as follows:
In the anthracite field and to a certain degree the bituminous, the advent
of winter must have a definite effect. Bins and storage piles must be filled.
It is the best opinion that the increased production can
be taken care of
and will be.
Cold weather has appeared also around New York, and this was emphasized by a real fall of snow. In the anthracite market in this section, this
[VoL. 123.
is acclaimed with something like delight.
It is felt that it will cause a
replenishing of stocks that will not long remain
of any great size. In
bituminous this centre is, as usual,the reflector
of the countrywide situation.
Considerable anxiety is being expressed by coal
men in Philadelphia as
to the results of the settlement of the British
strike. This is a most serious
question there for the industry is keyed up
both In production and wages
to a situation that now does not exist.
Readjustment may be difficult.
More than a million tons of coal were shipped
from Baltimore in November
but this sort of thing is bound to come to
an end with the British strike
terminated. The home demand is largely satisfied
in this city, and there
is likely to be some depression.
Production and wages are still as high in the
section surrounding Pittsburgh as when the full effect of the pressure of
exports was evident. Uneasy
times are likely to present themselves. This
district is largely dependent
upon itself as to supply and demand, but high
prices must to some extent
depend on outside calls. There is an atmospher
e of confidence in Pittsburgh, however, that will not easily be upset.
Business In Cincinnati is almost demoralize
d. Only the higher grades
are keeping up in price. The cold weather
is, however, having a decided
effect and this can be counted upon for some time
to come, for there is need
of coal in the yards as well as in industries and
homes. Certain recent
advances in price are not producing the best results
possible, and there is a
tendency to cancel contracts that is causing confusion
and bad feeling.
Prices in Cleveland and nearby cities are described
as wabbly. Fluctuations are not large. but there is considerable
uncertainty as to what the
immediate trend will be. It appears to be the
tendency of the large consumers, including the industrials, to expect some
move that will be to their
advantage. What will be the cause of such a
move is not very evident.
Lake shipment will soon come as heavy ice is
forming.
Dulness pervades the market in the Chicago district
with the impression
that prices are too high. The weather in the West
has not helped matters,
as no real severe cold has been felt as yet. In
the Illinois and Indiana
fields there is still evidence of steadiness of output and
disposal.
In the Alabama district the high pressure of buying
is apparently over,
but it is pointed out that there has been a well
maintained stability in
production and movement and price in this part of
the country so that
no very decided reaction is to be expected.
There is no question of the anxiety that prevails in the
coal market just
below the surface. The New Year is approaching, and
also wage questions
are arising. The preliminaries have not been favorable
to an easy settlement
of a dispute that seems almost inevitable. Productio
n and demand are
not far apart, but this is not everything in the coal
world. The other
factors that must be contended with are not conducive
to contentment.
Output
of
Bituminous Coal, Anthracite and
Declined Because of Observance of
Thanksgiving Day.
Coke
Fuel production during the week ended Nov. 27 decrease
d
from the level of preceding weeks because of the
Thanksgiving Day holiday, declares the United States
Bureau of
Mines in its weekly statistical records of the industry
.
According to the Bureau's compilations, the producti
on of
bituminous coal declined 873,000 net tons, to 13,409,0
00 net
tons; anthracite, 122,000 net tons to 1,638,000 net tons
and
coke, 7,000 net tons, to 198,000 net tons. Additional details
quoted from the Bureau's records follow:
Production of bituminous coal during the week ended Nov. 27
amounted
to 13,409,000 net tons—less by 873.000 tons. or 6%,than in the preceding
week. The decrease was due to the Thanksgiving holiday. Had
there
been no holiday, all records would again have been exceeded. Activity
on the other five days of the week was so great that the average daily
output increased to 2,438,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons). Including
Coal Coked.
1926
1925 a
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.b
Nov. 13
13.807,000 487,809,000
12.107,000 441,590,000
Daily average.... 2,422,000
1.820,000
2,135,000
1,648,000
Nov. 20 c •
14,282,000 502.091,000
12,596,000 454,186,000
Daily average
2,380.000
1.832,000
2,099,000
1,658,000
Nov.27d
13,409,000 515,500,000
11,599,000 465,785,000
Daily average.- 2,438.000
1.844.000
2.188,000
1,668,000
a Original estimates corrected for usual error, which
in past has averaged
2%. b Minus one day's production first week in January
number of days in the two years. c Revised. d Subject to equalize
Thanksgiving Day weighted as 0.5 of a normal working day. to revision.
Total production of bituminous coal during the present
calendar year to
Nov. 27 (approximately 280 working days) amounts to
515.000,000 net
tons. Figures for corresponding periods in other recent
years are given below
:
1920
508,486,000 net tons11923
515,910,000 net tons
1921
378.010.000 net tons 1924
431,521,0
00
net
tons
1922
371,967,000 net tons 1925
465,785.000 net tons
ANTHRACITE.
Curtailed by the observance of the Thanksgiv
ing holiday, the total
production of anthracite during the week ended
Nov. 27 amounted to
1,638,000 net tons. This is a decrease of 122,000
tons, or 7%,from the
output in the preceding week.
Estimated United States Production of Anthracite
(Net Tons).
1926
1925
Cal. Year
Cal. Year
Week Ended—
Week.
to Date.
Week.
to Date.a
Nov. 13
1.788,000
73,379.000
33,000
61.392,00
0
Nov. 20
1.760,000
75.139,000
46,000 61,438,000
Nov.27b
1.638,000
76,777.000
a Minus one day's production first week in January 36.000 61,474,000
of days in the two years. b Subject to revision. to equalize the number
Total production of anthracite from Jan. 1 to Nov.
27 amounts to 76,777,000 net tons. Figures for corresponding periods
in other recent years
are given below:
1922
45.707,000 net tonal 1924
79,875,000 net tons
1923
84.780.000 net tons 1925
61,474,000 net tons
BEEHIVE COKE.
The total production of beehive coke during the
week ended Nov. 27
amounted to 198,000 net tons, a decrease of 7,000
tons from the preceding
week. The loss occurred in Pennsylvania
and Tennessee.
Estimated Production of Beehive Coke (Net
Tons).
Week Ended
1926
1925
Nov. 27 Nov. 20 Nov. 28
to
to
1926.b 1926.c
1925.
Date.
Date.a
United States total_ —198.000 205,000 292.000
10,644,000
9,314.000
Daily average
33,000
34.000
49,000
38,000
34,000
a Adjusted to make comparable the number
of days in the two years.
b Subject to revision. c Bevised since last
report.
THE CHRONICLE
DEC. 11 1926.1
2983
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 8, made public by the Federal
Reserve Board, which deals with the result for the twelve
Reserve banks combined, shows a decline for the week of
$40,700,000 in holdings of discounted bills and increases
of $22,800,000 and $17,700,000, respectively, in holdings
of acceptances and Government securities purchased in open
market, with the result that total holdings of bills and
securities were approximately the same as a week ago.
Federal Reserve note circulation increased $32,200,000 and
cash reserves declined $6,700,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
and
ing members in the New York district. All other loans
discounts declined $3,000,000, increases of $7,000,000 in the
New York district and $4,000,000 in the Chicago district
being more than offset by reductions in other districts.
Total loans to brokers and dealers secured by stocks and
bonds made by reporting member banks in New York City
an increase of
were $38,000,000 above the Nov. 24 total,
being partly
account
own
their
for
loans
in
000
$45,000,
own
offset by decreases of $5,000,000 in loans for out-of-t
banks and of $2,000,000 in loans for others. As already
a
noted, the figures for these member banks are always
week behind those for the Reserve banks themselves. The
statement goes on to say:
decreased 89.000,000.
Discount holdings of the New York Bank increased $19,900,000 and
of
of Cleveland $8,000,000. The other banks showed smaller holdings
discounted bills, the principal decreases being: Chicago $18.600.000.
Philadelphia 815.000.000, Boston $10.601,000, St. Louis $8,000,000,
San Francisco $4.500,000, Richmond $3,700,000, and Atlanta $3.300,000.
Open market acceptance holdings of the New York Bank were $15,100,000
and of the Boston bank 85.500,000 above the preceding week's totals.
The System's holdings of all classes of Government securities increased—
United States bonds by $8.400.000. Treasury notes by $.5.300,000, and
certificates of indebtedness by $4.000,000.
All of the Federal Reserve banks report a larger volume of Federal
Reserve notes in circulation, with the exception of New York and St. Louis
which show small declines, the principal increases being: Philadelphia
$6,800.000, Chicago $6,600,000. Cleveland $5,700,000. and Boston $5,400,000.
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 3012 and 3013.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dec. 8 1926 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increase (-I-) or Decrease(—)
During
Year.
Week.
—86.700,000 +8119,600.000
+106,100,000
—1,200.000
—90,400,000
—300.000
—74,600,000
—40,700.000
—29,900,000
—2,700,000
—44,700, 00
—38.000,000
+21,400.000
+22.800.000
—28.300.000
+17,700.000
+200.000
+8.400.000
—147,900,000
+5.300,000
+119.400,000
+4.000,000
+38,200,000
+32.200,000
—25,900.000
00
—35.800.0
—15,400,000
—26,200.000
—10,000,000
—9.900,000
securities
Holdings of United States Government
Holdings of other
principally in the Cleveland and Chicago districts.
above the previous week's
$7,000,000
were
securities
bonds, stocks, and
changes including increases of
total at all reporting banks, the principal
in the Cleveland
$7,000,000 in the New York district and $4.000.000
in the San Francisco
$3,000,000
district, and decreases of $4.000.000 and
and Chicago districts, respectively.
the New York district,
Net demand deposits increased 8125,000.000 in
in the Richmond district
811.000,000 in the Chicago district, $8.000,000
from the Federal
Borrowings
and 8150.000,000 at all reporting banks.
than on Nov. 24 at all reporting
reserve banks were $14,000,000 greater
of 814.000.000 and $9.banks, the principal changes including increases
districts and decreases of 810.000.000.000 in the Philadelphia and Chicago
districts.
Richmond
and
000 and $6.000,000 in the New York
e give the
On a subsequent page—that is, on page 3013—w
return of the
figures in full contained in this latest weekly
following is
member banks of the Reserve System. In the
items
principal
the
in
changes
furnished a summary of the
year:
last
with
and
ago
week
a
with
d
compare
as
Increase (+) or Decrease (—)
Loans and discounts, total
Secured by U. S. Gov't obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. it. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. It. banks
During
Year.
Week.
+850,000.000 +$370.000,000
—3.000,000 —24.000,000
+7.000.000
+56,000,000
—3.000,000 +387.000.000
—2.000,000 +129.000.000
—9.000.0e0 —87.000.000
+7.000.000 +216.000,000
+9,000.000
+54.000,000
—5.000.000
—10.000,000
+150.000.000 —66,000.000
+12,000,000 +439,000,000
+29.000.000
—5,000,000
+14.000,000
ng
Summary of Conditions in World's Markets Accordi
to Cablegrams and Other Reports of the
Department of Commerce.
ent of Commerce at Washington releases
Departm
The
of
for publication to-day (Dec. 11) the following summary
conditions abroad, based on adIr,ices by cable and other
The Member Banks of the Federal Reserve System— means of communication:
CANADA.
Reports for Preceding Week—Brokers' Loans
and heavy
in New York City.
Cold weather and snow have caused brisk retail sales of rubber
umbrellas, waterproofs, &c., and a very fair volume of business
It is not possible for the Federal Reserve Board to issue the footwear,
with
same,
the
about
remains
trade
is reported in general lines. Wholesale
weekly returns of the member banks as promptly as the the exception of refined sugar which has advanced 40 cents per cwt. The
a declining tendency during
returns of the Federal Reserve banks themselves. Both general level of business activity, which showed
Canada
third quarter recovered somewhat in October. It is now said in
'cover the week ending with Wednesday's business, and the the
evident that the volume of Canadian business during 1926 will have
be
to
returns of the Federal Reserve banks are always given out attained a very much higher level than in any preceding year. The feature
the extensive nature of the conafter the close of business the next day (Thursday). The of the economic situation in October was
seasonal
contracts awarded. After the usual adjustment for
statement of the member banks, however, including as it struction
excess of
and for the cost of building. October contracts were in
variation
does nearly 700 separate institutions, cannot be tabulated any other month this year. Industrial employment, though showing, after
on Oct. 1 as compared with the
until several days later. Prior to the statement for the week seasonal adjustment, a slight arecession
active operations in
preceding month, was also at high level, indicating
ending May 19 1926, it was the practice to have them ready the
principal establishments throughout the country.
on Thursday of the following week, and to give them out
GREAT BRITAIN.
'concurrently with the report of the Reserve banks for the
termination of the
With lower fuel costs impending as a result of the
next week. The Reserve authorities have now succeeded in coal strike an industrial speed up is now getting under way to fill accrued
, steel and metal
'expediting the time of the appearance of the figures, and they orders which are considered sufficient in the engineering
However, operations
to absorb several months continuous output.
are made public the following week on Monday instead of on trades
uncertainty of
are still handicapped by high coal and raw material prices:
Thursday. Under this arrangement the report for the week normal supplies, due largely to coal car disorganization; heavy overdrafts
credit for expansion of
ending Dec. 1 was given out after the close of business on by many of the works, resulting in a shortage of
The
industrial activity; and the diversion of orders to foreign markets.
Monday of the present week.
restarting of
coal car situation which is an important factor to a prompt
t
of
having
691
statemen
coal
The Federal Reserve Board's condition
industries is unsatisfactory due to large imports of foreign
to normal
reporting member banks in leading cities as of Dec. 1, shows been widely distributed in private cars which must be returned
service.
a
and
discounts
and
loans
in
000
of
$50,000,
an increase
very limited
The iron and steel trades have continued to produce only in
every
decline of $2,000,000 in investments. These changes were volumes but the improving fuel supply is relieving the tension and
production. Accumulated orders
accompanied with increases of $150,000,000 in net demand effort is being made to resume normal
postponement in
Insure activity, but the present price of fuel is causing a
deposits, $12,000,000 in time deposits, and $14,000,000 in the restarting of many coke ovens and blast furnaces until cheaper supplies
trades, but
engineering
borrowings from the Federal Reserve banks. Member banks become available. Orders are satisfactory in the is an active
demand
delayed by lack of materials. There
are
000
in
deliveries
$58,000,
loans
of
reported
City
increases
York
in New
trades
fabricated steel, while the machine tool and textile machinery
for
and
nts,
,000
$123,000
l implements.
and discounts,$18,000,000 in investme
are good. There is only a quiet demand for agricultura
in net demand deposits.
FRANCE.
acquired by the
Loans on stooks and bonds,including United States GovernPremier Poincaire has stated that the foreign currencies
to meet foreign debt
ment obligations, were $53,000,000 above the previous week's Government through cash payments are sufficient
the Treasury
that
announced
also
is
It
total at all reporting banks and $50,000,000 above at report- maturities through the year 1927.
2984
THE CHRONICLE
will reimburse by the end of the year two billion francs of the advance from
the Bank of France. The October output of both iron and steel established
a new monthly record, with a production ot 816,000 metric tons of pig iron
and 742,000 metric tons of steel ingots and castings.
[vol.. 123.
formation, the State budget for
the fiscal-calendar year of 1927 is estimated at 34,000,000,000 lei, which
lei (about 20%) over the budget represents an increase of 5,500.000,00
for 1926. The budget for 1927 does
not include the revenues and
expenditures of the State railroads. State
revenues for the first nine months
ITALY.
of 1926
20,189,000.000 lei, exceeding the budgeta are reported to have totaled
Governmentfinance continues to dominate Italian affairs.
ry estimates for this period by
The consoli- over 1,130,000,000
lei, and the actual revenues
dation of the internal debt into perpetual holdings has attracte wide
for the same period in
d
spread 1925 by over 3,000,00
attention and has created a tone of confidence in the Govern
0.000 lei, or about 18%. The revenue
ment financial duties for the first
from customs
eight months of the current year
situation. Credit stringency still prevails and all classes
totaled 5,254,000,000
of business have lei, showing an increase
for the period of 508,000
been affected by the scarcity of money. Extreme caution characte
,000 lei against 1925.
rizes An increase of 735,000
the general business situation and interests are slow to make
,000 lei Is shown by import duties,
while export
new commit- duties declined by
253,000,000 lei, which was the result
ments, but despite all this, there is little evidence of further
of reductions in the
decline in export tariff on grain
a
and increases of import duties
industrial activity. Government finances continu
e on a sound basis, but semi-manufactured
on manufactured and
goods. The conclusions of an
the surplus of collections over expenditures is now reduced
arrangement for the
to 19.000,000 renting of 6,000 freight cars
from Czechoslovakia and German
lire for the frst four months of the present operating fiscal year. s
y has been
Little announced by the Rumani
activity is manifested on the security markets.
an State Railways Administration
. The delivery of the cars, which are to be used
exclusively for the moving of export
freight, is to begin next week.
AUSTRIA.
Long agitation on the part of business interests in Austria
GREECE.
for the estabThe successful formation of the
lishment of export credit facilities has now brought
coalition Cabinet has resulted in an
results in the form immediate
improvement in Greek exchange
of a project to establish a private stock company with a prelimin
and is believed in Greece to
ary capital augur well for the
of 5,000,000 schMings ($715.000). The Government
gradual
improve
ment of the general economic situatio
will not participate Although the
n.
unprecedented drought is at
in the proposed undertaking. It is anticipated in Austria
last ended, crops in general
that
of individual risks will be carried by the company itself and 20 to 25% have been seriously injured and the 1926 olive oil
by local in- mated at only
production is now estisurance companies, with 75 to 80% of the risk
a little over 60,000 metric tons
reinsured with foreign instead
(about 18,000,000 gallons).
of
companies; risks will be restricted to merchan
dise transaction and will not In October 100,000 metric tons (about 30.000.000 gallons), as estimated
. Cost of living continues to
apply to shipments to Russia. There is still in evidenc
rise and the index figure was
e an increased 1861.9 in
seasonal demand for money, with the private
October 1926 as compared to 1832.5
and official discount rates for the
in September and 1485.0
year 1925, on a basis of 100 for 1914.
at about 631 and 7% respectively. Unemployment
is again on the upgrade.
EGYPT.
FINLAND.
Although the economic conditions continu
ed depressed in the interior
General trade is still quite active, especial
because
of
the
tightnes
s
of money and pessimistic
ly In the export industries.
predictions have been
Lumber sales for the coming year continue to be
lively and present condi- made of critical conditions to be expected, the actual conditions in
Alexantions in the market show further improvement.
The sales for the present dria show improvement and the cotton situation has become less
year totaled 2,009,700,000 board feet on Nov. 15.
critical.
Generally speaking, the Government's scheme
for financing small cultivators is operating satisfactorily; the draft law
for reduction of the cotton
acreage during the next three years has been
NORWAY.
approved by the Government
Agriculturists are voicing dissatisfaction with
and submitted to the judges of the Mixed
the unfavorable financial
Courts so that it may apply to
conditions under which they are forced to
labor. Many meetings have foreigners as well as to Egyptians; and Zaghloul Pashas appealed to
large
been recently held by farmer organizations and
land owners to follow his example in reducin
discussions have centered
g tenant land rents. The
around the advisability of requesting legislative relief.
improved situation of the British coal strike
has been reflected in a slight
The difficult posirise of cotton prices and there is a revival in
tion in which the Norwegian farmer has been during the last
foreign demand for Egyptian
few years was
intensified by the recent sudden appreciation
of the crown and a feeling cotton. Large land owners, particularly in upper Egypt, are reported to
have already sold most of their crops. Weather
that relief was needed became quiet general at once.
The crown is now
conditions have been
favorable to crops in general and harvesting
quoted at about 25 cents. Many banks are requesting
the proclamation
has progressed satisfactorily.
Bonded warehouse stocks in Alexandria have
of a definite policy with regard to the Bank Administration
shown
Act.
a normal movement
during the autumn and cotton goods stocks
have continued their uninterSWEDEN.
rupted decline. Gradually increasing coal
arrivals indicate that the
Swedish economic conditions were satisfactory
during October. The Egyptian market has passed its most critical period. .
money market became more firm, as a result of the
seasonal demand for
PALESTINE.
money and the considerable exportation of capital,
the dollar exchange
In order to counteract the adverse
rate continued to rise and price levels continued their
effects of the building slump and
upward trend. over-extension of
Domestic business was only moderately active.
credits in Tel-Aviv, the central Mandate Govern
The paper industry is granted a
ment has
loan of $150,000 to that municipality. The
confronted with an uncertain demand and prices
development of
have registered a slight Haifa as one
increase. A hopeful outlook exists for
of
Palestin
e's
leading
ports
is rapidly progressing. Between
lumber interests. Practically
600 and 700 Jewish workers are now engaged
all of this year's lumber production has been sold
on drainage and road-building
and, in addition, about operations within
the Haifa Bay area, under the direction of
150.000.000 board feet for next-season delivery.
the Haifa Bay
Development Co., and work has been begun
on a road connecting Haifa
with Acre. It is estimated that the Haifa
DENMARK.
Bay Development will cost
detween £ S 40,000 and £ S 50,000. Plans
The Parliamentary election held on Dec. 2,
are now under way for the
was a victory for the Liberal
establishment of a legislative council for the
and Conservative parties. The defeated cabinet
Trans-Jordan, composed of
resigned
the
on
following local leaders. A meeting
day. It is said in Denmark that one of
is
to
be held in Amman with this end in view.
the first problems that will confront the new Parliament is the future program
of the Landmansbank,
IRAQ.
which has long experienced considerable
difficulty. It is expected locally
The leading points in the speech from the Throne
that the Danish crown will return to the
announcing the Govern
gold standard on Jan. 1 1927. ment's policy at the opening of the present
session of Parliament were the
This step will apparently necessitate a change
in the foreign stabilization spread of education throughout the country
, the development of irrigation,
credits program because some of them expire
at the end of the current and flood protection works, and the
inauguration of compulsory military
year.
service. The program for irrigation and flood proetcti
on,if carried through,
LITHUANIA.
will, it Is said, have an important influence on
the economic development
The Lithuanian-Soviet Russian non-aggression
treaty was rattled by of the country. The purchase by the Government ofthe
the Soviet Government on Nov. 5 in Moscow
, according to Lithuanian structed by the British Expeditionary forces during the Iraqrailways conwar is another imreports, and the exchange of ratification documen
ts took place in Kovno portant feature of the Government's economic program
. The conditions,
on Nov. 9. A Russian Commission arrived in Kovno
for the purpose management and prospects of the Iraq railroads are now
or purchasing 2,000 horses for the districts
being officially inin Russia where livestock has vestigated preparatory to their proposed sale to
the Government. A trambeen very much reduced by starvation owing to failure
way concession for the City of Bagdad is now
of crops.
being negotiated by the
Iraq
Government and British interests.
POLAND.
The percentage of cover against bank notes issued by the
SOUTH AFRICA.
Bank of Poland
Business conditions generally
18 reported to have reached a new high for the last
in South Africa are steadily
18 months of 45.5.
improving and
Deposits in private banks increased for the last five
months by 20%, the retail holiday trade is very satisfactory. The usual seasonal inactivi
ty
with dollar deposits prevailing. An increase in deposits at
characterizes the mine buying situation. Statistic
the Postal
s of merchandise imports
Savings Bank from 14,500,000 zlotys in January 1926 to 28,600.
during the first six months of 1926 show a valuatio
000 zlotys
n increase of £2,500,000
over that for the same period of 1925. The value
at the end of October is also officially reported. The number of
of the six months' exports
accounts
of this year was £900,000 greater. The steady
at that bank during the same period rose from 80,000 to
103,000, reindustrial development is
spectively. Exports of coal for October showed a sharp decrease
generally attributed to the new protective tariff.
The gross value of the
to 1,273,000 tons, against 2,000,000 tons in September and the record exports of industrial output in 1925 is shown as £84,250,000, which
represents an
2,130,000 tons for August. The extension for another three-year period increase of £4,500,000 over 1924. and £10,000,000 over
The Unions' mineral output during the first ten months 1923.
of the moratorium on real estate mortgages, which is expiring on
Jan. 1 at
of 1926 was valued
over E48,300,000, which was an increase of £3,000,
1927, is reported in Poland to have been decided upon by the Government,
000 over the value
of total production during the same period of
with an increase of 10% in the valorization equivalent on mortgages
1925. The gold output value
which was
greater by over E1,000,000, while those of coal
have remained unvalorized. The rent law is also to be modified to restrict
and tin also increased
substantially. The November automobile trade was
radically the privilege of so-called "holderover" tenants to sell their "rights.
' The
volume of business in inland centres is well maintaisomewhat irregular.
ned, but it is slowing
CZECHOSLOVAKIA.
up in coast centres. The railways have ordered
a million ties from RhoThe Province of Slovakia has been granted the self-governing status desia. The Port Elizabeth wool market is firm
at satisfactory prices.
enjoyed by the other Provinces. This has resulted In bringing the Slovak
CHINA.
members of Parliament into Premier Svehla's coalition, thus consolidating
North China business continues dull, althoug
the Government's position. The bill presenting the budget for 1927
h sales are fair and some
has been passed by a large majority. During November there was noted cash purchases of railway equipment are being made. The action
taken by
banks of reducing loans and in some cases refusing
an incipient seasonal improvement in certain industries. The domesti
to accept as collateral
c
industries have reached an agreement as to the basis for Czechoslovakia's Chinese securities hitherto regarded as safe tends to make
business still
participation in the European steel cartel, negotiations being carried more difficult and slow. In addition, the uncertainty
regarding large
on in Paris during this month. Negotiations are being engaged in within movement of northern forces against the Cantonese along
the
Yangtze
the country with a view to developing domestic cartels. Money con- Valley has a depressing effect on trade. The Peking and
Tientsin money
ditions in Czechoslovakia during October were favorable. According market is easier. Threats of a general strike in Hankow
are said to be less
imminen
t
existing
and
individu
to the estimates of the Czechoslovak Manufacturers' Association,
al strikes are being settled.
there of the Cantone authorit
Encroachment
se
was an increase in the total number of unemployed. Total exports
ies in Hankow on the Maritim
during
e Customs
has depressed all Chinese bonds served
the month of October again increased while
Adminstrao
from customs revenue
the total value of imports de- fair
s. A
volume of American imports arrived in Canton
clined slightly.
during October. Canned
goods and other prepared foodstuffs
predominated though there were also
RUMANIA.
imported small amounts of electrical
The stabilization in the near future
goods, drugs, medicines, enameled
of the leu exchange now is being leather and miscellaneous articles.
seriously discussed and this 18 consider
ed a factor in maintaining the was imported, as the Canton flour Only a small amount of American flour
Present high rate of 180 lei to the dollar. Accordi
market
continues to be supplied chiefly
ng to semi-official in- with Manchurian flour. It is
anticipated in China that Chinese custom
DEC. 111926.]
THE CHRONICLE
revenues for the present year will be considerably in excess of the previous
year, making 1926 a record year. Total exports from all China to the
United States for the first ten months of 1926 totaled gold $116,946.000.
compared with gold $138,168,000 for the same period last year.
JAPAN.
Preliminary totals of Japan's foreign trade for November reveal an
import gain and decline in exports compared with the previous month.
Exports totaled 177.600,000 yen against 191.800,000 yen In October, while
imports amounted to 156.600,000 yen in November and 142,100,000 yen in
the preceding month. (The average value of the yen was $0.4866 in October
and $0.4907 in November.) The excess of exports for November, amounting to 21,000,000 yen, reduced Japan's unfavorable balance of trade for
the first eleven months of this year to 327,900,000 yen. The unsatisfactory
showing in exports is attributable to smaller shipments of raw silk at low
prices, while higher exchange rates stimulated imports. The principal
features of the November import trade were gains in raw cotton, iron and
steel products, machinery and oil cake.
2985
few months except through more expeditious handling of the equipment
now available. Completion of improvements in the port facilities will also
require considerable time.
BRITISH GUIANA.
The session of the New Combined Court. the governing body of the
23.
Nov.
on
opened
The opening speech of the Governor contained
colony,
an exhaustive review of past and present economic conditions in the country. The unfavorable situation which has prevailed during the past year
has been the cause of a great deal of dissatisfaction on the part of the populace and improvement measures were made election Issues.
PHILIPPINE ISLANDS.
The past week saw little change in business, except for the seasonal activity in holiday lines. Some trade factors are more optimistic as a result of
improved sugar prices. Copra trade is very quiet. Production continues
high and arrivals at Manila are heavier, causing a downward tendency
in price. Provincial resecado (dried copra), or its equivalent, delivered at
Manila, is now quoted from 11.50 to 11.75 pesos per picul of 139 pounds.
(1 espo equals $0.50.) The abaca market is inactive, with production
about normal and prices, which are nominal only, unchanged from the
quotations of the last three weeks. Dealers are resisting a possible tendency
downward.
AUSTRALIA.
The Australian Iligh Court has adjudged the South Australian petrol tax
as invalid, it being contended that a 3-pence per gallon tax would impede
freedom of trade between Australian States and Is therefore contrary to
provisions of the Constitution. The High Court has also dismissed action
brought by the State of Victoria to restrain the Commonwealth from disbursing funds collected under the terms of the States Roads Bill. This
Bill provided for collection of duty on imports of gasoline, the proceed of
which are to be distributed to the various States for road-building. The
strike of waterside workers at Sydney continues. It is being suggested that
compulsory arbitration shall be resorted to in an effort to effect settlement.
Shipment of new season's wheat has begun, but because of low prices sellers
are holding back and storage facilities are being heavily taxed. Greasy
merino brought 393 pence per pound at Sydney during the week.
ARGENTINA.
Trade conditions in Argentina continued to improve during the week
ended Dec. 4. Exports of corn have increased and shipments of other
cereal grains are at the level which has been maintained since Nov. 15,
but all grain prices are low. The latest estimate of the size of the coming
wheat crop is 6,210,000 metric tons, as compared with the last harvest of
5,400.000 metric tons. The hide market is active but trading on the wool
and cattle markets is dull. Commercial failures during November disclosed
total liabilities of 12.777,000 paper pesos (peso equals $0.41) which is 25%
less than the total for October.
BRAZIL.
Exchange weakness in Brazil is resulting in continued improvement in
local industries. Import business is still quiet, however,(and money Is
tighter, especially in Sao Paulo, due to increased demands on private banks
resulting from the limitation of the new Banco Estado Sao Paulo to agricultural loans. The finance committee of the National Chamber of Deputies has approved a project for a monetary reform which will place Brazilian
paper money on.a convertible gold basis. The paper money now in circulation, amounting to 2,500,000 contos (nominally $1.365.000,000) will be
stabilized at 200 milligrams gold nine-tenths fine, or approximately $0.125
U. S. currency. This rate will be held steady by a measure authorizing the
Government to buy and sell foreign exchange.
A new unit, the "cruzeire," is provided for the value to be 24 pence. It
will be divided on a decimal basis. The Federal Government has been
authorized to negotiate a loan to finance the execution of this project and
such trade in exchange as will be necessary for the maintenance of the
prescribed rate. A stabilization bureau will be created under the Minister
of Finance and gold reserves will be deposited there and in its London and
New York branches for use in making conversion only. Conversion will
become effective six months after the date of the passage of the law, and
early passage is believed in Brazil to be probable.
Entries of 42.000 bags of coffee daily into Santos became effective Dec.6.
Prices during the week were lower, opening at 28.50 milreis per 10 kilos
and closing at 28 milreis. The Institute is reported to be planning the
construction of three warehouses, one at Sao Paulo, one at Lapa,(and one
at some other point on the Sorocabana Railway, all in the State of Sao Paulo.
Exports from Brazil for the first eight months of 1926 amounted to
1,958,011 contos (approximately $289.000,000) and imports into the
country to 1,704.051 contos (approximately $251.500.000), representing a
decline as compared with both paper and gold values for the corresponding
period of 1925, but the favorable gold balance for 1926 is approximately
($38.880,000) compared with ($24,300.000) in. 1925.
PERU.
Mercantile conditions in Peru remained unchanged during the week
ended Dec. 4. Exchange dropped from $3 56 to the Peruvian pound on
Nov. 27 to $3 54 on Dec. 4. An extra session of Congress has been called
to convene Dec. 6 when the 1927 budget and other pending bills will be
considered. Imports into Peru for the month of September totaled 1,322,765 pounds Peruvian. of which the United States supplied 55%. Great
Britain 13% and Germany 9%.
MEXICO.
Somewhat more reassuring tone was evident in commercial circles during
the week ended Dec. 5, but a policy of extreme caution is still prevalent.
The exchange value of the peso has shown some improvement. The discount on silver fluctuated between 8.50 and 9.50% during the week ended
Nova 27. It appeared recently to be not improbable that before the
present crisis is pass-d silver coins would be quoted much lower, but In
anticipatien of this the Mexican Government is considering a plan to
stabilize silver coins at a value of 95 centavos gold.
PORTO RICO.
Increasing optimism in the commercial and banking circles of Porto Rico
marked the opening week of December. largely due to the continued
strength of sugar prices and the prospects for a larger crop than last year.
The insular Department of Agriculture has not yet completed its estimate
of the new crop. Early mills are scheduled to start grinding in the next
few days. Rainfall has been below normal lately but no damage is reported
to growing crops, which are stated to be in good condition. Coffee picking
and shipping is active, and the crop is said in Porto Rico to promise to
exceed that of last year, which was estimated at approximately 30,000,000
pounds. A large tobacco crop is expected locally, and a considerable
number of new sheds are being erected. Fruit shipments to the United
States during November included 70.559 boxes of grape fruit, 58,783 boxes
of oranges and 9,837 crates of pineapples, with prices of recent shipments
slightly stronger.
Directors of Fifth Avenue Bank Pay Tribute to
Memory of W. H. Porter.
The directors of the Fifth Avenue Bank of New York
adopted a minute on Dec. 8 recording the sense of their
loss in the death of Mr.Porter. In recording his services the
directors said in part:
It is with profound sadness that we record the death of our friend and codirector, William H. Porter, who died suddenly on Nov. 30 1926.
Mr. Porter was particularly one of us. as much of his business career
was in one way or another spent in the service of this bank. He came as a
boy at the age of seventeen and served here in every position of the clerical
staff, and at the end he was the senior director in point of service with the
exception of the Chairman of the Board.
Mr.Porter left the bank to become a junior officer of an important downtown bank, and later became president of another famous old bank in this
city, leaving that important position to become a partner of Messrs. J. P.
Morgan er Co.
His personal knowledge of our particular purposes and ideals made him
a most valuable counsellor, and many of our special policies are due to his
wise counsel and foresight. He gave to the deliberations of this Board
unstIntedly of his time and knowledge. Our debt to him is great.
Meeting of Members of New York Chamber of Commerce in Memory of William H. Porter of
J. P. Morgan & Co.
At a special meeting of the Chamber of Commerce of the
State of New York on Dec. 9, attended by more than one
hundred bankers, railroad executives and business men,
tributes were paid to the memory of William H. Porter,
of the firm of J. P. Morgan & Co., whose death was noted
in our issue of Saturday last, page 2839. Among the
members of J. P. Morgan & Co. who attended were Thomas
W. Lamont, Thomas Cochran, Russell C. Leffingwell and
Junius Spencer Morgan. Others present included Leonor F.
Loree, President, Delaware & Hudson RR.; Lewis L.
Clarke, President, American Exchange National Bank;
Edwin M. Bulkley of Spencer, Trask & Co.; R. A. C.
Smith, former Dock Commissioner; E. H. Outerbridge,
former President of the Chamber; J. Vipond Davies, Chairman of the chamber's Committee on Public Service in the
Metropolitan district, &c.
In behalf of the Executive Committee Alfred E. Marling
presented the following minute:
WILLIAM H. PORTER
1861-1926
"Mark the perfect man, and behold the upright; for the end of that
man is peace." (Psalm 37:37).
"A good name is rather to be chosen than great riches." (Proverbs 22:1)•
URUGUAY.
It is most fitting that the members of the Chamber of Commerce of the
Uruguayan exports to the United States during November totaled
$390,000 of which $144,594 consisted of wool. In quantity', November State of New York should gather in a special meeting in this great hall to
exports of wool wore 4,900 bales or less than half of the total for November pay tribute to the memory of their fellow-member, William H. Porter.
His death on Nov. 30 1926, was a great loss to us individually, as well
1925. American buyers are not participating actively in wool transactions
but are showing some interest in merinos. Automobile imports were as a Chamber. He rendered most faithful and devoted service to our
heavier in anticipation of a busy season after harvesting is well under way. interests from the date of his election in the year 1893, and served uninterruptedly for a period of eighteen years as our Treasurer. He likewise served
A satisfactory movement in hides is reported with stocks on hand light.
on a number of Committees, and was ever ready to respond to any call
COLOMBIA.
which the officers or the staff made upon him.
The Magdalena River remains in good condition with boat movement
It is a source of pride to us to remember that Mr. Porter valued very
uninterrupted. Progress is being made in moving the accumulated freight highly his membership in the Chamber, and when, some years ago, an
at the Caribbean coast. A situation of acute congestion still exists at the effort was made to increase our membership, he undertook to send many
Pacific port of Buenaventura. partly attributable to the inadequacy of personal letters to his friends, the result of which was that some sixty
rolling stock on the Government-owned railroad which transports the accessions were made to our membership.
His long and distinguished career as a Banker (nearly fifty years) in this
freight to inland points. The Government recently ordered seven new
locomotives for this road. It is believed in Colombia, however, that the city will not be forgotten by his business associates. The beginning of his
railroad can not be expected to aid the situation materially in the next experience was with the Fifth Avenue Bank, later with the Chase National
2986
THE CHRONICLE
Bank, then with the Chemical National Bank, and for the last fifteen years
he was a member of the banking house of J. P. Morgan & Co. He_was
also a director of many corporations.
Ifr 11,
His sound Judgment, sterling integrity, broad mindedness, absolute
fairness, untiring industry, and his charming and winsome personality
deserved and secured the admiration and the affection of all who came into
intimate contact with him. He was a man of firm convictions, but he held
them with the utmost courtesy to those who differed from him. He
was
unselfish, generous, kindly and helpful, and these qualities, coupled
with
his outstanding business ability, will account for the extraordinary respect
and regard in which he was held.
During these recent years he was called upon to suffer great bereavement
and severe bodily pain and weakness. How did he bear
these burdens?
No repining, no self pity, but with a spirit full of courage and hope.
"The
emergency revealed the man"-his reserves of strength and faith
and infinite
patience.
The members of the Chamber frankly confess that they cannot fully
put into words their sense of bereavement at the loss which they
have
suffered in his death. They are grateful that they knew him, that he was
their associate for many years, and that he has left behind him a memory
of rich, helpful and unselfish service.
How beautifully appropriate are the lines of Tennyson,
sung so impressively at our friend's funeral service on Friday last:
Sunset and evening Star,
And one clear call for me:
And may there be no moaning of the bar,
When I put out to Sea.
For tho'from out our bourne of Time and Place.
The flood may bear me far,
I hope to see my Pilot face to face
When I have crost the bar.
By that faith he lived, and in that faith he died.
[VOL. 123.
Eighteen% Europeanrand SouthirAmericany nations were represented.
C. E. Heath, Chairman of the Trade Indemnity Company, said it was
far
better that foreign credit should be dealt with by insurance
companies
representing the countries of both the debtor and the creditor than that the
creditors' insurance company should act alone. Only twice in nearly
thirty
years' experience had his company halka loss in insuring trade risks,
said
Mr. Heath. ir
H. S. Spain suggested the inauguration of a scheme of reinsurance between all countries, leaving each country to fix the rating of its own
domestic operations.
Dr. Herzfelden of Berlin criticized banks for their lack of knowledge
of
credit insurance and was supported by M. A. DeRougemont of Paris.
Sir Philip Dawson, M. P., said it was to the advantage of the
industrialists and merchants of all nations that a world-wide organization
should
be brought into being which would interchange information and thus
enable credit insurance policies to be taken out rapidly and at a reasonable
premium. There was a risk, particularly in newer countries, he said, which
It was impossible to estimate. If the Government would bear that risk
for
which it would receive a premium,actual insurance could be carried out
by
private enterprise.
A resolution was passed stating that in principle those represented at the
conference were prepared to take a share of every approved credit in respect
of debtors domiciled in their respective countries, provided they were not
already sufficiently interested in the risk from other quarters.
Reports Regarding German Bond Tax Misleading, According to E. C. Granbery of Harris, Forbes & Co.
According to E. C. Granbery of Harris, Forbes & Co., who.
has just returned from Germany, "the recent press items.
Luncheon Tendered by T. W. Lamont to Kengo Mori, respecting the so-called 10% tax on income from German.
bonds have been misleading, in that they have intimated
Japanese Financial Commission.
that there is a new tax in this amount recently imposed by
Thomas W. Lamont of J. P. Morgan & Co. gave an informal luncheon at the Recess Club this week for some of the the German Government." In making this statement on
9, Mr. Granbery added:
New York bankers who had been active in the recent financ- Dec.
As a matter offact, the press items deal with the old tax of 10% on income
ing of the City of Yokohama loan, to meet Kengo Mori, from corporate bonds which has been in effect
for some years in Germany,
Financial Commissioner of the Imperial Japanese Govern- applying both to domestic and external loans. When our bankers first
began to place in this country German external loans, in order to comply
ment in London, Paris and New York. The following New with our usual financial practice,
it was required that the borrowing comYork bankers were present:
panies should agree to pay interest without deduction for any German taxes.
Dwight W. Morrow, Thomas Cochran, Junius S. Morgan Jr., R.
C.
Leffingwell, A.M.Anderson, William Ewing.J.P.Morgan & Co.; Felix
M.
Warburg, Kuhn, Loeb .14 Co.; George F. Baker, Jr. Vice-Chairman, First
National Bank of New York; Charles E. Mitchell, President National
City
Bank of New York; William C. Potter, President Guaranty Trust Co.
of
New York; Frank H. B. Close, Vim-President Bankers Trust Co.; Albert
H. Wiggin, Chairman Chase National Bank: Lloyd W. Smith. President
Harris. Forbes & Co.; Frederick Strauss, J. & W. Seligman & Co.; James
Brown, Brown Bros. & Co.; Edwin M. Bulkley, Spencer, Trask &
Co.;
John Y. G. Walker. Vice-President Central Union Trust Co.; Chellis A.
Austin, President Seaboard National Bank; Charles Hayden, Hayden,
Stone & Co.; Walter E. Frew, President Corn Exchange Bank; Arthur
W.
Loeeby, President Equitable Trust Co.; James S. Alexander, Chairman
National Bank of Commerce; Edwin G. Merrill, President Bank of
New
York & Trust Co.
The result of these agreements is that the full interest coupon Is paid to the
bondholder and the company in addition satisfies the German Government
with respect to the tax. The German companies, however, in order to
facilitate and reduce the cost of external loans, secured a modification in
the law whereby upon application in each instance, external loans, as distinguished from domestic loans, could be totally exempted from the tax,
thus relieving the company securing such exemption from the obligation to
pay the tax to the German Government.
There has been no change in this situation except that the German Government has now indicated that for the time being it will be its policy
to
grant no further exemptions with respect to future issues. Past issues
which
have been exempted are not affected.
As to future issues containing the agreement of the borrowing company
to
pay without deduction for German taxes, there will be no difference
under
the present situation so far as the bondholder is concerned. The only
difference is that the company must pay the tax to the German Government,
There were also present:
whereas under the previous practice the borrowing company could secure
Judge Elbert H. Gary; Henry W. Taft, President Japan Society; Gerard exemption from this liability.
Swope, President General Electric Co.; Shizuka Tanaka, Hatch! Goto,
It is believed that the result of this change of policy, which vrill increase
associates of Kengo Mori on the Japanese Financial Commission; Hired the cost of foreign borrowings, will have the effect of restricting the volume
Saito, Japanese Consul General at New York; H. Kashlwagi, Agent the of German external financing, and accordingly appreciate the value of loans
Yokohama Specie Bank, Ltd.; Tali' Abe, Agent the Bank of Japan; Hideo previously made or currently negotiated under conditions whereby the_borNakamura, Agent Industrial Bank of Japan.
rower agreed to assume the tax.
Sir Charles Mallett Claims Authorship of Bankers
Finances of the Russian Soviet Union-Purchasing
Manifesto Calling for Removal of European
Power of the Ruble.
Tariff Barriers.
The following information is taken from the "Economic
The following advices were reported on Nov. 30 from
Review of the Russian Soviet Union," as compiled by the
London by the Associated Press:
The authorship of the "Bankers' Manifesto," issued in many countries, information department of the Amtag Trading Corp., issued
including the United States, on Oct. 19 last, was disclosed to-night at a on Dec. 1:
meeting of the Economic Circle of the National Liberal Club.
Nearly Half Billion in Taxes Received in Three Months.
Sir Charles Mallet, once Financial Secretary to the War Office, anAccording to the preliminary figures, 493,810,000 rubles in taxetrhave
nounced that he drafted the manifesto at the suggestion of the moving
spirits, Henry Bell, one of the ablest bankers and economists of London, been received by the Finance Commissariat during July-September 1928.
and another veteran free-trader, Sir Hugh Bell, who asked him to "draw up This represents an increase of 32.7% over the amount received during the
something which, without displaying too aggressively the guile of the free- preceding three months and an increase of 52.7% over the total for.the
trade politician, would put the case for reopening European trade on the corresponding three months of 1925.
State Debt of the Soviet Union.
grounds of business, economics and common sense."
The State debt of the U. S. S. R. on Oct. 11926 constituted 660.096,000
The "Bankers' Manifesto" was signed by leading financiers of Europe
rubles. This total Includes the nine internal loans.
and the United States and embodied a plan to find a cure for the industrial
PURCHASING POWER OF THE RUBLE IN 1924-1926.
difficulties of Europe. Every country in Europe was represented among the
1913=100.
signatories, as well as the United States through a half a dozen financiers.
The manifesto amounted to an appeal for the removal of many of the
On the Basis of the
On the Basis of the
barriers which were declared to be obstructing the restoration of internaOn the First of
Wholesale Price Index.
Beta I Price Index.
tional trade and exchange. The origin of the document was variously at1924.
1925.
tributed to Montagu Norman, Governor of the Bank of England, and
1926.
1924.
1925.
1926.
numerous other leading financiers.
January
58.1
59.2
54.6
54.3
48.8
44.2
The text of the manifesto was published in our issue of February
56.2
53.6
52.6
48.3
48.1
43.5
March
54.6
51.8
51.6
48.3
47.4
42.7
Oct. 23; page 2057.
April
51.4
55.3
51.0
47.4
46.1
41.5
May
51.1
50.9
50.8
46.0
45.2
40.0
June
60.3
52.2
52.8
47.6
45.7
41.2
July
59.1
53.2
54.6
46.6
Urge Credit Insurance for World Commerce-Experts August
45.9
42.4
57.0
57.1
55.1
43.6
47.6
42.7
September
58.0
57.0
at London Conference Discuss Ways to Reduce
55.9
44.8
48.1
43.5
October
60.9
57.4
56.2
47.7
46.5
43.5
November
Risks in Trade Credits.
61.1
57.0
48.2
46.1
December
59.5
55.8
47.6
44.6
The need of internationa machinery
would enable
which
l
merchants and manufacturers to grant extended credits in
foreign countries without having to run the risk of suffering Germany to Coin New s-Mark Coin Because of the
Counterfeiting of 50-Pferming Piece.
from customers' default to pay was strongly emphasized at
the international conference on credit insurance held in
The following Associated Press advices were reported
London Dec.8. This is learned from a copyright cablegram from Berlin, Nov. 23:
Counterfeiting of the German 50-pfenning piece has been practiced on.
to the New York "Times," which also contains the following
such an extensive scale that the substitution of a now coin
for it Is underadvices in the matter:
stood to be in prospect.
DEC. 11 1926.]
THE CHRONICLE
2987
Nothing official has been given out, but it is said in well-informed quarters meer & Co. Regarding the amount and purpose of the
the new piece is likely to be of nickel, somewhat smaller in size than the issue it is announced:
present coin, which is of brass alloy and a trifle larger than the silver
The Act authorizing this issue provides that the proceeds thereof shall
one-mark piece.
term indebtedness of
If the plan is adopted the substituted coin is likely to be designated be applied to the liquidation of the floating and short
issue (the Consoli"M-mark," as was the silver piece of 50-pfenning value in use before the war. the Province. These bonds form part of an authorized
(about$40,500,000)
One band of counterfeiters has already been rounded up. The design of dation Loan of 1926)of 42,020,000 Argentine gold pesos
parity,
of which amount
legal
currencies
at
the coin is so simple that reproductions of it is difficult of detection are or the equivalent in foreign
by the Province
comparatively easy to make. The engraving on the new coin, if it is 6,020,000 gold pesos(about $5,800,000) have been reserved
for internal issue, the balance of 36,000,000 gold pesos (about $34,700.000)
issued, will be much more complicated.
being authorized for issuance externally. The present issue, together with
the internal issue above mentioned, will suffice to liquidate thelentire
Liquidation of Central Bank in Austria—Government floating and short term indebtedness of the Province maturing on or before
Dec. 31 1926.
Will Pay Depositors in Full—Guarantee Fund
The bonds will be dated Dec. 1 1926, and will mature
Planned.
Under date of Dec. 1 the following advices were reported June 11957. A cumulative sinking fund of 1% per annum
from Vienna by the New York "Times" (copyright):
is provided for, to operate semi-annually, and calculated to
The Government's bill arranging the liquidation of the Central Bank, be sufficient to retire all these bonds at or before maturity.
or the German-Austrian Savings Bank, passed Parliament last night
extraordinary sinking
and liquidation begins to-day. Deposits and current accounts will be The Province covenants to apply, as
paid in full by the Government. Other creditors will receive 30% and fund, for these and any other external bonds of the consoliemployees 60% of their pensions.
dation loan of 1926 (limited in amount), 25% of any surplus
The Government saved the bank from a run last summer by advancing
to it nearly $9,000,000. It is expected it will have to advance an additional of revenues at the end of each fiscal year; and reserves the
$3,000,000 for the final settlement.
right to increase any sinking fund payment. The, bonds, in
The budget cannot carry such a burden, so the bill establishes an "incoupon form, in denominations of $1,000 and $500, will be
ternal guarantee fund" of $11,500,000, or a total above advances, to
which all savings banks are required to subscribe. The Government registerable as to principal only. They will be redeemable
promises to repay the bonds in 15 years. M anwhile, interest on the only through the sinking fund, either (a) by purchase on
loan will be covered by a special tax on savings deposits in all banks accepttender at less than par and accrued interest, or (b) by call,
ing them.
The Carinthia Bank of Klugenfurt has asked the court for a compromise On any interest date at par on not less than fifteen days'
settlement with its creditors, offering to pay 80% in four years. Its notice. Principal and interest (June 1 and December 1)
losses are about 63,000,000.
& Co., or of Kissel,
The troubles of this bank, as well as those of the Central Bank and will be payable at the office of Hallgarten
other provincial banks which have been liquidated recently, date back Kilmicutt & Co., fiscal agents, in New York City, in United
to the inflation era and the period of speculation in 1924. Like nearly
States gold coin of the present standard of weight and fineall others, it is closely connected with provincial politicians of the governing
ness, or at the option of the holder, in London, at the office
Christian Social and Pan-German parties.
The series of bank difficulties is not considered to mean that the financial of Erlangers, sub-fiscal agents, in sterling at the exchange
situation is now bad, but simply that stabilization is continuing to weed
rate of $4 8665 to the pound sterling, without deduction for
out the weaker speculative institutions.
any Argentine national, provincial or other taxes present or
future.
Rumania to Withdraw Bank Notes.
From a summary of a letter (transmitted by cable) to the
According to the New York "Times" of Dec. 8 the
managers
of the syndicate from Dr. Francisco Ratto, MinisConsul-General of Rumania announced on Dec. 7 that he
of the Province, we take the following:
of
Finance
ter
had received word that the Rumanian National Bank had
Security.
decided to withdraw on Dec. 31 the 500-lei bank notes,
These external bonds are a direct obligation of the Province of Buenos
series 1916, as originally announced last September. Ruwhich pledges its full faith and credit for the due and punctual paymanian currency holders should communicate with their Aires,
ment of principal, interest and sinking fund. In addition these bonds and
own banks, the Consular authorities in this country, or the any other subsequently issued external bonds up to the total of 36,000,000
gold pesos (about $34,700,000) of the Consolidation Loan of 1926 are specifiLegation at Washington before the close of the year.
cally secured by a first charge and lien on the real estate and inheritance
Republic of Salvador Customs Collections and Debt
Service.
F. J. Lisman & Co. under date of Dec. 3 make public the
following relative to the customs collections and debt service
of the Republic of Salvador:
November collections
Service on "A" and "B" bonds
1926.
$506,171
87,494
1925.
$366,972
89.181
$418,677 $277.791
Available for series "C" bonds
56,667
Interest and sinking fund requirements on"C" bonds
63,333
January-November collections
6,211,948 5,312,175
January-November service on "A" and "B" bonds— 962,434
980,988
Available for series "C" bonds
$5,249,514 $4,331,187
Interest and sinking fund requirements on "C" bonds 656,667
623,333
Collections in the first eleven months of 1926, after deducting service
requirements of the "A" and "B" bonds, were equivalent to about eight
times interest and sinking fund requirements on the series "C" bonds.
The bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed, and 70% of
which is physically pledged for that purpose.
Full interest and sinking fund requirements on the "A," "B" and "C"
bonds for the year were met out of collections remitted by the fiscal agent
by May 15.
Offering of $24,121,000 Province of Buenos Aires Bonds
—Books Closed—Issue Oversubscribed—
Advisory Financial Commission.
An issue of $24,121,000 Province of Buenos Aires (Argentine Republic) 7% external sinking fund gold bonds, consolidation loan of 1926, was awarded last week to a group headed
by the First National Corporation of Boston, White, Weld
& Co., Hallgarten & Co., and Kissel, Kinnicutt & Co.
Public offering of the bonds, at 943
4 and interest, to yield
over 7.40%, was made yesterday (Dec. 10) by a syndicate
consisting of The First National Corporation, of Boston;
White, Weld & Co., Hallgarten & Co., Kissel, Kinnicutt &
Co., Ernesto Tornquist & Co., Ltda., Buenos Aires, Halsey,
Stuart & Co., Inc., Lehman Brothers, Cassatt & Co.,
Graham, Parsons & Co., William R. Compton Co., and
Hornblower & Weeks. Following the opening of the subscription books, it.was announced that the bonds had been
oversubscribed and the books closed. A substantial amount
of these bonds has been placed in Europe,including $2,000,000 of bonds which are being offered in Amsterdam by
Pierson & Co., Nederlandsche Handel-Maatschappij, Mendelssohn & Co., Amsterdam, Proehl & Gutmann, and Ver-
taxes, subject only to the prior charges now existing, and the Province
covenants that the maximum annual amount of such prior charges is not
and shall not exceed 4,700,000 Argentine gold pesos ($4.535,000)•
The Province declares that the real estate tax, the revenues from which
will be greatly increased through revaluations effective Jan. 1 1927, is calculated to produce not less than the equivalent of 24.200,000 Argentine
gold pesos ($23,300,000) in each fiscal year. After deducting from this
amount the said annual prior charges, there remains an amount equal to
more than ten times the annual service charges on this issue, and more than
six times those of the total authorized external Issue of said Consolidation
Loan. After deducting the said annual prior charges from the combined
calculated annual revenue from the real estate and inheritance taxes, the
remainder is equivalent to more than eleven times the annual service charges
on this issue, and more than seven times the same charges on said total
authorized external issue. Should at any time the revenue from the real
estate tax fall below the amount above specified, the Province covenants
that at the request of the ficsal agents it will pledge receipts from other
taxes in an amount equal to the deficiency until the revenue from the real
estate tax shall again reach the above figure. The Province in addition
covenants to establish the rates and bases of the real estate and inheritance
taxes pledged as security for this issue in order to insure as a minimum the
revenues referred to above as long as any of these bonds remain outstanding.
Debt Record.
For twenty-nine years, with the exception of two years during the World
War, the Province has never failed to provide funds for the interest payments on its external debt. The Province funded the 1915 and 1916
interest payments at the time. The sinking fund payments due at this
time were resumed in 1919 and 1920. Prior to this period, in 1890. in consequence of the so-called Baring crisis, the Province, in common with
several South American countries including Argentina, failed to meet its
external debt service. By agreement with the bondholders, the external
debt was refunded into bonds of the Argentine Nation and payments
resumed.
Finance.
In 1920 total receipts of the Province aggregate $30,950,000, and by 1925
they had risen to $46,570,000. The total funded indebtedness of the
Province, including this issue, is $239,302,300. The assessed value of
privately owned real estate is in excess of $2,000,000,000. based upon
present assessments, it being estimated that the actual market value is
approximately double this amount. The total wealth of the Province is
estimated at over $6,000.000.000, representing a per capita wealth in
excess of $2,300, as compared with a per capita debt of less than $92.
All conversions of Argentine pesos to United Statds dollars
have been made at par of exchange. Application will be
made to list these bonds on the New York Stock Exchange.
Temporary bonds or interim receipts will be deliverable in
the first instance. Hallgarten & Co. and Kissel, Klimicutt
& Co. are fiscal agents for the bonds. The Central Union
Trust Co. of New York is registrar. By decree dated
Dec. 6 1926, the Governor of the Province has created an
Advisory Financial Commission, consisting of Francisco
Mendez Goncalvez (Vice-President of the Bank of the
2988
THE CHRONICLE
Province of Buenos Aires), Enrique Santamarina (director
of the Bank of the Argentine Nation), Sir Hilary H. Leng
(of Leng, Roberts & Co., representative in Argentina of
American and British bankers), Alfredo Hirsch (managing
director of Bunge & Born, Ltd.), Dr. Pedro Solanet (ExVice-Governor of the Province), and William F. Benkiser
(Vice-President of the First National Bank of Boston, resident in Buenos Aires). This Advisory Financial Commission
is believed to be the first appointed by any South American
Government in conformity with the modern idea of appointing a commission of non-political, international, financial
and commercial business men to give to the executives of a
Government expert advice. A translation of the decree is
furnished as follows:
Decree Issued by the Executive Power of the Province of Buenos Aires.
La Plata.December 6 1926.
Whereas, the earnest desire of the Executive Power for the reorganization
Provincial
the
finances demands the study of the administrative system
of
as a whole, the adjustment of expenditure and the reform of the financial
system, in accordance with plans already announced: and
Whereas, notwithstanding the efficiency of the personnel of the Administration, the collaboration of citizens who by their experience and patriotism
can promote the aforesaid purposes is clearly desirable:
• Therefore, the Executive Power decrees:
Article 1. A commission is hereby created which shall be called the
Advisory Financial Commission,composed of persons designated in Article 6
of this decree, who shall act in an honorary capacity.
Article 2. The commission shall designate from among its members a
President,and a Vice-President to act for the President in case of his absence
or inability. The President of the commission and the Minister of Finance
shall be the means of communication between the commission and the
Government.
• Article 3. The Executive Power shall place at the orders of the commission such personnel of the Administration as it may require.
Article 4. The members of the commission are removable and their functions shall not be of definite duration.
Article 5. The commission shall study the matters which the Government
may entrust to it, and shall render opinions on the inquiries, which the
Executive Power may submit to it: it being understood that its opinions
shall be merely informative.
Article 6. Messrs. Francisco Mendez Goncalvez, Enrique Santamarina,
Hilary H. Leng, Alfredo Hirsch, Dr. Pedro Solanet and William F. Ben'riser are appointed members of the Advisory Financial Commission.
Article 7. Be it communicated, &c.
VALENTIN VERGARA,Governor.
FRANCISCO RATTO.Minister of Finance.
(Vor,. 123.
authorized amount of $9,307,800. They are to be secured pro rata with
bonds of any subsequent series by specific charges on revenues derived from
Increased land taxes on properties adjoining the improvements to be made
out of the proceeds of the loan, and by funds realized from sale of expropriated buildings and unused lands after completion of the project. Revenues to be derived from increased land taxes are estimated by the city at
more than $600,000 per annum.
The taxes and receipts exclusively assigned to this loan are to be deposited
with the Banco de la Republica Oriental del Uruguay (the National Bank)
In the City of Montevideo in a special account and are to be disposed of exclusively for the service of interest and of both ordinary and extraordinary
amortizations of the bonds outstanding.
Debt of Property.
By national law, the city of Montevideo, in contracting loans for public
works, must create new taxes or sources of revenues adequate to meet the
Interest and sinking fund charges on new debt.
The total debt of the city of Montev deo Including this issue is $18,000,000.
City owned properties, according to official estimates, represent $40,000.000. Included in the city owned property are productive enterprises which
contributed more than $1,422,000 of the total city revenues of $5,266,000
for the fiscal year 1924-1925.
The assessed value of real estate in the municipality of Montevideo on
Dec. 31 1924 amounted to $472,000,000 with an estimated actual value of
$556,000,000. The debt ratio is less than 4% of assessed valuation, and
the per capita debt is approximate*,$43.
The city of Montevideo has paid interest on its funded indebtedness
regularly since the debt settlement in 1901 incident to the depression following the Baring crisis. Following the outbreak of the World War the
Uruguayan Government and city of Montevideo in agreement with the
English bondholders suspended sinking fund payments until 1922 when such
payments were resumed.
Revenues and Expenditures.
The ordinary budget is balanced. During last six years there was an
excess of about $2,000,000 extraordinary expenditures over and above
extraordinary receipts as a consequence of new public works construct on.
The floating debt is now reduced to $1,100,000. it being the aim of the
municipality to work systematically for its total reduction.
It is expected that interim or trust receipts of the Guaranty
Trust Co. of New York will be ready for delivery on or about
Dec. 15 1926. It is painted out that all conversions of
pesos into United States currency have been made at $1 00
per peso which is approximately the current rate of exchange.
The gold parity of the peso is $1.0342.
Offering of $6,000,000 United Industrial Corporation
of Germany Bonds.
Harris, Forbes & Co., Lee, Higginson & Co. and Brown
Brothers & Co. yesterday offered a new issue of $6,000,000
6M% sinking fund gold debentures of the United Industrial
Corporation (VIAG) of Germany. These debentures were
priced at 973 and interest, yielding over 6.75%. United
Industrial Corp., or VIAG, as it is generally known, is controlled by the German Government, which owns the entire
$28,571,428 capital stock of the corporation. The corporation with its subsidiaries constitutes one of the foremost
European industrial groups, marketing a substantial amount
of its diversified products in foreign countries, among the
more important aCtivities being the production of electric
power, aluminum, nitrate, and the manufacture of steel,
rolling mill products, agricultural machinery, textile machinery, &c. A banking subsidiary, Reichs-Kredit-Gesellschaft,
the only bank controlled by the German Government, has
capital reserves and surplus of over $12,000,000 and deposits
in exces§ of $114,000,000.
Consolidated net earnings of VIAG and its controlled subsidiaries for 1925 available for the payment of interest,
depreciation, &c., after deducting $550,000, the estimated.
maximum annual charges under the laws enacted in connection with the Dawes Plan, were in excess of $8,037,000, or
over 5 times the aggregate annual interest charges on the
total funded debt of the company and its controlled subsidiaries, including this issue and the proposed internal issue.
Further data concerning the offering and the company are
given in our "Investment News" Department, p. 3052.
Offering of $5,171,000 Bonds of City of Montevideo
(Republic of Uruguay)—Issue Sold.
The Guaranty Company of New York offered on Dec. 8
an issue of $5,171,000 City of Montevideo (Republic of
Uruguay) "Emprestito Rambla Sur" (Southern Boulevard
Loan) external sinking fund 6% gold bonds, Series A. The
offering was made at 933 and interest, to yield about 6.50%.
A substantial amount of the loan was withdrawn for offering
in England, Holland, Switzerland and Germany. It was
announced on the day of the offering that the issue had been
sold. The bonds will be dated Nov. 1 1926 and will mature
Nov. 1 1959. A cumulative sinking fund of 1% per annum,
payable semi-annually beginning May 1 1927, will be provided, sufficient to retire entire issue at or before maturity
by purchase at or below 100% and accrued interest, or by
redemption by lot at 100% and accrued interest on 30 days'
notice. Any balance of pledged taxes and proceeds from sale
of properties accruing from date of loan after payment of
interest and 1% sinking fund on all series will be applied as
extraordinary sinking fund after Nov. 1 1930, in such
amounts as the city may elect, except that there shall not
remain unapplied a sum greater than one year's interest and
sinking fund on bonds of Series A and any future series.
The total bonds authorized under the loan is $9,307,800.
Presently to be issued, 6% Series A (this isuse), $5,171,000.
Interest payable May 1 and Nov. 1. Principal and interest
payable at the principal office of Guaranty Trust Co. of
New York,in United States gold coin of or equal to standard Chase National Bank Prepared to Deliver Buenos
Aires
of weight and fineness existing on Nov. 1 1926, without
Gold Notes Due 1936 in Definitive Form.
deduction for any taxes, present or future, imposed by the
The Chase National Bank is prepared to deliver Province
City of Montevideo by the Republic of Uruguay, or by any
of Buenos Aires, Argentine Republic, external 10-year 7%
taxing authority thereof or therein. They are coupon bonds
secured sinking fund gold notes, due Jan. 11936,in definitive
in denomination of $1,000. The Guaranty Trust Co. of
form in exchange for and upon surrender of the outstanding
New York is the paying agent. Regarding the purpose of
interim receipts representing this issue.
the issue, it is announced:
Proceeds of the bonds are to be applied toward the extension of an existThe Pending Bulgarian Loan.
ing sea coast boulevard through a valuable section of Montevideo, the
construction of an esplanade on part of the area covered, and an extensiye
Commenting
on the proposed Bulgarian Refugee loan of
beach development, including reclamation of about 45 acres of land, together with widening of numerous adjoining streets reaching the centre of about £2,250,000 to be offered in the near future in the
the city. These improvements are expected to add materially to the value world's markets under the auspices of the League of Nations,
of adjacent properties.
and of which a portion (about $4,000,000 or $5,000,000) may
The following is also taken from the official statement:
be sold to the American investing public, Dr. Max Winkler,
Security.
Vice-President of Moody's Investors Service, says in part:
These bonds are to be direct obligations of the City of Montevideo,
It is possible that a large part of our investing public will be skeptical
which pledges its full faith and credit for their payment. They are authorzed by official Decrees 721. 759 and 856 and are a first series of a total
as to the merits of the proposed financing, which will have as its object the
re-settlement of Bulgarian refugees, a transaction somewhat similar in
DEC. 11 1926.]
THE CHRONICLE
with the aid of a League of
nature to the settlement of Greek refugees
at the outset that although
Nations loan. It should therefore be stressed
measure, the adequacy of
there does exist a humanitarian side to the
d for the service of bonds and
revenues and taxes specifically hypothecate
Issue with a considerable degree
the supervision by the League endow the
way towards completing the
long
a
go
loan
should
the
Moreover,
safety.
of
European continent, which
great task of a general reconstruction of the
. .
cannot but benefit the entire world. .
far under the auspices
The more prominent international loans issued so
satisfaction to the American
of the League appear to have given complete
aggregate par value of
investor; as evidenced from the following: The
in the American
League of Nations loans offered for public subscription
computed on the basis
market amount to $155,000,000; the value of bonds according to recent
value
of the price of issue is 8141,345,000; and the
these bonds had been
quotations Is $160,671,250. In other words, if
retained throughout the
been
had
and
flotation
of
purchased at the time
not only a most
entire period, the investor would have been receiving would show an
liberal return on his invested capital, but his principal
appreciation of almost 14%.
League of Nations Loans (Offered in United States.)
Value on Appreciation
Value
per $1,000
Basis of
at Issue
Amount
Bond.
Price.
Recent
Price,
Issued.
50
$25,000.000 $22,500,000 $25,437,500 8117
Austria Ts
137 50
116,325,000
101.200,000
110,000,000
Germany 7s
18 75
9,680.000 9,886,250
11,000.000
Greece Is
117 50
9,022,500
7,965,000
9,000.000
Hungary 7ifs
Under date of Nov. 29, Sofia advices to the New York
"News Bureau" from the Central News, said: in the United
Subscriptions to the Bulgarian refugee loan will be invited
on the loan is at
States, London, Paris, Holland and Switzerland. Interest
7%. It is redeemable in 40 years.
The New York "Evening Post" on Dec. 3 continued the
the following item:
an early date
country at
Speyer 8: Co. are expected to float in this
be part of an Issue
$4,000,000 or $5,000,000 of Bulgarian bonds. They will
in London under the
arranged
being
of from £2,250,000 to £3,000,000
auspices of the League of Nations.
J. A. Sisto 8c Co. Receiving Subscriptions for New
Kingdom of Italy Consolidation Loan.
parallels
Balancing agriculture and industry cannot mean making exact
positions, for
of them. Neither can they be given their relative pre-war
show thawing
consumption of agricultural and industrial products does not
engaged in
ratio. Rather it means attainment of a position in which those
flow from
which
those
ng
agriculture will receive rewards approximati
industry.
States
Notwithstanding the increase of 10,000,000 people in the United
on farms
in the period 1920 to 1926, tilled farms decreased slightly, people
We
1919.
from
35%
lessened 8% and the value of farm products dropped
crop. Ways
are disturbed over this great reduction in the value of the
those enmust be found to reduce expenses of agriculture or secure for
the price
gaged in it a higher price for their products or a larger share of
now paid by the consumer, or both.
At present the agricultural situation is more satisfactory than in any
net
other year since 1920. The 1925-26 crop year gave an approximate
return on capital invested in agriculture of 4.6%. This compares with
improve3.1% in 1922-23 and with 6-10 of 1% in 1920-21--a considerable
the
ment which bids fair to continue, but the most disturbing factor is
must be
heavy burden of debt under which the farmer is laboring. He
given a return better than was required a few years ago if he is to regain
his rightful place.
I have always been a believer in agricultural experimentation and we
should urge closer relations between the farmer and the advisory agencies
maintained for his use. Crop rotation is highly desirable, and through
up
our contact with those engaged in agriculture we can do much to break
to
the practice of growing the same crop year after year. It also seems
from
table
his
own
supply
farmer
the
that
me to be an absolute necessity
his own land as far as possible. Co-operative marketing has made long
and rapid strides and seems to hold many possibilities. However, that
means
alone can never solve the problem, for true co-operative marketing
demand
also co-operation in other things. A crop greatly in excess of
. The law
can never be marketed satisfactorily, even through co-operation
in planting
of supply and demand will ever be in operation. Co-operation
We
as well is essential and it must be part of the plan if it is to succeed.
until such
crops
his
carry
to
can assist in marketing by aiding the farmer
time as he desires to sell.
and
There should be the- same community of interest between banking
Our efforts to
agriculture that there is between banking and industry.
the
farmer
enabling
establish that relationship will go a long way towards
maintain his American
to accomplish his own rehabilitation and regain and
independence. No other course would be more satisfactory to agriculture
and no other course offers greater possibilities.
J. A. Sisto & Co., members of the New York Stock Exchange, have been authorized by the Treasury of the Royal
Italian Government to receive subscriptions for the Kingdom of Italy new 5% loan (Prestito.Nazionale del Littorio),
amounting to approximately 20,000,000,000 lire. The firm
has also been designated to arrange for American holders of
outstanding short-term Italian Treasury notes to exchange
the same for the new long-term bonds.
Subscriptions will be accepted in either lire or in dollars,
at the official exchange rate of the day. The price to cash
subscribers is lire 8.7.50 per 100-lire bond, to yield about
5.70%. Interest at 6% per annum to Dec. 31 1926 will be
allowed on subscriptions made prior to Jan. 1 1927. The
bonds will be dated Jan. 1 1927, semi-annual interest will be
payable Jan. 1 and July 1. The offering circular says:
term floating
The purpose of this new loan is to consolidate the short
is exempt from
debt due during the next few year The loan is in lire and
will be Issued in
all Italian Government taxes, present or uture Bonds
denominations ranging mm 100 lire to 500.000 lire.
are:
n
The outstanding bonds affected by the consolidatio
16,214,000,000 lire
Ordinary Treasury bonds (up to 12 months maturity)
1,859,000,000 lire
5-year Treasury bonds
4,000,000,000 lire
7-year Treasury bonds
Ms
9-year Treasury bonds (option to convert and not compulsory). 6,881,400,000
The gradual and steady Improvement of the Italian budget is shown in
the following table
Surplus.
Fiscal Year. Deficit.
Surplus.
Fiscal Year. Deficit.
418,000,000
1923-24_
1919-20_ _10,396,000,000
417,000,000
1924-251920-21..14,235,000,000
1,498,000,000
1925-26_
1921-22.. 7,299,000,000
1922-23._ 3,029,000,000
The above figures represent all State expenditures, including those for
public services.
The budgetary surpluses of the past two years were applied toward reduction of the internal Indebtedness of the kingdom. The public internal debt
on June 30 1923 amounted to over 95 billion lire and was gradually reduced
to a little over 91 billion lire by June 30 1926, and further, to about 86
billion lire by Sept. 30 1926, a decrease of almost 5 billion lire during those
three months. Converting the the Italian internal debt into 6 present paper
lire for each 1913 gold lire (and taking the wholesale price index number
of October 1926, which was 655, the year 1913 being taken on the basis of
100) indicates a total outstanding debt of less than 15 billion gold lire, an
amount not much higher than the pre-war debt, which stood at about 13
billion gold lire.
ent of
Charles Nagel, Formerly Secretary of Departm
Commerce and Labor, to Head Business Men's
Commission on Agriculture.
Charles Nagel, former Secretary of the United States
Department of Commerce and Labor, a native of Colorado
County, Texas, and a resident of St. Louis, Mo., has accepted the chairmanship of the "Business Men's Commission on Agriculture," which is being created jointly by. the
National Industrial Conference Board and the Chamber of
Commerce of the United States. Opposition to the creation
of the Commission which has been voiced by Rep. Dickinson
was noted in these columns Dec. 4, p. 2846. The object of the
Commission will be to make an intensive study of the Agricultural situation in the United States, with the purpose of
formulating "a national program for co-operation of all
economic groups in protecting the permanent national interest in a sound and prosperous agriculture." The National
Industrial Conference Board and the Chamber of Commerce
of the United States, in full agreement in their determination to promote the development of a broad national agricultural policy, issued on Nov. 28 the following joint state-
Reference to Italy's consolidaton loan was made in these
columns Nov. 13, page 2466, and Nov. 20, page 2597.
J. Ellwood Cox Before Meeting of Agricultural Commission of American Bankers Association Discusses
"Balancing Agriculture and Industry."
Discussing before the meeting of the Agricultural Commission of the American Bankers Association at Chicago
on Dec. 1, the subject of "Balancing Agriculture and Industry," J. Elwood Cox, President Commercial National Bank,
High Point, N. C., said: "Agriculture and industry are not
yet properly balanced. However, they are drawing nearer
together as the,result of economic laws. Agriculture will
regain its rightful place. Though some assistance may be
necessary from the outside, the restoration will be largely
through its own efforts." He added:
2989
ment:
desirous
The business interests of the United States have for years been
the problems
of arriving at a thorough understanding with the farmers of
that business
and needs of agricultural development. It has been claimed
of nor a submen generally had manifested neither a broad understanding
on "The
report
stantial interest in the agricultural situation. But the
published by the
Agricultural Problem in the United States," recently
had been giving
Conference Board, demonstrated that business interests
n, while the work
the farmer's problem deep and sympathetic consideratio
including regional
of the agricultural service of the National Chamber,
evidenced a desire
conferences held throughout the country, has likewise
helping to bring about
on the part of business interests to do their share in
The studies and inquiries
a practical solution of the agricultural problem.
with the joint creation,
made by these two organizations are now followed
Chamber, of this Commission
by the Conference Board and the National
agricultural situation the expewhich will seek to bring to bear upon the
in our national economy.
rience and judgment of every important element
and to foreign trade,
The relation of agriculture to industry, to commerce studied if a wellthoroughly
to transportation and finance, must be
assured for the future.
balanced national economic development is to be
have been as prosperous
The farming industry as a whole seems not to
States began to change from
as other occupational groups since the United
and commercial
industrial
a dominantly agricultural to an increasingly
one of our most difficult
nation. This has created a situation which forms
without inviting serious conseeconomic problems and cannot be neglected
quences to our national economic progress.
agriculture that will
We need to develop and insure a sound national
commerce toward greater naprogress in full harmony with industry and
tional economic strength and prosperity.
The full membership of the Commission is to be announced
later. The Commission, it is stated, is to be an entirely
independent body. In pursuing its studies it will seek information and suggestions from the leaders in every field
of business and agricultural activity, and from noted authorities in agricultural practice and science and in political economy. The headquarters of the Commission will be
In New York City, but hearings and conferences will also be
2990
TUE CHRONICLE
[VOL. 123.
arranged In other important centres. The announ
cement
regarding the Commission says:
The organization of the Commission comes
in response to a conviction
that the qualities which make for success in
other industry can be applied
In a study of agriculture. The Conference
Board's recent agricultural report attracted a great deal of interest, and the
National Chamber has built
a considerable confidence in agricultural communit
ies by its consistent work
of the past two years in organizing in different
localities a specific study of
their special phases of agriculture. The plan
to organize such a Commission received additional impetus from a resolutio
n of the delegates of 150
business associations of 11 mid-Western and
Northwestern States on Oct. 2
at a convention in St. Paul requesting such
a study. These two national
organizations have agreed to create this
Commissi
and use their position in the business communi on and finance its work,
ty to call into service the
tested qualities of organization and analysis
which have proven successful
In American industry.
Two-Thirds of Cotton Spindles in United
States
Represented in Membership of Cotton
Textile Institution, Inc.
- George A. Sloan, Secretary of the Cotton Textile
Institute announced yesterday (Dec. 10) that two-thi
rds of the
cotton spindles in the United States are now represe
nted in
the membership of the Institute. Since the
first annual
meeting on Oct. 20 the following cotton mills
have been
added to the membership: Boott Mills, Boston
, Mass.,
Mills at Lowell, Mass.; Marion Manufacturing Co.,
Marion,
N. C.; Pee Dee Manufacturing Co., Rockingham,
N. C.;
A. M. Smyre Manufacturing Co., Gastonia, N.
C.; Ruby
Cotton Mills, Gastonia, N. C.; Ozark Mills, Inc.,
Gastonia,
N. C.; Union Plant, American Yarn & Process
ing Co.,
Maiden, N. C., and Joanna Cotton Mills, Goldville,
S. C.
These additional mills bring the total membership
in the
Cotton Textile Institute to 424 mills. These mills
represent
more than 21,000,000 spindles. According to the
latest
available Government reports, there were 32,592,806
active
spindles in the United States during October.
over which we have no control." Wilful
violation subjects the member
to discipline by the exchange.
As a public protection the exchange
keeps a representative present to
pass on grain going from private to
public elevators. In this case, says
the statement, some rye, less than six
thousand bushels, was moved from
a private to a public elevator in the
absence of the agent of the Board of
Trade's grain committee.
A small hand sample of the grain, taken
by a deputy weighmaster of the
exchange as it passed through the scale
bin,
despite its grade of No. 2 rye given by the indicated an inferior quality,
Ilinois State grain inspector.
Prompt action by the Board of Trade, the
statement says, resulted in a
re-examination before State and Federal
Inspectors when a grade of No.3rye
ergoty, not acceptable on Board of Trade
contracts was indicated.
Steps to protect the public were
followed by thorough investigations,
after which charges of wilful violation of
the elevator agreement with the
Board of Trade were filed against seven
officers of the defendant corporation. The Illinois State grain inspecto
r, the statement says, testified he
was present when the grain was tested
and that it graded fully Up to the
Federal standard set for No. 2 rye.
"No evidence was produced," it is declared
, "showing any knowledge
by any officer of the company that rye was
being transferred on that day,
nor that it was being done in the temporar
y absence of the grain cornmittee's agent. Nor did the evidence show
there had been any change in
actual ownership of the grain at the time of
transfer.
"All evidence was presented by the
committee which made the final
investigation and filed charges, the jury
being composed of the board of
directors, the President presiding. After
protracted argument, the jury
voted that charges of intentional violation of
the elevator agreement by
any one of the seven defendant members
of the opertaing company had not
been sustained.
"Corporations cannot become members of the Board
of Trade and those
that do business on the exchange are entitled
to this privilege only through
personal membership of their executive officers.
"For many years past, the conduct of the regular
warehouses has been
carefully supervised by representative of the board,
and we submit that this
single and only instance of irregularity to
come to the attention of the
Beard's grain committee is not sufficient to
warrant the inference of a
general practice, nor do the facts surround
ing the law, the rules of the
board, the conduct of these investigations and
this trial justify the assumption that the elevator company was 'exonerated,
apparently on the theory
that no actual injury had been done to the public.'
"
Call Money Market.
The following are the daily statements issued this
week
by the New York Stock Exchange regarding the call
money
Chamber of Deputies Adopts Egyptian Cotton
Limita- market:
tion Law.
CALL LOANS ON THE NEW YORK STOCK
EXCHANGE.
According to Associated Press Cablegrams from
Cairo, Dec. 6—Renewal, 4;4; high, 534; low,4;last. 54. Deficiency in reDec. 9, the Egyptian Chamber of Deputies has adopted
serves
brought about calling of loans, causing advance
the Dec. 7—Renewal,5%;
in rate.
Cotton Limitation Law, recently introduced and referre
high. 5%;low,5%;last, 5%. Fair turnover;amd to
ple supply all day at renewal rate.
n these columns Nov. 27, page 2725. The Associated Press Dec. 8—Renewal, 5%;
high, 5%; low. 5%; last,
offered all day. Some loans reported made5%. Money freely
advices this week said:
at a lower rate over
Under the bill Egypt's cotton acreage will be limited
to one-third normal
for three years.
Prior to the introduction of the bill a communique
was issued by the
Government saying that owing to the decline in the
price of cotton the
Government decided to make conditional advances of
money to cotton
growers, but that after closely watching the market it
had been decided the
best means to meet the situation was by limitatio
n of acreage.
It was also announced by the Government, in a
warning to cotton
growers, that if the law was passed it would be applied
with precision and
severity, and that no excuse would be accepted by the
Government for any
Infraction of it.
the counter.
Dec. 9—Renewal,5%;high.5%:low,4 %;
last,43,6%.
over. Free offerings caused reduction in rate. Moderate turnDec. 10—Renewal, 411%; high, 4;4%; low, 4
%%; last, 434%. Quiet
day. Sufficient offerings for all demands.
Statements of previous weeks have appeared weekly
in
our issues since July 10; last week's statement will be found
on page 2846 of our issue of a week ago.
London Associated Press advices,Dec.8, had the following Reports to New York Stock Exchange Show Increase
of $17,984,750 in Brokers Loans on Nov. 30 as
to say regarding the Egyptian Cotton slump:
Compared with Oct. 31.
The economic situation in Egypt is growing worse and
worse in consequence of the slump in cotton, says a dispatch to the
Total brokers' loans outstanding of $3,129,161,675
Daily Mail from
on
Cairo. Frantic appeals are being made to the Governm
ent to intervene Nov. 30 are shown in the statement made public
Dec. 6
In the cotton market, the correspondent asserts, and it
is considering a by the New York Stook Exchange,
proposal to stabilize the price of cotton at $25 a bale.
this amount comparing
The slump in cotton is affecting all spheres of activity.
$3,111,176,925 outstanding on Oct. 31, an increas
Th s is shown by with
e of
the fact that a thousand cases of commercial defaults have
$17,984,750. The following is the statement issued
been
the mixed courts in two days. This situation is said to be unpreced before
this
ented.
week by the Stock Exchange.
Chicago Board of Trade on Verdict in Which
Grain
Mixing Was Charged.
Reports from Iowa criticising the Chicago grain market
for a verdict in a recent case in which grain mixing was
charged were officially branded as misleading in a letter to
all members of Congress from the Chicago Board of Trade
on Dec 2. The Board in stating this, says:
At direction of Governor Hammill, the Iowa Industrial Commission
had
made a hasty inquiry into the case in which a grain company was charged
with mixing an inferior quality of grain with a bin of rye.
Its incomplete report, which the grain trade assailed as another "drive
ofIowa politicians to injure Iowa farmers," was sent to members of Congress
by Secretary J. G. Mitchell. The exchange, which had been co-operating
with the government in the case, then determined to place the facts before
Congress. The Iowans had also assailed the Illinois Commerce Commission
and the Department of Agriculture.
In attacking the Iowa commission's new move as "political bosh." grain
trade leaders had accused the Iowans of beating down the price of corn
the past year by constantly telling the world that there was too much
corn
and discouraging investment, and declared if Idwa politicians had deliverately set out to injure the farmers they could have dope no better.
To-night's statement to Congressmen sketches the rye case in detail.
Under Illinois laws, it is declared, all grain must be inspecte
d and graded
by the State grain department under
the Illinois Commerce Commission
and under Federal Supervision. The exchange
does not determine grades
but throws further safeguards around the
State and Federal inspection by
additional exchange regulations which elevators
must observe.
By one exchange rule public elevator operator
s agree "not to accept grain
for storage in regular public warehouses that
is not satisfactory to the grain
committee of the board of trade as to grade,
unless it comes from sources
Total net loans by New York Stock Exchange members on
collateral,
contracted for and carried in New York as of the close of
business in
ber 1928, aggregated $3,129,161,675. The detailed tabulation Novemfollows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York banks
or trust companies
$1,932,492,163 $703,688,025
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City
of New York
397,044,387
95,937,100
Totals
$2,329,536,550 8799,625,125
Combined total of time and demand loans
53,129,161,675
The scope of the above compilation is exactly the same as
in the loan
report issued by the Exchange a month ago.
The fact that the figures compiled by the Stock
Exchange
shows material differences as compared with the
Federal
Reserve compilations has occasioned newspaper
comment,
the "Wall Street Journal" offering the following explana
tion
for the differences shown:
During November all Stock Exchange member
borrowings rose $17,984,750 from $3,111,176,925 on Nov. I to
$3,129,161,675 on Dec. 1.
In analyzing the sub items of the compilations, it is
found that net borrowings from New York banks and trust companies
declined from $2,887,482.409 on Nov. 1 to 82.636,180.188 on Dec. 1.
On the other hand, net borrowings from private bankers,
brokers, foreign
bank agencies, &c., in New York rose from $443,694
,516 on Nov. 1 to
$492.981.487 on Dec. 1.
Thus, the decrease in borrowing from New York
banks and trust companies of 531,302.221 was more than offset by the
increase of $49,288,971
in borrowings from private bankers, brokers, foreign
bank agencies, &c.,
in New York.
It will be recalled that the first classification of lenders
(Now York banks
and trust companies) corresponds to the banks reporting
brokers' loans to
the Federal Reserve Bank of New York, while the second
classification
DEC. 11 1926.]
THE CHRONICLE
•
(private bankers, brokers, foreign bankTagencies, &c.) does...not include
members of the Reserve System, and consequently bears no relationship
to the Reserve loan figures. On the basis of the above. Stock Exchange
loan figures, the expectation would be to find a decrease during November
In brokers' loans statistics of the Federal Reserve Bank of New York.
Examination of these Reserve brokers' loan figures, however, shows an
exactly opposite result,loans by Reserve members having increased 9$6,274,000 from 82,640,379,000 on Nov. 3 to $2,646.653,000 on Dec. 1.
The compilation of Reserve member loans includes borrowings by other
than Stock Exchange firms who are primarily dealers in securities. It
will also be recalled that, late In November 1926, an unusual volume of
new security flotations occurred, whose distribution would call for additional security collateral loan money.
, What apparently happened, therefore, is that those demands on the
security collateral loan market for funds to float new issues caused a withdrawal of funds from purely brokers' loans by New York banks and trust
companies. This tended to harden rates for brokerage loans, and brought
in funds from private bankers, brokers, foreign bank agencies, &c.
The security loan statistics now regularly published by the Federal Reserve Bank and the New York Stock Exchange, when carefully analyzed,
thus reveal many interesting trends in the New York short-term money
market never before available to the public.
2991
Clearing House
its customers, finds on consulting the list supplied by the
2; some
Manager that perhaps 5,000 of these are payable by Bank No.
thereupon sim10,000 by Bank No. 4; 8,000 by Bank No. 6, and so on. It
in sepbank
ply places the number of coupons to be collected from each
the coupons
arate packages and marks on each package the total amount of
handed to
and the bank which is to pay them. These packages are then
general
the settling clerk, who takes them to the Clearing House, where a
other
exchange of coupon packages is made with the settling clerks of
banks.
In addition to the notation on the packages, each bank prepares a receipt
Such
in duplicate showing the amount to be presented to each other bank.
banks
receipts are signed at the time the packages are delivered to paying
charges,
as
and the duplicates are then used by the collecting members
Clearing
and these in turn are adjusted in accordance with the regular
House procedure.
Philadelphia Stock Exchange Suspends Business for
One ,Minute to Honor Jules E. Mastbaum.
The Philadelphia Stock Exchange suspended business for
one minute at noon on Thirsday out of respect to the memory
of the late Jules E. Mastbaum, head of the Stanley Co. of
the
The monthly figures of the Stock Exchange during
America, who died Tuesday afternoon in Philadelphia.
current year follow:
Jan. 30
Feb. 27
Mar.31
April 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Demand Loans.
$2,516,950,599
2,494,846,264
2,033,483,760
1,969,869,852
1,987,136,403
2,225,453,833
2.282,976.720
2.363,861,382
2.419,206,724
2,289,430,450
2,329,536,550
Toted Loans.
Time Loans.
5996,213,555 $3,513,174.154
1,040,744,057 3,535.590,321
966.612.407 3,000,096,167
865.848.657 2,835,718,509,
780,084,111 2,767,400,514'
700.844,512 2,926,298,345
714,782.807 2,997,759,527
778,286,686 3,142,148,068
799,730,286 3,218,937,010
821,746,475 3,111,176,925
799,625,125 3,129,161,675
Representative Wingo on McFadden Branch Banking
Bill and Renewal of Efforts to Enact Legislation.
In an address before the Chicago Real Estate Association
on Dec. 2, Representative Wingo, of the House Banking
and Currency Committee, reviewed at length the Congressional proceedings on the McFadden Branch Banking
bill and said:
Dec. 6. The McThe fight will be renewed when Congress reconvenes
the two houses. The House of
Fadden blll is now in conference between
which
completely rebill,
Senate
Representatives has not only rejected the
an anti-branch into a
wrote the McFadden bill and transformed it from
down a compromise probranch banking bill, but the House also voted
and then by another overposal that eliminated the Hull amendments,
conferees to insist upon
whelming vote gave positive instructions to its
the House,including the
the branch bank provisions of the bill as it passed
Hull amendments.
branch bankers openly
The branch bankers' hope is the Senate. The
prevent any legislation at all.
contend that they can control the Senate and
of the Senate in
control
boasted
The branch banking lobby is using this
"Clearing" of Bond Coupons by Banks.
the Hull amendments, but
their effort to whip into line bankers who favor
The origin of the stock clearing system of the New York who are led to believe that they are not important,and should not prevent
these
other Important legislation in the bill in which
Clearing House, inaugurated in September, was the subject the enactment of interested.
vitally
are
banks
bank lobby,though
of an item appearing in our issue of Sept. 25, page 1582. The
I believe that the influence and power of the branch
suffisystem was further referred to in the New York "Times" of great, and being exercised to the utmost at the present time, are not
stand against branch banking,
cient to drive the House from its determined
Nov. 26, as follows:
if its
only
checked
spread of which under the McFadden bill can be
Beginning last September, an interesting extension of the "clearing" the
known as the Hull amendments are retained.
provisions
machinery has been introduced in New York, whereby interest coupons of
Representative Hull also said in part:
Investment securities deposited by holders in the various banks are colboth in the 68th and 60th
lected through the settling of mutual payments at the Clearing House
The McFadden bill as it passed the House
with the banks which are charged with paying the prescribed interest Congresses contained the provisions known as the Hull amendments, while
The plan had been long in incubation, like the older plan for the clearing the bill as amended and passed by the Senate, in other words. the Senate
of checks. It was not until 22 years after Albert Gallatin in 1831 sug- bill, not only eliminates the so-called Hull provisions, but contained other
gested a central meeting place "for the exchange of notes and checks" that provisions sought by the branch bankers, one of which would increase and
that spread to be
the New York Clearing House, the first in the United States, was estab- make easier the spread of state-wide branch banking, and
law,even when engaged
lished and, although this institution proved highly advantageous to all subject solely to the limits of state and not national
members from the time of its founding in 1853, our financial leaders in by the national banks.
Senate bill a pro-branch bill.
allowed 24 years to elapse before adopting the plan for the collection of
The House bill is an anti-branch bill, the
bill against the
coupons by a similar method.
and the issue is between these two bills; the McFadden
the
Leopold Frederick, then a clerk in the Foreign Department of the Na- Senate bill, the main point of controversy being the provisions of
branch bankers
the
tional City Bank of New York, proposed in 1902 a plan for centralizing the McFadden bill known as the Hull amendments, which
insist.
bankers
prothe
nch
clearing of coupons. The Clearing House Committee considered
oppose, and on which the anti-bra
and its actions.
posal and shelved it for future consideration. Mr. Frederick became well
The branch bank lobby has been shrewd in its propaganda
known as director and financial adviser for the American Smelting & Re- Instead of opposing the McFadden bill by direct frontal attack they took
fining Co. and other large corporations, made proposals whose adoption the position that the bill is all right if you will just let them change it so
had an important effect on the world's financial operations and retired to as to destroy its purpose so far as branch banking is concerned. They have
enjoy life at a more leisurely pace, but his coupon clearing idea was al- put out many false and misleading statements and arguments, that confuse
lowed to slumber on until last September, when Charles E. Mitchell, the issue, even misleading some who are opposed to branch banking, and
President of the National City Bank and Chairman of the Clearing House yet the fact that the leading branch bankers of the country have charge of
conclusive
Committee, brought about the adoption of the plan.
and are financing the lobby against the Hull amendments is
The general public's interest in coupons has been greatly increased evidence that these amendments are vital if the spread of branch banking is
through the sale of Liberty bonds, so that nowadays every one is familiar to be checked.
Association at Los
with the little dated and numbered tickets that are attached to bonds
At the recent convention of the American Bankers'
with
when purchased by the investor. In order to collect his interest the in- Angeles, the heads of the large branch banks were present in person
vestor merely cuts off these tickets as they become due and either cashes the managers of their numerous branches, and voted these managers
the
them at the teller's window or deposits them to his account in his bank solidly against the Hull amendments. They were careful to arrange
at
just as he would a check. In the case of checks, when a man who has a program so that this question was handled at a special snap meeting,
would
delegates
the
of
checking account in, say, the National City Bank receives in his morning night, when it was known that fully three-fourths
outvoted
mail a check drawn on the Guaranty Trust Co., another on the Bank of be absent. While by the votes of their branch hank managers they
the delegates
America and a third on the Bowery & East River National Bank, he simply the independents, when it is pointed out that a majority of
branch
of
deposits these checks with the National City Bank and that institution present and voting were California bankers, including the horde victory.
a hollow
undertakes to collect the money called for by the checks. But it does bank managers,it will be seen that the branch bankers won
It was
not send a messenger around to the three banks to cash the checks, as It was not only a hollow victory, but under the circumstances
point to it
was the case prior to 1853. It merely gives the three checks, along with ludicrous, and no intelligent man, familiar with the facts, will
branch hankers are
thousands of other checks, to its settling clerk, who takes them to the as even a circumstance in support of the fight that the
newspapers fighting
Clearing House, where he meets the settling clerks from all the other making on the Hull amendments. One of the leading
proceeding was such
member banks and a general settlement is made. The whole transaction the Hull amendments frankly confesses that the whole
with the horde
takes only a few minutes and is purely a bookkeeping proposition, though a ridiculous performance and the vote representing, even
of the country, should
it involves the transference of hundreds of millions of dollars.
of branch bank managers less than 2% of the banks
respect.
But until last September the collection of coupons did not have the be treated with amused contempt and not with serious
conversant with
I was present at that convention, and am thoroughly predicted what
advantage of any such centralized plan. The banks on receiving coupons
I freely
for collection from their customers sent messengers out to collect the money the facts. After a snap meeting had been called
was well managed by the branch bankers,
from the firms that had issued the bonds or to the offices of the agents of would be the outcome. The plan
performance, even though I was in
such firms. This entailed a great deal of running back and forth and loss who had full control. and I enjoyed the
managers reported in the lobby and
bank
the minority. As the branch
of time, especially the first few days of every month.
to whom they had been ordered to
Under the new central clearing system the member banks follow almost saluted the branch bank sergeant
a certain section of the auditorium, I remarked
precisely the course pursued in the clearing of checks. Each bank fur- report, and were assigned to
the only thing necessary to transform it into a
nishes the Clearing House Manager with a list of coupons which as agent to one of my friends that
would be for the band to play what under the
It has agreed to pay, and the dates of the maturity of such coupons. The typical musical comedy
be very appropriate, that lilting and lively tune,
Clearing House Manager distributes this information among the other circumstances would
Wooden Soldiers." These branch bank managers
members, so that each is kept accurately informed as to the paying banks "The Parade of the
were nothing but wooden soldiers, voted by their leaders In blocks according
and the dates on which such coupons fall due.
method of ward politics. They were fine men
Bank No. 1 (in the Clearing House all banks are known by numbers to the latest approved
wheel of circumstance,” and arguments offered to them wa;
instead of names) having received, say, 50,000 coupons for collection from "bound to the
Colonial Bank Admitted to Membership in New York
Clearing House Association.
At a meeting of the New York Clearing House Association
yesterday (Dec. 10), the Colonial Bank was admitted to
membership. The Colonial Bank has a capital of $1,200,000,
surplus and undivided profits of $3,300,000 and deposits of
approximately $37,000,000.
2992
THE CHRONICLE
[VOL. 123.
a performance that could only be compared to pouring water on a duck's
back.
The resolution which was adopted was uncertain and inconclusive,
and
so far no two of its supporters have been able to agree fully as to Its complete meaning. One of the leading financial Journals of the country
, which
In season and out of season has denounced the Hull amendments,denounc
es
the resolution of the branch bankers at Los Angeles as being
as bad as
the Hull amendments. It does not find these resolutions
be
to
"impressive," and concludes its leading article with
rather a delicate intimation that possibly the American bankers at Los Angeles,
running true
to form and i keeping with their past performances, made an
ass of
themselves.
What the House Demands.
According to Representative Otis Wingo,
Arkansas, one of the conferees,
the House demands the McFadden
bill with the Hull amendments included
.
The Senate, he said, will not take the
McFadden bill either with or without
these amendments. The Senate is
insisting upon other changes with respect
to which there is no controversy.
Mr. Wingo, who is a staunch supporte
r
of the Unit amendments, declared he
was willing to agree to a separate bill
renewing the Federal Reserve bank
charters, and if the Senate would be
willing to cut out of the bill all
matters
agreement can very easily be secured. touching upon branch banking an
Representative Cole, of Iowa, expresse
d the views of Middle West mem
bers in stating that they are opposed
Being one of the number and naturally a mildly mannere
to removing the Hull amendments,
d man, not fearing
that there will follow a disinteg
given to harsh criticism of my fellows, I shall neither deny
ration of community interest and
nor affirm the spirit.
They do not want branch banking
soft impeachment thus made.
, he declared.
The Senate conferees are standing
Many of the branch bank speakers in their opposition
to the Hull amendsteadfas
t back of the Senate banking
proposals and are demanding that
ments got at cross purposes with each other. However
the House recede from its objections
, there were two
thereto or permit the legislation
ideas that seemed to be the basic reasons for their attack
to
die with the end of the present short
on the Hull session.
amendments. One of these is that the Hull
amendments violate State
rights, and the other is that they are unfair and
Repres
entati
discriminatory.
ve
Tilson
(Rep.)
, of Connecticut, majority
In addition to the fact that it is a heretofore admitted Federal
right leader of the House, in a
to control Federal agencies, including national banks
statement on Nov. 30 relative to
and Federal Reserve the
banks, it is sufficient to add that the Hull amendme
new session of Congress, referred as
nts leave every State
follows to the
free to do as it pleases with the State banks,
hey simply retain control McFadden bill:
of national banks by the Federal Government, regardle
The bill of Representative McFadd
ss of what the
en (Rep.), of Canton, Pa., Chairma
States may do with the State banks. Federal rights
n
exist just the same of the Committee on Banking and Currenc
y,for national banking legislation
as State rights, and it Is ridiculous and absurd to contend
that the Federal wanted by the bankers of the United States
rights sought to be preserved by the Hull amendme
ought
to
pass Congress at this
nts, that is, Congress session. It is now in conference with
the branch banking proposition in
retaining control of national bank charter rights,
infringes in any way controversy.
upon any real or imaginary right of the States.
Mention of the bill was made also in
The other specious argument that the Hull amendme
a statement issued
nts are unfair and
discriminatory is based upon the contention, so far
as I could gather from the same day by Representative Garrett (Dem.)
, of Tennesthe branch bank declaimers, that these amendments
would deny privileges see, minority leader of the
to one national bank that are accorded to others.
House, whose remarks were
The insincerity and as follows
:
absurdity of this argument is apparent when attentio
n is called to the fact
The bill frequently referred to as
that other unopposed provisions of the McFadden bill do
the branch banking bill is also
the very same In
still
conference. I do not anticipate that
thing.
the House is likely to change its
position heretofore frequently expresse
One illustration is that a bank in a city of
d upon that matter.
25,000 people is granted
privileges denied to banks in cities under 25,000. Another
is that privileges
granted to banks in cities of 500.000 are different from
those granted to Twenty-Four Iowa Banks
banks in cities under 500,000. There are other illustrat
Suspend—Many Later Reions that could
be given, but there is no necessity of wasting time
organize and Reopen.
to detail them.
apparen
Such
t, but not real, discrimination runs all through
In order to protect all depositors imparti
the National
Bank and Federal Reserve Acts. As a matter of fact they
ally, the officers
run through of 19 banks
in Kossuth and Palo Alto counties, Iowa,
all laws, especially our taxing laws.
on
But we are told that we are unnecessarily alarmed,
that our fears will Nov. 26 joined in concerted action temporarily
to
not be realized, and even some independent unit bankers are
suspen
d
unconce
rned, business and reorganize, accord
and openly say that they believe that they can compete with
ing to the Des Moines
any branch
"Regis
bank system that might be set up. Their assurance is a false
ter"
of
Nov.
27, which went on to say:
assurance,
as some day, I fear, they will learn to their sorrow. They
The names of the banks in the Joint
may be able
movement were withheld by the
to do what no independent unit bankers have been able to
do in this or Banking Department to facilitate the work of reorganization and
reopening
any other country. If they will go and read the sordid story of
most of the institutions.
independent
unit bankers that have been driven out of business in scores
Mass meetings were held in all the
of cities and
towns
yesterda
y
and
teams were
towns in California and the coercive methods that
were employed, they at work securing signatures of depositors to waivers on time of
payment
will realize that perhaps their security is more fancied
of their deposits. No waiver of deposits
than real.
is asked by any bank. Simply
The necessity to curb the growing spread of this evil
waivers
of time of payment as a means of
and the threatened
keeping
the banking service
monopoly that results is illustrated by the fact that one
banking corporation available to the communities is requested. The time of waivers
..sked
with $50,000,000 capital now controls as a holding compan
y many banks varies with the banks, the Banking Department said, but generally
waivers
with branch banks. Included in this number is one
that has nearly a requested are for a part of the deposits for six months, a year or, in
some
hundred branches In the State of California, while it
cases,
longer.
is frequently stated
without denial that the same corporation dominates
This course of keeping banking service availabl
and controls twenty
e
was
decided upon by
banks in New York City. These and other powerful
groups spreadng the officers after a conference with the Banking Department, and the
over the entire country, getting the monopoly of credit
movement is co-operative in every respect,
it was stated. As soon as
that threatens
not alone the independent unit banker, but every indepen
waivers have been secured from 80 to 90%
dent industrial
of the depositors, the banks
enterprise. They expect to get political control in
other States just as will be reorganized and reopened. Many of them will reopen by Monday,
they have in the State of California. They intend to
the
Banking
Departm
ent stated. The condition, existing in
have State-wide
the two
branch banking, as is clearly disclosed by the amendme
nts that they got counties, is purely local.
through the Senate. One of the leading Journals opposing
An example of what is being done In the two counties
the Hull amendis furnished by
ments now frankly throws off the hypocritical mask
and has started a what took place at Graettinger, in Palo Alto County, where the First
campaign to show that State-wide branch banking
is Just as necessary National Bank, which closed last Wednesday,reopened yesterday morning.
under the new order of things as inter-city branch banking
, and one of the After 98% of the depositors signed a waiver to leave their money in the
leading writers boldly states that city and State lines
neither should nor bank, it will be possiole for a depositor to receive portions of his deposit
can confine the operations of great credit instituti
ons. He takes the at stated intervals.. That is what Is being asked in waivers on all of
the
position boldly that banks in Chicago are extending
credit in other cities 19 banks in the present voluntary movement.
and States, and that banks in San Francisco, New York,
The State Banking Department, in announcing what
St. Louis, and
was
being
done
In
Kansas City are doing the same, and that they should
have the right to the 19 banks, issued a statement yesterday that banking conditions
in the
establish their branches wherever they can find business.
State generally are better than for six years, as follows:
Experience has demonstrated what will happen if this is
"The State Banking Department has definite
permitted.
reports coming In from
Kossuth and Palo Alto Counties relative to a concerte
d action of a number
of banks temporarily suspending business and
reorganizing.
New Conference Ahead on Branch Banking Bill—
"The condition referred to is purely local.
It
is
simply a concerted
Representative McFadden Believes Sentiment in
action on the part of the banks to stop continue
d unwarranted withdrawals.
It Is the understanding that these banks plan
Favor of Hull Amendments Is Subsiding.
on reorganizing or reopening
within the next few days.
"Business mon and farmers in the different
In noting that the opponents and proponents of the
communities affected are
working
with the banks in their plans for reorgani
McFadden branch banking bill are lining up in anticipation
zation. The 19 banks
affected consist of State banks, national banks
and private banks."
of further efforts to be made to bring the bill before
Senate
Subsequently (Nov. 30) three banks in O'Brie
and House on an agreement between the conferees who now
n County,
have the bill in charge, the Washington correspondent of Iowa, and two in Sioux County, that State, suspended
payment, bringing the number of closed banks
the New York "Journal of Commerce" on Dec. 6 said:
up to 24.
In its issue of Dec. 1 the Des Moines "Regis
Upon his return to Washington, Representative McFadden, sponsor of
ter" reported
the bill in the House, stated that he would call the other conferees— that the waiver drive institu
ted by the banks had been
Representatives Wingo and King—to a meeting to map out a future program
successful and that more than half of the 19
to be followed by the House members.
banks in Palo
Alto and Kossuth Counties, including all
Against Hull Amendments.
in the former
Mr.McFadden strongly believes that in view of the change in the attitude county, and the five banks in O'Brien and
Sioux Counties,
of the American Bankers Association toward the Hull amendments, as had opened for business,
according to an announcement
indicated by its action at the Los Angeles convention, if an opportunity
made
the previous day (Nov. 30) by the State
is afforded for bringing the bill again before the House on a direct vote as
Banking
to whether or not the Hull amendments should be retained the House also Department.
would reverse itself. According to discussions which Mr. McFadden has
According to a still later issue of the paper
had with returning members of Congress, because of the vast amount of
mentioned
correspondence that has been had with them by bankers throughout the (Dec.3) all but two of the 19 banks which closed tempor
arily
country, there is much less sentiment favorable to the Hull amendments in Kossuth and Palo Alto Counties
have resumed business.
now than was the case last July.
The Hull amendments seek to limit branch banking by national banks
for all time to those States which at the time
of the passage of the bill permit
their own State banks to engage in branch banking
. This is particularly
distasteful to Senate members and the assertio
n has been made that under
no conditions would the Senate agree
to such a measure containing those
provisions. Itisfurther declared that the House
conferees have exaggerated
the instructions which they feel WArii given
them by the House.
Cuban Agency of Boston Federal Reserv
e Bank to Be
Discontinued—To Be Consolidated with
Agency of Atlanta Reserve Bank.
The Federal Reserve Board authorized on Dec.
8 the discontinuance of the Boston Federal Reserve Bank's agency
DEC. 11 1926.]
THE CHRONICLE
2993
in Cuba and directed its consolidation with the agency of
the Federal Reserve Bank of Atlanta. The Associated
Press advices from Washington on the 8th said:
because it bears the acceptance and endorsement of the best banks in the
countries involved, into an instrument for investing excess funds in foreign
countries, or else, for the attraction of additional short-term capital from
foreign countries during the seasonal periods of stringency and higher
The change will become effective on Jan. 1. The Boston bank will with- interest rates in the home market.
representatives
As the situation is now, foreign buyers obliged to take into account when
and turn its business over to the agency of the
draw its two
Atlanta Federal Reserve Bank. which employs four or five persons.
buying American bank acceptances, the 13%% Federal income tax to
Both agencies were authorized in the fall of 1923 and started operating which they are subject, can hardly be expected to prefer our bills when at
Immediately. The Boston agency buys and sells cable transfers and the the same time they are offered equally good acceptances of other countries
Atlanta agency receives or pays out the money on these orders, serving prac- at the same rate, without having to pay any tax whatsoever. Practically,
tically as the cashier for the other agency.
this works out as follows: At the present rate of 3%% for prime 90-day
About one month ago the Federal Reserve Board held a hearing at Wash- eligible American bank acceptances, the return to a foreign holder after
ington on the situation and at that time the Boston bank made the sugges- allowing for the income tax is exactly %To less, namely 3.25%, which rate,
tion that the Atlanta bank be permitted to consolidate the two agencies, as you know, compares with, for instance, 4%To for prime 90-day English
which rent separate offices, thereby maldng a considerable saving.
bank acceptances.
Several million dollars worth of the Atlanta bank's paper currency are in
The same problem, of course, arises in connection with all other transcirculation in Cuba and that is why that institution is so anxious to retain actions having for their purpose the transfer of foreign capital to the
agency
in
Havana:
in fact, that was perhaps the chief reason for the United States for interest earning purposes, such as demand or time depos.
its
agency In the first place.
its and certain other forms of short-term investments. All other conditions
being equal it is evident that this differential arising from the obligation
of foreigners to pay income tax on capital placed in the United States while
Election of Directors of Philadelphia Federal Reserve other nations encourage the importation of foreign capital without any
tax whatsoever, is a handicap to our banks in their efforts to enhance our
Bank.
commercial and financial influence abroad.
Joseph Wayne Jr., President of the Philadelphia Girard
National Bank of Philadelphia, has been unanimously reelected Class A director of the Federal Reserve Bank of Philadelphia by the banks of Group 1. Arthur Sewall, President
of the General Asphalt Company, has been elected a Class B
director by the banks of Group 2 for a term of three years
from Jan. 1 1927. Mr. Sewall succeeds former Governor
Edwin S. Stuart, who declined re-election.
Chellis A. Austin, President of American Acceptance
Council, on the Growth and Advantages of American Bankers' Acceptances—Urges Action by
Federal Reserve Board to Permit Greater
Latitude in Their Use.
Indicating that the widening of facilities for the use of
bankers' acceptances is sought, Chellis A. Austin, President
of the Seaboard National Bank of this city, in addressing,
as President, the American Acceptance Council at its annual
banquet at the Waldorf-Astoria on Dec. 2 said:
Acceptances to Finance Domestic Trade.
As announced in the last report of my eminent predecessor, Mr.
Fred I.
Kent, a special committee of the Council has had several meetings
in the
course of this year with the sub-committee of the General Acceptance
Committee of the Federal Reserve banks which adopted our committee's
report
with only slight changes. Our committee has arrived at the
conclusion that
certain domestic transactions which up to the present time
have been
practically prohibited under informal rulings of the Federal Reserve
Board
could now, in its opinion, be properly financed under acceptance
credits,
and that, though necessary in the early stages of the practice of the
acceptance method of finance, it would seem that these rulings might, with
safety, receive a more liberal interpretation at the present time. It is
hoped that the Federal Reserve Board will take favorable action on the
specific recommendations made by the Acceptance Committee and that as a
result both merchants and bankers, in connection with the financing of
domestic purchases and sales of merchandise fulfilling the necessary requirements, will hereafter enjoy greater latitude and broader facilities in
taking advantage of the privileges granted to them under the Federal
Reserve Act.
Mr. Austin also said in part:
Decline of Outstanding United States Treasury Certificates a BOOM
The United States certificates of indebtedness are
the closest rivals of
the bank acceptance in its endeavor to gain favor as a short-term investment. We are, therefore, directly interested and rejoice in the
results
of President Coolidge's program of economy which Secretary Mellon
and
our distinguished guest of honor to-night have had the privilege of carrying
out with the success which every one here present knows.
The amount of outstanding United States Government notes
(the longest maturity being Dec. 16 1927) has been reduced during the year between
Oct. 31 1925 and Oct. 31 1926 by $1,330,000,000 while the certificates
(having a year or less to run) have been increased during the same
period
by only $276,000,000.
As this form of obligation is retired, we hope that bank acceptances
will
more and more take their place. I might mention
that on Nov. 16 of this
year the interest return of Government notes due March 15 1927 was
3.42%,
while four-month bank acceptances on that date, taking into
account
131
/
2% income tax, gave a net return of 3.40%; that is to say, the the
bank
acceptance gave a return of about 1-60% less than the note of
Uncle
From a credit point of view Mr. Winston will admit that this is not Sam.
doing
so badly for a mere bank acceptance, but vanity apart, we wouldlike to
see the United States Treasury certificate quoted year in and year
out at
a rate making its interest yield at least %V° less than that of the
bank
acceptance.
Our reasons for this wish are not entirely patriotic. We are also
moved
by a selfish motive which I shall now disclose.
Federal income Tax Exemption on Acceptances.
Notwithstanding the fact that the American bank acceptance
has gained
a firm and permanent foothold in the financial machinery of this country
and has demonstrated its effectiveness as the safest and most liquid
medium for the employment of short-term funds next to United
Treasury certificates, it is still lacking certain attributes which States
foreign
bank acceptances enjoy and which, incidentally, are the reason why the
bank acceptance abroad occupies a pivotal position in the portfolio and in
the safe of most firms, corporations and individuals--let alone the banks—
either as an interest-bearing cash reserve or for temporary
investment
purposes.
The bank acceptance in England and on the Continent in addition to
being used as a normal instrument for providing domestic trade and industry with short-term credit for the movement and the manufacture of
merchandise at as low an interest cost as possible, has also been gradually
transformed, through usage, because of the high security it affords, and
Mr. Austin discussed at length the acceptance business at
home and abroad, and said "on the whole, the total acceptance business done on the Continent in 1926 has been of
smaller proportions than in 1913-14 and the aggregate of
American bank acceptances to-day is larger than that of all
the European countries combined, excepting Great Britain."
Regarding the "Acceptance Business at Home," he had the
following to say:
Acceptance Business at Home.
In one important aspect, the acceptance practice in this country is undergoing a distinct change. Following British, and to a certain extent Continental precedents, a natural convergence of the acceptance business to.
wards the larger commercial and financial centres is to be noted—New
York, Boston, San Francisco, Chicago and New Orleans being the most
prominent in the order named. Within these centres a steady process of
concentration seems gradually to point to the exercise of the acceptance
privilege in the future by a selected, albeit smaller, number of institutions
and firms recruited, as it is logical they should be, from the largest, best
equipped and most progressive of the country. According to our estimate,
the number of accepting banks and bankers is now about 175. Ninety-one
per cent of the total volume of acceptances in circulation emanates from 68
of these banks, almost half of which are located in New York City.
This movement may possibly exert a direct influence upon the American
acceptance policy. Many of the provisions and the limitations governing
the creation of acceptances were devised to protect the nation against the
possibly injudicious use by some thousands of banks, large and small, to
whom the valuable privilege was granted, of a credit instrument little
known in our country at the time it was introduced into our banking system. The machinery is now firmly organized and operated by a smaller
circle of strong banks having a proper understanding of their obligations
and responsibilities, in addition to necessary practical experience and adequate resources.
Therefore, it may not be a mere dream that some day the banks of our
country will also be found worthy to enjoy at least some of the liberties
under which our European competitors, for generations, have freely expanded their business at home, and under whose aegis they now endeavor
with determination and admirable courage to regain their former preeminence in the financial markets of the world.
On the other hand, looking at the question from our own domestic viewpoint, in our efforts to spread the knowledge and facilitate the wise use of
the acceptance method over the length and breadth of this land, we must
necessarily and constantly appeal to the enlightened assistance of a vast
number of bankers who, although keen and well intentioned, cannot very
well be expected, since they have no direct interest at stake, either as
acceptors or buyers of acceptances, to evidence that personal interest and
give us that full measure of support which we need in order to remove the
obstacles still encountered in certain respects to elevating the acceptance
to its rightful position at home and abroad.
With a view of clarifying my own thoughts on this important matter I
have endeavored to obtain the viewpoint of representative bankers located
throughout the country. Briefly, my impression is that the cause of the
bank acceptance in many parts of the country more or less distant from the
great ports or trade centres, is making—let us frankly admit it—but comparatively slow progress.
The reason for this lies principally in the following factors:
First. Notwithstanding the very extensive efforts made by the American Acceptance Council and other interested organizations, and owing, no
doubt, to the vast area of our country, there is still a great number of
merchants who are not familiar, except, perhaps in a very superficial way,
with the principles and the advantages of the bank acceptance, and the
conditions under which it can be made use of profitably.
Second. The absence of sufficiently broad local discount markets where
the accepting bank's credit is well known and established, has so far often
hindered the marketing of the bills of interior banks at the favorable rates
to which these banks are entitled and to which they rightfully aspire.
Third. The fact that a loan on bank acceptances does not always give
an interest return as high as a loan on Stock Exchange collateral, which has
been for so long the standard investment for short-term funds.
The best way to overcome the lack of acquaintance with the true objects
and practice of the bank acceptance method of financing is to continue to
carry the "gospel" into those parts of the country where the general
nature of business transactions would seem to forecast a useful career for
the acceptance. It seems as though the quickest and most feasible way of
disseminating a more extensive knowledge regarding the bank acceptance
would be through certain organizations that cover the whole country which
would be able through their local chapters, or associated groups, to contribute to the advancement of knowledge on this subject. I have in mind
the American Institute of Banking, the National Association of Credit Men,
the Chambers of Commerce, colleges and trade associations. A way should
be found, with the co-operation of the American Acceptance Council, to
prepare in simple language courses and lectures stressing the importance,
from a national and international aspect, of acceptance banking, such
courses to be included in the curriculum of colleges and the programs of
meetings and conventions throughout the land.
When the Federal Reserve plan was enacted, we changed in a remarkably
short space of time our whole financial system. Who would deny to-day
2994
THE CHRONICLE
that our banks in the interior have not with alertness and vision grasped
the fact that here was an opportunity to apply in our national and international dealings better and more perfect methods and financial policies
than heretofore? Let us take advantage of the spirit of adaptation then
manifested to pursue with renewed vigor our efforts to emphasize the advantages of the bank acceptance and in so doing base our appeal on the
national benefits which will accrue to us if we succeed in making the
acceptance in the United States the favored method for financing domestic
and foreign trade and for the investment of liquid funds.
Pierre Jay, of New York Federal Reserve Bank,
Appointed by Reparations Commission as Member
of Transfer Committee Under Dawes Plan.
The Federal Reserve Bank of New York announced on
Dec. 6 that Pierre Jay, Chairman and Federal Reserve
Agent of the Bank, has accepted an appointment by the
German Reparat ons Commission as the American member
of the Transfer Committee under the Dawes plan, effective
early next year. The Bank's statement says:
This will involve his resignation from his position as Chairman and Federal Reserve Agent of the Federal Reserve Bank of New York, which he
has occupied since its inception in the autumn of 1914. Mr. Jay's prior
banking connections were Vice-President of the Old Colony Trust Co. of
Boston, Bank Commissioner of Massachusetts, and Vice-President of the
Bank of the Manhattan Company in New York.
During the war Mr. Jay served as Chairman of the Capital Issues Comxnittee and Vice-Chairman of the Liberty Loan Committee of the New
York district. In the autumn of 1924 he spent some weeks in Europe
assisting Mr. Owen D. Young, the first Agent General for Reparation
Payments, in setting up the organization for the administration of the
Dawes Plan. He has also represented the Federal Reserve Bank of New
York from time to time abroad in its relations with foreign banks of issue.
At the same time Governor Strong, of the Reserve Bank,
gave out the following statement:
I should like to add to the bank's official statement concerning Mr.
Jay's departure a few words of personal appreciation of the work which he
has done In the bank. He has been associated with the Federal Reserve
Bank of New York from the first day, over twelve years ago, when the
planning of the organization began, and the bank as it is now operating reflects throughout its organization the scholarly and painstaking study
Which Mr. Jay has given to the multitude of novel and complex problems
of Federal Reserve banking. His work has been done so quietly and so
modestly that few people outside of the immediate circle of his associates
realize the influence which it has exerted, not only in the Federal Reserve
Bank of New York but in the Federal Reserve System as a whole and with
the business community. The problem of the public relations of the Reserve
System has been one to which he has given particular attention. His
work has been a fine contribution towards interpreting the significance of
the Federal Reserve System to the public.
Mr. Jay is peculiarly fitted by temperament, knowledge and experience
for the difficult service he is about to undertake. The administration of the
Dawes Plan in the next few years will have an important influence upon the
recovery of Europe to a sound and wholesome financial and economic wellbeing. As American member of the Transfer Committee Mr. Jay will
occupy a position in which his broad economic knowledge, his analytical
abilities and his tactful diplomacy will be of large usefulness. It would be
difficult indeed to find for the position anyone who would give to it such keen
insight, and impossible to find anyone of more sterling integrity. And it is
fortunate that such a man is available for a foreign public service: one who
is willing to continue unselfish labors, after a dozen years of devotion to the
public welfare at home, without regretting the material rewards which he
-could easily realize.
[VOL. 123.
manufacturing activity. There are three locomotive works, and they are
making their own steel rails in Galicia."
Mr. Harding said that the railroads in Poland were in good condition.
Agricultural conditions are also showing improvement, Mr. Harding said,
and added that Poland is now producing in its farming regions practically
every commodity that is raised in our own Middle West. He added that
the only really important item imported by Poland from this country was
raw cotton. In this connection, Mr. Harding said that a large textile
industry was centred in Lodz. He also said that the potash industry of
Poland looked very attractive.
A reference to Mr. Harding's trip appeared in our issue of
Oct. 9, page 1821.
Opening of the Sixty-Ninth Congress—Second and
Last Session—House Pays Tribute to the
Memory of the Late Joseph G. Cannon.
The second and final session of the 69th Congress, which
will end by constitutional limitation on March 4 1927, was
brought under way on Dec. 6. The first session adjourned
on July 10 last. The opening of the new session is described
in Associated Press accounts as tame, devoid of unconventional incident other than the brief episode in the Senate,
furnished by a resolution of Senator Walsh of Montana,
for an investigation of an implied bribery charge against
Senator Arthur R. Gould of Maine, who took his seat
on Dec. 6. The accounts went on to say:
Galleries in both houses were crowded. Business in the chambers was
confined chiefly to swearing in new members who had been elected to
fill vacancies. In each house the session lasted only 25 minutes.
After Vice-President Dawes called the Senate to order and the chaplain
had said prayer, three new Senators were sworn in. They were Hawes of
Missouri and Walsh of Massachusetts. both Democrats, chosen to succeed
Messrs. Williams and Butler, respectively, and Gould of Maine, chosen
to succeed the late Senator Fernald.
In the House four new members qualified for the balance of the present
Congress. They were Frederick W. Dallinger of Massachusetts,succeeding
the late Henry I. Thayer; John D. Cochran of St. Louis, former secretary
to Senator Hawes, and taking the tatter's seat; Harry L. Engelbright of
California, succeeding the late John E. Raker, and Richard J. Welsh. also
of California, succeeding the late Lawrence J. Flaherty. Mr. Cochran is
a Democrat, and the others are Republicans.
Chief interest was in the Senate. Several prominent men entitled to
admission to the floor were there to watch the opening. Secretary Kellogg
and Attorney-General Sargent were among them.
Most of the Republican Senators defeated for re-election on Nov. 2
appeared in their regular seats. Among them were Messrs. Wadsworth- of
New York; Means of Colorado; Harreld of Oklahoma; Ernst of Kentucky;
Weller of Maryland, and Cameron of Arizona. Senator Underwood, the
only Democratic Senator who is retiring with the close of the present
Congress, was on hand. He is retiring voluntarily.
According to the New York "Journal .of Commerce,"
the final session of the 69th Congress convened with the
prospect of little major legislation being adopted, but with
more than 12,000 bills on the Pomo and Senate calendars,
left without action on adjournment last July. To this
number, it is stated, will be added several thousand more
before the ravel falls closing the session on March 4 next.
The annual message of President Coolidge (given elsewhere
in
this issue) was read in the Senate and House on Dec. 7.
making
A Paris cablegram, Dec. 4 (Associated Press),
On the latter date the House honored the memory of Speaker
known Mr. Jay's appointment, said:
Joseph E. Sterrett, Tratsfer Agent of the Reparation Commission, has Cannon (whose death occurred Nov. 12), by adjourning.
resigned and will be succeeded by Pierre Jay, Chairman of the Board of The resolution of regret, coupled with the motion to adjourn,
Directors of the Federal Reserve Bank of New York
offered by Representative Madden, Republican of
Mr. Sterrett's resignation will be effective on Jan. 15 1927. His letter was
making known his intention was dated Berlin. Nov. 2() and was addressed Illinois. It read as follows:
Resolved. That the following minute be spread upon the record of the
House of Representatives:
"Hon. Joseph G. Cannon died in Danville, Ill., Nov. 12 1926. For
forty-six years he had been a member of this House; for ten years as Chairman of the Committee on Appropriations, for eight years its Speaker, and
for several years Chairman of the Committee on Rules. His service terminated with the Sixty-seventh Congress.
"Within this Chamber the scene of his life's greatest activities was laid.
Here be rendered services to his country which placed him in the front rank
of American statesmanship. Here he exhibited characteristics which compelled respect and won admiration.
"Forceful ability, intrinsic worth, strength of character brought him
According to a copyright message to the New York popular
fame and Congressional leadership. In him depth and breadth
the
received
notice
of
Sterrett
has
Mr.
4,
"Times," Dec.
of intellect, with a full and well-rounded development, had produced a giant
above his fellows and impressed them with his power and his
who
towered
of
.award to him of the Order of Leopold, with the rank
wisdom. A distinguished statesman, a loTty patriot, a unique orator and
Commander, by King Albert of Belgium. The message unmatched debater, a master of logic and wit, the great and representative
citizen of the American republic has gone into history.
adds:
"Resolved, That in honor of the distinguished head, the House do now
The award was made in recognition of his services in the restoration of
European economic conditions through his handling of the difficult problem adjourn."
of the transfer of reparations payments without disrupting currency exOffering of $200,000,000 United States Treasury
. change. The presentation will be made in Berlin in a few days.
to S. Parker Gilbert. Agent General for Reparations. It was presented at
to-day's meeting of the Reparations Commission and was made part of
the record with Mr. Gllbert's letter of acknowledgement in which the Agent
General made known the esteem in which he held his colleague.
Mr. Sterrett. who was Mr. Gilbert's principal assistant during more than
two years of service, resigned because of a desire to resume his law practice
in the United States.
'Much of the success of the Dawes Plan was attributed to Mr. Sterrett's
aid and counsel in the Agent General's letter of acknowledgment. The
correspondence showed that all decisions of the Transfer Committee have
been unanimous
Certificates of Indebtedness—Books Closed—
Oversubscription Reported.
The Treasury Department's December financing, announced by Secretary Mellon on Dec. 7, took the form of an
offering of 3WI% Treasury Certificates of Indebtedness
which are to mature in nine months. The amount of the
offering is $200,000,000 or thereabouts. The books were
closed at the close of business Dec. 9, an oversubscription
Mr. Harding said that he was much impressed with the improved con- being reported. The certificates are tax certificates. The
ditions in Poland, where he spent a three weeks' vacation. Mr. Harding Treasury will accept in payment for the new issue 33
4%
said: "Superficially conditions are a lot better than two and half years
certificates of indebtedness of series TD 1926,
ago, when I was in Poland last. I have revised my opinion about Poland. Treasury
.The country now seems pretty well balanced in its natural resources and • maturing Dec. 15 1926. About $450,000,000 of 31X%
W. P. G. Harding Returns from Poland.
W. P. G. Harding, Governor of the Federal Reserve Bank
of Boston, who sailed for Europe early in October, returned
.on the steamer "Leviathan," which reached New York Nov.
29. Mr. Harding visited England, France and Poland during
his trip abroad. Regarding his observations, the "Wall
• Street News" said:
DEC. 11 1926.]
THE CHRONICLE
certificates will be retired on Dec. 15 1926, according to the
announcement of Secretary Mellon which we quote as
follows:
The Treasury is to-day announcing its December financing which takes
the form of an offering of nine months 3%% Treasury certificates of
indebtedness, dated and bearing interest from Dec. 15 1926, maturing Sept.
15 1927. The certificates are tax certificates and the amount of the offering
Is for $200,000,000 or thereabouts. The Treasury will accept in payment
for the new certificates 34% Treasury certificates of series TD-1926.
maturing Dec. 15 1926. Subscriptions for which payment is to be tendered
in certificates maturing Dec. 15 1926, will be allotted 50%
About $450,000,000 of 34% certificates will be retired on Dec. 15 1926.
The present offering is intended with the balances already on hand and the
December tax receipts to cover the Treasury's further cash requirements
until the March quarterly tax period.
The following is the text of the Treasury circular offering
the certificates for subscription:
OFFERING OF UNITED STATES OF AMERICA 33% TREASURY
CERTIFICATES OF INDEBTEDNESS.SERIES TS-I927.
Dated and Bearing Interest from Dec. 15 1926. Due Sept. 15 1927.
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued interest. through the Federal Reserve banks. Treasury certificates of indebtedness of Series TS-1927, dated and bearing interest from Dec. 15 1926.
payable Sept. 15 1927, with interest at the rate of3%% per annum, payable
OD a semi-annual basis.
Applications will be received at the Federal Reserve banks.
Bearer certificates will be issued in denominations of $500.$1,000.$5,000.
$10.000 and $100,000. The certificates will have two interest coupons attached. payable March 15 1927 and Sept. 15 1927.
The certificates of said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State. or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States, upon
the income or profits of individuals, partnerships, associations or corporations. The interest on an amount of bonds and certificates authorized by
said Act approved Sept. 24 1917 and amendments thereto, the principal
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association or corporation, shall be exempt from the taxes
provided for in clause (b) above.
The certificates of this series will be accepted at par, with an adjustment
of accrued interest, during such time and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury,in payment of income and profits taxes payable at the maturity of the certificates.
The certificates of this series will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any
time without notice. The Secretary of the Treasury also reserves the right
to make allotment in full upon applictaions for smaller amounts, and to
make reduced allotments upon,or to reject, applications for larger amounts,
and to make classified allotments and allotments upon a graduated
scaie:and
his action in these respects will be final. Allotment notices will be
sent out
promptly upon allotment, and the basis of the allotment will be publicly
announced.
Payment at par and accrued interest for certificates allotted must be
made on or before Dec. 15 1926. or on later allotment. After allotment
and upon payment Federal Reserve banks may issue interim receipts pending delivery of the definitive certificates. Any qualified depositary will be
permitted to make payment by credit for certificates allotted to it for itself
and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of its
district. Treasury certificates of indebtedness of Series TD-1926, maturing
Dec. 15 1926, will be accepted at par, in payment for any certificates of
the series now offered which shall be subscribed for and allotted, with an
adjustment of the interest accrued, if any, on the certificates of the series
so paid for.
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts.
Representative Garner Introduces Bill Embodying
Democratic Proposals for Tax Cut of $335,000,000.
A bill embodying the Democratic proposals for a tax cut
of $335,000,000 was introduced in the House on Dec. 8
by Representative Garner of Texas, ranking minority member of the Ways and Means Committee. A statement
authorized by Representative Garner said:
Representative John N. Garner, of Texas, ranking minority member of
the House Ways and Means committee. in
a bill to-day to decrease
the corporation income tax from 13%% to 11% and repeal the automobile,
amusement, club dues and produce stamp taxes.
Total permanent reductions in revenue proposed by the measure amount
to $335.000.000, divided as follows: Reduction of corporation tax. $230.000.000: reduction of automobile tax, $75,000,000: repeal of admissions
and club taxes. $25,000,000; repeal of stamp tax on sales of produce on
exchange. $5.000.000.
The bill has the unanimous support of Democratic members of the
Ways and Means Committee and the enthusiastic backing of other Democrats in the House. It was drafted folobving converences between Democratic leaders of both the Senate and House. Mr. Garner was directed
to prepare his measure by the unanimous action of the other minority
members of the Ways and Means Committee.
Treasury figures show beyond any doubt that there will be a surplus
at the end of the present fiscal year of at least $500,000,000. The Treasury
can well stand the reductions proposed in my bill and the people of the
country deserve them.
"The 2%% reduction in the corporation tax would benefit the entire
people and reduce the cost of living $800.000.000 annually. The great
bulk of the corporation taxes are passed on to the consumers and they
would be the real beneficiaries of the reduction proposed. The smaller
corporations also would be aided since they are now greatly handicapped in
competition with partnerships which pay smaller taxes."
The New York "Times" account from Washington Dee.8
said in part:
2995
The Garner bill will have no consideration by the Ways and Means Committee, now under control of the Republican majority, until after the holidays.
Pigeonholing Expected.
Chairman Green held that tax revision could not be entered upon at this
juncture without provoking "partisan controversy." and that, as this was
a short session, time would not permit the mature consideration that the
importance of the question demanded. He gave the impression that the
Garner bill would be pigeon-holed in committee.
Approval of the Garner plan was given by Senator Simmons of North
Carolina, ranking Democratic member of the Finance Committee, who
reiterated his belief that the Treasury surplus, which Mr. Garner declared
would be "at least $500,000,000" by the end of the current fiscal year,
should be absorbed by tax instead of debt reduction.
The subject came up in the House to-day when Representative Madden of
Illinois. Chairman of the Appropriations Committee, expressed the hope
that there would be legislation authorizing a rebate of income taxes payable
In the final tax quarter of 1927, and a general revision in the Seventieth
Congress, if Treasury conditions warranted. . . .
Senator Simmons made this comment on the Garner bill:"The estimated
surplus in the Treasury is sufficient, and more than sufficient, to make these
reductions, and there is no reason except a partisan one why a reduction
should not be made now. If the bill introduced by Mr. Garner should
pass the House and reach the Senate, I trust that,in the main, the proposed
reductions will be accepted by the Finance Committee.
Will Propose Other Cuts.
"If, and when, the bill reaches the Finance Committee, I shall propose
amendments further reducing the rates on small individual incomes. The
reduction I propose in this respect will amount to about $20,000.000. I
shall also propose an amendment making a small reduction upon tobacco
and its various manufactured products. This reduction will, In the aggregate, amount to about $30,000,000, which, added to the reductions proposed in the bill introduced by Mr. Garner. will amount to about $385.000.000. This would be well within and below the estimated available surplus
as stated by Mr. Garner."
In the House debate Mr. Madden said he endorsed the tax stand of
President Coolidge, who suggested use of the Treasury surplus through
reduction of taxes or debt payments, as Congress might decide.
4
"So far as tax reduction is concerned," said Mr. Madden, "I think
nobody is more anxious for tax reduction than I am—not because I am interested financially in it, but because I believe taxes should be reduced as
much as possible consistent with the proper expenses of the Government.
"It is proposed that a further reduction in taxes be made on account of
the surplus, but the question arises, Would it be wise to enter upon an
active campaign for tax reduction until we have discovered whether or not
the revenues are to continue under existing rates. If we continue over
another year, I am in favor of tax reduction to the limit we can go. but we
ought not to do it now.
"But there is one thing we can do now if we will. It has always been
my notion we should never take from the taxpayers any more than we need
for the economical conduct of the Government. If by any chance, through
any fault of ours, we have taken more than we need, and know we have
taken it, what is our obligation? We ought to return to the taxpayers,
who supply the life blood of the Government, so much of that blood as we
do not need."
"I want to give back this 30% rebate on taxes to be paid on the 15th of
March and on the 15th of June, and then if the law that exists to-day,
fixing the tax rates, produces a sufficient revenue when we come back for
the next session of Congress I am in favor of changing the rates and reducing
taxes."
National Lumber Manufacturers Association Urges
Action by Congress Toward Reduction of
Corporation Tax.
The fact that corporations must to-day pay 13%% of
their net income into the Treasury, "which is even higher
than the war rates and wholly out of line with the rates
placed on partnerships," is commented upon by the National
Lumber Manufacturers Association in a statement in which
it urges that this inequitable situation be remedied at the
short session of Congress. We quote its statement herewith:
The Treasury surplus will not fall far short of $500,000,000 if the total
income tax returns for the first five months of the fiscal year 1927 may
be taken as an indicator. Forging far ahead of last year's returns, the
collections for the first five months of the fiscal year 1927 totaled over
$617,000,000, or an increase of $188,000,000 over the corresponding period
in 1926, according to the latest daily United States Treasury statement
An increase of $118,000,000 in five months over the same period last
year, when tax cuts totaling over $300,000,000 were made, refutes the
frequent assertion that "now is not the time for tax reduction." Reduction in the corporation income tax rate to 10% can and should be made
at the coming short session of Congress—and the Treasury's own surplus
statements ably support this view.
Large Sum Goes to Debt Retirement.
Stress is laid on the desirability of rapid retirement of the public debt.
Here again the Treasury statement shows marked progress over last year,
notwithstanding the surplus, for in November 1925 not a single dollar was
applied to retirement of the public debt through the sinking fund, but in
November this year nearly $29,000,000 was paid off; and in the first five
months of 1927 amount applied to the sinking fund totaled over $209,000,000, as compared with $82,000,000 in the same period last year, or an
increase of $127,000,000.
The sinking fund calls for a fixed appropriation from the Treasury of
about $250,000,000 a year, so that with only five months of the new year
gone, the Treasury has already accounted for over 83% of this required
amount—another good indicator of the corpulent condition of the Treasury's coffers.
Corporation Income Tax Reduction Next.
In this connection it is interesting to note that the public debt in the
last seven years has been reduced over $7,000,000,000, or more than 25%, and
at the same time that this debt, carrying an interest charge of only about
4%, was being retired, American business paid and is continuing to pay a
much higher rate of interest on its borrowed money.
While thousands of millions were applied to debt retirement in excess
of sinking fund provision, and many other millions went to reduction in
the personal and partnership tax rates, the corporations of this country,
the backbone of American business, were forced to pay an income tax rate
at more than double the levy applied to other forms of business.
(VOL. 123.
TAT CHRONICLE
Z996
2
1
/
To-day corporations must pay 13 % of their net income into the Treasury, which is even higher than the war rates, and wholly out of line with
the rate placed on partnerships. At first the income tax laws said "1%
for partnerships and 1% for corporations," but to-day there is a spread of
Equality and justice in the tax laws have been supplanted by discrimination and unfairness.
81
2%.
/
10% O. I. T. Rate Possible.
But this inequitable situation can be remedied, and at the coming short
session of Congress, too. It is reported that proponents of corporation income tax reduction will urge that the rate be reduced to at least 11%, and
lower if possible. They are meeting with encouragement.
This can be done; and at the same time the Treasury finances will not
be impaired, the public debt can be rapidly reduced and American business
generally and every citizen benefited by a reduction of the tax burden.
May we again urge you, if you are in accord with our views, to write
to your Senators and Congressmen, unless you have already done so, and
request that they impress upon the House Ways and Means Committee
(and the Senate Finance Committee, if occasion arises) to give this matter
prompt attention ?
Gilbert H. Montague on "Anti-Trust Laws and the
Federal Trade Commission-1914-1926."
In discussing the above subject on Dec. 2 before the Asso-.
elation of the Bar of the City of New York at its club
house in this city, Gilbert H. Montague of the New York
Bar noted that "recently the Commission has adopted new
procedure and new policies which, within the wide jurisdiction that the courts have always conceded to it, insure for
the Commission an entirely new type of service, bringing
the rank and file of American business into readier conformity with the real spirit of the anti-trust laws." His
remarks follow:
Since 1914 there has been a revolution in the public attitude toward "big
business" and the anti-trust laws. The hysterical distrust that, in 1914,
everybody seemed to share regarding the "rule of reason" and the courts'
handling of anti-trust problems has long since disappeared.
The atmospnere out of which, in 1914, arose the Clayton Act and the
Federal Trade Commission is to-day a memory that is even difficult to
recall. Most of the anti-trust legislation of 1914 has, in effect, been
assimilated into the Sherman Act, by successive decisions of the Supreme
Court and other Federal courts.
How far the Government should regulate business, what are the best
methods for carrying out such regulation, and what are the relative parts
that should be taken in such regulation by the courts, the Federal Trade
Commission, and the Department of Justice, are questions on which, since
1914, our national attitude has greatly shifted. A common belief, shared
in 1914 by almost everybody, was that the courts, in their handling of
anti-trust problems, were not sufficiently expert, and that to, get away
from the bondage of legal tradition, part of this labor should be undertaken
by the Federal Trade Commission, which would approach these problems
from the economic and the business standpoints. This was the belief in
which the Commission began its work and shaped its course during its
critical first ten years.
To the extent that the Commission has followed legal tradition, public
opinion and the courts have always supported it. To the extent, however,
that the Commission has departed from legal tradition, it has not been
supported either by the courts or by public opinion. After repeated repulses in the courts, the Commission has finally accepted this situation.
Recently the Commission has adopted new procedure and new policies
which, within the wide jurisdiction that the courts have always conceded
to it, insures for the Commission an entirely new type of service, bringing
the rank and file of American business into readier conformity with the
real spirit of the anti-trust laws.
One reason why acquiescence has been so general, in this present ascendancy of the courts and of legal tradition, is that the Supreme Court, since
1914, has convinced practically everybody, radicals as well as conservatives,
that the "rule of reason" is all that the Supreme Court claimed for it
when it was first announced in 1911, and that there never was any substantial basis for the belief, so common in 1914, that the courts are not
sufficiently expert to handle anti-trust problems. To this the Department
of Justice, has contributed, by a departmental reorganization that has
greatly increased the efficiency of the Department's anti-trust bureau, and
by the speed and thoroughness with which the Department is now applying
the anti-trust laws to cases which, in 1914, were commonly believed to be
entirely beyond their reach.
Trade associations, with all their new liberty under the Supreme Court
decisions of June 1925 are still closely bound by the rules that enable the
Government to "imply unlawful agreements from the course of conduct of
association members.
Labor unions, in several recent cases, have escaped the anti-trust laws
on the ground that they did not substantially restrain "inter-State commerce." This loop-hole is not a wide one, however, and did not avail the
Chicago Carpenters' Union in the case that the Supreme Court decided on
Nov. 23.
Mergers, especially since the three merger cases that the Supreme Court
decided on Nov. 23, will probably hereafter be watched still more vigilantly
Commission, with a
by the Department of Justice and the Federal Trade
view to prompt action by the Government against any mergers in violation
of the Clayton Act, before those mergers have been actually accomplished.
Patents, patent license agreements and the acquisition of competing patof Justice.
ents, are to-day being closely scrutinized by the Department
The Supreme Court on Nov. 23 rendered an important decision, but other
are foreshadowed
issues, going to the fundamentals of the patent system,
the Department of
in other cases now pending in the courts and within
Annual Report of Inter-State Commerce Commission—
Railroad Consolidation Recapture Valuations—
Hoch-Smith Resolution, &c.
With regard to the consolidation of railroads, the InterState Commerce Commission has the following to say in its
annual report presented to Congress this week:
In our last report we referred to and explained proposed amendments to
Section 5 of the Inter-State Commerce Act to the effect, among others, of
relieving us from the duty of adopting and publishing a complete plan of
consolidation before proceeding to consider and approve or disapprove any
particular consolidation. The need for amedment in this and other respects
has been developed in hearings before the appropriate committees of both
Houses of Congress and so generally recognized that, pending action
thereon we have deferred adoption and publication of a complete plan.
We also take the following extracts from the report:
Recapture Valuations.
As in past years our valuatico forces have prepared and presented the
valuation data in proceedings for recapture of excess earnings under Section
15a of the Act. Hearings were completed in nine cqses, covering 467 miles
of road. Fourteen cases, covering 2,662 miles, have been partly heard.
Others have been set for hearing.
The carriers' records and reports under this order should be policed and
checked in order to effect the two main purposes of the order. These are
that we may keep ourselves"informed of all extensions and improvements or
other changes in the condition and value of the property of all common
carriers" and that the original inventory of each carrier's property may be
revised for use in determining values as of subsequent dates, all as required
by Section 19a. It need hardly be said that the quantum as well as the
condition and value of carkler property is subject to constant change. By
Increased appropriation we have been enabled to assign a somewhatincreased
force to the administration of this order. This has averaged 64 employees.
40 of whom have been engaged in the field work of policing and checking
the carriers' records. Up to the present time preliminary examinations
have been made in the offices of 460 carriers. Complete field examinations,
covering an average period of seven years subsequent to the various dates of
valuation, have been made of the records of 205 carriers, aggregate mileage
68,000. Field examinations covering an average period of eight years are
now in progress on 30 carriers, aggregate mileage 48,000. The present
force available for this work still falls short of the requisite number.
Recovery of Excess Net Railway Operating Income, General Railroad Contingent Fund.
To date we have issued six general orders upon all carriers subject to
Section 15a of the Act. Our last order was dated Jan. 27 1926, and covered
the calendar year 1925. In response to these orders carriers have filed
reports as follows:
Period.
Applicable period, 1920
Calendar year, 1921
Calendar year, 1922
Calendar year 1923
Calendar year 1924
Calendar year 1925
Total excess
Number
of Reports
Number
in which
of Reports. Excess Income is
Reported.
989
971
926
894
877
710
34
32
49
51
23
24
Amount
of Excess
Income
Reported.
52,505,006 17
458,535 72
1,805,239 47
6,830,144 30
1,193,860 87
2,261,908 92
515.054.695 45
Many of these reports include groups of carriers claimed by respondents
to have been under common control and management and operated as
single systems within the provisions of Paragraph (6) of Section 15a.
The question of grouping into systems is under consideration.
Under our orders carriers have been permitted to compute their claimed
Values upon such basis as they deem proper. Many different bases have
been used. When the values have been fixed by us, the number of carriers
found to have earned excess income and the amount of such excess income
may differ from the results shown by the carriers' reports. Important
principles pertaining to values under Section 15a are under consideration
in pending cases.
TheAct needs clarification both as to the bases for computation and the
manner of enforcement. Pending determination of final values under
Section 19a, a base simple in application might well suffice for practical
purposes with resultant saving in time and money not only to the Government but to the carriers. A number of bases may be suggested, as, for
example, the investment accounts stated in accordance with our applicable
accounting rules and regulations; the outstanding capitalization; or our
ptimary valuations under Section 19a as brought to date, either by adding
to recorded cost of net additions and betterments since valuation date, a
method which gives weight to expenditures incurred during the recent
periods of high prices, or by the use of percentage factors applied to 1914
prices. Other bases may possibly be suggested.
As to enforcement, the law now declares that one-half of the carrier's
excessincome as therein defined shall be held by It as trustee for the United
States and be recoverable by and paid to the Commission. Whether such
recovery shall be effected by proceedings in court and, if so, whether by
action atlaw or suit in equity, brought by the Commission or by the United
States, is left unsaid. What weight should be given to the finding made by
the Commission as to the excess income recoverable, and the elements
which necessarily enter into such determination, should also be clarified
by statute.
In our last report we stated that 198 electric railways claimed exemption
from the provisions of Section 15a. Several proceedings have been Instituted to determine the status of individual companies, applying the principles announced in Application of Section 15a of the Inter-State Commerce Act to Electric Railways, 86 I. C. C. 751, and it is expected that
Justice.
match the inter- others will be necessary.
Combinations and trade agreements in foreign trade, to
spreading
During the year 20 carriers paid to us the aggregate amount of $930,403 57
national "cartels" and trade arrangements that are to-day
available to Ameri- on account of one-half of their excess income as preliminarily computed for
throughout Europe, have recently become more freely
Commission. This is still the various recapture periods. This amount added to the $5,687.645 61
can exporters, through a recent ruling of the
some time to come paid prior to Nov. 1 1925, makes the total of such payments $6,618.049 18.
virgin territory, from the legal standpoint, and for
analogies and rea- As the bulk of these payments has been made under formal protests and
precedents,
departmental
legal advice must be based on
reservations, the general railroad contingent fund has not been made
decisions.
court
any
beyond
far
and
outside
that
soning
are
explained in
quieted all agitation available for the purpose contemplated by the statute. As
Protracted prosperity, for the present at least, has
reports, contingent fund moneys are held in the Treasu:Y of
for any change in the anti-trust laws. But it should always be remembered our previous
the United
of
obligations
States as a trust fund for Investment in
that, except for brief interludes, agitation against "big business has been the United
by Paragraph (10) of Section 15a. The present status
a staple of American politics and that each political generation will always States, as required
of the fund is as follows:
insist on handling its problems in its own way.
DEC. 11 1926.]
THE CHRONICLE
$6,618.049 18
Payment by carriers of excess income
20,298 21
Payments by carriers of interest on overdue payments
2,062 30
Interest from bank balances
Interest from investments in obligations of the United States 482,858 38
2997
existed which impelled them to seek an increase in freight rates of 5%.
subject to certain modifications and exceptions. In Revenues in Western
District, 1131. C. C. 3, we found that no such financial emergency existed
as would warrant the blanket increases in freight rates song t and the
07
$7,123,268
Total credits to the general railroad contingent fund
petitions of the western carriers were denied.
Although Ex parte 87 and No. 17000 were heard on one record, the
The following obligations of the United States are held for account of
was directed largely to the former. The record was inadequate to
evidence
the fund:
$3,630,000 enable us to readjust the rates on products of agriculture, or to determine
United States Treasury 4% bonds, maturing 1944-1954
series
indebtedness,
United States Treasury 3X% certificates of
what,in the light of the resolution, would constitute reasonable and properly
1.000,000 related rates in the different sections of the western district. But we
T. D. 1926. maturing Dec. 15 1926
17nited States 4(% second Liberty loan bonds (converted) of
in our report that in proposing rate changes, either for the purpose
stated
60,650
1927-1942
2,379.800 of improving their earnings or for the purpose of rectifying inequalities in
United States 4X % third Liberty loan bonds of 1928
existing rate structures, carriers should propose no advances in the rates
37,070.450
Total face amount
on products of agricuiture, including livestock, except where particular
Of the formal hearings set under this section for the determination of rates on such products may need ad:ustment to remove inconsistencies, or
value and income, 26 have been concluded, 14 are in progress, and 5 have where it can be shown that the product in question is not affected by
not yet been opened. During the year 3 new hearings were set and 9 were depression. With No. 17000 has 1 een consolidated the record in No.
concluded. Two of those previously reported as concluded have been 15686. American National Live Stock Association, et al. v. Atchison,
reopened.
Topeka & Santa Fe Railway Co., et al., in which the level of the rates
on livestock in the western district is assailed; and the consolidated record
Reimbursements of Deficits During Federal Control.
being considered by us in connection with those rates.
In our last report we stated that 397 carriers had filed claims for reim- is now
In No. 17010 c nsel for the farm interests aske I that rates on agribursement under Section 204 of the Transportation Act, 1920, aggregating
products generally be reduced to substantially what they were on
cultural
approximately $27,289,000. During the past year 25 additional claims have
June 24 1918. Others directed our attention to alleged high car-mile
been filed, increasing the total amount claimed to $28,071.864 18. Since
earnings on part cular agricultural products such as wheat. The western
the effective date of Section 204 we have settled 247 and have dismissed
carriers contended that such reductions in their revenue from a large part
120 claims. Five claims have been withdrawn. We have issued certificates
of their traffic would imperil the maintenance of adequate transportation
in settlement and in partial payments aggregating $10,216,783 30. Of the
and threaten the solvency of some railroads. None of the parties
latter amount $2.349,744 34 was withheld under the provisions of the service,
plan for compensating increases in rates on other
urgent deficiency Act of May 8 1920. as traffic balances and other indebted- presented any definite
traffic.
ness due the Director General of Railroads, as agent.
filed Nov. 19 1925, and docketed as Ex parte
petition
a
By
supplemental
The estimated amount required to settle the 50 outstanding claims is
87 (Sub-No. 1), Class Rates Within Western Trunk Line Territory, an
approximately $1,000,000.
sought by means of an upward revision and readjustWe stated in our last report that in making our settlements we'have increase in revenue is
in western trunk line territory. In addition numerous
excluded from consideration the early portion of the Federal control period, ment of the class rates
been filed with us by various interests in western
have
complaints
formal
in conformity with our ruling that carriers are not entitled to the benefits
assailing, among others, class rates between certain
of Section 204 for the period prior to their relinquishment, under Section trunk line territory
points withi i that territory and between certain points in that territory
14 of the Federal Control Act; that our position was, in effect, upheld by
the United States. Hearings will soon begin in Ex
the Supreme Court of the District of Columbia in U. S. ex rel. Abilene & and other partions of
those complaint cases, and with respect to so much
Southern Railway Co. vs. Inter-State Commerce Commission, opinion parte 87(Sub-No. 1),in
instituted pursuant to the resolution as embraces
dated Jan. 8 1925, and that the case was pending on appeal. On March of the general investieati-n
rates within western trunk line territory* and between points in that
15 1926, the United States Supreme Court denied petition for writ of class
territory and points in official and southern territories and in the State of
certiorari to the Court of Appeals of the District of Columbia.
in Wyoming, Casper, and
Mention was made in our last report of the fact that the statute sets no Illinois, as well as class rates between points
and points on and east of the
limit upon the period for the presentation of claims under Section 204, and Sheridan and east thereof, on the one hand,
-rate features of No. 17000 coming
we recommended that, in order that the work under this section may be Missouri River, on the other. The class
been entitled No. 17000, Rate
brought to a close within a reasonable time, consideration should be given within the territory above outlined have
Trunk Line Class Rates.
Western
2,
to a requirement that any further claims must be filed within a limited Structure Investigation, Part
The Hoch-Smith resolution itself directs that our investigation shall be
period. We again recommend the enactment of an amendment to the
thorough and shall cover the entire rate structure of coramon carriers
section fixing a time limit for the filing,of claims thereunder.
subject to the Inter-State Commerce Act. Such an investigation must
Six Months' Guaranty After Termination of Federal Control.
inevitably consume a long period of time. In fact, it must be continuous.
The guaranty under Section 209 of the Transportation Act, 1920, was In conducting that investigation it has become necessary to obtain informaconditioned upon carriers filing an acceptance of its provisions on or before tion concerning the rate structures, and the origins, destinations, and trends
March 15 1920. As stated in our previous reports, 667 carriers filed such of movement of traffic, which is not now before us in an available form.
acceptances, and claims aggregating approximately $657,000,000 have Accordingly, through questionnaires addressed to the carriers, we are
been filed by these carriers pursuant to our order of Dec. 15 1921. Finance seeking that information in relation to each of the following commodities:
Docket No. 1606, 70 I. C. C. 711. This order excluded from consideration Cattle, gasoline (except casing-head), automobiles, bar iron, wheat.
certain elements in effecting settlements under the guaranty for which potatoes, hay, lumber (other than hardwood), and lumber (hardwood).
These are some of the commodities which may be said to be controlling from
claims had previously been made.
Since the effective date of Section 209 we have settled 513 claims and a rate standpoint, in that the rates thereon either control or exert great
dismissed 132, leaving 22 awaiting final disposition. We estimate that it influence upon the rates on other commodities which compete therewith.
which are manufactured therefrom, or which are varied forms of the
will require approximately $830,000 to settle the 22 claims outstanding.
The total amount certified in disposing of 513 claims is $508,680,612 09. controlling commodity, &c. For example, and speaking of rates thereon
general, lumber is a controlling commodity, and the rates on timbers.
In
in
payments
In addition, we have also certified as advances and partial
ties, piling, poles, and many articles manufactured from lumber are largely
the 22 unsettled claims an aggregate of 320.957,010 15.
In the final disposition of 513 claims aggregating $651,745,875 85 we influenced or completely controlled by the rates on lumber. Another
have disallowed 3143,065.263 76 under our established procedure. These example: The rates on wheat control or exert great influence on rates on
adjustments were due to accounting corrections relating to the test and other grains and on grain products. Returns to these questionnaires are
guaranty periods, adjustments under Section 4 of the Federal Control Act not yet due. They will be analyzed with care. As soon thereafter as is
with respect to interest on additions and betterments; maintenance claims practicable it is contemplated to inquire into the rates on other commodities.
We have in contemplation, as a portion of the investigation instituted
not allowable under Paragraph (3) of Subdivision (f), Section 209: disporportionate items pursuant to Paragraph (5) of that subdivision; deduc- pursuant to the resolution, a comprehensive inquiry into rates on grain
tions on account of unaudited items as provided in Section 212; and special and grain products.
Class-Rate Readjustments.
claims not recognized under our procedure.
An important feature of our work upon the railroad freight rate structure
Loans to Carriers.
has been the comprehensive investigations of class rates which have been
In addition to granting extension of time for the repayment of four loans carried on during the past few years. In No.. 13494, Southern Class Rate
and the release and substitution of collateral securing two other loans, our Investigation, instituted upon our own motion, we considered all the
duties during the year in connection with the revolving fund created by inter-State class rates within southern classification territory and most of
Section 210 of the Transportation Act, 1920. have been only such as are the class rates between that territory and official classification territory on
usually incidental to supervision by the Secretary of the Treasury of loans the north, including in the case of the latter the routes partly by water as
outstanding under this section.
well as the all-rail routes. The first decision in this proceeding, following
During the year a total of $11,327,764 65 was repaid on account of the prolonged hearings and the taking of an immense amount of evidence, was
principal of outstanding loans.
reported in 100 I. C. C. 513. Thereafter objections to our findings, submitted by both carriers and shippers, were considered and the findings were
Hoch-Smith Resolution,
modified in a supplemental report, 109 I. C. C. 300.
No. 17000, Rate Structure Investigation, is a general investigation into
It was recognized that in a proceeding covering so much ground and such
the rate structure of the country instituted by us, upon our own motion, a
multitude of rates, unforeseen difficulties would probably develop in the
pursuant to joint resolution of the Congress approved Jan. 30 1925, usually
preparation
of the new rates for tariff publication, which would require
referred to as the Hoch-Smith resolution (Public Resolution No. 46, 68th
minor departures from the findings and, perhaps, certain modifications of
Cong.). Subsequent to the institution of that investigation the principal a
more important character. For this reason, in order that some degree of
common carriers by steam railroad in the western district, comprising the
might be possible in the application of the findings, no order
western group and the Mountain-Pacific group as defined in Increased flexibility
was entered pending advice from the carriers as to whether they were
Rates, 1920, 58 I. C. C. 220, filed with us petitions seeking an increase in
proceed with the work of translating the findings into
revenues, Ex parte 87. Revenues In Western District. In the light of the willing voluntarily to
tariff form. After consideration the carriers agreed to proceed in good
resolution and those petitions, hearings were held throughout the West to
faith and as rapidly as possible, reserving the right to ask for certain modidetermine what if any reductions might lawfully be effected In the rates
fications of the findings if the need should develop. The carriers have had
on products of agriculture, including livestock, affected by depressions;
a special force of about 140 men engaged in this work since the middle of
and whether any rates, fares, or charges, either on particular classes and
the year and most encouraging progress has been made.
kinds of commodities or classes of traffic, in particular sections or between
It now seems assured that as a result of this investigation a class-rate
particular localities in the western d.strict. or otherwise, might lawfully be
structure of great uniformity and simplicity will take the place at a comauthorized or required to be increased, and, if so, to what extent, in order
paratively early date of the admittedly confused and chaotic structure
to compensate for such rate reductions, if any, as might be found proper,
which now exists within southern territory and between that territory and
or in order to effect such increases in the revenues of western carriers as official territory. In this investigation we have had the helpful and effective
proper.
found
might be
co-operation of the State commissions of southern territory, and it is hoped
In Reduced Rates, 1922, 68 I. C. C.676.734, we found that a fair return that the new rate structure may without undue .delay become effective
upon the aggregate value of the railway property of the carriers defined in intra-State as well as inter-State.
Section 15a of the Inter-State Commerce Act, determined as therein
In No. 15879. Eastern Class Rate Investigation, a similar investigation.
provided, would be 5.75% of such aggregate property value as a uniform on our own motion, of all the inter-State class rates within official territory
percentage for all rate groups or territories designated by us. In Ex parte
*For the purpose of that inquiry western trunk-line territory will be understood
87 and No. 17000 the carriers stated that in 1924 the class I carriers in the
Include the northern peninsula of Michigan, Wisconsin, Minnesota, Iowa, that
western district failed to earn 5.75% by an amount which they estimated to
part
of Missouri on and north of the Missouri River, Kansas, Nebraska, North
increase
freight
of
revenue.
an
in
approximately
11%
At Dakota.
would require
South Dakota, and that portion of Colorado and Wyoming on and east
the hearing they did not seek that per cent of increase but contended that of a line running through Trinidad, Pueblo, Colorado Springs, and Denver to
and thence over the Union Pacific to the Nebraska State line.
emergency
Cheyenne,
carriers
an
become!so
that
had
acute
western
the
of
situation
the
2998
THE CHRONICLE
[VOL. 123.
Is under way. Hearings have been completed for the present and briefs Statement of Appropriations and Expenditures for the Fiscal Year Ended
June 30 1926.
have been submitted. The next step will be the submission of a proposed
report, and that will be used as the basis of a comprehensive traffic test An Act making appropriations for the executive, &c., approved March 3
1925:
In order that the revenue effect of what is proposed may accurately be For salaries of Commissioners
$132,000 00
estimated. Thereafter oral argument will be had, the final step prior to For salary of Secretary
7.500 00
our ultimate decision.
In a considerable portion of the southwest class rates have already been
$139,500 00
For all other authorized expenditures necessary in the execurevised and commodity rates have been readjusted on approximately 40
tion of laws to regulate commerce, including one chief
groups of commodities, but the whole class and commodity rate situation,
counsel, one director of finance and one director of traffic
at $10,000 each per annum, of which $100.000 shall be
other than on so-called basic commodities, is before us for further review in
2,318.660 00
Corporation Commission of Oklahoma vs. A. & R. IL R. Co., No. 15535, ToImmediately available: General
enable the Inter-State Commerce Commission to enforce
and numerous cases consolidated therewith. It is expected that our findings
compliance with section 20 and other sections of the Act
to regulate commerce as amended by the Act approved
In these cases will be issued not long after this report is submitted.
June 29 1906, and as amended by the Transportation Act,
In western trunk-line territory committees representing carriers and
1920. including the employment of necessary special acshippers have for some time been engaged in an attempt to reach an agreecounting agents or examiners: Accounts
ment upon a comprehensive revision of the class rates. Much progress To enable the Inter-State Commerce Commission to keep 1,189,250 00
Informed regarding and to enforce compliance with Acts
has been made and work has been done which will in any event greatly
to promote the safety of employees and travelers upon
simplify any action which may be necessary upon our part. But it seems
railroads; the Act requiring common carriers to make reunlikely that complete agreement can be reached, and for that reason No.
ports of accidents and authorizing investigations thereof;
and to enable the Inter-State Commerce Commission to
17000, Rate Structure Investigation, has been set down for hearing so far
investigate and test block-signal and train-control systems
as the class rates, both inter-State and intra-State, within that territory
and
appliances intended to promote the safety of railway
are concerned. Hearings are scheduled in January next, and co-operation
operation, as authorized by the Joint resolution approved
by the State commissions in these hearings has been invited and is antiJune 30 1906, and the provision of the sundry civil Act
cipated.
approved May 27 1908,including the employment of a chief
Inspector at $6,000 per annum, and two assistant chief inThese various proceedings, it will be seen, cover the class-rate structure
spectors
at 55,600 each per annum, and such other inin a great part of the entire country. It is our hope that they will result in
spectors as may be necessary: Safety
a structure simpler and more consistent than that which now exists and that For all authorized expenditures under the provisions of the 650,000 00
Act of Feb. 17 1911, 'To promote the safety of employees
they will pave the way for revisions of commodity rates. We also hope
and travelers upon railroads by compelling common carthat they will have the effect of materially reducing the number of rate
riers engaged in inter-State commerce to equip their lococomplaints upon which we must act. A prolific source of such complaints
motives with safe and suitable boilers and appurtenances
In the past has been the apparent discriminations between competing
thereto," as amended by the Act of Mar.4 1915, extending
"the same powers and duties with respect to all parts and
shippers and localities often created by absence in the rate structure of
appurtenances of the locomotive and tender," and amendanything resembling uniformity and design. It is our futher expectation
wilt of June 7 1924 providing for the appointment from
that the groundwork so laid will facilitate the consideration of the entire
time to time by the Inter-State Commerce Commission of
not more than fifteen inspectors in addition to the number
rate structure, both class and commodity, in the light of the Hoch-Smith
authorized in the first paragraph of section 4 of the Act
resolution with a View to establishing proper relations in rate levels between
of 1911, including such legal, technical, stenographic and
the various arch les of commerce.
clerical help as the business of the officers of the cnief inspector and his two assistants may require: Locomotive
inspection
Railway Mail Plan.
450,000 00
Valuation of property ofcarriers: To enable the
In Railway Mail Pay, 104 I. C. C. 521, we affirmed, on reargument,
Inter-State Commerce Commission to carry
out
the
objects
of
the
Act entitled "An Act
our findings that rates of mail pay were not fair and reasonable during the
to amend an Act entitled 'An Act to regulate
periods from the dates on which the respective carriers file applications
commerce,' approved Feb. 4 1887, and all
for reexamination to the dates on which we established increased rates.
Acts amendatory thereof," by providing for
We also entered orders establishing such increased rates as the fair and
a valuation of the several classes of property
of carriers subject thereto and securing inforreasonable rates to be received for the services rendered by the carriers
mation concerning their stocks, bonds and
during the said periods. The principle established in this decision has been
other securities, approved Mar. 1 1913, infollowed in subsequent re-examinations.
cluding one director of valuation, one superHearings have been held as to the reasonableness of the rates of mail pay
visor of land appraisals, one supervising engineer and one supervisor of accounts, at
In connection with 18 shortlines in intermountain and Pacific coast territory.
$9,000 each per annum, of which sum $200.This matter has been submitted and is awaiting decision. Upon applica000 shall be Immediately available:
tion of the Postmaster General we reopened the case on June 22 1926, for
Valuation
$/.946,552 00
re-examination of therates of pay accorded 12 other short lines in the same
Amount of payments on account of 1925
fiscal year as authorized
territory.
63,319 03
1,883,232 97
We stated in our last report that upon appllcatTon of numerous carriers For all printing and binding
for the Inter-State Commerce
and the Postmaster General the Railway Mail Pay case as a whole had been
Commission, including not to exceed $10,000 to print and
furnish to the States at cost report-form blanks
reopened. The interested parties have not completed the preparation of
160.000 00
the case for hearing.
Total
56.790.642 97
Recommendations.
Amount expended under appropriations for the
For the reasons stated in this report and in former reports we recommend:
fiscal year ended June 30 1926:
As salaries for Commissioners and Secretary.. $139,000 00
1. That Section 1 of the Inter-State Commerce Act be amended to
General
2.144.325 62
provide for the punishment of any person offering or giving to an employee
Accounts
924.194 04
of a carrier subject to he Act any money or thing of value with intent to
Safety
554,617 30
Locomotive inspection
influence his action or decision with respect to car service, and to provide
421,072 57
Valuation
1,593.83036
also for the punishment of the guilty employee.
Printing and binding
159,683 36
2. That subject to appropriate exceptions the use of steel or steel underTotal
frame cars in passenger-train service be required, and that the use in pas$5,936,723 25
balances of appropriations:
senger trains of wooden cdrs between or in front of steel or steel underframe Unexpended
As salaries to Commissioners and Secretary__
$50000
oars be prohibited.
General
174,334 38
Accounts
265,055 96
3. That Paragraphs (2) to (6) inclusive, of Secion 5 of the Inter-State
Safety
95,382 70
Commerce Act be amended (a) by omitting therefrom the existing requireLocomotive inspection
28,927 43
ment that we ad pt and publish a complete plan of consolidation; (b) by
Valuation
289,402 61
making unlawful any consolidation or acquisition of the control of one
Printing and binding
316 64
853,919 72
carrier by another in any manner whatsoever, except with our specific
approval and authorization; (c) by giving us broad powers upon application
Total
56.790,642
97
and after hearing to approve or disapprove such consolidations, acquisitions
JOSEPH B. EASTMAN, Chairman;
of control, mergers, or. unifications in any appropriate manner; (d) by
BALTHASAR H. MEYER,
HENRY C. HALL,
CLYDE B. AITCHISON,
JOHN J. ESCH,
giving us specific authority to disapprove a consolidation or acquisition
JOHNSTON B. CAMPBELL, ERNEST I. LEWIS,
upon the ground that it does not include a carrier or all or any part of its
FREDERICK I. COX,
FRANK McMANAMY,
property which ought to be included in the public interest and which
THOMAS F. WOODLOCK,
RICHARD V. TAYLOR.
it is possible to include upon reasonable terms; (e) by modifying Subparagraph (b) of Paragraph (6) s that the value of the properties proposed
to to consolidated can be more expeditiously determined;and (f) by providITEMS ABOUT BANKS, TRUST COMPANIES, &c.
ing that in the hearing and determination of applications under Section 5
the results of our investigation in the proceeding on our docket known as
New York Stock Exchange memberships were reTwo
No. 12964. Consolidation of Railroads, may be utilized in so far as deemed
ported posted for transfer; that of C. V. Hoffman to Bernard
by us advisable.
4. That Paragraphs (5) and (6) of Section 15a of the Inter-State Com- L. Mensch for $175,000, being the highest price ever remerce Act be clarified by amendment.
corded. The membership of Bennett B. Schneider was
5 That Paragraph (f) of Section 19a of the Inter-State Commerce Act sold to Kenneth Walsh for $170,000.
Last previous sale
be clarified by amendment.
was for $170,000.
6. That Section 19 of the Merchant Marine Act. 1920, be amended so
that its provisions will clearly not be applicable to the Inter-State Commerce Commission, that Section 27 of this Act be reconsidered by the
The union of the American Exchange-Pacific Bank and
Congress in the light of this report, and that Section 28 of this Act be
Irving Bank & Trust Co. of this city will become effective
the
circumstances
forth
in
set
reconsidered by the Congress in the light of the
the chapter on the effect of this stat..te appearing at pages 13 and 14 of at the close of business to-day (Saturday) Dec. 11 1926, as
our thirty-fifth annual report to the Congress. In this connection reference the American Exchange Irving Trust
Co. Total resources
Is made to our report dated June 29 1922, to the Chairman of the Committee on Inter-State and / oreign Commerce on H. R. 12021, Sixty- will be more than $600,000,000, including a capital investment of approximately $60,000,000. Of this amount,capital
seventh Congress, second session.
7. That Section 26 of the Inter-State Commerce Act be amended by will represent $32,000,000, surplus and undivided profits,
making It the duty of every common carrier designated in that section to $28,000,000. The union
of these two old and influential
furnish all reasonable facilities to the engineers or other employees of the
Commission for inspection, at any stage,(f installations of the safety devices banks—the Irving founded in 1851 and the American Exprovided for by that section,and for that purpose to furnish such employees. change-Pacific in 1838—is described a step entirely
in accord
when properly identified, with transportation upon the locomotives or
modern trend in banking as in business. Lewis.
freight trains of the carrier at such reasonable compensation as may be with the
E. Pierson and Harry E. Ward will continue as Chairman of
fixed from time to time by the Commission.
8. That Section 204 of the Transportation Act, 1920, be so amended as the Board and
President, respectively. Lewis L. Clarke
to provide that no carrier shall be entitled to the benefits of that section
unless claim therefor shall have been filed by the carrier with the Commission will be Chairman of the Executive Committee. All offices,
within a reasonable time,say six months, after approval of the amendment. a total of 26, will be continued in their present locations.
DEC. 11 1926.]
THE CHRONICLE
Official and clerical staffs are retained. References to the
merger appeared in these columns Oct. 16, page 1960; Oct.
30, page 2219, and Nov. 27, page 2736.
At a meeting this week of the Board of Directors of Bankers
Trust Co. of New York, J. A. Topping, Chairman of the
Board of the Republic Iron & Steel Co., was elected a
Director. Henri Fisher of Paris, France, who has been the
Managing 'Director of Bankers Trust Company's Paris
office, has been elected a Vice-President of the company.
William F. Gost has been appointed an Assistant Secretary
of the Guaranty Trust Co. of New York, at the Madison
Avenue office.
Charles E. Mitchell, President of the National City Bank
of New York, announced on Dec. 7 that the board of directors had recommended to the stockholders an increase of
$25,000,000 in the capital of that institution and of a like
amount in the capital and surplus of the National City Company. This will give the National City Bank a capital of
$75,000,000, a surplus of $50,000,000 and undivided profits
of more than $15,000,000; while the National City Company
will have a capital of $25,000,000, a surplus of $25,000,000
and substantial undivided profits. The new stock will be
offered to shareholders at $200 --a share, half of which will
apply to the capital account of the bank and half to the capital and surplus of the National City Company. Through
the increase, the National City Bank of New York, already
ranking as the largest banking institution in the United States
—with total resources of more than $1,250,000,000—will
obtain the additional capital required for carrying on its
present development program. The increase in the bank's
capital to $75,000,000 is the largest in its hsitory. The last
previous increase, from $40,000,000 to $50,000,000, occurred
two years ago, while a few years prior to that its capital was
advanced from $25,000,000 to $40,000,000. Thus,in a comparatively short period of the bank's life the capital has been
increased three-fold and surplus and undivided profits have
been maintained in proportion. It is pointed out that from
the standpoint of capital, surplus and undivided profits, the
National City Bank is now on a partiy with the largest banking organizations in the world, topping most of the major
banking units in England and on the Continent. Due to
the difference in banking systems, the National City Bank's
expansion in this country has been limited to Greater New
York, whereas the great British banks operate a chain of
branches throughout Great Britain. With the acquisition
of the major branches of the International Banking Corporation, now in progress, the bank's foreign organization, it is
stated, will be second to none and worldwide in scope. The
following is President Mitchell's letter to the stockholders:
2999
Feb. 15 1927, after which date all warrants shall be void. Transferable
interim receipts, exchangeable for the definitive stock certificates, will
be issued upon payment of the subscriptions. The definitive stock certificates will be in the same form as those now outstanding, including the
endorsement prescribed in the agreement of June 1 1911 (as amended).
evidencing the pro rata beneficial interests of the registered holders thereof
in the capital stock of The National City Co. which is held by the trustees
under said agreement. In order to adjust dividends, it is expected that
interim dividends of$2 50 per share will be paid on the old stock on Feb. 15
1927. The new stock will participate with the old in all subsequent
dividends.
A formal notice of the meeting, and a proxy to enable your shares to be
voted thereat, are herewith enclosed. As the vote of two-thirds in interest
of the shareholders is required by law, and as the bank now has over twelve
thousand shareholders, you are requested to sign and return the proxy as
promptly as possible, in case you do not expect to attend the meeting in
person.
Yours truly.
CHARLES E. MITCHELL President.
Samuel S. Conover, President of the Fidelity Trust Co. of
New York, announced on Dec. 7 that at the January meeting of the board of directors of that company, James G.
Blaine would be elected its President. Mr. Conover also
stated that the three chief executive officers of the Fidelity
Trust Co., after Mr. Blaine's election, would be Samuel S.
Conover, Executive Chairman of the board of directors;
John T. Sproull, Chairman of the executive committee,
and James G. Blaine, President. Mr. Blaine, who is well
known in financial circles, was born in New York City in
1888, and graduated from Harvard College in 1911. He
lived in Providence, R. I., from 1911 to 1917, where he was
engaged in the insurance and investment business. While
there he served two terms in the Providence City Council
and was active in State politics. In 1917 he was summoned
to the American Red Cross in Washington, serving under the
late Henry P. Davison and Harvey D. Gibson, President of
the New York Trust Co. After the war, Mr. Blaine became
Vice-President of the Liberty National Bank of New York,
which later merged with the New York Trust Co., of which
institution he is now Vice-President. From 1920 to 1924
Mr. Blaine was Eastern Treasurer of the Republican National Committee, and until recently was Chairman of the
Committee on National Affairs of the National Republican
Club. Mr. Blaine is a son of the late James G. Blaine and
the late Mary Nevins Bull, and a grandson of James G.
Blaine who was Secretary of State under Presidents Garfield
and Harrison, and the Republican candidate for the Presidency in 1884.
Albert H. Wiggin, Chairman of the Board of Directors
of the Chase National Bank, this week confirmed the rumor
that a new bank building will be built at 20 Nassau St., the
site of the present Mechanics & Metals Branch. Business
of that branch will be transacted at 46 Cedar St., where
banking quarters have been rented during the time of
of the new building. The work of razing the
construction
To the Shareholders.
Your board of directors recommends that at the annual meeting of the 'present building is expected to get under way around the
shareholders to be held on Jan. 11 1927, in addition to the election of first of the new year, and it is planned that the new building
directors for the ensuing year and the transaction of the usual general
business, action be taken by the shareholders to authorize the increase of will be completed for occupancy by May 1928. This will
the capital of the bank by $25,000,000, and the increase of the capital and be the sixth home of the Chase National Bank. Business
surplus of The National City Co. by the same amount, on the following
was first carried on at 117 Broadway, where the bank
basis:
Each shareholder in the bank shall have the right to subscribe for one opened in September 1877, and later at 104 Broadway, where
additional share of the capital stock of the bank for every two shares regis- it moved in January 1878. The third home was 15 Nassau
tered in his name on the books of the bank at the close of business on
Jan. 15 1927, upon payment of $200 in respect of each additional share so St., where the bank moved in May 1887. In this same buldsubscribed for, of which $100 shall be applied to increasing the capital ing was located the New York Clearing House. The business
stock of the bank, and $100 shall be applied to increasing the capital stock of the bank grew so rapidly that it was necessary to rent
and surplus of The National City Co.
After such increases, the capital of the bank will be $75,000,000 and its additional space on Pine St. before the next move in Desurplus $50,000,000, with undivided profits of upwards of $15,000.000: cember 1895 to the new Clearing House Bldg. at 83 Cedar
while the capital of The National City Co. will be $25,000.000, and its
outgrown and the
surplus $25,000,000, with substantial undivided profits. The earning St. Twenty years found these quarters
power of the bank and its allied institutions, including The National City bank renting additional space on Liberty St. before the
Co., gives romise that the present rate of dividends, equivalent to $20 fifth move was made in January 1915 to greatly enlarged
per share on the capital stock of the bank, can be maintaired on the larger
capital. The proposed capital increase will be immediately profitable to quarters at its present location, 57 Broadway. Once
shareholders, as will doubtless be evidenced by the usual active market again the bank has outgrown its quarters, and the new
for subscription rights.
building is being planned to solve the problem of space for
The present is an opportune time, in the judgment of your board, for
an increase in the capital structures of the bank and the City company. many years to come.
The policy of branch banking extension in New York City, as evidenced by
our activities In the Borough of Manhattan and by our acquisition this
year of the Peoples Trust Co., giving us eleven branches in the Borough
of Brooklyn, the marked growth of our business in foreign branches, the
taking over by the bank of the major activities and trenches of the International Banking Corporation now in process, and the need both at borne
and abroad for buildings to house our banking activities, present renuirements for additional capital. Furthermore, expansion means increased
deposits; and your directors deem it wise to continue the traditional policy
of the institution of maintaining a somewhat larger ratio of capital and
surplus to deposits than is dictated by general banking practice. The
sphere of The National City Co.'s work is broadening and justifies an
increase in its capital structure to the end that It may be suppled with
• independent means for institutional requirements.
If the shareholders approve the issue of additional stock of the bank on
the above terms, it is proposed to mail transferable subscription warrants
to the shareholders of reeord at the close of litsIness on Jan. 15 1927. It is
also proposed that all subscriptions be payable in full at the head office
of the bank, in the City of New York, in New York funds, on or before
Henry L. Servoss, Vice-President of the United States
Mortgage & Trust Co. of New York, was the guest of honor
at a dinner tendered by President John W.Platten and
other officers at the Hotel Roosevelt Nov. 26, to celebrate
the completion of his 30 years' service with the company.
Mr. Servoss was presented with an engrossed testimonial.
The Central Mercantile Bank of this city, according to an
announcement made by C. Stanley Mitchell, President of
the bank, plans to establish its main office at Fifth Ave.
and 44th St.,a site once occupied by Delmonico's Restaurant.
The main office of the bank is at present at 14th St. and
Fifth Ave. The Fifth Avenue Bldg., in which the bank
has_leased offices for a period of 21 years, will be known
3000
THE CHRONICLE
as the Central Mercantile Bank Bldg.; besides the main
banking floor the bank will have two mezzanine floors and
the vault space. The bank will utilize its present main
office, which is located at 14th St. and Fifth Ave., as a
branch. The merger of the National American Bank with
the Central Mercantile Bank was referred to in our issue of
Oct. 16, page 1961.
Robert M. Saunders, formerly an Assistant Treasurer
of the Guaranty Trust Co. of this city, has been appointed
an Assistant Vice-President of the Liberty National Bank
in New York in charge of the Peoples Office at 150
Delancey St.
Richard W. Mott, Comptr- oller of the Bank for Savings
at 280 Fourth Avenue, has been elected a trustee of the
bank. He has been associated with the institution since
1887.
[VOL. 123.
monthly luncheon of the Newark Kiwanis Club, to be held
Dec. 16 at Achtel-Stetter's, 842 Broad Street. Mr. Rattray's
talk will be on "How a Modern Trust Company Serves
Business."
The directors of the Princeton Bank & Trust Co. of Princeton, N. J., announce the election, at their meeting Dec. 8,
of John Colt as First Vice-President of the company. With
the rapid development of the company's business, the wisdom
of enlarging the staff of the company's officers has become
increasingly apparent, and the directors count the company
and its constituency fortunate in securing the services of
Mr. Colt. Mr. Colt has been a member of the board of directors for four years and has been closely associated with the
management of the affairs of the company. Graduated from
Princeton University in 1914, Mr. Colt served with the
American Expeditionary Forces as Second Lieutenant, Field
Artillery, and returned to Princeton for graduate study in
1919. Since 1920 he has been a member of the faculty of the
University, being at present Assistant Professor of Politics.
Recently re-elected a member of the Borough Council, he is
also a member of the Board of Managers of the Princeton
Hospital, a member of the executive committee of the Princeton branch of the Red Cross, and a member or director of
numerous other bodies. Mr. Colt expects to enter upon his
duties on Jan. 1.
Employees of the Trade Ba- nk of New York will receive a
Christmas bonus of 5% of their annual salaries with 1%
additional for each completed year of service. Karl Schenck,
President of the institution, in making the announcement,
stated that the bank has experienced a prosperous year and
is desirous of sharing the profits with the employees. The
bank will soon move to its new and enlarged quarters in the
Pennsylvania Building, at 225-241 West 34th Street.
•
Patrick W. Glover, of Barrow, Wade, Guthrie & Co.,
The stockholders of the El Mora State Bank of Elizabeth
certified public accountants, has been elected a director of N 7J., on Oct. 5 approved plans to increase the capital from
the Hamilton National Bank of this city.
$50,000 to $100,000. The surplus has been increased from
Preparatory to the union in the near future of the First $12,500 to $37,500. The proposed increase in capital was
National Bank of Albany and the Albany Trust Co. (men- referred to in our issue of Oct. 2, page 1724.
tion of which was made in these columns on July 24 and
Oct. 18), the First National Bank on Nov. 30 became a State
Institution under the title of the First Trust Co. of Albany. The following statement regarding the matter, issued
by John A. Becker, President of the new trust company,
appeared in the "Knickerbocker Press" of Albany on Nov.
30:
On Nov. 26 the stockholders of the First National Bank voted to liquidate
as a national bank and become a trust company to be known as the First
Trust Co. of Albany. The new trust company will carry on the business of
the First National Bank and, commencing to-morrow, Nov. 30, will be the
successor of the First National Bank.
In the near future the Albany Trust Co. will merge with the First Trust
Co. and the consolidated institution will be known as the First Trust Co.
of Albany.
The present officers will continue until such time as a -list of officers of
the merged trust companies is announced.
The merged institutions will have branches in the South End and also at
252-254 Washington Avenue. The latter is now being finished.
As indicated in our item of Oct. 16 (page 1962), the consolidated bank (the First Trust Co. of Albany) will be capitalized at $1,000,000, with surplus and undivided profits of
more than $1,900,000. Its total resources, it is understood,.
will approximate $30,000,000. A meeting of the stockholders of the new First Trust Co. of Albany has been called for
Dec. 18 for the purpose of approving the merger agreement
between the institution and the Albany Trust Co. and also to
authorize an increase in the capital stock of the institution
from $600,000 to $1,000,000.
a.
. David N. Gay, President of the Glen Cove Trust Co., Glen
Cove, N. Y., died on Nov. 26 from injuries sustained in a
fall on Nov. 20. Mr. Gay, who was 70 years of age, was
born in Riverhead, L. I., and entered the banking profession
as Assistant Secretary of the Riverhead Savings Bank.
Subsequently he moved to,Glen Cove, where he was active
In the organization of the Glen Cove Trust Co., becoming
Cashier of the institution at its opening in 1892, and advancing successively until he became President. In addition to
the presidency of the Glen Cove Trust Co., Mr. Gay was
President of the Matinecock Bank of Locust Valley. L. I., a
trustee of the Roslyn Savings Bank, and a director of the
Nassau-Suffolk Bond & Mortgage Guarantee Co. He organized and was the first Vice-President of the Nassau County
Bankers Association.
of Amenia, N.Y., announces the
The First National Bank
death of its President, George G. Stephenson, of 199 Jefferson Ave., Brooklyn, N. Y., on Dec. 4. Mr. Stephenson
had served the institution continuously as a director for
fifty years and as President for eighteen years. The bank
was organized in 1864 and now has total resources of over
a million dollars.
James Rattray, Vice-Presid-ent of the Guardian Trust Co.
of New Jersey (Newark) will be the principal speaker at the
W The Maplewood Bank & Trust Co. of Maplewood, N. J.
has purchased the assets and assumed the liabilities of the
Maplewood Bank—at the close of busin=STov. 101926.
The pro=gs represent the conversion of the bank to a
trust company.
That two Norristown, Pa., trust companies, with combined resources of $35,000,000, are taking steps looking
toward a consolidation of the institutions, was reported in
the Philadelphia "Ledger" of Dec. 3. The companies are
the Norristown-Penn Trust Co. and the Montgomery Trust
Co. Both have appointed committees, it is stated, to consider the proposed merger.
On Dec. 6 the directors
-of the Cleveland Trust Co.,
Cleveland, Ohio, voted to increase the capital of the institution from $8,600,000 to $10,000,000 by the issuance of
additional stock to be offered at $160 a share to stockholders
of record April 20 to a total of 16% of their holdings as of
that date, according to a dispatch from Cleveland, appearing
In the "Wall Street Journal" of Dec. 7. Stockholders of the
institution, it was stated, would be asked to ratify the
action of the directors at their annual meeting on Jan. 19.
The dispatch also stated that the proposed increase would
give the institution combined capital and surplus of $15,000,000 and total resources of $250,000,000.
A consolidation of the Nat-ional Bank of Commerce and
the City National Bank, both Columbus (Ohio) institutions,
Is proposed, and according to the "Ohio State Journal" of
Nov. 28, the respective stockholders of the banks will meet
Dec. 28 to ratify the action of their directors to this end.
The name of the resulting institution, it is said, will be the
City-National Bank of Commerce of Columbus, with headquarters in the present City National Bank Building at 20
East Broad Street. Under the merger plan the consolidated
bank will have a capital of $500,000 and surplus of $800,000.
The stockholders of each institution, it is said, will receive
one share of new stock for each share now held, and stockholders of the National Bank of Commerce will receive a
disbursement in cash to adjust the book values of the stocks
of the institutions. Both banks at present are capitalized at
$300,000. The National Bank of Commerce, it is said, has
a surplus of $500,000, while the surplus fund of the City
National Bank is $400,000. The merger plans also provide
that all officers and employees of both organizations shall
take an. active part in the operation of the consolidated institution. The actual consolidation of the institution, it is
said, will be delayed for some time to permit the enlarging
and equipping of the present quarters of the City National
Bank. The City National Bank dates back to 1898, when it
was organized as the City Deposit Bank Co., while the
National Bank of Commerce had its beginning in 1900 as
DEC. 111926.1
THE CHRONICLE
3001
§§§§§§
46
••
r 14
the Bank of Commerce Co. Both institutions were nation- Gas making a net gain of 73
4 points followed by substantial
gains by Consolidated Gas, American Water Works, Amerialized in 1905..
can & Foreign Powei.-and-Montana
shares
-Power=Motor
The Chicago "Journal of Commerce" of Dec. 3 stated improved, Jordan making a gain of 4 points and railroad
that the stockholders of the Fidelity Trust & Savings Bank stocks, especially the North Western group, displayed modof that city had authorized an increase in the number of erate improvement.
directors of the institution from eight to eleven, and that
Under
_ _the _leadership of the railroad stocks, the market
R. B. Pearlman, David Saul Klafter and Rudolph Lederer again moved upward on Th-uriday:and_numerous-_adviinces
had been elected to membership. It was also stated that a ranging from 1 to 6-pCints were registered duringthe:late
vacancy on the board caused by the death of Forest B. trading, though themarket was strong throughout the day.
Pratt had been filled by the election of Ernest Reichmann.
The out-handing features of theda-y was thespectacular
Pittsburgh &_West Virginia, 8 points to 127 and the
The Home Bank & Trust Co. of Chicago announces that rise of strength
of the copper shares, the latter making further
they now occupy their spacious banking rooms and safe
deposit vaults in their new banking home,located at Ashland substantial gains. The stocks of the Northwestern roads
were again in demand and Lehigh Valley crossed 100 for the
Ave. and Division St. Peter L. Evans is President of the
first-time this year. The strong stocks in this group included
Reading RR. which moved.forward 4 points, NewiYork
An extra dividend of $2 per share has been declared by the Central, Atchison, Norfolk & Western, and Seaboard Air
Citizens National Bank of Los Angeles, in addition to a Line.' United States Steel common moved up 0151 again
bonus to employees of one-half months' salary. The special and United States CastIron Pipe &
-Foundiy
--improve-d
pointi7Motor shares made further progress, particularry
dividend raises the yield from 16% to 18%. Stock of the
Citizens' Trust & Savings Bank and the Citizens' National in the low'price stocks, Nash Motor standing out promCompany is owned by the same stockholders as the Citizens' inently in this group on account of its sharp run up of 2k
National Bank.
points to 62.
113 On Friday-prices-were generally higher, railroad-shares
British Empire Chamber of Commerce Luncheon moving into the foregrouncras the centre of speculative
Meeting at Lawyers' Club Dec. 14.
interesC Substantial gains were recorded by many of the
Sir Hugh R: Denison, K.B.E., newly appointed Aus- more active leaders ofthe group, especially Lehigh Valley,
tralian Commissioner to the United States, will address the which bounded forward 33% points'to 1O4, and Pere
members of the British Empire Chamber of Commerce at Marquette, which crossed 116 at its high for the da..y. Atits next luncheon meeting, Tuesday, Dec. 14, at the Law- lantic Coast Line, Atchison, Chesapeake & OhlTReading,
yers' Club, 115 Broadway.
Southern- Railway and Wabash were also in strong demand
A luncheon will be given by the Bond Club of New York at steadily rising prices. Baltimore & Ohio reached new
on Dec. 16 at the Bankers Club in honor of Sir rugh R. high ground for the current movement at 1083. MercanDenison.
tile stocks also were in sharp demand, Woolworth moving
forwareto 1923/g, which
, followed by Montgomery Ward
THE WEEK ON THE NEW YORK STOCK EXCHANGE. closed at 693
%7 Other notablystrong stocks were UniM
The general course of the stock market, particularly dur- States Cat Iron Pipe &:::Foundry, Southren Railwa
ing the past two days, has been toward higher prices, and yet Baldwin Locomotive, Dodge Bro .,Aireferred7Interntitionil
there have been several reactionary periods in which the price Harvester, Midcoirtinent Petroleum, Sloss-Sheffield and
trend was sharply downward. In the first part of the week Crucible Steel. United States Steel common'relos
e715.i
specialties and railroad equipment stocks were in demand, 151 k. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
and as the week advanced speculative interest switched over
DAILY. WEEKLY AND YEARLY.
to industrial specialties, local utilities and railroad shares
Irregular price movements characterized the trading during
Railroad,
Stocks.
State.
United
Number of
etc..
Week Ended Dec. 10.
Municipal et
States
the two-hour session on Saturday, though there were demonBonds.
Shares.
Foreign Bonds.
Bonds.
strations of strength in a number of issues that carried many
$4.686.000
858,034
$1,715,000
8343,500
stocks to new tops. The largest gain of the day occurred in Saturday
1,252,889
7,687,000
Monday
3,709,000
452.500
1,513,044
8,231,500
4,701.000
750,000
• International Harvester, which bounded forward 7 points Tuesday
Wednesday
1,326.020
7,172.500
5,949,000
964,000
10,392,000
1,545,176
4,196,000
661,200
to a new high for the year. Famous Players was also in Thursday
1,676,300
Friday
8,100,000
2,653,000
1,461.000
strong demand and closed with a net gain of3 points. United
Tntal
8 171 463 246.269.000 522.203.000
54.552.200
States Steel common sold up to 1503
% in the early trading but
ended the session with a net loss. Railroad equipment shares
Sates at
Week Ended Dec. 10.
Jan. 1 to Dec. 10.
New York Stock
were in strong demand on Monday and a number of the more
Exchange.
1926.
1925.
1926.
1925.
prominentissues recorded moderate gains. The strong stocks Stocks-No.of shares. 8,171,463
10.016,409
423,130,738
421,950,203
Bonds.
of the group included American Car & Foundry, Baldwin
Government bonds... $4,532,000 $5,747,100
$241,181,800
$327,370.460
Locomotive, American Brake Shoe, General Railway Signal State
& foreign bonds_ 22,293,000 12,957,500
667,558,450
664.169,000
and American Locomotive. Some of the specialites were in Railroad & misc. bonds 46,269,000 87,309,500 1,883,116,100 2,785.152,375
Total bonds
$73,094,000 $106,014.100 $2,791,856,350 33.776.691.835
strong demand at improving prices, particularly Westing
house Air Brake, which shot upward to a new high at 142k,
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
and Loose Wiles Biscuit, which advanced over 10 points to
•
169. Railroad shares moved lower in a number of instances.
Boston.
Philadelphia.
&Winters.
The market opened strong on Tuesday and a number of
Week Ended
Dec. 10 1926.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
stocks advanced to new high levels for the year. United
States Steel common was one of the strong issues and sold Saturday
*13,726
13,749
$1,400
39,000
61.534
Monday
*23,678
8,000
23,022
61,873
24.500
up to 15114. • Colorado Fuel & Iron and Crucible Steel Tuesday
*27,039
11,000
49,237
61,583
19,200
Wednesday
4,000 .55,228
*26,292
38,700
62,008
were also in demand at improving prices and United States Thursday
19,500
*35,836
33,600
27,201
62,964
14.220
12,893
8,000
62,081
20,000
Cast Iron Pipe & Foundry spurted forward more than 3 Friday
points. In the early trading new tops for 1926 were recorded
Total
140,791
$51,900 181,330 $145,000
12,064 $210,500
by Otis Elevator, United States Industrial Alcohol, Inter- Prey. week ri,r1crd 131 098 505.800 104.175 5147.000 11.229 518.000
national Harvester and Electric Boat. Chesapeake & Ohio
*In addition, sales of rights were: Saturday, 265: Monday, 982; Tuesday, 318:
544; Thursday, 225.
was one of the strong features of the railroad group and Wednesday,
a In addition, sales of rights were: Saturday, 4,190; Monday. 630; Tuesday, 46:
scored a net gain of more than 2 points,followed by Atchison Wednesday, 250; Thursday, 93; Friday, 408.
with an equally large gain. In the final hour the market
suddenly declined and many of the leading speculative issues
THE CURB MARKET.
yielded from 1 to 4 points. Wednesday was another day of
Curb market trading displayed strength and activity at
mixed changes, some stocks fluctuating in both directions the opening this week, but soon dropped back to an irregular
while others moved strongly forward. Specialties were in trend, with price changes for the most part without signifiactive demand and advances ranging from 2 to 9 points were cation. Victor Talking Machine was a centre of interest, the
registered by a number of the more important issues. The report of the sale of the company causing heavy trading,
noteworthy advances included United States Cast Iron Pipe and an advance in the price from 118k to 124k, the close
& Foundry, which gained 4 points and National Lead which to-day being at 124. F. W. Woolworth new stock, "when
forged ahead 9 points at its high for the day. In the final issued," made its appearance and rose from 1273 to 1303,
hour public utilities moved into the foreground, LaClede resting finally at 129/
78. American Arch sold up from 110
THE CHRONICLE
3002.
[Vot. 123.
In view of the recent anxiety in the U. S. A. regarding the Report of the
Indian Currency Commission, it is interesting to learn from the General
Bulletin of the American Mining Congress, that Mr. Winston, UnderSecretary of the U. S. Treasury, has stated that the plan of the Commission
for stable currency in India embodies "the least possible disturbance to
the value of silver."
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Oct. 31. Nov. 7. Nov. 15*
Notes in circulation
19379
19299
19358
Silver coin and bullion in India
10488
10408
10467
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5260
5260
5260
Securities (British Government)
1399
1399
1399
No silver coinage was reported during the week ending the 15th inst.
The stock in Shanghai on the 20th inst. consisted of about 71,900,000
ounces in sycee, 68.100.000 dollars, and 6,540 silver bars, as compared
with about 71,300,000 ounces in sycee, 70,700.000 dollars, and 6,160 silver
bars on the 13th inst.
-Bar Silver, Per Or, Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Or. Pine.
Nov. 18
25%d.
25 11-16d.
845. lld.
25%d.
19
25 3-16d.
84s. 113d.
253-16d.
20
25d.
84s. 11 d.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
25%d.
22
253-16d.
84s. 11%cl.
25%d.
23
25 3-16d.
845. 104.
254d.•
.
24
24 15-16d.
848. 11d.
BONDS(Par Value).
STOCKS (No. Shares).
Average
25.385d.
25.197d.
84s. 11.1 .
Week Ended Dec. 10.
Ind& Min
Oil. I Mining. Domestic. For'n Govt.
The silver quotations to-day for cash and two months' delivery are
Saturday
$57,000 each %d. below those fixed a week ago.
47,000 $1,113,000
67,375
64,240
Monday
139,000
34,410 2,002,000
119,240
97,610
Tuesday
330.000
148,290
127,570
44,300 2,109,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
Wednesday
555,000
63,240 3,260,000
121,310
60,680
Thursday
78,320 2,756,000 410,000
138,730
133.450
The daily closing quotations for securities, &c., at London,
Friday
728,000
122,365
50,010 2,289,000
125,040
to 1143'. American Cigar common gained six points to
149 and sold finally at 145. General Baking class A moved
up from 56 to 593 and sold finally at 583'. Glen Alden
Coal fell from 181 to 179, with the final transaction at 1793/2•
Johns-Manville was traded in up from 164 to 175 and to-day
sold at 155, ex-dividend. Rand Kardex Bureau after early
loss from 503' to 49 sold up to 53 and at 51% finally. Warner Bros. Pictures advanced from 29 to 31%. American
Gas & Electric common fell from 1113
% to 1053. Empire
Power improved from 26% to 29. Oil stock with the exception of a few South American oils show little change. Carib
Syndicate jumped up from 225
% to 28 and sold finally at
263
%. American Maracaibo was active and improved from
6% to 73, the close to-day being at 7.
A complete record of Curb Market transactions for the
week will be found on page 3030.
Total
712,030
613.870
317.280 13,529,000 $2.219.000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 24 1926:
as reported by cable, have been as follows the past week:
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
London,
Dec. 4. Dec. 8. Dec. 7. Dec. 8. Dec. 9. Dee. 10.
Week Ended Dec. 10d 249-16 24H
24%
24 9-18 248(
24 11-15
Silver, per os
84.11H 84.11H 84.10H 84.11H 84.1134 84.1134
Gold, per fine ounce
53H
53$$
53H
54
Consols, 234 per cents......
5334
100
100
100
British 5 per cents
10034 10034
93%
British 434 per cents
93%
93;4
9334
9374
49.60 49.35 49.60 49.90
49.70
French Rentes(1a rarls)_ _fr.
53.85 53.70
55.20
55.25
54.75
French WarLoan(inParls)-fr.
GOLD.
The price of silver in New York on the same days has been:
The Bank of England gold reserve against notes amounted to £151,458.825 on the 17th Inst. as compared with £150,497,940 on the previous Silver in N.Y., per cm.(eta.):
5234
Wednesday.
5234
5334
53%
5334
5374
Foreign
An interesting event this week was the purchase of bar gold for New
York,for the first time since November last year. Of the £300,000 available
COURSE OF BANK CLEARINGS.
yesterday in the open market about £177.000 was secured for this purpose.
The remainder was divided between the Trade, India & Egypt.
Bank clearings the present week will show a considerable
Last week the gold movements on the 17th inst. were given in our letter
decrease compared with a year ago. Preliminary figures
as follow:
compiled by us, based upon telegraphic advices from the
Received
£10,000 instead of nil.
Withdrawn
£39,000 instead of £49,000
chief cities of the country, indicate that for the week ending
making the net receipt by the Bank during the week ended the 17th inst.
to-day (Saturday, Dec. 11), bank exchanges for all the
£961.000.
The movements of gold to and from the Bank of England since our last cities of the United States from which it is possible to obtain
letter have been unusually small as will be seen by the following table:
weekly returns will be 12.0% smaller than for the correspondNov. 18. Nov. 19. Nov. 20. Nov. 22. Nov. 23. Nov. 24. ing week last year. The total stands. at $9,205,050,686,
Received
£5,000
against $10,462,727,307 for the same week in 1925. At this
Withdrawn_ __ £10,000
6,000
The £6,000 sovereigns included in the withdrawals were taken for Spain. centre there is a loss for the five days of 15.7%. Our comThe net withdrawal from the Bank during the week under review has been
parative summary for the week is as follows:
£11.000. reducing the net influx since Jan. 1 1926 to £7,926,000, and
Increasing the net efflux since the resumption of an effective gold standard
Per
Clearings-Rerun:4 by Telegraph.
to £3,669,000.
Cent.
1926.
1925.
Week Ended December 11.
The following figures relate to the United Kingdom imports and exports
$4,150,000,000 $4,924,959,097 -15.7
New York
ofgold during the month of October last:
533,023,168
586,700,986
-9.2
Chicago
Exports.
Imports.
435,000,000
469,000,000
-7.3
Philadelphia
£
E23.016
Russia
387,000,000
372,000,000
+4.0
145,969 Boston
Netherlands
15,400
127,247,058
123,037,757
+3.4
4,480 Kansas City
Belgium
111,900,000
127,300,000 -12.1
202,225 St. Louis
32.332
France
148,893,000
163,536.000
-9.0
Germany
3,564.041 San Francisco
144,232.000
138,130,000
+4.4
166.980 Los Angeles
Austria
143,336,853
141,506,999
+1.3
63.842 Pittsburgh
Switzerland
122,105,852
125,713,009
-2.9
15,000 Detroit
SDain and Canaries
*83,000,000
88,895,327
-6.6
20,400 Cleveland
ErgYPt
90,287,308
102,603,487 -12.0
Algeria
43,000 Baltimore
62,821,425
69,324,664
-9.4
New
Orleans
Africa
69,308
West
10.309
United States of America
$6,538,846,664 $7,432,707,326 -12.0
Total 13 cities, 5 days
Central America and West Indies
2,509
1,207,382,440
-6.3
1,132,045,575
Other cities, 5 days
10,910
Various South American countries
169,582
Rhodesia
$7,670,892,239 $8,640,089,766 -11.2
Total all cities, 5 days
Transvaal
3,133,154 •
1,822,637,541 -15.8
1,534,158,447
62,309 Al cities, 1 day
British India
70,615
Straits Settlements
TM,.
I
wit
of
/
lew
fnr
wmk________
_
80
2ex
°An
1158
810
482 727 507 -12.0
516
Australia
8,635
10,041
Other countries
£3,475,671 £4,368,902
Total
United Kingdom imports and exports of gold during the week ending
the 17th inst. were:
ExportsImports£347,280
£30,900 Germany
Russia
10,000
37,497 Netherlands
France
22,700
917.126 Austria
British South Africa
11,000
9,308 Straits Settlements
Other countries
Other countries
433
Total
£391,413
£994,831
Total
Indian trade figures for October have been cabled as under:
Lacs of Rupees.
19.97
Imports of merchandise on private account
23,93
Exports including re-exports of merchandise on private account_
1,11
Net imports of gold
1,89
Net imports of silver
1
Net imports of currency notes
98
Total visible Balance of Trade in favor of India
433
Net Balance on Remittance of Funds in favor of India
• SILVER.
Notwithstanding a rather poor undertone, prices were fairly well maintained during the earlier part of the week. Bear covering and some moderate
purchases for India and elsewhere sufficed to meet restrained selling from
China and America. To-day, offerings from China became more free,
and, owing to demand from the above quarters having been largely satiated
during the last few days, little support was forthcoming. Prices therefore
relapsed and the quotation for two months' delivery, which at the present
moment is the more sure indication of the value of silver, again dipped
below 25d. Doubtless easier rates will attract bear covering and some
resistance will be felt should the price reach a lower level.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 4. For
that week there is a decrease of 5.4%, the 1926 aggregate
of clearings being $10,530,835,435 and the 1925 aggregate
$11,123,316,210. Outside of New York City the decrease is
only 4.2%, the bank exchanges at this centre having shown
a loss of 6.2%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District the
totals are smaller by 4.5%,in the New York Reserve District
(including this city) by 6.0% and in the Richmond Reserve
District by 15.5%. The Philadelphia Reserve District has
an increase of 1.0%, the Cleveland Reserve District of 0.9%
and the Chicago Reserve District of 3.7%. In the Atlanta
Reserve District there is a falling off of 31.0%, due mainly
DEC. 11 1926.]
THE CHRONICLE
to the decrease at the Florida points, bank exchanges at
Jacksonville having shrunk 36.4% and at Miami 62.4%.
In the St. Louis Reserve District there is a decrease of 9.1%
and in the Minneapolis Reserve District of 22.9%. In the
Kansas City Reserve District the loss is 1.1%, in the Dallas
Reserve District 7.6% and in the San Francisco Reserve
District 3.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Dec. 4 1926.
1926.
Inc.or
Dec.
1925.
1924.
1023.
Federal Reserve Dists.
$
$
$
%
561,761,814
1st Boston_ _ _ _12 cities
568,414,163 -4.5
533,077,454
6,132,539,141 6,523,405,003 -6.0 6,367,896,575
2nd New York _11 "
648,330,699
3rd Philadelphial0 "
642,161,994 +1.0
620,099,693
437,692,004
4th Cleveland.. 8 "
433,956,174 +0.9
383,634,342
222,990,357
5th Richmond _ 6 "
264,007,517 -15.5
218,051,733
199,136,791
6th Atlanta_ _ _ 13 "
288,385,869 -31.0
234,452,624
7th Chicago __ _20 "
1,023,764,845
936,990,438 +3.7
947,437,327
228,514,432
249,297,326 -9.1
8th St. Louis __ 8 "
244,748,692
128,343,933
166,512,905 -22.9
9th Minneapolis 7 "
175,419,669
"
City12
Kansas
275,615,508
10th
278,696,743 -1.1
267,871,275
5 "
95,646,572
11th Dallas
103,534,128 -7.6
95,348,813
578,499,339
12th San Fran_17 "
597,923,950 -3.3
513,424,705
S
448,315,731
4,608,063,282
512,192,151
356,998,279
218,765,780
219,157,532
842,480,176
218,570,972
132,754,140
253,032,910
78,832,165
512,050,468
Total
129 cities 10,530,835,435 11,123,316,210 -5.4 10,601,472,902
Outside N. Y. City
4,541¢,488,748 4,740,045,616 -4.2 4,364,941,657
8,461,213,586
3,977,228,131
90 nItIne
6,1 910 750
507 AIR Add
_O7&
4175 557 611
670 171 0111
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
IVeek Ending December 4.
Clearings al1026.
1925.
Flist Federal Reserve Dist rict-Boston
Maine-Bangor _
831.646
781.278
Portland
4,213,641
4,236.004
Mass.-Boston _
502,000,000 526,000,000
Fall River_ _
2,032,243
2,469,392
Holyoke
a
a
Lowell
1,165,283
1,100,417
Lynn
a
a
New Bedford _
1,584,829
1,862,214
Springfield_ _
6,528,276
6,579,706
Worcester
3,862,998
3,805,709
Conn.-Hartford
16,399,486
15,750,545
New Haven._ _
7.426,825
7,954,689
R.I.-Providence
14,091,300
15,956,700
N.H.-Manches.
1.625.287
1,917,509
Total(12 cities)
561,761,814
Inc.or
Dec.
+6.4
-0.6
-4.6
-17.8
a
+5.9
a
-14.9
-0.8
+1.5
+4.1
-6.6
-11.7
-16.3
588,414,163
1924.
1923.
820,884
3,696,287
476,000,000
2,256,372
a
1,331,199
a
1,565,983
6,487,537
3,825,000
14,365,372
7,363.907
13,819,100
1,545.813
908,658
3.804,945
395,000,000
2,965,976
a
1,230,870
a
1,670,831
5,592,559
3,932,000
11,884,935
6,578,899
12,839,700
1,906,358
533.077,454
448,315,731
Second Feder al Reserve D istrict-New YorkN. Y.-Albany _ _
7,950,270
7,686,360 +3.4
6,742,481
5,256,491
Binghamton_
1,105,600
1,096,700 +0.8
1,161,200
1,106,600
Buffalo
57,264,610
59,524,606 -3.8
55,114,802
47,311,219
Elmira
1,052,807
1,059,189 -0.6
853,331
873.781
Jamestown_ _
1.079,191
1.379,919 -21.8
1,153,395
1,107,806
New York_
5,988,346,687 6,383,270,594 -6.2 6,236,531,245 4,483,985,452
Rochester
16.557,024
15,978,571
+3.6
16,187,577
12,637,565
Syracuse
7.447.958
6,334,435 +17.6
5,696,937
5,129,910
Conn.-Stamford
c3.050,706
3,246,586 -6.0
3,025,770
2,681,964
N. J.-Montclair
1,419,507
1,788.600 -20.6
1,117.853
1,045,909
Northern N. J._ 47,265,381
42,039,443 + 12.4
40.311,984
46,926,585
Total(11 citles) 6,132,539,141 6,523,405,003
-6.0 6,367,896,575 4,608,063,282
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona.
1,765,655
1,755,474
+0.6
Bethlehem_
_
4.160,695
4.675,287 -11.0
Chester
1,626,597
1,482,049 +9.7
Lancaster
1,863,474
2,517,622 -26.0
Philadelphia _ 614,000,000 608,000,000 + 1.0
Reading
5,109,463
4,869,361
+4.9
Scranton
6,639,474
6,179,130 +7.4
Wilkes-13arre
d4,612,809
4,111,146 + 12.2
York
1,868,036
1,886,719 -0.9
N.J.-Trenton _
6,684,496
6,685,206 -0.01
Del.-Wilming'n.
a
a
a
1,529,698
3,924,579
1,364,265
2,679,248
585,000,000
4,147,927
7,104,042
4,266,658
4,027,888
6,055,388
a
1.288,310
2,882,030
1,788,296
2,891,145
513,000,000
3,782,777
5,955.008
3,894,832
1,739,005
4,970,748
a
+1.0
620,099,693
542.192,151
Fourth Feder al Reserve D Istrict-Clev eland 01110-Akron._
6,236,000
5,958,000 +4.7
Canton
3,645,697
3,894,214 -6.4
Cincinnati
80.856,311
77,693.855 +4.1
Cleveland
129,914,613 122.263,131
+6.3
Columbus
19,145,800
16,815,800 +13.8
Dayton
a
a
a
Lima
a
a
a
Mansfield
2,242,17
1,941,461 +15.5
Springfield....
a
a
a
Toledo
a
a
a
Youngstown_ _
5,271,199
4,883,335 +7.9
Pa.-Erie
a
a
a
Pittsburgh _ _
190,380,21
200,506,378
8,564.000
4,381.243
71,122,854
110,837,081
13,529,000
a
a
1,970,138
a
a
4,460,534
a
168,769,492
8,047,000
4,774,602
65,177,017
104,147,945
14,960,700
a
a
2,229,341
a
a
4,543,512
a
153,118,162
+0.9
383,634,342
356,998,279
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n
2,069,361
1,882,533
+9.9
Va.-Norfolk.
d10,758,462
13,250,540 -17.3
Richmond__ _ _
55,650,000
65,527,000 -15.1
S.C.-Charleston
el2.551,894
2,862,318 -10.9
Md.-Baltimore _ 120.266,494 148,733,019 -19.1
D.C.-Washing'n
31,494,146
31,752,107 -0.8
2,592,377
13,008,335
61,379,000
2,854,589
111,338,390
26.889,042
2,554,294
16,057,684
61,710,000
3,714,054
108,235,748
26,494,000
218,061,733
218,765,780
6.623,417
3,136,000
21,368,198
64,831,597
2,455,000
1,914.740
a
17,822,125
6,766,683
28,035,421
2,092,169
1.586SO)
595,362
77,225,912
5,960,001
3,859,322
21,377,686
61,160,538
3,609,140
1.643,081
a
13,945,610
Total(10 cities)
Total(S cities)
Total(6 cities)-
648.330,699
437,692,004
222,990,357
642,161,994
433,956,174
264,007,517 -15.5
Sixth Federal Reserve Dist act-Atlant
Tenn.-Chatt'ga _
d7,724,678
7,327,000
Knoxville
.3,000,000
3,362,134
Nashville
22.665,987
23,550,318
08.-Atlanta..
53.652,274
82,031,162
Augusta
2.289,996
2,217,140
Macon
2,159,121
2,067,659
Savannah
a
a
23,709,505
37,296,956
9,005,395
Miami
23,928,960
Ala.-Birming9n.
27,076,121
29,340,287
2,285,244
2,699,357
Mobile
-Jackson._
1,707,000
2.100,000
Miss.
506,525
473,816
Vicksburg
La.-Neworloana
43,387,654
71,958,371
Total(13 citleS)
199,136,791
-I-5.4
--10.8
--3.8
--34.6
+3.3
+4.4
a
--36.4
--62.4
--7.7
--15.4
--18.8
-6.5
--39.7
288,385,869 -31.0
234,452.624
28,153,909
2,482,385
1,371,041
643,358
74,951,461
219.157,532
3003
Week Ending December 4.
Clearings at
1926.
1925.
Inc.or
Dec.
1924.
$
Seventh Feder al Reserve D (strict-C h cagoMich.-Adrian
264,657
255,059 +3.7
251,529
Ann Arbor_ _
1,392,007
1,330,106
+4.6
1,050.348
Detroit
162,892.008 174,117,683 -6.5 142.353,352
Grand Rapids_
8,336,225
8,947,697 -6.8
7,777,021
Lansing
2,531,065
2,563,736 -1.3
2,755,471
Ind.-Ft. Wayne
3,116,333
2,715,999 +14.7
2,805,321
Indianapolis_
21,964,000
20,849,000 +5.3
17,977.000
South Bend_
3,124,014
3,632,900 -14.0
3,037.400
Terre Haute_ _ _
5,162,464
4,907,543 +5.2
5,125,031
Wis.-Milwaukee
40,352,216
42,269,177 -4.5
41,496,713
Iowa-Ced. Rap_
2.799,844
2,790,899 +0.3
2,959,906
Des Moines__
13,135,108
12,259.497 +7.1
13,002,542
Sioux City _ _ _ _
6,155.336
7,113,865 -13.5
7,064.707
Waterloo
1,344,385
1,306,233 +2.9
1,850,904
Ill.-Bloom'gton_
1,690,510
1,734,311 -2.5
1,821,400
Chicago
736,968,698 687,257,065 +7.2 683,072,854
Danville
a
a
a
a
1,250,704
Decatur
1,395,926 -10.4
1,630,295
Peoria
5,107,154
5,765,355 -11.5
5,760,905
3,317,634
Rockford
3,290,701 +0.8
2.818,249
Springfield_
2,860,483
2.487,686 +15.0
2,826,379
1923.
231,030
818,025
126,490,487
6.636,468
2,359.632
2,226,651
21,531,000
2,399,000
5,026,316
41,660,316
2,124.744
12.130,909
6,388,864
1,659,710
1,500.000
597,731,691
a
1,307,822
5,066,317
2,638,811
2.552,383
Total(20 cities) 1,023,764,845 986,990,438
+3.7
Eighth Federa 1 Reserve Dis trict-St. Lo U iS-Ind.-Evansville.
4,992,429
5,144,523 --3.0
Mo.-St. Louis_ _ 145,500,000 164,100,000 --11.3
Ky.-Louisville..
31,199,865
38,080,530 --18.1
394,251
__
527,738 --25.3
Tenn
25,603,117
Owensboro_.-Memphis
21,800,133 +17.4
Ark.-Little Rock
16,801,026
17,522.059 -4.1
111.-Jacksonville
372,509
467,539 --20.3
Quincy
1.651,235
1,654,804 --0.2
947.437,327
842.480,176
5,315,947
152,798,172
33,970,960
416,681
33,768.988
16,394.274
404,397
1.679,273
5.059,743
156,681,292
31,352,340
762,072
36.810.234
16,026,801
362,409
1.516,081
Total(8 cities)
226,514,432 249,297,326 -9.1
Ninth Federal Reserve Dis tact-Minn eapolis
Minn.-Duluth._
d6,202,232
12,739,397 -51.3
Minneapolis_
81,825,934 108,899,688 -24.9
St. Paul
32,597,496
36,270,074 -10.1
N. D.-Fargo....
2,011,241
2,190,616 --8.2
S.D.-Aberdeen.
1,640.202 --9.4
1,485,371
765,585
_
801.686 -4.5
Helena
4,001,242 -13.6
3,456.074
244,748,692
248,570,972
17,422,204
111,921,004
36,904,082
2,435,174
1,861,162
751,829
4,124.214
7,457,924
78.960,970
37.866,527
2,316,394
1,464.972
607,125
4,080.228
Total(7 cities)- 128,343,933 166,542,905 -22.9
Tenth Federal Reserve Dis tact- Kens as City
Neb.-Fremont__
232,212 +60.5
d372,757
Hastings
706,707 -34.1
466,007
Lincoln
4,891,322
5,547,462 -11.8
Omaha
47,430,381 -14.2
40,710.876
Kan.-Topeka
3,620,538 -16.5
3.016,029
Wichita
8,479,288 -2.9
d8,235,538
Mo.-Kan. City_ 156,653,374 146,015,543 +7.3
St. Joseph._ _
d6,801,348
7.732,006 -12.1
Okla.-Muskogee
a
a
a
Oklahoma City d30,211,160
31,230,111 -3.3
Tulsa
a
a
a
Colo.-Col. Spgs.
840,174
1,193.074 -29.6
Denver
22,053,021
25.218,237 -12.6
Pueblo
e 1.363,852
1,291,134
+5.6
175,419,669
132,754,140
415,409
704.122
4,931,279
41,535.001
3,390,973
8,028,000
145,719.847
7,956.989
a
29,264,000
a
1,396,249
23,437,626
1,091.780
426.439
616,755
4,863,679
38,108,778
3,342,231
8,343,000
136,748,063
7,917,289
a
28,680.824
a
1.218,836
21,892.013
875,003
267,871,275
253,032,910
2,015,456
59,160.846
16,448,652
12,547,967
a
5.175,892
1,837,604
44,362.033
15.798,382
11,348,479
a
5.485,617
Total(5 cities)
95,646,572 103,534,128 -7.6
95,348,813
Twelfth Feder al Reserve D istrict-San Franci scoWash -Seattle._
47,202,744
47,765,556 -1.2
42,342,354
Spokane
12,841,000
14,070,000 -8.7
12,766,000
Tacoma
a
a
a
a
Yakima
1,756,627
2,170,523 -19.1
1,922,904
Ore -Portland._
45,585,077
42,301,692 +7.8
36,471,349
Utah-S. L. City
22,826,783
27,677,191 -17.6
23,207,660
Nev.-Reno
a
a
a
a
Ariz.-Phoenix
a
a
a
a
Cal.-Fresno._
6,141,191
6.649,966 -8.7
4,893.981
Long Beach _ _ _
7,414,907
8,037,026 -7.8
7,792,226
Los Angeles
180,053,000 174,239,000 +3.3 150,491,000
Oakland
20,447,008
25,488,252 -19.8
21,808,405
Pasadena
6,624,410
6,709,011 -1.3
6.440,214
9,603,609
Sacramento _
10,737,158 -10.6
11.662.70
San Diego_ _ _ _
6,546,706
6,331,710 +3.4
4,905,43
San Francisco. 202,018,000 215,600,000 -6.3 179,400,000
San Jose
3,157.575
3,235,000 -2.4
2,854,12
Santa Barbara_
1,469,995
1,885,450 -22.0
1,512,32
Santa Monica_
2,419,407
2,115.715 +14.3
2,280,23
Stockton
2,392,200
2,910,700 -17.8
2,673,80
41,925,758
12.977,000
a
1,674,107
38,748,785
24,129,778
a
a
7,393,125
9,486,416
153,563.000
18.270,362
7.014,150
10,791,064
4,257,213
172,800,000
2.493,208
1.538,483
2,390.207
2.598.000
Total(12 cities 275,615,508 278.696.743 --1.1
Eleventh Fede rat Reserve District-Da hasTexas-Austin__ _
1,649,219
2,061.217 -20.0
Dallas
57.398,348
62,419,387 --8.1
Fort Worth_ _ _ d18,159,139
18,410,159 --1.4
Galveston
12.918,000
14,740,000 -12.4
Houston
a
a
a
La -Shreveport.
5,521,866
5,903.365 -6.5
78,832,165
Total(17 cities) 578,499,339 597,923,950
Grand total (129
roads)
10530835,435 11123316,210
-5.4 10601472,902 8,461,213,586
Outside N.Y.... 4,542,488,7484,740,045,618
-4.2 4.364.941,657 3,977.228,131
513.424,705
512,050,468
Week Ended December 2.
Clearings 081926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
11alite.
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_ - Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert.--Moncton
Kingston
-3.3
$
137,910,201
112.130,441
82,210,138
18,021,703
7,323,671
10,695,644
2,798.961
5,580,089
10,207,426
2,418,487
2,066,983
3,002,692
4,633,795
6,042,572
742,329
673.875
2,312,290
1.677,138
1.221,615
1,508,134
768,916
302,418
913,078
870,634
970,685
4,163,552
476,385
923,476
749,427
1925.
$
215.452.848
172,533,265
101,542.696
19,338,975
6,813,761
7,752,713
3,903,649
6,384,284
10,861,397
2,626,117
2,023,225
2,932,986
5.892.496
6,395,031
837,205
741.273
3,024,251
1,841,904
1.104,627
1,197,892
835,354
379,590
828,841
811,326
1,039,686
3,373,147
476,386
1,050,309
820,410
Inc.or
Dec.
%
-36.0
-35.0
-19.1
-6.8
+7.5
+37.9
-28.3
-12.6
-6.0
-7.9
+2.1
+2.4
-21.4
-5.5
-11.3
-9.1
-23.5
-9.0
+10.6
+25.9
-8.2
-20.4
+10.2
+7.3
-6.7
+23.4
-0.0
-12.1
-8.7
1924.
$
133,813,757
124,655,797
81.803,440
18,562,464
7,137,064
8,275.810
3,577,207
5,613,886
9,829.337
2,640,012
1,869,373
3.678.137
5.349,488
5.246,310
944,155
796,722
2.109,126
1,568.149
984,512
1.334,023
666,492
364.166
882.882
751,562
1,052.332
3,089,532
408,299
905.816
737,581
1923.
$
128,630,834
112,682,757
97,463,161
16,222,439
8,577,214
7,765,284
3,353,794
6,570,538
9.226,058
2,747,044
2.198,953
3,391,262
5,658,302
5,341,056
778,720
1,109,608
2,778,685
1,930,432
1,384,523
1,667.176
729,171
503.703
900,205
913,814
1,098,817
2,959,154
509,785
1,033,653
997,360
Total(29 cities) 423,316.755 582,815,644 -27.4 428,647,431 429,123.502
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Dec. 1. 6 Week ended Dec. 2. e Week ended Dec. 3. *Estimated
[VOL. 123.
THE CHRONICLE
3004
Preliminary Debt Statement of the United States'
Government Revenue and Expenditures.
November 30 1926.
Through the courtesy of the Secretary of the Treasury we
The preliminary statement of the public debt of the
are enabled to place before our readers to-day the details of
Government receipts and disbursements for November 1926 United States Nov. 30 1926, as made upon the basis of the
Treasury statements, is as follows:
and 1925 and the five months of the fiscal years 1925-26 daily
BondsConsols of 1930
$599,724,050 00
and 1926-27.
-Month of November
Receipts.
1926.
1925.
Ordinary$
$
Customs
52,655,253 48,276,012
Internal revenue:
Income tax
40,630,138 32,004,102
Misc. internal revenue
54,968,998 80,040,194
Miscellaneous receipts:
Proceeds Govt.-owned secs.:
Foreign obligationsPrincipal
2,000
Interest
184,316
164,169
Railroad securities
3.836,502 2,692,031
All others
636,127 2,042,467
Trust fund receipts reappreprinted for investment 3,648,936 2,246,744
Proceeds sale of surplus
Property
3,052,582
983,603
Panama Canal tolls, &c_ _ _ 2,025.492
3,001,723
Receipts from misc,sources
credited direct to apprepriations
2,324,099
760.486
Other miscellaneous
13,621,517 11,155,881
Total ordinary
Expenditures.
Ordinary (Checks and warrants paid, &c.)151,587,385 147,359,316
General expenditures
Interest on public debt_a
73,596,739 72,710.515
Refund of receipts:
2,805,856
1,530,550
Customs
3,251.874 10,305,830
Internal revenue
Postal deficiency
1,219,274
Panama Canal
529,868
Operations in special accounts:
/544,273
194,449
Railroads
War Finance Corporation_ 11,079,464 /3,317,771
2,298,743 2,562,737
Shipping Board
350,129
Alien property funds
/431,124
245,385
104,554
Adjusted service certif. fund..
93,139
Civil service retirement fund_
37,388
Investment of trust funds:
Government life insurance.. 3,648.936
2,171.525
District of Columbia Teachers' Retirement
49,039
Foreign Service Retirement
/957
/2,527
General Railroad Contingent
26,179
499,776,448
416,990,487
6,000
10,348,079
30,060,471
57,999,920
178,742
10,424,975
14,430,853
13,372,801
20,234,206
15,406,116
8,080,013
10,242,683
6,749,158
9,995,420
3,770,971
66,897,249
9,710,155
63,675,344
24,784,032
43,008,972
787,516,276
308,259,157
790,873,790
327,280,015
7,842.528
51,436,115
7,015,648
2,781,184
13,644,057
71,271,522
27,000,000
4,524,787
355,717
/3,803,958
9,371,401
/802,690
/192,882
566,415
1,762,010
811,089,265
9,855,423
3,385,058
151,900
12,948,743
19.983,717
15,102,575
57,693
129,355
84,055
132,013
192,796
219,485
82,900,000
21,010
21,700
209,131,510
82,921,700
Total expenditures chargeable
against ordinary reeelpts_264,250,441 236,034,353 1,399,207,154 1,350,117,868
Receipts and expenditures for June reaching the Treasury in July are Included.
a The figures for the month include $186,841 72 and for the fiscal year 1927 to
date $1,158,472 39 accrued discount on war saving certificates of matured series,
and for the corresponding periods last year the figures include $392,385 15, and
82.036,689 70, respectively. b Excess of credits (deduct).
Treasury Money Holdings.
compilation, made up from the daily Govfollowing
The
ernment statements, shows the money holdings of the
Treasury at the beginning of business on the first of September, October November and December 1926:
Holdings in
U. S. Treasury.
Sept. 1 1926. Oct. 1 1926. Nov. 1 1926. Dec. 11926.
$
$
$
$
get gold coin and bullion_
get silver coin and bullion
get United States notes__
get national bank notesget Federal Reserve notes
get Fed'l Res. bank notes
get subsidiary silver
diner coin, &a
329,381,250
13,251,190
2,696,128
17,529.885
1.419,760
117,370
4,707,964
5,049,371
346,207,780
13,166,186
3,116,849
17,719,898
1,547,240
198,102
5,438,647
4,657.478
337,089,571
11,285,241
2,952,152
16,359,010
1,397,218
84,322
6,034,751
5,272.609
Toth leash in Treasury_
.eas gold reserve fund_
374,152,918
154.188,888
392,052,169
154,188,886
380,474,874 .383,406.618
154,188,886 154,188,886
Cash balance in Treas'y
)ep.in specl depositories:
Acct. Treasury bonds
)ep. In Fed'I Res. banks..
)ep.in national banks:
To credit Treas. TJ, S
To credit distr. officers.
lash in Philippine Islands
)epoetts in foreign depts..
)ep.in Fed'ILand banks.
219,964,032
237.883,283
226,285,988 229,217,730
105,981,000
34,510,049
333,762,000
53,848.811
174,376,000
43,153,727
93,162,000
38,916,978
7,173,085
19,270,352
942,853
342,840
8,086,136
19,301,252
1,053,614
614,013
8,148,462
20,462,788
919,565
642,193
7,828,522
20,206,240
1,086,776
584,885
Treasury
Net cash
and in banks
)educt current liabilities_
388,184,191
240,614,880
654,529,109
242,683,787
473,988,723
243,428,129
391,003,131
250,850,641
Available essh wants,
147.569.311
411.845.822
230,560,594
140,152,490
340,253,867
14,751,142
2,379,171
16,515,159
1,344,274
61,784
3.922,810
4,178,409
* Includes Dec. 1, $8,153,412 51 silver bullion and $1,262,268 73 minor coin, &c.,
not Included in statement -Stock of Money."
48,954.18000
25,947,400 00
49,800,000 00
28,894,500 00
12,881,080 00
$766,201,210 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,209,30000
3.104.520,90000
2,279,157,650 00
6,324,465,150 00
13,647,353,000 00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1948-1956
$763,948,300 00
1,047,087,500 00
494,898,100 00
2.305,933,900 00
$16,719,488,110 00
Total bonds
Treasury NotesSeries 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
$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
Series TJ-1927, maturing June 15 1927
Adjusted Service, Series A-1927
Civil Service Retirement Fund Series
452,879,000 00
378,669,500 00
24,700,000 00
6,400,000 00
Treasury Savings Certificates.
Series 1921, issue of Dec. 15 1921
Series 1922. Issue of Dec. 15 1921Series 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
1,835,478 25
95,787,268 35
14,472,299 70
128,256,406 90
23,278,116 95
94,117,159 90
1,197,481,300 00
357,746,72955
209,110,500
28,981,500
Panama's of 1916-1936
Panama's of 1918-1938
Panama's 011961
Conversion Bonds
Postal Savings bonds
862,648,500 00
235,268,941 236,034,353 1,190,075,644 1,267.196,168
Public debt retirements chargeable against ordinary recta.:
Sinking fund
28,975,000
Purchases and retirements
from foreign repayments.
Received from foreign governments under debt settlements
Received for estate taxes_
Purchases and retirements
from franchise tax receipts
(Federal Reserve and
Fed'I Intermediate Credit
banks)
Forfeitures, gifts, &c
6,500
Total
617,612,039
278,784,899
176,002,347 184,931,025 1,374,423,122 1,307,108,898
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
88.248,094 51,103,328
Total ordinary
Five Months
1925-26. .
1926-27.
$
S
270,386,594 246.398.397
Total interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to April 1 1917_
Certificates of indebtedness
Treasury notes
3U,% Victory notes of 1922-23
a%% Victory notes of 1922-23
$19,137,36483955
$2,175,770 26
389,000 00
3,889,400 00
28,650 00
3,960,150 00
10,442,970 28
Debt Bearing No InterestUnited States notes
Less gold reserve
$346,681,016 00
154,188,886 20
$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 Bales, Ste
43,006,537 00
2,046,797 84
3,666,225 92
241,211,690 56
$19,389,019,300 37
Total gross debt
• Net redemption value of certificates outstanding
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Nov. 30 1926 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Nov. 30 1926.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities591,991,048 66 Gold ctfs. outstanding _ _1.675,855,519 00
3,098,337,792 09 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,674,219,455 05
Gold reserve
154,188,888 20
Gold in general fund
186,084,980 50
3,690,328,840 75
Total
Total
3.890,328,84075
Note.-Reserved against $346,681,016 of U. S. notes and $1,343,804 of Treasury
notes 01 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
AssetsLiabilities469,113,250 00 Silver ctfs. outstanding_ 461,176.717 00
Silver dollars
Treasury notes of 1890
outstanding
1,343,804 00
Silver dollars in gen.fund
6,597,729 00
Total
489,118,250 00
Total
GENERAL FUND.
469,118,250 00
Assets186,064,980 50 Treasurer's cheeks outGold (see above)
8,597.729 00
standing
Silver dollars (see above)
741,88550
2,379,171 00 Deposits of Government
United States notes__
1,344,274 50
officers:
Federal Reserve notes. _
61,784 00
Post Office Departm't 10,138,699 74
Fed'I Reserve bank notes
Board of trustees. PosNational bank notes.- 16,515,159 00
3,922,810 67
tal Savings System
Subsidiary silver coin__ 1.262,26873
5% reserve, lawful
Minor coin
8,153,412 51
money
Silver bullion
6,814,600 49
Other deposits
Unclassified-Collec259,421 88
2,916,140 78
Postmasters, clerks of
tions, Arc
courts, disbursing
Deposits in F.R. banks.. 38,916,977 95
Deposits in special deofficers, do
32.321,743 19
Deposits for:
nositaries account of
Redemption of F. R.
sales of certificates of
93,162,000 00
notes(5% Id., gold) 159,303,806 57
indebtedness
Redemption of nationDeposits in foreign depositaries:
al bank notes (5%
To credit of Treasurer
fund, lawful money) 27,960,367 01
38,600 58
United States
Retirement of addiTo credit of other
tional circulating
Governmnt officers.
546,28405
notes, Act May 30
3,690 00
Deposits in nat'l banks:
1908
Uncollected items, exTo credit of Treasurer
7,828,522 00
United States
changes, arc
13,506.646 45
To credit of other
250,850,640 81
Governm't officers.. 20,206,239 55
140,152,490 10
Deposits in Philippine
Net balance
Treasury:
To credit of Treasure
,088,776 09
United States_ ___
391,003,130 91
391.003,13091
Total
Total
Note.-The amount to the credit of disbursing officers and agencies to-daY Wan
are
governments
$361,639,021 97. Book credits for which obligations of foreign
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $43,006,537.
$1,071,622 in Federal Reserve notes and $16,431,852 in national bank notes are
In the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
grinumercial avalMiscelltuterins4.ents
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
First National Bank of Whippany, N. J
$25,000
Dec. 1-The
Correspondent, M.L. Toms, care of National Iron Bank,
Morristown, N. J.
25,000
Dec. 1-The First National Bank of Gig Harbor, Wash
Correspondent, Andrew Gilich, Gig Harbor, Wash.
25.000
Dec. 4-The First National Bank of Carlsbad, Calif
Correspondent, A. Simpson. Carlsbad, Calif.
CHARTER ISSUED.
$25,000
Dec. 1-13011-The Citizens National Bank of Seward,Pa
President, John G. Hill; Cashier, H. H. Thompson.
Conversion, Seward Deposit Bank, Seward,Pa.
VOLUNTARY LIQUIDATIONS.
$50.000
Nov. 30-4106-The National Bank of Wahpeton. N. Dak
Effective Nov. 18 1926. Liquidating Committee, Joseph
Patterson, E. L. Patterson and L. V. Jurgens, Wahpeton,
N. Dak. Succeeded by the National Bank in Wahpeton,
N. Dak., No. 12875.
600,000
Dec. 4-267-The First National Bank of Albany, N. Y
Effective Nov. 29 1926. Liquidating Agents, John A.
Becker and B. Jermain Savage, Albany. N. Y. Succeeded
by First Bank of Albany, N. Y_.
Auction Sales.-Among other securities, the following,
not actyally dealt in at the Stock Exchange,. were sold at auction
in New York, Boston and Philadelpha on Wednesday of
this week:
By Wise, Hobbs & Arnold, Boston'
8 per sh.
,Shares. Stocks.
345
5 First National Bank
15 Atlantic Nat. Bank____251E ex-div.
118E
5 Pepperell Mfg. Co
16 Pepperell Mfg.Co
118-118E
87E
9 Ipswich Mills, pref
3
351 U.S. Worsted Corp.. let pref
1,497 U. FL Worsted Corp., com____52c.
5 Wm.Whitman Co., Inc., pf _83E&div.
5 Wm.Whitman Co., Inc., pt-83E&div.
93
10 Brookside Mills
IOU.S. Worsted Corp., 1st pref._ ay/
70-70E
10 Mass. Cotton Mills
8 Wm. Whitman Co., Inc., pf _83E&dlv.
100 Hamilton Mfg. Co
50c.
14 Quincy Market Cold Storage &
33
Warehouse Co., corn
20 Business Real Estate Trust
30
36 Firestone-Apsley Rubber co.,pf..86E
55 Turners Falls Pr. & Elec. Co_ _ _182E
2 Travelers Insurance Co
1125
10 warrants New England P.S. Co. 9E
75 Batchelder & Snydr Co., corn_ __ 25E
400 Lawrence GAB.Co.,par $25 67E-68
200 Metropolitan Filling Stations,
com., old, par 55
s
16 Central Mass. Lt. & Pr., corn
72E
30E
25 Bay State Fishing Co., com
1
196 J. N.Lapointe, pref
10 New England Pr. Co., pref. with
warrants and ace
105E 4 div.
14 units First Peoples Trust
72
2 Narragansett El. Ltg., par $50_ _ 86
60 Cambridge Elec. Lt., par 525_147
Shares. Stocks.
$ Per oh.
50 New Bedford Gas 4 Edison
Light Co., par 525
82E
3 Walter Baker & Co., Ltd
122E
500 Bankers Bldg. Corp., com__
1
7 units First Peoples Trust
72
29 The Lowell Elec. Light Corp.,
Par 525
67E
290 Wills St. Claire, Inc., prior pf.
_ 25E
10 Bausch Machine Tool Co., pref.. 20
7 Sullivan Machinery Co
.5734
25 Cambridge Elec. Lt. Co., par 525146E
150 Wills Bt. Claire, Inc., prior pi_ 25E
5 Orpin Desk Co., pref., par $50_ _ 12E
32 Andrews Real Estate Trust
32E
10 Federal Pr.& Lt.. coin., par $50 14
1 Gallon & Knight Co. pref
64
1 New Bedford Gas& Edison Light,
par $25
82E
10 Fall River Gas Wks., par $25 60E
740 Wills St. Claire. Inc.. prior Df- 28
15 Merrimac Chemical Co., par $50 74E
5 Boston Consol. Gas Co.. 534%
102E & div.
preferred
115 Wills St. Claire. Inc., prior pt.. 26
15 Puget Sound Power & Light Co.,
103E & div.
prior preferred
$ per Right.
Rights.
79
25 Phoenix Fire Ins. Co
Bonds.
2,300,000 marks City of Vienna 58
1,300,000 marks City of Vienna 4s $550
100,000 marks City of Budapest4Sts lot
By R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
1 Second National Bank
2 Boston Chamber of Commerce
5
10 First National Bank
Realty Tr., 2d pref
346E
10 National Shawmut Bank
248E 2 Puget Sound Power & Light
7 Atlantic National Bank
252 ex-div.
Co., prior preference_ _ _103E & div.
5
5 First National Bank
346
75 E. Howard Clock Co
2 Old Colony Trust Co
329
200 Internat. Musical Corp.. pref_ 2
150 Park Trust Co.. Worcester.
• 25 Lawrence G.& E. Co., Par $25- 68
Mass.. In liquidation
9
622 Lawrence G.& E.Co., par $25- 67E
25 Quincy Market Cold Storage &
255 Park Trust Co.. Worcester,
Mass., in liquidation
9
33E
Warehouse Co., corn
72
18 units First Peoples Trust
25 Naumkeag Steam Cotton Co---153
6834 16 special units First Peoples Trust 5E
2 Arlington Mills
Woolen
Co.,
com
5E 25 Lowell Elec. Lt. Co., par 525- 67E
50 Cordaville
19E 65 Fall River El. Lt. Co., par $25. 48E
7 Lancaster Mills, corn
1,499 U. S. Worsted Corp., corn- 55e. 4 Cambridge Gas Lt. Co., par $25- 77E
86
91 U. S. Worsted Corp., 1st pref._ 5E 92 Dedham Water Co
12
$1 lot
55 The Clinton Corp
15 Manomet Mills
36
1 Boston Athenaeum, par 5300_ __ -811
2 York Mfg. Co
2,506 U. S. Worsted Corp., corn... 55c. 2,000 Trafford Real Estate Co,
906.8 U. S. Worsted Corp., let Pt- 2
Par $50
135
25 West Point Mfg. Co
Unpaid balance due on $650,000
150 Milt & Uxbdge St. Ry. com-$12 lot
bond and mtge. of Trafford Real
I United Electric Ry Co., corn.. - 50E
Estate Co.to Colonial Trust Co.,
100 East Taunton St. Ry. Co---- 1
trustee, Pittsburgh, Pa., Dec. 5 $100
109E
1908, amounting, excl. of int.ac- lot
10 American Glue Co., pref
crued and unpaid to $56,544.10.
1 Dennison Mfg. Co., 2d pref_102 & div.
59E
All accts. payable by Trafford
2 Merrimac Hat Corp., corn
Real Estate Co. to H. H. West10 Merrimac Hat Corp.. pref.,
47
par 550
inghouse and Montclare, Ltd.,
42 Lynn G.& E. Co., Par 525-- 133
aggregating approx. $59,489.56.
72
16 units First Peoples Trust
25 Amer. Architectural Iron Wks ,
15
$ Per Right.
1st pref., par $10
Rights.
1 New Hampshire Fire Ins. Co.-- 28
105 Amer. Architectural Iron Wks.,
20 Phoenix Insurance Co
79
common
67E 2 Phoenix Insurance Co
60 Lawrence 0.4 E.. par $25
72
Per Cent.
7
Bonds.
9 units First Peoples Trust
22 special units First Peoples Trust 5E $10,000 Internat. Cotton sans 1080
Year s. 1. 78. Dec. 1929
35E
3 American Glue Co.. corn
3 Lowell Elec. Lt. Co., par 525-- 6734 $10,000 Chicago City & Conn. Rys.
Lt.
Co.,
par
Cl.
Elec.
1927,
C_
Cambridge
51
coll.
tr.
58,
Jan.
52814734
s.
1.
35
400 Wills St. Claire, Inc., 1st pref-$1 lot $5,000 Galv. Houston Lice. Ry.
72
1st 5s, Oct. 1954, Cl. C
25 Lowell Gas Lt. Co., par $25„.. 63E
25 Fall River Gas Wks., Par 525--. 60E $10,000 Fitchburg & Leominster
cons. 5s. Feb. 1931
lot
10 New Bedford Gas & Edison5225
82E 520,000 Springfield. Mass., St. Ry.
Light Co. par $25
72
90
ref. & gen. 6s, Sept. 1940
12 units Firth Peoples Trust
pf $475 lot 83,000 Peddigo Paper Co. 85,
12 Wills St. Claire, Inc., priorpref__55
Inc., 2d
lot
$15 lot
Nov. 1 1932 (ctf. den.)
16 Wills St. Claire,
8
2d pref
$1,000 Quincy Market Realty let
50 Saco Lowell Shops.
55, May 1964
99
Co., corn., par $50- 2E
Car
Laconia
40
prat
$1 lot $2,000 Ctf. of int. North Haven
60 J. G. Odds' Co.,
Creameries, Inc.
(Me.) Golf Club
Wellwood
100
35
$2,].500 North Haven (Me.) Gann lot
pref., par $25
corn _
Club let 4s, 1931
140 flat
100 Wellvrood Cream., Inc.,
3005
T1TE CHRONICLE
riEc..11 1926.]
By Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
Per an. Shares. Stocks.
200 Triangle Fllm Corp..com.,
1,700 Fox Theatres Corp, class A,
corn., no par
22E
$1101
Par $5
131 Continental Transportation Co.
500 Electric Bond & Share Securities
Inc., common
$11101
Corp., corn., no Par
67E
20 Pan Am.Air Serv. Corp., no par.$1 lot
450 Lockwood, Greene & Co.,Inc
preferred
52,000 13 Sun Match Corp., pref
15294
lot 52 Bun Match Corp., corn., par $101 lot
90 Lockwood, Greene & Co.,1110.,
1,200 Amer.Protein Corp.,no par$150 lot
class B. no par
950 Mizner Development Corp--570 lot 5 Amusem't Coupon Corp., no par 510101
200 E.P.Beaumont,Inc., par $25$60 lot 55 By-Products Steel Corp.. corn.,
no par
4,800 Cuban Dominican Sug.Corp.,
$10 lot
capital stock, no par
1834 530 Crusader Pipe Line of Arkansas, common, no par
246 Carolina Bond & Mtge. Co.,
$100
Columbia, S. C
315 lot 320 Crusader Pipe Line of Arkan- lot
sae, class A 7% pref
118 Alabama Marble Co. of N. Y.
512 lot 350 Crusader Co., Inc.,class A
6% cum. pref
7% preferred
146 Alabama Marble Co. of N. Y.,
$2,000
$1 lot 1,975 Crusader Co., Inc., corn., lot
COM
no par
Security Underwriters Corp.deposit
81 lot 2,505 Canadian Fairbanks Morse
receipt for $33,000 bonds
Co., Ltd., corn., no par_ _51,400 lot
1.000 La Rose Mines,Ltd., par $1.566 lot
2,500 Ruppert Beach Devel.Corp.555 lot 50 Crusader Co., Inc., class Al
7% preferred
200 Hardite Metals,Inc., pref. _ _550 lot
/5500
10 The Chapple Pub. Co., Ltd_ _.$14 lot 50 Crusader Co., Inc., corn., no par/ lot
15 Lake Tarleton Club corn., no
94.4680 Carmanotland Corp.,no par
par
$25 lot
$20 lot
$31 lot 200 F. R. & R. M. Goodrich. Inc.,
50 Germain Brothers Co
of Portland, Conn
1,440 Logan Co. Coal Corp., no par 50c.
$15 lot
720 Logan Co. Coal Corp.,no Par-- 50c. 1 Phila. az Camden Ferry Co___5101 lot
2,870 Logan Co. Coal Corp., no par 50c. 526 Naumkeag Copper Co., corn.,
par 525
5 The Maidstone Club of Easthamp$90 lot
200 North Butte Extension Co.,
15
ton, L. I
common, par $1
95 Hawkins Holding Co. of Palm
$5 lpt
70e. 250 American Uniform Co., corn.,
Beach, Fla
no par
1
25 Hal Building Corp., corn
$45 lot
457 Butterworth-Judson Corp.,
300 Imperial 011 Co. of San Francommon, no par
$45 lot
$10 lot
cisco, par $5
$15 lot 94 Butterworth-Judson Corp., pf_$13 lot
10 Balcor Realty Corp
500 Realty Factoring Corp
$25 lot
14,495 The Portland Copper Min$35 lot 150 Realty Factoring Corp
$20 lot
ing Co., par $1
56 Hardite Metals, Inc.. corn
$7 lot
50 Connecticut Mills Co., 2d pref.,
$150 lot
temporary certificate
Bonds.
Per Cent.
100 Connecticut Mills Co., class B.
corn., temp. certif., par 5l0...$25 lot $5,000 Chicago Utilities Co. 1st M.
5s, series A. April 1 1942
54 lot
15 Glenbrook Worsted Mills of
50c. $10,000 Savannah & Atlanta Ry.
Woonsocket. R. I., corn
1st & consol. M. cony. 68, 1935;
7 Glenbrook Worsted Mills of WoonJuly 1921 and subsequent cousocket, R. I., 2d pref
334
pons attached
51.250101
49 Glenbrook Worsted Mills of
50c. $5,000 Atlantic Paper & Pulp Corp.
Woonsocket,R.I.,corn
of N. Y. 1st M.68, otf. of dep.;
23 Glenbrook Worsted Mills of
52,000 ser. H;$3,000 ser. D.$2,000 lot
Woonsocket,R.I.. 2d pref
3
$6,000 Second Ave. RR. 1st consol.
83 Glenbrook Worsted Mills of
M. 5s, Aug. 1908 coupon on.... 16
1
Woonsocket, R. I., corn
$11,000 Second Ave.RR.let conSol.
38 Glenbrook Worsted Mills of
M. 58, ctf. of dep.; Aug. 1908
2
Woonsocket,R.I., 2d pref
coupon On
35
34 Glenbrook Worsted Mills of
$60,000 Wickwire Spencer Steel Co.
1
Woonsocket, R. I., corn
30
7% class A notes, 1930
16 Glenbrook Worsted Mills of
$50,000 W.R.Davis & Pearl Davis
Woonsocket, R.I., 2d pref
note, due Feb. 25 1929. secure4
9,066 Hedley Gold Mining Co.,
40.
by 250 shares Crusader Co., Inc..
Par 510
cl. A 7% pref. and 250 shares
5,000 Silver Pick Consol Mines Co.
Crusader Co., Inc., corn_ _ _51.500 lot
with assess. No.37 paid, par 51-- 18
$2,000 Lake Tarleton Club 5%
2,378 Meridian Petroleum Corp.,
$13 lot
bonds, due 1934
$600 lot
Par $1
$150,000 note of C. H. Wills & Co..
5 International Products Corp.,
due July 1 1923 (note of old com53 lot
common,no par
pany, predecessors of Wills-St.
1,000 Interstate Gasoline, par $1_$11 lot
Clair, Inc., $49,117 was paid by
250 United Zinc, Smelting Corp.,
the receiver on principal)
$56 lot
$127 lot
no par
By Barnes & Lofland, Philadelphia:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per oho
$1 lot 10 Susquehanna Title & Trust__ 62E
10 Eastern Light & Fuel Co
1 Girard Trust
1340
3E United Gas Impt. Co., par $50 90
3 Industrial Acceptance Corp.,
2 Guarantee Trust Co., Atlantic
391E
common, no par
City, N. J
10
5 Ardmore Bank & Trust
3 Philadelphia-Girard Nat. Bank...675
235E
50 Rayon Silk Co. of America.
253
8 Union National Bank
Inc., class A, common
7 Suburban Commercial Bank,
$5 lot
120
20 Fire Assn. of Phila., par $10
Barrington. N. J
53
30 Hare 8; Chase, Inc., pref
5 Interboro Bank of Prospect Park,
94
30 Hare& Chase. Inc.,com., no par 24
100
Delaware Co., par $50
Rights.
40 North Phila. Tr. Co., par $50„339
$ Per Bight.
10 Peoples Bank & Trust Co.,
734 FhUa. & Reading Coal az Iron_ 35
par $50
149E 2E Lancaster Ave. Title & Trust_ 27
Bonds.
10 Oak Lane Trust Co
250
Per Cent.
5 Metropolitan Tr. Co., par 550_115
51.000 Union Traction Co. of Ind.
17 Fidelity Phila. Trust Co
1st & gen. ext. 65, 1932 (ctf.
695
10 Mortgage Security Trust Co_ _ _131
of deposit)
$210101
25 Finance Co. of Pa., let pref
27634 $1,000 Wash. Alexandria & Mt.
63 69th Street Terminal Title &
Vernon Ry. 1st 58, 1955 (et!.
Trust Co., par 550
104
of deposit)
$90101
10 Pa. Co. for Ins. on Lives, &c_860
$1,000 Wash. Arlington & Falls
9 Provident Trust Co
709
Church Ry. 1st consol. 58, 1958
4 Land Title & Trust Co
(ctf. of deposit)
785E
$00101
4 Northern Trust Co
830
$1,000 Wash. Arlington & Falls
2 Bank of No. America az Trust Co_397E
Church Ry. 1st consol. 58. 1958 $60 lot
7 West End Trust Co
390
$1,000 Wash.-Va. Ry.. series A.
5 Manheim Trust Co., par 550_ 62
note, 1922
510 lot
5 Integrity Trust Co., par 550- _556
$10,000 Atlantic City & Shore RR.
50 Logan Bank & Tr. Co., par 550_ 86E
coll. tr. 58, 1945 (ctf. of deposit).. 25
20 Conshohocken Tr. Co., par $50- 45
$6,000 Arkansas 011 dc Gas 78, 1929
30 Florida Tr -City Corp
(ca. of deposit)
$50 lot
$15 lot
35 Florida Tr -City Corp
$15 lot 52.000 Jefferson RR. 5348, 1929-101E
35 Florida Tr -City Corp
$15 lot $2,500 Sesqui-Centennial Exhibi10 Color Animation Corp.. no par.$10 lot
530 lot
tion Assn., participation ctf
10 Color Animation Corp.. no par_510 lot $1,000 Sesqui-Centennial Exhibi50 Color Animation Corp., no par_520 lot
tion Arran., participation ctf _.$10 lot
200 Cheney Sales Corp., pref--515 lot 81,500 Twp. of Chester, Burlington
2 units Federated Engineers DevelCo., N.J., sewer 48, June 5 1932 95
opment Corp
$4 lot $8,000 Chic. Peoria & St. L. RR.
25 Federated Engineers Develop$20 lot
gen. & ref. 4Es, 1939 '
ment Corp.. pref
$150 lot $400 Chic. Peoria & St. L. RR.
25 Federated Engineers DeveloPgen.& ref.4348, 1939, registered _$51 ot
ment Corp., com
$15 lot $5,000 Guanajuato Reduction &
10 Engravograph Corp.. pref
Mines Co. lat ext. 6s, 1944
$7 lot
10 Engravograph Corp., corn
$7 lot 55,000 Wash. Arlington & Falls
250 John Hohenadel Brewing Co.5100 lot
Church Ry. 1st consol, 55, 1958
39 Boone Oil Co., par $5
1
(ctf. of deposit)
$5 lot
75 Manufacturers Casualty Ins.
$4,000 Richland Coal Co. 1st 5. f.
Co., par $10
28
6Es. June 1 1938 (ctf. of dep.). 50
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per an.
3 Buff. Mag. & East. Power,
pref., par $25
25E
25 Buffalo Property Owners, Inc.- 80
500 Night Hawk, par $1
4c.
$ per sh.
Shares. Stocks.
200 March Gold, Inc., par 10c-- 150.
3 Buff. Niag. & East. Power,
30E
common, no per
150.
500 March Gold, Inc., par 10c-
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously. announced, but which
have not yet been paid.
The dividends announced this week are:
3006
[VOL.123.
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe, pref
Beech Creek (guar.)
Detroit Hillsdale & S. W
Little Schuylkill Nay. RR. de Coal
Morris & Essex
New Orleans & Northeastern (extra)__
New York dc Harlem, com, and pref...._
N. Y. Lackawanna de Western (quar.)
Pittsb. de Ft. Wayne & Chic. coin.(qu.)_
Preferred (guar.)
Pittsb. McKeesp. & Yough.(quar.)_
Rensselaer & Saratoga
Providence & Worcester (guar.)
Western Pacific, pref. (guar.)
Books Closed.
Days Inclusive.
•254 Feb. 1 *Holders of rec. Dec. 31a
500. Jan. 3 *Holders of rec. Dec. 15a
2
Jan. 5 Holders of rec. Dec. 20a
.$1
Jan. 15 Hold ne of rec. Dec. 17
2.1234 Jan. 3 Holders of rec. Dec. 9a
*3
Dec. 20 *Holders of rec. Dec. 13
$2.50 Jan. 3 Holders of rec. Dec. 150
134 Jan. 3 Holders of rec. Dec. 130
154 Jan. 1 Holders of rec. Dec. 10a
134 Jan. 4 Holders of rec. Dec. 100
81.50 Jan. 3 Holders of rec. Dec. 150
4
Jan. 1 Dec. 16 to Jan. 2
*254 Dec. 31 *Holders of rec. Dec. 8
*154 Jan. 5 *Holders of rec. Dec. 21
Public Utilities.
Alabama Power $7 pref.(guar.)
31.75 Jan. 1 Holders of rec. Dec. 15
$6 preferred (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 15
Amer. & Foreign Power, pref. (guar.)- - $1.75 Jan. 3 Holders of rec. Dec. 16
Amer. Gas & Elec., new no par corn.(011.) 25c. Jan. 3 *Holders of rec. Dec. 14
Common (payable in corn. stock)_ _ _
(p) Jan. 3 Holders of rec. Dec. 14
Common (payable in com. stock)_ _ _
(P) Jan. 3 Holders of rec. Dec. 14
No par value pref., unstarnped (guar.) 154 Feb. I Holders of rec. Jan. 10
No par value pref., stamped (mthly.) 50c Feb. 1 Holders of rec. Jan. 10
Baltimore Electric. preferred
*51.25 Jan. 3 *Holders of rec. Dec. 15
Binghamton Lt., Ht.& Pr.,6% pf.(qu.) 51.50 Jan. 1 Holden§ of rec. Dec. 15
Birmingham Electric Co., pref. (guar.)_ 51.75 Jan. 3 Holders of rec. Dec. 15
Capital Trac., Washington. D.C.(qu.)151 Jan. 1 Holders of rec. Dec. 13
Carolina Power & Light $7 Pref. (quar.)_ $1.75 Jan. 3 Holders of rec. Dec. 15
$8 preferred '
$1.50 Jan. 3 Holders of rec. Dec. 15
Central States Elec. Corp., corn. (guar.) 25c. Dec. 31 Holders of rec. Dec. 10
Preferred (quar.)
131 Dec. 31 Holders of rec. Dec. 10
Chic., No.Shore& Milw., prior lien (qu.) *154 Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
•154 Jan. 1 *Holders of rec. Dec. 15
Chicago Rapid Transit, prior pf (mthly.) *65c. Jan. 1 *Holders of rec. Dec. 21
Prior preferred (monthly)
*65c. Feb. 1 *Holders of rec. Jan. 18
Prior preferred (monthly)
*1350. Mar. 1 *Holders of rec. Feb. 15
Cin.Newport & Coy.L.& Tr.,com.(qu.) 154 Jan. 15 Jan. 1 to Jan. 16
Preferred (guar.)
154 Jan. 15 Jan. 1 to Jan. 16
Cleveland Railway, coin.(guar.)
154 Jan. 1 Holders of rec. Dec. 13
Columbus Elec.& Power,corn.(guar.) _ *50c. Jan. 3 *Holders of rec. Dec. 15
Preferred series B (guar.)
*$ 1 6254 Jan. 3 *Holders of rec. Dec. 15
Preferred series C (guar.)
$1.75 Jan. 3 *Holders of rec. Dec. 15
Continental Gas & Elec., corn. (quar.). $1.10 Jan. 3 Holders of rec. Dec. lla
7% prior preference (guar.)
154 Jan. 3 Holders of rec. Dec. 110
6% participating pref. (guar.)
154 Jan. 3 Holders of rec. Dee. ha
6% participating pref. (guar.)
154 Jan. 3 Holders of rec. Dec. 110
6% preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 110
Continental Passenger Ry., Philo
$3
Dec. 30 Holders of reo. Nov.30
Denver Tramway Corp.. pref. (guar.)._ $1.25 Jan. 1 Holders of rec. Dec. 150
Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Dec. 200
Duluth-Superior Traction, pref. (guar.). 1
Jan. 1 Holders of rec. Dec. 15
East Bay Water, pref. A (guar.)
•154 Jan. 15 *Holders of rec. Dec. 31
Preferred B (guar.)
*154 Jan. 15 *Holders of rec. Dec. 31
Electric Bond & Share, pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 15
Electric Bond & Share Securities(guar.)- 25c. Jan. 15 Holders of rec. Dec. 15
Electric Light & Power of Abington &
Rockland (guar.)
50c. Jan. 3 Holders of rec. Dec. 150
Extra
50c. Jan. 3 Holders of rec. Dee. 15a
Elec. Public Service, 7% pref. (guar.) ... 154 Jan. 1 Holders of rec. Dec. 20
Elmira Water, Light de RR., 1st pl.(qu.) 154 Dee. 31 Holders of rec. Dec. 16
5% second preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 16
Empire Gas& Fuel,8% pref.(monthly)'662-3c Jan. 3 *Holders of rec. Dec. 15
7% preferred (monthly)
•58 I-3e Jan. 3 *Holders of rec. Dec. 15
Florida Power & Light, pref.(guar.)._ -154 Jan. 1 Holders of rec. Dec. 15
International Telep. & Teleg. (guar.)
154 Jan. 15 Holders of rec. Dec. 27
Kansas Electric Power,7% pref. (qu.)
13.4 Jan. 1 Holders of rec. Dee. 15
Kentucky Securities, corn.(guar.)
134 Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 10
Long Island Lighting, corn. (quar.).__ $1
Jan., 1 Holders of rec. Dec. 21
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 21
Metropolitan Edison, $7 pref. (guar.)... $1.75 Jan. 1 Holders of rec. Dec. 15
56 preferred (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 15
Midland Utilities, pref. A (guar.)
154 Jan. 6 Holders of rec. Dec. 22
Prior lien stock (guar.)
154 Jan. 6 Holders of rec. Dec. 22
Missouri Power & Light, pref. (qu.)
154 Jan. 1 Holders of rec. Dec. 20
Narragansett Electric Lighting (guar.)
Jan. 3 *Holders of rec. Dec. 18
$1
National Electric Power, pref. (guar.)._
154 Jan. 1 Holders of rec. Dec. 200
New Jersey Power & Light,$8 pref.(qu.) $ 1.50 Jan. 1 Holders of rec. Dec. 15
Newport News & Hampton Ry. Gas &
•IM Jan. 1 *Dec. 16 to Jan. 2
Electric Co., cons. (guar.)
*154 Jan. 1 *Dec. 16 to Jan. 2
Preferred (guar.)
New York Central Elec. Corp., pf. (qu.) 154 Jan. 1 Holders of rec. Dec. 21
Niagara Falls Power, pref.(guar.)
4334e. Jan. 15 Holders of ree. Dec. 31
North. Pennsylvania Pr., $7 pref. (qu.)_ *31.75 Jan. 1 Holders of rec. Dec. 15
$6 preferred (quar.)
41.50 Jan. 1 Holders of rec. Dec. 15
8% preferred (semi-annual)
3
Jan. 1 Holders of rec. Dec. 15
Northport Water Works. pref. (guar.).- 154 Jan. 1 Holders of rec. Dec. 21
Ohio River Edison,7% pref.(guar.).--- 154 Jan. 1 Holders of rec. Dec. 22
Penn Central Light & Power,55 pf.(qu.) $1.25 Jan. 1 Holders of rec. Dec. 150
Pennsylvania Pow. & Liam. $7 pf.(qu.) $1.75 Jan. 3 Holders of rec. Dec. 15
$6 preferred (quar.)
$1.50 Jan. 3 Holders of rec. Dec. 15
Pittsburgh Oil & Gas (guar.)
25c. Dec. 20 Holders of rec. Dec. 1
Portland Electric Power, first pref.(qu.) 154 Jan. 1 Holders of rec. Dec. 15
154 Jan. 1 Holders of rec. Dec. 15
Prior preference (guar.)
1
Jan. 15 Holders of rec. Dec. 31
Porto Rico Ry. (guar.)
*75c. Jan. 1 Holders of rec. Dec. 16
Reading Traction
Southwestern Bell Telephone. pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 20
154 Jan. 3 Holders of ree. Dec. 15
Springfield Ry.& Light, pref.(guar.).-2
Jan. 1 Holders of rec. Dec. 15
Toledo-Edison Co.. prior pref. (guar.) _ _
Twin City Rapid Transit, coin. (guar.). 134 Dec. 31 Holders of rec. Dec. 15
154 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 9
Union Traction. Philadelphia
Dec. 10 Holders of rec. Dec. 7
United Gas& Electric Corp., corn.(guar) $1
154 Jan. 3 Holders of rec. Dec. 10
Utah Power & Light, pref. (guar.)
Jan.
2
15 Holders of rec. Dec. 24
com.(gu.)
Spokane,
Water
Power,
Wash.
154 Jan. 15 Holders of rec. Dec. 31
Western Power Corp., pref. (guar.).Banks.
America, Bank of (guar.)
Commercial Exchange (guar.)
Lebanon National
Manhattan Co., Bank of the (guar.).Mutual (quar.)
Extra
National City (guar.)
National City Company (guar.)
State (quar.)
Trust Companies.
Bankers (guar.)
Bank of Europe Trust Co.(quar.)
Extra
Fire Insurance.
Rotolo (guar.)
*3
2
*3
52
*3
*10
4
4
*4
5
254
4
Jan. 3'Holders of rec. Dec. 21
Jan. 3 Holders of rec. Dec. 15
Dec. 20 *Holders of rec. Jan. 3
Jan. 1 Holders of rec. Dec. 170
Jan. 2 *Holders of rec. Dec. 23
Jan. 2 *Holders of rec. Dec. 23
Jan. 1 Holders of rec. Dec. 17
Jan. 1 Holders of rec. Dec. 17
Jan. 3 *Holders of rec. Dec. 17
an. 3 Holders of rec. Dec. 15
an. 2 Holders of rec. Dec. 20
an. 2 Holders of rec. Dec. 20
$1.50 an. 3 Holders of rec. Dec. 15
Miscellaneous.
Adams Royalty (guar.)
Aetna Rubber, corn.(guar.)
Preferred (guar.)
Air Reduction (guar.)
Amer. Cyanamid, common (guar.)
Common (extra)
Common A & B (guar.)
Common A & B (extra)
Preferred (guar.)
*50c.
•250.
•154
$1.25
1
34
200.
100.
134
Jan. 1 *Holders of rec. Dec. 17
Dec. 31 *Holders of rec. Dec. 16
Dec. 31 *Holders of rec. Dec. 18
Jan. 15 Holders of rec. Dec. 31
Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 15
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer. Cellulose & Chemical Mfg.
First participating preferred
354 Dec. 31 Holders of rec. Dec. 17
American Express (guar.)
*51.50 Jan. 3 *Holders of rec. Dec. 17
American Fork & Hoe, corn.(guar.)._
154 Dec. 15 Holders of rec. Dec. 4
American Linseed, preferred (guar.)_ _
154 Jan. 3 Holders of rec. Dec. 17
Amer. Wholesale, pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 20
Anglo-Amer.011(interim)
754 Jan. 4 Holders of coup. No.33
Art Metal Construction (extra)
*50c. Jan. 10 *Holders of rec. Jan. 3
Assoc. Laundries of Amer.,el. A pf (qu.) 25c. Dec. 15 Holders of rec. Dec. 1
Atlas Plywood (guar.)
*81
Jan. 15 *Holders of rec. Jan. 1
Belgo Canadian Paper, common (quar.). 154 Jan, 10 Holders of rec. Dec. 31
Bridgeport Machine, pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 20
Brown & Williamson Tobacco,com.(qu.) 134 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
IM Jan. 1 Holders of rec. Dec. 18
Brunsw.-Balke-Coll. Co., pref. (on.)... •15.1 Jan. 1 *Holders of rec. Dec. 29
Butler (James) Grocery Co., pref.(ann.) *6
Jan. 3 *Holders of rec. Nov. 1
Canton Company
*3
Dec. 31 *Holders of rec. Dec. 27
Extra
*1
Dec. 31 *Holders of rec. Dec. 27
Canada Iron Foundries, pref
4
Jan. 15 Holders of rec. Dec. 31
Cellotex Company, common (quar.)__ _ *75c. Dec. 31 *Holders of rec. Dec. 15
4.15.4 Dec. 30 *Holders of
Preferred (guar.)
rec. Dec. 15
Central Aguirre Sugar (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 20
Cerro de Pasco Copper (extra)
$1 Dec. 23 Holders of rec. Dec. 10
Chandler-Cleveland Motor, pref. (qu.).... •8254c Jan. 2 *Holders of rec. Dec. 20
City Ice & Fuel (guar.)
*50c. Mar. 1 *Holders of rec. Feb. 10
Quarterly
*50c. Jan. 1 *Holders of rec. May 10
Quarterly
*50c. Sept. 1 *Holders of rec. Aug. 10
Quarterly
*50c. Dec. 1 *Holders of rec. Nov. 10.
Cluett, Peabody de Co., pref.(guar.)._
154 Jan. 3 Holders of rec. Dec. 21
Cresson Con. Gold Min. & Mill.(qu.) •I0c. Jan. 10 *Holders of rec. Dec. 31
Crown Finance Corp., common
Jan. 4 *Holders of rec. Dec. 15
*54
Common (extra)
*56
Dec. 24 *Holders of rec. Dec. 15
Preferred (guar.)
31.75 Jan. 4 *Holders of rec. Dec. 15
Century Electric (guar.)
154 Dec. 22 Holders of rec. Dee. 15
Stock dividend
e10 Dec. 22 Holders of rec. Dec. 15
Corno Mills (guar.)
2
Dee. 15 Holders of rec. Dec. 8
C. G.Spring & Bumper, pref.(quar.).__
2
Jan. I Holders of rec. Dec. 24
Cuban Tobacco, preferred
254 Dec. 31 Holders of rec. Dec. 15
Davega, Inc. (guar.)
*25c. Feb. 1 *Holders of rec. Jan. 15.
Extra
*25c. Feb. 1 *Holders of rec. Jan. 15
Devoe & Reynolds, class A & B (guar.__ •60c. Jan. 1 *Holders of rec. Dec. 21
First & second preferred (guar.)
*51.75 Jan. 1 *Holders of rec. Dec. 21
Dome Mines(guar.)
*50e. Jan. 20 *Holders of rec. Dec. 31
Dominion Stores, common (quar.)
*60c. Jan. 1 *Holders of rec. Dec. 13
Douglas(W. L.) Shoe, pref. (guar.)... _
154 Jan. I Holders of rec. Dec. 15
Dunham (J. H.) & Co., corn.(quar.)_
41.50 Jan. 1 *Holders of rec. Dec. 18
First preferred (guar.)
*15.4 Jan. 1 *Holders of rec. Dec. 18
n541 Jan. 1 *Holders of rec. Dec. 18
Second preferred (guar.)
Eastern SS. Lines. 1st pref.(guar.)
•154 Jan. 3 Holders of rec. Dec. 240
No par preferred (guar.)
8754e Jan. 15 Holders of rec. Jan. 80
Electric Auro-Lite (guar.)
*$1.50 Jan. 1 *Holders of rec. Dec. 15
Electric Controller & Mfg., coin.(qu.)_ _ $1.25 Jan.I I Holders of rec. Dec. 20
Electric Vacuum Cleaner. pref.(auar.)_ _
154 Dec. 31 Dec. 21 to Jan. 2
Emerson Electric & Mfg., pref. (quar.). 154 Jan. 1 Holders of rec. Dec. 20
Endicott-Johnson Corp., coin. (quar.)-- 81.25 Jan. 1 Holders of rec. Dee. 18
154 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
Evans(E. S.) Corp.(guar.)
75c. Jan. 1 Holders of rec. Dec. 20
Faultless Rubber, common (guar.)
•50c. Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
•154 Jan. 2 *Holders of rec. Dee. 15
Feltman & Curme Shoe St., Acorn.(qu.) 6254 c Jan. 3 Holders of rec. Dec. I
Garfield Safe Deposit Co
4
Dee. 27 Dec. 8 to Dec. 27
Extra
2
Dec. 27 Deo. 8 to Dec. 27
General Amer. Tank Car., common
•31.50 Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
•1M Jan. 1 *Holders of rec. Dec. 15
General Baking, class A (guar.)
$1.25 Jan. 1 Holders of rec. Dec. 16
Preferred (guar.)
32 Dec. 18 Holders of rec. Dec. 1
Glen Alden Coal (quar.)
*52.50 Dec. 20 *Holders of rec. Dec. 10
Goodyear Tire & Rub., Can., pref. (qu.) 154 Jan. 2 Holders of rec. Dec. 15
Great Lakes Towing, common (guar.)._ •75e. Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
•154 Jan. 1 *Holders of rec. Dec. 15
Greif Bros., class A corn. (guar.)
80c. Jan. 1 Holders of rec. Dec. 15
Gre 'ran Bakeries, common (guar.)._
*25e. Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
'154 Jan. 2 *Holders of reo. Dec. 15
Group No. 1 on Corp
57.50 Jan. 25 Holders of rec. Dec. 27
Gulf 011 Corp.(guar.)
*3754c Jan. 1 *Holders of rec. Dec. 20
Harris Automatic Press, corn.(guar.)._ _ 75c. Jan. 1 Holders of rec. Dec. 15
*$1.75 Jan. 1 *Holders of rec. Dec. 20
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 31
Hathaway Baking, Inc., pf. class A (on.) 2
2
Dee. 24 Holders of rec. Dec. 15
Hercules Powder, cons. (guar.)
Extra (guar.)
434 Dec. 24 Holders of rec. Dec. 15
•33.50 Jan. 1 *Holders of rec. Dec: 20
Hexter-Diehl Bakers Corp., pref
154 Jan. 15 Holders of rec. Dec. 31.
Hillcrest Collieries, corn. (quar.)
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
2
Dee. 31 Holders of rec. Dec. 13
Hollinger Consol. Gold Mines
50c. Dec. 27 Holders of rec. Dec. 21)
Homestake Mining (monthly)
•30c. Jan. 1 *Holders of rec. Dec. 11
Humble 011 & Refining (guar.)
*20
Jan. 1 *Holders of rec. Dec. 11
Extra
154 Jan. 3 Holders of rec. Dec. 20
Hydraulic Press Brick, pref, (guar.)_ _ _ _
Jan. 3 *Holders of rec. Dec. 20
Independent Pneumatic Tool (quar.)_ _ *51
•154 Jan. 3 *Holders of rec. Dec. 20
Indian Motocycle, pref.(guar.)
$1
Indiana Pipe Line
Feb. 15 Holders of rec. Jan. 21
Industrial Acceptance Corp., corn. (qu.) 50c. Jan. 2 Holders of rec. Dec. 17
154 Jan. 2 Holders of rec. Dee. 17
First preferred (guar.)
Second preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 17
50^ Jan. 2 Holders of rec. Dec. 17
Second preferred (extra)
Industrial Finance Corp., deb.stk.(qu.) 154 Feb. 1 Holders of rec. Jan. 22
154 Feb. 1 Holders of rec. Jan. 22
7% preferred (quar.)
6% preferred (quar.)
1.56 Feb. 1 Holders of rec. Jan. 22
Int, Buttonhole Sewing Machine (guar.) 15c, Jan. 3 Holders of rec. Dee. 15
International Nickel, corn. (guar.)
500. Dec. 31 Holders of rec. Dec. 10
International Shoe, pref. (monthly)_ _
54 Jan. 2 Holders of r3e. Dec. 15
Intertype Corporation, first pref.(guar.) *2
Jan. 3 *Holders of rec. Dec. 16
Second preferred
*3
Jan. 3 *Holders of rec. Dec. 15
Johns Manville, Inc
*518 Dec. 13 *Holders of rec. Dec. 11
Jordan Motor Car, pref. (guar.)
154 Dec. 31 Holders of rec. Dec. 17
Kaufman Dept.Stores.common (quar.). *52
Jan. 28 *Holders of rec. Jan. 20
King Philip Mills (guar.)
'134 Jan. 3 *Holders of rec. Dec. 20
Extra
*10
Dec. 22 *Holders of rec. Dec. 10
Kresge Department Store, pref. (quar.)_ *2
Jan. 3 *Holders of rec. Dec. 18
Kruskal & Kruskal, Inc.(No. 1) (guar.) 50c. Feb. 15 Holders of rec. Jan. 310
Quarterly
500. May 16 Holders of rec. Apr. 290
Lambert Company, corn. (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 200
Lawyers Title & Guaranty Co.(guar.)._
254 Jan. 3 Holders of rec. Dec. 180
Libby-Owens Sheet Glass (extra)
•51
Jan. 15 *Holders of rec. Jan. 5
Loew's (Marcus) Theatres, Ltd., pref._
334 Jan. 15 Holders of rec. Dec. 31
Long Island Safe Deposit
4
Jan. 1 Holders of rec. Dec. 24
Loose-Wiles Biscuit, first pref.(guar.)
*1M Jan. 1 *Holders of rec. Dee. 18
Second preferred (guar.)
*1M Feb. 1 *Holders of rec. Jan. 18
Ludlum Steel (guar.)
50c. Jan. 1 Holders of rec. Dec. 20
Mack Trucks, Inc.. corn.(guar.)
*$1.50 Dec. 31 *Holders of rec. Dec. 18
First and second preferred (guar.)_ _
•154 Dec. 31 *Holders of rec. Dec. 18
Manhattan Electrical Supply (quar.)_ 51.25 Jan. 3 Holders of rec. Dec. 21
Manhattan Shirt, pref.(guar.)
154 Jan. 1 Holders of ree.Deo. 16
Mangey 011(quar.)
25c. Jan. 10 Holders of rec. Dec. 20
Marlin-Rockwell Corp., corn. (extra)_ *50c. Jan. 10 *Holders of rec. Jan. 3
Merch. & Miners Transportation (qu.) *6234. Dec. 31 *Holders of rec. Dec. 15
Merrima" Chemical (guar.)
51.25 Dec. 31 Holders of rec. Dec. 11
Medart(Fred) Mfg., pref.(guar.)
2
Jan. 2 Holders of rec. Dee. 22
Midland Steel Products, corn. (guar.)._ $1
Jan. 1 Holders of rec. Dec. 17
Common (extra)
49e. Jan. 1 Holders of rec. Dec. 17
Preferred (quar.)
*2
Jan. 1 *Holders of rec. Dee. 17
Preferred (extra)
*1
Jan. 1 *Holders of rec. Dec. 17
Mill Factors Corp. (guar.)
154 Jan, 3 Holders of roe. Dec. 20
54 Jan. 3 Holders of rec. Deo. 20
Extra
Morgan Lithograph Co.(guar.)
$1.25 Jan. 3 Holders of reo. Dec. 180
National Dairy Products, corn.(guar.) *75c. Jan. 3 *Holders of rec. Dec. 21
Preferred A and B (guar.)
't54 Jan. 3 *Holders of ree. Dee. 20
Nat. Dept. Stores, 1st pref. (quar.)
•1M Feb. 1 *Holders of rec. Jan. 15
Second preferred (guar.)
*154 Mar. 1 *Holders of rec. Feb. 15
Nat. Fabric & Finishing, pref. (guar.)._ *154 Jan. 1 *Holders of rec. Dec. 18
Name of Company.
3007
THE CHRONICLE
DEC. 11 1926.]
When
Per
Cent. Payable.
Books Closed.
Days Inclustre
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
Miscellaneous (Concluded).
Jan. 15 Holders of rec. Dec. 31a
$2
Northern Central
Jan. 1 Holders of rec. Dec. 15
National Refining, preferred (guar.)---- 2
14 Jan. 1 Holders of rec. Dee. 11
Colony (guar.)
Old
Jan, 1 *Holders of rec. Dec. 15
*51
National Tea,common (guar.)
Jan. 8 Holders of rec. Dee, 154
1)4
(oust.)
corn.
Pere Marquette,
30c. Jan. 2 Holders of rec. Dec. 17
Nelson (Herman) Corp.(guar.)
Holders of rec. Jan. 154
14 Feb.
Prior preference (guar.)
Jan. 2 Holders of rec. Dee. 17
e2
Stock dividend
Holders of rec. Jan. 156
Feb.
14
(guar.)
Preferred
30c. Apr. 1 Holders of rec. Mar. 17
Quarterly
Holders of rec. Jan. 156
31
Jan.
1%
Pitts.& West Virginia. cons.(Guar.)._
Apr. 1 Holders of rec. Mar. 17
el
Stock dividend
Holders of rec. Dec. 234
1
(quar.)_
Jan,
1
pref.
second
Company,
Reading
20
June
rec.
of
Holders
30a. July 1
Quarterly
Holders of rec. Dec. 156
Jan.
(quar.)
14
Corn,
Francisco,
St. Louis-San
July 1 Holders of rec. June 20
el
Stock dividend
Holders of rec. Jan. 154
1)4 Feb.
(guar.)
Preferred
19
Sept.
rec.
of
Holders
1
Oct.
30e.
Quarterly
1)4
Holders of rec. Apr. 94
d
May
(quar.)
Preferred
Oct. 1 Holders of rec. Sept. 19
el
Stock dividend
Holders of rec. July 154
1)4
1
Aug.
Preferred (Ouer.)
*150. Jan. 20 *Holders of rec. Dec. 31
Nipissing Mines(guar.)
14 Nov. 1 Holders of rec. Oct. 154
Preferred
(guar.)
20
Dec.
rec.
of
*Holders
1
Jan.
*134
Norwalk Tire & Rubber,Pref.(qllar.)
Dec.
st
Holders of rec. Dec. 156
31
pref.
(guar.).
Southwestern.
Louis
St.
*50c. Dee. 3 *Holders of rec. Dec. 18
Niumally Co
14 Jan. 3 Holders of rec. Nov.266
Southern Pacific Company (guar.)
Overman Cushion Tire, el. A & B 0110-- 134 Jan. 1 Holders of rec. Dec. 18
234
Holders of rec. Dec. la
8
Jan.
common
(oust.)
Pacific,
Union
18
Dec.
rec.
of
Jan. 1 Holders
First preferred (guar.)
40c. Jan. 2 Holders of rec. Dee. 15
Ovington Brothers Co., partic. pref
Public Utilities.
15
Dec.
rec.
of
*Holders
Jan.
Mines
*150.
2
(410
Consolidated
Park-Utah
50. Dee. 1Haders of rec. Nov.20
Peabody Coal, common
American Public Service, pref.(gnat.)-- 14 Jan. 3 Holders of rm. Dec. 154
58c. Dee. 1loaders of rec. Nov.20
Preferred
Amer.Pub. Uttl., panic. prof.(guar.)-- 21.75 Jan. 3 Holders of rec. Dec. 154
$3.50 Jan. 1 Holders of tee. Dec. 29
PeIs-Greensteln Co., Inc., preferred
$1.75 Jan. 3 Holders of rec. Dec. 150
Prior preferred (guar.)
Dec. 31 Holders of rec. Dec. 20
Penney (J. C.) Co., 1st pref.(quar.)
Amer.SuperpowerCorp.,corn.A&B(qu.) 30c. Doe. 31 Holders of rec. Nov. 300
75o, Jan. 1 Holders of rec. Dec. 11
Pet Milk Co., corn.(guar.)
Dee. 31 Holders of rec. Nov. 300
WM.
_
stock)
pref.
panic.
(in
&B
A
Corn.
11
Jan. 1 Holders of rec. Dee.
Preferred (guar.)
51.50 Jan. 3 Holders of rm. Dec. la
First preferred (Ouar.)
*134 Dec. 31 *Holders of rec. Dec. 17
Pratt & Whitney. Pref.(quar.)
234 Jan. 15 Holders of rec. Dec. 200
(ouar.)
&
Telep.
Teleg.
American
Dee.
rec.
of
17
'Holders
31
Dec.
1113
.
accum.
(acct.
diva.)
Preferred
234 Apr. 15 Holders of rec. Mar. 15a
Quarterly
50e. Dec. 15 Holders of rec. Nov.30
Pure Gold Mfg., Ltd.(Canada)
12c. Jan. 1 Holders of rec. Dec. 10
Arkansas Natural Gas (guar.)
35o. Jan. 3 Holders of rec. Dec. 15
Reece Buttonhole Machine (guar.)
y874c Dec. 31 Holders of rec. Nov.30
(M).
pref.
orig.
Elec.,
&
Gas
Associated
15
(guar.)
Dec.
rec.
of
Jan.
100,
3 Holders
Reeoo Folding Machine
I/124e Dec. 31 Holders of rec. Nov.30
Original series preferred (extra)
Jan. 2 *Holders of rec. Dec. 20
Reloalsbert) & Co., let pref. (quar.)
41 75 Dec. 31 Holders of rec. Nov.30
$7 dividend series preferred (quar.)
Jan. 3 *Holders of rec. Dec. 20
Rell'IMOMfg., pref. (guar.)
14 Jan. 1 Holders of rec. Dec. 10
(qu.)
7%
Co.,
pref.
Hydro-Elec.
Bangor
*200. Jan. 3'Holders of rec. Dec. 15
Reo Motor Car (guar.)
(Oust.)
preferred
134 Jan. 1 Holders of rec. Dec. 10
Six per cent
"200. Jan. 3 *Holders of rec. Dec. 15
Extra
2
Jan. 15 Holders of rec. Dec. 23
(guar.)
Canada
of
Telephone
Bell
(qu.).._
pf.
2d
of
16
Holders
&
Dec.
2
1st
rec.
Jan.
Gds.,
Rice-Stix Dry
14
•
Jan. 15 Holders of rec. Dec. 200
(guar.)
pref.
%
t4
6
Penna.,
of
Telep.
Bell
Richardson & Boynton Co., part. pf.(qu) 750. Jan. 3 Holders of rec. Dec. 15
14 Jan. 3 Holders of rec. Dec. 106
Boston Elevated Ry.,common (guar.)
Dee. 31 "Holders of rec. Dee. 15
*2
Royal Baking Powder, corn. (quar.)_
Jan. 3 Holders of rec. Dec. 106
4
preferred
First
*2
Dec. 31 *Holders of rec. Dec. 15
Common (extra)
34 Jan. 3 Holders of rec. Dec. 10a
Preferred
31.1% Dee. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Brazilian Trac., L.& P.. oref, (guar.).- •134 Jan. 1 *Holders of rm. Dec. 15
Jan. 15 *Holders of rec. Dec. 31
'Si
Safety Cable (quar.)
Brooklyn-Manhattan'Fran.. pt. A ((N.). 154 Jan. 15 Holders of rec. Dee. $1
Dec. 23 *Holders of rec. Dec. 11
*2
Safety Car Heating &Ltg.(guar.)
114 Apr. 15 Holders of roe. Apr. 1
Preferred series A (ouar.)
Dec. 23 *Holders of rec. Dec. 11
*2
Extra
Jan. 3 Holders of rec. Dec. 84
81
Union Gas(quar.)
Brooklyn
1)
(No.
corn.
2
roe.
of
Inc.,
Jan.
Holders
Dec.
20
Safeway Stores,
$2
Feb. 1 Holders of rec. Dec. 31a
51.50
corn
utilities,
Southwest
&
Central
Jan. 2 Holders of rec. Dee, 20
Preferred (guar.)
Feb. 15 Holders of rec. Jan. 31
81.75
Prior lien (qu tr.)
34 Dec. 31 Holders of rec. Doe. 150
St. L. Rocky Mt.& Pao. Co., corn.(qu.)
Feb. 15 Holders of rec. Jan. 31
$1.75
(guar.)
Preferred
134 Dec. 31 Holders of rec. Dee. 15a
Preferred (guar.)
Dec. 29 Dec. 18 to Dec. 26
134
(guar.)
Chicago City Railway
*234 Dec. 31 *Holders of rec. Dec. 10
Singer Manufacturing (guar.)
Consol. G., E. L.& P., Balt., corn.(qu.) 624e Jan. 3 Holders of rec. Dec. 150
Dec. 31 *Holders of rec. Dec. 10
Extra
3 Holders of rec. Dec. 150
Jan,
2
(quar.)
A
class
Preferred,
52 Jan. 3 Holders of rec. Dee. 14
Southern Baking, pref.(guar.)
14 Jan, 3 Holders of rec. Dec. 15a
Preferred, class B (quar.)
75c. Dec. 15 Holders of rec. Dec. 10
Southern Acid (guar.)
14 Jan. 3 Holders of rec. Dec. 150
(quar.)
C
class
Preferred,
*2
1
(guar.)
Jan.
Dec.
*Holders
of rec.
20
Spicer Mfg., pref.
Holders of rec. Dec. 154
134 Jan.
Preferred, class D (prior.)
6254c Jan. 1 *Holders of rec. Dec. 20
Sprague-Sells Corp., part. A stk.(qu.)_'
$1.2 Dec. 15 Holders of rec. Nov. 100
Consolidated Gas of N. Y., corn.(qu.)
*8
Jan. 3 *Holders of rec. Dec. 24
Standard Coupler, pref.(annual)
Holders of rec. Dee. 15a
Feb.
8734c.
(guar.)
Preferred
Feb. 1 Holders of rec. Jan. 7
Steel Co. of Canada, corn. & pf. (quar.)_
Consumers Power,6.6% pref.(monthly) 14 Jan. 2 Holders of rec. Dec. 15
$1.25 Jan. 2 Holders of rec. Dee. 15
Stone(H.0.).4 Co., corn.(guar.)
1.65 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (guar.)
110 Jan. 2 Holders of rec. Dec. 15
Common (payable in corn,stock)
1% Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Holders of rec. Dec. 15
50o. Jan.
6% preferred (monthly)
Stromberg-Carlson Telep. Mfg. (guar.). 250. Dec. 1 Holders of rec. Nov. 15
Holders of rec. Dec. 16
Jan.
56e.
(monthly)
preferred
6.6%
(guar.)
750. Dec. 28 Holders of rec. Dec. 15
Stroock (8.) & Co., Inc.
of rec. Dec. 20
*Holders
15
Jan.
*14
Swedish-Amer.Inv. Corp., part. pf.(qu.) 134 Jan. 3 Holders of rec. Dec. 150 Diamond State Telephone, Pref. (guar.) 4.134 Jan. 15 *Holders of rm. Dm. 23
Dominion Power & TransporVn. nf.(qu.)
200. Jan, 25 Holders of rec. Dec. 27
Texon Oil& Land (guar.)
of rec. Nov. 150
Holders
15
Dec.
134
-1st
(quar.)pref.
Co.,
Light
Duquesne
150. Jan. 1 Dec. 21 to Jan. 2
TImken-Detroit Axle, corn.(guar.)
East Kootenay Power. pref. (guar.)_--- 14 Dec. 15 Holders of rec. Nov.30a
Sc. Jan. 1 Dec. 21 to Jan. 2
Common (extra)
of rec. Dec. 60
Holders
3
Jan.
(guar.)
134
pref.
Co.,
Electric
Texas
Eastern
(guar.)
75c. Jan, 3 Holders of rec. Dec. 17
Torrington Company
Electric Power dc Light. first pref.(guar.) $1.75 fan. 3 Holders to rec. Dm. isa
Extra
81.25 Jan. 3 Holders of rec. Dec. 17
Allotment certificates for common
United Drug, let pref. (guar.)
873.4c.Feb. 1 Holders of rec. Jan. 15
51.75 Jan. 3 Holders of rec. Dec. 154
and preLrred f. p.(guar.)
.
6234c Jan. 5 *Holders of rec. Dec. 14
United Shoe Machinery,corn.(guar.) .
Allot. ctfs. for com.& p1.40% pd.(qu.) 70o. Jan. 3 Holders of rec. Dec. 150
*3734c Jan. 5 *Holders of rec. Dec. 14
Preferred (guar.)
Jan. 3 Holders of rec. Dec. ea
$1.75
(guar.)
pref.
Service,
Public
Engineers
(quar.)_
Mining
Extension
United Verde
*750. Feb. 1 *Holders of rec. Jan. 6
50c. Jan, 2 Holders of rec. Dee, 140
Fall River Electric Light (guar.)
U.S. Bobbin & Shuttle, pref. (quar.)_
Dec. 31 *Holders of rec. Dec. 8
250, Jan. 2 Holders of rec. Dee. 144
Extra
U.8. Light & Heat, com (No. 1) (qu.) _ 500. Jan. 3 Dec. 16 to Jan. 3
& Tree., common (guar.). 20c, Jan, 3 Holders of roe. Dec. 184
Preferred A (guar.)
24 Jan. 3 Holders of rec. Dec. 20a Federal Light
Common (Payable In common stock)... 16o. Jan. 3 Holders of rec. Dec. 154
Wagner Electric Corp., pref. (guar.) _
Jan. 1 Holders of rec. Dee. 21
Corp., corn.. cl. A(qu.) 3734c Jan. 1 Holders of rec. Dee. 156
E.
&
G.
General
Warren Bros., common (guar.)
*El
Jan. 3 *Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dee. 15a
$2
$8 Preferred, class A (guar.)
Common (extra)
'$1
Jan. 3 *Holders of rec. Dec. 20
51.75 Jan. 1 Holders of rec. Dec. 15a
$7 preferred. class A (guar.)
First preferred (guar.)
4.750. Jan. 3 "Holders of rec. Dec. 20
51.75 Jan. 1 Holders of rec. Dec. 154
(guar.)
B
class
Preferred
*8734c Jan. 3 *Holders of rec. Dec. 20
Second preferred (guar.)
Dec. 31 *Holders of rec. Dec. 30
"2
Illinois Bell Telephone (guar.)
Doe. 30 Holders of rec. Dec. 15a Illinois
$1
Weber & Heilbroner, corn.(guar.)
154 Jan. 2 Holders of roe. Dec. 15
Power.6% preferred (guar.)Mar, 1 Holders of rec. Feb. 15a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
(guar.)
preferred
cent
per
Seven
Jan. 3 Holders of rec. Dec. 150 Illinois Power & Light.6% pref.(guar.). 194 Jan. 1 Holders of rec. Dec. 10
2
West Point Mfg.(oust.)
Western Electric Co.(guar.)
'$2.50 Dec. 31 *Holders of rec. Dec. 24
134 Jan. 1 Holders of rec. Dec. 10
Seven per cent preferred (guar.)
White Eagle Oil & Refining (guar.)
*50c. Jan. 20 *Holders of rec. Dec. 31
*135 Jan. 1 *Holders of rec. Dec. 20
Illinois Traction. pref. (guar.)
Jan. 3 Holders of rec. Dec. 15
Will & Bauman Candle, Inc., pref.(qu.) 2
134 Jan. 1 Holders of rec. Dec. 154
Indianapolis Water. pref. (quar.)
Jan. 1 *Holders of rec. Dec. 21
WIllys-Overland Co., pref. (guar.)
$1.7 Jan. 3 Holders of rec. Dec. 6
Interstate Power. $7 ore!.(guar.)
Woolworth (F.W.) Co.,corn (In com.stk. .150 Feb. 1 Homers of rec. Jan. 10
Jan. 1 Holders of rec. Dee. 154
81.76
(qu.)
pf.
1st
Lt.,
&
Power
City
Kansas
Dee. 31 Holders of roe. Dec. 10
Wolverine Petroleum, corn. (No. 1) . $2
Kentucky Hydro Elec. Co., pref. (qu.) _
134 Dec. 20 Holders of rec. Nov. 30a
Zellerbach Corp., coin. (guar.)
37340 Jan. 15 Holders of rec. Doe. 31
Dec. 15 Holders of rec. Dec. la
- 2
Laclede Gas Light, common (quar.)
Dec. 15 Holders of rec. Dee, la
2
Coin mon (extra)
254 Dec. 1 Holders of rec. Dm. la
Below we give the dividends announced in previous weeks
Preferred
Dec. 2 Holders of rec. Nov. 30a
434c
(qu.)
B
&
A
corn.
Elec.,
&
Gas
Louisville
and not yet paid. This list does not include dividends an- Mackay Companies,common (quar.) - 134 Jan,
Holders of rec. Dec. 44
nounced this week, these being given in the preceding table.
Jan.
1
Holders of rec. Dee. 44
Preferred (guar.)
Manila Klee. Corp.. common (guar.).- 500. Dec. 3 Holders of rec. Dec. 151
Books Closed.
Holders of rec. Dec. 18
Per
Memphis Power dr Light, pref.(ouar.)- 134 Jan.
When
Name of Company.
Days Inclusive.
Dec. 15 Holders of rec. Nov.30
Cent. Payable.
Middle West Utilities, prior lien stk.(qu.) 2
MonongaholaW.PennPub.Serv..pf.(qu.) 43Ho. Jan. 1 Holders of rec. Dee. 15
Railroads (Steam).
Ist Jan. 3 Holders of rec. Dee. 100
Montana Power, common (Ouar.)
Alabama Great Southern, ordinary
14 Jan. 3 Holders of rec. Doe. 104
$1.75 Dec. 30 Holders of rm. Dec. 10
Preferred (guar.)
Ordinary (extra)
500. Dec. 30 Holders of rec. Dee. 10
Montreal Tramways(guar.)
234 Jan. 15 Holders of rec. Jan. 7
Preferred
$1.75 Feb. 14 Holders of rec. Jan. 14
Municipal Service Corp.,cony. wet.(qu) 60c. Jan. 3 Holders of rec. Dec. 16
Preferred (extra)
50e. Feb. 14 Holders of rec. Jan. 14
National Power & Light, pref.(guar.)._ $1.75 Jan. 8 Holders of rec. Dec. 11
Atlantic Coast Line RR., common
34 Jan. It) Holders of rec. Dm. 17a Nat.Public Serv. Corp., cl.A.corn.(q11.) 40e. Dec. 15 Holders of rec. Nov.27
Common (extra)
134 Jan. 10 Holders of rec. Dec. 17a New England Tel. & Tel. (guar.)
Dec. 31 Holders of rec. Dec. 10
2
Bangor & Aroostook, corn, (guar.)
750, Jan. 1 Holders of rec. Dec. I4a New York Steam, $6 preferred (guar.)
$1.60 Jan. 2 Holders of rec. Dee. 150
Preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 150
14 Jan, 1 Holders of rm. Doe, 14a
Preferred series A (guar.)
Boston dr Albany (guar.)
24 Dec.d31 Holders of rec. Nov. 30a New York Telephone. pref.(guar.)
14 Jan. 15 Holders of rec. Dec. 20
Boston Revere Beach de Lynn (quar.)
14 Jan. 3 Holders of rec. Dee. 15a Niagara Lockp.& Ont. Pow., corn,
75e, Dec. 31 Holders of rec. Dec. 150
Buffalo & Susquehanna, prof
2
Dec. 30 Holders of rec. Dec. 15a
14 Jan. 1 Holders of rec. Dee. 154
Preferred (guar.)
Canadian Pacific. corn (quar)
214 Dec 31 Holders of rec. Dec. la North American Co., coin. (guar.)
124 Jan. 3 Holders of rec. Dec. 84
Chesapeake & Ohio,cam.(guar.)
2
Jan, 1 Holders of rm. Dm. 8a
75c, Jan. 3 Holders of rec. Dec. 134
Preferred (guar.)
Preferred A
34 Jan. 1 Holders of rec Dec. 8a North Amer. Utility &cur.. 1st pf.(qu.) $1.50 Dec. 15 Holders of rec. Nov.80
Chicago Burlington & Quincy
Dec. 27 Holders of rec. Dee. 17
5
21.50 Dec. 15 Holders of rec. Nov.30
First pref. allot. Mfg.(guar.)
Chicago & North Western, corn
2
Dec 31 Holders of rec. Dec. la North West Utilities, prior lien (guar.)
14 Jan. 3 Holders of rec. Dec. 15
Preferred
334 Dee 31 Holders of rec. Dee. la Northern Ohio Pr.& Lt.,6% pf.(qu.)_
134 Jan. 1 Holders of rec. Dec. 15
Chicago Rock Island & Pacific,6% pref. 3
Dec. 31 Holders of rec. Dec. 100
14 Jan. 1 Holders e/ rec. Dec. 15
7% preferred (quar.)
Seven per cent preferred
334 Dec. 31 Holders of rec. Dec. 10a Ohio Bell Telephone, pref.(guar.)
14 Jan. 1 Holders of rec. Dec. 20
Chicago St Paul Minn & Omaha. pref
Dec 31 Holders of rec. Dee. is Oklahoma Gas & Elec.. pref. (quar.)--- 14 Dec. 15 Holders of rec. Nov.30
5
Cln.. N.0. dr Texas Pacific, common
4
Dec. 21 Holders of rec. Dec. la Ottawa & Hull Power. pref. (guar.)
14 D.15 Holders of rec. Nov.304
Common (extra)
3
Dec. 21 Holders of roe. Dec. la Ottawa Montreal Power, 7% pref. (qu.) •14 Jan. 15 *Holders of rec. Dec. 30
Colorado & Southern, corn
3
Dec. 31 Dec. 12 to Jan. 2
Penn Central Light & Power, pref. (qu.) $1.25 Jan. 1 Holders of rec. Dec. 154
First preferred
2
Dec. 81 Dec. 12 to Jan. 2
Pennsylvania Gas & Elec., pref. (qu.).- 134 Jan, 1 Holders of rec. Dec. 20
Second preferred
4
Dec. 31 Doe. 12 to Jan. 2
Jan. 3 Holders of roe. Dm. 174
Pennsylvania Water & Power (quar.)..... 2
Consolidated RFts.of Cuba, pref.(guar.) 14 Jan. 8 Holders of rec. Dee. 10a Peoples Gas Co., preferred
3
Jan, 1 Holders of rec. Dec. 156
Cuba RR., common (guar.)
2
$1.20 Dec. 20 Holders of rec. Dec. 206 Peoples Gas Light & Coke (guar.)
Jan. 17 Holders of rec. Jan. 34
Preferred (guar.)
8
Feb. 1 Holders of rec. Jan. 15a Philadelphia Electric (guar.)
50e. D.15 Holders of rec. Nov. 17a
s5
Delaware & Hudson Co.(guar.)
234 Dec. 20 Holders of rec. Nov.27a Pittsburgh 011 & Gas
Dec. 20 *Holders of rec. Dec. 1
Erie & Pittsburgh (guar.)
87340. Dec. 10 Holders of rec. Nov. 30a Power Corporation of Canada. pref.(gu.) •1)4 Jan. 15 *Holders of rec. Doe. 30
Fonda Johnstown & Gloverst.. pref.(qu.) 14 Dec. 15 Holders of rec. Dec. 10
Public Serv. Co.of N.J.. corn.(guar.)._ 50o. Dec. 31 Holders of rec. Dec. 34
Gulf Mobile & Northern, pref.(quar.)
134 Dec. 31 Holders of rec. Dec. 34
135 Jan. 3 Holders of rec. Dee. 15a
6% preferred (guar.)
Preferred (account accumulated diva.) 5234 Jan. 3 Holders of rec. Dec. 15a
134 Dec. 31 Holders of rec. Dee. 3a
7% preferred (Ouar.)
Hocking Valley (guar.)
2
Dec. 31 Holders of rec. Dee. 3a
2
Dec. 31 Holders of rec. Dee, 8a
8% preferred (guar.)
2
Illinois Central. leased lines
Jan. 1 Dm. 12 to Jan. 4
Public Service Elec. & Gas. 7% pf.(qu.) 134 Dec. 31 Holders of rec. Dee. 10
Lehigh Valley, corn,(quay.)
874e Jan. 3 Holders of rec. Doe, 18a
154 Dec. 31 Holders of rec. Dec. 10a
Six per cent preferred (guar.)
Common (extra)
$1.50 Jan. 3 Holders of rec. Dee. 18a Puget Sound Pow.& Lt., prior pf.(Q11.). 134 Jan. 16 Holders of rec. Dee. 20
134 Jan. 15 Holders of rec. Doe, 20
Preferred (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 18
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
$1 Dee. 15 Holders of rm. Dee. 1
Maine Central, common
Quebec Power,common (guar.)
2
Jan. 2 Dec. 2 to Jan. 2
Mobile & Birmingham, preferred
134 Jan, 3 Holders of rec. Dec. 15
Preferred (guar.)
24 Jan. 8 Holders of roe. Nov. 15a Radio Corporation of Amer., pref.(qu.). 874e Jan. 1 Holders of rec. Dec. la
N.Y. Chicago dr St. Louis. common
134 Jan. 3 Holders of rec. Nov. 15a Roanoke Gas Light, preferred
Preferred Series A (quar.)
354 Jan. 1 Holders of rec. Dec. 15a
Dec. 18 Holders of rec. Nov.30a South Pittsburgh Water, corn.
134 Dee. 31 Holders of rec. Dec. 20
Norfolk dc Western, corn. (quar.)
3
Dec. 18 Holders of rec. Nov. 300
Jan. 15 *Holders of rec. Jan. 2
Common (extra)
Preferred. (guar.)
134
134
134
'134
*134
134
134
134
134
*134
134
134
134
Name of Company.
Per
When
Cent. Payable.
Books Closet:.
Days Inclusive.
Southern Calif. Edison, ser. A pf. (qu.)_ 43Me. Dec. 15 Holders of rec. Nov.20
3714e. Dec. 16 Holders of rec. Nov. 20
Series D preferred (quar.)
Southern Colorado Power, pref.(guar.)_
134 Dec. 15 Holders of reo. Nov.30
Southern Gas& Power, class A (guar.)._ 4334c. Dec. 15 Holders of rec. Nov. 250
Southwestern Gas & Elec.,8% p1.(qu.)_ *2
Jan. 3 *Holders of rec. Dec. 15
•134 Jan. 3 *Holders of rec. Dec. 15
Seven per cent preferred (quar.)
Standard Gas & Electric Co.
Common (payable in common stock)_ f1-200 Jan2517 Holders of rem Dec. 315
SI Dec. 15 Holders of rec. Nov. 30a
Preferred (guar.)
Tacony-Palmyra Ferry
Dec. 31 Holders of rec. Dec. 15
4
1.44 Jan. 2 Holders of rec. Dec. 15
Tennessee Elec. Pow.6% 1st pf (qu.)
7% first preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
1.80 Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (guar.)
50c. Jan. 2 Holders of rec. Dec. 15
6% first preferred (monthly)
60c. Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (monthly)
054.75 Jan. 1 Holders of rec. Dec. 150
Union Passenger Ry.(Philadelphia)._
United Gas Improvement (guar.)
51 Jan. 15 Holders of rec. Dec. 310
United Light & Pow., new corn. A (guar.) 12c. Feb. 1 Holders of rec. Jan. 15
60e. Feb. 1 Holders of rec. Jan. 15
Old common A (guar.)
I2c. Feb. 1 Holders of rec. Jan. 15
New common B (guar.)
Old common B (guar.)
60c. Feb. 1 Holders of rec. Jan. 15
Preferred class A (guar.)
$1.62 Jan. 3 Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 15
Preferred class B (guar.)
51
Holders of rec. Dec. 15
Utah Gas & Coke, pt. & partic. pf.(qu.) *51.75 Jan.
Utilities Power & Light,class A (guar.)_ _ to50c. Jan. 3 Holders of rec. Dec. 6a
w25c. Jan. 3 Holders of rec. Dec. 6a
Class B (guar.)
to41c. Jan. 3 Holders of rec. Dec. 60
Class B (extra)
Preferred (guar.)
w134 Jan. 3 Holders of rec. Dec. 6a
Utility Shares Corp., COM.(No. 1)
50c. Dec. 15 Holders of rec. Nov.30
Virginia Elec.& Power, pref.(guar.) _ _ $1.75 Dec. 20 Holders of rec. Nov. 150
Washington Water Power,634% PL(qu.) 134 Dec. 15 Holders of rec. Nov. 24s
West Penn Electric, class A (guar.)
$1.75 Dec. 30 Holders of rec. Dec. 15a
West Penn Power.7% preferred (quar.). 134 Feb. 1 Holders of rec. Jan. 15a
Six per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 15a
West Penn Rys., pref.(guar.)
114 Dec. 15 Holders of rec. Nov. 24
Jan. 1 Holders of rec. Dec. 15a
West Philadelphia Passenger Ry
$5
134 Jan. 1 Holders of rec. Dec. 15
Winnipeg Electric Co., pref.(guar.)._ _ _
Wisconsin Power & Light, pref. (guar.). 1M Dec. 15 Holders of rec. Nov. 300
Wisconsin Pub. Serv., 6'.4% Pref.(MO 134 Dec. 20 Holders of rec. Nov.30
Banks.
Chase National (guar.)
334
$1
ChasaSecurities Co.(guar.)
Chatham & Phenix Nat. Bk.& Tr.(qu.) 4
2
Chelsea Exchange (guar.)
Chemical National (stock dividend)._ _ _ (1)
4
Commerce, National Bank of (guar.).
2
Extra
4
Public National (guar.)
*3
Queens-Bellaire(No. 1)
4
Seaboard National (guar.)
3
Standard(guar.)
Standard National Corp., common (on.) 83
134
Preferred (guar.)
255
United States(Bank of)(guar.)
Holders of rec. Dec. 13a
Holders of rec. Dec. 13a
Dec. 15 to Jan. 2
Holders of rec. Dec. 17a
Jan.
Jan.
Jan.
Jan.
3
3
3
3
Jan.
Jan.
Jan.
Jan.
Jan
Jan.
Jan.
Jan.
Jan.
2 Holders of rec. Dec. 17a
2 Holders of rec. Dec. 17a
2 Holders of rec. Dec. 20
3 *Holders of rec. Dec. 21
3 Holders of rec. Dec. 236
3 Holders of rec. Dec. 27a
3 Holders of rec. Dec. 270
3 Holders of rec. Dee. 270
3 Holders of roe. Dec. 20a
Trust Companies.
Equitable (guar.)
Guaranty (guar.)
Manufacturers (guar.)
United States (guar.)
3
3
6
1234
Dec. 31
Dec. 31
Jan. 3
Jan. 3
Fire Insurance.
Fidelity-Phenix (stock dividend)
North River
100
5
Jan. 10 Holders of rec. Dec. 30a
Dec. 15 Holders of rec. Dec. 10a
Miscellaneous.
$1.50 Dec. 31
Adams Express (guar.)
7340. Jan. 5
Ahumada Lead (guar.)
7 Mc. Jan. 5
Extra
134 Jan. 3
Allied Chemical & Dye, pref.(quar.)
Allis-Chalmers Mfg., pref. (guar.)
134 Jan. 15
American Art Works, corn & p1.(qu.).135 Jan. 15
American Bank Note, common (guar.)_ _ 50c. Jan. 3
Dec. 30
Si
Common (extra)
750. Jan. 3
Preferred (guar.)
3
Jan.
American Can, preferred (guar.)
134
American Car & Foundry, COM.(quar.). $1.50 Jan. 1
134 Jan. 1
Preferred (guar.)
50e. Dee. 31
American Chain, class A (guar.)
75c. Jan. 1
American Chicle, corn. (guar.)
1
preferred
134 Jan
(quar.)
6%
134 Jan. 1
Prior pref.(guar.)
American Cigar, preferred (guar.)
134 Jan. 3
$1 Jan 1'27
American Hardware Corp.(guar.)
3
200. Jan
Amer. Home Products (monthly)
Amer.-La France Fire Engine, com.(gu.) 25e. Feb. 15
134 Jan. 3
Preferred (guar.)
Marl'27
Amer. Laundry Machinery, corn. (au.)- $1
1% an 3'27
American Linseed. pref.(guar.)
144 Apr1'27
Preferred (guar.)
Dec. 31
Amer. Locomotive, common (quar.)_ _ _ _ $2
134 Dec. 31
Preferred (guar.)
114 Dec. 31
American Mfg., common (guar.)
134 Dec. 31
Preferred (guar.)
234 Jan. 2
American Piano, common (guar.)
Common (payable in common stock)_ f244 Jan. 2
134 Jan. 2
Preferred (guar.)
$1.25 Dec. 31
Amer. Radiator. common (guar.)
$1.50 Dec. 31
ADMEMIM Railway Express (guar.)
50c. Jan. 15
Amer. gelling Mill, com. (guar.)
134 Jan. I
Preferred (guar.)
75c. Jan. 3
Safety
Razor
(guar.)
American
(a) Jan. 3
Stock dividend
American Seating, common (quar.)___. 75c. Jan. 1
25c. Jan. 1
Common (extra)
25e. Apr. 1
Common (extra)
25c. July 1
(extra)
Common
25c. Oct. 1
Common (extra)
75c. Jan. I
Preferred (guar.)
Jan. 3
3
American Snuff, coin.(guar.)
Jan. 3
Preferred (guar.)
Jan. 15
75e.
(guar.).
corn.
Foundries.
American Steel
1M Dec. 31
Preferred (guar.)
600. Jan. 1
American Stores (guar.)
Amer. Sugar Refining, corn. (guar.). - 134 Jan. 3
134 Jan. 3
Preferred (guar.)
12 Mc Jan. 1
American Thread, preferred
134 Jan. 3
American Tobacco, pref. (guar.)
Jan. 15
American Vitrified Products, com. (on.) 51
134 Jan. 15
American Woolen, pref. (guar.)
134 Jan. 1
Armour & Co.of III., pref. (guar.)
134 Jan. 1
Armour & Co. of Del., pref. (quar.)-5144 Jan. 2
Armstrong Cork, common (guar.)
Jan. 15
Common (payable in common stock)_ _ f5
14‘ Jan. 2
Preferred (guar.)
75c. Jan. 3
Artloom Corp.. common ((Suar.)
50c. Dec. 24
Associated 011 (guar.)
400. Jan. 25
Extra
334 Jan 1'27
Atlantic) Ice & Coal preferred
Dec. 16
4
Atlantic Terra Cotta, preferred
Jan. 10
$1
Atlas Powder, common (extra)
Jan. 3
$1
Auburn Automobile, com.(guar.)
Dee. 15
2
Autocar Co., pref. (guar.)
Dec. 24
$3
Autosales Corporation, pref
Jan2'27
Babcock & Wilcox ((luar.)
A pr 1'27
Quarterly
25c. Jan. 1
Balaban & Katz, common (monthiy)_
14( Jan. 1
Preferred (guar.)
Baldwin Locomotive, common & pref
314 Jan. 1
Hamadan Corp., class A & B (guar.).- 50c. Jan. 3
[VOL. 123.
THE CHRONICLE
3008
134
134
154
Holders of rec. Dec. 21a
Holders of rec Dec. 17
Holders of rec. Dec. 20a
Holders of rec. Dec. 21a
Holders of roc. Dec. 15a
Holders of rec. Dec. 18a
Holders of rec. Dec. 18a
Holders of rec. Dec. 15a
Holders of rec. Dec. 24a
Holders of rec. Dec. 31
Holders of rec. Des. 150
Holders of rec. Dec. 83
Holders of rec. Dec. 153
Holders of rec. Dec. 16a
Holders of rec. Dec. 153
Holders of rec. Dec. 15a
Dec. 22 to Jan. 2
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15
Holders of rec. Doe. 16a
Holders of rec. Dec. 15a
Holders of rec. Feb. 1
Holders of rec. Dec. 15
Holdersofree.Feb.21'27
Holders of rec. Dee. 17a
Hold. of red.Mar.18 '27a
Holders of rec. Dec. 13a
Holders of rec. Dec. 130
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 150
Holders of rec. Doe. 150
Holders of rec. Doe. 150
Holders of rec. Dec. 31a
Holders of rec. Dec. 15a
Holders of rec. Dec. 10a
Holders of rec. Dec. 10a
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Mar. 20
Holders of rec. June 20
Holders of rec. Sept. 20
Holders of rec. Dec. 20
Holders of rec. Dee. 103
Holders of rec. Dec. 10a
Holders of rec. Jan. 30
Holders of rem Dec. 15a
Dec. 17 to Jan. 1
Holders of rec. Dec. la
Holders of rec. Dec. la
Holders of rec. Nov.30a
Holders of rec. Dec. 150
Holders of rec. Jan. 5
Dec. 16 to Dec. 22
Holders of rec. Dec. 10a
Holders of rec. Dec. 10a
Holders of rec. Dee. 17
Holders of rec. Dec 17
Holders of rec. Dec. 17
Holders of rec. Doe. 16a
Holders of rec. Dec. 6a
Holders of rec. Dec. 6a
Dec. 6 to Dec. 16
Holders of rec. Nov.30a
Holders of rec. Dee. 21
Holders of rec. Dec. 4
Holders of rec. Dec. 15a
Holders of rec. Dec. 20a
Hold. of rec. Mar.20'27o
Holders of rem Dee. 20
Holders of rec. Dee. 20
Holders of rec. Dec. 4a
Holders of rec. Dec. 15a
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Beech-Nut Packing, corn. (guar.)
600. Jan. 10 Holders of rec. Dec. 29a
Preferred (guar.)
114 Jan. 15 Holders of rec. Dec. 310
Belding Corticelli, Ltd., pref.. (quar.)
134 Doe. 15 Holders of rec. Nov. 30a
Belding Heminway Co., com.(qu.)
75c. Jan. 1 Holders of rec. Doe. 200
Belgo Canadian Paper, pref.(quar.).
134 Jan. 2 Holders of rec. Dee. 4
Bendix Corporation, class A (quar.)._
60c. Jan. 3 Holders of rec. Dec. 15
Bessemer Limestone & Cem., corn. (qu.) $1.50 Dec. 31 Holders of rec. Dec. 30
Common (extra)
Dec. 31 Holders of rec. Dec. 3a
$4
Preferred (quar.)
114 Dec. 31 Holders of rec. Dec.d206
Bethlehem Steel, pref. (guar.)
134 Jan. 3 Holders of rec. Dec. 30
*2734 Dec. 18 *Holders of rec. Dec. 14
Big Lake Oil
Blaw-Knox Co., com.(extra)
51.25 Dec. 24 Holders of rec. Dec. 13
Borg & Beck (guar.)
Jan. 1 Holders of rec. Dec. 18
$1
Boston Wharf
Dec. 31 *Holders of rec. Dec. 1
553
Boston Woven Hose & Rub.,corn.(q11.)- $1.50 Dec. 15 Holders of rec. Dec. la
Preferred
3
Dec. 15 Holders of rec. Dec. la
Brillo Mfg., pref., class A (quar.)
50c. Jan. 2 Holders of rec. Dec. 15a
British-American 011 iquar.)
62.44c Jan. 2 Dec. 15 to Dec. 31
Bonus
50c. Jan. 2 Dec. 15 to Dec. 31
Buckeye Pipe Line (guar.)
Dec. 16 Holders of rem Nov. 19
51
Bucyrus Company, common (guar.)_ _ _ _
134 Jan. 3 Holders of rec. Dec. 20
Common (extra)
134 Jan. 3 Holders of rec. Dec. 20
114 Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
Burns Bros., pref.(guar.)
114 Jan. 3 Holders of rec. Dec. 15a
Burroughs Adding Machine,corn.(guar.) 75c. Dec. 31 Holders of rec. Dec. 150
Bush Terminal, preferred
an. 15 *Holders of rec. Dec. 31
zi
an. 15 *Holders of rec. Dec. 31
Debenture preferred (guar.)
114 Jan. 3 Holders of rec. Dec. 17a
Bush Terminal Didgs., pref. (quar.)_
50c. Dec. 24 Holders of rec. Dec. 9a
Butte Copper & Zinc
50e. Dec. 31 Holders of rec. Doe. 150
Butte & Superior Mining (guar.)
By-Products Coke, common (guar.)_
50c. Dec. 20 Holders of rec. Dec. 4a
Preferred (guar.)
214 Jan. d3 Holders of rec. Dec. 20
Doe. 15 Holders of rec. Nov.306
California Packing (guar.)
$1.50 Dec. 20 Holders of rec. Dec. 30
Calumet & Arizona Mining (guar.)
50e. Dec. 15 Holders of rec. Nov.300
Calumet & Ilecla Consol. Copper Co
6134 Jan15'21 Holders of rec. Jan 1'270
Canada Dry Ginger Ale, stock div.
Canadian Car & Foundry. Pref. (guar.). 134 Jan. 10 Holders of rec. Dec. 27
Jan. 3 Holders of rec. Dec. 15
Canadian Connecticut Cot. Mill, pf.(qu.) 1
Canadian General Electric. nref. (quar.) 134 Jan. 1 Holders of rec. Dec, 15a
144 Dec. 15 Dec. 11 to Dee. 14
Carter (William) Co., pref.(guar.)
Case (J. I.) Threshing MachineIM Jan. 1 Holders of rec. Dec. I30
Preferred (quar.)
Casey-Hedges Co., pref. (quar.)
1 C1? Jan.
. 10
1 Holders of rec. Dec. 24a
Central Alloy Steel, common ((Suar.) _ _ 50
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15s
Jan. 1 Holders of rec. Dec. 150
Certain-teed Products Corp., com.(qu.) $1.
134 Jan. 1 Holders of rec. Dec. 15
First and second preferred (quar.) _ _ _
Chesebrough Manufacturing (quar.)_.. 75c. Dec. 28 Holders of rec. Dec. 10a
25c. Dec. 28 Holders of roe. Dee, 100
Extra
500. Doe. 28 Holders of rec. Dec. 100
Special extra
Chicago FU06 Manufacturing (guar.). •62 Mc Jan. 1 *IIelders of rec. Dec. 16
Chicago Mill & Lumber, pref.(quar.)- - •134 Jan. 1 *Holders of rec. Dec. 22
5134 Jan. 1 *Holders of rec. Dec. 18
Chicago Motor Coach, pref. (quar.)__
33 I-3c Jan. 1 Holders of rec. Dec. 20a
Chicago Yellow Cab Co.(monthly)
33 1-30 Feb. 1 Holders of rec. Jan. 20a
Monthly
33 1-3c Mar. 1 Holders of rec. Feb. 18a
Monthly
Chili Copper Co.(guar.)
6214c Doe. 27 Holders of rec. Dee. 10
Chrysler Company,corn.(guar.)
75e. Jan. 3 Holders of rec. Dec. 154
Preferred
Jan 3'27 Holders of ree. Dec. 15a
$2
14 Jan. 1 Holders of rec. Dec. 15
Cities Service, common (monthly)
Common (payable in common stock)_
134 Jan. 1 Holders of ref. Dec. 15
M Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B (monthly)_ _
City Housing Corporation
Jau. 1 Holders of rec. Dec. 3Ia
3
Cleveland Stone (guar.)
50c. Dec. 15 Holders of rec. Dec. d4
Extra
25c. Dec. 15 Holders of rec. Dec. d4
Quarterly
500. Mar. 15 Holders of rec. Mar. 6
Quarterly
*50e. June 15 *Holders of rec. June
*56e. Sept. 15 *Holders of rem Sept. 5
Quarterly
Clincialield Coal Corp., com
60c. Dec. 15 Holders of rec. Dec. 10a
Coca-Cola Co.(quar.)
51.75 Jan. 1 Holders of rec. Dec. 15
Coca-Cola International (guar.)
$1.75 Jan. 1 Holders of rem Dec. 15a
Colt's Patent Fire Arms Mfg.(quar.)_ 50c. Dec. 31 Holders of rec. Dec. 1la
Commercial Credit, coin. (guar.)
25c. Dec. 31 Holders of rec. Dec.d10
634% preferred (quar.)
134 Dec. 31 Holders of rec. Dec.d10
60c. Dec. 31 Holders of rec. Dee.d10
8% preferred, class B
4334c Dec. 31 Holders of rec. Dec.d10
Seven per cent preferred (guar.)
Commercial Investment Trust,com.(gu.) 90e. Jan. 1 Holders of rec. Dec. 15a
134 Jan. 1 Holders of rem Dec. 150
7% first preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 16a
614% first preferred (guar.)
Jan. 1 Holders of rec. Dec. 200
Commercial Solvents Corp., class B(qu.) $2
75c. Jan. 1 Holders of rec. Dec. 15a
Congress Clgar (guar.)
Consolidated Cigar Corp., corn.(quar.)_ $1.75 Jan. 6 Holders of rec. Dec. 15a
•144 Dec. 20 *Holders of rec. Dec. 4
Consolidated Ice, prdf.(guar.)
1240. an. 1 Dec. 15 to Jan. 1
Consolidated Lead & Zino (quar.)
5134 Jan. 10 Holders of rec. Dec. 200
Consolidation Coal, pref
134 Jan. 3 Holders of rec. Dec. 20a
Continental Can, Inc., pref.(quar.)_
25c. Dec. 15 Holders of rec. Nov. I5a
Continental Oil (quar.)
Dec. 15 Holders of rec. Nov.20
1
Cookeville Shale Brick. pref.(quar.)
DeC. 31 Holders of rec. Dec. 200
$1
Coty,Inc.(guar.)
Dee. 31 Holders of rec. Dec. 20a
Extra
$1
Crane Company, corn. (guar.)
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
Jan. 20 Holders of rec. Jan. 3
Credit Discount Corp. of Am.,com.(qu.) Si
Jan. 3 Holders of rec. Dec. 20
$2
Preferred (quar.)
Crown Willamette Paper, pref.(quar.)_ _ *134 Jan. 3 *Holders of rec. Dee. 15
134 Doe. 31 Holders of rec. Dec. 16a
Crucible Steel, pref. ((Suar.)
Cuba Company, preferred
•334 Feb. I *Holders of rec. Jan. 15
Cuban-American Sugar. corn.(guar.)._ _ 25c. Jan. 3 Holders of rec. Dec. 70
13.4 Jan. 3 Holders of rec. Dec. 70
Preferred (guar.)
Dec. 15 Holders of rec. Nov. 30
3
Cumberland Pipe Line (quar.)
Dec. 15 Holders of rem Dec. 1
$1
Cuneo Press, Inc. (guar.)
144 Doe. 24 Holders of rec. Dec. Ila
Davis Mills (quar.)
Decker (Alfred) & Cohn, corn. (qu.)._ _ _ 50c. Dec. 15 Holders of rec. Dec. 40
Dec. 15 Holders of rec. Dec. is
2
Derk Manufacturing, pref. (guar.)
Ian. 3 Holders of roe. Dec. 15a
Detroit & Cleveland Navigation (guar.)_ $1
20e. Doe. 20 Holders of rec. Nov. 30
Devonian 011
Dec. 15 Holders of rec. Nov.300
2
Diamond Match (guar.)
134 Jan. 3 Holders of rec. Dec. 15
Dominion Glass, common & pref.(qu.)
51.25 Jan. 3 Holders of rec Dec. 15
Dominion Textile, com.(guar.)
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
50e. Dec. 31 Holders of rec. Deo. la
Douglas-Pectin Corporation (guar.)
50c. Doe. 31 Holders of rec. Dec. la
Extra
Jan. 1 Holders of rec. Nov. 27
Draper Corp., new no par stock (No. 1). $1
1214 Jan. 15 Holders of rec. Aug. 28
Extra
Du Pont(E.I.) de Nero.& Co.,com.(qu) $1.75 Dec. 15 Holders of rec. Dec. la
Jan. 5 Holders of rec. Dec. la
$5
Common (extra)
134 Jan. 25 Holders of rec. Jan. 10a
Debenture stock (guar.)
$1.25 Jan. 3 Holders of rec. Nov. 30a
Eastman Kodak, common (guar.)
75c. Jan. 3 Holders of rec. Nov. 300
Common (extra)
Preferred (guar.)
134 Jan. 3 Holders of rec. Nov. 30a
*25c. Jan. 15 *Holders of rec. Dec. 31
Economy Grocery Stores (guar.)
144 Jan, 1 Holders of rec. Dec. 210
Eisenlohr (Otto) & Bro.. pref. (quar.).
Electric Storage Battery,com.& DI.(qu.) $1.25 Jan. 3 Holders of rec. Dec. 60
60c. Dec. 24 Holders of rec. Dec. 1
Emporium Corporation (quar.)
Equitable Office Bldg. Corp., com.(qu.) $1.50 Jan. 3 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan, 3 Holders of roe. Dee. 150
75e. Dec. 31 Holders of roe. dDeo.15a
Fairbanks-Morse & CO.. eom• (quar,)...
Fair (The), common (monthly)
20c. Jan. 1 Holders of rec. Dec. 200
20c. Feb. 1 Holders of rec. Jan. 200
Common (monthly)
134 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
Jan. 3 Holders of rec. Dec.. 15a
Famous Players-Lasky Corp.,com.(.111.) $2
Fanny Farmer Candy Shops, prof.(qu.)- 560e. Jan. 1 *Holders of rem Dee. 15
Federal Mining & Smelting. Pref.((Suer.) 154 Deo, 15 Holders of rec. Nov.240
*20c. Jan. 2 *Holders of rec. Dec. 18
Federal Motor Truck (guar.)
*e244 Jan. 5 *Holders of rem Dec. 18
Stock dividend
Fifth Avenue Bus Securities (guar.)._ _ 16e. Jan. 18 Holders of rec. Jan. 40
Financial Invest. Co.of N.Y., Ltd.(qu.) 25e. Jan. 1 Holders of rec. Nov.30
Jan. 1 Holders of rec. Dec. 150
First National Pictures, preferred ((Suar.) 2
3734c Jan. 3 Holders of rec. Dec. 18a
First National Stores, corn.(guar.)
First preferred (quar.)
154 Jan. 3 Holders of rec. Dec. 18
DEC. 11 1926.1
Name of Company.
THE CHRONTCLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
'
Fleischmann Co.(guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
Extra
250. Jan. 3 Holders of rec. Dec. 110
Flour Mills of America, pref. A (quar.)_ _ 22
Dec. 31 Holders of rec. Dee. 15
Foote Bros. Gear & Mach., corn.(qu.)_ 25e. Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
1% Jan. 1 Dec. 21 to Dec. 31
Forhan Company,common (guar.)
25c. Jan. 2 Holders of rec. Dec. 150
Class A (guar.)
40e. Jan. 2 Holders of rec. Dec. 15a
Foundation Co.. corn. (guar.)
$2 Dec. 16 Holders of rec. Dec. la
French (Fred F.) Companies, pref
334 Dec. 15 Holders of rec. Nov.30
French (Fred F.) Security, pref
3)9 Dec. 15 Holders of rec. Nov.30
Gabriel Snubber, corn. A and B (guar.). 873.9 Jan. 1 Holders of rec. Dec. 15a
Gamewell Company, corn.(guar.)
$1.2 Dec. 1 Holders of rec. Dec. 4a
General Cigar, debenture pref. (guar.)
144 Jan. 3 Holders of rec. Dec. 23a
General Electric, corn. (guar.)
75c. Jan. 2 Holders of rec. Dec. 150
Special stock (quar.)
15c. Jan. 2 Holders of rec. Dec. 15a
General Motors Corp., corn. (extra)_ _ 14
Jan.
Holders of rec. Nov.20a
Preferred (quar)
114 Feb.
Holders of rec. Jan. 10a
Six per cent debenture stock (guar.)._
119 Feb.
Holders of rec. Jan. 100
Seven per cent debenture stock (quar.) 1% Feb.
Holders of rec. Jan. 100
General Neces.
,
It les Corp.(monthly)
1
Dec. 1. Holders of rec. Dec. 5
Stock dividend
e25
Dee. 8 Holders of roe. Dec. 20a
General Railway Signal, corn.(quar.)
$1
Jan.
Holders of rec. Dec. 10a
Common (extra)
250. Jan.
Holders of rec. Dec. 10a
Preferred (guar.)
1)f Jan. 1 Holders of rec. Dec. 100
Giant Portland Cement, pref
339 Dec. 15 Holders of rec. Nov.30a
Preferred (in full Stall accum. diva.)_ 19
Dec. 15 Holders of rec. Nov.300
Ginter Company, preferred (guar.)
20c. Jan. 3 Holders of rec. Dec. 18
C.G.Spring & BumperCommon (in corn. stk.on each 10 ohs.) /3-10 Feb1527 Holders of roe. Feb.8'2;
Gleasonite Products (guar.)
2440. Dec. 10 Holders of rec. Nov.30
Glidden Company. common (guar.) _ _ _ _ 50e. Jan. 3 Holders of rec. Dec. 160
Prior preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 16a
Globe-Wernicke Co., common
$1.50 Jan 1'27 Holders of roe. Dec. 20
Goodrich (B. F.) Co., pref. (guar.)_ _
134 Jan. 3 Holders of rec. Dec. Ma
Goodyear Tire & Rubber,prior pref.(gu.) 2
Jan. 1 Holders of rec. Doe. 154
Preferred (guar.)
I% Jan. 1 Holders of rec. Dec. 1
Cloward (H. W.)& Co.. corn. (m'thly)... 83 1-30 Jan 3'27 Holders of reo. Dec. 20
Gotham Sllk Hosiery, corn.(guar.)
6234o. Doe. 31 Holders of roe. Dec. 15
Goulds Pumps, Inc., corn.(guar.)
2
Jan. 2 Holders of rec. Dec. 20
Common (special extra)
2
Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Northern
Iron
Great
Ore Properties_ _
75e. Dec. 28 Holders of rec. Dee. 6a
Great Western Sugar, corn.(quar.)
2 Holders of rec. Dee. 15a
Jan
32
Preferred (guar.)
2 Holders of rec. Dec. 15a
134 Jan
Greenfield Tap & Die,6% pref. (quar.)_
159 Jan. 3 Holders to rec. Doe. 15
8% preferred (quar.)
2
Jan. 3 Holders of rec. Dec. 16
Guantanamo Sugar, preferred (quar.)
2
Jan. 3 Holders of rec. Dec 150
Gulf States Steel, common (guar.)
144 Jan, 3 Holders of rec. Dee. 150
Preferred (guar.)
144 Jan. 2 Holders of tee. Dee. 150
Hammermill Paper, preferred (guar.).-- •144 Jan. 1 *Holders of rec. Dec. 20
Hanes (P. H.) Knitting, oref. (guar.).- 134 Jan. 1 Holders of rec. Dec. 18
Harbison-Walker Refrac., pref. (guar.). 144 Jan. 20 Holders of rec. Jan. 10a
Hartman Corporation, class A (quar.)
500. Mar127 Holders of reo.Feb.15.27a
Class A (guar.)
500. J'nel'27 Holders of roe. May 17e
Class B (guar.) In clan A stook
(o) Marl27 Holders of rec.Feb1617s
Class B (guar.) In class A stock
(o) J'nel'27 Hold, of rec. May 17'27o
Hart.Schaffner & Marx,Inc.,corn.(qu.) 134 Nov. 30 Holders of rec. Nov. 16a
Hathaway Baking Co.,cony. pref.(qu.)
134 Deo, 15 Holders of rec. Doe. la
Hayes Ionia Co.(monthly)
10e. Jan l'27Holders of rect. Dec. 280
Monthly
10o. Febl'27 Holders of roe. Jan. 211)
Monthly
100. Marl'27 Holders of rec. Feb. 28a
Hayes Wheel,common (guar.)
750. Dee. 15 Holders of roe. Nov. 260
Preferred (guar.)
Dee. 15 Holders of rec. Nov.260
Hecla Mining (guar.)
50c. Dec. 16 Holders of rec. Nov. 15a
Helme (George W.) Co., corn. (quar.). 75e. Jan. 3 Holders of rec. Dec. 13a
Common (extra)
34
Jan. 3 Holders of rec. Dec. 13a
Preferred (guar.)
154 Jan, 3 Holders of rec. Doe. 13a
Hibbard,Spencer, Bartlett & Co.(mthly) 850 Dee. 81 Holders of rec. Dee. 24
Extra
200 Dec. 81 Holders of roe. Dee. 24
Honolulu Consolidated Oil (War.)
*500. Dec. 15 *Holders of rec. Dec. 4
Extra
*50o. Doe. 15 *Holders of rec. Doe. 4
Hood Rubber, coca. (guar.)
31
Dec. 31 Holders of rec. Doe, 20
Household Products (extra)
50c. Jan. 3 Holders of rec. Dec. 150
Hudson Motor Car (guar.)
87340. Jan. 3 Holders of rec. Doe. 15a
Hudson River Navigation, pref
s
Doe. 31 Holders of roe. Dec. lb
Illinois Brick (quar.)
600. Jan. 15 Jan. 5 to Jan. 16
Extra
40e. JanI5'27 Jan. 5 to Jan. 16
Quarterly
600. Ap15'27 Apr. 5 to Apr. 15
Quarterly
60o. Jiy15'27 July 3 to July 15
Quarterly
60o. 0015'27 Oct. 5 to Oct. 16
Illinois Pipe Line
6
Dee. 15 Nov.24 to Doe. 14
Independent Oil & Gas(guar.)
230. Jan. 17 Holders of rec. Dec. 300
Indiana Limestone, pref.(guar.)
134 Doe. 1 Nov.20 to Nov.30
Ingersoll-Rand Co.. preferred
3
Jan. 3 Holders of rec. Dee. laa
Inland Steel, preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 150
Inspiration Consolidated Copper (guar.) 50c. Jan. 3 Holders of roc. Dec. 160
International Business Machines (guar.) 730. Jan. 10 Holders of roe. Dec. 220
Extra
25o. Jan. 10 Holders of rec. Dec. 22a
International Cement, common (guar.). $1
Doe, 31 Holders of rec. Dec. 15a
Preferred (guar.)
154 Dec. 31 Holders of rec. Doe. 15a
International Harvester, corn. (guar.).- 139 Jan. 15 Holders of rec. Dec. 290
Common (payable in common stock)._ ./4
Jan.d25 Holders of rec. Doe. 290
International Paper,6% pref. (quar.)
134 Jan. iS Holders of rec. Jan. 50
Seven per cent pref. (guar.)
134 Jan. 15 Holders of rec. Jan. 3a
International Salt (guar.)
13.4 Jan. 8 Holders of rec. Doe. 15a
International Shoe, common (guar.)_ _
31.75 Jan. 1 Holders of roe. Doe. 15a
International Silver, corn. (guar.)
139 Dec. 31 Holders of roe. Doe. 15a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. 15a
Isle Royal Cooper Co
50c. Dec. 15 Holders of rec. Nov. 30a
Jewell Tea, preferred (guar.)
•144 Jan. 1 *Holders of rec. Dec. 20
Preferred (account accum. dividend). *89
Jan. 1 *Holders of tee. Dec. 20
Jones & Laughlin Steel. prof.(quar.)_
144 Jan. 1 Holders of roe. Dec. 150
Kaufmann Dept. Stores, pref. (guar.)._
144 Jan. 53 Holders of reo. Dec. 20a
Kayser (Julius) & Co., pref.(quar.) . $2
Jan. 3 Holders of rec. Dec. 17a
Kelsey Wheel. common (guar.)
134 Jan. 3 Holders of rec. Dec. 21a
Kennecott Copper Corp.(guar.)
81.25 Jan. 2 Holders of roe. Dec. 3a
Keystone Watch Case (guar.)
1
Jan. 3 holders of rec. Dec dl8a
Kilburn Mill (guar.)
*2
Doe. 15 *Holders of rec. Nov. 30
Kinney(OR.)Co., common (quar.)_
SI
Jan. 3 Holders of rec. Dec. 23a
Knox Hat, prior preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15
Kraft Cheese (guar.)
3754c Jan. 3 Holders of rec. Dec. 10a
Stock dividend
el 34 Jan. 3 Holders of rec. Dec 10a
Kresge (S. S.) Co. common (quar.)____ 30o. Dee. 81 Holders of rec. Dec. 15a
'
184 Deo, 81 Holders of rec. Dec. 16a
Preferred (guar.)
Kuppenheimer (B.) & Co.,common__ $1
Jan. 2 Holders of rec. Dec. 24a
Lake Shore Mines
10
Dee, 15 Doe. 2 to Dee, 14
Bonus
10
Dec. 15 Doe. 2 to Doe, 14
Lehigh Valley Coal Sales (guar.)
32
Jan. 3 Holders of rec. Dec. 9
Libby, McNeill & Libby, pref
334 Jan. 1 Dec. 18 to Jan. 13
Liberty Baking Corp., pref. (guar.) --134 dDec 31 Holders of rec. Dec. 15
Life Savers, Inc. (guar.)
40e. Jan, 1 Holders of rec. Dec. 15a
Liggett & Myers Tobacco, pref.(guar.). 144 Jan. 1 Holders of rec. Dec. 15a
Lindsay Light, pref
345 Jan 3 *Holders of rec. Dec. 10
Liquid Carbonic Corp.(guar.)
*90c. Feb. 1 *Holders of rec Jan 20
Loew's Buffalo Theatres, Inc.. pf.(qu.)_ 2
Jan. 1 Holders of roe. Doe. 20a
Inc.(guar.)
50e. Dec. 31 Holders of rec. Dec. 13s
Extra
$1
Doe, 31 Holders of rec. Dee. 130
(Can.),
Theatres
corn_
London
Loew's
250. Jan. 16 Holders of rec. Dec. 31
Preferred
344 Jan. 16 Holders of rec. Dec. 31
Long Bell Lumber, class A (guar.)
$1
Dec. 31 Holders of rec. Dec. lla
244 Jan. 3 Holders of rec. Dee. 17a
Lord & Taylor. common (guar.)
Lorillard (P.), corn. (In corn. stock)____ (u) Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
NfacFadden Publication, Inc
4
Feb. 2 Holders of rec. Dec. 31
mamoson (H. R.) dr Co., pref.(quar.)__
134 Jan. 1 Holders of rec. Dec. 21a
$1
/garland Oil (guar.)
Deo, 31 Holders of rec. Dec. 18a
50o. Doe. 31 Holders of rec. Dec. 20a
Marlin-Rockwell Corp., corn.(quar.)_
Matheson Alkali Works, corn. (quar.)
$1
Jan. 3 Holders of rec. Dec. 170
184 Jan. 3 Holders of rec. Dec. 17e
preferred (guar.)
May Department Stores. pref. (guar.).-134 Jan. 2 Holders of rec. Dec. 15a
134
Name of Company.
3009
Per
When
Cent. Payable.
Book.s Closed
Days Inclusive.
Miscellaneous (Continued).
McCord Radiator & Mfg., class A (gu.)_ *75c. Jan. 1 *Holders of rec. Dec. 18
M erch.& Mfrs. Sec., partic. pref.(guar.) 6239c Jan. 1 Holders of rec. Dec. 156
Participating preferred (stock div.)__. el
Jan. 1 Holders of rec. Dec. 156
Merck & Co., preferred (guar.)
Jan. 8 Holders of rec. Dec. 17
$1
Morgenthaler Linotype (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 44
Extra
250. Doe. 31 Holders of rec. Dec. 4a
Metro-Goldwyn Pictures Corp., pf.(qu.) 47)8c. Dec. 15 Holders of rec. Nov.27.
Metropolitan Paving Brick, pref.(guar.) 134 Jan. 1 Dec. 16 to Dec. 31
Midvale Co
*25c. Dee. 31
Miller Rubber, common (guar.)
500. Jan. 25 Holders of rec. Jan. 56
Missouri Portland Cement (guar.)
500. Dec. 15 Holders of rec. Dec. 8
Montgomery Ward & Co., class A (qu.). *$1.75 Jan. 1 *Holders of rec. Dee. 21
Montreal Cottons, Ltd.. corn. (guar.)_. 1)4 Dec. 15 Holders of rec. Nov.300
Preferred (quar.)
134 Dec. 15 Holders of rec. Nov. 30a
Mother Lode Coalition Mines
3734c Dec. 31 Holders of rec. Dec. 10a
Motion Picture Capital Corp.. corn.(qu.) 25o. Dec. 15 Holders of roe. Dec. Ila
Preferred (guar.)
50c. Jan. 15 Holders of rec. Jan. 1
Motor Meter, Inc., class A (guar.)
90e. Jan. 1 Holders of rec. Dec. 15a
Motor Wheel Corporation (guar.)
50c. Dec. 20 Holders of rec. Dec. 100
Mountain Producers (guar.)
60e. Jan. 3 Holders of rec. Dee. 15a
Munyon Remedy Co.(guar.)
15o. Doe. 15 Holders of roe. Nov.30
National Biscuit. common (guar.)
Jan. 15 Holders of rec. Dec. 31.
$1
National Breweries, corn. (guar.)
Jan. 1 Holders of roe. Dec. 15
31
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15
Nat. Enamel.& Stamping. pref.(guar.)_
1% Dec. 31 Holders of rec. Dec. 156
National Grocer, preferred
a Jan 1'27 Dec. 21 to Dee. 31
National Lead, common (guar.)
2
Dec. 31 Holders of rec. Dec. 104
Preferred (guar.)
134 Dee. 16 Holders of rec. Nov. 196
National Standard Co.(guar.)
6234c Jan. o3 Holders of rec. Doe. 20
Extra
1234c Jan, 53 Holders of roe. Dec. 20 •
National Sugrir Refining (guar.)
134 Jan. 3 Holders of rec. Dee. 6
National Supply. corn. (extra)
Doe. 23 Holders of rec. Dec. 13a
$2
National Surety (guar.)
23.4 Jan. 3 Holders of rec. Dec. 170
National Transit
25c. Dec. 15 Holders of rec. Nov. 3015
Extra
12)9c. Dec. 15 Holders of rec. Nov. 30a
Neptune Meter, class A and B (guar.)
50o. Dee. 15 Holders of rec. Dec. la
Nevada Consolidated Copper (guar.)._ 37)9c Dec. 31 Holders of rec. Dec. 15a
New Process Cork, class A (guar.)
62)9c Dec. 15 Holders of rec. Nov.30a
New York Transportation (guar.)
50c. Jan. 15 Holders of rec. Dec. 31a
North American Provision (quar.)
13.4 Jan, 1 Holders of rec. Dee. 10
Northern Pipe Line
$3 Jan. I Holders of rec. Dec. 10
Extra
31 Jan. 1 Holders of rec. Doe. 10
Ohio Oil (guar.)
500. Dec. 15 Holders of rec. Nov.13
Extra
50o. Dee. 15 Holders of reit. Nov.13
Oil Well Supply (Corn.) (guar.)
50c Jan. 3 Holders of rec. Dec. 154
Preferred (guar.)
184 Feb. 1 Holders of rec. Jan. 156
Omnibus Corporation, pref. (guar.). -- *2
Jan. 1 Holders of rec Dec. 176
Orpheum Circuit, Inc., corn.(monthly). 16 2-3c Jan 2'27 Holders of rec. Doe. 20.
Preferred (guar.)
Jan 2'27 Holders of rec. Dec. 15a
2
Otis Elevator. pref.(guar.)
134 Jan1517 Holders of rec. Doe. 31a
Otis Steel, prior preferred (guar.)
1% Jan.
Holders of rec. Dec. 15a
Owens Bottle, common (guar.)
750. Jan.
Holders of rec. Dec. 166
Common (extra)
Jan.
$2
Holders of rec. Dec. 164
Common (payable in common stock).- 5
Jan,
Holders of rec. Dee. 1.6a
Preferred (guar.)
134 Jan.
Holders of roe. Dec. 16a
Pacific Steel Boiler (guar.)
25c. Dec. 1 Holders of roe. Doe. la
Packard Motor CarCommon (monthly)
20c. Dec. 31 Holders of tee. Doe .154
Common (monthly)
20c. Jan. 31 Holders of rec. Jan. 15a
Common (monthly)
20c. Feb. 28 Holders of rec. Feb. 156
Paige-Detroit Motor Car, pref.(quar.)_
*1% Jan. 3 *Holders of rec. Dec. 15
Paraffine Companies, corn.(guar.)
81.50 Dec. 23 Holders of rec. Dec. 130
Pedigo-Weber Shoe(guar.)
6234c. Jan. 2 Holders of rec. Dec. 23
Penick & Ford, Ltd., cam.(m.)(No.1). 250. Jan. 1 Holders of rec. Dee, 154
Preferred (guar.)
188 Jan. I Holders of rec. Dec. 150
Pennok Oil Corporation (guar.)
foo. Dec. 23 Holders of rec. Dec. 16a
Pa.-Dixie Cement, corn.(No. 1)
80e. Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.) (No. 1)
1% Dec. 15 Holders of rec. Nov. 300
Pettibone,Mulliken Co.,1st dr 26 pf.(qu.) 1% Jan. 3 Holders of rec. Dec. 230
Phillips Petroleum (quar.)
75e. Jan. 3 Holders of rec. Dec. 15a
•1% Jan. 1 *Holders of
Pick (Albert) & Co., pref.(qua?.)
rec. Doe. 20
Pie Bakeries of America, class A (quar.)_ $1
Dee. 81 Holders of rec. Dec. 15
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 15
Pierce-Arrow Motor Car, pref. (qua?,).. 2
Jan. I Holders of rec. Dec. 154
Pittsburgh Plats Glass (guar.)
2
Dec. 31 Holders of rec. Dee. 15
Pittsburgh Steel Foundry, pref. (guar.). 1% Dec. 31 Dec. 16 to Jan. 2
Plymouth Oil
415e. Dec. 20 *Holders of rec. Dec. 14
Port Alfred Pulp & Paper, pref.(guar.). 144 Dec. 15 Holders of rec. Dec. 86
Pratt at Lambert Co.,common (quar.)... 750. Jan. 3 Holders of rec. Dee. 166
Common (extra)
Jan. 3 Holders of rec. Dec. 166
SI
Pressed Steel Car. pref.(guar.)
144 Dee, 31 Holders of roe. Dec. la
Procter & Gamble,6% pref.(guar.).144 Dec. 15 Holders of rec. Nov.24a
Pro-phy-lac-tic Brush, pref. (guar.)- -144 Dec. 15 Holders of rec. Dec. 1
Provincial Paper Mills, corn.(quar.)_ _
144 Jan, 3 Holders of rec. Dec. 15
Common (bonus)
1
Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 16
Pure Oil Co.,634% pref.(guar.)
144 Jan. 1 Holders of rec. Dec. 10
Six per cent preferred (guar.)
144 Jan.
Holders of rec. Dec. 10
Eight per cent preferred (guar.)
2
Jan.
Holders of rec. Doe, 106
Quaker Oats, common (guar.)
SI
Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
144 Feb. 2 Holders of rec. Feb. la
Real Silk Hosiery Mills, common (qu.)
Jan,
El
Holders of rec. Dec. 20a
Preferred (guar.)
144 Jan.
Holders of rec. Dec. 206
Reid Ice Cream Co.. corn.(guar.)
75e. Jan. 3 Holders of reo. Dee. 206
Remington Typewriter, first pref.(qu.)_ 1% Jan, 1 Dec. 16 to Jan. 2
Second preferred (guar.)
2
Jan. 1 Dee. 16 to Jan. 2
Roo Motor Car, class A (quay.)
*90c. Jan. 1 *Holders of rec. Doe. 15
Republic Iron & Steel, preferred (guar.)_
144 Jan. 2 Holders of rec. Dec. 154
Reynolds(R.J.) Tobac.. com.. A&B(qu.) $1.25 Jan. I Holders of rec. Dec. 186
Richmond Radiator. pref. (special,extra) 250. Doe. 15 Holders of rec. Nov.30
St. Maurice Valley Corp., pref.(guar.). 134 Jan. 8 Holders of rec. Doe. 15
Salt Creek Consol. 011(guar.)
200. Jan. 8 Holders of rec. Dec. 15
San Toy mining
lc. Jan. 3 Holders of rec. Dec. 154
*134 Feb. 15 *Holders of rec. Feb.
Savage Arms, first preferred (quar.)I
Second preferred (guar.)
0144 Feb. 15 *Holders of rec. Feb. 1
Schulte Retail Stores, Prof. (guar.)
Jan. 53 Holders of rec. Doe. 150
2
Shell Union 011 (quar.)
35e. Dec. 31 Holders of rec. Dec. 106
Extra
600. Dec. 31 Holders of rec. Doe. 104
Sherwin-Williams Co.,Can., corn. (qu.). 1)9 Doe. 31 Holders of rec. Dec. 15
Preferred (guar.)
1% Dec. 31 Holders of roe. Doe. 15
Shredded Wheat (guar.)
75e. Dee. 31 Holders of rec. Doe. 21
Shreveport-E1 Dorado Pipe Line(guar.)- 25e. Jan. 2 Doe. 22 to Jan. 1
Extra
Jan. 2 Dec. 22 to Jan. 1
$1
Shubert Theatre (guar.)
$1.25 Dec. 15 Holders of rec. Dec. la
Simmons Company, corn. (guar.)
50c. Jan. 2 Holders of rec. Dec.515a
Simms Petroleum
50c. Jan. 3 Holders of rec. Dec. 156
Skelly Oil (guar.)
50o. Dec. 15 Holders of tee. Nov.15a
Sloss-Sheffield Steel & Iron, corn.(guar.) 144 Dec. 20 Holders of rec. Dec. 104
Preferred (guar.)
144 Jan. 8 Holders of rec. Dec. 204
Smallwood Stone. class A (guar.)
6244c Dec. 15 Holders of rec. Dec. 5
Smith (Howard) Paper Mills, pref.(qu.) 2
Jan. 10 Holders of rec. Dec. 31
Solar Refining
6
Dec. 20 Dec. 1 to Dec. 10
South Penn 011
50e. Dec. 31 Holders of rec. Dec. 14
South Porto Rico Sugar, corn.(quar.)...
144 Jan. 3 Holders of rec. Dec. 106
Preferred (guar.)
2
Jan. 3 Holders of rec. Dec. 104
South West Penna.Pipe Line(guar.)_ _ _ 31
Dec. 31 Holders of rec. Dec. 16
Standard Milling, corn. (guar.)
1% Doe. 31 Holders of rec. Doe. 18a
Preferred (guar.)
13.4 Dec. 31 Holders of rec. Dee. 18a
Standard 011 (Calif.) (guar.)
50c. Doe. 15 Holders of rec. Nov. 154
Extra
500. Doe. 15 Holders of rec. Nov.15a
Standard 011 (Indiana) (quar.)
62340 Deo, 15 Holders of roe. Nov. 17
Extra
25e Doe. 15 Holders of tee. Nov. 17
Standard 011(Kentucky)(guar.)
dJan. 2 *Holders of rec. Dec. 15
$1
Standard Oil (Nebraska) (guar.)
620. Dec. 20 Nov.25 to Doe. 20
Extra
50c. Dec. 20 Nov.25 to Dec. 20
Standard Oil(N.J.) $25 par stock (OIL). 25e. Dee. 1 Holders of rec. Nov.264
$25 par stock (extra)
12390 Doe. 1 Holders of rec. Nov.26a
$100 par value stock (guar.)
1
Dec. 15 Holders of rec. Nov.26
$100 oar value stock (extra)
50c. Doe. 15 Holders of reo. Nov.26
Preferred (guar.)
134 Dec. 15 Holders of rte. Nov.26
3010
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (('oncluded)
Standard 011 of New York (quar.)
40e. Dec. 15 Holders of rec. Nov. 19
Standard Oil (Ohio), corn.(guar.)
234 Jan. 1 Holders of rm. Nov. 26
Standard Plate Glass. prior pref.(quar.) 15( Jan. 1 Holders of rec. Dec. 200
Sterling Products, Inc.(quar.)
$1.25 Feb. 1 Jan. 15 to Feb. 1
Extra
Dec. 23 Holders of rec. Dec.413a
$1
Stern Brothers, class A (anon)
Jan. 2 Holders of rec. Dec. 21
$1
Stromberg Carburetor (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 100
Sun Oil (quar.)
25c. Dec. 15 Holders of rec. Nov.260
Stock dividend '
en
Dec. 15 Holders of rec. Nov.260
Swift & Co. (quar.)
2
Jan. 1 Dec. 11. to Jan. 6
Symington (The) Co. .class A (quar.)..._ 50c. Jan. 2 Holders of rec. Dee. 150
Syracuse Washine Mach., A & B (quar.) *75c. Jan. 1 *Holders of rec. Dec. 15
Clam A and B (in stock)
*2
Jan. 1 *Holders of rec. Dec. 15
Telautograph Co. (quar.)
1% Jan. 10 Holders of rec. Dec. 31
Tennessee Copper dr Chemical (guar.)- 25c Dec. 15 Holders of rec. Nov 300
Texas Company (guar.)
750. Dec. 31 Holders of roe. Dec. 100
Texas Corporation (No. 1)
75c Jan. I Holders of rec. Dec. 10a
Texas Gulf Sulphur, no par stock (No. 1) $I
Dec. 15 Holders of roe. Dec. la
Tide Water Associated Oil. prof
$1.50 Jan. 1 Holders of rec. Dec. 6
Tide Water 011, corn.(quar.)
37340 Dec. 31 Holders of rec. Dec. 60
Tlictio Standard Mining
*200. Dec. 23 *Holders of rec. Dec. 11
Tintle Standard Mining
*30e. Jan. 3 *Holders of rec. Dec. 11
Todd Shiptards Corporation (quar.)---- $I
Dec. 20 Holders of rec. Dec. 3
Tower Manufacturing (guar.)
37340 Jan. a2 Holders of rec. Dec. 150
Traveler Shoe(quar.)
37Ac Jan. 3 Holders of rec. Dee. 150
Truocon Steel, common (quar.)
400. Jan. 15 Holders of rec. Jan. 50
Common (payable In common stock)._ 56
Jan. 15 Holders of rec. Jan. 15a
Ulen & Co., 731% preferred
Jan. 3 Holders of rec. Dec. 20
Eight per cent preferred
Jan. 3 Holders of rec. Dec. 20
4
Underwood Computing Mach.. pref.(qu) $1.75 Jan. 1 Holders of rec. Ded. 15
Underwood Typewriter,common (guar.) .1
Jan. 1 Holders of rec. Dec. rla
Preferred (quar.)
11/ Jan. 1 Holders of rec. Dec. 4a
Union Carbide do Carbon (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 3a
Union Storage
50e. Dec. 15 Holders of rec. Dec. 1
Union Tank Car, corn.(In conc. stock)-•125 Dec. 28 *Holders of rec. Dec. 13
United Cigar Stores of Amer.,corn.(qu.) 50c. Dec. 30 Holders of rim Doe. 100
Common (payable in common stook)_ _ !IX Dee. 30 Holders of rec. Dec. 100
Preferred (quar.)
114 Dec. 15 Holders of rec. Nov. 30a
United Dyewood, pref. (guar.)
154 Jan. 3 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15
United Equities Corporation (special).- $I
Jan. 3 Holders of roe. Dec. 40
United Fruit (quar.)
$1
United Ice Service. pref. A (quar.)
$1.75 Jan, 3 Holders of rec. Dec. 20a
United Profit-Sharing Corp., com.(ext.)_ 800. Jan. 15 Holders of rec. Dec. 15a
Common (payable in common stook). Ox) Jan. 15 Holders of rec. Dec. 15a
U.S. Cast Iron Plpe & Fdy.. corn.(qu.). 214 Dec. 15 Holders of rec. Doe. la
1% Dee. la Holders of rm. Dec la
Preferred (fluor.)
3% Jan. 1 Holders of rec. Dec. 150
U. B. Distributing, Preferred
400. Dec. 31 Dec. 5 to Dec. 19
U.S. Gypsum,common (quar.)
$1.40 Dec. 31 Dec. 5 to Dec. 19
Common (extra)
Dec. 31 Dec. 5 to Dec. 19
Common (payable in common stock) f35
11/ Dec. 31 Dec. 5 to Dee. 19
Preferred (quar.)
Jan. 3 Holders of rec. Dec. 21
U.S..Playing Card (quar.)
$2
Dec. 15 Holders of rec. Nov.260
U.S. Realty & Improvement (quar.)--- $1
154 Dec. 80
U.S. Steel Corp., common (guar.)
Dec. 1
750. Jan. 3 Holders of rec. Dec. 134
U.S. Tobacco, corn.(guar.)
$1.75 Jan. 3 Holders of rec. Dec. 13a
Preferred (quar.)
Dec. 15 Holders of rec. Dec. 4
Universal Chain Theatres,first pref.(1m) 2
Jan. 1 Holders of rec. Dec. 20
Universal Picture Corp.. first pref. 0111.3 2
11/ Feb 1'27 Holders of rec.Jan15'27a
Universal Pipe & Radiator, pref.(qu.)
1% M'y2'27 Holders of rec.Apr15'27a
Preferred (quar.)
1% Augl'27 Holders of rec.July15'27a
Preferred (quar.)
Preferred (quar.)
11/ Nov1'27 Holders of rec.Oct.15'27a
Utah Copper Co.(guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Vacuum 011 (guar.)
50c. Dec. 20 Holders of rec. Nov. 30
Extra
50o. Dec. 20 Holders of rec. Nov. 30
Special extra
Dec. 20 Holders of rec. Nov. 30
$1
Valvoline 011,common (guar.)
1% Dec. 17 Holders of rec. Dec. 11
Vanadium Corp., extra
$1 Dec. 15 Holders of rec. Dec. la
Virginia Iron. Coal dr Coke, pref
234 Jan. 3 Holders of rec. Dec. 150
VIvaudou (V.), Inc., corn.(quar.)
75e. Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
134 Feb. I Holders of rec. Jan. 140
Vulcan Detinning. pref.(guar.)
1% Jan. 20 Holders of rec. Jan. 80
Preferred A (quar.)
1% Jan. 20 Holders of rec. Jan. 8a
Preferred (account accum.dividends). h2
Jan. 20 Holders of rec. Jan. 8a
Wabaeso Cotton (quar.)
$I Jan. 2 Holders of rec. Dec. 15a
Bonus
50e. Jan. 2 Holders of rec. Dec. I50
Waldorf System, corn. (quar.)
311/0 Jan. 3 Holders of rec. Dec. 200
Preferred (quar.)
20e. Jan. 8 Holders of rec. Doe. 20
Walworth Company, corn. (quar.)
250. Dec. 15 Holders of rec. Dec. 40
Preferred (quar.)
750. Dec. 81 Holders of rec. Dec. 210
Warnsurta MIlls(guar.)
1
Dec. 15 Holders of rec. Nov. 90
Ward Baking Corp., clam A (quar.)........ $2
Jan. 1 Holders of rec. Dee. 15
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 15
Warner-Quinlan Co.. corn. (guar.)
50c. Jan. 3 Holders of rec. Dec. 150
Western Canada Flour Mills. corn.(gu.) *35o. Dec. 15 *Holders of rec. Nov.30
Western Exploration (guar.)
Sc Dec. 20 Dee. 16 to Dec. 19
Westinghouse Elec.& Mfg.. corn.(guar.) $1
Jan. 3 Holders of rec. Doe. 310
Preferred (guar.)
$1
Jan. 1 Holders of roe. Dec. 310
Weston Electrical Instrument. el. A(qu.) 600. Jan.
Holders of rec. Dee. 180
Wheeling Steel Corp., pref. A (quar.)
Jan.
*2
Preferred A (account accum.dividend) *h80c. Jan.
Preferred B (guar.)
*2% Jan.
Preferred B (account accum. div.)__._ *h75c. Jan.
White Motor Co.(quar.)
$1
Dec. 3 Holders of rec. Dec. 150
Woodley Petroleum (guar.)
150. Dec. 3 Holders of rec. Doe. 15
Woolworth (F. W.) Co.(extra)
$I
Dec. 1 Holders of rec. Nov. 100
Wrigley (Wm.) Jr. dr Co.(monthly)___. 25e. Jan.
Holders of rec. Doe 200
Extra
50e. Jan.
Holders of rec. Dec. 200
Monthly
250. Feb.
Holders of rec. Jan. 200
Monthly
25e. Mar.
Holders of rec. Feb. 200
Yale dr Towne Manufacturing (quar.)
Jan.
$1
Holders of rec. Doe, 100
Yates American Machine, part. pf.(qu.) 85e. Jan.
Holders of rec. Doe, 200
18%0 Jan.
Yellow Truck & Coach, class B (guar.)
Holders of rec. Dec. 150
1% Jan.
Preferred (quar.)
Holders of roe. Dec. 15a
Dec. 3 Holders of rec. Dee. 154
Youngstown Sheet dr Tube, coin.(guar.) $1
1% Dec. 3 Holders of rec. Dec. 150
Preferred (guar.)
•From unofficial sources. t The New York Stook Exchange has ruled that stook
Will not be quoted ex-dividend on this date and not until further aotice. I The
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice
a Transfer hooks not closed for this dividend. 4 Correction. e Payable in stook.
g Payable in scrip. h On account of accumulated
frayable in common stook
dividends. se Payable In preferred stock
American Gas& Electric Co.stock dividend is 1-50 of a share of common stock.
Less 50 cents to cover third and fourth guar. Installment of the 1925 income tax.
k Payable in cash on class A stock.
I Declared 52 payable in quarterly installments of 50 cents, beginning with Jan. 3.
a Payable In aortic. pref. stock at par. cash being paid in lieu of fractional shares.
o Less $2 per share to cover legal expenses of extending second mortgage and
third and fourth Installments of 1925 Income tax.
p American Gas & Electric regular stock dividend Is 1-50th, and the special dividend 4-10ths, for each share of new no par common stock.
O American Piano stock dividend Is at rate of one share for each one hundred shares.
rFisk Rubber not ex the 35% accumulated dividends until Dec. 2.
S At rate of 8% per annum for period from May I to Dec. 31 1925.
t Chemical National Bank stock dividend of 5500.000, subject to ratification by
stockholders at meeting in January.
ti Payable In stock dividend certificates exchangeable May 1 1927 for $25 par value
common stock at the rate of two shares for each one hundred shares.
oLess 75 cents per share to cover third and fourth Installments of 1925 Income tax.
to In lieu of cash, dividends may be taken in stock as follows: on class A corn.,
1-40 of a share of elms A stock for each share; on class B at rate of $10 per share in
class 15 stock for each share of class B stock held.
O United ProfltSharing stock dividend Is one share corn.stock for each 20 shares.
r In lieu of cash dividends may be taken in stock at the rate of 3 15-100 of a share
of class A stock for each share of original series Prof. stock and 5 5-100 of a share of
Class A stock for each shore of $7 dividend series pref. stock.
[VOL. 123._
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 Dec. 4. 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 (0oo) omitted.)
New
CapitalProfits Loans,
Reser,
Week Ending
Discount, Cash
Net
with
Time Ranh
Dec. 4 1926. Nat'l, June 30 Investin
Legal Demand
De- CircaState, Nov.1 5 meats, Vault. Deposi- Deposits, posits. latiOW.
(000 omitted.) Tr.Cce.Nov.15
&c.
Rembers of Fed. Res.Bank.
Bank of N Y &
$
$
Trust Co.__ 4,000 13,354
Bk of Manhat*. 10,700 15,854
Bank of Ameri
6,500 5,286
National City__ 50,000 63,133
Chemical Nat__ 4,500 18,535
km Ex-Pac Na
7,500 13,338
Nat Ilk of Com_ 25,000 41,943
ChatPh NB &
18,500 12,783
Hanover Nat__ 5.000 28.003
Dorn Exchange. 10,000 15,269
National Park_ 10,000 24,152
Bowery & E R. 3,000 3.224
First National_ 10.000 74,875
Irving Bk dr
22,000 19,949
Dontinental_ __ _ 1,000 1,269
L'Ihture National_ 40,000 36,782
Fifth Avenue__
500 2,985
Dommonwealth.
800
740
3arfield Nat'l__ 1,000 1.782
3eaboard Nat'l_ 6,000 10.415
Bankers Trust_ 20,000 35,540
3 El Mtge & Tr_ 3,000 4.985
3uaranty True 25,000 25,202
Fidelity Trust__ 4,000 3,235
New York True 10,000 21,813
Farmers L &
10.000 19,908
Equitable
30,000 22,907
Average. Average Average
$
$
$
73,178
486 6,993
168,798 3,489 17,773
77,588 1,633 11,531
668,982 5.096 76.162
134.434 1,231 15,834
143,214 2,103 17,596
369.589
866 40,153
218.758 2.833 22.914
118,347
521 13,419
203,472 5,304 25,099
154,056
852 16.297
59,342 1,897 5.998
292.404
623 27.901
295.193 3,016 34,888
7,763
115
900
598.963 7.491 69,237
25,419
794 3.153
13.392
572 1,402
17,420
439 2.251
124,598
912 15,522
332,289
853 34,884
84,147
768 7,818
438,869 1,346 47,364
42,342
738 4,973
170,473
598 18.886
137,220
582 13,812
271,908 1,588 29,032
A04/110. Average Atte.
$
$
$
52,122 8,099 -.
129,552 27,667 -85,782 3,666 -*704.570112.482
92
119.741 3.174347
131.795 9,273 4,991
300,911 38.920 ---165.131 43,185 6,147
101,883
---- -175.223 30,980 --124,419 6,559 3,500
41,073 18,395 1,487
211,046 14,574 6,477
259,417 31,359 ---6,121
440 ---*535,148 45,636 2,477
24,065
---- ---9,700 4,380 ---18,685
342 ---118,818 2,589
45
*285.606 48,244 ---60,251 4,704 --*423,720 60,034 -36,926 4.074 _--140,896 18,578 -*104,844 18,787 ---.
*300,509 25,520 ---.
Total of averages 333.00 535,2325,222,130 46,524581.500c4,298,171 579,621 25,523
Totals, actual co
jndltion Dec. 4 ,231,874 45,187530.2741c4,294,575577,42325,516
Totals. actual c ndltion Nov.275,191,736 48.871 584,058c4.225.588579,87625,432
Totals, actual c' minion Nov.205,125,154 45.408807,899c4,240,139558,63225,484
State Banks Not Members of Fed'I Res've Bank.
3reenwich Bank 1,000 2,1345 24,882 2,220 2,044
3tate Bank___ - 5,000 5,781 109,824 4,974 2,587
23,277 2,620
40,621 64,705
------
Total of averages 13,000 22,938
88,331
2,783
8,077
58.448
2,139 -- -
Totals, actual condition Deo. 4
Totals, actual condition Nov.27
Totals. actual condition Nov.20
87,051
89,723
89,442
2,629
2,884
2,559
6,215
6,258
6,481
57,021
60,013
59,849
2,151 _2,139 2,180 --
Trust Comes ales NotMem rs of Fed 'I Res'ye Bank.
Title Guar & Tn 10,000 19,5013
64.451 1,840 4,081
39,015
Lawyers Trust- 8,000 3,429
23,880
923 2,016
19,433
Total of averages]6,000
1,317 --..
822 ---
8,406 134.708
7,194
4.831
83,898 67,325 --
Totals. actual condition Dec. 4 134,322
Totals. actual condition Nov.27 135.022
Totals, actual condition Nov.20 138.577
13,900
7,521
6,829
4.814
4,685
4,775
63,881 86,787
84,805 87,393 _85,475 87,528 ...--
)rd aggr., arse.352,0005116.5755.445,167 56,481 592,308 4.420,517840,08525,523
7)omparison wi h prey.week
+79.187 -45 +7.394 +77,798 +14325 +18
3r'd aggr., act' cond'n Dec. 45.453,247 54,716541.103 4,415,277646,381 25,516
.3omparison with prev.week
+38,786-4.560-53.878 +85.073-3,047 +84
3rd
3rd
3rd
3rd
3rd
3rd
aggr., actlicond'n
aggr.. actloond'n
aggr., oafcond'n
aggr., acrl:cond'n
aggr.. acrIcond'n
aggr., milcond'n
Nov 275.416.481
Nov.205,351,173
Nov 135.345.490
Nov. 85.358,451
Oct. 305.396.750
Oct. 235.328.864
59,276594,979
54.798818,955
55.609595.188
58,226583,488
56,876 598,539
56.073550.038
4.350.204849.40825.432
4,385.463628.34025,464
4,363,1383627.61925,530
4,309,088624,67825,276
4.384,710607,83825,300
4,333.808 589,89825,109
Note.-U. S. deposits deducted from net demand deposits In the genera totals
above were as follows: Average total Dec. 4. $17,518,000. Actual totals Dec. 4,
$17,516,000: Nov. 27, $17,516,000: Nov. 20. $17.881.000: Nov. 13. $27.806,000;
Nov. 6. $32,717,000: Oct. 30. $32,727,000. Bills payable, rediscouhts, acceptances
and other liabilities, average for week Dec. 4, $817,240,000; Nov. 27, $620,179,000;
Nov. 20. $587,891,000; Nov. 13, $590,712,000; Nov.6, $601,084,000; Oct. 30, $5139,189,000. Actual totals, Dec. 4, 5582.048.000: Nov. 27, $657,913,000; Nov. 20,
$616,980.000; Nov. 13. $597.811,000; Nov.6.$624,541,000: Oct. 30.8608.177.000.
•Includes deposits In foreign branches not included in total footings as follows:
National City Bank, $163,546.000; Chase National Bank, $11,025,000; Bankers
Trust Co., $29,365,000; Guaranty Trust Co., $72,030,000; Farmers' Loan dr Trust
Co.. $3,109,000; Equitable Trust Co., $88.088,000. Balances carried In bank In
foreign countries as reserve for such deposits were: National City Bank,$27,017,000:
Chase National Bank, $1,838,000; Bankers Trust Co., $2,694,000; Guaranty Trust
Co., $5,144,000; Farmers' Loan & Trust Co., $3,109,000; Equitable Trust Co.;
$7,401.000.
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
Reserve
in
in Vault. Depositarfet
Members Federal
Reserve banks_ State banks
Trust companies.
-
7.194.000
2,763,000
Total
Reserve.
Reserve
Required.
$
$
I
581,600.000 581,800,000 578.150.880
4,631.000 11,825.000 11,501.840
8.077,000 8,840.000 8,787,200
Butplas
&INN.
5,449,140
323,380
72.800
Total Dec. 4
9,957,000 592,308,000 802.285.000 596,419,700 5,845,300
TotalNov. 27......_. 10,028,009 584,914,000 594,940,000 585,937.530 9,002.470
TotalNov.20._- 9.702,000 580,773,000 590.475.000 587,120,1130 3.354.840
Total Nov.
9,855,000 580,575.000 590,430.000 583,158,480 7,271,520
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Dec.4, $17,388,630; Nov.27,518,953,480; Nov.20, 516,775,430; Nov. 13, $16.875.290; Nov. 6, $18,313,070.
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _ _
State banks *
Trust companies._ _
3011
THE CHRONICLE
DEC. 11 1926.]
6,900,000
2,629,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
530,274.000 530,274,000 575,617.440 -45,343,440
51,420
4.614,000 11,514,000 11,462,580
290,850
6,215.000 8,844,000 8,553,150
Total Dec. 4_ _ _ _
9,529,000 541,103,000 550,632,000 595,633,170
Total Nov. 27_.
10,405,000 594,979,000 605.384,000 587,353,310
Total Nov.20....
9,388,000 618,955.000 628,343.000 588.739,880
Total Nov.13_ __ _ 9,497,000 595,168,000 604,665,000 588,383,370
45,001,170
18.030.690
39,603.120
16,281,630
•Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec.4,$17,322,690: Nov. 27, $17,396,280; Nov. 20,$16,758,960; Nov. 13, $16,743,180; Nov. 6, $16,655,070.
Dec. 8
1926.
Changes from
Previous Week.
Nov. 24
1926.
Dec.1
1926.
$
$
$
8
69,500,000
Unchanged
69,500,006
69.500,000
Capital
94,021,000
Unchanged
94,021,006
Surplus and profits_ __ 94,021,000
Loans, disc'ts & Invest_ 1,029,429.000 Dec. 8,733,000 1,038.162,000 1,043,856.006
Individual deposits
680.573,000 Dec. 16.731,000 697,304,000 706,596,000
137,543,000 Inc. 3,024,000 134,519,000 132,1183100
Due to banks
238,109.000 Inc.
Time deposits
65,000 238,044,000 236,310,006
9,639,000 Dec.
9,632.000
United States deposits_
2,000
9,641.000
27,801,000 Dec. 3,463.000
31,028,000
Exchanges for Cl'it H'se
31,264,000
79.021.000 Dec. 3,502.000
83,024,000
Due from other banks
82,523,000
80,634.000 Dec. 1,079.000
81,942,006
81,713.000
Res've in legal deposles
11,450,000 Inc.
100,000
11,350,000
11,219.006
Cash in bank
Stps,ve AZCPARIn F.R.Bk
391.000 Dec.
223.000
014111)11
213.006
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Dec. 4, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Mate Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Federal Reserve Bank. "Cash in vaults"
Dert. 4.
Previous Week. to be kept with the
Loans and investments
$1,244,128,600 Inc. $10,116,400 is not a part of legal reserve. For trust companies not memCold
4,705,700 Dec.
81,000
Currency notes
25.428,800 Inc.
273,100 bers of the Federal Reserve System the reserve required is
Deposits with Federal Reserve Bank of New York
98,285,000 Dec. 5,913,300
Total deposits
1,296,397.900 Inc. 12,220,700 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
plsitaries and from other banks and trust companies in N.Y.City, exchange,& U.S. deposits 1,220,562,400 Inc. 6,603,100
Reserve In deposits
172,030,400 Dec. 1,366,600
Percentage of reserves, 20.2%.
RESERVE.
-State Banks
-Trust CompaniesCash in vault
*$44,037,200 16.59%
$84,382,500 14.40%
Deposits In banks and trust cos_ _ 13,317,100
5.01%
30.293.600
5.16%
Total
$57,354,300 21.60%
$114,676,100
19.56%
• Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Dec. 4 was $98,285,000.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EtadedAug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 80
Nov. 6
Nov. 13
I6ov. 20
Nov.27
Dec. 4
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,649,515.100
6,574.966.900
6,544.607,200
6,538,084,700
6,588,168,500
6,593,206,900
6.625.391,700
6,616.162,700
6,683.007,800
6,668,046,700
6.617,799,100
6.559,420.600
6,553,253,200
6,615,890.200
6.553,162.600
6.570.297,600
6,599,992,200
6,689.295.600
$
5,562,538.500
5.700.305.900
5,437,978,000
5,522,021.300
5,512.541.300
5.569,556,300
5.607.019.600
5,576,966,700
5,662,751.200
5.660,177,400
5,628,365,000
5.542.973.000
5.539,644.900
5.562,041,000
5.511.751.000
5.551.891,300
5.556,678,300
5.716.914.900
$
81.793,500
83,952,500
80,536,800
82,328.600
83,086,700
87,287,200
85,257,300
83,168,800
84,153.500
85,884.200
89,206.200
84.662.600
86.186,300
86.272,300
87,381.300
84.480,000
864,684.000
76.615.500
$
727.017,800
712,571,100
709,242,000
708.699.500
105,865,300
713,794.700
725.144.400
718,452,500
733.798.400
730.174,600
719,799.100
722.780.700
717.062.800
723.552,600
721.151.800
724.021.000
728,368,600
734,203.706
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
Mum& of dollars-that is. three ciphers (0001 Omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Dec. 4 1926.
Members of
Fed's Res've Bank.
Grace Nat Bank-
Loans,
DisNet
counts,
Profits. Investmeas.
cte.
Cash
in
Reserve
Net
with
Net
Legal Demand Time
Deposi- Deposits.Deposits.
tories.
Average. Average. Average. Average.
$
1,169
7,864
39
3,598
1,883
14,315
, Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ilts_
Colonial Bank
1,000
1.883
14,315
39
1,169
7,864
3,598
400
1.200
1,028
3,305
10,007
33,025
889
3.570
397
1,660
6,620
27,655
3,001
5,380
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonn
1,600
4,344
43,032
4,459
2.057
34,275
8,381
600
610
9,072
404
188
3.754
5.860
500
610
9,072
404
188
3.754
5,860
Grand aggregate...
3.100
Comparison with p ev. week
6.828
66.419
-1,263
4.902
-191
3,414 R45,893
+18 -1.216
17,839
50
Ord mgr.. Nov 27
Gr'd aggr., Nov. 20
Gr'd agile.. Nov. 13
Ded aggr.. Nov. 6
6.7171 67.682
6,717 67.806
6,717 68,268
6,717 66,679
5,093
4,891
5,130
5,050
3,396
3,519
3,412
3,436
17,889
18,261
18.245
18,203
3,100
3,100
8.100
3,100
047,109
a47,409
a48,210
.46,947
a United Statee deposits deducted. $11.000.
Bills payable, recilimounte, acceptance,, and other Illabllltiee, $3,465,000.
Atroess reserve, $87,270 increase.
Trust
Membersof
F.R.Systern Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F. R.Bank
Cash In vault*
Total reserve dc cash held
Reserve required
Excess res. & cash In vault
$49,975.0
150,266,0
955,013,0
40.462,0
107,367.0
132,470.0
645.376.0
157,808.0
935,654.0
69,973.0
11,867.0
81,840,0
70,076,0
11,764,0
1926
Total.
05,000.0 $54,975.0
17.778.0 168,044,0
47,478.0 1002.491.0
363,0 40.825.0
18,0 107,385,0
847.0 133,317.0
27.662,0 673.038,0
2.265,0 160,073.0
30.774.0 966.428.0
3,695.0
3,695,0
69,973.0
1,450.0 13,317,0
5,145.0 86,985,0
4,332,0 74,408.0
813,0 12,577,0
Nov. 27
1926.
Nov. 20
1926.
$54,975,0
168,044.0
997,455,0
33.888,0
102,978,0
131,381,0
664,307.0
160,859,0
956,547.0
2,843.0
69,390,0
12,966,0
85,199.0
74.068,0
11,131,0
54,975,0
168,044,0
995,006,0
37,193,0
111,913,0
135,993,0
673,735,0
157.911,0
967,639,0
3.250,0
69,359.0
12,089,0
84,698,0
74,373,0
10.325,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 8 1926 in
comparison with the previous week and the corresponding
date last year:
Dec. 8 1926. Dec. 1 1928. Dec. 9 1925.
&Sources
-
238.312.000
Gold with Federal Reserve Agent
Gold reciemp. fund with U. B. Treasury.. 14.913,000
273.312,000
16,001,000
320,109,000
12,244.000
Gold held exclusively agst. F.R.notes_ 253.225.000
Gold settlement fund with F. R. Board_ 265.249.000
Gold and gold certificates held by bank_ 429,921,000
289,313.000
287,778,000
425,908,000
332,353,000
262,905,000
348,740,000
948.395.000 1,002.999.000
24.430.000
24.845,000
943,998,000
25,620,000
Total reserves
972,825,0001,027,844,000
Non-reserve cash
12,998,000
12,940,000
Bills discounted85,567,000
Secured by U. S. Govt. obligations_ 124,125,000
35.891,000
Other bills discounted
54,544,090
969,618.000
15,123,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
Total gold reserve,
Reserves other than gold
144,189,000
67,004.000
160,016,000
123,665,000
140.111.000
108.518,000
211,193,000
35,570,000
10.972.000
22,108.000
37,315,000
2,657,000
19,386.000
37.816,000
1,257,000
77,912,000
3,280,000
70.395.000
59.8.59.000
82,449.000
2,241,000
Total bills and securities (See Note)
354.076.000
308,488.000
331,453,000
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
651.000
156,517.000
16,740,000
3,197,000
652.000
175,872.000
16,740.000
3,154.000
861,000
148,220,000
17,261.000
4.689,000
Total U. EL Government securities._
Foreign loans on gold
1,000
Total
Week Ended Dec. 4 1926.
Two Ciphers (00)
omitted.
Total reeources
1,517,004,000 1.545.690.000 1,487,225,000
LiabilitiesFed1 Reserve notes in actual circulation- 389,6163100
Deposits-Member bank, reserve seal- 877,443,000
3.584.000
Government
3.799,000
Foreign bank (See Note)
8,836.000
Other deposits
390.534.000
885.564,000
3,455.000
4,041.000
8.609,000
362,979,000
870,779,000
11,582,000
10,298,000
9,466.000
893,662,000
132.648.000
36.409,000
59.964.000
4,705.000
901.669.000
152,903,000
36,221,000
59.964.000
4,399,000
902.125.000
126.728,000
32,132,000
58,749,000
4,512,000
Total deposits
Deferred availability items
Capital paid in
Surplus
AU other liabUlties
Total liabilities
1,517,004.000 1.545,690.000 1,487,225,000
Ratio of total reserves to deposit and
75.8%
79.5%
76.6%
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
13,454,000
13.506.000
13,795,000
for foreign correspondents
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added
in order to show separately the amount o' balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Federal intermediate credit bank debentures, was changed to
"Other securities," and the aption "Total earning assets" to "Total bills and
securities." The latter term was adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions
of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the
only Items Included therein.
[VOL. 123.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec.9, 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
aa a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
Latest week appears on page 2983, 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 DECEMBER 81926.
Dec. 8 1926. Dec. 1 1926. Nov. 24 1926. Nov. 17 1926. Nov. 10 1926. Nov. 3 1926. Oct. 27 1928. Oct. 20 1926. Dec. 9 1925,
RESOURCES.
$
s
$
$
$
3
s
3
$
Gold with Federal Reserve agents
1,348,339,000 1,342,346,000 1,395,138,000 1,397,938,000 1.387,6136,000 1,337,772,000 1,411,623,000 1,409,541,000 1,307,572,000
Gold redemption fund with 17.8. Tress_
54,844.000
59,599,000
61,931,000
58,314.000
62.770.000
58,396.000
57,705,000
54,130,000
51,568,000
Gold held exclusively agst. F.B.notes 1.406,653,000 1,401,945,000 1.449,982,000 1,456,334,000 1,450,436,000 1,399,703,000 1.465,753,000 1,481,109,000 1,365,277,000
Gold settlement fund with F.R.Board
731,402,000 730,979,000 696,966,000 709,237.000 744,647,000 789,574,000 727,545,000 745,626,000 753.172,000
Gold and gold certificates held by banks_ 690,338,000 687,701,000 682,782,000 685,518,000 848,672,000 617,997.000 630,029,000 619.140,000 603,836,004
Total gold reserves
Reserves other than gold
2,828,393,000 2,829.625,000 2,829.730,000 2,851,089,000 2,841,755,000 2,807,274,000 2,823,327,000 2,825.875,000 2,722,285,000
121,060,000 126,526,000 128,201,000 133,623,000 128,129,000 127,411,000 130,750,000 128,928,000 107,616,000
Total reserves
Non-reserve cash
B1116 discounted:
Secured by U. S. Govt. obllgations
Other bills discounted
2,949,453,000 2,958,151,000 2,957,931,000 2.984,712,000 2,969,884,000 2,934.685,000 2,954,077.000 2,954,803,000 2,829,901,000
47,236,000
46,957,000
53,740,000
56,379,000
49,116,000
48,920.000
44,389,000
52.841,000
54,926,000
Total bllls discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
348,334,000
258,392,000
351,060,000
294,416,000
335,499.000
292,105,000
288.198,000
278,789,000
287,369,000
294,044,000
347.003,000
328,895,000
318,185,000
315,738,000
290,035,000
296.587,000
378,272,000
301,102,000
604,726,000
390,989,000
645,476,000
368,163,000
627,604,000
340,629,000
566.987,000
347,882,000
581,413,000
339,901,000
675,898,000
332,098,000
631,923,000
307,541,000
588.822,000
292,824.000
679,374,000
369,550,000
56,436,000
118,214,000
148.933,000
48,021,000
112,912,000
144,975,000
45,668.000
112,583,000
141,653.000
47.630,000
113,544,000
148,956.000
46,482,000
113,003,000
140,882,000
47,211.000
136,416,000
118,719,000
46,611,000
135,901,000
117.662.000
53,287,000
136.145,000
117,532,000
56,276,000
266,080,000
29,517,000
323.583,000
2,563.000
305,908,000
2,564,000
299,904,000
2,544,000
308,130,000
2,534,000
300,367,000
2,500,000
302.346.000
2,500,000
300,174,000
2,500,000
306,964,000
2.500.000
351,873,000
3,195,000
8.300,000
Total bills and securities (see nolo_ _ _ _ 1,321,861,000 1,322,111,000 1,270,681,000 1.225,533,000 1,224,181,000 1.312,842.000 1.242,138.000 1,188,910,000 1,412,292,000
651,000
Due from foreign banks (see note)
850,000
651,000
652,000
651,000
861,000
650,000
650.000
650.000
869,517,000 729,046,000 694,469,000 854,986,000 704,567,000 895,976,000 693,558,000 807,671,009 692,811,000
Uncollected items
60,125,000
60,051,000
Bank premises
60,093,000
60,106,000
80,051,000
80,084,000
80.039,000
60,047,000
61,552,000
15,710,000
13,961,000
LII other resources
14,772,000
14.924.000
15,339,000
14,161,000
13,561,000
19,362,000
13,752,000
Total resources
LIABILITIES.
F. It. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,068,237,000 5,132,521,000 5.045,985,000 5.197,117,000 5,027,234,600 5.065,122,000 5,017.063,000 5,080,560,000 5,061,168,000
Total deposits
Deferred availability items
Capital paid In
Surplus
LI1 other liabilities
2,288,589,000 2,324.360,000 2,262,311,000 2.301.120,000 2,264,889,000 2.278,419.000 2.281.131,0002.257.656.000 2,314,530,000
604,185,000 667,987,000 641,028,000 777,322,000 643,311,000 665,233,000 638,465,000 727,440.000 626,937,000
124,734,000 124.462,000 124,441,000 124,906.000 124,885,000 124,379,000 124.392,000 124,002,000 116,863,000
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
24,632,000
23.778,000
23,841,000
23,178,000
23,351,000
23,071,000
19,374,000
21,419,000
22,254,000
1.803,787,000 1.771,626,000 1,774,054,000 1.750,281,000 1,750,788.000 1,755,430,000 1,730,511,000 1,729.833.000 1.765,627,000
2,230,971,000 2,257,165,000 2.202,406,000 2,238,208,000 2,218,651,000 2,207,325.000 2,216,896,000 2,213.488,0002,246.386,000
35,689,000
25,798,000
28,118,000
32,932,000
29,226,000
35,840,000
38,548,000
17,867,000
19,416,000
13,459,000
14,065,000
13,883,000
12.186,000
9,938,000
12,973,000
11,884,000
6,855,000
8.258,000
18,381.000
17.441,000
17,904,000
23,976,000
18,413,000
20,713.000
20,420,000
17,797,000
17.431,000
5,066,237,000 5,132,521,000 5,045,985,000 5,197.117,000 5.027,234,000 5.065.122.000 5,017,063,000 5,080,560,000 5,061,168,000
Total Itablllties
Ratio of gold reserves to deposit and
69.1%
70.1%
89.1%
F. R. note liabilities combined
70.4%
69.6%
70.7%
66.7%
70.3%
70.8%
Ratio of total reserves to deposit and
73.3%
72.2%
72.1%
F. It. note liabilities combined
73.7%
72.8%
74.0%
69.4%
74.1%
73.6%
Contingent liability on bills purchased
48,887,000
48.889.000
48,837,000
49,177,000
40,344,000
48,093,000
for foreign correspondents
42,853,000
45,422,000
40,945,000
Distribution by Maturities1-15 day Mils bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. B. certif. of Indebtedness_
16-30 days municipal warrants
81-60 days bills bought in open market_
81-60 days bills discounted
81-60 days U. B. certif. of indebtedness31-60 days municipal warrants
81-90 days bills bought in open market_
61-90 days bills discounted
01-90 days U. B. certif. of indebtedness_
61-90 days municipal warrants
Over 90 der,bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
$
150,949,000
483,009,000
32,041,000
$
141,706,000
515,094,000
45,494,000
8
114.422,000
494,608,000
500.000
$
118,061,000
434,547,000
5,751,000
$
100,826,000
445,279,000
$
105,231.000
532,567,000
124.000
$
80,100,000
487,139,000
$
81,062,000
447.760.000
8
113,683,000
549,433,000
6,526,000
72,986,000
37,705,000
65,051,099
40,005,000
59,899,000
41,032,000
49,217,000
57,688.000
41,464,000
49.223,000
70.252,000
45,403,000
107,000
67,019,000
41,394,000
62,260,000
43,079,000
81.678.000
41,440,000
64,550,000
38,278,000
105,149,000
48,089,000
103.995,000
53,000.000
101,734,000
55,231.000
96,883.000
57,044,000
90.048,000
55,486,000
48,921,000
84.738,000
61,189,000
44,084,000
84,092,000
61,099,000
44,103,000
77,042,000
57.690,000
44,138.000
108,277,000
49,366,000
63,000
54,301,000
28.172,000
64,000
47.883,000
28,088,000
44,000
54,270,000
27.454,000
34,000
83,310,000
25,867,000
89,254,000
28,544,000
64.329,000
32,884,000
67.887,000
33.131,000
62.877,000
33,118,000
45,000
68,480,000
31,818,000
7,604.000
9,771,000
116,892.000
9,528,000
9,289,000
99,481,000
10,304,000
9.279,000
91,936,000
11,942.000
8,065,000
91,982.000
9,521,000
8,721,000
91,854.000
10.781,000
7,884,000
74.511,000
13,202,000
7,475,000
73.559,000
10,365,000
8,626,000
73.394,000
14,560,000
10,209,000
22,991,000
F. R. nava received from CC/milt:eller- 2,953.343,000 2,939,409,000 2,042,033,000 2,953,990,000 2,940,133,000 2,938,126,000 2,945,863,000 2,937,876,000 2,930,395,000
795,801,000 824,007,000 851,280,000 866,761,000 856,221,000 875,780,000 877,885.000 863,777,000 843,748,000
F. R. notes held by F.It. Agent
Issued to Federal Reserve Banks
2,157,542,000 2,115,402,000 2,090,773,000 2,087,220,000 2,083,912,000 2.060.346,000 2,068.178,000 2,074,099,000 2,086,647,000
Hew SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
306,453,000
109,610,000
932,276,000
975,741,000
308,453,000
101,627,000
934.268,000
988,404,000
306,452,000
101,684,000
987,002,000
939,544,000
307.554,000
100,101.000
990,283,000
891,338,000
307,214,000
101,017.000
979,435,000
884,836,000
307.413.000 306.429,000 306,428,000
92,990,000
96,106,000
96,715,000
937,369,000 1,009,088,000 1,006.398,000
958,606,000 900,057,000 837,644,000
304,501.000
108,645,000
894,426,000
999,029,000
2,324,080,000 2,330,750.000 2,334,682.0002,289,276.000 2,272,502.000 2.296.378,000 2,311,680,000 2.247,185.000 2,306,601,000
Total
•NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts due
the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
addition,
to foreign correspondents. In
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which,it was stated, are the only items Included
securities
the discounts, acceptances and
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 8 1926.
-
Two ciphers(00)@miffed.
Federal Reserve Bank of
BostOn.
New York,
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minicoy. Kau. City Dallas. Sao Fran.
Total.
$
RESOURCES.
Gold with Federal Reserve Agents 136,171,0
Gold red'n fund with U.S.Treas. 3.700,0
$
s
3
$
$
$
$
$
$
$
$
$
238,312,0 109,501.0 151,078,0 74,042,0 124,690,0 148,515,0 17,655,0 58,747,0 81,831.0 33,909,0 193,888,0 1,348,339,0
14,913,0 9,397.0 6,885.0 1,234,0 3,903,0 8,098,0 1,020,0 1,708,0 2,494,0 2,348,0 2.618,0
58,314,0
Gold held excl.agst.F.R.notes 139,871,0
Gold settle't fund with F.R.Board 37,479.0
32,949,0
Gold and gold certificates
253,225,0 118,898,0 157,963.0 75,276,0 128,593,0 156,613,0 18,675,0 60,455,0 64,325.0 38,255,0 196,504,0 1,406,653,0
265,249,0 52,812,0 55,588,0 29,078,0 24,388,0 140.754,0 30.268,0 22.357,0 26,570,0 19,336,0 27,547,0 731.402,0
429,921,0 27,692,0 47.470.0 10,927,0 4,109,0 64,343,0 13,510,0 8.686,0 5,684,0 8,521,0 38,526,0 690.338,0
210,299,0
14.273,0
948,395,0 199,402,0261.001,0 115,279,0 157,088,0 361,710,0 62,453,0 89,498,0 96,579,0 64,112,0 262,577,0 2,828.393,0
24,430,0 3,736,0 8,228,0 5.783,0 10.384.0 19,799,0 13,291,0 3,313,0 4,557,0 7,668.0 5,598,0 121,060,0
224,572,0
Total reserves
6,906,0
Non-reserve cash
Bills discounted:
See. by U.S. Govt. obligations 28,380.0
15,798,0
Other bills discounted
972,825,0 203.138,0 269,229,0 121.062,0 167.472,0 381,509,0 75,744,0 92,811,0 101,136,0 71,780,0 268,175,0 2.949,453,0
744,0 3,085,0 2,444,0 3,272,0 8,530,0 3,183,0
825,0 2,133,0 1,608,0 3,212,0
12,998,0
48,920,0
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. B.Govt.securities_ --
44,178,0
39,771,0
124,125,0 28,738,0 49.695,0 8,504,0 5,356,0 81,359,0 11,872,0
35,891,0 16,620,0 34,235,0 16,989,0 41,513,0 37,479,0 16,066,0
631.0
3,506,0
4,784,0 21,125,0
7,437,0 21,506,0
348,334,0
256,392,0
160,016,0 45,358,0 83,930,0 25,493,0 46,869.0 98,838,0 27,938,0 4,137,0 13,119,0 12,221.0 42,631,0
123,665,0 26,113,0 33,100,0 11,975,0 25,552,0 46,047,0 11,038.0 12.783,0 17.918,0 14.003,0 29,046,0
604,726,0
390,989,0
3,765,0
9,354,0
529.0
3,310,0
6,159,0
585,0 1,121,0
10,972,0
22,109,0 16,081,0 20,072,0
37,314.0 3,509,0 14,709,0
1,191,0
2,047,0
4.088,0
259,0 20,338,0
1,504,0 9,508,0
122,0 18,538,0
87,0
7,568,0 8,689,0 3,066,0
3.061,0 8,600,0 8,337,0 18,862,0
8.271,0 14,036.0 12.978,0 21,261,0
58,438,0
118,214,0
148,933,0
9.908.0
70.395.0 20.155.0 35,902.0
7.326,0
1.885,0 48,384,0 20,722,0 16,900,0 29,325,0 22,381,0 30,210.0
323.583,0
2,031,0
8,743,0
9,948,0
RESOURCES (Concluded)Two Ciphers (00) omitted.
Boston. New York.
Phila. Cleveland Richmond Atlanta. Chicago. M.Louis. Minissap. Kan.City Dallas. Bonitos.
$
$
S
2,000,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
AU other resources
8
s
•
s
$
$
8
s
s
Total.
s
s
2,563,0
563,0
354,076,0 93,626,0 152,932,0 44,794,0 74,306,0 193,269,0 59,696,7 34,363,0 60,362,0 48,605.0 111,887.0 1.321.861.0
651,0
651,0
669,517,0
156,517,0 57,189,0 59,409.0 60,379,0 29,666,0 80,495,0 34.658,0 13,804.0 43,553,0 28,772.0 45,464,0
60,125.0
16,740,0 1,602,0 7,409,0 2,364,0 2,992,0 7,933,0 4,111,0 2,940.0 .4,668,0 1,793,0 3,505,0
15,710.0
358,0 2,841,0
821,0
806,0 2,208.0
962,0 2,584.0
400,0
360.0 1,083,0
3,197,0
5,066,237,0
435,084,0
152,916,0
212,673,0
146,951,0
178,198.0
674,320,0
278,670,0
231,443,0
493,127,0
356,659,0
389,192,0 1,517,004,0
93,945,0
59.611.0
4,068,0
90,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 155,988,0
Deposits:
Member bank-reserve acc't_ 145.509,0
3,047,0
Government
1,011,0
Foreign bank
227,0
Other deposits
Total deposits
Deferred avallabUlt7 Items
Capital paid to
Surplus
All other liabilities
3013
THE CHRONICLE
DEC. 11 1926.]
389,616,0 132,916,0 218,949,0 85,249,0 166,068,0 231,307.0 46,040,0 68,428,0 71,870,0 50,065,0 187,291,0 1,803,787.0
877,443,0 135,115,0 177,147,0 68,442,0 66,329.0 315,034.0 79,139,0 51,852,0 87,225,0 57,933,0 169,803,0 2,230,971,0
25,798,0
563.0 2,350,0
647,0
3,584,0 1,427,0 3,173,0 1,092,0 2,532,0 4,166,0 1,904,0 1,313.0
13,459,0
918,0
466,0
426,0
519,0
572,0
532.0 1,823.0
705.0
3,799,0 1,264,0 1,424,0
18,361,0
734,0
46.0 5,614,0
177,0
304,0
989,0
85,0
79,0
118,0 1.152,0
8,836,0
149,794.0 893,662,0 137,924,0 182,896,0 70,318,0 69,478,0 322,012.0 81,919,0 53,768,0 89,125,0 59,008,0 178.685,0 2,288,589.0
56,397,0 132,648,0 51,564,0 52,457,0 56,374,0 27,670,0 70.036,0 33,964,0 12,800,0 37.245,0 30,807,0 42.223,0 604,185.0
36,409,0 12,603,0 13,615,0 6,098,0 5,031,0 16,686,0 5,302,0 3,075.0 4,180,0 4,302,0 8,633,0 124,734,0
8.800,0
59,964,0 20,464,0 22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7.501,0 8,979,0 7,615,0 15.071,0 220,310.0
17.020,0
24.632.0
4,705,0 1,188,0 2,316,0 1,485,0 1,723,0 3.666,0 1,403.0 1,379,0 1,274,0 1,119,0 3,181.0
1,193,0
389,192,0 1,517,004,0 356,659,0 493,127,0 231,443,0 278,670,0 674,320,0 178,198.0 146.951,0 212,673,0 152,916,0 435,084,0 5.066,237,0
Total liabilities
Memoranda.
73.4
Reserve ratio (Der cent)
Contingent liability on bills purchased for foreign correepond'ts 3,704,0
F. R. notes on hand (notes reo'd
from F. It. Agent leas notes in
47,369,0
circulation)
67.0
77.8
71.1
68.9
59.2
76.0
62.8
65.8
73.3
72.1
5,215,0
2,583,0
1,948,0
6,677,0
2,096,0
1.560,0
1.901.0
1,706,0
3,363,0
48,837,0
100,190,0 30.584,0 23,281,0 13,278.0 29,824,0 38,449.0
5,514,0
4,732,0 13,888.0
7,245,0 39,401.0
353.755,0
75.8
13,454,0
75.0
4.630,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC.8 1926
Federal Reserve Agent at-
F.R.notes issued to F. R.Bank 203,357,0
Collateral held as security for
F.R.notes issued to F.It. Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
11.871,0
Gold fund-F.R.Board__ 89.000,0
Eligible paper
83,947,0
Total collateral
Mai.
Phila. Cleveland. Richmond Atlanta. Chic go. Bt. Louis. MintinnI. Ran. MI Darks. Bassiron.
8
s
$
$
s
s
$
$
8
S
$
$
775,126,0 201,300,0 274,070,0 126,806,0 260,427,0 447,533,0 71,734,0 86,893,0 114,168,0 69,337.0 277,292,0 2,953,343,0
795,801,0
50,600,0
12,027,0
28,410.0
13,733,0
285,320,0 37,800,0 31,840,0 28,279,0 64,535,0 177,777,0 20,180,0
Boston. New York.
(Two Ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 248,657,0
F.R.notes held by F. R. Agent__ 45,300,0
220,118,0
489,806,0 163,500,0 242,230,0 98,527,0 195,892,0 269,756,0 51,554,0 73,160,0 85,758,0 57,310,0 226,692.0 2.157,542.0
8,780,0 28,805,0
168,698,0
23,614,0 11,524.0 12,298,0 4,237,0
46,000.0 97.977,0 130,000,0 41,000,0
275.021,0 65,199,0 114.528,0 36,618,0
18,396,0 10,000.0
7,745,0 13.507,0
15,222,0
10,468.0 2,871,0 1,610,0 1,240.0 4,971,0 5,513,0 19,393.0
99.000,0 145,644,0 8.300,0 44,000,0 56,860,0 10,000.0 164,495,0
72,351,0 144,618,0 38,949,0 16.637,0 30.872,0 26,167,0 70.834,0
306.453,0
109.610,0
932.276,0
975,741.0
513,333.0 174.700.0265,606,0 110,660,0 197,041,0 293,133,0 56,604,0 75.384.0 92,703.0 60.076.0 264.722.0 2.324.080.
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 891 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2983
I. Data for all reporting member banks in each Federal Reserve District at close of business DECEMIUR 1 1926. (Three ciphers (0ei) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds__
All other loans and discounts_--
35
09
31
24
66
47
65
Total.
691
50
75
68
3
48,370
7,773
351,163 2,195,293
651,553 2.932,563
$
10,915
439,290
379,980
$
21,241
553,075
786,092
$
4,808
149,563
360,339
s
$
20,100
5,464
103,559 881,993
410,603 1,283,951
6,462
190,216
317,576
3,273
71,782
171.801
4.438
104,189
308.258
4.183
71,784
241.661
820,185 1.360,408
514.710
519,626 2,186,044
514,254
246,856
416,885
317,628 1,292,173 14,375,484
82,539
265.744
271.287
364,608
65,588
65,715
38,177
58,838
299,806
447,441
61.162
118,484
67,514
46,797
101,164
94,594
51,387
25,254
242,823 2,396,884
220.349 3,124.537
348,283
635,895
131,303
97.015
747.247
179,646
114,311
195,758
76,641
463.172 5,521,401
s
1,010,489 5,176,226
Total loans and discounts
Investments:
137,528 977,889
U. S..Government securities
Other bonds,stocks and securities 253.128 1.163,585
390,656 2,141,474
Total investments
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. lkfinncap. Kan. City Dacus. San Fran.
93
38
$
$
$
$
$
$
143,086
6.059
320,453 5,422,360
985,661 8.810,038
612,643 394,269 1.755.345 19.896,885
Total loans and Investments
1,401,145 7.317,700 1,168,468 1,996.303 646,013 616,641 2,933,291 693,900 361,167
30,282 113,764 1,677,634
50,838
27,218
46,721
37,196 247,043
41,152
81,960 125,135
Reserve balances with F.R.Bank..
98,159 778,166
11,741
22,818
10,723
288,994
5,631
7,868
54,596
11,643
14,546
33,351
17,378
Cash in vault
76,238
22,461
223,187 488,256 271,370 795,119 13,033,394
Net demand deposits
916,327 5,637,307 766,018 1,029,699 385,964 329,283 1,786,058 404,806
99.815 881,620 5,788.497
146,065
Time deposits
428,840 1,342,127 246.027 808,596 206.136 224,867 1,059,111 217,700 125,593
7,070
481
2,800
74,082
1,041
1,336
10,007
3.832
1,784
5.699
9,480
Government deposits
21,486
9.066
Bills pay. & mils. with F. R. Bk.:
28,572
3.997
260,719
4,028
6,886
61,010
4,287
5.082
38,973
20,078
Secured by 1J.8.Gov't obligations
67,564
20,242
7,214
14,852
184,807
5,105
13,020
950
23,221
21.234
7.967
16,826
11,140
All other
45,264
18,014
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
112.828
31,218
55.799
13,049
25,521
84,231
21,738
950
9,133
11,211
130,794 1,065,643
41 571 ins 994
164,700
57.310
45,958
24.357
34,335
18.639
17,869
12.065
341,286
163.574
78,244
28,217
49,878
19.686
91,488
43.126
32,258
27.138
38.256
41,592
445,526
109,293 2.161,746
592,654
51.749
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
Reporting Member Banks in N. Y. City. Assorting Member Baas In ChicaPik
AU Reporting Member Banka.
Dec. 1 1926. Nov. 24 1926. Dec. 2 1925. Dec. 1 1926. Nor. 21 1926. Dec. 2 1925. Dec. 11926. Nov. 24 1926. Dec. 2 1925.
46
46
46
61
55
55
691
722
Number of reporting banks
691
$
3
$
$
$
$
$
$
Loans and discounts, gross:
$
14,511,000
17,988,000
14,347,000
49,790,000
45,988,000
45.512,000
167,126,000
146,121,000
Secured by U. S. Gov't obligations
143,086,000
Secured by stocks and bonds
5,422,360,000 5,365,743,000 5,415,508,000 1,915,545.000 1.865,562,000 2,145,119,000 665,123,000 666,613,000 633,932,000
All other loans and discounts
8.810,038,000 8,813,322,000 8,423,302,000 2,584,031,000 2,575,843,000 2.295,759,000 719,425,000 713,101,000 670,705.000
1,394,225,000 1,322,605.000
Total loans and discounts
14,375,484,000 14,325,186,000 14,005,936,000 4,545,088,000 4,487,393,000 4,490.668,000 1,398,895,000
Investments
159,975,000 173,943.000
U.S. Government securities
2,396,864,000 2,406,144,000 2,483,886,000 880,832,000 871.525,000 902,140,000 157,228,000 207,029,000
187,487,000
Other bonds, stocks and securities- 3,124,537,000 3,117,732, 00 2,908,807,000 853,546,000 844,561,000 809,579,000 204,402,000
Total investments
5,521,401,000 5,523,876,000 5,392,693,000 1,734,378,000 1,716,086,000 1,711.719,000 361,630,000 367,004,000 361,430.000
1,761,229,000
Total loans and investments
19,896,885,000 19,849,062,000 19,398.629,000 6,279,466,000 6,203,479,000 6,202,387,000 1,760,525,000 170.583,000 1,684,035.000
165.628.000
Reserve balances with F.R. Banks
1.677.834,000 1,623,746.000 1,668.229.000 724,586,000 672,049,000 717,509,000 175,021,000
21.773,000
24,152.000
20.706.000
64.859,000
69,961,000
298,087,000
60,672,000
293,534,000
288,994,000
Cash in vault
Net demand deposits
13.033,394,000 12,883,739.000 13,099.512,000 5,085,327,000 4,962,706,000 5,165,865,000 1.215,079,000 1,208,650,000 1,163,607,000
518,357,000
499,130,000
515.972,000
787,515,000
881.008,000
900,126,000
deposits
Time
5.780,497,000 5.774,104,000 5,347,552.000
5,397.000
1,453.000
5,397,000
11,347.000
19,682,000
74,081,000
Government deposits
45.146,000
19,682,000
74,082,000
Bills payable and rediscounts with
ig Federal Reserve Banks:
19.688,000
14,176,000
26,664,000
33,895,000
57,600,000
251,869.000
54,800,000
224,258,000
Secured by t7. S. Gov't obligations260,719.000
3,861,000
6,018.000
4,723,000
76,917,000
35,900,1700
40,995,000
179,908,000
226,592,000
AU other
184,807,000
23.549,000
32,682.000
18,899,000
93,500,000 110,812,000
95,795,000
Total borrowings from F.It. bks
445,526,000
450.850.000
431.777.000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
883,047.000 838,562,000
For own account
1,026.355,000 1,030,998,000
For account of out-of-town banks
737,251.000 738,723,000
others
of
account
For
Total
On demand
On time
*Revised figures,
2,646,653,000 2,608.283,000
1,960.274,000 1,915,567.000
DM q79 ow 692.716.000
3014
THE CHRONICLE
'gatiturs'
[VOL. 123.
New York City Realty and Surety Companies.
mutt&
Alliance R'lty
Amer Surety_
Bond & M G_
Lawyera MUte
Lawyers Title
& Guarantee
All prices dollars per
Bid. Ask.
Biel
47
Mtge Bond__ 140
196 200 Nat Surety.. 238
320 325 N Y Title &
273 277
Mortgage_ - 416
13 Casualty_ 815
280 286
share.
Ask
Bid. Ask.
150 Realty Assoc
Wall Street, Friday Night, Dec. 10 1926.
(Bklyn)com 228 233
242
Railroad and Miscellaneous Stocks.-The review of the
let pref____ 88
92
2d prof.
920
91
87
Stock Market is given this week,on page 3001.
325 Westchester
Title & Tr_ 500 550
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the Quotations for U. S. Treas. Ctfs. of Indebtedness
, &c.
pages which follow:
Int.
Maturity.
STOCKS.
Week Ended Dec. 10.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Par.Shared $ per share.
Railroads.
Atlantic Coast Line Rts_ 23,40 154 Dec 6
Buff Koch & Pitts p1_100
200 974 Dec 10
BuIf & Susquehanna.100
10 41
Dec 9
Consol RR of Cuba 91100 3.500 7056 Dec 4
NY Rya ctfs 2nd stPd-•
8.5143 Dec 9
Reading Rts
12,500 184 Dec 8
Southern Ry Rts
76,700
34 Dee 4
Lowest.
Highest.
$ per share. $ per share.S per share.
174 Dec 10 1536
974 Dec 10 92
41
Dec 9 35
7256 Dec 9 684
50 Dec 7 108
194 Dec 4 1636
34 Dec 4
34
Dec 184
Mar 1004
Oct 65
Nov 724
July 150
Mar 224
Oct 1
Nov
Oct
Feb
Dec
Dec
Feb
Oct
Industrial & Misc.
Alliance Realty
*
20 47 Dec
50 Dec 1 45
July 50
Mar
Amalgamated Leather_* 2,000 17 Dec
18)6 Dec
144 Oct 21
Sept
Preferred
100 1,400 1054 Dec
107 Dec
July 113
102
Sept
Am Type Founders p1100
100 107 Dec
107 Dec
10256 Aug 107
Feb
Autosales pref
50
200 4456 Dec
444 Dec
Jan 4436 Dec
18
Bayuk Bros 1st pref_100
1001004 Dec
1004 Dec
May 101
98
Sept
Canada Dry Ging Ale_ _• 2.100 364 Dec
374 Dec
Sept
3236 Oct 49
Central Alloy Steel....' 1,800 29 Dec
3034 Dec 1 2855 Oct 334 Aug
Central Leather ctfs_100
100 734 Dec
74 Dec
Nov 834 Nov
736
Preferred ctfs
100
200 52 Dec 1 53 Dec
Nov 5336 Nov
50
Columbia G & El new__•30,700 88 Dec 1 91 Dec
Dec
85% Nov 91
Preferred new
100 4,000 1004 Dec
10156 Dec
Nov 10114 Nov
98%
Rights
31,500 24 Dec 1
3 Del
2% Dec 3
Dec
Continental Bak cl A....• 115500 58 Dec
694 Dec
50% Oct 9336 Aug
Class B
•43,000 856 Dec
9 Dec
7% Oct 1556 Sept
Preferred
100 5.100 89 Dec
91
Dec
87
Oct 9634 Aug
DeBeers Cons Mines_ _ _ _
300 3156 Dec
314 Dec
2734 Apr 394 Oct
Detroit Edison rights__ 9.100 34 Dec
356 Dec
334 Nov 356 Oct
Engineers Pub Serv_ _ _ _• 3.100 224 Dec
2316 Dec 1
19% Oct 2456 July
Emerson Brant pr ctf 100 2.900
36 Dec
1 Dec
34 Dec 256 Aug
Preferred ctfs
100
10
84 Dec
84 Dec
8
July 144 Sept
Erie Steam Shovel
5 2,500 234 Dec 1 24 Dec
2156 Oct 254 Nov
Preferred
100
10056 Dec
10010034 Dec
100
Oct 102
Nov
Preferred
• 80 9334 Dec
95 Dec
9234 Nov 964 Aug
Federal Motor Truck._• 2,600 244 Dec
28 Dec
23
Oct 344 Aug
Franklin-Simon pref_100
50 108 Dec
108 Dec
106
Jan 1094 Nov
Gen Gas dc El el B....' 1,500 41 Dec
46 Dec
36
Oct 4836 Aug
Gen Motors pref 6% _100
10 106 Dec
106 Dec
99
Feb 106
Dec
Hartman Corp class 13.• 1,100 264 Dec
2636 Dec
2556 Aug 30
Sept
Hayes Wheel pref _ _100
100 103 Dec 1 03 Dec 1 100
Nov 107
May
Indian Motorcycle pf 100
100 95 Dec
95 Dec
Dec 100
95
Feb
Jones& L Steel pref _ _100
100 11956 Dec 1 1956 Dec 1 114
Jan 120
Aug
Kayser as Co ist pref
*
100 110 Dec
10 Dec
May 110
100
Dec
Kelsey Wheel Inc pref100
1 11634 Dec
1656 Dec
113
Jan 1184 Sept
Kraft Cheese
25 2,000 60 Dec 1 6356 Dec
58
Oct 68
Nov
Kress di Co
100 200 485 Dec
85 Dec
485
Dec545
Jan
Liquid Carbonic ctfs___. 1,900 53 Dec
5456 Dec
4356 Oct 5834 Nov
Loose-Wiles Dia 1st pf100
200 119 Dec 1 1194 Dec 1 112
Jan 1194 Dec
Louisiana 011 pref
100
300 93 Dec 1 9356 Dec
93
Dec 97
July
Marland OU rights
103509
1
Dec
34 Dec
Oct 156 Dec
Murray Body ctfs
•15,800 54 Dec
64 Dec
556 Dec 114 Aug
National Supply pref 100
100 116 Dec
116 Dec
1044 Mar 116
Dec
011 Well Supply pref_100
100 109 Dec
109 Dec
044 Apr 109
Oct
Omnibus Corp pref..100 400 190 Dec
91 Dec
July 984 Feb
88
Pacific Tel & Tel pf__100
98 106 Dec
106 Dec
0136 Jun 106
Dec
Peerless Motor Car_ _ _50 4.400 234 Dec
26 Dec
234 Nov 314 Nov
Penn-Dixie Cement__ _ _* 3,900 38 Dec
3956 Dec
38
Dec 404 Nov
Preferred
100
700 99 Dec
99 Dec
99
Nov 1004 Nov
Porto Rican-Am Tob 100 1,700 85 Dec
91
Dec
60
Jan 91
Dec
Purity Bakeries al A__25 1,200 474 Dec
484 Dec
47
Oct 49% Nov
Class B
• 9,000 434 Dec
44 Dec
414 Nov 44
Dec
Preferred
100 200 101
Dec 1 10156 Dec
99
Oct 1014 Dec
Real Silk Hosiery____10 4,700 4056 Dec
4356 Dec
374 Nov 5034 Oct
Preferred
100
100 95 Dec
95 Dec
95
Oct 100 Nov
Reid Ice Cream pref_100
100 98 Dec 1 98 Dec 1 9556 Mar 100
Jan
Sherwin-Wil lams pf_100
10556 Dec
10010534 Dec
1054 Sept 108
Apr
Spalding Bros 1st p1.100
100 1034 Dec
10356 Dec
Jan 1054 June
101
Stand 011 NJ rights....471953 11.13 Dec 1
22n Dec
136 Nov 24 Nov
Standard 011 N Y_ _ _25 27,400 3256 Dec
334 Dee 1 324 Dec 3351 Dec
Texas Corp new
25 31.500 5574 Dec
5716 Dec
534 Nov 574 Dec
United Dyewood____100
100 64 Dec
636 Dec
6
Sept 12
Jan
Van Itaalte
• 400 134 Dec 1 14 Dec
124 Apr 22
Feb
Vulcan Ueda:ling ._ _100
100 1456 Dec
1456 Dec
10
Dec
Sep 15
West Penn Pr pf 6.7
6 _100
100 102 Dec
102 Dec
95
Mar 102
Dec
White Sew Mach pref..' 1.400 534 Dec
55% Dec
4656 Oct 6456 Oct
•No par value.
The Curb Market.-The review of the Curb Market is
given this week on page 3001.
A complete record of Curb Market transactions for the
week will be found on page 3030.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid.
America'.
300
Amer Unions- 205
Bowery EastR 390
Broadway Can 345
Bronx Bores_ 1325
Bronx Nat_ __ 495
Bryant Park* 200
Capitol Nat._ 223
Cent Mercan_ 272
Central
145
Chase
423
Chath Phenix
Nat Bk &Tr 382
Chelsea Each* 281
Chemical__ - 860
Colonial._
800
Commerce..- 418
Com'nwealth• 290
Continental.. 285
Corn Exch... 581
Coemoplans_ 200
Fifth Avenue 2150
First
2700
Franklin
160
Garfield
370
Globe Exch._ 220
Grace
350
Greenwich*._ 525
Hamilton..
218
Hanover
1050
•Banks marked
Ex-rightz.
Ask.
310
215
400
365
1400
510
225
228
280
Li2
426
387
286
880
1000
419
390
280
585
300
300
750
170
380
240
550
223
070
Banks.
Bid
Harriman_-_ 600
Manhattan *- 227
590
Mutual*
National City 637
141
FLgh:a
New Nerh'ds• 330
500
Park
Penn Exch.-- 130
310
Port Morris
553
Public
710
Seaboard
180
Seventh
660
Standard
595
State*
165
Trade*
190
United
United States* 313
Wash'n
t140
orktown*
137
Brooklyn.
Coney Island* 375
Dewey•
200
CIO
First
Mechanics".. 300
Montauk*- 350
Municipal
30.5
Nassau
360
People's
675
Queensboro•. 175
*) are State banks
Ask.
620
231
643
143
340
504
140
162
730
170
800
605
175
205
317
750
143
410
310
315
370
225
Trust Cos
Bid.
New York.
ank of N Y
& Trust Co 678
Bankers Trust 668
roux Co Tr_ 310
Central Union 918
ounty
295
Empire
375
Equitable'Tr_ 298
Farm L & Tr_ 543
Fidelity Trust 310
Fulton
440
Guaranty Tr 419
Irving Bank
&'I rust Co. 307
LawyersTrust -- Manufacturer 532
Murray 11111._ 218
Mutual(Westchester) __ 215
N Y Trust- - 550
Terminal Tr_ 175
Title Gu & Tr 702
USMtg &Tr. 410
United States.1750
Westchner Tr 550
Brooklyn.
rooklyn_ _ _ 825
Kings County 2100
Midwood_ _ _ _ 275
(0 New stock.
Ask.
685
672
339
926
304
382
302
548
315
455
422
311
638
224
5-54
185
707
415
770
840
200
285
(z) Ex-dividend.
Rate.
Bid.
Dec. 15 1926_ 34% 100
Dec. 15 1927___ 434% 1014ss
Range Since Jan. 1.
Asked,
Maturity.
Ran.
Md.
Asked.
100133 Mar. 15 1927--- 4,4% 100%
1014 June 15 1927-- 334% 1004
1007ts
100.11
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Dec. 4. Dec. 8.Dec. 7.Dec. 8. Dec. 9.Dec.10.
First Liberty Loan
High 10027:3 1007.8 1001.3: 1001.31 1002733 1002.31
356% bonds of 1932.47_ Low_ 1001233 1007431 1001233 1001113 1002.31 1007%
(First 3569)
Close 10017n 10014:1 1001.13 1001733 1002133 100"n
Total sales in $1,000 units_ __
57
9
33
203
10
88
Converted 4% bonds origh 100
1932-47 (First SA-. Low_ 100
Close 100__Total salts in 51.000 units_ __
2_Converted 44% bondarIgh 102"st 102Hst 102"3 102241 102"ss 102"ss
01 1932-47 (First 4;i:0 Low. 102"ss 102",, 10244s 10214n 102"ss 102"ss
Clow 102un 102"ss 102411 102Hss 10244ss 10214s,
Total sales in $1,000 units-1
17
2
29
29
35
Second Converted 44% High
--------__
--__ 1021033
-bonds of 1932-47 (First Low_
--------__ 1021.33
------Second 449
Total sales in $1,000 units_ _ _
----- - ------Second Liberty Loan
{High 100233 100233 100"n 1004as
---- 1001ss
4% bonds of 1927-42
Low_ 10023i 100233 1001.13 100.33
-- -- 100.31
(Second 410
Close 100.33 1007ss 100"as 1004n
---- 1004ss
Total sales in $1,000 units. __
3
s
1
Converted 44% bondsrigh 1002.31 1002.33 1002731
51002733 1002.31 101
of 1927-42 (second
Low_ 1002733 1002.33 1001.31 1002.33 1002.31 1007.33
4500
Close
---- 100.433 1002.33 100"ss 100"ss 100"ss
Total sales in 51.000 units66
108
18
50
275
424
Third Liberty Loan
High 101213 101233 101.31 101.33 101233 1011231
43i% bonds of 1928_; Low_ 101431 1014ss 1014ss 1014n 1014ss 1014ss
(Third 434s)
Close 101.33 1014ss 1014n 1014n 101412 101"ss
Total sales in $1.000 units_ __
94
43
271
115
168
181
Fourth Liberty Loan
{High 103
103
103
103233 103.33 103.31
44% bonds of 1933-38._ Low_ 102343 102.033 1022233 1022.31 130
103211
(Fourth 451s)
Close 1024421 103
103
1034ss 1034ss 103411
Total tales in $1.000 units
198
11
120
97
125
222
Treasury
{High 10944n 109"ss 109"ss 109"ss 109"ss 110
:Ms, 1947-52
Low. 109",, 109"ss 10944n 109",,109",, 109"ss
Close 109"ss 10944n 109"st 10944,1 109"ss 110
Toga sales in $1,000 units_ _
11
44
7
24
13
33
{High 10544ss 105"ss 105"ss
---- 105"ss 106
gm, 1944-1954
Low_ 1052.33 105",, 10544n
---- 105"ss 105"ss
Close 1055033 105"ss 10544ss
---_ 105"ss 106
Total sales in $1,000 units_ __
1
1
1 ___
3
165
{High 102"ss 10244n 102"ss 102"; 102"ss 102"ss
349, 1946-1956
Low_ 102",, 10214n 102",, 102"ss 102"ss 102",
,
Close 10214ss 102":2 109"ss 10244as 102"ss 102"ss
Total sates in 51.000 units_ __
1
I
ii
14
29
270
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 lot 356s
41 2d 451s
12 3d 44s
1007211 to 1001231133 4th
451s
1002.33 to 1002.3: 21 Treas, 4503
101233 to 101.33
102"ss to 103.33
1092.33 to 10944n
Foreign Exchange.-Sterling exchange was dull to the
point of stagnation and rates moved within a range of 1-16
of a cent. Continental exchange was intermittently active
with the tone of the market strong and weak by turns and
trading usually nervous and excited. French francs continued the leader in point of activity and strength.
To-day's (Friday's) actual rates for sterling exchanges were 4 84 7-18
for
checks and 4 84 15-16 for cables. Commercial on banks, sight,
84 546,
sixty days 4 80 5-16, ninety days 4 78 7-16 and documents for4payment
(60 days) 4 80 9-16; cotton for payment 4 84 5-16 and grain for payment
4 84 5-16.
To-day's (Friday's) actual rates for Paris bankers' francs were
3.86(gl
3.9074 for short. German bankers' marks are not yet quoted for long
and
short bills. Amsterdam bankers' guilders were 39.9134639.92 for short.
Exchange at Paris on London, 124.20 francs; week's range. 122.85 francs
high and 124.85 francs low.
The range for foreign exchange for the week follows:
terling. ActualChecks.
Cables.
HiV for the week
485
Lo for the week
4 841-16
484 15-16
Paris Bankers' FrancsHigh for the week
4.00
4.01
Low for the week
3.79
3.80
Germany Bankers' Marks
High for the week
23.7634
23.7834
Low for the week
23.76
23.78
Amsterdam Bankers' GuildersHigh for the week
39.963(
39.9834
Low for the week
39.9534
39.9774
Domestic Exchange.-Chicago, par; St. Louis, 15@25c. per $1,000 discount; Boston, par; San Francisco, par; Montreal, 8.6250 per $1,000
premium; Cincinnati, par.
.
CURRENT NOTICES.
-Irving Bank & Trust Co. has been appointed transfer agent
in New
York of 150,000 shares of the $7 preferred stock of Arkansas Power &
Light
Co.
-Gardner McIntyre, Inc.. announces the
opening of offices at 784
Broad St., Newark, N. J...to deal in bank stocks and unlisted securities.
-Bankers Trust Co. has been appointed agent for the payment of
coupons of McCracken County, Ky., road and bridge bonds.
-L.T. Whitehead Jr. has become associated with the sales department of
Craigmyle & Co., 120 Broadway, New York.
-Throckmorton & Co., 100 Broadway, New York, have issued a fourpage circular on the laundry industry.
-Jones, Miller & Co. announce the removal of their offices to the Commercial Trust Building, Philadelphia.
3015
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
sc. 4.
Monday,
Dec. 6.
Tuesday.
Dec. 7.
$ Per share $ per share $ per share
Wednesday, Thursday,
Dec. 8.
Dec. 9,
Friday,
Dec. 10.
Sales
for
the
Week.
g per share $ per share
$ per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PICK XIIA IfIf
Range Since Jan. 1 1926.
On Oasts of 100-share lots
Lowest
$ per share
Highest
rem .3114366
Range for P16116.131
Year 1925.
Highest
Lowest
$ per share 5 per share $ Per am
Par
Railroads.
165 15612 15412 15514 15534 15714 15511 15738 15638 15818 15778 160
63,100 Atch Topeka & Santa Fe__100 122 Mar 30 161 SePt 1 11614 Jan 14012 Dee
100 9418 Mar 5 1017 Dec 8 9212 Feb 98 Dee
1018 10178 10114 10114 10118 101%
300 Preferred
*10014 10012 *10014 102 *10012 102
3 Jan 1154 Deo
12May 28 10 Jan 2
58
34
kl
34
34
34 3,900 Atlanta Birm & Atlantio_100
58
34
%
58
34
34
20112 20312 203 20414 20412 200
100 18112 Mar 30 26212 Jan 2 14714 Jan 268 Dee
6,600 Atlantic Coast Line RR
20212 206
19934 20034 20018 202
Mar 9412 Dee
71
7
1093
45ent
8312Mar
3
100
10518
10578 10512 10734 10712 10812 46,600 Baltimore dr Ohio
10534 10614 10558 1063o 10518 106
7218 7218 7212 7212 7238 7258 73
100 6712 Jan 6 737 Aug 20 6278 Apr 6754 Nov
73
73 7338
73
*72
400 Preferred
4334 4354 44
50 33 Mar 2 46 Feb 1 3514 Mar 5612 Nov
4,600 134ngor & Aroostook
448 4418 4412 4418 4438 448 4538 448 45
Oct
100 9778Feb 8 101 July 12 89 June 100
*10012 10434 *10012 10434 *103 10434 *103 10312
*10012 ____ *101
Preferred
7412 Nov 27 3518 Jan 64 Nov
7113 7158 7112 7178 7112 718 7134 7214 7134 7338 7138 7338 9.100 Bkin-Manh Trim v t o_No par 5418 Mar 31
Dee
83
3
4
g
Jan
727
Nov
26
8912
Mar
31
78
par
*8734 88
8812 *8734 88
*88
884 88
No
88
88
88
88
800 Preferred v t c
3 Feb 171& Nov
*1412 1614 1538 1558 15
812 Mar 4 1858 Nov 5
1534 1514 1658 1538 1634 1514 1534 8,100 Brunswick Term & Ry Sec_100
*82
*80
*82
86
86
*80
*80
84
84
*80
84
84
Buffalo Rochester & Pitts_100 6934 Mar 26 8734Ju1y 20 48 Apr 925i May
56
Jan 59 May
June
1
61
15
Jan
58
*60
6012 5934 5934 *5912 6014 *5912 6014 *5912 6014 *5912 6014
100
Southern
50 Canada
13612 Mar 15238 Jan
16234 16334 16334 164
16334 16434 163 16412 16312 16434 16434 16434 4,900 Canadian Pacific
100 14612 Jan 9 16858Sept
Jan
265 Mar 321
283 283 *282 290
*275 286 *280 289 *280 290
289 29014
400 Central RR of New Jersey_100 240 Mar 30 305 Jan 1
89/
1
4 Mar 13011 Dee
16012 162 z15878 16014 15912 16138 16012 16234 34,000 Chesapeake Ss Ohio
16134 163% 160 162
100 112 Mar 2 17838Sept 2
10514 Apr 130 Dee
*15612 ____ *156
*165 ---- *15712
100 119 Jan 20 171 Sept 2
____ *16912 ____ ______
Preferred
47
338 Apr 1052 Feb
*434 5
414Sept 18 11% Feb 2
512
514 *5
434 48
100
5%
518
5
5
1,800 Chicago & Alton
84 Apr 1911 Feb
638 68
*634 714
612 812
618May 18 1814 Feb 1
100
*814 812
858 9
812 812 8,800 Preferred
140 May 200 Deo
*250 280 *250' 280 *250 280
250 280 *250 280 *250 280
100 17314 Mar 29 275 Aug 2
C C C & St Louh3
1
4 Aug
2934 Mar 38/
31
31
3014 308 *30
*3112 34
100 3014May 10 37 Feb 1
32
3014 30/
1
4 *30
31
1,100 Chic & East Illinois RR
40 Mar 5714 Jan
468 46% *4514 46
*46
47
100 3612 Mar 31 511 Feb 1
4512 46
*4512 4612 4512 46
1,000 Preferred
15 Feb
9 Jan
834 834 *812 84
9
9
734 Mar 31 1218Sept
85s 9
858 84 *858 9
3,300 Chicago Great Western-100
1914 Mar 323 Feb
2418 2418 2412 24
2418 2418 24
2438 2412 2814 2434 2558 7,100 Preferred
100 1614 Mar 30 3158Sept
314 Apr 1638 Jan
91
9
9
9
914
83
812 83
834
812 Nov 11 1412 Jan
9
9
918 1,600 Chicago Milw & St Paul _100
7 Sept11 Nov
Jan
14
914 914 *812 9
*834 912
20
Apr
818
9
858 8%
100
9
9
9
2,350
Certificates
Apr 2872 Jan
7
Aug
2
1834 19
*1838 19
1858 1838 1838 1834 1938 1934 1858 1938 3,400 Preferred
100 1418 Mar 31 24
1278 Oct22 Nov
1812 1812 1814 1918 1834 1918 185 1834
1812 1912 1812 1812 5,100 Preferred certificates_ _ _100 14 Apr 20 2338 Aug 2
Apr 80% Dee
47
4Sept
1
77 8 77
7612 768 77
77
77
83
3
Mar
30
8018 7934 82
7812 78
6514
53,300 Chicago & North Weetern_100
10134 Apr 120 Des
123 123 *120 124 *120 124
123 123 *120 124 *120 124
100 11812 Jan 4 12612 Apr 3
200 Preferred
4018 Mar 5878 Dee
68% 688 6818 6834 6814 8834 68
6812 6814 6938 69
6912 16,700 Chicago Rock Isl & Pacific_100 4012Mar 3 71 Nov 2
92 Jan100 Dee
10612 10612 10612 107
107 10712 1078 108 210334 10378
107 107
100 96 Mar 4 108 Dec
1,200 7,
7 preferred
82 Mar 8972 Max
*9714 9734 9714 97% 9738 978 9734 9734 9734 98
39312 94
100 8314 Mar 31 98 Nov 3
1,800 64 preferred
4418 Jan 7012 Sept
Oct
1
*84
8418 8412 85
86
9614
85
3
8458 85
Mar
*82
86
86
52
87
100
600 Colorado & Southern
60 Mar 6638 Deo
412
*72
73
73
*72
73
*71
72
72
z72
75
72
100 62 Mar 2 74 Oct 1
200 First preferred
Jan 6212 Aug
54
*68
*68
74
*68
73
74
*68
73
z67
*68
70
67
100 59 Jan 11 72 Sept 2
200 Second preferred
13312 Mar 155 Apr
17214 17212 17012 17034 17058 l7lSo 16934 171
17012 17034 17218 17438 3,300 Delaware & Hudson
100 15014 Mar 30 18312Sept•
125 Mar 14754 June
14412 14434 14414 14412 14412 14412 144 14458 14412 14612 14512 148
7,800 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 1
Jan
3458 Oct 60
43
*43
4314 43
*4234 43
4314 44
4278 43
4278 43
1,600 Deny & Rio Or West pref 100 37I2May 19 47 Jan
263 May 391 Dee
40
4018 40
398 4018 395 40
4014 40
40's 40
4018 12,000 Erie
100 2212 Mar 29 404 Dec .
35 June 468 Jan
49
4938 488 49
4507114R Octe
485a 487
4812 4858 484 49
4834 498 8,400 First preferred
34 June 4314 Jan
46% 4612 4612 4612 *46
461
46
4618 4618 4618 4618
46
ar
r3
30
0
334 M
Ma
101 30
600 Second preferred
Apr 82% Deo
60
80/
1
4 8038 808 8012 8018 813
8118 8258 8234 8418 8212 84
50,800 Great Northern preferred_100 6812 Mar 30 8418 Dec
191
/
4 193 21838 1838 1814 1858 1814 1812 1814 1814 18
25 Dec 40% Jan
1814 5,600 Iron Ore Propertles_No par 18 Dec 10 2714 Feb 1
23
Mar
36% Sept
2
*3614
*3612
3712
37
37
37
*3634 3712
37
3714 37
378 1 400 Gulf Mobile & Northern_100 2518 Apr 20 41 14Sept
41107% 10778 108 108
89% Ma 109% Sept
10778 10778 *10712 10812 *10712 10812 10812 1081
'300 Preferred
100 95 Mar 29 1091,sept ao
38% Aug
Mar
4
*39
3914 3918 3914 39
39
39
215
Dec
10
407
8
3914 3912 3912 40% 5,600 Hudson & Manhattan
393
Jan
22
3438
*76
*75
79
641 Feb 72 July
*77
79
7914July 26
*77
79
80
*77
*7712 80
80
100 673i Mar 3
Preferred
12158 12158 *12158 12214 122 1228 12212 1221
12112 12178 122 122
100 113I2Mar 3 131 Sept 7 111 Mar 12512 Deo
900 Illinois Central
4 Dee
*12112 12312 *12112 12312 *12112 12312 *12112 12312 *12112 12312 12218 1221
100 Preferred
100 115IMar30 12912Sept 7 11212 Apr 1251
*7512 76
6814 Aug 7414 Dee
*7512 76
7534 758 *7512 76
7538 7558 7538 7558
370 Railroad Sec Series A 1000 7114 Jan 6 77 June 23
33
/
1
4
Sept
Jan
*2512 2612 *23
2512 *22
18
13
*23
25
Feb
2512 *23
31
2512 423
Mar
30
2514
25's
Int Rys of Cent America_ _100
*59
67
*5912 67
5912 Jan 6612 J1117
*5912 67
*5912 65
*5912 65
*5912 65
100 62 Mar 30 66 June 24
Preferred
/
4 4814 4738 4814 47
4811 471
48
4914 48
1312 Mar 3412 Feb
4734 464 4734 9 100 Interboro Rapid Tran v t 0_100 2412 Jan 1
5234 Nov 26
312 Mar
*1
112 *1
112 Jan
112 *1
112 *1
312 Jan 15
112 *1
112 *1
1 Aug 14
100
11
'
Iowa Central
4234 4234 *4218 425 *42
2858 Mar 51 Dee
4212 42
5138Sept 9
4218 42
100 3414 Mar
4334 4314 44
11 500 Kansas City Southern
Jan 6374 Deo
57
*64
6512 65
*6514 66
65
*6514 6534 66
100 6058Mar 31 68388ept 10
66
*651
/
4 661
'
400 Preferred
69 Mar 8812 Dee
97
97
97
97
*96
9712 97
9712 9778 1011 10158 106
50 7512Mar 3 106 Dec 10
10,400 Lehigh Valley
Jan 148 Dec
131 131 *130 133 *13012 133 *13012 133 *13112 13212 13212 13278
100 118 Mar 30 144 Sept 3 106
600 Louisville & Nashville
64 May 11912 Sept
90
90
*90
94
*90
*90
94
*90
94
*90
92
100 Manhattan Elevated guar_100 84 Mar 3 9234 Apr 20
92
511
/
4 Feb
32%
Mar
6178May
28
Jan
26
5134 52
100 3818
5058 5158 51
5118 53
523* 53
9,200 Modified guaranty
51
52
52
12 Sept
6 Nov
10 Feb 9
418July 31
*5
*5
6
6
*5
7
5
*5
6
100 Market Street Railway ___ _100
*5
5
6
4614
Sept
Jan
20
9
Feb
40
22
Oct
1912
100
*22
*22
28
28
*19
25
Preferred
*19
*19
25
*19
25
25
4214 Nov 6514 Sept
100 3918June 21 5138 Feb 10
e44
45
*44
200 Prior preferred
44
44
45
4434 *44
*44
45
*44
45
1
4 Sept
15 Dec 35/
100 1134 Oct 29 2212 Feb 10
*14
19
Second preferred
*14
*14
15
*14
15
*14
15
*14
15
15
37 Jan 11
4 Mar
214 Oct
114 Dec 9
100
*114
114
*114
113
11
11
*114
112 *114
900 Minneapolis & St Louls
114
114
114
305 Apr 57 Nov
900 Minn St Paul & SS Marle_100 3234 Dec 8 5212 Feb 3
*3112 35
3234 3234
*31
34
3234 3313 3234 33
3278 327
40 Mar 86% Nov
100 54 Dec 2 79 Feb 3
200 Preferred
57
*55
57
571 *54
55
55
e54
*52
60
55
55
5712 June 63 Feb
100 60 Oct 28 6678 Feb 24
Leased lines
*564 6312 *5634 6312 5634 63'2 5634 631 *5634 631 *5634 61
2814 Jan 4512 Sept
2912 Oct 20 4718 Feb 9
3434 3414 3514 2,500 Mo-Ran-Texas RR____No pa
3414 3414 3334 3334 3358 34
331
/
4 33'2 34
7434 Jan 9212 Dee
7
Dec
963
8
Mar
2
82
100
9,300
963
8
9512
Preferred
95
9618
9618 9638
961
953* 9538 9638 96
953*
301 Jan 412 Dee
100 27 Mar 3 45 Sept 1
3812 388 3818 381
3858 3918 11,600 Missouri Pacific
39
3818 38'2 38
384 38
71 Mar 9112 Deo
100 7112Mar 3 95 Sept 3
908 8,700 Preferred
90
89'4 8938 8918 8958 8918 893 89
8958 8914 91
314 Dee
112 June
7
45g
4
Jan
83
10
Apr
*412 5
*412 5
Nat Rys of Mex 1st prof...100
*412 512 *412 512
*412 5
*412 51
314 Dec
112 June
*17
412 Jan 7
*17
2
134 Oct 27
100
900 Second preferred
2
178 2
*178 2
17
*178 2
17
1
4 Dee
*121 129 *121 128 *121 128 *121 129 *121 128 *121 128
New Or' Texas & Mexico_100 120 Mar 30 13212 Jan 9 1l3l4June 137/
13711
Dee
11314
June
7
14712Sept
13418 13434 1333 13438 13312 13484 13312 13414 134 13618 13514 1367s 37,300 New York Central
100 117 Mar 30
190 19014 189 189
190 191
3,300 NY Chic & St Louis Co...100 130 Mar 3 20412Sept 23 118 June 183 Dee
188 189
189 191
18812 190
98%
Nov
88
/
1
4
Jan
July
8
*102 103
106
Mar
11
10134 10234 102 102
93
100
10212
Preferred
500
*102
10212
10238 10258 1021*
28 Mar 47 Deo
42/
1
4 4278 4214 4338 4212 431
100 3058 Mar 30 48% July 17
4418 35,600 N Y N H & Hartford
4218 4258 4234
- 4314 43
2058 Apr 3434 Aug
*2334 237* 2314 2358 2338 238 2314 2338 2318 2334 2334 25
100 1934 Mar 30 28% Feb 13
6.100 N Y Ontario & Western
5 Dec 12 June
1414 1414 14
1414
*14
6 Jan 25 2014 Feb 5
14
14
1414
1412 1412 1458 1514 4,100 NY Railways pref ctie_No par
21 Dec 36 July
13
1314
*13
15
*13
16
*13
15
1,200 New York State Rallwaye_100 13 Dec 8 2812 Jan 14
17
1318 1318 *13
3712 3753 37
217s Apr 45 Sept
37
37
3712 37
100 27% Apr 15 4438 Sept 2
1,800 Norfolk Southern
3712 39
37
37
37
15634 1577 157 15712 157 15712 157 158% 159 16038 8,700 Norfolk & Western
*15758 158
100 13914 Mar 30 1708 Oct 2 12312 Mar 151 Deo
7512 Jan 86 Dee
8334 8334 *8334 8412 *8334 8412 837 838 8412 8412 *80
100 8312 Nov 4 85% Aug 11
700 Preferred
82
5814 Apr 78/
1
4 Dee
7878 7914 785 7914 7878 7934 7958 8014 803* 8114 8058 8114 18,800 Northern Pacific
100 653 Mar 30 8212 Aug 26
Aug 4012 Dec
6
20
*15
*15
20
20
Jan
20
*15
100 15 Oct 19 48
20
*15
Pacific Coast
*15
20
*15
20
4212 Apr 55% Dec
56
5638 56
561
56
50 4858 Mar 30 5718 Oct 27
5614 557 5614 56
5618 5618 56'4 18,000 Pennsylvania
*19
21
131 Apr 215* Deo
*19
20
21
*18
21
*19
100 157 Oct 19 2634 Jan 14
21
Peoria & Eastern
*18
*18
21
61% June 8512 Dee
11234 113 *113 11314 113 113
11278 113 *11112 113
100 67 Mar 3 11614 Dec 10
11312 11614 7,100 Pere Marquette
937 94
78 July 8934 Deo
*9314 9334 *9312 95
*9314 94
100 79 Mar 1 96 July 7
600 Prior preferred
9312 931, 93
93
6813 Apr 7958 Dee
87
*8612 87
87
8814 8814 89
*86
917 July 17
88
800 Preferred
100 7014 Mar 2
88
88 - 87
Jan 144 Nov
____ *150
*150 ---- •150
____ *148
50 Pitts Ft Wayne & Chic met 100 14212 Jan 2 151 18 Dec 2 139
____ 14934 14934
_
*150
63 Mar 123 Deo
119 119 *11814 11912 11912 12712 127 130
117 119 *117 119
6,100 Pittsburgh & West Va
100 85 Mar 30 130 Dec 10
694 Mar 9114 June
90
89% 9014 8312 8914 90
887s 9114 9134 95
9412 9734 68,600 Reading
50 79 Mar 30 100 July 9
June
4138 i
June
40
35
61
:
7 Mar "
41
4012 4012 *4014 4114 4018 41
4
Ap2
r 26
3934 40
pt
42
43 se
Dec 3
40% 4038 7,500 First preferred
3934 mar
50
40 40
Mar
4312 4258 4234 4312 4312 4312 44
*4158 4314 *4134 4312 *42
1,200 Second preferred
*54)
42 Apr 621s Jan
*48
*48
51
51
52
50
"48
047
51
100 42 Apr 8 6114 Aug 2
*45
50
Rutland RR prof
5712 Jan 10214 Aug
102% 10234 102 10234 102 10212 10112 102
100 85 Mar 30 10314 Nov 26
101% 10234 10112 10238 10,300 St Louis-San Francisco
Jan 9214 July
76
945 9458 9414 9412 9414 9414 9414 9438 9434 95
100 8312 Apr 1 85 Dec 9
*9434 96'2 1,100 Preferred A
4334 June 6914 Dee
62
62
*62
63
*61
*62
63
6212 62
6212 6214 6333 2,20081 Louh3Southwestern
100 5712 Mar 19 74 Feb 9
7018 June 783* Dec
77
*76
77
77
77
77
*74
1
4July 27
78
78
100 72 Mar 19 80/
200 Preferred
*74
*75
78
203* Jan 5438 Nov
4'3034 3112 308 307 "3014 31
3058 3078 31
100 2712 Mar 31 51 Dec 2
33
33'2 8.300 Seaboard Air Line
33
35 Mar 5112 Aug
3734 3734 3734 38
*3734 38
38
38
3878 3912 3,100 Preferred
100 3112Mar 31 483* Feb 18
38
39
Oct1083* Jan
96
106 10634 10578 10638 10612 1073* 107 10733 14,300 Southern Pacific Co
106 10618 106 106
100 9618 Mar 30 11014Sept 3
7758 Jan 12012 De0
11634 11712 11612 11714 117 11714 11612 117
100 10358 Mar 30 13114Sept 3
117 11734 11718 11858 8,800 Southern Railway
94
94
94% 943* 94
9312 94
9412 2,400 Preferred
94
941
9434 94
4314 Jan 59 Deo
*4938 50
4912 50
4912 50
508 507
5114 5212 7,700 Texas & Pacific,100 42% Mar 30 6158 Jan 13
50% 51
7% Apr 1538 Sept
3634 371
37
37% 3718 *3714 38
100 1312 Jan 8 43 Apr 23
3738 3634 3714 364 364 1,700 Third Avenue
58
Jan 78% Dee
*63
66
*64
*64
66
66
66
*6218 66
Twin City Rapid Transit_100 5914 Oct 25 784 Jan 4
*64
*64
66
15934 162
16012 16138 161% 16234 162 16312 17,800 Union Pacific
159% 160
100 14112 Mar 30 16838 Oct 1 13314 Apr 1$314 Jan
1594 160
Jan 7714 July
72
797 798 80
80
797k 797g 80
100 7434 Jan 6 8114 Aug 28
903 Preferred
8014
80
7934 797
80
18 Aug 3312 Mai
/
4 Apr 7
3412 *____ 341 *25
*
3412 * ___ 3412 *
United Railways Investm1.100 1934 Mar 3 271
3412
3412 *25
4812 Mar 8378 Deo
____ *111 162
____ ___ ___. ---100 65 Mar 2 125 Nov 11
*111 162 *111 162 *111
Preferred
1912 Mar 47% Aug
3014 397
4112 22,600 Wabash
3914 3912 3914 3958 3858 391
100 337 Mar 30 52 Jan 12
39
4012 40
5534 Jan 737s Dee
100 68 Mar 30 7834 Jan 13
9,500 Preferred A
7414 7414 7418 7414 7418 7414 7312 7413 7334 7458 7412 75
3812 Jan 6012 Aug
*61
*60
68
*60
68
100 57 Mar 29 72 Jan 29
68
68
*60
*60
68
68
Preferred B
*61
11 Mar 1838 Aug
12
12
12
12
12
100 11 Mar 3 1658 Jan 4
1214 1278 5,600 Western Maryland
1214
12
12's
12
12
16 Mar 2614 Jan
100 163* Mar 30 24385ept 25
1,500 Second preferred
*2058 2134 2058 2058 *2058 2134 2058, 204 2112 2112 2114 22
1934 July 39% Dec
3312 *3234 3312 32
100 32 Dec 8 3914 Jan 2
1,200 Western Pacific new
32l2 32
3212 *3112 32
*3312 3412 33
72 July 81 Dee
100 7712 Jan 15 8634Sept 11
*81
8112 8112 8138 8114 813* 8114 8134 1,700 Preferred new
*8134 8234 8112 82
103 Mar 32 Deo
2734 11,500 Wheeling & Lake Erie Ay_ _100 18 Mar 30 32 Jan 2
2638 2618 2714 27
2618 2658 26
2634 2634 26'4 27
22 Apr 537k Dee
4
Mar
30
50
/
1
4
Jan
37
100
443
8
4512
445
43
3
4
44
*4318
4412
44
4,400
44
433
4
Preferred
4434
4418
on, OA
591, R934 *89
8934
89
89
.387
• Bid and asked prices. z Ex-divldend. a Ex-rights.
RR
871* 871s
Industrial & Miscellaneous
900 Abitibi Power Sr Paner_No car
7034May 21
98 Sept 14
62
lau
7814 Den
3016
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive,
see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER SHARE
PER SHARE
PER CENT.
Sates
STOCKS
Range Sines Jan. 1 1926
Rangefor Previous
for
NEW YORK STOCK
On basis of 100-share iota
Monday.
Tuesday,
Year 1925
Wednesday. Thursday,
Friday,
the
EXCHANGE
Dec. 6.
Dec. 7.
Dec. 8.
Dec. 9.
Dec. 10.
Week.
Lowest
Highest
Lowest
Highest
Spec share S per share
per share
Per share
per share S per share Shares. Indus. & Miscel. (Con.) Par
57
57
per share 3 per share 3 per share S per ear'
5612 59
60
61
1314 60
60
60
60
60% 1,700 Abraham dc Straus____No par 43 May 20
41110 11012 11012 11012 *111 112
61 Dec 7
111 111 '11112 112
11112 11112
400 Preferred
100 10418 Mar 19
*2612 27
*2612 27 '
52612 27
Dec 10
*2612 27
*2612 27
*264 27
Albany Per: Wrap Pap_No par 264 Oct 6 11112
*140 148 •140 148 •140 148
273
4June 23
14012 14012 *140 148 *140 148
100 All America Cables
100 131 Jan 6 155 July 24 119 "ii; iiisi Oct
*128 13012 *126 13012 12712 12712 *12712 129
128
128
*12712
129
200
Adams
Express
100 997s Mar 18 138 Sept 22
101 1078 1012 1012 1114 1138 11
90 Apr 11714 Oct
1214 11
11
10
1118 5,700 Advance Rumely
100
3412 3412 3434 357
9 Dec 1 22 Sept 24
364 3812 38
13 Apr 20
Oct
3912 37% 3812 35
38
6,600 Preferred
100 3312 Dee 2 6534Sept 24
558 55
512 534
47 Feb 6214 Oct
54 512
53
4
53
4
5%
53
4
2,700
*55
8
Ahumada
53
4
Lead
1
140 14112 13918 13918 140 14212 13918 1403
434 Nov 22
94
Jan
4
Oct
712
8
May
125
14158
1405
8
8
1404 14114 4,700 Air Reduction, Inc__No pa 10714Ma
y 19 14512 Aug 9
734 78
77
8634 Jan 117% Dec
74
74 778
734 734
758 7%
712 778 2,800 Ajax Rubber, Inc
No pa
*114
138
712 Oct 20 16 Feb 10
112 112
112
939 Dec 157s Jab
112 *114
1%
14 138 1,000 Alaska Juneau Gold Min__ 10
I%
112
13912 14178 138 14114 139 141
Is
Oct
22
2 Jan 4
1
Jan
24 Oct
13812 140
13934 14138 13914 14138 117,500 Allied Chemical & Dye_No pa
*12214 1224 *12214 12234 12234 12234 *12214
106
Mar
30
147 Sept 22
80 Mar 11658 Dec
1223
1223
4
4
*12214
1223
4
123
300
Preferred
100 11834 Mar 20 12234 Dec 2 117
*87
8712 87
9012 8834 8934 884 89
1211
Jan
/
4 Nov
88%
89
8918
6,300
894
Allis-Chalmers Mfg
110 110 •1104 11012 11012 1104 *1104
100 7814 Mar 26 9452 Jan 14
714 Jan 97/
1
4 Dee
11112
400 Preferred
100 105 Apr 7 11012May 24 10314 Jan 109 Dee
*2938 2912 2978 2978 294 2978 2938 -- *11012 1114 *11012
2912 2938 304 3012 3138 14,600 Amerada Corp
No par 2414May 20 327 Aug 9
1238 13
13
13
1258 1258 12% 1234 •13
1314 1234 13,
4 2,800 Amer Agricultural Chem__ 100
44
9
Oct
44
14
4238 4414 43
Jan
14
134 Mar 297 Oct
348
454 444 44% 4414 4414 4418 4738 3,800 Preferred
100 3532 Oct 30 964 Jan 14
444 445
43
3612 Mar 8212 Del
448 4314 4378 843
43
*42
43
4212 4212 1,900 Amer Bank Note, new
10 3453 Mar 31
46 Oct28
394 Dec 448k Dec
*56
5612 *56
5612 *56
5612 •56
57
*56
57
*56
57
Preferred
50 55 Jan 15 5812July 10
*2638 2612 2612 27
534 Jan 5812 Sept
26
2612 26
26
26
26
26
26
1,600 American Beet Sugar
100 2012Sept 13 3834 Feb 5
61
61
*58
2938 Oct 43 Jan
61
*60
62
*60
62
61
61
61
61
400 Preferred
100 55 Nov 5 83 Feb 24
17
1714 *1612 1712 174 1714 1718 1718
78 Dec 877k June
17
1812 1712 183s 8,200 Amer Bosch Magneto__No pa
16 May 19 3438 Jan 4
144 145
144 14414 14534 146
2618 Mar 5412 Jan
146 1481 148 14912 14714 14712 3,500 Am Brake Shoe dr F___No pa
110 May 19 180 Feb 2
•i1712 120 *11712 120 *11712 120 *11712 120 *11712 120 *1174 120
9014 Mar 156 Dee
Preferred
100 11014 Mar 24 12814 Feb 18 1074 Jan 11458 Dee
3914 3914 3918 3914 3914 3938 39
3958 39
3914 39
3912 4,500 Amer Brown Boveri El_No pa
3014 Mar 29 50 Aug 9
9612 9612 *964 964 *9612 9658 9612 9612 *9614 97
4734.Dec 537 Oct
9612 97
500 Preferred
100 864 Mar 31 9718 Jan 16
524 5234 5112 5214 52
9012 Nov 98 Dec
5314 5158 5212 5134 5314 5212 5314 74,400 American Can w I
25 387s Mar 30 6312 Aug 4
*12712 130
12838 12838 •12712 12812 *127 12812 *12712 128 •12712 128
474 Dec 49114 DeC
100
Preferred
121
100
Jan 4 1283s Dec 6 115 Jan 12118 Sept
102 10414 10414 10634 10458 106
104 10512 10412 105
104 10478 23,400 American Car & Fdy___No pa
9112Mar 31 1147 Jan 12
*12618 ____ *127 130 *127
974 Apr 115% Sept
127 127 *12718 12914 •12714 12918
200 Preferred
100 12012 Oct 15 12914June 23 12034 Apr 128 July
2514 2514 *2514 2558 2514 2514 *2514 26
*2512 26
26
26
300
American
Chain,
class
A____25 234 Mar 30 2614July 20
*3512 374 3534 36
2212 Oct 27 Feb
*36
3738 *3614 37% 374 373s 37
37
700 American Chicle
No pa
31 Oct 11 51 Jan 4
3558 36
*3512 3738 *35
37 Jan 62 Apr
37
354 3612 36
*3514 37
36
700 Do certificates
No par
Oct 13 4714 Jan 7
978 10
978 10
37 Jan 584 API
10
10
9% 10
9% 9% 4,800 Amer Druggists Syndicate--10 28
94 10
414 Jan 5 1038 Aug 19
*129 131
129 129
414 Dec
6% Jan
129 129 •12712 129 *12712 12812 12814 129
600 American Express
105% Mar 3 140 Jan 6 125 Apr 166
*1712 18
1714 1712 1714 1738
Jan
1712 1914 1834 194 1834 1918 19,400 Amer & For'n Pow new_No 100
pa
1414 Nov 3 4232 Jan 2
86
8618 8514 86
2714 Apr 5138 Sept
8534 858 854 864 8634 8812 8818 884 2,600 Preferred
No pa
79 Oct 1 98 Feb 13
878 878 *812 912 *812 9
Jan 94 Feb
87
*8
9
858 858
*814 9
300 American Hide & Leather.100
7
May
10
174
5134 5134 *49
Feb 9
812 Mar 145s Dee
50
4912 4912 •50
494 50
51
50
50
900 Preferred
3312May 7 6714 Feb 9
2878 2934 29
5812 Sept 751k Jan
294 29
2918 29
29
28% 2878 2814 284 9,800 Amer Home Products_.No IGO
par 234 Oct 8 2978 Dec 3
*12712 128
12712 130
129 129
128 12812 12912 12958 *12914 12912 1,500 American Ice
100 109 Mar 31 136 June 8
83 Mar 139 -ifee
*8214 83
83
83
*8214 83
*8214 8378 *8914 83
*8214 83
100 Preferred
100 8112 Oct 18
4June 1
3914 3914 39
744 Mar 86 JuCi
.
39
3912 .39
3838 39
3812 39% 39
40
8,700 Amer International Corp 100 3134July 19 863
4634 Feb 16
*1158 12
324 Mar 467$ Nov
1134 1134 1158 1238 1158 12
11% 124 1134 11% 4,200 American La France F E___1
1078 Nov 18 154 Jan 4
*30
111
3112 3014 31.12 2934 304 2912 2978 29% 3038 30
/
4 Jan 20 Nov
3218 5,400 American Linseed
100 255* Oct 20 5278 Jan 4
*7234 77
20 Mar 5914 Nov
*7234 76
7134 72
704 72
72
72
7258 7434 2,600 Preferred
100
67%
Oct 19 87 Jan 4
109 11214 111 11378 112 11378 11158 113
Oct
53 Jan 89
11112 11214 11134 11238 57,200 American Locom new.
.No
pa
9014
Mar
31
1197 Jan 4 1044 Jan 1447s Mar
*122 125
12414 12414 124 12414 12334 12334 124 124
12312 124
1,000 Preferred
100 116 Aug 9 12414 Dec 7 115 Aug 124
*7112 7212 *7112 7212 *7112 7212 *7112 7212 *7112 72
Feb
*7112 724
Amer Machine & Fdy_ _No pa
6514 Oct 11 8012 Aug 16
*122 12434 122 122 *121 12434 *12118 12434 *12118 12434 •121 1243
100 Preferred
4
100 114 July 15 122 Aug 23
*4512 46
•45
*45
46
*45
46
45% 45
4712 46
46
2,000 Amer Metal Co Ltd___No pa
4412 Dec 1 573 Feb 16
4534
*112 115 *112 115 •112 115 *111 114 .111 115 *111 115
534 Mar
ar -if5i Oct
Preferred
61
6134 6012 604 6058 6118 60
6114 6012 6112 6118 6112 4,900 Am Power & Light____No 100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
pa
5034May
•111 11114 11034 11034 11038 110% 11012 110% 1104 11014 11018
11018 1,400 American Trad/1H150--- 2 101 14May 19 72128ept 8
19 12232 Aug 9
*86
8834 88
89% Jan 12211 Nov
88
8812 88
8814 *88
88
88
90
90
800 Amer Railway Express
773851ar 31 90 „Dec 10 z76 Sept 84 Jan
10
*46
49
*46
*46
49
49
*46
49
*46
49
4612 4612
100 American Republics ___No pa
3978 Nov 9 74 Jan 5
60
6078 594 6012 5914 6012 •60
48 Jan 7934 Dec
6012 6014 6134 560
6012 5,303 American Safety Razor...-100 42 Apr 14
64 618
70% Aug 17
578 6
36% Jan 7634 Nov
6
6
6
6
6
6
5% 6
2,800 Amer Ship & Comm_ __No pa
54 Jan 2 11% Mar 12
13512 13638 13412 1364 13532 13712 13512 13718 1364 1394 13814
518 Dec 1412 Feb
139
52,900
Amer Smelting & Refining. 100 1095* Apr 21 152 Aug 17
1194 11934 11934 120
90% Mar 1444 Deo
11938 119% 119% 120
120 120
120 120
1,700 Preferred
100 11278 Mar 31 12014 Aug 17 1054 Jan 11514 Oct
•130 13234 *132 13314 133 133
13234 13234 *130 133 *125 132
200
American
Snuff
100 12134 Oct 6 165 Feb
4414 4412 445* 4578 4434 454 4412 4514 45
45
45
45
8,800 Amer Steel Foundries..No par 40 May 11 47 Aug 9 13814 Apr 154 Nov
0113 ____ *113
37% June 4712 Dee
3
113 113
113 113 *113
114 114
400 Preferred
100 11014Sept 21 115 Feb 23 108
8214 8318 82
Jan 11318 Oct
8412 8258 834 834 8312 8314 8438 9,900 Amer Sugar Refining
8414 83
100 6514 Apr 14 8714 Nov 26
471
4 Jan 77% Dee
*108 10812 10814 10814 109 109 *1084 10914 10912 1094 1094
1,725 Preferred
1094
100 100 June 19 11012 Nov 30
914
Jan 10414 Nov
4132 4158 41
4134 4138 41% 4012 4114 404 4034 4014 403
5,400 Am Sum Tob new ctfs_No par 2914 Aug 13 424 Nov 23
Option A otts
100 1412 Apr 28 38 Aug 19
285* 2834 -2
.8T2
28
29 '28
295
165;
-ii5; 800 Amer Telegraph & Cable 100 2512July 6 4118 Feb 10 3734 June 47 Feb
14934 14978 14912 14978 149% 150
1494 1494 14978 150
14978 15018 7,000 Amer Telep & Teleg
100
1395
8June
18
1503
Feb
15
130% Jan 145 Dee
12078 12078 12034 1204 1204 12112 12014 12012 •120 121
12012 12058 2,700 American Tobacco
50 11138Mar 31 12434Sept 8
85 Feb 12111 Oct
*111 112
1104 11034 *11034 112
11112 11112 11158 11158 *110 111
700 Preferred
100 10618 Jan 4 113 May 26 104% Jan 110 Nov
119 119
11884 119
11914 120
11918 11978 11912 11978 120 120
6,400 Common Class B
11018Mar
50
31
124
Sept
8
844 Feb 11912 Oct
*119 120
119 119 •11918 120 *1194 120
11914 120 *11918 120
300 American Type Founders__100 114 Jan 22 135 Feb 13 103 Apr 13538 Nov
6034 61
6012 6114 6118 61% 6138 6278 6212 66
6412 6538 26,000 Am Water Works & Eleo
20 433 Apr 13 74 Jan 4
3438 Jan 7614 Dec
*10612 10634 10612 10612 *10612 10634 *10612 10634 *10612 10634 10612 107
300 1st preferred (7%)
100 1014Mar 3 10814 Jan 27
9714 Aug 103 Feb
32
33's 3112 3614 344 3638 34
3514 3418 35
34
22,500 American Woolen
35
100 19 June 9 427 Jan 13
3434 May 64% Jan
87
87
87
8912 8912 9014 8712 8912 8812 89
*89
8934 6,100 Preferred
100
6912 May 9618 Jan
rus
*118 114
114
1
1
1
1
6612
114
A
A
1,000
114 •1,8
u
P
Amer Writing Paper prol 100
114
gr 3
12 9504
eD
Jan
c 13
7
112 Dec
74 Jan
Preferred certificates
12 Aug 4
100
44 Jan
12 Dec
4
Jan
74 812
838 858
814 9
838 834 --83 1012 1084 113 2-6:51515 Amer Zino. Lead & Smelt.....25 518May 19 1218 Feb 13
4
7 May 1212 Jan
47
48
4634 478 4634 504 4834 5014 49
5212 524 5412 22,100 Preferred
25 20 May 19 5414 Dec 10
24%
May
44%
Dee
47% 48
4714 4812 474 484 47% 47% 4738 4834 48% 4878 17,900 Anaconda Copper Mining 50 4112 Mar 30
517 Aug 6
3514 Apr 5314 Nov
40
40
*3914 4012 41
41
*4012 41
404 405s *40
41
400 Archer, Dan'is, Midl'd_No par 344June 11 4434 Jan 2
26
Jan 4612 Dec
*106 10734 *106 10734 •106 10734 *106 10734 *106 10634 *106 10612
100 100 Mar 4 108 Oct16
Preferred
9012 Jan 105 Oct
*94
9438 9414 9434 934 9334 9414 9414 95
594
95
94
600 Armour & Co (Del) pref_100 90'sMay2l 977 Jan 13
9018 Mar 100 Oct
1534 1618 1558 16
1534 154 1558 16
1534 154 1558 17
14,300 Armour of Illinois Class A_ _25 1318May 22 2512 Feb 13
20 Mar 27h ocs
914
8% 834 *858 9
858 84
878 918
Class B
834 04 3,900
25
534May 20 17 Jan 4
16 Dec 20% Oct
*8412 87
*8412 89
*86
89
*8612 8712 8612 861 *84
89
100 Preferred
100 80 Apr 30 93 Feb 11
90 Dec 934 Nov
*24
25
*2312 25
25
25
2413 2412 2412 245 *24
2412
500 Amn Cons Corp tern Ott No pa
18 Apr 12 3134 Jan 6
8 Jan 1758 Oct
*23
2314 2318 2338 *23
231 *23
2358 *23
2352 23
23
700 Art Metal Construction____10 1918 Jan 2 2334 Oct 5
15 Jan 20% Nov
•52
53
*5212 5314 *5214 5314 *5214 531 *524 531 *524 5312
Artioom
No pa
4034Sept 23 6318 Jan 21
39 Juno 6034 Dee
'112 116
113 113 *113 115 •113 115 *113 115 *113 115
100 Preferred
100 108 Mar 18 113 Dec 6 1014 Aug 110 Dec
4214 4238 4134 4238 414 421
4238 424 42
42
4218 424 3,600 Associated Dry Goods
100 3714 Mar 30 547 Jan 9
4613 Aug 6114 Nov
10114 10112 *10012 102 •10012 1011 •10012 1011 10138 10138 10112 10112
400 1st preferred
100 96 Mar 25 10212 Jan 6
94
Jan 102
Oat
*104 106 *103 106 *103 105
104 104
10312 1031 *104 106
200 2d preferred
100 102 May 19 108 Jan 28 101
Jan 10814 Feb
•5014 52
*4914 51
*4914 51
*4914 51
*4914 51
50
100 Associated Oil
2
50
4434 Jan 6 80 Mar 4
32 Mar 4714 Dee
*3814 39
37% 377
3818 3812 38
381
3734 38% 364 38
3,000 Atl Gulf & W 1 El 13 Line___100 29 Oct 11 6838 Jan 6
20 Jan 77 Sept
*3712 40
•3712 381 *3712 38
38
40
384 *38
36
100 33/
3712 1,300 Preferred
1
4 Oct 27 56/
1
4 Jan 30
31
Jan 60 Sept
109 111
10812 1094 10818 110' 109 1113 11012 1121 11058 11112 8,900 Atlantic Refining
100 97 Mar 3 12838May 24
9518 Jan 11712 Feb
11612 11612 *116,4 11612 11612 1161 *11614 1161 *11614 1161 *11614 11612
200 Preferred
100 1154 Oct 1 120 June 22 113 Sept 117114 June
*6134 64
•6134 627 *6134 627 *6212 627
*6134 63
100 Atlas Powder
6212 624
No pa
54 Mar 4 64 Nov 22
45 June 65 Dec
*96
971 *96
*94
98
971 *96
*9512 9718 *9512 98
9718
100 94 Jan 8 9712 Aug 16
Preferred
9012 Oct 94
Jan
*812 co
*812 912
*812 834 *812 858 *812 8% *812 85
No pa
Atlas Tack
8 Oct 21
174 Jan 30
94 Feb 21 Dec
938 10
918 918 4,100 Austin, Nichols&Co vto No pa
9% 9%
918 914
94 91s
934 93
738 Oct 23 28 Jan 29
22 July 3212 Jan
*56
57
57
*57
581
*56
57
563
600
4
• 56%
5612 5612
5812
100 54 Nov 3 93 Jan 6
Preferred
8738 Jan 95 Aug
444
22
*14
400 Auto Knitter Hosiery_ _No pa
38
*54
*14
as
14
38
33
38
ail
14 Oct 9
h Dec
24 Feb 11
4/
1
4 May
154 164
15234 15738 15454 15834 153 1564 153% 1553 15538 15778 142,700 Baldwin Locomotive Wks.100 9278Mar 31 164 Nov 27 107 Mar 146
Feb
*1154
116
*116 120 *11512 117 *11538 116
.115% 116
116 116
100 Preferred
100 105 Mar 31 11914 Nor 24 107 Aug 116%
Jan
277 2812 277 28
27% 2814 11,800 Barnsdall Corp class A
27% 2814 2734 2818 2734 277
2
2312May 11 3312 Jan 2
18% Aug 334 Dec
26
26
25% 257
26
26
26
26
2614 26
1,200 Class B
26
26
26 224 Oct 27 294 Jan 2
16 Aug 30 Dec
51
51
*51
53
5134 523* 5012 5173 5114 5214 51
5114
4,400 Bavuk Cigars. Inc
NO Da
39 Mar 31 553s Nov 30
3514 Sept 534 Feb
8912 5612 *5712 5912 59
4.57i2 583 *5734 584 5834 59
900 Beech Nut Packing
59
2
524 Oct 6 717 Feb 4
60 Mar 7734 Alai
2814 2834 2814 2878 1,500 Beld'g Wway Co tern OHNo pa
2878 29
*2814 2878 2814 2814 284 287
275813ept 28 3934 Jan 4
37 Sept 415s Dee
4618 4678 4638 47% 18,70 Bethlehem Steel Corp
488 4714 4618 464 4614 4714 4614 463
100 3714May 20 511813ept 20
37 June 534 Jan
*10312 10378 *10338 10315 10334 10334 10312 1041 104 104
10414 10414
1,00
100 99 June 1 10514 Dec 2
Preferred (7%)
93/
1
4 June 102
Jan
4
,
3512
*35
361
36
373* 3712 3634 37
14
3618
Bloomingdale
1.200
Broe---No
36
3612 37
pa
28 June 11 38 Dee 1
*10712 10934 *10712 10934 *10712 1094 109% 1093 •108
10
- -- *108 -.100 10414June 21 10934 Dec 8
Preferred
_
734 8
8
74 738
818 8,10 Booth Fisheriee
778 84
No pa
712 712
7% 838
412 Mar 24
934 Ja1:111 -11;17viiir
872 oils
*46
48
*45
*47
49
49
50
10
*45
*45
47
10
1st preferred
47
50
3434 Oct 11 514 Jan 7
25 June 52 Oct
2518 2514
24
*23
24
80 Botany Cons Mills class A._5
251
2412 *23
2412 •22
2412 23
20 May 25 411s Jan 4
40% Aug 46 July
2812 29
2514 2514 2514 2512 254 254 2538 253
12,10 Briggs Manufacturing-NO Dar 24 Oct20 374 Jan 4
28
26
27
Oct 4442 Mal
*12
•12
52
58
*12 1
10 British Empire Steel
58
58
*12
100
12
12May 5
84 .
34
3 Jan 18
5
158 may
Oct
*1138 1912 •1138 191 •17
1912 *1812 1912
*912 19
*912 19
let preferred
100
934Juno 29 27 Jan 28
Oct
22 July 36
st12
*112
sti2
*2
234
21
234
100 2d preferred
234
234 234 *2
234
100
118June 24 1018 Jan 11
Oct
14
6%
July
155 15634 3,200 Brooklyn Edison, Inc
•156 158 *154 15712 15414 15712 15414 155
155 156
100 133 Mar 31 163 Sept 8 1205s
Jan 1564 Nov
9512 2,900 Bklyn Union Gas
9512 958 95% 964 29514 953 *95
954 95
958 96
No par 68 Mar 30 98 Dec 1
73/
1
4 Dec 10014 Nov
•3212 34
*33
34
33
800 Brown Shoe Inc
34
No pa, 2912June 1 485* Jan 7
3318 34
33
33
3278 327
46 Dec 4614 Den
•110 __
110 110 *108 115 •108 115 •108 - -- •109 -100 Preferred
100 107 June 5 111 Mar 10
96 Mar 109 Oct
3534 3534 *3512 36
*3512 36
3518 3738 3612 36% 4,400 Brunsw-Balke-Collan'r_No par 2438 Mar 30 3934Sept 15
3578 357
24 June 49% Jab
*129314 13012 *12934 13012 12978 130
130 13012 12978 13112 *128 13212 1,200 Burns Bros new clAcom No par 121 Mar 31 144 July 23
9212 Feb 136 Dee
*2912 30
2978 294 *2912 30
800 New class B tom-No par 2612 Nov 4 44 Feb 13
*2912 30
2978 3012 3012 304
17 Mar 39 Dec
*10118 104 *10138 104 *10138 104 *10138 104 *101% 104 *10138 104
Oct
100 97 Mar 30 10312June 22
Preferred
914 July 99
120 12112 119 120
11914 12012 *119 121 *120 121
121 12112 2.500 Burroughs Add Mach..No par 7711 Apr 13 122 Dec 2
65 Jan 103 Sept
•BM ana asked prices; no sales on this day. a Ex-dividend.
Saturday,
Dec. 4.
A
New York Stock Record-continued-Page 3
3017
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 4.
Monday.
Dec. 6.
Tuesday,
Dec. 7.
Wednesday, Thursday,
Dec. 8.
Dec. 9.
Friday,
Dec. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan.1 1928.
On basis of 100-share 1018
Lowest
$ per share $ per share $ per share S per share $ per share S per share Shares. Indus. & 511scell.(Con.) Par $ per share
2778 2778 2778 2778 *27
28
*27
28
*27
28
27
27
400 Bush Terminal now____No par 163411.1ar 18
*9114 9134 *9134 9212 9134 9134 *92
9212 *92
9212 9114 92
300 Debenture
100 86 Apr 6
____ *103
*103 ____ *103
____ •103 ____ *103
____ *103
1_
,
i6,5 Bush Term Bides. pref 100 9912 Jan 20
*478 5
*434 5
*434 5
478 47s 2434 472 *412 478
Butte Copper & Zinc
5
412Sept 28
5512 5612 5514 5534 52
5218 54
5412 5312 5412 *5212 53
2,400 Butterick Co
100 1734 Mar 3
1278 1314
1218 1212 1278 1278
1212 1278 1234 1378 1334 1334 2,800 Butte & Superior Mining_ 10
718May 18
76
7934 7918 8034 76
7938 79
8018 7834 7958 78
7912 7,900 By-Products Coke_ _ _ _No par 53 June 30
4278 4278 4258 4234 *41
4212 414 414 41
41
40
40
900 Byers & Co (A NI)___ _No par 28 Mar 29
6834 6834 68
684 68
6814 *6812 69
6834 69
69
7034 12,700 California Packing__ _ _No par 6614 Oct 18
3114 3112 3118 3138 3118 3138 31
3118 31
31 18 31
3138 8,300 California Petroleum
25 2934 Oct 11
158 158
112
112
158
158
112 158
112
158
112
112 1,000 Callahan Zinc-Lead
112Mar 26
10
6612 6612 68
6812 .6634 6812 6712 6712 6712 6812 *6712 6912 2,100 Calumet Arizona Mining_ 10 5512M8r 29
•1534 1614 *1534 1612 1578 1578 1534 1534 1534 1534 1578 1578
430 Catlin-let St Hecla
25 1338 Mar 31
15418 15418 14914 154
148 15214 14512 15014 150 15212 150 15512 13,000 Case Thresh Machine
100 6212 Jan 4
11112 11112 11178 11178 112 11212 *110 11334 *110 114 *110 114
610 Preferred
100 96 Jan 5
8
8
*734 814 *734 814
8
8
818
8
734 8
2,600 Central Leather
7 Nov 11
100
*5218 5278 5212 5212 52
5212 5158 5134 5112 5112 52
5218 1,200 Preferred
100 4314 Apr 28
*12
15
1312 1412 *1218 14
*124 1312 *1218 1312 *1218 1312
400 Century Ribbon Mills.. No par
1014 Oct 25
*7814 8518 *7814 89
*7814 89
*7814 79
*7814 89
*7814 79
Preferred
100 83 May 25
6212 6258 6258 6234 6212 64
6358 64
64
6458 6418 6458 6,100 Cerro de Pasco Copper_No par 5712 Jan 22
44
4334 44
44
4334 4334 4234 4312 43
4312 4318 4334 3,700 Certain-Teed Products_No par 3618May 20
*105 107 *104 10712 *104 106 *104 107
10534 10534 *105 10534
100 1st preferred
100 100 May 22
9
9
*834 914
834 914
834 878
812 834
84 878 2,900 Chandler Cleveland MotNo par
812 Nov .5
24
2334 24
24
2334 2418 2378 2434 2034 2438 21 12 2414 18,700 Preferred
No par 2034 Dec 9
.115 117 *115 117 *115 11518 117 11712 *115 11758 *115 115'o
200 Chicago Pneumatic Tool_ _100 9412 Apr 8
4912 4912 49
5058 5078 5214 51
5134 5012 51
50
5034 5,600 Childs Co
No par 4518May 19
3238 3212 3238 3258 3212 3278 3258 3278 3258 3334 3312 3414 42,100 Chile Copper
25 30 Mar 3
.22
27
*22
27
*22
27
*22
27
*22
27
*22
27
Chino Copper
16
3634 39
3678 3818 *3712 38
*37
38
3712 3712 37
37
2,800 Christie-Brown cent:8.N° par
Oct 15
5 29 21Tcr
3758 3838 3678 . 3778 3712 3814 37
3778 3714 3734 3714 3858 154,300 Chrysler Corp new _ _ _ _No par 2812Mar 30
*103 105 *103 104
104 104 *10312 104
104 104
105 105
600 Preferred
No par 93 Mar 30
6178 6178 *61
62
*61
62
62
62
*61
62
*62
621
300 Cluett, Peaboai7E
_ _100 6014 Mar 31
1311312 117 *11312 117 *11312 117 *11312 117 *115 117 *115 117
100 10314 Jan 13
Preferred
16614 16878 16678 16914 16812 17018 16714 17034 16878 16914 169 16938 16,200 Coca
y 24
28834l
N ar2
par
aor 19
No lp
Cola Co
57
5912 5814 6012 5814 50
5778 57
5834 59
5812 59
14,500 Collins & Alkman
3434May 27
No
11414 11434 11412 117
11812 12012 11912 11912 *115 119 *115 118
3,300 Preferred
4334 4538 4412 4618 4534 4738 4512 47
4578 47
4558 461 45,100 Colorado Fuel & Iron
2738 Mar
6812 6812 6838 6838 6818 6858 6812 6812 68
6812 6814 6S7s
1,900 Columbian Carbon v t o No par 5558 Jan 26
8912 8912 8912 9034 8912 8912 *8978 91
90
90
8912 90
1,700 Col Gas & Elec
NO par 8312Mar 29
11718 11718 *11634 119 *11634 119 *11634 119 *115 119 *116 119
100 Preferred
100 11134Sept 1
1878 19
19
19
1878 19
1834 19
1858 19
19
19
1,600 Commercial Credit_ _ __No par
1612 Nov 1
*22
2312 *2218 24 .22
24
*2212 24
*2212 24
*22
24
Preferred
26 2114 Nov 13
22
22
22
22
2234 23
*23
233 *2212 26
*22
25
900 Preferred B
25 20 Nov 16
*87
89
*87
89
*87
89
587
89
*874 89
*8712 89
1st preferred (64)
100 87 Nov 19
*60
6112 60
60
6034 6034 59
59
59
.59
59
59
900 Comm Invest Trust_ _ _No par 65 Apr 12
*99
____ *99
____ *99
____ *99
_
*99 10218 *99 10218
7% preferred
100 97 June 7
*94
95
594
95
94
94
94
94
9334 9334 *9312 95
300 Preferred (651)
100 89 May 7
225 2304 22012 22434 224 23012 22312 227
22712 22858 228 233
11,000 Commercial Solvents B No par 11814 Jan 4
1978 2058 1934 2078 2012 2078 2018 2012 20
2018 1912 2012 25,600 Congoleurn-Nairn Inc No par 1212May 13
5434 5514 5412 55
5314 5434 5214 5314 53
54
5312 55
7,200 Congress Cigar
No par 4012May 17
*12
34
*12
34
*12
84
*38
34
*12
34
*12
14
Conley Tin Foil stpd_ __No par
12 Oct 8
8514 8614 8434 87
8618 8718 86
8614 8534 8614 19,200 Consolidated Cigar____No par 4514 Apr 15
8658 86
.197 102
*98 102
*98 102
*98 102
*95 10214 *9712 10214
Preferred
100 91 Mar 31
112 112
112 112 *158
134
112 04 511z
134
134
184 1,900 Consolidated Distrib'rs No par
112 Aug 13
11038 11158 10878 111
10918 10934 10918 11034 10912 11078 10914 11012 34,200 Consolidated
Gas(NY) No par 87 Mar 30
378 4
334 4
378 4
334 4
378 4
378 4
12,100 Consolidated Textile___No par
1141May 10
7434 75
7414 7412 7478 7514 7434 75
75
7512 7538 754 5,500 Continental
70 Mar 30
•13514 138
138 138
138 13814 *13812 13834 139 14034 139 13934 2,400 Continental Can, Inc_No par 122
Mar 31
Insurance
25
1114 1112 1114 1112 1114 1138 1114 1112 1114 1112 1138 1
12,100
Cont'l
138
par
ens_No
978May 17
Motors
tem
4978 5014 4934 5058 4978 5114 50
5034 5014 5114 5038 5118 52,000 Corn Products Refln w I
25 3558 Mar 30
*126 12712 *12612 129
12612 12612 12678 12678 127 127 *12678 129
600 Preferred
100 12212 Jan 6
6014 6014 60
60
6015 6034 5934 6158 6078 62
*61
6178 6,000 Coty, Inc
No par 4413 Mar 29
7712 7838 7738 '7778 78
7912 77
79
7812 7934 7912 8212 21,300 Crucible Steel of America_ 100 64 Apr 15
10178 10178 *10112 10214 102 10214 *101 10214 .10I34 10214 10214 10212
500 Preferred
100 96 Mar 30
34
35
3412 3434 3334 3378 3312 3414 3338 34
334 3414 4,000 Cuba Co
No par 2814 Oct 30
10
1014 10
1012 1014 1038 1018 1034 *1014 1078 1038 1034 6,700 Cuba Cane Sugar
858May 22
No par
4614 4738 4614 4734 474 48
4714 4838 4734 4818 4712 49
100 3512June 8
18,700 Preferred
2658 2634 2634 2718 z27
2738 27
2738 2714 2714 2714 2778 8,100 Cuban-American Sugar
10 2014 Aug 10
*101 1031 10312 10312 *102 107 *102 107 *101 106
10434 10434
100 9734 Jan
250 Preferred
18
1814 *1838 1858 1758 1812 *1814 1834 1834 19
*1814 1834 1,300 Cuban Dom'can SugnewNo par 1.51,Sept 2
5214 5214 5218 5212 5212 5358 5234 5334 5234 5314 5278 54
50 5118 Nov 19
21,300 Cudahy Packing new
0718 9710 96
96
*95
09
No par 7712 Mar
96
99 *101 102
102 104
1.100 Cusbman's Sons
*3412 347 *3414 35
3418 3412 3412 3412 3358 3424 3312 3312 1,800 Cuyamel Fruit
No par 32 Nov 26
27
27
2612 2634 264 2614 254 2612 *26
2618 2612 2,700 Davison Chemical v t o_No par 2318 Oct 20
261
13378 1343 13412 13478 13478 13512 135 13512 136 13713 137 137
100 12312Mar 3
2,200 Detroit Edison
3858 3858 3814 39
*3812 39
38
1,500 Devoe & Reynolds A__No pa
3814 3878
3814 3814 38
31 Oct
2334 2414 2358 24
2418 2534 2478 2538 26
2684 2634 2712 120,100 Dodge Bros Class A___No par 2114May 1
82
82
82
8214 8214 84
15,300 Preferred certlfs
8418 86
83
834 8112 837
No par 7912May 1
11
1134
11
11
1112 12
*1138 1134 1138 1138 3.500 Dome Mines, Ltd
No par
1158 12
8 Oct 18
*44
453 *44
4514 .4412 4514 *4412 4512 *4412 4513 4412 4412
100 Douglas Pectin
No par 19 Mar 20
•11512 116
11512 11512 11514 11538 11514 11514 11558 11558 .11514 11534
700 Duquesne Light lst pref_100 11112Mar 3
12112 1211 12134 123
12218 12278 1224 12212 122 1221 12112 1224 3,009 Eaatman Kodak Co
No pa 10658Mar 30
2414 2438 2438 2438 2438 2434 2412 2458 2438 2434 24
2434 3,600 Eaton Axle & SprIng
No par 23 Oct 2o
16534 1681 164 16638 165 16738 16558 16818 167 168
16512 16714 24,300 E I du Pont de Nem new_No pa 15134 Nov 4
108 108
108 108 *10738 ____ 108 108 *10814 ___
11018 11018
500 6% non-vot deb
100 10034 Apr 20
1212 1222 1212 1258 1212 1234 1214 1214
1218 1218 2,500 Elsentohr & Bros
1218 121
25 1084 Oct 11
67
67
*6612 88
6778 68
6734 6818 67
6634 6634
900 Electric Autolite
67
No par 611
/
4 Mar 31
101
/
4 1014 1014 1214
1178 1234 104 12
1034 1112 1034 1112 97.700 Electric BOAC
No par
4 Mar 23
1734 1838 1734 1818 1778 1834 1814 10's
1778 18
1814 1834 29,0
100 Elec Pow & Lt ens_
0
19
514
2r„0
No Pa
OctO
ia
ort 7
•10358 105 *10334 105 *10358 105 *10414 105
10438 10438 *10418 105
40% pr pd
*10312 __ *10312 ____ *10312 ____ *10312 __
*104
____ •105
__-Pref full paid
10212 Oct 5
963
4
97
9634 97
*964 9634
9634 9678 0678 97
97 -1,6,56 Preferred cortifs
97
8912 Mar 24
3312 34• 3334 34
34
3638 3514 3618 3338 3512 344 3612 60.800 Electric Refrigeration_No par 3338 Dec 9
8234 81
8358 8334 x82
8134 81
5,100 Elec Storage Battery _ _No par 7118 Mar 3
8114 8138 8218 8138 82
1
114
*118 2
*114 2
*114 2
2
.1
*t
2
500 Emerson-13rantIngham Co_ 100
1 May 20
12
*10
*10
12
11
*10
•10
12
*10
12
*812 11
Preferred
100
5 May 20
684 6818 6838 6814 6812 684 6958 6814 6878 4,600 Endicott-Johnson Corp__. 50 6512Mar 31
68
*6734 68
•10834 11834 11812 11812 *115 11812 .11414 11834 *115 117
1164 11634
300 Preferred
100 114 Jan 7
12414 12514 *124 126 *124 125
•124 126
12438 12438
124 124
400 Equitable Office Bldg pfd 1009978June 17
594 6014 5934 6078 0138 62
62
6314 6312 6434 6438 65
48,300 Eureka Vacuum Clean_No par 43 May 19
*1412 1512 *1412 1514 *1412 1514 *1412 1514 *1412 1514 *1412 1514
Exchange Buffet Corp_No par 1484July 20
*212 4
*212 4
*212 4
*258 4
*258 4
.258 4
Fairbanks Co
25
2 Apr 16
*4212 4412 *44
4412 44
44
4378 44
4253 43
*4212 44
900 Fairbanks Morse
No par 4012 Oct 20
*108 111 *108 111 *108 111 .109 111 *109 111 *109 111
Preferred
100 10612 Nov 21
11838
12014
1203
4
11918
118 11914 11714 11812 11734 11878 102,000 Farnous Players-Lasky_No par 10318 Jan 19
116 11934
*121 12212 123 12412 *12312 124 *12212 12312 *12212 125
12412 12412 1,000 Preferred (8%)
100 115 Mar 31
4212 4314 42
4112 43
414 42
4212 4112 42
42
4212 5,000 Federal Light & Trao
15 28 Mar 31
*89
92
92
*89
92
*89
.89
02
92
*89
92
*89
Preferred
No par 86 June 18
83
83 .83
83
8112 8112 83
8734 87
92
8712 92
900 Federal Mining & Elmelt'g_100 41 May 22
7412
757
743
4
7414
8
7412
7212 74
7534 7534 7714 78
7912 11,000 Preferred
100 61 Mar 3
190 100 *190 195 *190 194 *190 193 *190 194 *190 194
100 Fidel Filen Fire Ins of N Y. 25 160 Apr 15
*1512 1612 *1512 1812 *1512 1612 *1512 1612 *1512 1612
16
16
100 Fifth Ave Bus tem ens_NNoo
14 Oct 14
90 100
9912 991 101 101 *100 101 *100 101 *100 101
500 First Nat'l Pie, 1st pref __ _100 98 May 18
3118 3112 31
31
3114 31
3112 31
31
31
3134 31
3,100 First Nat'l Stores
No par 28 Nov 27
1678 1718 1612 17
17
174 17
17
1658 17
1678 174 7,700 Fisk Rubber
par 1414May 20
80
80
80
79
80
79
*7934 80
*7914 80
80
*79
1,100 1st preferred stamped___100 7638 Apr 19
*96 1013 *96 10134 *96 10134 *96 10134 *96 10134 *96 10184
let preferred cony
100 94 June 3
4858 48
484 19,000 Fleischman Co new____No par 324 Mar 29
4834 4938 4812 4878 484 4878 48
4812 48
8184 7934 8014 7934 8218 7958 8034 7512 791
18.900 Foundation Co
7518 77
81
No par 7518 Dec 1
7158 7234 7114 7238 7114 7214 7158 72
724 73
7,700 Fox Film Class A
par 554 Moir 3
7214 73
3438 35
33
3414 35
3434 3318 34
53,8(1() Freeport Texas Co
3314 34
3438 36
No
o par 1958 Jan 13
N
3118 3118 3178 3112 3I7s 6,100 Gabriel Snubber A
Ne par 2558 Nov 11
3072 30s 3012 3078 3078 3114 31
812
734 8
8
74 8
812 858
638 Nov 5
712 8
712 74 3,200 Gardner Motor
No
49
4814 4878 4812 4912 494 493
4734 48
47
4912 50
19,m Gepnr kfrenrererdTank Car
par100 39 Mar 29
10812 1081 *10712 110 *10812 110 *108 110
•10712 110 .10712 110
100 991:June 24
8518 87
8378 8558 84
85
8558 83
8438 8638 8512 86
38,500 General Asphalt
100 50 Mar 3
12712 12712 12712 1271 *122 12712 127 1281 *12812 12934
700 Preferred
100 9478 Mar 3
•128 132
55's 55
4,500 Ger,
nreerfeeirC
*5414 55 a12 _5_5_ _
reid
ga
(ri)Inonew_No par 46 Mar 29
*
1%
'"
1q
1?t112
*112
*11512 ____
2 -5-5-78
100
100 109 Jan 11
117 117 *11612 11712 *11612 11712
*11512 117 *11512 117 .11612 117
100 Debenture preferred (7)_100 10914 Apr 1'
5512 5534 *55
'1 5512 56
5512 5512 5512 5512 5512
*5512 56 '
51 Mar 30
700 Gen Outdoor Adv A- NO pa
3514 35
354 354 3538 4,800 Trust certificatee____No pa
353, 3538 3514 3512 35
354 35
2651 Mar 30
100 285 Apr 1
General Electric
., "8-6:39 8534 -8-6-8n -g-3-,66 New
,To pa
4 - til'i4 16-3-4 -i53.4 17-1- -1;U4 16Y.
79 June
-8651 16-3•Bid and asked prices: no sales on this day. •Ex-divIdend. a Ex-right!.
_5!--
Highest
$ per share
3414July 14
93 Aug 2
104 Nov 19
614 Feb 10
71 Sept 15
1614 Jan II
90 Sept 27
4478 Nov 16
17912 Feb 4
3818 Feb 10
258 Jan 15
7358 Aug 9
1812 Aug 9
176 Aug 6
11812 Aug 10
2012 Jan 5
8834 Jan 5
324 Jan 8
90 Jan 21
7312 Aug 9
4912 Jan 5
1064 Nov 9
26 Feb 11
454 Feb 15
120 Jan 2
664 Jen 4
3638 Jar 6
26 Nov 4
6354 Jan 4
544 Jan 9
108 Jan 2
6812 Jan 7
116 Sept 17
17034 Dec 8
6012 Dec 7
12012 Dec 7
4938 Oct 2
6978 Feb 23
904 Dec 6
11718 Nov 28
4712 Jan 14
2614 Jan 13
274 Jan 11
9912 Feb 26
72 Jan 11
104 Jan 28
100 Jan 13
237 Nov 23
2938Sept
5812 Nov 30
1 Mar 12
874 Dec 7
10738July 28
612 Jan 7
11538 Aug 6
414 Nov 22
9212 Jan 2
14434 Jan 9
13 Jan 5
5114 Dec 7
12918 Apr 28
62 Dec 9
8212 Dec 10
10212 Not. 2,1
5338June 20
1112 Jan 29
4958 Feb 4
3038 Jan 28
105 Nov 19
20I4June 7
54 Dec 10
10512Sept 2
51 Jan 14
4884 Feb 17
14118 Feb 1
10418 Feb 10
4714 Jan 2
90 July 20
20 Mar 13
46 Nov 27
11684 Aug 10
12438 Nov 27
3234 Feb 14
17114 Nov 12
11018 Dec 10
2012 Feb 1
82 Feb 1
1234 Dec 7
3412 Feb 10
115 Feb 11
11012 Feb 26
9814 Sept 10
7812June 23
9418 Aug 19
4 Feb 1
2434 Jan 29
7258 Feb 8
120 Sept 15
13214July 28
65 Dee 10
17 Apr 22
334Sept 11
5934 Feb 10
115 Feb 9
12712June 11
12412 Dec 6
454 Nov 23
9112Sept 28
11184 Jan 5
105 Jan
200/
1
4 Jan 23
2158 Feb 9
107 Feb 13
494 Feb 5
2614 Jan 13
8414 Mar 16
107 Mar 1
5612 Feb I
17934 Jan 29
85 Jan 2
36 Dec 3
42 Feb 11
934 Jan 4
5538 Jan 2
10812 Dec 7
9414 Aug 28
14018 Aug 28
5912 Feb 11
118 Dec 8
11812 Feb 10
564 Aug 4
3578 Nov 19
38612 Feb 19
9512 Aug 14
PER SHARE
Range for Precious
Year 1925.
Lowest
i
Highest
$ per share Per Share
1458 June 26 Dec
80 May 8978 June
9612 Jan 103 Deo
44 Mar
8/
1
4 Jan
17 May 2834 Jan
612 May 24/
1
4 Jan
23
Oct
Oct
10012 Jan 3612 Nov
2378 Jan 3488 Dec
114 Oct
4/
1
4 Feb
45 Apr 6118 Deo
1214 May
18/
1
4 Jan
24 Mar 6812 Deo
80 Mar 10712 Dec
1434 Mar 2358 Oct
494 Mar 71
Oct
3034 Sept 4712 Mar
94 Dec 9834 Jan
4318 Mar 6438 Noy
4034 Mar 58/
1
4 Sept
8912 Jan 110 Sent
861-4 1\1a;
128
744
3758
28/
1
4
6412
5812
iffi Nov
4978 Mar
3012 Mar
19 Apr
6234 Dec
Dec
Oct
Jan
Feb
Dee
Mar 711
/
4 Jan
10312 Jan 109 Sept
Jan 17784 Nov
80
____
32/
1
4 Apr 4814 Jan
45 Mar 6284 Des
45/
1
4 Jan 86
Oct
10414 Jan 11412 Deo
3812 Sept 5518 Deo
2514 Sept 2712 0,1
2614 Sept 27/
1
4 Des
_Jan 8412 Nov
50
100 Nov 10712 Nov
Jati
76 May 189
1578 Nov 43/
1
4 Jan
12 May
2612 Jan
1
4 Jan
79/
31
/
4 Jan
7418 Mar
2/
1
4 June
6012 Mar
103
Jan
814 Jan
3238May
11818 Jan
48 Aug
6412 Mar
92 May
4414 Dec
784 Oct
3718 Oct
20
Oct
934 Nov
_
17 Feb
6334 Des
06 Dec
938 Feb
97 Dee
5/
1
4 Jan
9312 Dec
140 Des
1512 Oct
42/
1
4 Dec
127 July
6012 Dee
8458 Nov
102 Dec
5438 Oct
1458 Feb
6258 Feb
3312 Mar
101 Mar
62 Mar
44 Nov
2778 Apr
110
Jan
53
Oct
211
/
4 June
7312 May
1284 Apr
14 Feb
Jan
105
104/
1
4 July
1012 Feb
104
Oct
59 May
4984 Jan
15912 Sept
90/
1
4 Do,
48/
1
4 Nov
9112 Oct
1818 NOV
2312 Aug
11314 Dec
118
Jan
3012 Dec
94
Jan 1041k Nov
_
17/
1
4 Apr 4018 July
100 Mar 110 June
10012 Mar 11084 June
8978 Aug 9434 Dee
604 Mar 80 -15;2;
14 May
534 July
1
4 Aug
8 May 26/
6334 Apr 7478 Sept
111 May 11824 Oct
4812 Nov
1312 July
214 Mar
3214 Jan
10612 June
9014 Feb
1037g Feb
26
Oct
8212 Sept
1514 Mar
4912 Mar
14712 Jan
12
Jan
-15;(7.1
194 Jan
4/
1
4 Aug
5458 Oot
11012 Nov
it•43.1 July
120 July
3714 Dec
89 Dec
9512 Dec
9474 Dee
179 Dee
17/
1
4 July
3812 Dec
1012 Mar
40 Dec
28/
1
4 Oct
Jan
90
54
6812 Sept 85
8 Mar 2474
2878 Aug 3974
1614
41
/
4 Jan
4412 Aug BO
9334 Feb 164
4212 Mar 70
8612 Mar 100
idg -31-1;
104
454
2618
22714
Nov183
Dec
Oct
Nov
Mar
Oct
Nov
Dee
Deo
11114 Mag
July 116 Deo
Aug 5424 Sent
Aug 3438 Dee
Feb 33714 Atte
3018
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,
Dec. 4.
Mon:fay,
Dec. 6
Tuesday,
Dec. 7.
Wednesday, Thursday,
Dec. 8.
Dec. 9.
Friday,
Dec. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926
On bags of 100-share lots
Lowest
Highest
$ per share $ per share 3 Per share $ Per share $ per share $ per
Shares. Indus. & Miscell. (Con.) Par $ per share $ per share
llss 1112 11% 11% 11% 1112 11% 1112 1132 1112 1114share
1112 5,200 General Electric special____10 11 Jan 6 1152 Mar 22
47
471
47
4712 4732 48
4812 4712 48% 4714 46
46% 7,700 General Gas & Eleo A__No par 34 Mar 30 59 Jan 2
*9912 100
*9914 100
*9912 100
*9912 100
100 100
200 Preferred A (7)
*9912 100
No par 95 May 11 100 Dec 9
*110
*110
*110
•112
*112
•112
Preferred A (8)
No par 10512 Apr 8 113 Sept 9
*95
9572 *95
9572 *95
9572 95
95
*9412 9534 *9412 -951-2
Preferred D (7)
No par 9214 Apr 27 98 Jan 4
145 146% 14332 14534 1455s 14772 14412 146% 14612
14512 14712 426,400 General Motors corp. No par 11314 Mar 29 22534 Aug 9
120% 12032 12014 12034 12072 12112 12112 12112 12134 147% 12112
2,600 7% preferred
122
12134
100 11312 Jan 29 122 Dec 10
•10414
*104
_
*104
*10414 ---- *104
*104
_
6% preferred
100 98/
1
4 Apr 13 105 June 29
General Petroleum
_,25
4912 Mar 2 7018June 23
843 85
8412 86
-8512 1612 837 8553 837 8484 ;SiT2 84
17,500 Gen Ry Signal new____/76-Par 60/
1
4 Mar 31 93% Aug 18
*104
*104
•104
_ _ •104
*104
'104
_
Preferred
100 103 Apr 14 105 Nov 18
*43
45
*43
45
*43
45
*43
45
*43
*43
45
45
General Refractories___No par 36 May 27 49 Jan 4
4872 4712 4612 46% 46
4812 4512 46
45
4534 45% 4534 5,700 Gimbel Bros
No par 4114 Nov 16 7878 Jan 19
10212 10212 *102 10212 *102 10212 10172 102
102 103 *10212 103
2,000 Preferred
100 100 Nov 10 1111
/
4 Jan 7
1834 1834 1834 1834 1872 18% 1832 1872 19
19
1834 1872 2,000 Glidden Co
NO par 1532June 3 2534 Jan 4
*45
45% *45
4532 *45/
1
4 4512 4434 4514 4412 4412 4212 44
2,900 Gold Dust Corp v t o No par 4112Mar 31 5678 Feb 3
4334 4412 43
4414 41% 4278 4112 4232 4232 4234 4212 4312 10,200 Goodrich Co (D F)_No
par 3912 Nov 30 7034 Feb 9
9634 97
9612 9634 *9634 96% 9678 97
9612 9672 96
9612 1,700 Preferred
100 95 June 25 100 Feb 16
98
98
*97% 98
98
98
9734 98
*9732 9772 9712 9752
900 Goodyear T & Rub pf v 10.100 9714 Dec 2 109% Aug 1
*10614 10712 *10614 108 *10614 108 *10614 108 *10612 108 *106 108
Prior preterrea
100 10553 Jan 22 109 Sept 14
6014 61
6014 6012 61
8334 63
62
6314 6112 6212 62
5,000 Gotham Silk Hosiery_Ne par 3314 Mar 30 6912 Nov 15
60% 6112 6034 6072 61% 6314 63
*62
6312 6234 63
6212 5,300 New
No par 4712July 12 6872 Nov 1.5
*111 11112 *111 11112 *111 11112 11114 11114 11114 11114 *11112 11134
200 Preferred
100 98 Apr 6 125 Aug 17
932 934
912 912 *94 934
9
9
9
912 2,000 Gould Coupler A
9
9,4
No par
8 Oct 30 2112 Jan 23
3434 35% 35
3512 3512 3532 3514 38% 36
367s 3552 3632 17,500 Granby Cons M Sm & Pr. 100 161g Mar 31 367s Deo 9
107 107
10818 107% 107 10712 10614 10712 10614 10612 10612 10734 4,300 Great Western Sugar tern ott25 89 Apr 14 1097
2Nov 26
*11612 118 •11612 118 *11612 118
*117
100 Preferred
11734 11734 •1I7
100 10812Mar 30 11814July 22
27% 2812 2514 2612 27
27% 30
28
30
3212 3153 ilia 25,800 Greene Cananea Copper__ _100
9
3
4
Apr
3
3212
Dec 9
952 10
972 1032
972 1014
9% 10
0
1014
8,200 Guantanamo Sugar___ _No par
9% 10
512 Jan 5 1072 Feb 1
*5512 56
5552 5552 5532 56
553 57
5534 56
57
5853 2,900 Gulf States Steel
100 51% Oct25 9318 Jan 4
*56
57
57
57
58
58
58
*56
5712 5712 *58
58
300 Hanna 1st pref class A__ _100 45 June 18 59 Nov 1
•26
2612 26
2614 26% 2612 2712 2714 2714 2753 *261
/
4 27
600 Hartman Corp elms A_No par 26 Oct 20 2812 Nov 15
*2112 2212 2112 2112 2112 2112 2112 2112 21 12 2112 2112 2114 2,200 Hayes Wheel
1914 Nov 21 46 Jan 14
*8812 87
87
8712 8732 88
87
8632 8632 1,800 Helme(0 W)
8712 87,2 87
68 Mar 29 88 Dec 7
*2414 26
*2414 25
*2414 25
24
500 Hoe(R)& Co tern ctfs_NO
2412 2312 2312 2314 2314
Nppa5
r 1712May 27 3512 Aug 11
*62/
1
4 64
6212. 6212 *62
64
*62
*62
64
64
6412 *62
100 Homeatake Mining
100 47/
1
4 Jan 4 63 Oct 9
44
45
4312 4338 *44
4412 4452 4452 4412 45
4434 4434 1,400 Househ Prod,Inc.tem cttNopar 40
3 48% Jan 8
5812 5934 5852 58% 5812 5812 5812 5912 58% 5812 58,2 5832 2,600 Houston Oil of Tex tern cds100 5014 Mar
Mar 31
71 Jan 5
*40
40% 3914 40
3912 3932 40
39
39% 39
3912 3934 (3,600 Howe Sound
No par 27 Jan 8 45 Sept 15
47% 4914 47/
1
4 4834 4734 4832 48
4872 4812 4912 77,600 Hudson Motor Car
4912 48
No par 4034 Oct29 12314 Jan 4
2034 2114 2034 2114 2034 2112 2034 21
1
2034 2114 21 4 2253 37,000 Hupp Motor Car Corp_ _ _10 17 Mar 2 2832 Jan 4
2912 30
29% 3012 2912 30
3012 2972 30,4 67,100 Independent 011 & Gaa_No par 1952 Mar 30 34 Jan 2
2934 3012 30
*1534 17 •15% 17
*1534 17
*1534 17
•1534 17
*1534 17
Indian Motooycle
No par
15 Oct 29 2414 Feb 4
812 8%
7% 8
812 812
8
814
84 812 1,600 Indian Refining
832 853
10
7% Oct 20 1334 Feb 13
73
8
8
*812 83g
7% 7%
7% 8
1,500 Certificates
734 *734 8
7/
1
4 Oct 20 1212 Feb 13
10
*95 107 •95 107 •95 107
*95 107
*95 107
*95 107
Preferred
100 90 May 14 104 Jan 7
*93
96
*93
93
96
93
94
93
94
9312 92
700 Ingersoll Rand new. _No par 8014 Mar 31 104 Jan 5
9212
4012 4012 40
40
*3812 4012 *3812 4012 *3812 4012 *3812 4012
700 Inland Steel
ar 3412May 11 4312 Jan 7
No 1pco
*110 113 •110 113 •110 113 *110 113 *110 113 •110 113
Preferred
10834 Mar 16 115 Feb 9
26% 27
2634 2672 4.2614 2612 2618 26% 2614 2612 2638 2612 4,500 Inspiration Cons Copper._20 2034 Mar 30 2852 Nov 10
1434 15
1472 15
1472 14
*1334 1414 14
14
14
1412 2,000 Intercont'l Rubber___No par 1312May 10 2134 Feb 11
912 912
9% 934
*912
10
914
9%
9% 9% 1,800 Internet Agdcul
914 912
912 Dec 8 2614 Jan 22
ar
No 1pw
81
61
6012 6052 6012 6052 6053 6052 *6012 62
60% 60%
1,700 Prior preferred
5832 Dec 6 95 Jan 27
55% 551
5534 .5632 56
5614 5512 5534 55% 55% 55% 56
9,300 Int Business Machines_No par d3818 Mar 30 5632 Dec 6
7
5212 5212 51% 5212 52
52
*513 51
52
52
5172 52
2,200 International Cement_ _No par 44% Oct 20 71% Jan 21
010334 1041 104 104
10412 10412 *104 105
105 105 *104,
2 106
300 Preferred
100
Oct 26 106 Jan 26
43
45
44% 4512 4334 4434 4312 4414 4334 4514 4414 4514 51,600 Inter Comb Eng Corp_ _No par 10112
3312 Mar 30 8112 Jan 5
14212 1497 145 15172 15014 15432 14912 15214 14852 151
149% 15514 90,700 International Harvester_ _100 11214 Mar 29 15514 Dec 10
12412 125
125 1251 12512 12532 12512 12634 •125% _ _
127 127
1,900 Preferred
100 118 Jan 5 127 Dec 10
75
712 71
7% 734
734
714 714 3,100 Lot Mercantile Marine___ _100
712 734
712 712
6 Sept 21
1238 Feb 17
3634 371
37
3812 3814 3834 3753 38
37% 4014 3812 3914 29,700 Preferred
27 Mar 30 46% Feb 16
100
613g 617
61
8112 6112 6172 6132 62
824 6212 62
6232 7,200 International Match prat_ _35 5312 Mar 3 66% Feb 23
3812 39
38
3912 3812 3912 3814 3812 38
3852 37% 3814 20,500 International Nickel (The)_25 3238 Mar 30 464 Jan 5
*103
•103
_ *103
*103 _
10334 10334 •10312 -100 Preferred
100 10112 Jan 29 10414 Apr 21
57
5712 57
5852 57 -57-72
- *57
5712 574 57% 5712 5852 30,600 nternational Paper
100 4412 Apr 15 63% Aug 28
97
97
*97
971g 97
9712 *97
500 Preferred (7)
9714 9714 9714
100 89 May 7 0812 Jan 2
9714 *97
*161 164 •161 164 *161 165 *161 164
100 International Shoe_ _ __No par 135 May 6 175 Jan 11
161 161 *160 162
117% 118% 117% 11834 11712 118
118 12034 119 12058 119 11934 11,900 Internet Telep & Teleg__ _100 111 Mar 3 133 Jan 25
*2012 2072 2012 2012 2012 2112 2112 23
No par 1812July 24 29 Jan 7
2212 2272 2212 2212 2,600 IntertypeCorp
46
47
4534 4612 46% 46% 46
100 25 Jan 4 4718 De2 2
46% 467s 4678 2,100 Jewel Tea, Inc
4834 46
•125 _ _ *125 _ _ _ _ •125
Preferred
*125
100 11512 Jan 29 12712 Nov 12
•124
*124
9%
9
1
4 Feb 5
9 Dec 4 19/
9/
1
4 934 *914 10
93 934 *9
*91
/
4 934
913 2,600 Jones Bros Tea. Ine,stpd 100
1812 1934 19
No par
12 Nov 12 68 Feb 19
2132 22
19% 20
26
2332 2434 23
2414 29,100 Jordan Motor Car
•14
2,
.34
3,
14 Mar 4
14
10
14
34 Jan 8
400 Kansas Gulf
*14
32
*14
*34
34
*11372 11434 •113% 114
114 114 *1137 11412 11412 11432 *11434 11512
300 Kan City P&L 1st pf A_No par 10714 Mar 29 115 Nov 27
4412 4412 4432 4412 4414 4514 4412 44% 4414 4412 4414 4414 2,400 Kayser (J) Co v t c___ _No par 3314May 20 4752 Jan 14
*934 10
9 Oct 9 2112 Feb 6
912 912
914 952
25
900 Kelly-Springfield Tire
934
9% 953
914 9% *93
*42
*42
46
47
*42
*42
*42
100 4312 Oct 20 7434 Feb 5
45
47
47
47
45
100 8% preferred
*44
54
*44
50
*44
54
54
*44
*44
100 45 Dec 1 7314 Feb 5
54
*44
.54
6% preferred
85
8912 8912 90
87
100 76% Nov 26 126 Feb 4
86
89% *85
1,200 Kelsey Wheel. Inc
8214 82,4
*7912 85
81% 6172 6114 6172 61% 6212 6134 62
/
4 No, 16
82
6212 6234 631
No Par 4914 Mar 30 641
/
4 57,200 Kennecott Copper
*58
34
12May 11
bb_No Per
212 Jan 2
*38
ne
uw
34
800 K
51)
rec
&
nR
sW
en
34
(e5T
52
12
*52
Key
reew
52
52
12
%
*37
3832 40
40
4412 4412 1,100 Kinney Co
4034 4412 *43
43
45
43
No Par 39 Nov 5 8212 Jan 7
5512 5512 551
/
4 56
55
10 4234 Mar 30 82 Jan 29
5634 5412 5552 547k 5534 5512 5632 29,500
*113 11314 •112 1131 11312 11312 *11214 11312 *11214 11312 *11214 11312
100 11212 Nov 22 11434 Feb 26
100 Preferred
*19
2014 *18
2014 *19
ar 1512 Mar 25 33% Jan 14
1912 *1812 2014 *1834 1912 *1812 20
Kresgeured
Dept Stores__..No 1poo
*76
7712 *771
/
4 80
*7712 80
*7712 80
70/
1
4 Mar 26 934 Feb 1
*7712 80
*7712 80
•174 175
173 179
184 187
18712 19614 190 19412 *189 191
6,700 Laclede Gas L (St Louis)..100 146 Mar 29 19614 Dee 8
2112 2114 21
211
20% 2114 2034 21
1918May 14 2412June 14
2034 21
2034 2072 9,800 Lag°Oil &
68% 69% 6814 6932 6552 7034 6972 701s 6914 6978 6912 6972 13,200
No parLm13e
3912May 7 72 Nov 5
Co
6% 634
No par
634 63
614 Dec 3 14 Jan 4
7
6% 63
7
*634 7
500 Lee Rubber & Tire
634 634
35
3552 3512 353
No par 3034 Mar 30 41% Jan 2
3534 353
3714 38z 3734 3912 29,600 Lehn & Fink
3534 37
2072 2072 2118 211 *2072 21
No par 1714May 4 22 June 25
20% 2114 2114 2132 2132 2134 3,900 Life Savers
99
99 100
O98
25 7212 Mar 31 101 Nov 23
9934 993 *9812 100
100 100
*99 100
400 Liggett & Myers Tob new.i00
•124 128 •124 128 *124 128 *124 128
11934 Jan 18 12934May 5
12734 12734 *126 128
300 Preferred
25 71 Mar 24 10132 Nov 21
98% 98% 99% 997
9918 99% 9834 99% 9812 9834 0814 9834 2,500 -13" new
5312 Mar 31 6914 Jan 4
8234 83% 63
65
64
6312 643
64
6412 644 6434 11,800 Lima Lee Wks
65
No pa; 3414 Mar 2 4832 Dec 6
4718 4818 471
/
4 4832 4714 47% 47
473
47
4734 471
29,100 Loew's Incorporated_ _.No
/
4 48
..P9 pa
6 Oct 8 1114 Feb 10
653 7
652 7,
7
612 7%
614 6%
714
634 634 17,100 Loft Incorporated4312 44
4312 431
43% 4332 *4314 44
5012 Feb 3
*42
ANo par 4212July 2
600 Long Bell Lumber*4312 44
4353
171 171
100 88 Mar 30 173 Dec 9
11,400 Loose-Wiles 131scult
164 17034 165 1691 16934 173
155 15814 15812 171
172 172 *169 171
100 12014 Mar 30 172 Dec 9
1,600 2d preferred
15312 15312 16014 170
16334 170 *167 172
31
25 2734 Oct 25 4214 Feb 3
3134 4,800 Lorillard
30% 3114 30% 307
30% 3152 3114 3132 3034 31
100 111% Apr
120 Aug 31
600 Preferred
117 11712 *117 1173 •117 11712 11712 118
*117 11712 116% 117
1434 1512 1434 1512 4,300 Louisiana 011 temp oths_No Par 12 Mar
14% 151
1978June 21
15
•141
*1412 15
/
4 15
15
241
22% Mar 31 2612 Feb 10
24
2412
2412 24
1,100 Louisville 0& El A____No pa
241
24
24
24
241s 24% 24
m% 2258 Oct 2, 5814 Feb 4
*27
No par
2634 28
*2612 27
2734 2,400 Ludlum Steel
*2512 2914 2512 251
2534 27
122 Oct 26 138 Feb 9
200 Mackay
12634 1263 •12612 130 *12634 130
*12634 130 *12612 130 •12634 129
71
*7034 72
*7034 72
100 68 Mar 19 7318 Feb 9
100
71
72
*7012 72
*7034 72 •71
89/
1
4 Nov 4 159 Jan 4
No pa
la T
Trucks, Inc
9812 9932 9712 9914 41,400 Mack
99 101% 9814 1001
9912 10052 99 100
110 112 *11012 111
100 10712 Nov 23 113 June 10
1,800
11112 112
preferred
*10912 111 *110 112 *11012 112
100 102 Oct 5 10810004 3
100 2d preferred
105 105 *105 10614
*105 108 •104 108 *104 108 *104 108
/
4 12212 12278 124
1,000 Macy (R H)& Co,Ino_No par 8612Mar 29 12634Sept 7
12134 12134 1211
*12012 123
12012 12012 *120/
1
4 122
100 114/
1
4 Oct 20 11834 Jan 14
100 Preferred
O115 116 *115 116
116 116 *115 116 *115 116 *115 117
No par 34 Apr 19 447 Feb 10
3614 4,600 Magna Copper
3532 35% 3514 364 36
3612 3632 36
36
36
36
Mallinson (H R)& Co_No par 1252 Nov 1 2812 Jan 5
*14
*1334 14% *133 1434 *1334 1434
15
•1334 1434 *1334 15
1,200 Maned Sugar pref
6912 70
100 55 June 4 82 Feb I
70
*6612 70
69% 69% *68
70
66% 6634 70
5714 7,200 Manh Elea Supply____No par 44 Oct 16 8734 July 19
543
53
551* 54
53
5553 5553 5612 5652 584 55
25 2172 Oct 20 327n Jan 4
2672 2672 1,000 Manhattan Shirt
*2512 27
•25/
1
4 26
2714 *2514 27
26
284 27
42
100 Manila Electric Corp__No par 2712 Mar 20 4532 Sept 14
1139
40
40
42
*40
42
42
42 .
*40
40
*40
21
203
4
4,600
par
Expl____No
203
4
161
/
4 Oct 8 28 Feb 2
20%
Maracaibo
Oil
203
8 20%
2012 2114 2032 2012 2053 21
1
4 558 58,000 Marland 011
No par 4914 Mar 30 6338June 17
543 5534 55/
55% 5534 547 5512 5412 55
5512 58
29
29
6,500 Marlin-Rockwell
NO par 2412 Oct 21 33 Mar 11
294 2834 29
2812 3032 2912 2972 29
2814 281
/
4 2112 52038 21,2
Martin-Parry Corp____No par 17 May 20 23 June 25
*20/
1
4 211 *2052 2112 *2032 2112 .2032 2112 *201
8212 *82
823s 2,500 Mathieson Alkali Wkstemetf50 6212May 12 10612 Jan 2
82
8314 82
85
85
85
*8412 8512 83
139
3,300
138
May
13914
Department Stored___50 1067sMay 17 14514 Oct 26
4
1383
139
13912
138 138
13712 13872 3814
13812
100 12232 Feb 2 126 Dec 8
100 Preferred
*12534 12612 *12534 12612 *12534 12612 126 126 *12634 12612 *126 12612
28
272 3
252 7
78
No par 19 Mar 3 241213ept 8
278 *2
Maytag Co
28
2:8
4 7
28
2234 2234 2212 2232 2234 23
2232 22% 7
'
500 McCrory Stores Claes B No par 72 Mar 30 121 Jan 11
*7732 7912 79
79
7753 7753 *7714 78%
200 McIntyre Porcupine Mlned__5 2214 Oct 14 30 Feb 15
2414 *2414 2452
*2412 2434 2414 2414 *24
2453 2453 24% *24
25
600 Metro-Goldwyn Pictured pf-27 2214 Jan 8 2512 Nov 24
25
25
*2434 2512 *2452 25
25
25
25
25
25
71, 71,
712 8
1,900 Mexican Seaboard Oil_ _No pa
8 Feb 25 1334July 23
8
8
8'4
734 734
81
812 814
4,000 Miami Copper
1572 16
5 11 Mar 3 1718 Oct 1
1572 1572 1572 16
1572 1572 1534 1572 •1572 16
1
4 25.400 Mid-Continent Petro__No par 2712July 22 37 Jan 2
/
4 32/
30/
1
4 3112 311
31
3114 307 31
3112 314 303 31
•Bid and asked prices: no sales on this day s Er-dividend. a Es-rights
Krgef
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
$ per share $ per share
/
4 July
1078 Oct 111
5872 Dec 6138 Dec
99 Dec 100 Dec
110 Dec 110 Dec
6418 Jan
Jan
102
8812 Apr
42 Jan
68 Nov
9012 July
42
Oct
47 Mar
102/
1
4 Mar
1212 Mar
37 Mar
3614 Jan
Jan
92
88% Jan
103 Apr
39 Dec
Nov
115 Dec
9912 Nov
59/
1
4 Deo
8034 Oct
105/
1
4 Nov
58/
1
4 Jan
83 Dec
1
4 Nov
114/
2611 Dee
Oct
51
7404 Nov
102 Nov
114/
1
4 Oct
109 Deo
42 Dee
99's Dcc joiii -35;;
1872 Dec 23 Sept
/
4 Dec
13 Mar 211
Jan 113% June
91
Apr 11512 Dec
107
1134 Mar 1914 Jan
612 Jan
378 Sept
6712 Mar 9514 Nov
42/
1
4 July 89 Feb
30 Mar
66 May
27 Dec
43 Jan
3412 Jan
59 Apr
1612 June
3334 Jan
1414 Mar
1312 Jan
13 Mar
512 Jan
6 Sept
77 Mar
77 Nov
3834 May
10411 Apr
2214 Apr
491 Nov
7734 Jan
4872 Jae
Jan
50
4712 Nov
Jan
85
31% Nov
13912 Nov
31 Nov
/
4 June
411
24 Aug
1414 Dec
12/
1
4 Dec
110 Dec
10712 Dec
50 Feb
112 Sent
3214 Jae
7/
1
4 Jan
40 Apr
110 Mar
Jan
52
10212 Nov
3134 Jan
9612 Mar
114 Mar
7% June
27 Aug
5852 Dec
2414 Mar
Jan
94
4814 Mar
86 July
108 Feb
8712 Apr
18 July
1612 July
102/
1
4 Jan
1134 Dec
3518 Aug
14 May
99
Jan
1834 Mar
1214 Mar
41 Mar
43 Mar
er
Aug
4612 Mar
134 Sept
75 Mar
-241s Nov
85 Nov
1
4 Nov
176/
8112 Sept
107 Aug
6912 Dec
13814 Sept
121 Nov
14/
1
4 Feb
5214 Feb
60/
1
4 Deo
4812 Nov
102 Nov
Oct
76
99/
1
4 Oct
199114 July
144 Aug
2938 Oct
2618 Deo
11512 Dec
211
/
4 Feb
65 Nov
112 June
109/
1
4 Sept
421
/
4 Deo
2118 July
74 July
72 July
124 Dec
59/
1
4 Nov
312 July
100
Oct
Oct
11014 isiTur 116
4534 Jan
2812 Dec
1
4 June
88
Jan 97/
11014 Jan 178 Mar
Ii's Feb
3714 Dec
-ii" Oct
57 Mar
161
/
4 Jan
55/
1
4 Mar
60 June
22 Feb
Jan
6
14 Mar
77 Feb
104 Feb
3014 Jan
10812 Feb
1352 Aug
23 Deo
3134 Feb
114 Mar
66 Mar
117 Jan
104
Jan
99 Jan
6912 Jan
114/
1
4 Jan
34 Mar
21.14 Dec
74 July
32 Mar
2014 Mar
2812 Mar
2032 Sept
3252 Mar
1053 Mar
19 Dec
51
Jan
101 Mar
11612 Mar
21% Nov
79 Mar
"ii" Dec
4412 Oct
124 Des
8978 Dee
7418 Jan
44/
1
4 Nov
918 Apr
43 Sent
143/
1
4 Deo
148 Dec
39/
1
4 Sent
116 Aug
2334 Feb
26/
1
4 July
60 Dec
141 Sept
7854 Feb
242 Nov
113 Aug
106/
1
4 Aug
112
Oct
118 Aug
46 Nov
3712 Jan
8214 June
59 Mat
3478 Nov
491
/
4 Apr
35% Jan
6012 Dec
3272 Oct
3718 Jan
10714 Dee
13912 Dec
124 June
2832 Oet
139/
1
4 Oct
Oct
12 list. 2:1
N., an
4
38y
: 7,1
2534 Aug
38
Nov
New York Stock Record-Continued--Page 5
3019
For sales during ths week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 4.
Monday,
Dec. 6.
Tuesday,
Dec. 7.
Wednesday, Thursday,
Dec. 8.
Dec. 9.
Friday,
Dec. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PlCR 511ARE
Range Since Jan. 1 1926.
On basis of 100-8hare1018
Lowest
Highest
Pegg aH AKE
Range for Previous
Year 1925.
Lowest
Highest
8 per share 3 per share 8 per Share $ per share $ per share 8 per share Week. Indus.& Miscell.(Con.) Par $ per share 8 per share 8 per share $ per Awe
102 102 *10112 10212 *10112 10212 •10112 10212 *10112 10212 *10112 10212 nri100 mid-Cont Petrol prof
8314 Apr 9414 Oct
100 90 Mar 30 10212 Dec 1
%
3*
7s
4 Apr
212 Jan 8
34
34 Nov 19
314 June
34
78
34
78 15,200 Middle States Oil Corp____10
%
78
34
34
4
12
*12
28
12
12
12
4
12
12
118 Jan 8
112 Feb
4 Oct 8
Certificates
Ds Feb
10
12 1,400
12
110 110 *105 115
110 110 *11012 115
111 111 *113 115
700 Midland Steel Prod pref._ _100 107 Mar 30 13382 Feb 23
96 Jan 147 Ault
35
35
35
35
*3378 35
3378 3378 *3212 35
400 Miller Rubber ctfs____No par 30 May 17 4434 Feb 25
82
8218 *82
83
8214 8312 82
8312 8234 8378 28212 8338 3,000 Montana Power
-61 -Apr 9-914 Aug
100 6938 Mar 26 8612 Nov 11
6553 6632 6534 6712 6738 681
/
4 6634 6778 6714 68% 6858 7018 86.300 Montg Ward & Co III corp_10 56 May 19 82 Jan 2
41 Mar 8414 Nov
12
1238 1112 12
1158 12
12
14
1312 131
1358 14
22,200 Moon Motors
No par
2234 Mar 42 Dec
934 Nov 23 3732 Feb 10
458 434
412 458
412 458
412 458
458 434 2418 414 6,500 Mother Lode Coalition_No par
6 May
712 Feb 8
94 Jan
4 Nov 19
1358 1358 1312 1334 1338 1334 13
138 14
1312 21334 1334 1,900 Motion Picture
1958 Dec 2012 Dec
No par 1214 Dec 1 2312Ju0e 3
37
3812 3784 39
37
3814 3658 3658 364 37
37
37
40 Nov 447 Oct
3354May 19 5338 Feb 10
5,400 Motor Meter A
No
par
•20
2034 2058 2034 2058 2078 21
2118 2118 2114 22012 2012 2,800 Motor Wheel
18 Apr 35 June
No par 1918 Nov 27 338 Feb 15
*812 10
*812 10
*812 10
*84 10
*84 10
*858 10
13 Aug 2118 Feb
Mullins Body Corp____No par
8 Nov 13 1934 Feb 1
*3612 37
*3614 3712 *3612 37
3612 36N *36
37
3018 Apr 39 Dee
*36
37
200 Munsingwear Co
No par 3434 Apr 6 3834Ju1y 6
612 612
512 578
558 573
578 648
6
6
64 618 5,400 Murray Body
514 Dec 424 Mar
3 May 8 1578 Feb 20
No par
57
5838 5718 5734 574 58
58
6312 6114 6314 136,200 Nash Motors Co
594 59
Oct
No par 52 Mar 24 66 Feb 23 19312 Jan 488
*512 6
6
614
6
6
*534 612 *534 612 *534 6'z
414 Mar 1258 Dec
5 Nov 30 127 Jan 9
900 National Acme stamped_100
97
9712 9734 9832 9712 98
964 97
97
984 97
65 Apr 79 Dec
9778 5,100 National Biscuit
25 74 Jan 8 9933 Nov 29
*12934 1304 *12934 13038 *12934 13038 *12934 1304 13033 131
13038 13038
400 Preferred
100 126 Jan 27 13112 Apr 28 12312 Mar 1284 may
4012 408 4014 - 4012 4014 40131 4014 4012 40
4012 40
4014 5,700 Nat Cash Register A w I No par 374 Oct 26 54 Jan 5
1938 1938 1818 1914 19
1912 194 194 194 2014 3,300 National Cloak dr Sult
19331 19
4912 -Dec -1147
; Oct
100 18 Nov 3 57 Jan 2
60
60
*5814 60
*584 60
60
*5814 60
60
60
6178
700
Preferred
8734 Dec 104 Jan
100 5818 Nov 19 9213 Jan 8
7134 7233 72
717 73
7312 703* 7233 7014 74
7114 7214 36,700 Nat Dairy Prod tern ctrallo par 53 Apr 14 80 Jan 2
42 Jan 817 Nov
271 2814 2778 2812 2812 293* 29
2932 29
2932 2918 3034 14,100 Nat Department Stores No par 24 Oct 25 4238 Jan 7
3812 Jan 45 May
*9018 91
*904 91
*9014 9414 *91
9412 *91
9412 *91
lot preferred
96 Apr 102
Jan
9412
100 8934 Oct 15 97 Jan 19
20% 208 21
21
2033 2178 1914 207s *2012 21
*1912 2012 4,600 Nat Distill Prod ctfs___No par 1212May 18 34 Jan 4
294 Dec 4318 Oct
*45
4612 •44
45
44
4478 4478
*43
458 454 4312 45
900
524 Jan 81
Preferred temp ctf __No par 3712 Aug 2 734 Jan 4
Oct
27
27
*26
28
*26
28
*26
27
28
2512 2.512
*25
200 Nat Enam & Stamping_100 2118Ju1y 14 4012 Jan 2
25 Apr 4133 Dec
*82
85
*81
85
*82
85
*82
85
*82
85
.82
85
Preferred
100 76 July 13 8934 Jan 4
76 June 8934 Jar
1315712 159
15834 159
161 16412 16334 172
16914 171 2165 166
15,400 National Lead
100 138 Apr 15 .17434 Jan 5 13812 Apr 17434 Nov
13116 11734 11734 11734 *11614 11734 *116 11734 *116 11734 1173s 1174
200
Preferred
100 116 Jan 16 120 May 20 1144 Sept 119 Sept
2014 2012 20
2038 20
2014 1978 2012 2014 208 2018 2012 12,200 National Pr & Lt Ws_ _No par 1634 Mar 2 3838 Jan 21
8258 8358 8214 8214 821
8212 8338 83
/
4 83
8378 85
88
11,600 National Supply
544 -Dec 71
Jan
50 5512 Jan 4 88 Dec 10
*119 125 •119 125
119 12012 *12014 124 *12014 125
123 123
800 National Tea Co
No par 11612 Nov 4 238 Jan 4 201 Dec 250 Dec
16
1614 16
164 1578 1618 1584 16
1578 16
1578 16
19,700 Nevada Consol Copper
113
4
Apr
Nov
8Juee
6
163
1
8
Jan
1614
115
5
4334 437
4434 44
4414 4312 4312 44
4333 4414 44
44
7,000 N Y Air Brake
3112 Oct 664 Jan
No par 3612 Jan 2 4812Sept 7
2212 231
22
22
22
22
2218 2218 2234 2214 2234 23
3134 Mar 8111 Dec
1,800 NY Canners temp ctfs_No par 2018 Nov 24 8434 Jan 29
*78
80
*78
80
78
73
*76
80
*76
80
*76
80
100
Preferred
No par 7618 Dec 2 85 Apr 29
3438 344 *3312 3412 3333 3333 3338 34
7
*333 35
*3334 3434
400 New York Dock
100 32 Oct 2 45 Feb 5 -1-8 Mar -454 Nov
•70
72
*70
72
*70
72
7112 7112 71
717 *7114 72
300
100 69 May 13 74 Feb 5
5218 Jan 76 Dec
Preferred
288 29
29
29
*2834 29
29
29
29
29
*2858 29
1,000 Niagara Falls Power pf new_25 274 Mar 31 2914 Nov 18
2758 Oct 29
Jan
49
2473
4
48N 473* 4814 473* 48
4912
4734 4812 474 4812 19,900 North American Co
4112 Jan 75
Oct
10 42 Mar 30 67 Jan 14
5112 511 25112 511 *5012 5112 5073 508 51
5112 *5034 51
4658 Jan 5012 Sept
900
Preferred
50 49 Jan 2 5214 Aug 31
9613 9638 9612 0614 064 *06
*96
9612 06
06
*9618 9614
9412 Dec 9612 Dec
100 No Amer Edison pref _No par 914 Mar 31 9678Sept 18
458 51
*514 5'l
458 514 *458 5
*458 5
*458 434 3,100 Norwalk Tire & Rubber
1212 Sept1814 Aul
414 Oct 20 154 Jan 14
1
1514 1514 15
15
*1412 15
14
14
*1312 14
1312 1358
8 Jan 184 Non
700 Nunnally Co (The)____No par 1338 Mar 1 1712 Jan 7
*31
32
3112 3112 3112 32
3114
3118 3118 3112 3112 31
500 011 Well Supply
3318 Dec 38 Non
25 30 July 2 3618 Oct 19
1513 157g *1512 1534 1514 15'z 1514 151
1514 1513 1512 1512 3,500 Omnibus Corp
No par 12 Oct 16 2214 Feb 23
36
36
36
36
*36
350 *36
3618 *36
36's 36
36
1,000 Onyx Hosiery
1
4 Jan -3-9 -Del
No par 3114 Feb 2 4512June 29 I8/
Preferred
100 93 Apr 17 116 Nov 4
7814 Mar 97 No
58
5812 58
5812 *5712 5812 *5712 581 *5712 5812 *5712 5812
200 Oppenhelm Collins & CoNo par 47 Jan 12 6.358Bept 29
414 Sept53 De,
32
3218 32
3218 3112 32
3112 3112 3118 3112 3114 3114 3,200 Orpheum Circuit, Inc
2534 Jan 327 Jul]
1 2712 Mar 25 3318 Nov 29
*104 105 *104 105
104 104
104 104 *104 105 *104 105
200
Preferred
98 Jan 107 Sept
100 101 Jan 13 105 Apr 21
127 12834 1287s 1333* 13112 134
131 13412 13312 13412 133 13418 18,400 Otis Elevator
8758 Feb14012 Atu
13412 Dec 8
May
20
106
50
108 108 *10612 10912 *10612 10912 *10612 1091 *10612 10812 108 108
300
100 10234 Jan 13 10912 Aug 30 101 Feb112 Juli
Preferred
8
818
8
8
8
814
8
81
8
8
8
814 4,600 Otis Steel
8 Mar 1514 Atli
8 Oct 18 1412 Jan 19
No par
An 70
70
70
70
70
70
70
•70
71
70
70
800
Preferred
100 83 Nov 3 74 Sept 22
23234 8314 8312 844 84
8412 84
8638 85
8614 863* 8678 12,000 Owens Bottle
4234 Mar 1938 Not
5334 Mar 29 867s Dec 10
25
5212 5212 •50
52
50
50
51
507 51
51
*5012 5112
500 Outlet Co
4914 Nov 57 Not
No par 44 May 19 5234 Dec 3
*10514 106 *10434 106 *105 10612 105 105 *10434 106 *104 106
200
100 971 Apr 1 105 Sept 29
98 Nov 1007s Do
Preferred
*12912 12978 12912 12912 *12834 12978 1297s 131
12934 130
130 130
1,400 Pacific Gas & Electric
100 118 Mar 31 1337,1Sept 21 10212 Jan 13718 Noi
112 112
112 112
112 IN
112 14
112 14
IN
134 9,600 Pacific Oil
No par n1 May 13 8318 Feb 13
514 Aug 784 De
3515 3514 3433 3518 347 3518 3434 35
347 3514 3434 353* 16,300 Packard Motor Car
10 3114 Mar 31 4514 July 7
15 Jan 4812 Noi
034 0711
034 1014 1014 .11
11
12
1112 12
12
1214 12,100 Paige Dot Motor Car_ _No par
9 Nov 19 2812 Jan 4
17% May 32 Oa
64
64
6414 6414 63
6334 63
63
6278 62% 62% 62% 1,700 Pan-Amer Petr dr Trans-50 564 Mar 31 7612 Jan 2
5912 Sept 83% Ma
6333 6414 6312 6378 6234 6312 624 6314 624 6234 624 628 20,400
Class B
60 564 Mar 31 7888 Jan 4
eine Aug 844 Ma
3312 344 34
3414 34
3438 3318 34
334 3312 3338 3418 5,300 Pan-Am West Petrol E_No par 30 Oct 13 46 Jan 2
3714 Oct 4834 De
16
1614
1578 16
16
16
1578 16
44 Jan 21 32 June 17
214 Aug
1518 153
614 De
1514 1578 5,300 Panhandle Prod & Ref _No par
•72
7612 *73
7612 73
73
Preferred
*72
100 51 Jan 19 9938June 16
75
*72
80
200
37 Oct 6012 De
75
75
•24
2414 2414 2434 2414 2412 227a 23N *2212 24
25 Sept 3512 Jai
2312 2312 2,400 Park & Tilford tern ertts_No par 1833 Oct 23 2818 Jan 4
632 *6
6
1
612 *6
*6
614
812 Feb 5
51813ept 30
614 *578 618 1,300 Park Utah CM
6
64
40
42
4134 427
41
4278 4138 4234 4134 423* 4012 4134 17,900 Pathe Exchange A____No par 3214 Nov 30 83 Jan 7 -70 Nov 9033 Oc
2234 23
No par 1678 Jan 28 24 Dec 1
2214 2234 2212 2312 23
2,100 Penick & Ford
17 Dec 28 Ap
*2234 23
23
23
23
*1212 14
*1112 13
1212 1212 *1058 13
50
100 Penn Coal & Coke
*1058 13
7 Aug 6 19 Oct 26
*1058 13
1234 Apr 2638 Jai
1 Aug
58 Oct 26
38
34
3 Jai
214 Jan 4
34
34 4,400 Penn-Seaboard St'l vtego par
34
h
h
34
34
34
34
34
12512 12512 12513 12512 12534 127
129 13012 12712 12914 10,600 People's G L & C (Chic)_100 117 Jan 4 131 Dec 8 112
Jan 123 Oc
12678 131
•80
88
*82
87
100 Philadelphia Co (Pittsb)
87
88 .82
88
5112 Mar 6714 De
*86
87
88
*84
50 594 Mar 2 89 Nov 22
1049
50
4912 4912 50
50 45 Oct 11 5114July 7
497 498
300 6% preferred
50
*4934 50
*4912 50
4512 Jan 49 Jul:
4234 43
3714 May 521s Jai
4238 4234 42
4212 4112 4238 4214 4314 4214 4332 13.900 Phila & Read C & I___Na par 3614 Apr 14 488 Feb 13
*42
431 •42
43
*42
*42
4312 *4112 43
*4112 43
4312
38 July 504 Jai
Certificates of Int___No par 3634June 14 4612 Jan 11
*4712 50
*4712 50
*4712 50
*4712 50
*4712 50
*4712 50
PhIllips-Jones Corp___.No par 49 Sept 30 5534 Jan 29
51 Nov 9018 Jai
3812 39
3814 41
3814 4014 39
3934 4012 3912 4012 30,900 Phillip Morris & Co. Ltd._J0 16 Apr 3 41 Dec 6
1234 Mar 2514 BOP
40
543* 5538 5412 5514 5412 5572 5472 5534 55
5538 5518 5614 102,300 Phillips Petroleum___No par 40 Mar 30 5633 Dec 2
3614 Mar 4718 Jun
44
44
*43
44
*43
4578 2,200 Phoenix Hosiery
44
44
*43
437
44
*43
18 Apr 424 Jul
5 31 Mar 30 464 Nov 29
*10158 10434 10112 10112 *100 104 *100 104 *100 102
101 101
200
Preferred
100 94 Mar 25 103 Oct 28
84 Apr 99 De
2334 2418 23
233* 2312 2414 2314 244 23
2358 238 2418 30,500 Pierce-Arrow Mot Car No par 19 May 15 434 Jan 9
10% Mar 4714 02
108 108
108 108
10914 10934 *109 110
1084 1094 2,600
108 110
Preferred
100 7612 Apr 15 12714 Aug 19
43 Mar 100 No
os
781
34
34
34
54 6,400 Pierce 011 corporation
Is
34
4
12 Oct 1
it • 38
25
34
17 Jan 30
11
/
4 Nov
34 Fe
•17
19
*17
19
174 1714 174 1714 *15
1578
400
•15
16
1118
Preferred
Nov
100
2718
Jan
30
15
2014 Dec40 Fe
338 31
312 312
338 312
34 332
314 10,900 Pierce Petrorm tern ctfsNo par
3
314 338
214 Aug 26
7 Jan 30
412 Dec814 Fe
34
34
*32
34
33
33
33
3512 35
3714 3878 7,200 Pittsburgh Coal of Pa
38
100 29 June 9 424 Jan 5
3714 May 544 Ja
•72
74
72
7212 7212 72
72
77
7934 4,700
7434 7.514 77
Preferred
100 70 June 21 85 Jan 5
80 May 99
Ja
100 100
100 100
*99 101
101
100 100
700 Pittsburgh Steel pre
100 100 *100
100 94 Mar 29 100 Nov 26
94 Mar 10212 Ja
42
42
44
•40
43
*41
44
42
*42
44
42
•40
200 Pitts Term Coal
100 39 Oct 5 6378 Jan 9
30 Apr 63% Ja
*81
87 .80
86
86
*80
86
*81
*80
87
*8114 87
Preferred
100 8012 Oct 7 9214 Feb 5
79 Jul
884 No
0734 98
9814 99
9812 995
98% 9958 9812 99% 99 10038 11,800 Post'm Car Co Inc new_No par 751:Mar 30 12478 Feb 3
6458 Nov121 De
4212 437 *434 44
4118 421
44
*43
*43
44
1,700 Pressed Steel Car new
44
*43
100 3418May 19 44 Nov27m*80
82
*80
8034 8034 5794 83
82
82
*80
82
*80
100
Preferred
100 7812 Oct 21 9534 Jan 7 -7-62 July 92-12 Ja
014 103* 1938 1938 1812 193* 1812 1834 1812 1812 18 18
3,100 Producers & Refiners Corp_50 11 Mar 29 2034 Oct 29
1212 Aug 8258 Fe
39
39
*3812 40
*3812 40
39
40
39
*38
40
*38
200
Preferred
50 3034May 11
41% Oct 29
27 Sept 47% Fe
3212 32% 3233 323* 321g 3238 324 3214 324 3238 3214 321 15,300 PubServCorp of NJ new No par 31% Oct 29 338a Nov 29
997 *9912 9972 9974 994 *00 100
*oq
100 10018 *99 100
300 6% preferred
Oct
Apr
7
100
101
9612
1
*10712 1091 *10812 100 *10812 109
10812 10812 *10814 10833 *10814 10858
100
7% preferred
100 10318 Jan 12 110 Nov 13 -9-9 Jan 1-06- No
*122 12414 *123 12414 *124 1244 *124 1243* •124 1243* 12433 1243*
200 8% preferred
100 115 Mar 2 12434 Nov 17 1084 Apr 119 0,
*10314 10334 10314 10334 10312 10312 *10312 1033 10312 1031 *10134 10233
700 Pub Bert, Mee & Gas prd_100 97 Jan 22 1044Sept 27
9213 May 10041 Dr
on3% --- *11378 ___ *11378
_ •11378 115
*113
,
8
116
100 Pub Service Elec Pr pref_100 106 Jan 18 114 Aug 5
114 114
01
99 Jan 108
186 189
38572 1788
18734 18914
- _18712 19014 18812 18934 188 19014 18,500 Pullman Company
100 14514 Mar 31 19912Sept 16 129 Mar 1734 Set
4634 458 4612 46
4414 448 4412 4612 46
4638 4579 46'2 14,500 Punta Alegre Sugar
50 33 Apr 14 47 Feb 4
33 July 4714 Ja
2712 271g 2714 27
2718 2632 27
2678 2714 7,700 Pure Oil (The)
2634 27
25 2514 Oct 20 31 Jan 4
254 Aug 3314 Fe
____ _ _ •111 112 .111 112 *111 112
*111 112 *111 112
8% preferred
100 106 Apr 14 11234June 25 10212 Jan 10812 Beg
58% 5812 6-04
573 59
57% 588 57% 5814 64,600 Radio Corp of Amer___No par 32 Mar 30 614 Nov 19
3914 Nov 7778 Ja
51,
2 52
_81.33 51% 5112 511
*5114 5134 52
5218 1,300
Preferred
5212 52
50 444 Mar 31 5314 Nov 24
45 Dec 54 Fe
_ *3758 3934 *3612 3918 53D2 394 3738 37,
3618 393 __
8
100 Rand Mines. Ltd
No par 3234 Apr 30 412 Oct 1
3334 Nov 3912 At
1638 1612 •163s -111
1638 1612 *1614 1612 *1614 1612 *1614 1612
800 Ray Consolidated Copper_10 1012Mar 3 163* Nov 8
1133 Apr 1733 Fe
41
*41
41
42
42
*41
*4058 41
41
200 Reid Ice Cream
41
•4058 41
No par 4034 Oct 18 56 Jan 4
43
Oct 601
/
4 Di
.8
8t4
8
8
81s 834
8
8
.778 84
814 813 1,900 Reis (Robt) & Co
No par
7' July 24 1834 Feb 23 10 May 2814 Jul
11412 115
11212 1123 114 11412 11412 11712 11514 117
115 116
8,500 Remington TypewrIter____100 8312 Apr 20 127 Feb 3
468 Jan 11733 DI
*11312
1184 *11312 1184 *113 11314 *11712 1173
*11312 11814 *11312 11814
7% let preferred
100 106 Apr 21 118 Oct 1 100 Jan 10912 01
*111 114 *111 114 *111 114 •111 119 *111 114 *110 114
8% 2d preferred
100 105 Apr 1 11514 Aug 27 103 Sept 11312 Al
11
1012 10% 1058 1034 103* 11
1112 1112 124 121s l2'2 41,900 Replogle Steel
No par
8 Oct 27 1578 Jan 4
12% June 234 Js
*5512 5524 53
5518 5512 5534 554 56
5534 5882 5638 57
3,000 Republic Iron & Steel
100 44 May 10 6333 Jan 7
424 Apr 6438 Jo
98
8 9712 9712 *9612 98
98
953* 95,
98
210
•97
•97
98
100 9114 Mar 30 99 Sept 15
Preferred
8414 July 95
Ja
518
518 518
54
*3
5
514
5
5
51
514 51
414 Oct 29 1058 Jan 8
No par
2,000 Reynolds Spring
8 July 18
Ja
117 11734 118 12034 11934 12082 119 120
11918 119's 119% 120
17,900 Reynolds (R.I) Tob Class B 25 90 Mar 30 1217s Nov 19
7212 Mar 95% No
*81
81
85
81
*78
81
83
82
*78
•7812
*78
82
100 Roads Insurance Co
25 78 Nov 25 100 Jan 20
85 June 9712 Fe
g 4984 4933 493* 4952 493* 1,100 Royal Dutch Co(NY shares). 47% Oct 21 574 Jan 9
4914 4914 49,8 4918 4984 4978 49,
4814 Mar 5738 Jo
42
*4012 42
24014 4114 *3912 4012 1,900 St Joeeph Lead
4112 4112 4134 4214 42
10 3658May 11 484 Feb 10
3534 July 5212 Ms
5312
533
4
54
*53
5212
5312 5352 5333 5314 531
No par 421s Mar 31 5512 Nov 10
1,000 Safety Cable
5234 52%
48 Dec 5o12 DI
70
70,2 69
70
71
63
71
70
69
701
691
2,100 Savage Arms Corporation.100 6714 Nov 30 1024 Feb 10
69
4812 July 10333 MI
3
3
3
3
3
3
3
3
3
3
3
3
No par
3 Dec 4 1014 Jan 4
5,100 Seneca Copper
9 Nov
11 Nc
59
60
6014 6014 60
61
60g 5,300 Shubert Theatre Corp_No par 52 Mar 4 705s July 28
6012 60% 6034 604 60
5112 Dec 881k Di
4812 4933 4812 49
No par 4212Mar 30 13812 Jan 23 10134 Sept 1343* DI
38.800 Schulte Retail Stores
4714 4734 4738 4912 4812 5014 4812 491
*116
*11414
11814
1184
*116
11814
*11612 11814 *11612 11814
100 11212 Jan 6 120 Sept 9 110
*11414 11814
Preferred
Jan 118 At
,n,.. Intmt. 131, 133, 1334
135
, 1334
131, 1:11, 134e 133,, 1 400 itAnc”,... cinrn
No oar 1219 Mar 3 14% Mar 12
1314 Mem
I As, I.,.
•Bid and asked prices: no sales on this day. x Ex-dividend. a Hz-tights. a Ex-dividend one share of Standard OH of California new.
r 2714
565. 571s 5658
3020
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 4.
Monday,
Dec. 6.
Tuesday,
Dec. 7.
Wednesday, Thursday,
Dec. 8.
Dec. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rAK OH AILIS
Range Since Jan. 1 1926
On basis of 100-share tots
.
I CIL 4.11,1515
Range for Previous
Year 1925
Friday,
Dec. 10.
Lowest
Lowest
Highest
Highest
5 per share 5 per share 5 per share $ per share $ per share $ per share Shares. Indus. & allscell.(Con.) Par 3 per share
5
per
share
$
per
share
5
per :bare
54
5418 5312 5434 5414 5433 54,8 5438 543 5514 55
5538 18,200 Sears.Roebuck & Co newNopar 4414 Mar 29 5838 Sept 7-6434 644 647 6538 6478 65
6412 6412 .6212 6312 6312 64
1,800 Shatuck (F G)
No par 47 Mar 30 6958 Jan 4 -4018 Mar 92 Aug
•43
7
4334 4338 4418 .43
43
*43
44
400 Shell Transport & Trading_e2 4012July 26 4858 Jan 4
*4358 44
4318 4318
3912 Sept 49 Dee
3014 3012 308 3012 303o 303
308 3012 9014 3012 53014 307 23,800 Shell Union 011
No par 24 Mar 3 31 Nov 23
213 Aug 2812 Des
•10318 10918 *10818 10918 10812 109
10818 109 *108 110 *108 109
900 Preferred
100 103 Mar 3 114 July 2
994
Jan 10614 Nov
19
197
1914 198 194 1958 194 1912 1914 1912
1938 1934 11,800 Simms Petroleum
10 154 Aug 18 2833 Jan 2
174 Sept 2638 Jan
33
33
3314 3314 3314 3314 32
33
33
32
33
33
4,200 Simmons Co
No par 2838 Oct 15 5412 Jan 4
3114 Mar 5458 Nov
•10614 10812 *10612 10814 510612 10812 510612 10812 *10612 10812 *10612
Preferred
100 10512 Nov 10 10912July 2 10018 Jan 10618 Dec
10812
1914 1934 1914 1958
1834 1938 19
193
1878 1914
16.100 Sinclair Cons 011 Coro_No par 16% Oct 19 247 Feb 23
1834 19
17
Jan 2478 Feb
97
97
97
97 .96
9714 9714 9714 97
97
400 Preferred
*97
9714
100 90 Mar 30 9912June 24
7834 Jan 9418 Feb
3438 3434 337g 3433 34
3414 3334 3438 34
3412 12,400 Skelly 011 Co
3414 34
25 2658Mar 30 3718June 28
Mar
3212 Nov
213
4
126 126
125 125 *126 128
12714 12714 127 128 512734 12812 2,300 5105s-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
8014 Mar 14312 Deo
148 150
14612 153
15212 155
21,600 South Porto Rico Sugar___100 92 Apr 15 162 Dec 10
15112 15712 156 15912 5156 162
Jan
10918
62
Dee
•120 125 *120 124
120 120 *120 125 *120 125 *120 125
100 Preferred
100 110 Oct 8 12034 Nov 21
9934 Jan 11314 Dee
*314 3138 3114 3138 3112 3112 3118 3112 31 18 3118 31 18 3112 5,200 Southern Calif Edison
25 3014 Oct 25 33 July 19
_
4312 4312 *4314 4312 4333 4312 4312 4312 4312 4438 4414 4412 3,500 Southern Dairies cl A_No par 41 Oct
27 5512July 17
_--__ -- -- ---- ---*2012 2112 2012 21
21
21
2014 2033
2012 214 2133 22
10,400 Class B
No par 1712 Oct 20 3534 Mar 11
- r- - ---13
13
1312 14
*1014 14
*1011 14
*1014 14
300 Spear dr Co
51014 14
No par 10 Dec 2 1734 Feb 19 -1-3-18 Dec -21 May
*76
8014 *76
8014 *76
80
no 80 *76 80 •713 80
Preferred
100 72 Apr 201 8212 Jan 13
7814 Dec 92 May
2112 2178 22
2318 224 227
2278 2338 2234 24
2314 237 13,800 Spicer Mfg Co
No par
1834 Apr 19 3138 Feb 5
1512 Feb 367 Sept
*10212 106 *10212 106 *10212 106 *10212 104
200 Preferred
105 105 *104 106
100 101 Jan 12 10512Sept 1
92 Apr 108 July
5534 558 5512 557
5512 5534 5534 5614 5534 5614 5534 56
10.700 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
4014
Jan 61
021
557 56
56
56
56
5614 5618 5618 5618 5614 56
56
2,100 Preferred
50 5334 Mar 30 5758 Feb 9
504 Mar 5612 Nov
7112 7112 *72
727g 72
700 Standard Milling
7212 7238 7233
7212 72
7212 *72
100 674 Oct 20 9212 Feb 4
62
May
88
Deo
*85
87
*85
87
*85
87
100 Preferred
87
*85
*85
87
8612 8612
100 80 Mar 2 90 Feb 5
81
Jan 864 Dec
584 5834 584 5812 5818 5833 573 5814 58
5818 5734 581s 17,200 Standard Oil of Cal new.No par 5258May 14 6358Sept
3838 3858 3838 3834 3818 3858 3712 3818 3758 3734 3738 3733 69,900 Standard Oil of New Jersey_25 3738 Dec 10 4638 Jan8_2
I87
8
Mar
17-12 Feb
11518 11518 1154 11514 11514 11533 11514 11514 115 11514 1151 1 11514 14,500 Frei non-voting
100 115 Nov 29 11918May 18 11614 July 119 Feb
*4
412 *4
412_ *4
412
300 Stand Plate Glass Co__No par
414
4
4
*4
*4
414
312 Nov 15 1078 Feb10
16
Jaz
558 Aug
9433 95
*9414 9434 9414 943a *94
800 Sterling Products
*9312 94
9434 *9312 94
No par 75 Mar 27 5614 Nov 29
6214 Mar 82 Des
6658 6718 6512 67
66% 6614 6634 6,400 Stewart-Warn St) Corp_No par 61 Nov 4 9278 Jan 2
6612 6634 6512 66% 66
55 Mar 9612 Dee
50
553
4
554
53
54
51
5212
49
7,000 Stromberg Carburetor_No par 49 Dec 6 774 Jan 4
50
5014 5134 5118
61 Mar 8933 Oct
5434 554 5434 5534 5434 5612 5558 5652 5512 5614 5514 56
72,700 Studeb.rCorp(The) new No par 47 May 18 62 Sept 15
4114 Jan 6858 Nov
•11814 12012 *11811 11934 *11834 11934 *11814 11934 *11814 11934 *11814 11934
Preferred
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
134
*178 2
24 314
17
2
34
18 214
2,2 3,8 74,600 Submarine Boat
112July 27
No par
334 Feb 21
3
Oct 12 Mar
*3112 32
*3112 32
3218 3218 3112 3112 *30
*3112 32
32
300 Sun 011
No par 3012 Mar 30 415 Jan 4
2818 Nov 43% Nov
42
434
412 434
434 5
412 47
433 4%
478 518 77,400 Superior 011
No par
1 July 29
518 Dec 10
618 Feb
2 Dec
32414 25
*2414 25
*24
25
25
*2414 25 .2414 25
100 Superior Steel
26
100 1912 Apr 12 3478Sept 7
20 May 4133 Jan
*1234 14
14
1,500 Sweets Co of America
*1234 14
1333 1412 14
1338 1334
*1234 14
57 Mar 1512 021
50
858 Apr 13 1758Sept 13
*434 5
*434 5
44
434 434
478
*434 5
412 434 4,000 Symington temp etts_No par
4 Nov 8 1412 Jan 4
1012 Jan 2078 Sept
1212 1212 *1212 13
1212 1212 1238 1212 *1238 1212 1,400 Class A temp etfs___No par 1038 Oct 20 2078 Feb 4
*1212 13
1934 Dec 2618 Sept
•1112 12
*1112 12
*1112 12
*1112 12
*1112 12
*1112 12
Telautograph Corp____No par 11 Apr 5 147 Jan 19
11 Aug
1614 Nov
1078 107
1078 108 1034 108 1033 107a 4,200 Tenn Copp & C
*1078 11
1078 11
No par 105 Dec 10 16 Feb 5
733 Apr 16 Dee
56
5618 56
5714 25618 5633 8,500 Texas Company (The)
5658 5618 5614 56% 5714 57
25 48 Mar 30 58 Aug 31
4234 Jan 55 Dec
4878 4978 4878 50
4934 5014 50
504 67,300 Texas Gulf Sulphur new No pa • 39 Oct 25 52% Nov 29
4938 5018 4838 50
1434 1434 1434 1434 1458 1434 1412 1434 1412 1434 1434 1434 3,600 Texas Pacific Coal de OIL
10 12 Oct 20 1912 Jan 7
1-07; Aug -2-3-38 Feb
1150 1150 1154 1154 1154 1155 *1100 1170 *1100 1200 1165 1260
60 Texas Pacific Land Trust_100 310 Mar 19 1260 Dec 10 255
Ain' 657 Dec
28
*2712 2734 2712 2712 *27
28
*2712 28
28
23
2712
300 The Fair
No par 2718 Mar 31 34 Jan 14
3214 Sept 3914 3401
*46
47
*46
47
4712 *4634 4712 4712 4712 *47
47
4712
500 Thompson (J R) Co
25 4214May 7 5012Sept 16
29
2918 22838 2858 2838 2833 2858 2833 2838 2812 2838 2812 1,200 Tide Water 011
100 27 Nov 29 3914 Jan 25 1014 Sept -1178 -Dee
90
90
90
884 8912 8958 8958 1.300 Preferred
00
8914 90
90
90
100 8714 Nov 4 103 Jan 26
99 Nov 101
Oct
7910 8014 7858 7014 79
7934 8034 30,200 Timken Roller Bearing_No par 447 Mar 3 8538 Nov 16
8133 7914 8112 794 80
3734 Mar 5938 Oct
110 1107s 11012 111
10914 110
109 11014 10934 111
1(03311138 59,500 Tcbacco Products Corp
100 9514 Apr 12 1162a5ept 22
70
Jan 10134 Nov
11412 11412 11412 11412 11518 11514 11538 11534 11512 116
*11412 115
1,500 Class A
100 103 Mar 3 11838Sept 21
9318 Jan 11038 Nov
37
334 37 15,800 Transete Oil temctf newNopar
334 378
334 37
334 37
4
334 4
57 May
512July 9
312 Sept
3 Mar 4
•15
19
*15
1712 *15
19
*15
1712 *15
1712 *15
16
Transue & Williams SVI No par 15 Aug 28 27 Jan 28
Jan
2412 Sept 35
47
4712 48
4814 4814 2,100 Underwriter Typewriter____25 4314 Nov 12 6334 Jan 7
*4512 4712 4614 478 *4612 4712 47
3818 Mar 6514 Nov
44
*441.2 4518 *44
*431.2 45
4412 *43
*4312 45
4312 4312
200 Union Bag & Paper Corp__100 35 May 21 7114 Jan 5
36
Oct
Apr 86
94% 9538 9418 9478 9438 95
94
9438 9334 9414 9334 9412 12,600 Union Carbide & Carb_No par 7712 Mer 29 97 Nov 2:3
5314 5378 5338 5378 5314 5358 5278 5318 5234 5338 53
5312 7,600 Union Oil California
25 3714 Jan 20 583sSept 23 13
Oct -43-38 Feb
118 11912 11778 11914 1184 11818 *118 119
11812 11858 119 119
2,800 Union Tank Car
100 8414 Mar 31 120% Oct 1
94 Dec 134 June
Preferred
100 11314May 22 118 July 12 1134 June 1171s May
United Alloy Steel_ ___No par 2512 Jan 21 357 July 15
24 May 367s Mar
974 98
9678 9814 9734 10012 9912 10114 9812 9912 z97
9414 46,500 United Cigar Stores
25 8318 Feb 4 10934 Aug 17
6014 Jan 11512 Nov
*123 12512 *123 12512 *123 12512 *123 12512 *123 12512 *123 12512
Preferred
100 1147gMar 4 125 June 30 115 Dec 13314 Dec
163 163
163 16714 166 16712 16614 167
16534 16612 7.900 United Drug
16414 166
100 134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
*58
5838 58
5814 58
1st Preferred
5814 *58
5812 5812 5812 2,300
50 5512Mar 5 69 July 8
58
*58
Jan 5812 Nov
51
12178 122
12112 12112 121 121
120 12134 120 12012 120 12278 5.200 United Fruit new
No par 98 Apr 15 126 Nov26--•1712 21
*1712 21
1712 1712 *1714 19
*1712 21
100 174 Oct 20 384Mar 2 -1-814 -Apr -1312 Des
300 United Paperboard
*1712 21
947 Dec 10312 Oct
97
97
9712 9712 9712 98
400 Universal Pictures 1st pfd_100 90 Mar 8 98 Dec 7
*97
9912 *97
9914 *9712 9934
2638 277
2612 2733 2012 2738 2612 2814 27,8 23
26 Dec 507 Feb
2734 2934 49,400 Universal Pipe & Rad__No par 1333 Mar 31 3033 Nov 21
8412 8512 8412 8434 8334 85
100 52 Mar 30 8612 Nov 24
8434 8312 84
65 July 94 Feb
8518 8,000 Preferred
84
84
217 224
220 224
221 22712 22534 22912 22914 23134 230 23414 57,500 US Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 13114 Apr 250 Feb
. 10512 107 *10512 107
100 10014 Mar 8 109 July 9
91 July 113 Aug
107 107
300 Preferred
108 108 *107 110
107 107
3018 Feb 6314 Dec
39 Mar 30 6112 Feb 13
58% 29,900 US Distrib Corp tem ett No pa
5434 5558 55
5638 5433 564 5414 5514 5434 5712 57
23
Jan 4918 Oct
57
5614 56
5614 5634 56
564 5634 5612 5634 3,700 U S Hoff Mach Corp vt,eNo par 457 Jan 2 5938 Feb 4
5634 56
8158 8218 8133 828 8212 84
7014 Dec 98
001
8218 8338 53,900 US Industrial Alcohol_ -100 4538 Mar 30 8412 Dec 8
8318 8412 824 84
•10734 110 *108 110 *10812 110 *10812 110
100 9914 Apr 22 11478 Nov 8 102 Dec 115 June
100 Preferred
10812 10812 .10814 110
63
6378 6234 6314 62
63
6218 6278 6212 6234 7,900 US Realty & lmpt new.No par 4818 Mar 29 717 Jan 4
62
63
5934 6033 5812 597
100 5014May 19 8814 Jan 23 -13-4 Mar -1712 NOV
5858 5914 5734 5878 53
5814 58,4 5938 20,000 United States Rubber
108 1083s •108 10814 *108 10814 1084 10818 *107 108
*10658 108
100 10112Mar 30 109 Jan 19
923 Mar 10878 Nov
600
1st Preferred
35
35
35
3433 3514 *34
3412 35
*3412 35
30
3514 3578 1,300 U 8 Smelting, Ref & Min___60 30 Oct 23 4978 Jan 2
Feb 51
Dee
•4518 4612 *46
4614 *4534 46
*4511, 46
50 42 Oct 26 50 Jan 4
46
46
44
*457 46
Apr 4914 Dec
100 Preferred
14912 15034 148 1497s 14912 15114 14834 15078 14914 15138 151 15214 545,500 United States Steel Corp__100 117 Apr 15 15933 Aug 17 11238 Mar 13914 Nov
12812 129
100 12412M8r 3 13018.1une 11 12218 May 12633 Jan
12834 1294 12918 12918 12918 12914 12834 129 *12834 12914 2,200 Preferred
67
*65
*65
67
64
Vo par 5611 Jan 4 641 Nov 15
*64% 65
64
*64
5112 Mar 5912 Nov
65
100 U S Tobacco
*64
65
*121
___ •121
___ •121
100 112 Mar 19 123 Dec 2 10558 Apr 114 Sept
____ •121
____ *121
____ •121
Preferred
____ ______
____ •110____ 110 ____ *110
*110 ____ •110
10 93 Apr 1 116 Nov 13
____ •110
82 Mar 111 Nov
___ ______ Utah Copper
Utilities Pow & Lt A___No par 2814 Mar 31
No par 29 Mar 3
Vanadium Corp
No par 4314 July 21
Vick Chemical
38 Feb 26
No pa
Virginia-Caro Chem
-9 Oct 20
iii.
--- --1
12
No pa
-1- ;10T2 -1-1-1-2 "i15T2 -1-1-1-2 - Hi8 -1-1-138 ;-o8 "ii3T2 161 12 -if New
34July 2
No Pa
”B"
100 318s Oct 14
iiii iikt '36'xx -ifi
ii 38-1
4034 1034 *56 iii ;ii ii
6% pref w 1
8
100 83 Oct 15
*87
8834 *87
8712 *87
.87
88
*87
88
8712 8714 8712
7% prof w 1
54
*30
55
*50
*50
*50
55
55
52
50
Virginia Iron Coal & Coke_100 40 May 15
50
*52
Vivaudou (V) new ____No par 26 Mar 30
3434 3558 34
3434
3514 3434 3538 3514 3578 3538 36
35
100 9434 Jan 29
11012 11012 *10614 110 *10514 110
Preferred
*107 10912 *107 10912 10912 110
No par 17 Jan 12
Waldorf System
2214 2212 2238 2212 2214 2214 2212 2212 *2214 2212 2212 2212
par 1214June 2
153
8
1512
153
1512
16
1
*1514
*1514
1512
1512
NO
ctfs
Walworth
Co
,
4
*15 4 1533 *15
WardBaklngClaasA_NoPa1 99 June 30
*100 112 *100 120 *100 112 *100 112 *100 112 *106 112
3338 3438 30,100 Class B
3238 3112 3412 3314 3418 3314 34
No par 21Is Oct 20
*3034 3114 30
92
92
No par 8812 Oct 7
92
92
9218 *9078 92
600 Preferred (100)
9118 914 92
92
92
393 4234 4014 4134 4034 4312 4218 4378 79,300 Warner Bros Picturee A___10 12 June 11
4212 4434 4234 437
597
5912 5078 6018 63
No par 437 Apr 15
7,800 Warren Bros
5512 5512 5512 5512 5534 6018 59
60
604 6218 62
604 60
624 5,700 Weber & Ifellbr, new c_No par 53 Apr 20
604 *60
60
*60
60
*147 149 *14712 14834 146 14878 145% 146 *145 14612 146 14612 1,600 Western Union Telegraph_100 13412Mar 30
14034
143
1443
140
8
14112
14218
140
14212
141
31,700 Westinghouse Air Brake___50 10514 Nlar 31
138
1397
s
13812
681* 6878 6833 6878 6858 6878 6834 6834 6812 70
694 8,500 Westinghouse Elm dr Mfg-50 65 May 19
69
1334May 10
16
1614 16
16
1638 16
1614 1,600 Weston Elea Instrument
1618 16
1618 1618 16
2714 Jan 4
*3112 32
*3112 32
*3112 32
32
400 Class A
32
3133 31% 53112 32
9912 *99
9812 *97
,,,,
9912 *97
9812 •97
par
8811 Jan 6
9812 9814 9838
200 West Penn Elec el A vtf No
10112 10112 *101 102 *100 103 *100 103
100 9512May 17
100 Preferred
*100 102 *100 102
11334 11458 *11312 116
100 108 Mar 25
400 West Penn Power pref
*113 114 *113 114 *11334 114 *1134 114
*2512 2578 2512 2512 1,100 White Eagle Oil
No par 2518 Apr 20
, 2558 2578 2512 2512 2512 2578 not. 26
50 M 18 Apr 15
56% 5738 5678 5738 5718 5733 21,700 White Motor
5634 577
5612 57
I 5612 57
, 2612 2678 27
28
2738 2658 2734 5,100 White Rock Min Sp ctf _No par 22 Oct22
2733 28% *2633 2712 27
1
6,000 Wickwire Spencer Steel ctf___
% Dec 2
34
78
*34
34
78
78
58
78
34
78
78
K
5 18 May 17
2112 2178 2112 2212 2158 22
2134 2238 55,400 Willys-Overland (The)
r 217g 2212 2112 217
100 8812 Oct 25
*9118 93
*91
91
93
92
200 Preferred
L*9112 9218 *9112 9218 *9112 93
9,300 Wilson de Co, Inc. new-NO Par
a 1012 1012 11312 1014 10
1118 107 113* 11
6 May 20
1134 1114 117
2712 36,900 Class A
No par 14 May 21
2178 2434 2412 2634 2578 2658 25
F 2112 2178 2178 22
100 42 May 19
no 7012 70 7134 707g 72 7214 7312 73 7812 11,000 Preferred
71
I *70
25 13514May 19
191 19338 1913 1937 18838 19412 18918 19034 18914 193% 106,200 Woolworth Co (F W)
I 19134 193
22
100 19 Nov 22
2112 2112 5,000 Worthington P & 51
22
22
22
2212 22
2233 2114 22
22
49
100
400
*4812
44 Nov26
49
*49
49
50
49
49
49
49
50
Preferred
A
*4912
l
100 3714 Nov 23
4012 4018 4018 4014 4012 4012 4012 4012 4012 1.900 Preferred 13
I 40
4033 40
2934 30
31
30
30
F 31
*3014 31
31
3014 2.200 Wright Aeronautical___No Par 2412 Mar 30
*30
31
200 Wrigley (Wm Jr)
No par 47 Apr 3
5212 *52
5212 5212 5212 *5218 5312
5212 5212 •52
, *5133 54
72
25 6012 Mar 4
300 Yale & Towne
z72
72
*70
*70
77
*70
72
*7058 72
72
*70
28% 274 2878 58,300 Yellow Truck & Coach____100 20 May 24
284 2933 2773 2833 284 2912 28,4 29,8 28
100 9112 Apr 3
1,000 Preferred
100 100
_
*99 100
9933 100
_
9912 995
*99 100
50
ifij.,
8538 867* 8658 874 13,500 Youngstown Sheet & T _No par 69 May 14
a**. 12,1, on
on,, siRi.
Sc,,
•Rid ind slaked price, no gains no thin day. z Ex-dividend. I El-dividend and ex-rights. z Ex-dividend,
305 3058 *2912 30
*3912 4034 4014 4014
4612 46% 4614 4612
2934 2934 29
2918 *29
2934
40
403 *40
403s 40
40
4614 4612 4612 4678 468 477
29
29
4018 4012
4714 4714
1,100
1,400
2,200
_ __
_ /ow
.
___
LOO"
300
100
20,900
800
1,400
300
37 Feb 15
43 Aug 16
52 Aug 6
178 Jan 15
2512 Feb 3
158 Jan 8
69 Jan 4
9818 Jan 6
6012 Nov 11
36 Dec 8
110 2 Dec 8
2212 Dec 2
2314 Jan 27
195 Jan 2
8538 Feb 1
11012 Jan 15
6914Sept 15
63 Dec 10
8512 Jan 13
15778Sept 8
14438 Dec 7
7912 Fob 10
1912July 28
30 Aug
2558 May
38 Aug
3434 July
1'2 Sept
1778 Dec
78 Aug
5614 Nov
9214 Nov
30 June
714 Jan
;Jul;
-8-3
217 Dee
47 July
6378 Dec
9512 Dee
46 Dec
2834 Dec
-1-412 Aug
2114 Dec
116 Apr
3714 Mar
9412 Fob
1714 Dec
43 June
61
Apr
11614 Jan
97 Apr
6614 Mar
914 Apr
1933 Mar
-1-9-78 Jag
2414 Des
198 Dec
9512 Oct
112 Dee
27 Oct
5012 July
10012 Dee
14478 Sept
1441 Aug
Jan
84
2012 Aug
2878 Dec
324 Oct 7
9812 Oct 28
10112 Dec 1
115 Sept 21 1-0-4
Jan lit July
2934 Feb 10
2513 Aug 3133 Feb
90 Feb 11
5718 Mar 10413 Aug
3838 Feb 3
3312 Dec 493 Aug
338 Jan 6
2 Dec
532 May
34 Jan 4
94 Jan 3478 Nov
99 Feb 4
7214 Jan 12378 Dec
124 Oct 21
2712 Dec 10
7312 Dec10--222 Jao 4 1-1-214 Jan iiii oas
4434 Jan 6
3514 Aug 7938 Jab
Jan
76 Nov 83
80 Feb 2
65 Feb 24
58 Aug 7634 Feb
16 Mar 3238 Jule
3934July 16
2512 Mar 5714 Oct
5934 Feb 11
62 Sept7014 July
7212 Aug 26
3933Sept 8
2278 Oct40% Oct
Oct
Oct100
90
10712Sept 2
63 Mar 9012 Nov
9514 Aug 9
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3021
Jas. 1 1909 Ms Exchange method of(Ming bonds was changed and prices are now "and Interegt"-excepl for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 10.
Price
Friday.
Dec. 10.
Week's
Range or
Lass Sale
DI tZ
'Canoe
Since
Jan, 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 10,
Price
Friday,
Dec. 10.
Watt's
Range or
Last Sale
Rands
Since
J.I
Hieb NO. Low SW
Bid
Ask Low
High
High NO. Low
Ask Low
Bid
U. S. Government.
129
95 111
Leipzig (Germany)a f 75...__1947 F A 10034 Sale 9934 101
First Liberty Loan1
9311 94
N
e8...1934
M
9314
9212
8118 9313
Sale
-year
401
15
of)
D
J
(City
3s
Lyons
99
011344
10021n Sale 1001,31100233
334% of 1932-1947
8112 9312
2 9911n 0111.4 Marseilles(City of) 15-yr 68_1934 M N 9314 Sale 9258
932 114
J D 10094410011n 100
100
Cony 4% of 1932-47
31
30 mar'26 --30
J D 1021432 Sale 1021'4110222s 113 10115410250n Mexican Irrigation 434a_.A943 M N 3214 35
Cony 44% of 1932-47
3312 10
_ _...1943_ 3314 Sale 33
2924 40
1 101 5n 021,32
Assenting s f 434a
J D 10202, Sale 10204,102o,
26 cony 44% of 1932-47
extl 5s of 1899 £'45(i-J 48 ____ 5112 Oct'26 --424 55
Mexico (U
Second Liberty Loan1945 ___- 4014 Sale 4012
4134 49
3411 504
N 100144 Sale 1006,1 1000, 20 9931n 001%3
Assenting 58011899
4a of 1927-1942
4114
2
4118
48%
941 100"32 101
38
MN 100131, Sale 1000,1101
Assenting 58 large
Cony 44% of 1927-1942
3712
May'25
small
68
Assenting
Loan
Liberty
Third
2714 34
1954 .1 D 28 _ _ 34 July'26 - MS 1011254 Sale 1016,1 10113s 862 100"n 011,81
Gold deb 4.8 of 1904
434% of 1928
2712 58
2634 Sale 2634
2014 374
Assenting 45 of 1904
Fourth Liberty Loan2528 Sept'26 ---254 2521
AO 103144 Sale 10216o 1036,, 733 101"if03,82
Assenting 45 of 1904 small
44% of 1933-1938
J 2 2614 261 2522 Aug'25
132 10611s, 110
Assenting 4s of 1910
1947-1952 AO 1091112 Sale 109213,110
Treasury 43(s
2734 29
-- 2614 Sale 2614
23% 347s
Assenting 48 of 1910 large
Sale 105"s,1061,, 171 1020,106
1944-1954 J O 106
Treasury 48
2412 131
2338 Sale 2338
31%
22
Assenting 48 of 1910 small
1946-1956 MS 1020n Sale 10203,10266n 326 1000ss0201,
Treasury 35(8
15
42
524
38
Tress 68°1'31 assent(large)'33J J 394 413 4114
State and City Securities.
18
41
Sale
39%
394
5313
MS
3712
Nov'26
101
_
100
____
8
Small
100%
1005
stock_1960
Corp
a
-4
City
NY
152
1952 J D 10178 Sale 1014 102
96 1024
10012 10214 Montevideo 78
10178 1028 102 Dec'26
1964 M
.4)(ii Corporate stock
5 10618 110
10012 10238 Netherlands es Mal prices) 1972 M B 107 1071 10634 107
1966 AO 10178 10238 1028 Oct'26
4355 Corporate stock
30-year external 64 WA-1954 A 0 1035s Sale 1034 10434 40 10314 10471
1972 AO 10218 10253 10158 Oct'26 -- 10034 102
43t Corporate stock
1943 F A 10214 Sale 10112 10228 37
9934 10224
10512 10634 Norway 20-year extl es
1971 J O 10638 10678 10634 Oct'26
43411 Corporate stock
1944 F A 10218 Sale 10134 10218 82 100 10214
- 10478 10638
20-year external es
4348 Corporate stockAuly1967 J J 10614 10611 10638 Oct'26
Sale
38
10114
10174
4
1013
0
A
1024
1952
1
D
•
es
100
10612
external
10612
10454
4
10611
1063
106%
20-year
1965
6I4s Corporate stock
1965 J D 9914 Sale
2 10412 106%
95
99%
106
40-year a f 5348 temp
1963 MS 106 10612 10578
434 Corporate stock
5 4 10138
907
9514 159
1955 M N 10014 Sale 10
7
N
9812 10214
9812 Nov'26 -9734 99
984 99
Oslo(City)30-year a f 138
1959
4% Corporate stock
1953 J D 10212 Sale 10212 10212 12 10012 103
9724 99
Panama (Rep) extl 530
1958 MN 9828 -- -- 9834 Sept'26
4% Corporate stock
6 1014 105
1944 A 0 10312 1041 10312 104
_
9778 99
Peru (Rep of) external 8a
1957 MN 9828 987s 9858 Dec'26
6% Corporate stock
1940 M N 1001s Sale 10014 10034 59
97 10128
EMI sink Id 734a temp
1956 MN 98% -_- 9812 Nov'26
9714 984
4% Corporate stock
105
76
1940 A 0 7578 Sale 7334
76
61
9778 Oct'26
9714 977s Poland (Rep of) gold fla
1955 MN 9815 _
11% Corporate stock
709
94
1950 J J 94 Sale 91
8212 94
99
99 M8T'26
98
Exti sink fd g 88
1938 MN 9818 _
6% Corporate stock
Sale
13
104
10314
10314
D
J
88-1961
105
8
982
MN
4
of)
106
106
(City
1041g
106
Alegre
10511
10511
Porto
634% Corporate stock _ _ _1957
11212 63 110 1144
4 10414 1052s Queensland (State)extl f 75 1941 A 0 111 Sale 110
634% Corporate stock _ _ _1957 MN 10518 106 10538 10511
34 10418 108
1947 F A 105 Sale 10418 105
8734 8922
25-year external es
334% Corporate Mk _May 1954 MN 8914 ____ 89 Aug'26
Sale
10374
10414 42
10414
0
A
188_1946
98% 105
a
ext1
Sul
Oct'26
MN
8814 8912 Rio Grande do
8938 ____ 8912
334% Corporatelitk_Nov 1954
2
9714 104
884 89
Rhode Janeiro 25-yr a 1 88-1946 A 0 10212 103 10212 10334
1955 MN 9812 9918 89 Apr'26
334 Corporate stock
17
10214
8
1022
Sale
1947
10214
0
A
97 103
J
101%
Oct'26
J
10212
85
extl
1024
25-yr
48.1961
lin
New York State Canal
1041± 10 103 107
103 104
1964 M N
10212 1024 Rotterdam (City) extl 135
10212 Aug'26
1980
4. Canal
8 10012 10911
10812
1952 M N 10712 10814 108
102 May'26 _
10114 102
1962
Sao Paulo(City) f 88
di
10 10214 106%
10233 Mar'25
1942 JJ
San Paulo (State) ext f 8s 1936 J J 105 Sale 10434 105
40 Canal
Sale 10434 10515 75 10112 100 I
Apr'26
la" 51014 External a f 88 Int rects 1950 J J 105
-_-- 102
1964 J J
4348 Canal impt
90
981
9412 9812
1014 1017s
10178 Mar'26
External water loan 78...A956 56 S 9814 Sale 98
de Highway inapt reglat'd_1958
944 61
96
93
1 11014 111
111
-_-- 111
Santa Fe (Prov Arg Rep) 75_1942 M S 9418 Sale 9374
Highway improv't 4348_ ....1963 MS
263
96
96
84
1942 J J 954 Sale 9434
7612 Feb'25 _
1991 J J
Seine (France) extl 78
Virginia 2-3s
282
8
973
96
Sale
9714
N
973e
8712
M
88-1982
Slovenes
dz
Croats
Serbs,
Municipal's
Foreign Gov't and
904
9lJ7s 94
81
1938 lal N 9014 Sale 8934
7
9758 9858 Soiseons(City) extl 68
98% 235
Argentine Govt Pub Wks 65_1960 AO 9838 Sale 978
17 10312 10814
104
1939 J D 104 1044 104
10014 91 10014 10218 Sweden 20-year es
Argentine (Nat Govt of) 75_1927 FA 10014 Sale 10018
8 10112 10518
25
2
4
03
2 11
314
023
1954 M N 103 Sale 11
96
994
9812 110
External loan 530
Sink fund es of June 1925_1959 J o 9814 Sale 98
113 1174
9578 100
9834 163
Swim Confed'n 20-yr.!88_1940 J J 11321 Sale
Extl a f es of Oct 1925__1959 AO 9814 Sale 98
47
9614 101
99
1957 51 S 9811 Bale 9814
Switzerland Govt ext 5)48._1946 A 0 10234 Sale 10234 10314 70 10212 106
Sink fund es Series A__
7534 56
77
67
9534 9934 Tokyo City 5s loan of 1912..1952 M 5 7514 Bale 75
98% 141
External 63 series B..Dec 1958 J D 9812 Sale 98
6
101
994 10111
974 99% Trondidem (City) extl 8)0_1944 J J 1004 Sale 100
9812 68
Extl f6s of May'28 temp 1960 MN 9811 Sale 98%
29
94
Sale
934
94
94
90
13
J
MS
85
10
9314
4
893
78......1945
Sale
89
89
(Prov)
Austria
Upper
Argentine Treasury 5e £._ 1945
13 1074 111
961g 9912 Uruguay (Republic)extlEa 1946 F A 10914 Bale 1094 110
9712 97
Australia 30-yr 58... _July 15 1955 J J 9714 Sale 9634
9512 752
94% 97
196() M N 953 Sale 9474
101% 46 100 103
1943 J D 10112 Sale 10018
External a f 65
Austrian (Govt) a f 711
9334 202
9318 94
181
9438 99
99
Yokohama (City) extl 6s_ _ _1961 J D 9314 Sale 9314
Bavaria (Free State) 634a _1945 P A 9834 Sale 9634
Railroad
Belgium 25-yr ext e f 7)0 6.1945 J D 111 Sale 11012 11114 61 105 11112
1034
Nov'26
103
s 10358
1017
D
J
FA
el
10534
515......1943
Sale
A
108%
10812
10814
cons
1075,
let
Sou
1941
88
Gt
Ala
20-year f
N 10011 foi 10012 Sept 26
10038 102
A 0
8M
26
97
194
88
199
97
1949 MS 964 Sale 9512
Ala Mid 1st guar gold 5s
25-year external 8348
5 8412 87
8634
9212 790
86% -- 8634
8112 92% Alb & SUBQ cony 334e
1955 J J 9214 Bale 9034
External e es
_ 8414 Nov'26
104312 482
8254 864
9128 1004 Alleg & West Ist g gu 46._ 1998 A 0
External 30-year a f 78_1955 J D 10014 Sale 9911
9514 96 9412 Nov'26
92% 96
9414 10014 Alleg Val gen guar g 4s
1942 M S 84121956 M N 10018 Sale 99% 10014 797
Stabilization loan 7s
12
81
7914
7912
1905Q
75% 821g
J
July
MN
115
111.2
3
79%
112
4s
g
112
112
let
1121s
Arbor
Ann
88
1945
f
a
Bergen (Norway)
8918 94
9278 80
98 10212 Atch Top & El Fe-Gen g 413.1995 A 0 9234 Bale 9212
5
100
25-year sinking fund 68_1949 AO 9912 Sale 9914
9178 Nov'26
A 0
8814 91%
8515 9824
Registered
1950 AO 9811 Sale 9612
Berlin (Germany) 614e
9834 723
3
88
Sale
88
87%
1995
Nov
45__July
844 8814
AO
104
4
gold
983
1027
24
10212
8
8
Adjustment
10212 1027
Bogota (City) ext'l a f 8s_ _.1945
_ 8412 Sept'26
8411 841z
Nov 8412
9612 10418
Registered •
1034 56
1947 MN 10311 Sale 10314
Bolivia (Republic of) 136
7
Sale 8758
87%
88%
N
M
1995
July
844 89
MN
Sale
93%
153
Stamped
9314
4
3
8114
138_1934
93
9211
(City
I5-yr
of)
Bordeaux
-- 85 Sept'26
841
8314 85
Registered
10478 83 10013 105
Brasil(U Sof)external 88_1941 J O 10434 Sale 104
19
88
4-89 87%
N 8714
MD
1955 J
8424 894
87% 90
Cony gold 415 1909
8938 373
Externals f 834e of 1926_1957 AO 8914 Sale 88
4
88
873
88
4
1955
D
8812
J
844 8978
1905
48
JD
964
Cony
8914
138
95
95 Sale 94
1952
78 (Central Railway)
3
86
_- 86
8312 8714
Cony g 415 Issue of 1910...1960 J D
6 103% 108
7345(coffee secur) £ (flat).1952 AO 10412 105 10412 105
99% Dec'26
9912
99
869824 100
924 10234
East Okla 131v let g 4e__ -1928 M
1023s 131
1935 MN 10218 Sale 10114
Bremen (State of) ext'l 7e
89% 8874 Dec'26
1965 J J 89
3612 9011
0714 1014
Rocky Mtn Div let 4a_
44
9934 Sale 9934 1001
Buenos Aires (City) extl 6%81955 J
21
91
8
9012
903
4
903
92
88
9512 99
Trans-Con Short L let 48.19582 J 9712
40
981
Cables Dept of(Colombia)7 s'46 J J 98 Sale 98
_ 974
1
8
972
S
M
449A...1962
94%
994
ref
&
let
10034
10318
Cal-Ariz
34
101%
AO
101
Sale
10138
Canada(Dominion of) Cae_ 1931
1042a -- 10312 Apr'26
1034 1034
59 10114 10338 Atl Knoxv & Nor let g 55.- _1946 J
1929 P A 10158 Sale 10158 1017
113-year 5348
9718
97%
9774
9634 984
10552 Atl & Cheri AL let A 4148...1944 J
102
114
1047
MN
10414
Sale
10458
1952
50
10212 10424
1944 J J 103% -- 1031 Nov'26
9714 99
1st 30-year Ss series B
98 Dec'26
9734 98
1938 FA
434s
3
8634
864 8984
10114 105
Atlantic City let cons 4s.„.1951 J J 8518 -90 8612
104
1954 JJ 104 Sale 104
Carlsbad (City) e f 88
9414 27
9418 Sale 94
9418
92
July
48
M
cons
'52
1st
Line
4
1093
10714
Coast
49
AU
1081
FA
Sale
108
107%
Chile (Republic) ext'l a f 851_1941
4 104 107
10412
1930 M N 1044 10412 104
10-year secured 75
76 100 10212
1007
1942 MN 10014 Sale 10014
20-year external 78
Nov'26
1964 J D 984-- . 9812
9314 9811
General unified 43.0
11 107 109%
25-year sinking fund 88.....1946 MN 10712 10734 10734 138
1
9078
9314 9312
944
90
L& N coil gold 4s__Oct 1952 MN 9078 91 9078
9338 168
External sinking fund 68..1960 a ( 9314 Sale 9314
8014 14
1948J J 8014 Sale 80
76
9434 984 Atl & Dane 1st g 4.8
824
96% 61
Chile Mtge Bk 634a June 30 1957 J D 9612 Sale 96
7234 43
724 Sale 7118
1948J
65
96% 991
: 2d 4s
764
107
98
S f 132£5 of 1926. _June 30 1961 J D 98 Sale 9711
6
8214
8212 8214
1949 A 0 82
2312 48% Atl&Yad lst g guar 4s
47
7814 83
241
Chinese(Hukuang Ry)58_ ..1951 J D 2334 Sale 2312
102
10212 Nov'26
99 10212 Austin & N W 1st gu g 5a....-19411J
1001s 1034
3
Christiania (Oslo) 30-yr at 681954 MS 10012 Sale 10012 1011
9878
91
987 278
Cologne(City) Germanye)481950 MS 9834 Sale 96%
9334 28
9934 101
4
8914 9334
Balt dr Ohlo ist g 4e____July l945'A 0 9334 Sale 93
1001
Colombia (Republic)6)48. _.1927 AO 10014 Sale 1004
9112 Nov'26
93
July 1948 Q J 89% 91
9434
Registered
88% 9111
9414 74
Dept of Antiopula 78 A__ _1945 J J
94% Sale 9314
109
Sale
97
97
M
1933
4
3
92
9414
4
,
97
ny
red
co
ste
984
111
94
Re4
209414
J
J
43.4s
year
s
External f 7sser B._ _ _1945
9414 Sale 9314
9814 101
M 13
965* Nov'26
8814 95%
9934 45
Copenhagen 25-year at 5348.1944 J J 9912 Sale 998
10058 191
9514 994
934 10038
3
tund & gen 58 series A1995 J D 1015T8 Sale 100
Refund
97%
Cordoba (Prov) Argentina 781942 J J 9712 Sale 9712
27 1021g 105
1948 A 0 10412 Bale 10412 105
98 102
1
10114
1944 M
101
10114
Cuba 58 of 1904
9/4 10214
1929 J J 10212 Sale 10212 10234 30 1024 104
5
10-year es
101%
External 56 of 1914 ear A.1949 P A 10114 _ 10114
884 1014
1956J D 108 Sale 10734 10814 100 104 109
5
Ref & gen 6a seriee C
94%
1949 P A 9212 -95
External loan 434s
9458
23
93
8938 934
P LE& W Ye Sys ref 48 1941 M N 923 Sale 923
J 10234 Sale 10212 10234 28 10012 103
1963
Sinking fund 542
82
102
98 102
9934 10512
1950 J J 102 Sale 10018
Southw Div 1st tis
Csechoslovakta (Rep of) 814_1951 * 0 10518 Sale 10412 01512 32
22
Sale
4
817
9914
8
817
10512
7434 8212
J
8212
48
J
ref
68
let
A.1959
Div
Cin
&
Tol
1051
AO
gund
88 ear B_1952
Sinking
1053* Sale 10412
10038 356
100 Sale 100
9578 10434
9715 1003s
Ref & gen 15s aortae D_ _ _ _2000 M
External a f 714s series A...1945 AO 10458 Sale 10412 10434 74
654
61
Battle Crk & Slur 1st gu 3s....1989 J 0 6234 6412 6212 Oct'26
961 0434 Dec'26
9571
93
2 10812 11214 Beech Creek let gu g 4a
1936 J J 95
110
Danish Cons Municip 88 A1916 F A 110 Sale 110
94
94
J D 9412 9512 94 Aug'26
1101/ 25 10812 112
Registered
1946 F A 110 Sale 110
Series B f 88
83
80
10414 61 102 10434 Beech Crk Ext let g 1448..__1951 A 0 8112 8374 83 Nov'26
1942 J J 104 Sale 104
Denmark 20-year ea
9134 b1.v'26
92
4
89% 91,
1944 J D 91
10112 10582 Big Sandy 1st 413
Dominican Rep Con Adm sf5.58 F A 101
102% Oct'26
7278 83
934 9938 Bost & N Y Air Line 1st 45..1955 F A 785* 797 83 Nov'26
9914 168
Custom Administen 5145_1942 M S 99 Sale 98%
934 0514
924 10114 Bruns & W 1st gu gold 48....1938 J J 9558 96% 9514 Sept'26
10114 159
Dresden (City) external 711_.1945 M N 101 Sale 9934
10234 Oct'26
1014 1034
1937 M S 10212
1947 J J 10312 Sale 10312 10378 50 102 10628 Buffalo R & P gen gold fis
Dutch East Indies ext168
62
94
8712 94
1957 M N 94 Bale 924
1962M
10374 34 103 10611
Como! 4 ,48
10312 Sale 10312
40-year ee
90 Dec'26
8714 90
91
9 I014 10412
M N 88
1953 M 8 10112 101% 10128 10378
Registered
30-year external 514a
8 10112 10514 Burl C R & Nor lin rie
1934 A 0 101 10112 10012 Nov'26 -- 10614 10138
196361 N 10112 101% 10112 10128
. 80-year external 5348
2
1027
8 1054
1043
1044
103
Sale
4
4
1043
0
J
A
7
10914
_1962
_
5s._
A
J
gu
cons
108
...,.1948
Sou
Rs
Canada
(Repub)
108 Sale 107
El Salvador
9524 15
934 954
57
8434 93
93
Canadian Nat 4 415.Sept 15 1954 M S 95 Site 95
Finland (Republic) eat! 88..1945 Cl S 93 Sale 911a
5
9914
994
98
944 1004
1950 M 8 100 Sale 99% 10014 59
5-year gold 414e. .Feb 15 1930 F A 994 Sale 99
External sink fund 75.
94
97
1154 16 114% 1174
282
97
1956 2.1
Canadian North deb a f 75..1940 .1 D 1154 Sale 1154
External a f 6348
9612 Sale 9412
11 116% 11834
8914 9574
8
1946.2 J 11712 Sale 11712 118
9578
20-year s f deb 6
Finnish Mun Loan 6303 A...1954 A 0 95% Sale 9434
064 984
1
9774
8914 984
9818 11
I0-yr gold 4)4 s. _ Feb 15 1935 F A 9734 974 9774
External 63415 series B..._1954 A 0 9634 Sale 05%
75
804 87
85
984 107% Canadian Pac Ry 4144 deb stock . J J 85 Sale 8414
107% 340
French Repub 25-yr ext'l 88_1945 M S 10712 Sale 107
944
9512 96
9414 July'26
94
9212 10212 Carb & Shaw ist gold 48__ _ _1932 M
20-year external loan 7248_1941 J 13 102% Sale 11134 10212 232
84,g
1
844
D
Sale
8
84
8618
1949J
1212
814 84%
D
J
98
99
45
2
g
1949
eons
let
1924
9758 Sale 967s
Caro Cent
External 7s of
13 10238 10378 10278
10274 10 10135 103%
German Republic ext'l 75..1949 A 0 107% Sale 10512 10712 505 10138 10712 Caro Clinch A 0 1s1 3-yr 56_1938
5 106% 1094
94 10112
107%
10112 129
1st & con g fis series A__ _.1952 J D 10734 108 10734
German Cent Aerie Bank 78_1950 M S 101 Sale 994
___ 884 Nov'26
8124 90
28
1981.2 0 891
9818 101
101
1954 MN 101 Sale 100
Cart & Ad let gu g 48
Graz (Municipality) 841
4-8512 854 Dec'26
87 1034 1064 Cent Branch U P let g 48. _.1948 .2 13 8414
7911 964
Ot Brit & Irel(UK of) 5)48.1931 F A 10412 Sale 10424 105
10414
3 1034 106
10434 10574 Central of Ga 1st g 5s_Nov 1945 F A 10412 105 10434
F A
10438 Nov'26
Registered
102% 10421
1945 M N l0334 104 10334 Dec'26
12 11718 119
1929 F A ilii2 glue 1171s
118
COUBOI gold 58
10-year cony 5348
M N 100 102 1014 Fe0'26
101%
9278 121412
Registered
Greater Prague(City)7)0.-1952 M N 104 Sale 10311 10412 52
10218 22 1(124 1037s
84
91% 48
1964 M N 91% Sale 89%
9112
10-year secured 68_ _June 1929 J 13 10218 Sale 10218
Greek Government 711
10518
17 10178 1064
954 9934
1952 A 0 9814 Sale 9814
98% 45
Ref & gen 6148 serlee B ..1959 A 0 10518 Sale 105
Haiti (Republic) a f 6/5
2
88
8618 88%
Chatt Div pur money g 45.1951 J D 87% 8812 8712
9614 10414
Heidelberg (Germany)ext 74850 J J 103 104 1024 10312 13
10214
5 100 103%
8434 100
9712 87
Mae & Nor Div 1st g 55..1946 J J 10214 Site 110214
Hungarian Munie Loan 7)45.1945 J J 9712 Sale 97
1946 J J 102 10212 102 Nov'26
4 102
/
11111
41
9312 102
101
Mobile Division 58
Hungary (Killed of) s f 74e 1944 F A 10034 Sale 100
7712 18
7712
68
10012 79
9958 100% Cent New Eng lat gu 4s._. _1961 J J 7614 Sale I 7614
Ind Bank of Japan 6% notes 1927 F A 10018 Sale 10014
Oce26
984 0528
884 9434 Centred Ohio reorg 4348... _1930 M S 9914 ....__I 99
9214 572
92 Sale 9178
Daly (Kingdom of) ext'l 76..1951 J
9014 43 28334 904 Central RR of ()a roe g 58_1937 M N 100 10014 10014 Nov'26
98% 10124
Japanese Goya £ loan 48. _ .1931 J J 9018 Sale 90
1114
312
9288 10 32 Central of N .2 gen gold 58_ 1987 J J 11128 Sale 1114
4 F A 9034 Sale 9934 100
10824 113
813-year a f 64s
111
1987 Q J 11058 115 1111
85
9428
10858 11112
9374
Registered
Oriental Development 68.1953 M 8 93% Sale 9314
3022
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 10.
New York Bond Record-Continued--Page 2
Price
Friday.
Dec. 10.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 10.
Price
Friday,
Dec. 10.
Bid
Ask Low
High No.
Cent Par let ref gu g te_ _ _1949 F A 9178 Sale 91%
9218 43
Registered
F A 8914 _ _ _ 90 Sept'26
Mtge guar geld 3 Sze_ _Aug 1929 J D 9734 _ _ _ _ 9712
Dec'26
Through St L let go 45_ _1954 A 0 90
9034 9034
2
9034
Guaranteed g 58
1960 F A 101% Sale 10112 10178 231
Charleston & Savannah 58_1936 J .1 118
11812 Oct'26
Cheri & Ohio fund & impt t&1929.1 .1 10058 10118 1005
8 10078
5
let consol gold 55
1939 M N 10338 Sale 103% 10312
5
Registered
1939 M N
10212 Oct'26
General gold 43.45
1992 M 8 96% Sale 96%
23
97
Registered
1992 M S
94% Oct'26
20-year cony 4345
1930 F A 99 Sale 99
9914 71
Craig Valley 1st g 571
1946.1 J 10018 _ _ -- 10012 Sept'26
Potts Creek Branch lst 18_1946 J J 82
86
8618 Aug'26
R & A Div 1st con g 4m_ _1989 J J 8758
_ _ 87%
87%
2d consul gold 45
1989 J .7 85% 8614 8614 Nov'26
Warm Springs V let g 5e...1941 M S 9912
9912 Nov'26
Chic Ar Alton RR ref g 3s
1949 A 0 7012 7114 70%
21
71
CU dep stpd Apr 1926 int_
70% 7114 6814 Oct'26
Railway first lien 3Ms_ _ _ _1950 .1-.1 6114 Sale 61
61% 49
Cite dep Jan '23 & sub COUD
5914 60
5918
5918 16
Chic Burl & Q-III Div 334;8_1949 J86% Dec'26
8633
Registered
8412 Feb'26
Illinois Division 4s
1949 J 1 9414 Sale 9414
94% 22
Nebraska Extension 4e_ 1927 M N 99% Sale 99%
9978
8
Registered
M N 9858
9912
_
Nov'26
General 49
1958 M 8 93% 9334 93%
9334 25
Registered
M S 9078
92% Mar'26
1st & ref 5e series A
1971 F A 10614 10634 10614
7
10612
Chicago dc East III let 68...._1934 A 0 10614 10712 10512 Oct'26
C & Ill Ry (new co) gen 58_1951 ua N 81 Sale 80
-555
8114
Chic & Erie let gold 517
1982 M N 10612 Sale 10612 1067s 15
Chicago Great West 1st 48_ _1959 M S 6934 Sale 69
357
70
1Veek'S
Range or
Last Sale
044
Range
ShIed
Jan. 1
Low
High
Ask Low
High No. Low
Hob
8878 9214 Day & Mich 1st cons4 70_1931 J J Bid
9814 9834 9814 Nov'26
977, 9131s
90
Del & Hudson let dr ref 42___1943 M N
90
94
Sale
93%
23
9412
95
905
s
96/
1
4 9738
30-year cony 5s
1935 A 0 11612 Sale 11418
11612 73 108% 12214
9034
87
15-year 57is
1937 MN 10414 104% 10414
1 1021
104
/
4 10514
97% 102
10-year secured 78
1930 .1 D
10634 110%
11812 11812 D RR & Bdge let gu 48 g_1936 F A 10658 107 10634 Dec'26
95 Apr'26
9414 95
10014 10134 Den & R G-1st COM g 48_1936 J .7 9412
91 Sale 9078
82
8534 9115
9112
102% 105%
Consul gold 474e
1936 J J 0458 9512 9434
1
9434
95
89
10114 10314
Improvement gold 5s___ _1928
D 99% 9958 9912
6
9512 100
9912
92
9734 Den & ft G West gen 5s_Aug 1955 MN
82
767s 261
767s
9338 9453 Des M & Ft D 1st gu 4s.,_.1935.3.1 7634 Sale 7578
32
41
39
Sept'26
39
4711
97% 99%
Temporary ctfe of deposit__
34% Sale 34%
33% 47
35% 31
100% 10214 Dee Plaines Val let 434e
1947
9634 Aug'26
9812 964
83
Det & Mack-let lien g 49_1995 .1 D 938
88
7014 7312 7212 Dec'26
70
75
8534 88%
Gold 43
19953 D
6778 65 Nov'26
85
65
8278 8712 Detroit River Tunnel 4348_1981 M N 65
9718
97
9434 98%
9718 12
9834 102
Dul MIssabe & Nor gen 5s 1941 J J 1033 Sale 1033
4 ---4 Dec'26
103% 10434
65
71% Dul & Iron Range let 5s___ _1937 A 0 10212
103 10212 102% 16 10118 103/
1
4
70
64
Dui Sou Shore & Atl g 577
1937 J J 51
82
80
9914
82
3
80
51% 62
51
59% East Ry Minn Nor Div let 417248 A 0
9114 -- 9212
91
9212
2
921s
83% 87
East T Va & Ga Div g 5s._ _1930 J J 1093
4 10078 10034 10034
2 10038 10134
8412 8434
Cons 1st gold 58
1956 M N 106 10612 10612 10612
1 100% 10634
9138 9458 Elgin Joliet & East let g 517_ _1041 MN 10212
10412
10218
Nov'26
10118 104/
1
4
9634 10014 El Paso dc S W ist 5s
1965 A 0 10434 ____ 10434 Nov'26
10234 10512
9912 9912 Erie 1st consul gold is ext 1930 M
10734 10818 10712 10734 12 10534 10812
90% 9334
let cons g 48 prior
1996 J J 81 Sale 8038
81
7414 81
91% 92%
Registered
1997 J J 7638 7912 77% Oct'26 66
77% 77/
1
4
102% 10712
let consul gen lien g 41___ _1996 .1 J 7314 Sale
72
7338 152
64
73%
10332 10712
Registered
1996 J J
_ 6834 Nov'26
85
88
3
4
7318 8134 • Penn coil trust gold 4s_
1951 F A 9814 100
9814
5
9658 98%
101% 107
50-year cony 45 series A_ _1953 A 0 7834 Sale 9814
77%
79
76
6714 79
8418 70%
Series B
1953 A 0 7812 Sale 7712
79
6714 79
151
Gen cony 48 series D
1953 A 0 8312
Ohio Ind & Louley-Ref 88_1947
8212
8334 1023
J 11312 115 11312 Nov'26 7318 85
11078 11312
Erie & Jersey lets f 6s_ __ _1955 J .1 11112 Sale
Refunding gold 55
112 111% 11178
1947.1 .1 10314 Sale 10314
104 11178
2 101 10414
10314
Genesee
River
1st
a
f
5s_
_1957
J J 11112 Sale 11112 11132
Refunding 45 Series C__ _1947 J 1 903 ____ 903g Sept'26
10414
111.34
79% 9038 Erie & Pitts go g 334s B
1940 J J 8818
General 58 A
8812 Nov'26
1966 M N 997 100
88
92
9912
2
92
9912
9934
Series C 370
1940.0 .1 8812 _...._ 8838 Sept'26
General 6513
May 1966 J .7 107% 118 107 Nov'26
88
8918
10314 10834 Est RR extl e f 78
1954 M N
9438 Sale 9324
Chic Ind & Sou 50-year 477-1956 .1 .7
8112 94%
9478 294
9014 Aug'26
8312 92
Chic L el& East 1st 47)e-1.1969 J D 9614 10012 9718 Nov'26
9718 Fla Cent& Penn 1st est g 58_1930 J .1 10012
95
101 10012 Nov'26
C M & Puget Sd 1st go 417-1949 J .7 56
98 10012
57
5534
5534
2
47
56
Consul gold 5e
1943 J .1
U 8 Tr centre of deposit
9814 102
5614 43
57
56
56
4578 5614 Florida East Coast let 4 Ste_1959 J D 10114 10112 10112 Nov'26
984 Sale 98
9818 14
ChM &StPgeng 4sSerA_e1989 J
953
8 99
854 Sale 8512
8534 29
8138 87
1st
&
ref
5s
series
A
1974
M
9978 Sale 9912
Registered
9978 144
97 10012
8514 81 Sept'26
Q J 83
_
81
81
Fonda Johns & Gloy 4Ste
1952 M N 6414 Sale 6414
General gold 33,12 set B__e1989 J J 7312 76
6512 37
5818 68
7618
7618
1
7014 7614 Fort St U D Co let g434s
J
1941J
9418
9014 Dec'25
Gen 4 Ms Series C__ _May 1989.1 J
9512 17
54 ---- 95
9038 9512 Ft W & Den C lstg 57te
1961 J D 10512
Registered
10634 Sept'26
la- 107"
9234 Nov'26
__
91
9234 Ft Worth <lc Rio Or let g 4s 1928 J J 0718
Gen & ref ser A 431s_ _Jan 2014 A 0 5712 58
9838 0818
9838
1
57
98
98%
5814 133
4814 5834 Frem Elk & Mo Val 1st 671
1933
A
0
Guar Tr certife of deposit_
10734 ---- 10712 Nov'26
•
107 108%
5734 Sale 5678
5818 236
4714 5834
Gen ref cony ser 13 5s_Jan 2014
5614 Sale 5512
5612 24
4712 5678 GH&SAM&Plet 5s1931 MN
10014
deposit
Guar Tr certife of
10034 10058 Nov'26
9714 101%
564 Sale 5512
5634 143
47
5714
2d extens 58 guar
1931 J J 100 10012 00 Nov'26
lat sec 138
1934
10414 Sale 10418 10412 10 102 106
100 101
Gals,Hous & Rend let 58..„1933 A 0 9678 Salo
Debenture 43.48
1932 .1 D 5834 Sale 5638
9634
9312 99
9713 10
5738 276
47
57
5
8
Ga
&
Ala
Ry
let
cons
5s_Oct
1945
J
Bankers Tr certifs of deposit __ _ _
9734 98
97%
57 Sale 56
97%
96 100
1
5712 142
4634 57% Ga Caro & Nor 1st go g 59..1929
J 9978 100
Debenture 48
1925 J D 567 Sale 5614
99%
99/
1
4 10012
99% 16
57% 52
45% 5734 Georgia Midland let 3s
1946 A 0
S Mtge dz Tr ale of dep__
7218 Nov'26
5634 57
5612
73
74
57
63
4678 58
Gr
R
&
I
ext
Ingo
g
4
Its-1941
J 9638
1934.1 J 5612 57
25-year debenture 48
9634 Dec'26
5618
5618
8 9774
953
1
_
_
4712 57
Grand
Trunk
of Can deb 78_1940 A 0 11514 Sale 15%
Farm L & Tr ctfi of dep_
11512 15 113 1154
5612 57
5612
57
47
163
5738
15-years f 68
1936
M
Chic & Mo Riv Div 5s._ _ _1926
107 Sale 07
10712 19 10634 108
9912 June'26
9812 9978 Grays Point Term let 5s_ __ _1947 J
__
I) 9478
ChM & N'west gen g 37is_ _1987 MN 77% 78
9512 Oct'26
7712 Dec'26 _9512 95%
_
7438 79
Great Nor gen 78 series A__ _1936 J J 1133
Registered
4 Sale 1334 114
Q F 75
76% 7412 July'26
1
4 1142g
169 109/
744 7412
Registered
J
General 4s _
1987 M N 8912 96
_
13% Nov'26
8858 Nov'26 -11214
11338
85% 8912
let
&
ref
434e
series
A__ _1981 .1 .1
Registered
Q F
9614
9112 98%
87 Aug'26
9612
7
861
/
4 87
General 53,12 series B
19523 J 10714 Sale 0714
Stpd 45 non-p Fed in tax '87 M N 89% 90
10734 29 102% 108
8834 Nov'26 _ _ _ _
8538 8914
General
55
series
C
1973
J
J
102% Sale 0214 10212 31
Gen 43(estpd Fed Inc tax_1987 MN 10312 104 10312 Dec'26 _ _ 10114 104
9714 10312
General 4Its series D
1976.0 .1 93% Sale 9312
General 58 stamped_ _ _ _1987 M N 109 Sale 10734
94
141
0034 95%
109
75 103 109
Green Bay & West deb ctfe A_ __ _ Feb 83
84
Sinking fund 6s
1870-1929 A 0 102% 103 103 Nov'26
Oct'26 -78
85
10112 10578
Debentures ctfs B
Feb
Registered
2318 64
1312 23/
A 0 10214 __ 10234 Sept'26
1
4
10234 10334 Greenbrier Ry let gu 48_,,,1040 M N 23 Sale 2112
9114 July'26
Sinking fund re
1879-1929 A 0 10112 ----10114 Nov'26
_
8838 9114
10012 10318 Gulf Mob & Nor let 570_1950 A 0 9138
104%
043
Sale
8 10514
Registered
1879-1929 A 0 101 10112 101
5 101 106
Oct'26 -- 10012 101
Gulf & S I let ref & ter g 58 _81952 J
10512
0512 10512 10 10312 107/
Sinking fund deb 53
1933 M N 10134 102 10138 Nov'26
1
4
_ 100 10212
Registered
MN
10114 10114 H
@FedFRASER