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The
finattrialb
ratude
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
Bank and Quotation Section
State & Municipal Compendium
Railway Earnings Section
Bankers' Convention Section
VOL. 123.
SATURDAY, DECEMBER 18 1926
NO. 3208.
Whe Thranicit
the rail average 120.48, these figures
comparing
with
the October lows of 145.66 and 114.70,
Terms of Subscription—Payable in
and with
Advance
Including Postage—
the August highs of 166.64 for the indus
12 Mos. 6 Mos.
Within Continental United States except
trial
s and
Alaska
$10.00
In Dominion of Canada
$6.00 118.85 for the railroads.
It
is
to
11.50
be
Other foreign countries, U. S. Possessions
note
6.75
d
in
passand territories
13.50
7.745
NOTICE.—On account of the fluctu
ations in the rates of exchange, ing that the industrial average is somewhat
remittances for European subscription
lowe
r
s and advertisements must be made
In New Yerk Funds.
than the high point reached in August, but
the
rail
Subscription includes following Supplement
average is higher. It is quite possible that the
s0011PEND111118—
railSECTIONS—
PUBLIC UTILITY (semi-annually)
BANE AND QUOTATION (monthly)
road
s have gained more ground relatively during
RAILWAY & INDUSTRIAL (semi-ann.)
the
STATE AND MUNICIPAL (semi-annually) RAILWAY EARNINGS (monthly)
BANKERS' CONVENTION (yearl
past three or four months than have the indus
y)
trials.
Terms of Advertising
On the other hand,there have been so many techn
Transient display matter per agate
line
ical
Contract and Card rates
45 cents
chan
ges in the averages that this conclusion does
On request
CHICAGO Orrics—In charge of Fred. H. Gray,
Wester
n
Repres
entati
ve.
208 South La Salle
not certainly follow from the figures quot
LONDON 01FICD—Edwards & Smith. Street. Telephone State 0613.
1 Drapers Gardens. London, E.
ed.
0.
During the first part of the week action
WILLIAM B. DANA COMPANY,
Publishers,
of the
Front, Pine and Depeyster Streets,
bond market gave evidence of some speculativ
New York.
e exPublished every Saturday morning by WILLIAM
B. DANA COMPANY. citement with buying tending
President and Editor. Jacob Seibert; Busines
to outrun the actual
s Manager, William D. Riggs;
Treas., William Dana Seibert;Sec.. Herber
t D.Seibert. Addresses of all. Office
of Co. demand. There were an unusual numb
er of large
bond issues offered at prices in line with
the preThe Financial Situation.
vailing bond level and all well taken. Howe
ver, the
The long rumored, and oft denied, stock
dividend distribution did not seem to be of quite
the same
on United States Steel common, is now
definitely character as during the previous two
weeks and
in prospect, and the effect yesterday was
to electrify these new issues did not immediately
advance to
the entire stock market. After the close
of the premiums, suggesting that the purchasers
were at
market on Thursday the directors of the Steel
Cor- least in small part speculators who had boug
ht for
poration recommended that a stock dividend of 40% profi
t. Notwithstanding this, the Dow-Jon
es averbe paid upon the common stock, the matter to be age of
40 investment bonds advanced from 96.0
3 to
passed upon by the stockholders in April and, pre- 96.12
on Tuesday, a large gain for this aver
age in
sumably, the rate of cash distribution upon the in- a singl
e day.
creased number of shares not to be determin
ed by
The week opened with offering of $20,0
00,000 Berthe directors until the stockholders have
passed lin City Electric 65/2s, 1951, by a
Dillon, Read & Co.
upon the matter. The most important feat
ure of syndicate at 98, yielding 6.65
%, and $35,000,000
the step is that the Steel board goes on recor
d as Chile Copper 5% debentures, 1947
, offered by a synexpressing belief that the present busin
ess situa- dicate headed by the National
City Co. and the
tion and outlook warrant the actio take
n
n. As Guaranty Co. at 96%, to yield
5.25%. The Chile
stated, the announcement came after
the close of debenture 5s were offered to
retire an issue of conthe market on Thursday.
vertible 6s which of late have had
The effect of the announcement was
considerable
-immediate prospect of profit through
the conversion feature.
and most impressive, Steel common opening
Friday This financing is typical of
what is going on quite
at 1581,4460, with a turnover during the
day o° over generally in the retireme
nt of high coupon bonds
632,000 shares, all at practically the open
ing price, and those with conv
ersion features. The corporaand with the close at 159%, a gain of 45/s point
s for tions are taking advantag
e of existing investment
the day. There were other sensational gains
, includ- conditions and their own
stro
ng positions to reduce
ing more than six points each for Allied
Chemical the burden of their oblig
ation
s. The process, howand American Smelters, 5% for Atchison 33/4
,
for ever, is painful to investors
who are loath to lose
New York Central and 31/4 for Nash Moto
rs, with the plums which came out
of the distress period folother similar striking gains, though for
the most lowing the war.
part with smaller turnover than in the cases
menThe group of large offerings on Mond
tioned. Transactions for the day total
ay was foled 2,632,900, lowed on Tuesday by $20,0
00,000 Port of New York
the largest for many weeks and the gains were
quite Bridge 4% serial bonds on a
4.20% basis by a syngeneral through the list, the railroad
average in- dicate headed by the Nati
onal City Co. These issues
creasing 2.02 to 121.92 and the industrial
1.34 to were followed during the latte
r part of the week by
160.66.
a large number of others of almost equa
l importance.
Stock averages have been slowly creeping
up for
some time. At the close on Wednesday the
DowThe high average level of prosp
erity which has
Jones industrial average had reached 160.63
and been enjoyed throughout the
year has not only been
PUBLISHED WEEKLY
3080
THE CHRONICLE
[Vox,. 123.
it is apparent that the value of wheat exports in
November this year was still very much below November 1924. Cotton exports last month were 1,486,000 bales, as against 1,207,000 bales in. November
1925. On account of the great shrinkage in price,
however, the value of the cotton exports this year
was very much less than a year ago, the amount last
month having been $113,454,000, as against $140,396,000 in November 1925, a decrease this year of
$26,942,000. Omitting cotton, therefore, other exports last month exceeded those of November last
year by $60,000,000. It is to be noted in passing that
cotton exports in November this year were the
largest of any month in many years, or since February 1915, when cotton exports were 1,501,700 bales.
For eleven months of the current fiscal year the
value of merchandise exports from the United States
is $4,344,252,000, in comparison with $4,441,541,000
for the corresponding period of 1925, a decrease this
year of $97,289,000. The value of merchandise exports for 1925 was the highest of any year back to
1920, and this year is second to the highest. The
decline this year as compared with 1925 is almost
all of it in the first five months, January to May,
inclusive. Merchandise imports, on the other hand,
for eleven months of this year, are valued at $4,075,034,000, as against $3,829,9495000 for the corresponding
period last year, an increase this year of $245,The foreign trade statement of the United States
The excess of exports over imports this
for the month Of November shows another large bal- 085,000.
17,758; for the eleven months of 1925
is
$269,2
year
ance on the export side. Merchandise exports last
of exports was $611,592,108.
month were somewhat heavier, amounting in value the excess
e imports for the eleven months this
andis
Merch
were
ts
to $481,000,000, while merchandise impor
exceed those of every preceding year in the hisslightly less than in the preceding month and for year
tory of the country excepting only 1920. For the
November.1925, the value being $376,000,000, showeleven months of that year the value of merchandise
ing a balance of $105,000,000 for last month on the
imports was $5,012,424,000, and from these figures
export side of the account. This is practically the
be
there is a decline of 18.5% in 1926. A fact not to
same as for September, but with that exception is
in
prices
dity
commo
all
that
is
er,
howev
overlooked,
considerably larger than for any month this year.
year.
this
1920 were much higher than they have been
Exports in November this year at $481,000,000 conin comce
advan
the
of
peak
the
that
1920
It was in
trast with $455,568,000 in October and $447,804,000
d. On
reache
modity prices, following the war, was
in November 1925, while imports at $376,000,000 last
made
been
basis of various calculations that have
month contrast with $378,247,000 for the preceding the
or
20%
fully
ing
regarding prices, a decline averag
month and with $376,431,000 in November 1925.
and
1920
of
prices
appears between,commodity
, The merchandise exports last month in value ex- 25%
nt year.
curre
the
er
ceeded those of any preceding month since Octob
calculations indicate conditions as to the
these
If
when
1925. With the exception of November 1924,
year,
foreign trade of the United States, imports this
the value of cotton exports was very great, owing to
exin
or
large
as
y
clearl
s measured in quantity, are
the high cotton prices then prevailing, total export
ime
andis
merch
to
s
as
cess of those of 1920. Detail
in November this year were greater than in any preFor
ports for November are not as yet available.
are
is
there
fact
The
ceding November back to 1920.
s
figure
l
officia
h,
the
thoug
1926,
of
s
six years, the ten month
only three months in the past five or
There
r.
Octobe
es
This
includ
.
issued
November have been
namely October 1925 and October and
into
s ex- are four or five countries from which imports
export
e
andis
merch
of
1924, in which the value
is
these
of
One
very
heavy.
are
States
Furthermore, the United
ceeded that of the month just closed.
this
ts
exports British Malaya, and the increase in impor
in the three months last mentioned, cotton
first
the
For
heavy.
is
very
ry
count
that
from
very largely in year
at the prevailing high prices, figured
Britten months of 1926 the value of imports from
the heavy export movement.
Malaya was $331,776,000, against $234,426,000
for
ish
its report
The Department of Commerce in
0,000 expanthe increase in the same period in 1925, showing $97,35
November this year explains that
, represents
course
lly distributed sion the present year. This, of
exports last month was quite genera
higher
much
Department almost entirely crude rubber, and the
this
among numerous commodities. The
ts
marke
the
erable increase, price for that product prevailing in
further says that there was a consid
$20,000,000," in year.
this
'somewhere between $15,000,000 or
Imports from Japan also are much larger
is wheat excornexports of wheat this year. The fact
1926
of
s
month
ten
the
reduced.. The year, $328,573,000 for
ports a year ago were very greatly
period of 1925.
was only paring,with $307,736,000 for the same
1925
ber
Novem
in
s
export
wheat
value of
imports of raw
value had The increase here is due mainly,to
the
1924
ber
Novem
for
while
,000,
$6,627
Canada show
indicated' silk from that country. Imports from
been $43,684,000. With 'the difference
the amounts being
present year, a considerable increase this year,
a4bove in favor of the wheat exports the
evidenced by reports Of record earnings and rising
security prices, but has borne fruit in dividend. increases which of late have been announced almost
daily. During the past week there have been a number of important increases, the action of the Steel
Corporation board being by far the most significant,
but many others deserve noting. Another great railroad system has increased its dividend by the declaration of 50c. extra by the Baltimore & Ohio, and
the Boston & Maine Railroad, while not increasing
its rate, or as yet beginning dividends on its junior
issues, has declared a full year's dividend on its first
preferred issues, one-half of this representing the
cuirent semi-annual dividend and the other half a
payment of part of the accumulation of the five
and one-half years'in which no dividends were paid.
We present in a separate article on a subsequent
page some facts regarding these accumulated dividends. Another dividend increase of marked interest is that of the Island Creek Coal Co. from a
$4 to.a $6 quarterly basis, emphasizing not so much
the prosperity that has come to the bituminous companies on account of the, British coal strike as the
individual prosperity enjoyed by this company,
notwithstanding the comparatively poor conditions
in the industry during recent years.
pipc.,14-1926.]
'771-PvPigt(W.IPTJE
3081
$389,382,000 for ten months of 1926 and $368,8
53,- ing the Socialists on a motion protesting against ex000 for the same period of 1925. On the other hand,
cessive armaments. Count von Westarp, Nationalthe United Kingdom, from which imports are
also ist leader, explained that the Nationalists did
not
very heavy, shows a loss, $316,267,000 this year
com- sympathize with the Socialist criticisms of
the
paring with $333,610,000 for the ten months of 1925.
Reichswehr, but did believe Germany needed a stable
The four countries mentioned have a total for the
Government supported by a majority in the Reichten months of this year, constituting 37% of all of
stag. He added the Marx Cabinet existed only with
.our imports. Cuba holds fifth place in the value of
the support either of the Socialists or Nationalists,
imports and in that case there is quite a decline this
neither of which parties was represented in the
year as compared with last year, this being due,
of Cabinet." According to the dispatch
also, "the
course, mainly to the loss in the value of shipments
Cabinet, which was automatically, ousted by the
adhere of raw sugar. There are also declines in imverse vote, will tender its formal resignation to Presports from Mexico, from France and from China,
ident von Hindenburg some time this evening.
It
the latter showing a loss of more than 20%, due to
is expected he will ask Chancellor Marx and his
the disturbed conditions prevailing there. Much of
Ministers to carry on temporarily until after the
the loss shown by China is in raw silk, the gain in
new year. The Reichstag, after the vote, adjou
rned
that item by Japan being at the expense of China.
until Jan. 19.
There is a noteworthy gain in imports from Germany this year, amounting to more than 30% over
Much appears to have been accomplished at Ge1925. Imports from Brazil are also somewhat heavneva toward the end of last week with respect to the
ier this year than they were last year, which in consettlement of the troublesome question of Allied
siderable part may be ascribed to the larger movecontrol of Germany. In fact, announcement was
ment this year in coffee, both as to value and quantity. Larger imports were received from British made there on Dec. 12 that "inter-Allied control of
India and the Dutch East Indies, the latter reflect- Germany will cease on Jan. 31 next," according to a
special dispatch to the New York "Times" under
ing the higher price of crude rubber.
that date. The "Times" correspondent said in the •
The twelve countries above enumerated are the
same
dispatch that "this announcement was made
leading countries from which imports into the
this
eveni
ng after the representatives of France,
United States are received, and the total value from
Great
Britai
n, Belgium, Italy, Japan and Germany
these twelve countries is practically 70% of all I'mhad
had
two
long sessions. The concession of the
ports No single commodity (as cotton, for inAllied
Power
s
is based on an agreement by Germany
stance, in exports) holds an overwhelming position
to
submi
t
the
questi
on of the Eastern fortresses and
in our imports. There are four commodities
arms
export
s
to
the
•
League of Nations Council for
in imports which figure heavily in the total.
settle
ment
if
agree
ment on these points is not
First in value this year is crude rubber, and
reach
ed
throu
gh
diplom
atic discussion before the
for that commodity the increase in value for
Ambassadors' Conference by Feb. 1." He asserted,
1926 over 1925 is more than 40%, while the inmoreover, that, "although the agreement is neithe
r
crease in quantity is but 5.6%. Coffee also shows
initialed nor signed, according to Sir Austen Chaman increase this year over last, amounting to 15.7%.
berlain, there is no question of its repudiation by
Raw silk shows an increase of 3.0% in quantity this
any Government concerned. This indicates that M.
year, but is slightly less in value, while for cane
Briand finally obtained his Cabinet's permission to
sugar the quantity this year is 2.7% larger -than it
lend himself to this solution of the difficulty." Conwas last year, but the value 11.8% less. These four
tinuing he said: "But the fact that Germany on her
products cover one-third the value of all merchandise
side
made certain concessions must not be overimports. In addition, some increase appears this
looked
. Germany has fought steadily for arbitrayear in imports in the classifications including paper
tion
or
decision by the Permanent Court—preferand paper stock, petroleum, metals and manufacably
the
former—to settle these questions, aid she
tures.
defini
tely
declared she would not leave anything in
Gold exports and imports last month were somethe
hands
of
a League commission." An official comlarger
what
than in the preceding month, but still
below those of some earlier months this year. Ex- munique was issued setting forth what had been
ports of gold in November amounted to $7,727,186 accomplished. Announcement was made that "M.
and imports $16,737,868. For the eleven months of Briand, Sir Austen Chamberlain and M. Vander1926 exports of gold have been $108,511,537, and im- velde are leaving for Paris to-night. Dr. Streseports $196,500,366, an excess of imports of $87,988,- mann will leave for Berlin to-morrow at noon." The
829; for the corresponding period of 1925 gold ex- agreement reached at Geneva was well received in
ports were $256,672,063 and imports $121,057,168, Paris by the acknowledged leaders of several influan excess of exports of $135,614,895. The silver ential political groups, according to a special cable
movement abroad last month was $6,793,688 for ex- dispatch from that centre to the New York "Times,"
also on the evening of Dec. 12. The New York "Herports and $3,914,205 for imports.
ald Tribune" representative at the same centre
deThe German Cabinet has gone down. It resigned clared in a dispatch the next day that "there has
yesterday, Dec. 17. The Berlin representative of just been sealed at Geneva, so it appearki in Paris
to-day, a Europe-embracing accord between the
Althe Associated Press cabled last evening that "the
lies
and Germany, which has had the rarest recepGovernment of Chancellor Marx to-day resigned
after being defeated in the Reichstag, 249 to 171, on tion here, virtually all parties in France appearing
frankly and sincerely satisfied with its results."
a vote of non-confidence introduced by the Social
Democrats." It was explained that "the vote preWhat actually had been accomplished and
its real
sented the strange spectacle of the Nationalists joinsignificance were set forth more clearly
and in
3082
THE CHRONICLE
greater detail in a special Geneva dispatch to the
New York "Herald Tribune," likewise on'Dec. 12.
The correspondent said in part: "Foreign Minister
Stresemann will leave Geneva to-morrow with the
political satisfaction of having in his pocket an
agreement by the Powers that inter-Allied supervision over Germany's armaments, effective for the
last eight years, will cease on Jan. 31 1927. At that
time the Allied Military Control Commission, under
supervision of Marshal Foch, will leave Germany,
and responsibility for Germany's fulfillment of the
disarmament clauses of the Treaty of Versailles will
fall to the League of Nations. On the other hand,
the Allied nations will have Germany's promise to
destroy all fortifications not of a purely defensive
nature, and to cease hoarding, either inside or outside of Germany, half-finished products capable of
being used in making war material. They will also
have Germany's assent to the maintenance of military experts at the Allied Embassies in Berlin, in
effect to watch the League's control of German
armaments. Simultaneously with the withdrawal
of the Allied Control Commission a League commission headed by General Haratier, veteran of the
French Moroccan campaigns, will stand ready to go
to Germany under orders of the League Council to
investigate special complaints that Germany is not
living up to her disarmament obligations. These
decisions were reached here to-day only after a week
of delicate negotiations which at times sorely
strained the Locarno spirit by which the Allies and
their former enemy—especially France and Germany—promised to live in peace."
123.
said in a wireless message the same evening that "the
German Government to-day expressed satisfaction
at the progress made at Geneva and gave a vote of
thanks to Foreign Minister Stresemann for his success in reaching an agreement with the other Locarno Powers on the military control question." He
added that "every effort is made in political circles
to show gratification, though the much-mooted question of Rhineland evacuation has not been touched and
a new problem which was not contemplated, involving German industry, has been injected into the political situation. While politicians are painting
Geneva as a victory for the Reich, the average layman feels that no definite decisions were reached,
since even withdrawal of the Inter-Allied Control
Commission has a string attached."
Apparently the agreement at Geneva was not liked
in Poland. The representative of the New York
"Times" in Warsaw said in a wireless message the
same evening that "Polish factions of all complexions feel deeply aggrieved over the events in Paris
and Geneva in the last few days in which Germany
has won the fight she has been waging since the war
to escape Allied military control, while Poland was
utterly ignored in the matter." Discussing the situation further, lie said: "Official anger is due not
only to the fact that Germany since her entrance
into the League has been basking in the friendship
of the Allies, upon whom Poland implicitly relied,
but it is considered that Poland has far more at
stake than any of them. This is particularly urged,
with the reasoning that there is no immediate danger of Germany launching an attack upon her Westpresent temper of the
In describing the closing day of the formal ses- ern neighbors, but that the
is such that a pretext might be
sions of the Council of the League of Nations, the Germans as a whole
time to start an offensive eastward.
Geneva representative of the New York "Times" said seized at any
nce of the new plan can be seen from the
in a dispatch on Dec. 11 that, "without awaiting the The importa
nearly half of Poland's population consists
conclusion of the Allies' negotiations with Germany fact that
minorities. Many of these are Jews and
concerning the fulfillment of the disarmament stipu- of so-called
they -are scattered throughout
Because
lations of the Treaty of Versailles, the Council of Germans.
s can be taken that would
measure
no
the League of Nations adjourned sine die this eve- the country
they are expected to benebut
whole,
a
as
them
ning, leaving the Foreign Ministers of the Powers affect
conditions among the
nt
of
betterme
the
fit
from
concerned to settle the matter in private before leavgroups."
"at
massed
ing the shores of Lake Leman." He added that
Marshal Pilsudski clearly indicated in a speech
the concluding session of the League Council the
the Sejm on Dec. 15 that he is not in favor of
before
Confer-.
the
delegates of the nations represented in
ment. According to a special Warsaw disence of Ambassadors carried the spirit of Locarno disarma
the New York "Times" on Dec. 16, "'condito the point of accepting in full an interpretative patch to
Europe at the present time do not warrant
document giving the Germans complete satisfaction tions in
abolition of armaments, and so long as there is
on all points regarding League investigation in the the
necessity for an army we might as well have a
territories of Germany and other former Central the
one,' said Marshal Pilsudski in a surprise visit
Powers." The Associated Press representative in good
to the Sejm last midnight." It was explained that
Geneva said in a cablegram on Dec. 13 that "the
"the half-hour speech in which this statement occurs
World War would have been averted, Foreign Mintes his first public war utterance since the
ister Stresemann of Germany believes, if the states- constitu
onary days of May, and is fraught with the
men in 1914 had had as many opportunities of get- revoluti
significance, perhaps reconciliation
political
ting together as they have at present through the highest
the consequent destruction of the
and
Sejm
with the
League of Nations."
This group was formed ungroup.
on
Oppositi
In a special Berlin cable message to the New York new
and constitutes the Opits
leader,
,
Dmowski
M.
"Herald Tribune," likewise on Dec. 13, it was stated der
all the enemies of the
which
contains
party,
d
that "a high official of the Foreign Office informe position
dictator's visit to the
the
of
occasion
The
.
GerMarshal
the 'Herald Tribune' this afternoon that the
re despised Sejm was the critical committee
man Government was 'entirely satisfied' with the heretofo
on of the War Department appropriations in
result of the Geneva Conference. He said also that discussi
for the first quarter of 1927 following
all Germans were particularly gratified that it was the Budget
passage yesterday."
now definitely settled that the Inter-Allied Control its docile
ng this situation still further the Warsaw
Discussi
1927."
31
Commission would cease to exist on Jan.
the New York "Evening Post" in
The New Yerk "Tines" representatiye in Berlin representative of
DEC.. 18 1926.]
THE CHRONICLE
3083
a cable message last evening said that "the rumor is
'widespread in political circles here that Marshal
Pilsudski will shortly hand his portfolio as Minister
of War to one of his closest collaborators, General
Sosnkowski, now Military Governor of Posen. That
would explain the Dictator's sudden appearance in
Parliament and his participation in the Budget debate. That peace has been declared between Pilsudski and Parliament seems incredible, but the fact
that he no longer ignores the Diet, which voted the
entire Budget without change, indicates a radical
change of heart on his part. It is also believed Pilsudski will offer minor portfolios to parliamentary
groups."
now is only a theoretical affair, existing by virtue
of the law of Jan. 4. It becomes something else if it
actually takes over power and the young boy, Michael, is proclaimed King. Judging by past history
of Rumania, one thing that seems eventually safeguarded is the possibility of the country's lapsing
into a military despotism like Spain's and Greece's.
Despite the strong standing army, Rumanian military authorities hitherto have been kept in subordination to the civil authorities, and Rumanians boast
proudly how a prominent general who ventured, in
a post-prandial speech last spring, to touch on politics, found himself dismissed summarily from service."
Cable dispatches from Bucharest and other European capitals expressed the belief all week that King
Ferdinand of Rumania was still critically ill and
could not live more than a few months at the longest. They also told of various alleged plans, schemes
and even plots to control the Government in the
event of his death. For instance, the Berlin representative of the New York "Times," who had been in
Bucharest studying political conditions, sent a dispatch from Budapest, under date of Dec. 13, because
of the strict censorship in the Rumanian capital.
He said in part: "Out in the seclusion of Florica,
his country home, two-score miles prom Bucharest,
Jon Bratiano, 'hereditary dictator' of Rumania, is
fighting for his political life. His chief antagonists
are five women of the royal house—Queen Marie,
her daughters, the Queen of Jugoslavia, the ex-Queen
of Greece and Princess Ileana, and Queen Marie's
daughter-in-law, Crown Princess Helene, wife of the
exiled Carol and mother of the five-year-old Crown
Prince Mihai (Michael). These Queens and Princesses, however, are waging a triangular warfare
among themselves, and on the side of Ferdinand's
consort, against whom all the others save only Ileana
are . arrayed, stands Premier Averescu. With the
King at death's door, the Premier has started a
secret palace intrigue against the omnipotence of
M. Bratiano, his boss. In the event of little Mihai's
accession to the throne he aims to supplant the exPremier's dictatorship with one headed by the
Queen, but dominated by himself."
Apparently by Dec. 14 King Ferdinand had rallied somewhat from the effects of the two operations
that he had undergone. At any rate, the Associated
Press representative in Bucharest cabled on that
date that "King Ferdinand, who underwent two operations in the last few days for a serious intestinal
affection, was able to leave his bed for several hours
to-day. He also took solid food for the first time
since his first operation. He discussed State affairs
fox more than an hour with Premier Averescu.
Queen Marie of Jugoslavia, daughter of King Ferdinand, will leave for Belgrade to-morrow evening.
She has been given to understand that the King's
condition no longer warrants her presence at his
bedside."
Further improvement in the King's condition has
taken place, according to an Associated Press dispatch from Bucharest last evening. It stated that
"it has been decided to take King Ferdinand to
Paris for treatment at a radium sanitarium. He
has been gaining in strength daily since his recent
operations and is expected to be in condition soon to
make the trip."
Discussing the situation in Rumania and what
was likely to happen with the passing of King Ferdinand, the Berlin correspondent of the New York
"Herald Tribune," also cabling from Budapest on
Dec. 13, said: "Many persons believe Ferdinand
may be Rumania's last King. The regency at his
death may prove to be a transition between a monarchy and a republic. Already a strong republican
movement exists in the Transylvania territory acquired by Rumania from Hungary after the war.
Rumanians of Transylvania have none of the feeling
of loyalty to the royal family held by subjects of the
provinces of Malachia and Moldavia, known as the
'old kingdom.' Indeed, Transylvanians who sympathize strongly with Prince Carol talk of naming
him the first President of the Rumanian republic
by acclamation. People in Bucharest believe that
if Carol remains away, and his father dies without
seeing him, the Prince will have deeply offended the
Rumanian public sentiment, at present friendly to
him. Furthermore,it is pointed out that the regency
The political situation in Jugoslavia, as well as
in Rumania,evidently is in a critical condition. The
funeral of Nikolai Pashitch, "father of Jugoslavia."
whose death was mentioned briefly in our issue of
Dec. 11, was held in Belgrade on Dec. 12. The New
York "Times" representative at that centre cabled
that he was "buried in pomp and gloom." Commenting upon the changes that had taken place in Jugoslavia during the lifetime of M. Pashitch, the
"Times" correspondent said: "Some of the streets
over which the body of M.Pashitch was carried were
not even country roads when he was born in 1845,
or when 50 years ago he began his political career.
Then Belgrade was a struggling Balkan village capital. He lived to see nearly all the progress it had
made in 60 years wiped out by the war in a few
days. He lived to rebuild it all on a much greater
scale in about six years. To-day his body was carried through the capital of his dream—the capital
not of Serbia alone, but of the Southern Slays united
by his statesmanship for the first time in history.
An endless array of new buildings testified to the
monumental character of his achievements."
Announcement was made in New York on Dec. 14
that "a war secret of ten years' standing was revealed by Dr. Michael I. Pupin,Professor of ElectroMechanics at Columbia University, who told of his
friendship with Nikolai Pashitch, Serbian statesman
who died in Belgrade last Friday. The personal
3084
THE CHRONICLE
fortune of the American scientist and inventor guaranteed the war supply debt of Serbia for months
solely on the strength of cablegrams from M. Pashitch." Dr. Pupin was quoted in the New York
"Herald Tribune" as saying that "I came to this
country with but about 5 cents, and during the summer of 1915 I passed in front of my home in the
Berkshires, a home which I love, and wondered if
even that would not be forfeited. Everything I had
was pledged, I was facing a critical situation. The
Government at Belgrade apparently had disappeared
from the earth. But I had never lost confidence in
Pashitch. As soon as he and his shattered army
reached Corfu my financial embarrassment was relieved. The Ottoman Bank of Paris sent me a
check to make the guaranty good."
With regard to the political situation in Jugoslavia, the New York "Times" representative in BelGrade said in a cable message on Dec. 13 that "the
present political situation is pronounced by Jugoslays, accustomed as they are to crises, to be one of
the most difficult the country has known, both in
its external and internal aspects. It remains in such
a state of flux that the hardiest does not venture to
predict what the next turn will take—except doubt
of any significant development immediately. This
afternoon the King consulted former Premier Davidovitch, the leaders of the United Serbian Democrats and Bosnian Mohammedans; M.Pribitchevitch,
leader of the Independent Democrats; Dr. Korosetz,
leader of the Slovenian Clericals, who controls that
Province even more firmly than Stefan Raditch.
Unless the King makes a decision late to-night the
crisis will be carried over to Wednesday, for by a
long-established custom of the Karageorgevitch
Dynasty, the King never does any business of State
on Tuesday. According to a local tradition a leader
of the House of Karageorgevitch was killed on a
Tuesday in the Turkish war."
Discussing the Jugoslavian political situation
from rather a unique angle, a special correspondent
of the New York "Times" said in a dispatch from
Belgrade on Dec. 14 that "to the uninitiated the atmosphere of Belgrade is always Balkanic. To the
initiated it is Balkanic now as it has not been in
years. That means that Belgrade, after a persistent
attempt to assume a European air, is, since the
Italo-Albanian treaty was signed, thinking and talking in a way which before the war gave the word Balkanic its special and dangerous meaning. That
retrogression, in a year which saw Locarno finally
take substance and promise more Locarnos in the
Balkans and Central Europe, is by far the most important development in a situation which, unless
brakes are applied, might, according to some persons, bring about conditions which made the Balkans spell war to all the world."
Benito Mussolini, Premier and Dictator of Italy,
has even gone so far as to dictate the prices which
storekeepers may charge for their commodities. In
reporting this latest step of Italy's real ruler to control affairs absolOtely, the Rome representative of
the New York "Herald Tribune" said in a dispatch
on Dec. 10: "One of the most thoroughgoing measures yet evolved by the Mussolini Government, designed to make sure that the cost of living declines in
[VOL. 128.
proportion as the lira improves in value, was promulgated to-day by the Council of Ministers. The
decree, which was worked out by Belluzzo, Minister
of National Economy, provides for the most minute
surveillance of every merchant in Italy to see that
he does not overcharge his customers. The Government will decide what is a fair profit. Every tradesman in the Kingdom, big and little, will have to possess a license, for which he will have to deposit with
the Government from 500 to 5,000 lire, according to
the size of business. The proceeds of these deposits
will be used to purchase shares in the Government's
new gictorila loan,'. which recently was launched
coincidentally with the obligatory conversion of outstanding Treasury bonds into the same consolidated
securities of indeterminate maturity. Moreover, all
retailers must display in plain figures both the
wholesale and retail prices of all articles, thus enabling customers to determine whether more than a
fair profit is being charged. • Communal officials
are empowered to issue the licenses and to refuse
them whenever 'sufficient moral and economic guarantees' are not forthcoming. They are likewise given
authority to revoke licenses if merchants depart
from the Government's price-fixing program. Special food price control police will be appointed,
whose duties it will be constantly to make inspections and to report infractions to the authorities,
who will keep a constant blacklist. Measures also
were adopted to prevent the adulteration of foodstuffs."
According to an Associated Press dispatch from
Rome last evening, "Premier Mussolini has always
longed to visit the United States, he told a correspondent for the Associated Press in an interview at
his office in the Chigi Palace.
have often thought
of visiting America,' the Duce declared. 'In fact,
us long as I can remember I have always wanted to
see your country. A people which built rapidly
with its own hands such colossal fortunes and formidable power could not fail to attract me strongly."
Evidently there is little or none of the Locarno
spirit in evidence between the opposing Soviet
groups in Russia. On Dec. 10 the Moscow representative of the New York "Times" said in a wireless
message that "the 'controversy' within the Russian
Communist Party has flared up anew as a result of
speeches of Leon Trotzky and G. S. Zinovieff before
the Executive Committee of the Communist Internationale. Yesterday the 'Pravda' denounced M.
Zinovieff for attempting to revive the strugle 'in the
international arena.' To-day it hurls this storm of
bitter phrases at the head of M. Trotzky, who spoke
for an hour and a half last night: 'A demonstration
of disloyalty. A renewal of the factional struggle.
A profound breach of pledged word. An appeal to
the Communist International against the Russian
Party. An attempt to ruin the work of the Communist International Committee. A hand outstretched
to the Communist International's enemies. The ink
is hardly dry on the resolutions of the recent party
conference when M. Trotzky tries to overthrow them.
What does M.Trotzky say: That in our weaknesses,
our technical shortcomings, we depend and will depend more and more on the outer world, that the Soviet Union is a component part of the world capitalist economy [The word "capitalist" being in black-
DEC. 18 1926.]
THE CHRONICLE
3085
faced type followed by explamation marks] and that the Premier is not prepared to raise the question of
the victory of Socialism in our country is impossi- confidence on obtaining the approval of Parliament
ble. The whole speech is a funeral sermon over the for the debt treaties."
impotence of our socialistic construction.'"
There has been considerable apprehension in Paris
The recent internal financing undertaken by the about alleged aggressiveness on the Italian border
French Government appears to have been a complete on the part of Italian troops. The Italians were said
success and the outlook for further domestic loans to have been disturbed because of the sending of
seems to be equally bright. Cabling on Dec. 13, French troops to the corresponding district on the
the Paris representative of the New York "Times" French side of the border. It was claimed, however,
said: "The French consolidation loan of 7%, sink- in a special Paris cable dispatch to the New York
ing fund, ten-year bonds, which was issued to replace "Times" on Dec. 15 that "the shifting of two regithe 6% 1922 bonds maturing next February, has ments of Chasseurs Alpine from the Rhineland to
closed after reaching approximately 1,500,000,000 Antibes, represent only precautionary measures. It
francs, thus completely caring for maturity." He is also said that it is entirely natural for the French
added that "it is understood that next the consoli- forts on the Italian border to be kept up to date, as
dation loan offer by Premier Poincare will be of the is done with the French forts on other borders. In
twenty-year sinking fund variety, but the details fact, it is said in the French capital, taking it for
and the time of the new loan are still undetermined. granted, of course, that Premier Mussolini has no.
The Finance Minister has issued a decree announc- aggressive intentions with respect to any point of
ing that no further national defense bonds of the French territory, that the precautions taken by the
one-month variety will be sold, but those outstand- French now amount to protection for the Italian
ing may be continued from month to month. One- Government and a guarantee of peaceful relations
month bonds are officially considered highly unde- between the two countries, which guarantee, it is
sirable because in the past they have often forced figured here, should be as welcome in Rome as in
the Government to borrow many hundreds of mil- Paris. For it is pointed out that the precautions the
lions of francs from the Bank of France at clearing French have taken make it henceforth impossible for
periods. The public favors these bonds because of any bands of over-zealous, over-nationalistic Fatheir liquidity. There are several billions of one- scisti to cause the Italian Dictator embarrassment
month bonds now outstanding."
by a successful attempt on their part to install
Encouraging cable advices have been received themselves in Nice or Mentone."
from Paris relative to French Government finances.
According to an Associated Press dispatch from
The correspondent at that centre of the New York Rome under date of Dec. 16, Premier Mussolini is
"Times" said in a dispatch on Dec. 14 that "French eager to establish peaceful border relations with
revenue for the eleven months of 1926 aggregates France. It was stated that "a Franco-Italian agree35,395,000,000 francs, of which 34,486,000,000 comes ment is one of the fundamental necessities of Eurounder the heading of normal income. The balance is pean evolution,Premier Mussolini told a corresponddue to sales of war stocks, various readjustments of ent of the Associated Press in a long and cordial
accounts, etc. The normal revenue increased 9,750,- interview, in which he explained the cardinal prin.,
000,000 over the same period in 1925. It is thought ciples inspiring his foreign policies. The Duce's
likely that the Government will obtain 3,000,000,000 guiding idea, he declared to the correspondent, is the
francs in December, which is generally considered necessity for providing for Italy's crying need for
the amount needed to cover the Budget expenditure moral, spiritual and physical expansion by means
of 1926 plus extraordinary expenditures, such as the of a pacific, but not pacifist, policy. The fulfillprosecution of the Moroccan and Syrian campaigns." ment of these needs, Italy's master maintained, far
from being incompatible with friendship and co-opThat Premier Poincare has not abandoned the eration with other nations, really requires co-operaidea of securing ratification of the American war tion and mutual understanding with them, notably
debt agreement was indicated in a Paris dispatch with France and England. Mussolini declared himto the New York "Times" on pec. 14. It stated that self to be a firm believer in the restoration of the
"Premier Poincare will try again after the Christ- European balance of power, expressing the convicmas holidays to obtain ratification by the French tion that such equilibrium constitutes the formula
Parliament of the debt agreements with Washington best adapted for the maintenance of peace."
and London. His plans attach a unilateral reservation providing that France will not consider herself
Premier Poincare apparently feels that for politbound to pay her creditors more than she receives ical reasons alone he must convey the impression
from Germany on reparations account. He hopes that he has in mind to stabilize the franc as soon as
this condition will not be regarded by Washington possible, but on the other hand, actually he does not
as needing acceptance action by the Senate and that intend to do it in the immediate future. Discussing
such ratification will be accepted by the United this question in a cable message to his newspaper,
States as official approval of the debt accords. The under date of Dec. 15, the Paris representative of
Premier had intended seeking approval a month ago, the New York "Times" said that "the only formula
but found that he lacked about thirty-five votes in which the Premier has put forth is that he is seeking
the Chamber of Deputies. Whether the improve- stabilization in fact before resorting to official
ment in the French financial situation will bring stabilization. No one here seems to understand very
any greater response to his appeal that the debts clearly what this means and, although there is the
should be settled as part of the new fiscal program greatest respect for what the Premier has done to
of France remains to be seen. It is understood that bolster up the franc, there also seems to be a very
3086
[VOL. 123.
THE CHRONICLE
general demand that on the one hand it shall not go
much higher and on the other hand that business be
protected against a sudden fall in its value. Much
advice is being given to the Premier, perhaps more
than he cares for, the general tone of it being that
almost a billion dollars worth of gold is now at the
disposal of the Bank of France which could be used
to effect monetary stability. It takes only a cursory
glance to show that the rise in the franc has greatly
curtailed French business and not only has there
been a considerable falling off in the export business
of luxury manufacturers, but domestic business has
slowed up in great proportions."
with the preceding month, but otherwise the changes
from the preceding month were not striking. As
against November of last year, however, there were
big changes. Total exports were off £10,455,000, exports of British products alone £7,917,000, while
excess of imports was £9,053,000 greater. That this
increase was not still larger was due in part to a
decrease in imports of £1,402,000. It was generally
assumed that the big shrinkage in exports, compared
with last year, reflected the effects of the coal
strike, which recently collapsed. The figures for
November and the first eleven months of this year
compare as follows with the corresponding periods
of last year:
The British Parliament has recessed for the
Christmas holidays. It was prorogued by the King
on Dec. 15 "to reassemble Feb. 8." According to an
Associated Press dispatch on the former date, "in
his speech of prorogation, King George touched on
the situation in China, the recent Imperial Conference, the coal strike and the forthcoming visit of the
Duke and Duchess of York to Australia to inaugurate the new Federal capital, Canberra." The correspondent added that,"for the first time in history,
the King departed from the formula whereby British monarchs have referred to the Cabinet as 'my
Ministers.' He spoke of'my Ministers from the Dominions,' thereby further confirming the autonomous status of the various Commonwealths as
voiced by the recent Imperial Conference." The
dispatch further stated that, "regarding home affairs he said: 'During the greater part of the present year the nation has lived in the shadow, of the
most protracted and ruinous industrial conflict in
its history [the coal strike]. When last addressing
you I expressed earnest hope that the report of the
commissioners upon the economic condition of the
coal industry would, with the willing co-operation
of all concerned, pave the way to a peaceful saution
of this great social and economic problem. This
hope was not fulfilled. It remains to us now to
unite in effacing all the bitter memories of the past
and to set our eyes steadfastly upon the future, inspired by a common impulse toward genuine fellowship and sustained endeavor, upon which alone the
prosperity and happiness of my people can be firmly
based."
1926—November-1925. 1926—Jan. 1-Nov. 30-1925.
£113,290,000 £114,692,884 £1,129,640,000 £1,188,683.445
Imports
Exports, British goods
53,060,000 60,977,357
602,181,000
707,317,749
Re-exports, for'n goOds_ 11,000,000 13,538,265
114,063,000
139,766,600
The results of what was done at the recent Dominion Conference in London are being realized and
announced gradually. For instance, the London
correspondent of the New York "Times" said in a
dispatch on Dec. 15 that "Parliament was prorogued
to-day, never again to meet under its present name.
Instead, at the next meeting it will be known by the
new title, coined as a result of the recommendations
made by the Imperial Conference just held here, of
'The Parliament of the United Kingdom of Great
Britain and Northern Ireland.' This seems to indicate that there will also be a change in the title of
King George in accordance with the further recommendations of the Conference. But on this point the
Prime Minister, Stanley Baldwin, refused to-day to
give a definite answer."
The British trade statement for November disclosed an increase of £2,287,000 in imports and an
increase of £1,755,000 in excess of imports, compared
Total exports
Excess of imports
£64,060,000 £74,515,622
£49,230,000 £40,177.262
£716,244,000
£413,395,000
£847,084,249
£341,599,196
Announcement was made in a Paris dispatch on
Dec. 16 that the Bank of France had reduced its rate
of discount from 7y2 to 61/
2%. The former rate had
been in effect since July 31 1926, when it was advanced from the 6% that had been effective since
July 8 1925. Otherwise no change has occurred in
the official discount rates at leading European centres from 7% in Belgium, Italy and Austria; 6% in
Berlin; 51/
2% in Denmark;
in London and Madrid; 41/
2% in Sweden and Norway, and 31/2% in
Holland and Switzerland. Only slight changes were
recorded in open market discount rates in London,
but the trend was downward for short bills until yesterday, but which closed at 45
/8@4 11-16%, against
4 9-16@45
/8% last week, while for three months'
bills the closing quotation was 4 9-16%, compared
with 41/
2@49-16% a week ago. Money on call in
London was firmer, closing at 43
/8%,against 35/8% a
week earlier. At Paris and Switzerland the open
/
4% and 23/
market discounts remain at 61
4%, respectively, the same as a week ago.
The Bank of England in its weekly statement for
Dec. 15 showed a loss in gold of no less than £1,140,718, bringing the gold holdings down to £152,092,987.
This compares with £144,801,755 a year ago and
£128,511,617 in 1924 (before the transfer to the Bank
of England of the £27,000,000 gold formerly held by
the Redemption Account of the Currency Note Issue). Reserve of gold and notes in banking department decreased £1,395,000 as a result of the loss in
gold and an expansion of £254,000 in note circulation, while the proportion of the Bank's reserve to
liabilities is now 26.80%, compared with 27.70% last
week and compared with a decline of from 16% to
157
/8 in this week last year. Public deposits rose
£2,340,000, but "other" deposits fell off £3,487,000.
Loans on Government securities declined £7,275,000, but loans on other securities increased £7,588,000. Total note circulation aggregates £139,889,000,
which compares with £144,153,115 and £125,503,780
in 1925 and 1924,respectively. The official discount
rate of the Bank of England remains unchanged at
5%. Clearings through the London banks for the
week amounted to £812,186,000, compared with £780,949,000 last week and £820,536,000 in the same period last year. We append comparisons of the different items of the Bank of England return for a
series of years:
THE CHRONICLE
DEC. 18 1926.]
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1923.
1925.
1924.
1926.
Dec. 20.
Dec. 19.
Dec. 17.
Dec. 15.
Dec. 16.
b139,889,000
Circulation
11,145,000
Public deposits
Other deposits
108,098,000
28,878,000
Governm't securities
Other securities__ 76,313,000
Reserve notes & coin 31,954,000
Coin and bullion_ _a152,092,987
Proportion of reserve
26.80%
to liabilities
5%
Bank rate
144,153,115
10,718,512
118,294,806
48,367,526
78,126,585
20,398,640
144,801,755
125,503,780
10,557,365
108,750.895
42,039,552
72,398,360
22,757,837
128,511,617
128,185,120
15,371,173
109,690,229
47,408,532
76,920.100
19,587,913
128,023,083
124,890,400
17,013,748
106,381,806
51,022.091
68,797,525
21,003,819
127,444,219
15%%
5%
19%
4%
15%%
4%
17%
3%
a Includes, beginning with April 29 1925, £27,003,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
3087
December financing of the United States Treasury
is responsible for some important changes in the
weekly statement of the Federal Reserve banks,
issued at the close of business Thursday. Holdings
of Government securities for the twelve banks combined increased from $323,583,000 to $478,239,000.
This was due to the fact that the Treasury issued
$188,000,000 temporary certificates of indebtedness
to the Reserve banks pending the collection of the
quarterly installment of the income taxes due and
payable Dec. 15. For the Reserve banks as a group
gold reserves gained $2,324,000. Rediscounts of
Government secured and "other" bills declined $42,419,000, thus bringing total bills discounted to $562,307,000, as compared with $619,067,000 a year ago.
Holdings of bills bought in the open market declined
$6,864,000. Total bills and securities (earning assets) increased $105,374,000, while deposits gained
$103,891,000. An increase occurred in the amount
of Federal Reserve notes in actual circulation of
$36,345,000 and an expansion in member bank reserve accounts of $122,912,000. The New York Reserve Bank gained gold in amount of $4,154,000. Rediscounting of bills secured by Government paper
decreased $39,485,000, while rediscounting of
"other" bills fell $20,502,000, so that total bills discounted showed a reduction of $59,987,000. Total
bill and security holdings increased $68,737,000. Increases occurred in each of the following items:
Federal Reserve notes in actual circulation, $14,240,000; member bank reserves accounts $69,014,000, and deposits, $67,858,000. Reserve ratios
declined. For the System as a whole the ratio declined 2.4%, to 69.7%, while at New York the ratio
dropped to 71.5%, off 4.3%.
• The striking feature in the Bank of France return
for Dec. 15 was a reduction of 757,915,000 francs in
riote circulation. Thus the total of notes in circulation is brought down to 52,536,446,775 francs, the
lowest figure since April 29 of the present year,
when the amount was 52,208,222,995 francs. For
the corresponding week last year note circulation was
49,627,522,945 francs, and in 1924 40,518,419,720
francs. Gold holdings remained unchanged, the
figure being 5,548,806,100 francs. The Government
reduced its indebtedness to the Bank of France to
36,450,000,000 francs, having repaid 250,000,000
francs during the week. Last year for the same
period total advances to the State stood at 34,000,000,000 francs, and the year previous at 22,921,704,000 francs. Silver holdings remained unchanged at
340,716,270 francs. Changes,among the other items
of the Bank's report, were: Bills discounted decreased
238,488,000 francs; trade advances, 41,455,000 francs
and Treasury deposits 1,079,000 francs. On the
other hand, general deposits gained 21,202,000 francs.
Comparisons of the various items in this week's
return with the statement of last week and with
The feature of last Saturday's statement of the
corresponding dates in both 1925 and 1924 are as New York Clearing House banks and trust comfollows:
panies was the wiping out of the large deficit in reBANK OF FRANCE'S COMPARATIVE STATEMENT.
serve of the previous Saturday and the establishStatus as of
Changes
1925.
Dec.
18
1924.
Dec.
17
ment in its place of a surplus reserve for a considerfor Week.
Dec. 15 1926.
Francs.
Francs.
Cold Holdings—
Francs.
Francs.
of loans, discounts, etc.,
In France
Unchanged
3,684,485,193 3,683,523,551 3,680,688,751 able amount. The item
Abroad
Unchanged
1,864,320,907 1,864,320,907 1,864.320,907 showed a decrease of $38,726,000. Net demand deTotal
Unchanged
5,548,806,100 5,547,844,459 5,545,009,658 posits fell off $26,742,000, to $4,388,535,000, which
Silver
Unchanged
318,892,824
305,427,881
340,716,270
Bills discounted- —Dee238,488,000 3,562,978,514 3,428,279,283 4,900,020,193 total is exclusive of $17,515,000 in Government deTrade advances....._Dec.41,455,000 2,193,939,869 2,579,940,196 2,921,104,084
posits. Time deposits, on the other hand, increased
Note circulation__ _Dec757,915,000 52,536,446,775 49,627,522,945 40,518,419,720
$7,578,000,
to $653,939,000. Cash in own vaults of
Treasury deposits_ _Dec. 1,079,000
30,760,194
16,513,099
29,413,991
General deposits... inc. 21,202,000 5,282,624,017 3,250,113,173 1,970,192,019
of
the Federal Reserve Bank rose $4,923,members
Advances to State_ _Dee 250,000,000 36,450,000,000 34,000,000,000 22,921,704,000
000, to $50,110,000, which, however, does not count
The German Reichsbank in its statement as of as legal reserves. Reserves of State banks and trust
Dec. 7 showed a reduction of 83,609,000 marks in companies in own vaults increased $55,000, but renote circulation. Other maturing obligations and serves kept by these institutions in other deposother liabilities fell off 11,000 marks and 30,012,000 itories fell $881,000. Member banks enlarged their
marks, respectively. Reductions were also shown in reserves in the Federal institution in the huge sum
assets. Holdings of bills of exchange and checks of $56,186,000, and this, of course, was responsible
decreased 18,385,000 marks and advances decreased for the gain in surplus reserve of $58,659,650. Ex178,048,000 marks. Silver and other coins fell off cess reserves now are $13,658,480, as compared with
1,270,000 marks. Reserve in foreign currency in- last week's deficit in reserves of $45,001,170. The
creased 60,374,000 marks; notes on other banks 543,- above figures for surplus are based on legal reserve
000 marks, and other assets 23,298,000 marks. Gold requirements of 13% against demand deposits for
in bullion holdings registered a further gain of 21,- member banks of the Federal Reserve, but not in000 marks, which brought total gold stocks up to cluding $50,110,000 cash in vault held by these mem1,754,980,000 marks, as compared with 1,207,269.000 bers on Saturday last.
marks last year and 696,106,000 marks the previous
Demand loans were called extensively on Monday
year. Note circulation outstanding aggregates
3,290,861,000 marks, against 2,734,309,000 marks in in preparation for the billion-dollar turnover
1925.
on Wednesday, Dec. 15, and the rates were higher.
On the very day on which the unusually large die-
3088
THE CHRONICLE
bursements were being made, call loans dropped
from 5% at the opening and for renewals to 41/2%
in the afternoon. These were the quotations again
on Thursday in the regular loaning market on the
New York Stock Exchange, but the offerings of funds
were so large that accommodations at 4% in the outside market were said to have been obtainable. The
offerings were large again yesterday, with 5%
the only quotation. Something like this degree
of ease is expected to continue until toward the end
of the month unless something unforeseen develo
Both the stock and bond markets have been u
usually active, the transactions in the former on the
New York Stock Exchange for several days having
exceeded 2,000,000 shares. To what extent brokers'
loans have been affected will not be known until the
official figures are made public. Whatever actually
may be true as to the trend of business in this country as a whole, it would seem safe to assume that
the demand for money from commercial sources has
not increased. The continued decrease in bank
clearings until this week had been taken by
most observers as a clear indication of a
slackening in business. On the other hand,
a large installment of extra and increased
dividends of various kinds each successive day attests to the high degree of prosperity on the part of
business enterprises and seemingly confidence on
the part of directors in the trend of business during
the coming year. The latter observation would se
to apply particularly to the United States Steel directors in their recommendation of an increase of over
2,000,000 shares in the outstanding common stock,
to be distributed as a 40% stock dividend. The offerings of new securities have been notably large
in the aggregate.
As to money rates in detail, call loans this week
ranged from 4% to 5%. On Monday, after renewing
at 432%, there was an advance to 5% on heavy
calling of loans. On Tuesday 5% was the only
quotation, while on Wednesday and Thursday there
was a decline from 5% at the opening to 432% in
the afternoon. On Friday 5% was again the only
quotation.
For fixed date maturities the market continued dull
and unchanged as to quotations, and largely as to
conditions. Commercial loans, however, showed a
tendency to expand. The range of rates was still
4%@4%% for all periods from sixty days to six
months. Offerings were light in spite of the continued moderate demand.
Commercial paper rates, like those for time money,
have not been changed from 43@432% for four
to six months' names of choice character, while
names less well known still require 4%@4%%, the
same as a week ago. The supply of prime names
continues restricted. New England mill paper and
the shorter choice names continue to be dealt in at
4%%.
Banks' and bankers' acceptances remain at the
levels quoted a week ago with the volume of business
still small. The tone of the market was firm, in
sympathy with the stiffening for a time in the call
money market. For call loans against bankers'
acceptances, the posted rate of the American Acceptance Council still remains at 4%. The Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
[VOL. 123.
5
Federal Reserve banks 3%% bid and 3/%
asked •
for bills running 30 days; 37A% bid and 34% asked
for 60 days; 4% bid and 37
4% asked for 90 and 120
days, and 43% bid and 4% asked for 150 days and
180 days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
3t53(
Prtme:ellaible bI1la..
60 Days.
83(@.3%
80 Days.
83(@31
ELIVERY WITHIN THIRTY DAYS.
84 bid
33( bid
ember banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 17 1926.
Payer Maturing—
FEDERAL RESERVE
BANK.
Within
90 Days.
Conerciat Secured
AgrWl & by U. S. Bankers
Livestock Governm't Accep.
Payer. Oblioa- lances.
n.e4.
Kans.
After 90 After:.
Days. but
but
Within 6 Within 111
Months. Month..
Trade ArriCUL*
Accepand
and
lances. Livestock LitestoCk
Paper. Paper.
Boston
4
4
4
4
4
4
New York
4
4
4
4
4
6
Philadelphia
4
4
4
4
4
4
Cleveland
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louis
4
4
4
4
4
4
M Inneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
San Francisco
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. .to
In contrast with the virtual stagnation that characterized the market for sterling exchange last week,
trading this week has been on a considerably more
active scale. The trend of quotations has been upward,:the peak for the week being 4 85% for cable
transfers,the highest level reached for several months.
Only a few days ago sterling sold as low as 4 843
%.
By most observers the upward swing was not regarded
as unusual at this period of the year, as seasonal pressure from imports and debt funding obligations has
ceased, for the time being at least, to be a serious
factor in depressing values. It is true also that at
this time end of the year balancing of accounts and
preparations for year end clearances create a demand
for London drafts. Some authorities express the
opinion that during the next few months, or until
the spring demand for cotton and grain begins, the
pound sterling will continue to show a better undertone. The strength of sterling this week was attributed in part also to the payment by Great Britain
to the United States of more than $62,000,000 on
account of its war debt to our Government, of which
$25,000,000 represented principal and the balance
semi-annual interest.
With regard to quotations in detail, sterling exchange last Saturday continued quiet and steady,
with demand quoted at 4 84 9-16 and cable transfers at 4 84 15-16. The trend was downward in the
early trading, on Monday, demand declining to
4 843
4and cable transfers to 4 84%. A rally occurred
before the close to the final prices for Saturday.
Rates were only slightly changed on Tuesday but
tended upward, with demand at 4 843
% and cable
transfers at 4 851
/s. The peak quotations for the
week,and on the present movement, were recorded on
Wednesday, when demand touched 4 84% and cable
transfers 4 85%. Before the close these figures were
shaded slightly. On Thursday there was practically
no change from the closing prices of the day before,
DEC. 18 1926.]
THE CHRONICLE
demand selling at 4 84 15-16 and cable transfers at
4 85 5-16. Another slight decline was reported on
Friday, with demand closing at 4 84 13-16 and cable
transfers at 4 85 3-16. Closing quotations were 4 84
13-16 for demand and 4 85 3-16 for cable transfers.
Commercial sight bills finished at 4 84%, sixty days
%, documents for
at 4 80% and ninety days at 4 783
payment (sixty days) 4 80 11-16, ninety days at 4 78
13-16 and seven-day grain bills at 4 83%. Cotton
2.
and grain for payment closed at 4 843/
No gold was reported for export.
3089
characterized Norwegian, Swedish and Danish currencies. Guilders continued to advance, reaching
40.00, Swiss francs touched 19.34, against 19.31 at the
close a week ago. Spanish pesetas moved up to
15.24, in comparison with a low level for the previous
week of 15.16.
Bankers' sight bills on Amsterdam closed at
39.98, against 39.953/2; cable transfers at 40.00,
against 39.973', and commercial sight bills at 39.9934,
against 39.9734 a week ago. Final quotations on Swiss
francs were 19.3334 for bankers' sight bills and
19.3434 for cable transfers, which compares with
19.31 and 19.32 last week. Copenhagen checks
finished at 26.63 and cable transfers at 26.65, against
26.62 and 26.6334 last week. Checks on Sweden
closed at 26.73 and cable transfers at 26.74, against
26.72 and 26.73, while checks on Norway finished a
25.24, cable transfers at 25.25, against 25.23 and
25.24 a week earlier. Spanish pesetas closed the
week at 15.24 for checks and at 15.25 for cable re2 and 15.1934 the previous
mittances, against 15.183/
week.
The features of the trading in Continental exchange
were the wide fluctuations in Italian lire and French
francs. An overnight jump of 18 points in the
former last Saturday to 4.55 was the chief development at the beginning of the period. This abrupt
turn was attributed chiefly to short covering in
Europe, as the entire gain noted was recorded abroad
before the American market opened. The upward
swing was carried further on Monday to 4.61 on a
continuance of Government buying and short coverEXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ing by speculators. The Italian currency continued FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 11 1926 TO DEC. 17 1926, INCLUSIVE.
prominent in the trading and to fluctuate wide, a
decline of 18 points to 4.43 being recorded on TuesNoon Burin° Rate for Cable Transfers Is Nom York.
Value in United &tau Money.
Monetary
day, but with the general trend upward again. The Country and
____
Dec. 11. Dec. 13. Dec. 14. Dec. 15. Dec. 16. Dec. 17.
strength of French francs was believed to have been
2
8
8
s II
8
II
EUROPE.14073
due principally to the' favorable Bank of France austria,
.14086
.14090
.14081
.14078
sobilling___ .14086
.1391
.1391
.1391
.1391
.1391
.1391
Belgium, belga
statement which disclosed a decrease in note cir- Bulgaria. lev
.007258 .007219 .007303 .007231 .007231 .007331
Czechoslovakia, kron .029620 ,.029619 .029620 .029624 .029623 .029821
.2663
.2664
.2664
.2662
.2663
culation of 657,915,000 francs and the repayment by Denmark,
2662
krone
pound star4.8522
4.8528
4.8527
4.8500
4.8489
.8489
the State of 150,000,000 francs. The reduction in England,
ling'
.025214 .025208 .025208 .025215 .025212 .02520
Finland, markka
.0400
.0401
.0397
.0396
.0399
.0397
the Bank of France's discount rate from 732 to 6
France. franc
.2380
.2380
.2380
.2380
.2379
Germany, relensmark .2378
.01246
.012492
.012493
.012539
.012588
.012652
was regarded as a still more important factor. On Greece, drachma
.4000
.4000
.4000
.3998
.3998
.3997
Holland, guilder
.1756
.1756
.1756
.1758
.1756
.1758
pengo
heavy trading the franc advanced to 4.02 for Hungary,
.0446
.0449
.0445
.0445
.0456
.0452
Italy. Ilra
.2525
.2523
.2526
.2529
.2525
.2522
Norway, krone
cable transfers, a new high record for the year. Poland,
.1128
.1122
.1119
.1132
.1119
1131
zloty
.0512
.0512
.0512
.0512
.0511
0512
escudo
Trading in other Continental currencies was not par- Portugal.
.005005 .005070 .005177 .005199 .005151 .00514
Rumania,lea
.1523
.1522
.1527
.1531
.1522
.1520
Spain. peseta
ticularly active. While irregularity was displayed iweden,
.2672
.2672
.2673
.2672
.2672
.2672
krona
.1933
.1933
.1933
.1932
.1932
.1932
Switzerland, frano
strength generally was in evidence.
.017656 .017057 .017656 .017663 .017656 .01765
Yugoslavia. attar
ASIABelgian. francs were only moderately affected by China.6238
.6204
.6221
.6275
.6283
.6250
Chefoo, tael
.6100
.6088
.6103
.6138
.6163
the fluctuations in French francs. Keeping close to Hankow,tael
6119
.5916
.5905
.5900
.5945
.5979
5938
Shanghai, tael
.6258
.6229
.6242
.6292
.6304
6275
13.90 for the belga, as was true last week. As already Tientsin. tael
.4779
.4775
.4764
.4771
.4786
Hong Kong. dollar_ .4769
.4416
.4413
.4422
.4409
.4419
Mexican dollar. _ _ .4391
hnoted, Italian lire fluctuated widely and closed wit Tientsin
or Pelyang
.4304
.4296
.4338
.4346
.4333
.4288
dollar
a substantial advance at 4.473
4 for bankers' sight Yuan,
.4271
.4263
.4313
.4313
.4300
.4250
dollar
.3591
.3591
.3588
.3587
.3589
.3589
India. rupee
bills against 4.36 a week ago. Considerable irregu- Japan,
.4887
.4889
.4889
.4888
.4891
.4893
yen
.5594
.5594
.5594
.5594
.5594
dollar .5594
larity characterized the trading in the other cur- 8ingapore(S.S.),
NORTH AMER.999321 .999346 .999031 .999014 .998857 .998721
Canada. dollar
rencies.
.999083 .999125 .999094 .999063 .999125 .999125
Cubs, peso
.467333 .487500 .466833 .467000 .466167 .465833
Mexico. Peso
The London check rate on Paris closed at 121.20, Newfoundland,
.997188 .997156 .996781 .996719 .996625 996250
doll
AMER.SOUTH
against 124.20 a week ago. In New York sight bills Argentina. peso (gold) .9291 .9293 .9299 .9304 .9332 .9365
.1184
.1187
.1177
.1188
.1166
.1167
Brazil, mitred'
onithe French centre finished at 3.99%,against 3.91; Chile,
.1202
.1202
.1202
.1202
.1206
.1205
peso
I 09c1
1 nI7R
I ruin,
I nn,,
I nngn
fume.
.-.------ --cable transfers at 4.00,against 3.92, and commercial
sight bills at 3.99, against 3.90 last week. Closing
With regard to South American exchange, trading
rates on Antwerp francs were 13.89 for checks, was dull, though the tone of the market was strong,
against 13.90% and 13.91 for cable transfers, the with Argentine pesos again the feature It rose to
same as for the previous week. Reichsmarks finished 41.31, closing at 41.24 for checks and 41.29 for cable
the week at 23.80 for checks and at 23.81 for cable transfers. The close last week was 40.89 and 40.94.
remittances, as against 23.76 and 23.78 a week ago. Brazilian milreis also rallied and finished higher, at
No change has been noted in the quotation for 11.90 for checks and 12.00 for cable transfers, as
Austrian schillings, which remain at 144. Italian against 11.40 and 11.45 a week earlier. Chilean
lire closed at 4.463/2 for 'bankers' sight bills and at exchange closed at 12.05, the same as a week ago,
4.47% for cable transfers. A week ago the close while Peru remained at 3 58, the same as last week.
was 4.36 and 4.37. Exchange on Czechoslovakia
Far Eastern exchange was practically unchanged
finished at 2.96%, against 2.963
last
week; on from a week ago. Hong Kong finished at 483/gg
%
Bucharest at 0.513
4, against 0.50; on Poland at 48%, against 47 13-16@48%. Shanghai, 59/3®
3 against 59%@5934; Yokohama was lower and
12.00, against 11.50, and on Finland at 2.52
59%,
against 2.52%. Greek exchange closed at 1.231A finished at 48.85@48.95, against 49.103@49.31 last
for checks and at 1.24 for cable transfers, in com- week; Manila, 49%@49.75, against 49.60(4)49.75;
Singapore, 56%@,56 (unchanged); Bombay, 36(4)
parison with 1.25 and 1.26.
363/8, against 36@3O A, and Calcutta, 35 15-16(4)
As for the so-called neutral or minor Continental 36.00, against 36@36
currencies, it may be stated that in general firmness
3090
THE CHRONICLE
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,935,854 net in cash as a result of the currency movements for the week ended Dec. 16.
Their receipts from the interior have aggregated
$6,428,854, while the shipments have reached $1,493,000, as per the following table:
[VOL. 123.
dors at Paris, in regard to German fortifications on
the Polish frontier and to war materials, two questions regarding which Germany has long pressed for
a liberty of action which the Allied Governments
have not until now seen their way to accord. In the
meantime, work on the fortifications, which has been
particularly in dispute, is to cease without prejuCURRENCY RECEIPT AND SHIPMENTS BY
NEW YORK BAN)33NO dice to the legal
rights of either party. The InterINSTITUTIONS.
Allied Commission of Control which was established
Into
Out of
Gain or Lose
Week Ended December 16.
to oversee the execution of the military requirements
Banks.
Banks.
to Banks.
Banks' Interior movement
$6,428,854
61,493,000 Gain $4,935.854 of the Treaty of Versailles, and.which since the
As the Sub-Treasury was taken over by the Fed- Peace Conference has maintained headquarters at
eral Reserve Bank on Dec. 6 1920, it is no longer Berlin, is to be withdrawn on Jan. 31, leaving the
possible to show the effect of Government opera- provisions of Article 213 of the Versailles Treaty
tions on the Clearing House institutions. The Fed- to govern the treatment of German armaments thereeral Reserve Bank of New York was creditor at the after under such conditions as the Council of the
Clearing House each day as follows:
League of Nations shall lay down. If, by Jan. 31,
DAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANS the negotiations which the Conference of AmbassaAT CLEARING HOUSE.
dors is to direct shall not have resulted in an amSaturday, Monday, Tuesday, Wedneetry, Thursday
Aggregate
1Prldal.
Dec. 11. Dec. 13. Dec. 14. Dec. 15. Dec. 18. Dec.
icable settlement of the matters in dispute, the con17.
for Week.
$
$
$
troversy is to be brought directly before the Coun$
$
$
$
87,000.000 101,000 000 94.000.000 99,000,000 157.000 000 121,000
OM Cr.659.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come cil of the League. Provision is also made for the
to the New York Reserve Bank rom all parts of the country In the operation of
designation of technical experts by the Governments
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
epresented in the Conference of Ambassadors, who
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 arc to be attached to the embassies of the respective
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.
Powers and authorized to arrange with the German
.
authorites for the execution of such settlement as
The following table indicates the amount of bulthe
Conference may reach.
lion in the principal European banks:
Article 213 of the Treaty of Versailles, to which
December 16 1926.
December 17 1925.
reference is'made in the communique, is very brief,
Banks of—
Gold.
Sliver. I Total.
Gold.
Sliver.
Total.
and provides only that as long as the treaty shall
E
S
I E •
i
l
£
remain
in force, Germany agrees to submit to any
England__ 152,092,987
152.09,87415
144,801.755
France a__ 147,379,408 13,600,000160,979,408147,340,042 12,720,000160,060,942
Germany b 78,915,000
c994,600 79,909,600 49,999,600 d994,600 50,994,200 investigation which the majority of the Council of
Spain
102,263,000 26,967,000129,230,000 101,477,000 26.088,000127,565,000
Italy
45,597,000 4,159,000 49,756,000 35,648,000 3,411,000 39,059,000 the League may deem necessary. It has been.known
Netherl'ds 34,800,000 2,318,000, 37,118,000 37,565,000 1,988,000 39,553,000
Nat. Belg_ 17,722,000 1,073,000, 18,795,000 10,954,000 3,645,000 14,599,000 that Germany desired to have the question
of the
Switzer!' d 17,728,000 3,022,00Y 20,750,000 18,235,000 3,615,000 21,850,000
Sweden_ _ _ 12,511,000
I 12,511,000 12,801.000
12,801,000 continuance of military control referred to arbitraDenmark. 11,612,000
886,000 12,498,000 11.628,000
874,000 12,502,000
Norway __ 8,180.000
I 8,180,000 8.180,00'
8,180,000 tion, or, failing arbitration, to the World Court.
Total week 628,800,395 53,019,600681,819,995578,630,297 53,335,600.31,965,897
Prey. week 829,954.113 53.014,600682,968,713579,130,909 53,440,600:32.571.509 The agreement to leave the matter to the League
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 Council, under an article of the treaty that appears
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £8,830,000 held abroad. c As of Oct. 7 1924.
to cover any kind of investigation, relating to any
provision of that document, which the Council may
The End of Allied Military Control in Germany. think proper to initiate, has been claimed as a
vicThe announcement on Sunday that Allied military tory for M. Briand, the French Foreign Minister,
control of Germany would cease on Jan. 31 next who has been understood to be averse to arbitration.
marks one of the most important steps that have The attitude of the Council in the past, in controverbeen taken by the Allied Governments toward re- sies in which the greater Powers had a predominant
moving the restrictions and discriminations which interest, has not always been such as to inspire conwere imposed upon Germany by the Treaty of Ver- fidence in its impartiality, but the admission of Gersailles. Apparently the agreement is still in the many to the League, with a permanent seat in the
informal stage, awaiting definitive ratification by Council and an equal voice in whatever decisions are
the several Governments concerned, but the issu- taken, has materially changed the political comance of an official communique setting forth the plexion of that body, and the reported willingness
terms to which representatives of France, Great of Germany to allow the armament issue to go to
Britain, Belgium, Italy, Japan and Germany have the Council, in the event of a failure of the Conferassented at Geneva, together with the intimation ence of Ambassadors to dispose of it, probably means
that none of the Governments represented is ex- that Germany no longer fears prejudice or discrimpected to withhold its approval, gives to the agree- ination. It is certainly to be hoped that its confiment the virtual force of an established fact, and it dence will not be found to have been misplaced, and
is as such that the announcement has been received. that no untoward incident comparable to that which
Whether or not the formal completion of the agree- followed the signature of the Locarno pacts may
ment will be jeopardized by the sudden overthrow develop to reawaken suspicion or perpetuate irritaof the Marx Cabinet, which resigned on Friday, fol- tion.
lowing charges that a secret military clique was in
What the Geneva agreement means, of course, asvirtual control of the army, cannot now, be deter- suming that the Council of the League acts imparmined. At the moment, however, the Cabinet crisis tially, is that Germany will in due time be accorded
appears to be primarily a matter of domestic politics. the same liberty of action in regard to its military
The terms of the agreement, as set forth in the establishment as is claimed in their own spheres by
official communique, provide for the continuance of the other Powers signatory of the Treaty of Vernegotiations, through the Conference of Ambassa- sailles. Obviously, such a result will not come
Dim. 18 1926.]
THE CHRONICLE
about at once. Legally and technically, all of the
provisions of the treaty that require Germany to
disarm are still in force, and the League Council, if
it is called upon to act, will be nominally bound to
see that those provisions are complied with to its
satisfaction. Actually, however, the Geneva agreement forecasts an early and complete freedom for
Germany in military matters. The fact that the
question is not to go to the Council save in the event
that the Conference of Ambassadors shall fail to
effect a settlement, joined to the statement in the
official communique that an amicable arrangement
is expected, seems clearly to indicate a purpose on
the part of the representatives of the Powers to reach
an understanding that shall be acceptable to Germany; and since the only arrangement that will satisfy Germany is one that shall eventually untie its
hands, the announcement of the expectation is
equivalent to an intimation that such an arrangement will be sought.
In this respect the agreement that has just been
announced is in harmony with the procedure which
has hitherto been followed in restoring Germany to
the position of a free State. Harsh or unwise as
many of the provisions of the Treaty of Versailles
are now seen to have been, any such thing as revising
the treaty as a whole in order to get rid of them has
been obviously out of the question. It is not in that
way that nations, as a rule, bury their animosities
and forget their mistakes. Here, as so often elsewhere, time has worked where men could not, and a
task which was unthinkable when viewed as a whole
has made progress piecemeal. One by one, as the
years have passed, the burdensome restrictions that
were laid upon Germany have been relaxed or removed. The death blow to political interference,
pursued on the mistaken theory that any Power that
chose to do so might undertake an enforcement of
the treaty on its own account, was given when the
Dawes Commission, charged with the duty of setting Germany economically on its feet and warding
off a general economic chaos in Europe, let it be
known without equivocation that political interference must cease if the plan which it had drawn up
was to work.
The spirit which prompted France to occupy.the
Ruhr is no longer the spirit which governs France
in its relations with its former enemy, at the same
time that the re-establishment of friendly intercourse
between men of science and letters in the two countries bas helped to clear the political atmosphere on
both sides of the Rhine. The American Army of
Occupation has long since been withdrawn, and the
forces of the other Powers have been greatly reduced. The Locarno pacts have set up a plan of arbitre tion and mutual guarantee to which Germany
itself is a party, the requirements of the Dawes plan
have been fully met, and Germany has been admitted to membership in, the League. Now a further
step has been taken in an agreement which foreshadows a relinquishment of outside military control. The step could not have been taken a year ago,
but it appears to have been taken easily now.
How much of what has just been achieved is due
to a union of diplomacy and steady insistence on the
part of Germany, and how much to increased confidence and good-will on the part of Great Britain,
France and the other Powers, it would be idle to attempt to decide. To all the parties to the Geneva
3091
agreement let there be given the praise that is their
due. If it has become almost a commonplace to say
that there can be no permanent peace in Europe as
long as Germany is held at arms length or subjected
to discrimination in any matter affecting its national independence or sovereignty, it is nevertheless
precisely such commonplaces that States which have
won a war are often slow to apprehend. Germany
will doubtless congratulate itself that the InterAllied Commission of Control is to be withdrawn,
France will be glad that further fortification in
the East is to be halted until the Conference of
Ambassadors decides what shall be done about it,
and Great Britain will be glad that the troublesome
question of the manufacture and export of arms by
Germany has been put in the way of adjustment.
Agreement upott any one of these matters would of
itself have contributed to increase the chances of
continued peace, and now that they all appear to
have been embraced; with others, in a common undertaking, it is to be hoped that party controversy
and the necessity of reconstructing the German Ministry will not impede a diplomatic settlement whose
announcement has brightened the outlook for peace.
The Joint Stock Land Banks.
When Congress in 1916 passed the Federal Farm
Loan Act its intention was to provide the farmer
with mortgage money of longer term and lower
rate than had previously been available. The resultant mechanism took two forms—the Federal
Land Bank System and the Joint Stock Land Bank
System. Both of these lend money on mortgage on
very similar terms, and the operations of each were
put under the supervision of a branch of the Treasury Department, known as the Federal Farm Loan
Bureau. The Federal Land Bank System was established in the form of twelve regional banks mutually liable for the debts of the System, and the
stock was originally subscribed by the United States
Government, later passing for the most part to
•
national farm loan associations.
The Joint Stoqk Land banks, on the other hand,
were established as private undertakings, each on
its own footing, with the stock offered for public pr
individual subscription. Both systems of banks, in
accordance with the methods by which they were
established, have borrowed large sums from the public as an offset to their mortgage loans. The scope
of operations may be disclosed by the fact that on
Oct. 31 1926 the twelve Federal Land banks had
Farm Loan bonds of $1,052,738,735 outstanding,
and the several Joint Stock Land banks had $598,757,100. A spirited debate as to the relative merits
of the bonds of each type of institution has long
been inkier way, and it is hardly appropriate to
devote these columns to such a purpose.
It may be noted, however, that the path of the
Federal Farm Loan System has not been entirely
free from disturbance. Both legislative and legal
attempts have been made to restrict or modify operations, and apparently all controversial matters
have not yet been settled. Reports have been
current during recent weeks that the Treasury Department will ask Congress to modify the methods
under which the Joint Stock Land banks are operated, and citizens of one of the leading banking
communities of the country recently proposed certain legislative action in their own State.
3092
THE CHRONICLE
In the latter case the situation is undoubtedly due
to the drastic decline in the price of shares of some
of the Joint Stock Land banks. As to the reported
dissatisfaction of the Treasury Department, Secretary of the Treasury Mellon, in his annual report
submitted to Congress last week, declares that while
the operations of the Farm Loan System have, generally speaking, proceeded in a satisfactory manner,
"there appear to be many opportunities for substantial improvement in both the administrative and
operating functions of the system." He goes on to
say that "some of these improvements may be accomplished through revision of regulations, readjustments of personnel, or standardizing of procedure.
The remainder, and unquestionably the more important, may be achieved only by amendment of the
Farm Loan Act." The Secretary then details what
has been done by the Treasury Department to improve the administrative regulations. We gave this
part of Mr. Mellon's report in full in our issue of
last week and it may be found on pages 2968-2969 of
that issue. Mr. Mellon expresses the opinion that
"the 'ystem has fully demonstrated its capacity for
providing valuable service to the farmer" and that
the "bonds of the System, offered to the investing
public, are entirely sound." He advises Congress
that "a careful analysis is being made of the situations which have arisen in the past and which may
be avoided in the future only through revision of the
organic Act" and that as a result of such analysis
appropriate recommendations will be made to Con°Tess
b
•
A question may arise with reference to the Joint
Stock Land banks as to whether a semi-public function such as the providing of agricultural credit is
compatible with the idea of private gain. A clearer
basis of discussion is revealed in the consolidated
statement of condition of the several Joint Stock
Land banks, as shown by reports submitted to the
Farm Loan Board at the close of business Oct. 31
1926:
[VoL. 123.
Net "Worth-Capital stock paid in
Surplus paid in
Surplus earned
Reserve (legal)
Other net worth accounts
Undivided profits
$44,744,021
2,007,569
1,350,468
4,557,454
1,099,390
3,023,723
56,782,625
Total liabilities and net worth
$680,405,875
This statement presents some interesting comparisons with a similar one for Sept. 30 1926:
Item—
Net mortgage loans
U. S. Govt. securities
Installments matured
Sheriffs' eds., judgments, etc
Real estate
Sept.30.
Oct.31.
$614,639,204 $619,217,430
18,206,061
19,664,547
1,800,222
2,016,769
2,467,925
2,460,582
4,012,278
4,780,023
Farm Loan bonds outst'd'g
Capital stock paid in
Surplus paid in
Surplus earned
Legal reserve
$597,263,000 $598,757,100
44,724,021
44,744,021
2,002,569
2,007,569
1,543,088
1,350,468
4,646,152
4,557,454
The foregoing indicates a moderate increase during the month in the net mortgage loans, which was
considerably in excess of the increase in Farm Loan
bonds outstanding, and the increase in capital stock
paid in. At the same time there was an increase in
installments matured and in real estate.
On Oct. 31 1925 the Joint Stock Land banks had
net mortgage loans of $526,041,676, and Farm Loan
bonds outstanding of $512,621,400, and at the same
time installments matured amounted to $1,318,145,
sheriffs' certificates, judgments, etc., $1,932,636, and
real estate $2,249,899. As these accounts, no doubt,
indicate progressively the mortgage loans and installments not paid at maturity, the banks appear
to have accummulated delinquencies at a faster rate
than their business has expanded. However, delinquenees are not all loss by any means, and in
Nany cases the ultimate result of foreclosure is the
liquidation of the mortgage at its full value. On a
(reel'tage basis to the amount of business done,
these dePi.quencies are not heavy, but they have
very definitely been a drag on the System's operations. From the practical standpoint, the great
trouble has been that the Federal Farm Loan Board
was sufficiently influenced by events to issue a
drastic ruling restricting the payment of dividends
on stocks if delinquent loans, in the form of foreclosed or deeded real estate, were reaching sizeable
figures. In some cases dividends were sharply reduced and in others discontinued entirely, and the
market for the Joint Land Bank stocks was demoralized. The following comparison brings this out
clearly:
Assets.
Net'mortgage loans
$619,217,430
Interest accrued but not yet due on mortgage
loans
11,454,648
U. S. Government bonds and securities
19,604,547
Interest accrued but not yet due on bonds and
securities
127,509
Other interest accrued but not yet due
23,507
Cash on hand and in banks
15,750,967
Notes receivable, acceptances, etc.
1,185,239
Accounts receivable
2,421,158
Installments matured (in process of collection)
2,016,769
Banking houses
1,072,638
Furniture and fixtures
196,675
Sheriffs' certificates, judgments, etc. (subject
to redemption)
2,460,582
Prices.
Real estate
4,780,023
Oct.3'25. Nov.6'26. Dec.17'26.
Other assets
•
34.183 Bankers of Milwaukee ____ 175-179
50- 60
25- 35
Chicago
180-188
80- 85
90- 95
Total assets
$680,405,875 Dallas
173-178 125-130 125-130
Denver
Liabilities.
136-140 110-120 115-120
Farm loan bonds outstanding
$598,757,100 Des Moines
153-158
55- 65
55- 65
First Carolinas
Interest accrued but not yet due on Farm Loan
128-133 103-112 105-110
11,219,319 Fremont
bonds
145447/
1
2 100-105
90- 95
Notes payable
4,963,609 Kansas City
180-185
73- 80
80- 85
Accounts payable
4,297,947 Lincoln
158-___
133-13 120-125
Other interest accrued but not yet due
48,189 North Carolina
118-___
140-150 135-145
Due borrowers on uncompleted loans
1,393,161 Southern Minnesota
167-172
40- 50
48- 52
Amortization installments paid in advance
2,150,793 Virginia (par $5)
- 10 6%-71/
4
6- 8/
1
2
Farm Loan Bond coupons outstanding (not preA further glance at the consolidated statement of
sented)
786,095
condition on Oct. 31 reveals two striking factors to
Dividends declared but unpaid
7,037
Total liabilities
$623,623,250
the analyst accfistomed to thinking in banking terms.
One is the large amount of borrowed money in rela-
DEC. 18 1926.]
UTE CHRONICLE
tion to subscribed capital, and the other is the very
moderate size of the reserves. To be sure, these are
mortgage banks and not commercial banks, but the
statement of a good private mortgage company—
which admittedly is not completely comparable—
would show a larger proportion of tapital and very
substantial surplus and reserve items.
The Joint Stock Land banks may borrow in the
form of bonds (which carry the tax-exempt privilege) to the extent of fifteen times"their capital and
surplus and they may invest their funds in improved
farm mortgages at 50% of appraised land values
(20% of improvements) or in United States Government securities. They may charge the farmer 1%
more interest than they pay on their public borrowings, but the rate charged shall never exceed 6%.
Obviously the Joint Stock Land bank has fewer avenues for the employment of funds than the typical
banking institution, and under the existing provisions it is exposed to the hazards of changing money
rates, agricultural needs and fairly rigid regulations,
though on the other hand clothed with authority to
put afloat a tax exempt security which, under proper
safeguards, must always rank as a superior form of
investment. Among such safeguards the possibility of poor business judgment or excessive dividend
payments in an individual Joint Stock Land bank
must be recognized. Secretary Mellon's recommendations will be awaited with much interest.
The Spirit of Christmas.
0. 0. McIntyre, sojourning the while in Los Angeles, writes: "It might be imagined that the
Christmas idea would wither and die out here in
the perpetual sunshine. It is so associated with
snow and smoking chimneys. Yet there seems more
enthusiasm about the Yuletide than there is back
East." Not in this country alone, but where will
one go in the wide round earth to find no thought of
Christmas? It is humanity's holiday. The other
day, a minister, speaking on the presentation by the
Gideons of hundreds of copies of the Bible to hotels
in a small Western city, said "it is the only book that
has been translated into every language of earth."
In a like way, Christmas is the one universal celebration that circles the globe. As it is the delight of
childhood, it is the solace of age. And we like to
think it is one of the institutions of life that does
not fall into desuetude or meet with the scorn which
so often our,modern "progress" visits upon the old
and established. It is true, there are those who
argue that it is a myth, but the actuality of its goodwill cannot be denied. And if, as the old rhyme
runs, it "comes but once a year," still, it comes in
every year, and there is joy and pace wherever it
passes. We like to muse upon its meaning—not the
miracle, not the Pagan significance of returning life,
not the legends that cluster about the celebration in
the folklore of peoples—but the meaning it bears in
the proffer of love through sacrifice and service.
Sometimes we think we will not write again upon
this wonderful day, but as the time approaches and
the currents of giving begin to flow around us we
are conscious of an urge to become a part of the
rejoicing and to add, if possible, another voice to the
sweet song that rises in every hamlet, city and home.
We want to turn away from the work of the world,
and, bowing our heads in reverence, listen once more
to that majestic voice in the heavens crying: "And
3093
on earth peace to men of good-will!" Year by year
men preach to us the potency of contemplation.
About us, we are conscious, there is passionate
effort and energy to gather riches, to seize upon
pleasure, to build great agencies and institutions of
betterment. The rush of life leaves us little time
for meditation. It is the age of science, invention,
machinery, ach:evement. But now in this gentle
Christmas-tide there is the hushed calm of introspection. As we look upon the giving of gifts we ask
ourselves the old, old question, what is the motive of
life, what is the secret of acquisition, what is the
success that shall not pass away? And lo, we have
the answer when love overflows, and thinking of
others brings satisfaction to the soul. Christmas
is the apotheosis of unselfishness!
Saying he had sometimes been accused of writing
too often about millionaires, B. C. Forbes, in his column turned aside to pay a sincere and heartfelt tribute to a neighbor who had passed away full of good
works; a woman who gave her life for others; obscure, unknown, but filling her sphere with the sunshine of helpfulness and cheer. And we thought how
truly such a life exemplified the spirit of Christmas.
And the old, worn phrase, still beautiful, came to
mind "the gift without the giver is bare." If there
were nothing spiritual in this pressing of presents
on others there would be no holy day all may worship. Philosophers tell us we are living at too rapid
a pace, that we are forgetting the faith of our fathers
who asked for nothing but to work, that folly is banishing frugality and selfishness driving out service.
And there is truth in the statement. Bur now, as
we contemplate the Spirit of Christmas, we know
that deep under the moiling activities there is love
for others. The life that began in a manger and
ended on a cross was born to simplicity, was dedicated to good works, and at last made the supreme
sacrifice—for others.
There is another saying: "It is more blessed to
give than to receive." Sometimes,in our topsy-turvy
methods, if we were to speak jocularly, this is put to
a severe test at Christmas. We receive presents we
do not want, cannot use, and are alien to us, for they
cannot become a part of us. It is even said that a
sinister calculation enters into giving, that there
may be a greater receiving. But if so, it only serves
as the exception to the rule that our Christmas giving is unselfish, although it may not always be wise.
But do we always receive these tenders of love,
friendship and good-will in the proper spirit? We
fear not. It is so easy to give; it is really hard to
receive. Our egotism, as usual, springs up to taunt
us, though we must keep silence. The gift is not
worthy of our importance, our dignity, our condition
in life. It is a trifle; it is not useful or beautiful, to
our own taste; it is cheap and unworthy, a poor
return for the one we ourselves bestowed. Do we
consider the giver or the gift? If only the latter, are
we not more mercenary than those we condemn? It
is hard, if indeed we do measure the giver by the gift,
to enter into the true spirit of this gentle and joyous
day. But if we see in the gift, however trifling, or
small, or incongruous it may be, the shining of the
light of good-will behind, then it is transformed into
glorious worthiness.
It.is said this Christmas custom dates from the
time, when, as the Child lay in the manger, the three
Wise Men from the East, who had been following the
3094
THE CHRONICLE
[VoL. 123.
star, came and placed before the babe, gold and earth, and what calm for the hearts of men! Just to
frankincense and myrrh. Did the Child know the live and labor and love! There is no more, whateve
r
value and significance of these gifts? We like to be the end. Stars and flowers, hills and valleys,
do
think it did, for that was a wonderful child, born on not rebel; only man turns away from the light
that
a day almost two thousand years ago. The proof never was on sea or land. He who loses self in
others
that it did, lies in after years, when the gifts were shall gain his own soul. The Christmas
spirit of
returned in service to all those who were weary and giving and receiving, "in tune with
the infinite,"
heavy laden and who would have rest. But this will not deny us a better world to live in, but
will
Child, we are assured, gave no sign. There may have lessen the turmoil and soften the struggle
in a serbeen a gleam in the eye, but no word of thanks was vice that leads onward and upward.
spoken. Yet in that fragile life, in that faintly beginning thought, there was the humility of acceptance, springing out of an inner love that was afterThe Boston & Maine Preferred Dividend
wards to lead the world to better things. And may
Declarations.
we not draw from this the lesson of the proper spirit
The
Boston
&
Maine Railroad has declared a full
of receiving? If we will cast our own importance
aside, the gift, whatever it may be, radiates the year's dividend on each of its lettered preferred
good-will of the giver and showers upon us the stocks, both stamped and unstamped, and $233 per
blessing of a heart of love. There can be no adequate share, or four months' dividends on the prior preferreturn for this, but in kind. There is no waiting for ence stock, these dividends all being payable Jan. 1,
another appointed day, but always there is oppor- to stock of record Dec. 17. This declaration needs
tunity for return. Nor is there need for profuse, explanation. The prior preference stock was not
and often fulsome, thanks. Out of the vastness of issued until Sept. 1 1926. Four months' dividends
love we do not understand a gift has come that lays cover the last four months of 1926 and are in full to
the time of payment. Prior to the date of issuance,
upon us only the obligation to love and be kind.
And so the Christmas spirit teaches how to give interest was paid at 7% upon subscription receipts.
The dividends on the first preferred stocks classes
and how to receive. What infinite gifts are ours!
Life—and the power to love and think and enjoy. A to E are in part a current semi-annual payment
A universe to dwell in, fashioned by the sublime covering the last half of 1926, and in part a semiarchitect of the heavens and earth. A hope to foster annual payment covering dividends in arrears for
and a faith to treasure, that through the endless the last half of 1925. It will be recalled that after
reaches of eternity there will be more and more of omission of dividends during a period of five and
knowledge and understanding, ever increasing op- one-half years, dividends were resumed on Aug. 12
portunity for love and good-will. And out of silent last; full semi-annual payment being made at that
adoration, the humility of wisdom and truth. And time covering the first half..of 1926.
thought, that essence of being that builds in the fair
The amount of dividends in arrears on the outfields of unfailing love, the institutions of a tem- standing lettered first preferred stocks is compliporal existence, which, if it be not the portal to a cated by two things: (1) The fact that the divifuture more vast and uplifting, can have little an- dends were reduced in amount under the reorganiswer to the aspirations of the human soul. Most of zation of 1919, and (2) the relinquishing of diviall, the blessing of joy, which is love in action, love dends by stockholders on consented stocks under
that finds its being in giving and receiving, not in the reorganization of 1925. The facts in the case
the passion of possession but in renunciation are recited below and the amounts of accruals
are
through acceptance and sacrific'e. Thus, as we shown in the table, including the dividends accrued
muse in the evening of the day called Christmas, as for the last half of 1925, which are to be paid
on
we sit silent in the family circle in the glow of the Jan. 1 1927.
fireside, we are made conscious that all of life is but
In the reorganization of December 1919, the Rosgiving and receiving. Far away are the activities, ton & Maine first preferred
stocks, A to E, were
pride and pleasures of the moil and toil that build issued in exchange for formerly
outstanding leased
our commercial, social and political environment. line stocks and given the same
rate of dividends.
We are nearer to the Infinite Spirit, to the Giver of Dividends on the leased line stocks
were settled in
all Good, than we have ever been before.
cash through the entire year 1919 as a part of the
"Peace on earth, good-will to men!" Let us go reorganization. Dividends, therefor
e, began to
back to the older phrase and dwell upon its signifi- accrue on the new lettered stocks
as of Jan. 1 1920.
cance. What is there in the priceless gift of life to Under the plan it was arranged
that dividends
make us dissatisfied, covetous and cruel? If we should accrue at four-fifths
of their regular rate
will see the material as the expression of the spirit- during the five-year period
1919-1923, inclusive. The
ual, there is plenty and joy for all. What would first semi-annual payment
on these lettered stocks
human intercourse be without smiles and laughter? was made July 1 1920
covering the first half of 1920.
What would work be without thought, or aim with- Subsequently no dividend
s were paid until August
out accomplishment, opportunity without energy, or 1926, when regular
payments were resumed, as
existence without calm and peace? Are not all of stated above, a semi-ann
ual dividend on each class
these here and now—precious though without price? of stock being paid on
that day to holders of record
We strive so hard for perfectness, we kneel so much July 31, covering
accruals during the first half of
to progress, we glory so in greatness, that we lose 1926.
This leaves dividends accrued and in arrears
sight of the gifts that are ours for the asking. If we for a
period of 51
/
2 years, namely the last half of
could only give in proportion as we receive; and 1920
and the five years 1921 to 1925, inclusive. Durreceive in the spirit in which all things are given to ing
this period dividends accrued at the 4-5 rate for
us; what peace there would be for all the peoples of
3/
1
2 years, and at the full rate for two years. The
THE CHRONICLE
DEC. 18 1926.]
3095
following table shows the full accruals on each class tions if it is to be understood and dealt with so as to
of stock:
secure permanent redress.
Dividends Accrued on Boston & Maine Lettered Pref. Stocks.
To-day there is what is described by a responsible
official
as a "so-called crime wave running rampant
Period of
Accrual—
A 5% B
C
D 10% E 4%% throughout the land." He says: "The populace is
$200
1920
$320
$280
$400
$180
in hysteria in many sections. Murder, robbery, bur1921
400
640
560
800
360
glary, arson, rape, kidnapping, larceny and kindred
1922
400
640
5 60
800
360
crimes are reported from every corner of this great
1923
400
640
560
800
360
nation." It is a sufficient general statement to jus1924
500
800
700
1000
450
1925
500
tify some concern over the events which may be oc800
700
1000
450
curring in any individual community. Exceptional
$2400 $3840 $3360 $4800 $2160
Totals
as they appear, they have their counterpart in many
1926—Dividend payments in full resumed Aug. 12 covering directions.
first half 1926.
An ample discussion of the subject of modern
Holders of stocks stamped as consenting to the crime will be found in the May number of "The Anreorganization of 1925 have surrendered their rights nals" of the American Academy of Social Science.
to accrued dividends, except that the management Meanwhile the history of the various methods
of
reserved the right to pay in full the accrual for the dealing with crime is reviewed in a new book by
last half of 1925. This has now been declared pay- Prof. Harry E. Barnes of Smith College, "The Reable Jan.1 1927. Dividends on these stocks are now pression of Crime," published by Doran. He calls
being paid under provisions of the 1925 plan on a attention to the radical change in the understanding
non-cumulative basis; beginning July 1 1927 the of crime and its causes which have resulted from the
cumulative feature will again become operative. It work of Lombroso in the 19th century. His theory,
is provided, however, that in case more than 6% is based on the physical criteria, has led to the developpaid at any time on the common stock, an amount ment of a method of medical psychology. Experts
equal to the excess over 6% shall be paid on the first now have special training in the whole field of bipreferred stock until one-half of the surrendered ology, psychology and sociology. They have enlarged
accumulation shall have been paid. -The stamped the scope and changed the point of view, fixing atstocks, therefore, may receive some time, payments tention on biological heredity and past and present
aggregating one-half the total amounts accrued and experiences in accounting for definite acts. The
unpaid upon the unstamped stocks.
particular form of the crime is no longer viewed as
In paying off the dividends accrued during the a measure of the degradation of the criminal perlast period of accrual rather than the first, the man- sonality. There is no recognizable relation between
agement is doing what it can in acknowledgment of the two. Hideous crime may be the act of a person
the courtesy of stockholders in consenting to the of high intellectual powers with but slight mental
reorganization plan and thereby relinquishing their disorder readily amenable to treatment, while many
rights to dividends in arrears. This is the only part feeble-minded potential murderers may commit nothof the dividends in arrears which now can be paid ing more serious than petty larceny. Much needless
waste of time in court occurs in cases that could
in full to holders of the consented stocks.
Before or simultaneously with the beginning of be promptly determined by expert testimony.
There is a long history in the punishment of crime:
dividends on the common stock, it will be necessary
to pay off the dividends on the comparatively small it extends from the exorcising of an evil spirit to proamount of non-consented first preferred stocks, and tecting the community; from placating the gods to
also to begin dividends on the comparatively small reforming .the culprit. Methods of all sorts have
issue of non-cumulative ordinary preferred stock. been used, death, exile, imprisonment, corporal punThese measures will not be important from a purely ishment often brutal, and reaction against all punfinancial point of view, but it is still a matter for ishment. Imprisonment has failed to be adequate
the future to determine as to when the management and has often made the culprit worse. It is now
will wish to begin dividends on the common stock. known that the criminal is in nearly every case deIn this regard it is interesting to note what a splen- fective to some degree, and the first duty is to disdid record the road had prior to discontinuance of cover and deal with this defect. This is the call for
the dividends in 1913. Common dividends were paid the expert. Institutional treatment comes as the
without interruption in the period 1842 to 1913, in- last resort, and for the less serious class of offendclusive, the payment in 1842 being 3% and in 1913 ers, only after probation has first been tried. For
2%. In the intervening years, the rate was not less many deficients personal treatment by trained psythan 4% at any time, and during the greater portion chiatrists and physicians is necessary, augmented
with vocational opportunity and training: Suitable
of this period ranged between 6% and 10%.
individual treatment of the kind introduced by Mr.
The Repression of Crime. •
Osborne at Sing Sing and at Portsmouth has been
From time to time some section of the country is proved effective. Failures seem inevitable in a cergreatly disturbed over an outbreak of crime. On the tamn number of cases and need an adequate supplestatute books there are innumerable laws enacted meiitary parole system. As at present administered
for the protection of the public which until flagrant this system is greatly abused.
evil appears are little regarded, and seldom recogThe judicial procedure stands in very vital relanized by the courts. Laws against adultery, bias- tion. It should rest on the application of the new
phemy, bribery, gambling, perjury, adulteration of theories, and not on the extent of the punishment
food, dangerous conditions of employment, are a few which is. enacted for the particular form of crime.
illustrations. When an outbreak occurs, it is to be To-day a man may be branded for life as a criminal
apprehended as an instance of widespread condi- and a "jail-bird," when his act was a single result of
•
3096
THE CHRONICLE
[Vox,. 123.
ill-luck, of stupidity or of extreme want. Fitting
There are three main purposes to be sought: prethe penalty to the crime, so long accepted as the last y( ntion of crime, the arrest and conviction of the
word of justice, is never the sufficient rule of pro- zriminal and, if possible, his reformation. As to
cedure. The incurable moron is often more danger- methods, it is an affair of dealing with men, not
ous than the deliberate murderer, and the deed of the with things, and the causal forces will not be found
one is as immanent or frequent as of the other.
simply among the forces of nature. Academic study
Responsibility for the prevailing increase of vio- and research are needed in a wider field and should
lent crime is not easily fixed. Increase does not be prolonged in the realm of man. The new science
seem to extend to all crime. The last figures for the has here a special field in which to use both its
decrease of commitments for crime reported by the material and its methods. In his outside conneccensus was from 522 per 100,000 in 1910, to 325 in tions man is brought under strong and constant in/
4%. Professor Barnes thinks that much fluences. As an inevitable member of the
1923, or 373
family
more than drink or inadequate police force, or the and of the community he has both rights and duties
indirect result of war, as accountable for existing from which he will derive incitements, both good
conditions is the great number of shrewd, unscrupu- and bad. These will be connected with his housing,
lous lawyers whose trade is to get crooks out of his employment, his finances, his fo.od, his compantrouble The crooks know and rely on them. A ions. They all lead, however, to the response that
dozen await the arrival of the patrol van to offer arises within himself. We are compelled, therefore,
their services. They get a large share of the plun- to consider his reaction to the inevitable restraints
der as their pay. As a class they have more re- put upon him in the regulations or laws of the comsources at their command, are abler and more expe- munity that are enacted for the protection or benerienced than the court, and are "far too much for the fit of all. His readiness to heed these restrictions,
tited judge." The plea to-day is for a vastly better and the extent to which in the promptness and cerprotection of society which can only be furnished tainty of its execution the law needs constant reinwhen arrest, trial and conviction are made swifter forcement, become important.
and surer.
Turning to the man himself, the new science finds
Thc kok contains an interesting account of the its field in the two realms of his inheritance, and of
criminal codes of Colonial times, the origin and his human impulses, his passions, his thoughts, his
growth of our prison system; with the story of the capabilities and his desires. Not pausing to dwell
various i dorm movements, especially of the Penn upon the class of congenital defectives who obviously
sylvania system and that of Auburn, N. Y.; a chap- require special treatment and care,.the place of eduter devoted to the work of the Pennsylvania Society cation appears in its broad application to the intelof Prison Reform which grew out of the labors of lectual, moral and spiritual faculties of the citizens.
the early Quakers; and chapters on How Prisons The new science of psychiatry approaches this field
Punish the Human Mind; on Trial by Jury, and the from the physical side, while the teaching and influSummary.
ence of the home, the church and religion, which are
We cannot go into the details of these. It is suf- at once the creators and the supports of Christian
ficient to call attention to them and to say that they civilization, deal with the man as he is in himself.
Will be found enlightening and valuable. Some of This involves the reformation of the transgressor
the author's conclusions may be stated.
(Continued on page 3103.)
The New Capital Flotations in November and for the
Eleven Months to November 30.
'Standard oil financing, which involved the putting out of
debentures and new stock in amount of over $206,000,000,
served to raise the total of new capital flotations during
November to unusual proportions. Foreign corporate offerings were also above the ordinary, and the month accordingly ranks with some of the largest on record in the matter of new capital issues. Our tabulations, as always, include the stock, bond and note issues by corporations and
by States and municipalities, foreign and domestic, and
also Farm Loan emissions. The grand total of the offerings
of new securities under these various heads during November reaches almost 700 million, being in exact figures
$693,535,926. This compares with $571,941,700 in October;
with $535,218,705 in September and with only $345,999,259
In August, but with $582,279,598 in July; with $723,549,858
in June; with $660,747,562 in May; with $635,614,548 in
April; with $650,595,075 in March; with $612,513,614 in
February, which was a short month; with $731,844,584 in
January and with $728,179,163 in December.
At $693,535,926 for November 1926 the new financing the
present year compares with $590,291,174 in November last
year and with only $431,192,772 in November 1924. And
the exceptional size of the present total is due entirely to
the facts already mentioned. This appears clearly when it
Is noted that out of the grand total of $693,535,926, no less
than $595,236,722 represents the new corporate issues of
the month—which makes it apparent, too, how . relatively
light the new capital emissions have been under the other
different heads, namely municipal, foreign Government and
farm loan. Standard Oil financing is also responsible for
the circumstance that so large a part of the grand total of
new flotations represents refunding operations, for the
Standard Oil financing was strictly a refunding proposition,
since the stock and debentures put out are for the sole purpose of retiring the company's entire amount of outstanding preferred stock. It follows alone from this that
out of the grand total of $693,535,926 of new issues no less
than $266,240,425 is found to have been for refunding. In
November last year the amount for refunding was only $15,144,100 and in November 1924 no more than $9,623,652.
After allowing for the amounts applied to refunding, the
strictly new capital issued the present year is found to be
nearly $148,000,000 smaller than in the month,last year, or
only $427,295,501, against $575,147,074.
Industrial offerings during November amounted to $405,087,375, of which more than half, or $206,232,925, consisted
of two issues by Standard Oil Co. (N. J.), brought out to
refund its outstanding preferred stock. These issues are
referred to further below. This heavy volume of industrial
issues in November compares with Only $190,980,700 for
October and yet makes the sixth successive month in which
this group has led in volume among the corporate issues.
Public utility offerings aggregated $162,328,347 in November, showing a gain of some 15 millions over the grevious
month's total of $147,311,384. Railroad issues amounted to
$27,821,000 in November, which compares with $12,190,000
in October.
Total corporate offerings in November were, as previously
noted, $595,236,722, and of this amount $369,411,000 comprised long-term issues, $21,917,000 were of short-term
DEC. 18 1926.]
3097
THE CHRONICLE
Sept. 1 1931, sold at 99%, yieldmaturity, while the remainder,$203,908,722, consisted of stock deb. 5s, series of 1926, due
Western Power Corp. coll.
$10,000,000
and
5.10%,
about
ing
used
portion
issues. For the reason already indicated the
at 99, yielding about
offered
"A,"
series
1957,
5%s,
cony.
for refunding purposes was no less than $264,542,925, or tr.
5.55%.
large
this
of
items
principal
The
over 44% of the total.
Railroad issues worthy of special mention comprised $13,refunding financing were: $120,000,000 Standard Oil Co.
Missouri Pacific RR. secured 5%s, 1931-56, brought
(N..J.) 20-year 5% debs. and $86,232,925 common stock of 156,000
5.30% average yield basis and $10,000,000 Southern
a
on
out
sec.
RR.
Pacific
Missouri
the same company; $13,156,000
stock, offered to company's preferred and
common
Co.
Ry.
4s, 1931-56; $10,017,500 out of $11,250,000 of The Pot°.
1
5/
stockholders at par ($100).
common
out
$8,334,000
and
1950,
"E,"
5s,
mtge.
1st
Co.
Edison
mac
Three foreign Government loans were floated in this
of $10,000,000 The Youngstown Sheet & Tube Co. deb. Os,
and
1943. In October $73,776,300, or about 21%, was for re- market during November. They :totaled $24,240,000
external
Yokohama
of
City
$19,740,000
follows:
or
as
were
$45,474,200,
was
amount
the
funding; in September
yielding about
about 14%; in August, $67,294,500, or 38%; in July, $59,- loan 6s of 1926, due 1961, brought out at 93,
(Colombia, S. A.)
748,000, or about 12%; in June, $93,362,700, or almost 6.50%; $4,000,000 Department of Caldas
yield about
20%; in May, only $12,237,000, or less than 3%; in April, external secured 7%s, 1946, issued at 98, to
ational High$111,069,770, or over 25%; in March, $37,168,000, or only 7.70%, and $500,000 Republic of Honduras-N
98%, yielding
about 79%; in February, $33,095,000, or slightly over 8%, way external 7s, due Jan. 1 1929, sold at
7.75%.
about
for
was
total,
while in January $68,706,575, or 11% of the
Farm loan financing was confined to two small issues of
refunding purposes. In November of last year only $10,675,Stock Land Bank bonds aggregating $3,750,000, the
Joint
refunding.
for
used
was
total,
the
of
000, or less than 3%
on them ranging from 4.48% to 4.52%.
yields
the
The $264,542,925 raised for refunding in November of
Offerings of various securities made during the month,
present year comprised $49,007,000 new long-term to refund
existing long-term; $5,125,000 new long-term to refund ex- which did not represent new financing, and which therefore
isting short-term, $122,500,000 new long-term to replace are not included in our totals, embraced the following:
existing stock; $600,000 new short-term to refund existing $1,600,000 par value common stock of National Lead Co.
long-term; $78,000 new short-term to refund existing short- (par $100) purchased in the open market by the company
term ; $1,000,000 new stock to replace existing long-teon and offered to employees at $140 per share; $400,000 Exposition Cotton Mills (Atlanta, Ga.) 7% cum. 1st pref.
and $86,232,925 new stock to replace existing stock.
stock, offered at 105, yielding 6.67%; $300,000 Mead Pulp &
Noduring
country
this
in
sold
Issues
corporate
Foreign
Co. (Dayton, 0.) 7% cum. special pref. stock, offered
Paper
followthe
vember amounted to $71,958,000 and comprised
& Maine RR. 7% prior prefing: Canadian: $175,000 Westminster Paper Co.. Ltd. at par ($100); $300,000 Boston
from private sources
company
the
by
acquired
stock,
erence
of6%s,
1928-37,
mtge.
(c)
1st
C.)
B.
(New Westminster,
MOW and 6,000
par
at
employees
to
offered
and
fered at par; $105,000 Sun Publishing Co., Ltd.-The Vancommon stock of Union Steel Castvalue
par
no
of
shares
1929-33,
6%s,
mtge.
(c)
1st
C.,
B.
Vancouver,
"Sun,"
couver
share, involving $213,000.
issued at par, and $78,000 Wood & English, Ltd. (Vancouver, ing Co., offered at $35% per
The following is a complete summary of the new financB. C.) coll, trust ref. Os, Nov. 1 1928, offered at par. Other
foreign: $15,750,000 par value International Match Corp. ing-corporate, State and city, foreign Government, as well
partic. preference stock (par $35), offered at $50 per share, as Farm Loan issues-for November and the eleven months
Involving $22,500,000; $15,000,000 Berlin Elec. El. & Under- ending with November. It should be noted that in the case
ground Rys. Co. (Germany) 1st mtge. 6%s, 1956, offered at of the corporate offerings we subdivide the figures so as to
94%, yielding 6.95%; $12,500,000 Hugo Stinnes Industries, show the long-term and the short-term issues separately and
Inc. (Md.) deb. 75, 1946, offered at 99%, yielding 7.05%; we also separate common stock from preferred stock, and
$12,500,000,Hugo Stinnes Corp. (Md.) 7s, 1936, offered at likewise show by themselves the Canadian corporate issues,
99%, yielding 7.07%; $4,000,000 Saxon State Mortgage In- as well as the other foreign corporate flotations.
stitution mtge. coll. guar. 6%s, 1946, issued at 97, yielding SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
6.77%; $2,500,000 Protestant Church in Germany Welfare
Institutions secured 7s, 1946, brought out at 98, yielding
Total.
New Capital. Refunding.
1926.
7.19%; 50,000 shares of cum. cony. class "A" stock of T-.4111$
$
$
NOVEMBEROF
MONTH
dad Oil Fields, Inc., offered at $30 .per share, involving Corporatenotes
176,632,000
Mexand
322,631,000
145.999,000
bonds
term
The
of
Domestic-Long
stock
capital
$1,500,000, and 100,000 shares of
600.000
21,239,000
21,839,000
Short term
37,581,500 . 1,000,000
38,581,500
Preferred stocks
ico-Ohio Oil Co., offered at $11 per share, involving $1,100,000.
The outstanding issues of the month were, of course,
those on behaJf of Standard Oil Co. (N. J.) consisting of
$120,000,000 deb. 55, 1946, offered at 100%, yielding 1.96%,
and $86,232,925 par value common stock offered to common
stockholders at par ($25). Other important industrial
issues were: 392,697 shares of capital stock of Marland
Oil Co., offered to stockholders at $50 per share, involving
$18;634,850; $10,000,000 The Youngstown Sheet & Tabe Co.
deb. 68, 1943, brought out at 103%, yielding about 5.67%;
$6,000,000 Gotham Silk Hosiery Co., Inc., deb. 6s, 1936,
offered at par and $5,000,000 of the same company's 7% cum.
pref. stock, offered at par ($100); $3,000,000 capital stock
of New York Title & Mortgage Co. capital stock (par $100),
offered to stockholders at $300 per share, involving $9,000,000; $6,000,000 Second International Securities Corp. (31(1.)
cum. 1st pref. 6%.series and 120,000 shares of (lass "A"
common stock of the same corporation, offered in units of
one share each for $65, involving $7,800,000; $5,450,000 Harriman Bldg. Corp. (N. Y. City) 1st mtge. 6s, 1951, sold at
par and $5,300,000 Cleveland Terminals Bldg. Co. 1st mtge.
leasehold Os, 1941, offered at par.
The principal public utility offerings during November
were as follows: $18,000,000 Arkansas Power & Light 1st
& ref. 5s, 1956, offered at 95%, yielding about 5.27%; $16,000,000 Texas Power & Light Co. 1st & ref. mtge. 5s, 1956,
sold at 97, yielding about 5.20%; $15,000,000 Public Service
Electric & Gas Co. 6% cum. pref. stock, 1925 series, issued
at 102, yielding 5.87%; $11,500,000 Northern Indiana Public Service Co. 1st & ref. mtge. 58, "C," 1966, offered at 98%,
yielding about 5.09%; $11,250,000 The Potomac Edison Co.
1st mtge. 5s, "E," 1950 brought out at 97, yielding about
5.20%; $10,000,000 Public Service Co. of Northern Illinois
53,994.297
Common stocks
280,000
Canadian-Long term bonds and notes
Short term
Preferred stocks
Common stocks
46,500,000
Other For'n-Long term bonds& notes
Short term
22,500,000
Preferred stocks
2,600,000
Common stocks
86,232,925
330,693,797
24,240.000
3,750.000
264,542,925
595,236,722
24.240,000
3,750,000
64,282,204
4,000,000
329,500
13397,500
65,979,704
4,000,000
329,500
427,295,501
266,240,425
693,535,926
Total corporate
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
78,000
140,227,222
280,000
78,000
46,500,000
22,500,000
2,600.000
ELEVEN MONTHS END.NOV.30.
CorporateDomestic-Long term bonds and notes 2,205,410,530 617,121,970 2,822.532,500
39,013,900 275,167,695
236,153,795
Short term
23.716,000 486,176,200
462,460,200
Preferred stocks
98.802,800 643.996.680
545,193,860
Common stocks
62,508,000 197,130,000
Canadian-Long term bonds and notes 134,622,000
78,000
1,328,000
1,250,000
-,_
Short term
4,000,000
4,000.000
Preferred stocks
990,000
900,000
Common stocks
15,815,000 326,289.000
Other Forn-Long term bonds & notes 310,474,000
6,000,000
25,000.000
19,000,000
Short term
47.740,000
47,740,000
Preferred stocks
3,419,300
39,900,040
36,460,740
Common stocks
Total corporate
Foreign government
Farm Loan issues
War Finance Corporation
Municipal
CanadLan
United States Possessions
Grand total
4,003,775.145
433,759,000
91,125,000
866,474,970 4,870,250,115
32,873,000 466,632,000
40,200,000 131,325,000
1 157,657.446
60,792,000
10,422,500
16,897,347 1,174,554,793
49,000,000 109.792,000
10,422,500
5,757,531.091 1.005,445,317 6,762,976.408
In the elaborate and comprehensive tables which cover
the whole of the two succeeding pages, we compare the foregoing figure's for 1926 with the corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years
of the corporate offerings, showing separately the amounts
for all different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNME
NT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH
OF NOVEMBER FOR FIVE YEARS.
MONTH OF NOVEMBER.
1926.
1925.
1924.
1923.
New Capital. Refunding.
Corporate—
Total.
1922.
New Capital. Refunding,
Total.
New Capital. Refunding.
Total.
Domestic—
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
Total.
$
$
$
Long term bonds and notes_ 145,999,000
$
$
$
176,632,000 322,631,000
$
S
$
164,887,000
$
4,900,000
Short term
S
$
169,787,000
145,058,000
S
3,188,000 148.246.000 215,147,000
21,239,000
600.000
21,839,000
62,126,000
277,273,000
11,940,000
475,000
76,580,000
34,413,000 110,993.001
Preferred stocks
12.415,000
27,706,800
60,000
27,766,800
37.581,500
1.265,000
1,000,000
38,581,500
1,265,000
38,075,000
5,000,000
2.000,000
Common stocks
2.000,001
43,075,000
9,093.672
364,000
53.994,297
9.457,672
47,822,450
86,232,925 140,227,222 106,562,885
3,000,000
50.822,450
16,699.400
300,000 106,862,885
Canadian—
16,699,400
45,772.097
1,250,000
47,022,097
44,580,452
44,580,452
2,540,540
Long term bonds and notes_
238,000
2,778,540
280,000
280,000
Short term
6,225,000
3,250.000
9.475,000
1.100,000
78,000
78.000
1.100,000
250.000
Preferred stocks
250,000
Common stocks
•
Other Foreign—
Long term bonds and notes_
46,500,000
46,500.000
36,600,000
Short term
36,600,000
7.500,000
Preferred stocks
7,500,000
1,400,000
22,500,000
1,400,000
22,500,000
Common stocks
2,600,000
2,600,000
.,..,.
Total corporate
330,693,797
264,542,925
....,
595.236.722 365,564.885
10.675,000 376,239.885 235,255,569
Foreign Government
8.112,000 243.367,569 309,914,902
24,240,000
65,126,000 375,040.902
24,240,000 136,500.000
98,069,1,40
1.600,000
Farm Loan Issues
34,651,060 132.720,940
138,100,000
102,000,000
102,000,000
3,750,000
25,000,000
""
3,750,000
25,000,000
6.000,000
18,000,000
War Finance Corporation
18,000,000
6,000,000
7,450,000
7,450.000
23.250.000
23,250,000
12,125,000
Municipal
12,125,00C
64,282,204
1,697,500
65,979,704
66,332,189
594.100
Canadian
66,926,289
73.253,551
1,511,652
74.765.203
4,000.000
96,753,014
1,768,500
4,000,000
98,521,514
41,973.879
2,275,000
United States Possessions
2.405.605
2,275,000
44,379,489
2,110.000
2,110,000
329,500
9,000,000
329,500
9,000,000
750,000
750,000
1,500,000
Grand Total
1.500.000
427,295,501 266,240,425 693,535.926 575.147.074
15.144,100 590.291.174 421.569.120
9.623,652 431,192.772 454,917,916
75,894,500 530,812.416 170.168.819
37.056.605 207,225.429
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES
IN THE UNITED STATES FOR THE MONTH OF NOVEMBER FOR FIVE
YEARS
192S.
1925:
MONTH OF NOVEMBER—
1924.
1923.
New Capital. Refunding.
1922.
Total.
New Capital. Refunding.
Total
New Capital. Refunding.
Long Term Bonds and Notes
Total.
New Capital. Refunding.
Total.
$
New Capital. Refunding.
$
$
Total.
Railroads
4,665,000
13,156.000
17.821,000
$
•
6.320.000
Public utilities
6,320,000
33,786,000
788.000
34.574,000
86,313,000
71,630.000
30,967,000 117,280,000
4,440,000
76,070,000
62,485,000
3.505,000
400.000
4.000.000
Iron. steel, coal, copper. &c
62,885,000
7,505.000
56,990,000
5.600,000
62.590,000
18.166,000
91,935,000
8,334.000
56,572.000 148,507,000
26.500,000
27,300.000
20.241,000
1,500,000
27.822,000
Equipment manufacturers
28.800.000
48,063.000
6.450,000
6,450,000
1,780,000
1,550,000
1,780,000
1,550,000
1.560,000
5,300.000
Motors and accessories
1,560,000
5.300,000
2,900.000
2.900.000
3.650.000
3,650,000
1.900,000
Other industrial and manufacturl
1,900.000
500.000
500,000
7.375,000
1.500,000
8,875,000
23.600,000
4,100,000
900,000
011
24,500.000
4,100,000
10,775,000
50.000
10,825.000
2,875,000 120,625,000 123.500,000
16,311,000
714,000
17,025,000
1.500,000
15,984,000
2,591,000
Land, buildings, &c
1,500.000
18,575.000
40,030,000
2,500,000
300,000
40,330,000
2.500,000
63.547,000
2.100,000
Rubber
65,647.000
38,257.000
38,257,000
26,521,000
26,521,000
9,950.000
Shipping
9.950,000
1,100,000
1.100,000
400.000
Miscellaneous
400.000
30.475.000
1.750.000
32,225,000
12.875.000
12.875,000
1.625.000
1,625.000
Total
2.150,000
400.000
2,550.000
192.779,000 176,632,000 369,411,000
17.750,000
17,750,000
201,487,000
4,900.000 206.387,000 151.283.000
Short Term Bonds and Notes—
6,438.000 157.721,000 216,247,000
62.126,000 278.373.000
76,830,000
Railroads
34,413,000 111,243,000
Public utilities
16.000.000
16,000.000
3.700,000
300.000
Iron, steel, coal, copper, &c
4,000,000
4,000.000
4,000.000
150.000
150,000
1,200,000
Equipment manufacturers
1,200,000
2,500,000
2.500.000
Motors and accessories
1,115.000
1,115,000
Other Industrial and manufacturing
901,000
600,000
1.501.000
4.000.000
Oil
4.000.000
1,750.000
1,750.000
Land, buildings, &c
19,625,000
19.625,000
988,000
988.000
600.000
500,000
Rubber
600,000
500,000
150,000
60.000
210.000
Shipping
7.500,000
Miscellaneous
7,500,000
3,350.000
78.000
3.428.000
2,440,000
175.000
2.615.000
1,081.800
1.081,800
Total
21,239,000
1.500.000
678.000
21.917,000
1.500.000
19,440,000
475.000
Stocks—
19,915,000
29.106,800
60,000
29,166,800
1,265,000
1,265,000
2.000.000
Railroads
2.000,000
10.000.000
10.000,000
Public utilities
18,139,532
18.139.532
29,048,347
12.022,450
29,048,347
12,022,450
49,260,795
5,300.000
54,560,795
Iron. steel, coal. copper, &c
14.177,835
1,250,000
15.427,835
43.113.552
400,000
400,000
43,113,552
937.500
3.399,800
238.000
937.500
Equipment manufacturers
3,637,800
119,400
119,400
1,040.000
Motors and accessories
1,040,000
100,000
100,000
300.000
1,000.000
Other industrial and manufact
300,000
1.000,000
33,002,000
1,000,000
34.002,000
18.521.700
011
18,521,700
18,858.402
364,000
19,222,402
21.234,850
14,300,000
86,232,925 107.467.775
3.000,000
17,300,000
19,256.640
7,852,400
Land, buildings, &c
19,256,640
7,852,400
9,750.000
20,000,000
9,750.000
20,000,000
1,050.000
Rubber
1.050.000
950,000
950,000
500,000
500.000
10,235.000
Shipping
10.235.000
1,200,000
987,740
1.200.000
Miscellaneous
987,740
12,740.600
12.740.600
42,836.250
42.836.250
2.640.000
2,640,000
Total
2.847.500
2.847.500
116.675,70
6.000.000
87,232,925 203,908,722 144,637,885
6.000.000
5.300,000 149,937,885
Total—
54,865,769
1,614,000
56,479,769
92,402,902
3,000,000
95.402,902
19.239,940
Railroads
238,000
19,477,940
14,665.000
13,156,000
27.821,000
6,320,000
6,320.000
Public utilities
51,925.532
788.000
131,361,347
52,713.532
83,652,450
30.967,000
4,440,000
162.328,347
88,092,450
115,445.795
3,505,000
6,000,000
4,000.000
121.445.795
Iron, steel, coal, copper, &c
75,167.835
7,505,000
6,850.000
82,017.835
18,566,000
135,198,552
8,334,000
56,572,000
26.900,000
191,770,552
23,640,800
29,437,000
28,060,000
1,500,000
30.937,500
Equipment manufacturers
51,700.800
8.950,000
8.950.000
1,780.000
1.669.400
1.780,000
1,669,400
2,600,000
5,300,000
2.600,000
Motors and accessories
5,300,000
3.000.000
3.000,000
4.765,000
4,765,000
2.200,000
1,000.000
2,200,000
Other industrial and manufacturing
1,000,000
500,000
500,000
41.278,000
3,100,000
44.378.000
46.121.700
4,100,000
• 900.000
47,021,700
011
31.383,402
4,100,000
414.000
31,797.402
24.109,850 206,857,925 230,967.775
30,611,000
3,714,000
34.325,000
23.836.400
20,756,640
2,591.000
20,756,640
Land, buildings, &c
26,427,400
19,625,000
19.625,000
50,768,000
22,500,000
300,000
51.068,000
22,500.000
500.000
65.197,000
2.100.000
67,297,000
Rubber
39,357,000
500,000
60,000
39,417.000
500,000
26,521,000
500.000
26,521,000
10,235.000
9,950.000
10,235,000
Shipping
9,950,000
1.100.000
1,100,000
9,100.000
987,740
9,100.000
Miscellaneous
987,740
46.565.600
1.828.000
48.393.600
58.151.250
58.326.250
175,000
5.346,800
5.346.800
Total
4,997.500
400.000
330.693.797 264.542.925 595.226.722 365,564.885
5,397.500
25,250,000
25,250,000
10,675.000 376.239.885 235,255,569
8.112.000 243.367.569 309.914.902
65.126,000 375,040.902
98.069,940
34.651,000 132,720,940
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE ELEVEN MONTHS ENDED NOVEMBER 30 FOR FIVE YEARS.
New Capital.
1925.
Refunding.
Total.
New Capital.
1924.
Refunding.
Total.
New Capital.
1923.
Refunding.
Total.
New Capital.
1922.
Refunding.
Total.
$
$
$
$
$
s
$
s
$
$
$
$
1,990,723.875 401.780,925 2,392,504,800 1,772.771,723
183,358,750 84,055,000 267.413.750 264,913,800
38,733,200 584,821,522 262,973.999
546,088,322
51,608,299 532,105,238 480,112,516
480,496,939
361,878,377 2,134,650,100 1,685,515,957
39.956,000 304.869,800 134,970,700
27.264.223 290,238,222 287.221,297
6,750,000 486,862,516 279,253,126
402,925,543 2,088,441,500 1,438,616,635
36,966,800 171,937,500 101,926,000
71,609,839 358,831,136 261,271,950
3,966,760 283,219,886 237,673,872
645,082,215 2,083.69E050
23.011,000 124,937,000
30,300,000 291,571.950
10,529,625 248.203,497
21.131,500
11,200,000
3,500,000
29,831,600
29,831,600
21,131,500
11,200,000
3.500,000
260.135,000
56,500,000
23,000,000
2.925,000
3.625.822,886
540,781.000
125,097,100
24,100,000
10,000,000 116,680,000
260,135,000 106,680,000
25,600.000
25,600,000
56,500,000
23,000,000
2.925 000
593.927,424 4,219,750 310 3,008,302,038 457.098,600 3,465.400.638 2.440.892,680
104,600,000 645,381,000 559,945.555 177,059,445 737,00 ,000 186,845,000
176.850.000 335,368.000
19,527,900 144,625,000 176.850.000
24,100,000
80,445,000
1,198.844,005
38,658,000
7.715.000
5.536,917.991
42,806,340 1,241,650,345 1,289.363.402
96,797,000 135,455,000 132,364,765
7,730.000
7,715.000
857.658.6646.304,576.655 5.174,555,760
61,995,000
19,600,000
1,000,000
10,050,000
2,500.000
2,600,000
2,600,000
72,045,000
22.100.000
3,600.000
2,600,000
74,100,000
21,150,000
3,250,000
8,000,000
77,350,000
29,150,000
515,468,942 2,956,361,622 2.155,764,957
56,000,000 242,845,000 416.305,000
55.032,000 390.400.000 326,665,000
81,695.000
710,172.8402,865,937.797
15,000.000 431.305,000
42,000,000 368,665,000
27,926,374 1.034,567.913
18,228,980 949,473.914 1,006,641.539
15,906,770 1,305,270,172 931,244,934
50,249.679
98,984,534 107.135,000 206,119,534
26,308,000
23,941.679
16,650,000 149,014,765
37.087,000
37.087.000
7.211.000
7.730,000
7.211.000
666,714.815 5,841,270.575 3,927.869.614 668,671,601 4.596,541.215 4.041,448,030 902,234.214 4,943.682.244
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED NOVEMBER 30 FOR FIVE
1923.
1924.
1925.
1926.
11 MONTHS ENDED NOV.30— New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Long Term donds and Notes—
34,383,000 450.332,500
52.092,000 336,673,000 314.137.500 124,453.000 438,590,500 652,513,800 141,679.900 794,193,700 415349,500
284,581.000
Railroads
968,508,330 314,924.170 1,283,432.500 756.359,400 151.347.100 907,706,500 657,590,423 144.616.077 802.206,500 512,655,471 222,191,629 734.847,100
Public utilities
46.806.861 285,625,000
30,148.000 136,110.000 238,818,139
92,450.000
43,518.000 183,315,000
18.346,000 110,796,000 105.962,000
139,797,000
Iron, steel, coal, copper, &c
11,860,000
11.860.000
15.160.000
15.160.000
10,856.000
21,579,000
10,856,000
13,000.000
8,579,000
Equipment manufacturers
26,850,000
4,288,000
22,562,000
78,050,000
13,275.000
8,315,000
4,960.000
350,000
66,000,000
78,400,000
66.000,000
Motors and accessories
26,521,053 183,453,500
19,549.900 147,038.900 156.932,447
42,963,700 238,360,500 127,489.000
77,806.000 340,083.000 195,396,800
Other industrial and manufacturing 262,277,000
99.800,000
30,084.000
69.716,000
31,910.000
15,393,500
16.516,500
71,924,100
21.475,900
69.362,200 140,587.800 209.950,000
93,400.000
Oil
1,250.000 201,745,000
1,040.000 272,696,000 200,495,000
37.053.000 637,747,300 271,656.000
25,823,000 590,144,000 600,694,300
564.321.000
Land, buildings, &c
2,000,000
665.000
1,335,000
400.000
34,500,000
6,750,000
400,000
34,500,000
6,750,000
Rubber
2,675,000
107,000
2,568,000
3,800.000
4,315,225
3,659,775
26,000,000
3.800,000
7,975,000
5.050,000
20,950,000
Shipping
36,629.000 143.185.000
14.386.000 111,890.000 106.556,000
11,527.000 166,353,000
97,504.000
22,036.000 279,025,000 154,826.000
256.989.000
Miscellaneous
2,142,373,100
2,648,114,530 694,836,970 3,342,951,500 2,312,853.875 411,830,925 2,724,684,800 1.953,551,723 375.128,377 2,328,680,100 1,739.447.557 402,925,543
Total
Short Term Bonds and Notes—
19,087.500
9.850.000
9,237,500
75,250,000
400,000
24,500,000
19,000,000
56.250.000
24.900.000
22,500,000
16,000,000
6,500,000
Railroads
57.975.000
42.262,200
15.712,800
20.041,000 122,273.000
31,280,000 146.300,000 102.232.000
99,350,000 115,020,000
13,396,900
85,953,100
Public utilities
9,850.000
9,850,000
4,825,000
2,500,000
21.465,000
650,000
4.175,000
23,965.000
6.175,000
6,175,000
Iron, steel, coal, copper, &c
1,945.000
1,945.000
1,000,000
1,150,000
1.000,000
1.150,000
Equipment manufacturers
25.100,000
9,604,000
15,496,000
9,000;000
9.000,000
16,310,000
200,000
16,110,000
Motors and accessories
7,300,000
5,500,000
1,800,000
10.110.000
21,693,750
3.200.000
6,910,000
21.693,750
52,001,000
6,650.000
45,351,000
Other industrial and manufacturing
44.814.000
44,814,000
99,975,000
52,200,000
19,000,000
5,005.000
94.970.000
71,200,000
23,431,500
7,408,000
16.023,500
Oil
1,330,500
1,330.500
4.720,000
23.540,000
60,000
4,660,000
23,540.000
26,272,000
875,000
25.397,000
Land, buildings, &c
32,250,000
32,250,000
Rubber
1,000,000
1,000,000
12,500.000
12,500,000
500,000
Shipping
500,000
3,535,500
3.535.500
32,466.800
175.000
20,590,000
32.466.800
20.765,000
25.706,195
562.000
25.144,195
Miscellaneous
36.966,800 171,937,500
47,956,000 359.619,800 134,970,700
86,555,000 346,013,750 311,663.800
Total
45,091,900 304.495,695 259,458,750
259,403,795
Stocks—
27,322,450
27,322,450
55,963,269
55,963,269
16.218,230
16,218,230
20,240,000
20,240,000
Railroads
11,076,000 184.746.058
24,105,223 472,252,927 173,670,058
28.362.500 488,862,704 448.147.704
12,727,900 455,013,144 460,500,204
442.285,244
Public utilities
33,028.406
4.896,760
28,131.646
21.734.160
21.734,160
15.077,500
15,077.500
49,542.200
8,617,200
40,925,000
Iron, steel, coal, copper, &c
2.062,100
2,062,100
1,040,000
1.040.000
5,628,500
5,628.500
Equipment manufacturers
25,790,325
1,335.000
24,455,325
8.581.760
200,000
3.391,389 109,313.110
8.381,760
46,985,650 105.921,721
46,985,650
Motors and accessories
20,659,149 163.298,332
98.625,502 142,639.183
9,709,000
18.917.700 217,153.508
88,916.502
13,122,575 201,004,799 198.235,808
Other industrial and manufacturing 187,882,224
80,249,013
81,233,703
984,690
55,640,968
56.933,428
55,640,968
97,438.338
40,504.910
89,032,925 216,334.915
127,301,990
Oil
11,148,000
11,148.000
10.428,357
120,000
10,428,357
29,284.750
29,164.750
53,756,480
Land, buildings, dm
53,756,480
350,000
350.000
1,600,000
1,600,000
15,785.000
800,000
14,985.000
4,214.537
Rubber
4,214,537
1,000,000
1,000,000
7,445,120
7,445.120
Shipping
35,625,000 114,133,748
78.508,748
50.211.695
50.211.695
3.445.000 151,433.500
Miscellaneous
3.045.500 170.082.695 147,988.500
167,037,195
75,576,599 642,051,022
34,014,223 777,100,738 566.474.423
95,541.499 1,149,051.760 743,086,515
Total
1,096,256,820 126,546,100 1,222,802,920 1,053,510,261
Total—
44;233.000 496,742,450
Railroads
68,092,000 379,413,000 354,855,730 124,853,000 479,708,730 764,727,069 160,679,900 925,406,969 452.509,450
311,321.000
Public utilities
1,496,746.674 341,048.970 1,837,795,644 1,331,879,604 210,989,600 1,542,869,204 1,207,970,127 188,762,300 1,396,732,427 728,587,729 248,980.429 977,568,158
51.703,621 328,503.406
30.798,000 162.669,160 276,799,785
20,846,000 149,838,500 131,871,160
52,135,200 239,032,200 128,992.500
186,897,000
Iron, steel, coal, copper, &c
13,805,000
13,805,000
18,222,100
18,222,100
13,046,000
13.046,000
27.207.500
13,000,000
Equipment manufacturers
14,207,500
62,513,325
77,740,325
15,227,000
30.856,760
8,515,000
22,341,760
3.741,389 187,713,110
200,000 129.295,650 183,971,721
Motors and accessories
129,095.650
48,980,202 354,051,832
32,458,900 255.774,402 305,071,630
61,881,400 477,207,758 223,315,502
97,578,575 593.088,799 415,326,358
Other industrial and manufacturing 495.510,224
31,068,690 225,847,703
20,398,500 187.525,968 194,779,013
212,687,690 237,028,725 449,716,415 147.857,528 114.180,810 262,038,338 167,127,468
011
1,250.000 214.223.500
1,100,000 287.844,357 212,973,500
37.173,000 690,572,050 286.744,357
26.698,000 670.172,480 653.399,050
643.474.480
Land, buildings, &c
2,350,000
1.685.000
665,000
2.000.000
2,000,000
50,285,000
800,000
49,485,000
43,214,537
43,214,537
Rubber
4,675,000
1,107,000
3,568.000
3,800.000
3,800,000
27,920.120
4,315,225
23,604,895
26.500,000
21,450,000
5,050.000
Shipping
72,254,000 260,854.248
14,386,000 194.568,495 188,600.248
15.147.000 338,551.500 180.182.495
25,643,500 474.813 890 323.404.500
Miscellaneous
449.170,390
4,003,775.145 866.474,970 4,870.250,115 3,625,822.886 593,927,424 4,219,750,310 3.008.302.038 457,098,600 3.465.400.638 2,440.892.680 515.468.942 2,956.361.622
Total
1,250,000
YEARS.
New Capital.
442,616,380
414,47M39
115,885.000
1922.
Refunding.
116,723,570
198,894,661
1,750,000
Total.
559.339.950
613.371,200
117,635,000
18,950,000
2,500,000
16,450.000
71,352,419 231,690,000
160,337,581
73,384,300 143,220,700 216,605,000
8,530,000 138,624,000
130,094,000
29,800,000
26,200.000
3.600.000
21,310,000
1,500.000
19,810,000
75,660.865 239.200.200
163.539.335
1,540,193.135 646.332,215 2,186.525.350
32,351,800
18,245,000
404,200
3.000,000
20,011.000
35,351.800
38,256,000
404.200
16.700.000
800.000
35,900,000
3,510,000
16,700,000
800.000
35.900.000
3.510,000
215,000
5,000.000
113,126,000
215.000
5.000.000
136,137.000
26,968.100
237.590,220
38,186,250
10,006,000
12.660,000
57,609,102
41,820,410
5.480.000
5,162,740
66.963.000
502.445,822
501,936,280
670,311,759
154,475,450
10,006,000
45.810,000
218,746.683
151,104,710
139.084,000
8,762,740
20,025,000
235,502.335
2.155,764.957
23,011,000
26.556,625
1.393.000
4.900,000
7,980.000
40,829,625
26,968,100
264,146,845
38,186,250
11,3g9,000
17,560,000
65,589,102
41,820,410
5,480,000
5,162,740
66.963.000
543,275,447
119,723,570 621,659,850
245,462,286 915,774,045
1,750,000 156,225,450
11,399,000
1,393,000
53,210,000
2.500,000
76,252,419 298.079,102
151,200,700 294,325.410
8,530,000 147.614.000
34,962.740
26,200.000
21,525,000
1,500.000
75.660.865 311.163.200
710.172.840 2,865,937,797
a'IDIKOZIHO aHL
1926.
11 MONTHS ENDED NOV. 30.
Total.
New Capital. Refunding.
Corporate-Domestic—
$
$
$
Long term bonds and notes_ 2,205,410.530 617,121.970 2,822.532.500
39,013.900 275,167,695
Short term
236.153.795
23,716,000 486,176,200
Preferred stocks
462,460,200
98,802,800 643,996.680
Common stocks
545,193.880
Canadian—
62,508,000 197,130,000
Long term bonds and notes.. 134,622.000
78,000
1.328,000
1,250,000
Short term
4.000,000
4,000,000
Preferred stocks
990,000
Common stocks
990,000
Other Foreign—
15,815,000 326,289,000
Long term bonds and notes_ 310,474,000
6,000,000
25,000.000
19,000,000
Short term
47,740.000
47.740,000
Preferred stocks
39.9C0,040
36,480,740
3,419,300
Common stocks
4.003,775,145 866.474,970 4.870.250,115
Total corporate
433.759,000
32.873,000 466,632,000
Foreign Government
91,125,000
40,200,000 131,325.000
'
Farm-Loan Issues
War Finance Corporation
1,157,657,446
16.897.347 1,174,554,793
Municipal
60,792,000
49,000,000 109,792,000
Canadian
10,422,500
10.422.500
United States Possessions
Grand Total
5.757.531,091 1.005,445.317 6.762,976.408
3100
THE CHRONICLE
[Vol.. 123.
DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMBER 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS.)
Amount.
Purpose of Issue.
Price,
Railroads4,665,000 New equipment
13,156,000 Refunding
7'o Yield
About.
Company and Issue, and by Whom Offered.
4.40-4.60 Illinois Central Ry. Eq. Tr. 4Iis "N," 1927-41. Offered by Halsey, Stuart & Co., Inc.
- (aver.)5.30 Missouri Pacific RR. Secured 5Ii5, 1931-56. Offered by Kuhn, Loeb & Co.
17,821,000
Public Utilities18,000.000 Acquisition of properties
600,000
15.000.000
2,425,000
850,000
7,000.000
650.000
80.000
1.000,000
2,000,000
3,500,000
2,000,000
1,250,000
2,500,000
750,000
3,225,000
11,500,000
11,250,000
3,150,000
1,000.000
590,000
16,000,000
400,000
60,000
1,500,000
10,000.000
1,000,000
5.27 Arkansas Pr. & Lt. Co. 1st & Ref. M.5s, 1956. Offered by Harris, Forbes 4, Co., W. C. Langley
& Co., Bonbright & Co., Inc., Old Colony Corp., Boston, Tucker, Anthony & Co. and John
Nickerson & Co., New York.
General corporate purposes
4.90 Battle Creek (Mich.) Gas Co. 1st M.5s"A," 1946. Offered by Harris, Trust & Says. Bk.. Chicago.
101
Additions, betterments,&c
6.95 Berlin Electric Elevated & Underground Rys. Co. (Germany) 1st M. BYO, 1956. Offered by
94I6
Speyer & Co., the Equitable Trust Co. of N. Y. and Blyth, Witter & Co.
Additions, extensions, &c
5.20 Central Illinois Public Service Co. 1st M.& Ref. 58"E," 1956. Offered by Halsey, Stuart & Co..
97
Inc.
5.83 Colorado Central Power Co. 1st M. 50 "A," 1946. Offered by Stanley & Bissell. Inc., and
96
Acquisitions; general corp. purp..
E. R. Diggs & Co., Inc., New York.
4.90 Consolidated Gas Electric Lt. & Pr. Co. of Baltimore 1st Ref. M.55"F," 1965. Offered by Alex
Refunding; Construction
101I6
Brown & Sons, Bait.; Lee, LUgginson 4, Co., Brown Bros. & Co., Jackson & Curtis and Spencer
Trask & Co.
6.00 oos & Curry Telephone Co.(Marshfield, Ore.) 1st M.65 "A." 1951. Offered by Peirce, Fair &
Refunding: acquisitions
100
Co. and Mercantile Securities Co. of Calif.
New construction
7.00 East Wenatchee Domestic Water Association 1st M. & Coll. 7s, 1926-32. Offered by Ralph
100
Schneeioch Co.. Portland, Ore,
6.20 Electric Public Service Co. Secured 6s"B," 1941. Offered by Stanley & Bissell, Inc., R.E. Wilsey
Acquisitions; other corp. purposes.. 98
& Co.. Inc., Henry D. Lindsley & Co., Inc., and E. R. Diggs & Co., Inc.
5.03 Houston Lighting & Power Co.(Houston, Tex.) 1st L.& Ref. 58 "A," 1953. Offered by Halsey,
Enlargements, extensions, &c
9935
Stuart & Co., Inc., and W. C. Langley & Co., Inc.
5.12 Lake Superior District Power Co. 1st M.& Ref.55"13." 1956. Offered by Hill, Joiner & Co., Inc.,
98
Refunding; add'ns, & impts
Halsey, Stuart & Co., Inc., Bonbright & Co., Inc., Old Colony Corp. and Tucker, Anthony de Co.
5.03 Long Island Lighting Co. 1st Ref. M.58 "B," 1955. Offered by W. C. Langley & Co. and BonAdditions, improvements, &0_
9935
bright & Co., Inc.
5.83 Michigan Home Telephone Co. 1st NI. 6s"A," 1946. Offered by P. W.Chapman & Co., Inc.
102
Acquisition of properties
7.00 Midwest Gas Co.(Del.) 1st M.78 "A," 1936. Offered by G.E. Barrett & Co. Inc., and Frederick
New construction; working capital_ 100
Peirce & Co.
5.70 Mountain States Power Co. 1st M.68 "B," 1938. Offered by H. M. Byllesby & Co. and Blyth,
102M
Extensions and betterments
Witter & Co.
5.50 New Rochelle (N. Y.) Water Co. 1st M.5Iis "A," 1951. Offered by P. W. Chapman & Co., Inc.
100.
Additions, betterments,&O
5.09 Northern Indiana Public Service Co. 1st & Ref. M.55 "C," 1966. Offered by Halsey, Stuart &
983i
Refunding; capital expenditures__ _
Co.. Inc.
5.20 The Potomac Edison Co. lot M. 5s "E," 1956. Offered by W. C. Langley & Co. and Halsey.
97
Refunding; other corp. purposes
Stuart & Co., Inc.
5.06 Public Service Co. of New Hampshire 1st & Ref. M.55 "A," 1956. Offered by Tucker, Anthony
99
Refunding; extensions, &c
& Co., Old Colony Corp. and Hill. Joiner & Co., Inc., Boston.
5.25 Railway & Light Securities Co. Coll, Tr. 5s "8th Series", 1951. Offered by Estabrook & Co.,
963
General corporate purposes
Stone & Webster, Inc., and Parkinson & Burr.
5.12 Southern Wisconsin Electric Co.1st M.55"A," 1956. Offered by H111, Joiner & Co., Inc., Chicago
98
Refunding; additions & impts
97
5.20 Texas Power & Light Co. 1st & Ref. M.55, 1956. Offered by Harris, Forbes & Co., Coffin & Burr,
Acquisitions, additions, &c
Inc., Bonbright & Co., Inc., and Lee, Iligginson & Co.
99%
6.55 Texas Power Corp.(Sequin, Tex.) Gen. M.65s. 1956. Offered by Vought & Co., Inc., and L. D.
Capital expenditures
Pierson 4, Co., Inc., New York.
101-101% 6.12-6.30 Wabash Valley Telephone Co. lot M.63-8s, 1929-37. Offered by the Peoples State Bank,IndianapGeneral corporate purposes
olis.
101
5.86 Washington (D. C.) Gas Light Co. 10-Year M.6s "B." 1936. Offered by company.
Additions, improvements, &c
99
Refunding; acquisitions
5.55 Western Power Corp. Series"A" Coll. Tr. Cony.5I85, 1957. Offered by Peirce, Fair & Co., Blyth,
Witter & Co. and E. H. Rollins & Sons.
96X
5.20 Wisconsin Power & Light Co. 1st Lien & Ref. M. 5s "E," 1956. Offered by Hill, Joiner & Co.,
Acquisitions, additions, &c
Inc., Chicago, and Halsey, Stuart & Co., Inc., and Paine, Webber & Co., New York.
95U
117,280,000
Iron, Steel, Coal, Copper, &c.
4,000,000 Acq.stk. int. in constituent cos_ _ _
12,500,000 Retire bank loans
10,000,000 Refunding; other corp. purposes__
9838
9938
10338
26,500,000
Equipment Manufacturers1,500,000 Finance lease of equipment
280,000 Finance lease of equipment
5-5.50 Quaker City Tank Line, Inc., Equip. Tr, 5188 "L," 1928-33. Offered by Bioren & Co.. Phi a.
5-5,35 Shippers' Car Line Corp. Equip. Tr. 55"D," 1928-36. Offered by Freeman & Co., New York.
1,780,000
Other Industrial & Mfg.2,000,000 Construction; additions
100
550,000 Iinprovements; other corp. purp
150,000 Additional capital
6,000,000 Ref.; acq. Onyx Hosiery, Inc
98
100
100
175,000 Additional machinery, &c
6.15 Jeddo-Ilighland Coal Co. (Markle Anthracite Properties) 1st (closed) M.6s, 1941 Offered by
Drexel & Co., Lee, Iligginson & Co. and Cassatt & Co.
7.05 Hugo Stinnes Industries. Inc.(Md.) Debenture 7s, 1946. Offered by Halsey, Stuart & Co., Inc.,
A. G.Becker & Co., Neuman,Saunders & Co., Inc., Commerz und Privat Bank A. G., Hamburg,
Berlin (Germany), 1,Vm. R. Compton Co. add Henry L. Doherty & Co.
5.67 The Youngstown Sheet & Tube Co. Debenture Os, 1943. Offered by Bankers Trust Co., Guaranty Co. of N. Y., the Union Trust Co. of Pittsburgh, the National City Co., Cleveland Trust
Co., the Union Trust Co., Cleveland; Guardian Trust Co., Cleveland, and Continental & Commercial Co., Chicago.
100
%
6.00 Celotex Co. 10-year cony. deb. 65, 1936. Offered by Hayden, Van Alter & Co., Detroit, and Whitaker & Co., St. Louis.
6.20 Eller Co. 1st (c.) M.6s, 1941. Offered by Colonial Trust Co.and Glover & MacGregor,Pittsburgh.
6.50 Empire Chair Co. let M.63.8s, 1928-36. Offered by Frederick E. Nolting & Co., Richmond, Va.
6.00 Gotham Silk Hosiery Co., Inc., 10-year deb. 6s, 1936. Offered by Haligarten & Co. and Merrill, Lynch & Co.
6.50 Westminster Paper Co., Ltd.(New Westminster, B. C.). 1st (0.) M.6385, 1928-37. Offered by
Lumbermens Trust Co.-Bank, Portland, Ore.
8,875,000
Oil3,000,000 Refunding; working capital, &c.. - 101
500,000 Additions,improvements, 4,0
120,000,000 Refunding
95I8
10035
5.55 Beacon Oil Co. deb. 6s, 1936. Offered by White, Weld & Co., Marshall Field, Glore, Ward & Co.,
F. S. Smithers & Co. and First National Corp., Boston.
6.47 Conewango Refining Co. (Warren. Pa.) 1st (c.) M. 135. 1941. Offered by the Philip H. Collins
Co., Cleveland.
4.96 Standard Oil Co. (N. J.) 20-year debenture 58, 1946. Offered by J. P. Morgan & Co., especial
consideration being given to subscriptions entered by preferred stockholders.
123,500,000
Land, Buildings, &c,
400,000 Provide funds for loan purposes__
6.00 Aetna Mortgage Corp. 1st M. Coll. Tr. 65, "A," 1931-36. Offered by Frank RoSenburg & Co.,
Jenkins, Whedbee & Poe and Colston, Heald & Trail, Baltimore.
6.50 Aiken Apts.(Pittsburgh) lot M.tikis, 1928-36. Offered by F. H.Smith Co., Washington, D.C.
6.20 Baker Block (The Baker Bldg., Inc.) 1st & Ref. M.6s,"A," 1946. Offered by Robinson-JenkinsTaylor Co., Minneapolis, and Stranahan, Harris & Oatis and Thompson, Ross 4, Co., Chicago.
5.50-6.25 Black Hawk Hotel Co. (Davenport, la.) 1st M. 6s, 1927-38. Offered by Peabody, Houghteling
1,000,000 Real estate mortgage
& Co., Chicago,
100
6.00 The Broadmoor (Colonade Construction Corp.), N. Y. City, 1st M. Fee 6s, 1941. Offered by
1,900,000 Finance construction of apt
S. W. Straus & Co., Inc.
7.00 Broadway Bldg. (915 Broadway Corp.), N. Y. City, General Mtge. 78, 1941. Offered by Rob525,000 Finance construction of building- 1009
lent, Maynard & Co., New York.
100
7.00 Brookmore Apts. (Marengo Holding Co.) 1st M. 784 1928-41. Offered by Knight, Stetson &
125,000 Real estate mortgage
Lester, Inc., Los Angeles.
Brothers of the Christian School of Lafayette (Louisiana), Inc., 1st M.538ts, 1927-38. Offered
100
5.50
Improvements
to
property
100,000
by Mortgage & Securities Co., New Orleans.
5.50 (A. M.) Campau Realty Co. (Detroit) 1st M.& Leasehold 5385, 1929-40. Offered by Nicol-Ford
100
500,000 Real estate mortgage
& Co., Inc., and First National Co. of Detroit.
5.00 Carleton Corp. (Carleton College), Northfield, Minn., 1st M. 5s, 1931-46. Offered by Wells.
100
250,000 New construction
Dickey Co., Minneapolis,
5.00 Chaminade College, Society of Mary, Province of St. Louis, 1st M. 58, 1927-36. Offered by
100
200,000 Refunding
Lafayette-South Side Bank, St. Louis.
6.00-6.50 The Charlesgate (Chicago) 1st M.6ISs, 1928-36. Offered by the Straus Bros. Co., Chicago.
120,000 Finance construction of apt
6.00 The Clairwood (Detroit) 1st M.Senior 6s, 1928-33. Offered by Guaranty Trust Co. of Detroit.
100
120,000 Finance construction of apt
6.00 Cleveland Terminals Bldg. Co. 1st M. Leasehold 68, 1941. Offered by Redmond & Co., N. Y.,
5,300,000 Finance construction of building _ 100
the Tillotson & Wolcott Co., Cleveland, and Pearsons-Taft Co., Chicago.
6.00-6.50 Columbus (0.) Theatres 1st M.6385. 1929-38. Offered by American Bond .8 Mortgage Co., Inc.
425,000 Finance construction of building _
Curtis
Baptist Church (Augusta, Ga.) 1st M.6s, 1928-38. Offered by Whitney-Central Banks,
6.00
ioo
Improvements
to property
75,000
New Orleans.
5.00-5.50 Diocese of Sioux Falls (S. D.) 1st M.538s, 1927-46. Offered by Stix & Co., Lorenzo E. Anderson
600,000 Pay existing debt; general purposes
& Co. and Bitting & Co.
6.00 8 Gramercy Park South (Rosman Construction Corp.), N. Y. City, 1st M. Fee 68, 1929-38.
750,000 Finance construction of hotel_ __ _ 100
Offered by S. W. Straus de Co., Inc.
6.00 Evans Corp. 1st 88.68, 1930-41. Offered by Detroit Trust Co.and Evans Corp., Detroit,
100,000 Finance construction of building_ _ 100
5.75-6.11 10 Groveland Avenue (Intersection Holding Co.), Minneapolis, 1st M. 6s, 1930-39. Offered
600,000 Finance construction of apt
by Wells-Dickey Co.. Lane, Piper & Jaffrey, Inc., and Thorpe Bros., Minneapolis.
6.00 Fort Shelby Hotel Co. (Detroit) 1st M.6s, 1929-41. Offered by Watling, Lercheu & Co.. Detroit
100
2,700,000 Additions to property
Co., Inc.. Otis.8 Co., Mississippi Valley Tr. Co.. Wells-Dickey Co.and Second Ward &cur.Co.
40,000 Improvements to property
6.25 Georgia Military Academy 1st M. 65, 1928-38. Offered by Bell, Speas dc Co., Atlanta, Ga.
235,000 Finance construction of apt
6.50 Glen-Villa Apts. (Highland Park, Mich.) 1st M. 638s, 1928-36. Offered by Guaranty Trust
100
Co. of Detroit.
200,000 Improvements to property
Price on application Grace Methodist Episcopal Church, Inc. (Des Moines, la.). 1st M. 6s, 1928-36. Offered by
Iowa Loan & Trust Co.. Des Moines.
100
100
1,150,000 Finance construction of apt
750,000 Finance completion of bldgs., &c- - 97;I
DEC. 18 1926.]
Amount.
THE CEIRONICLE
Purpose of Issue.
Price.
Land, Buildings. &c. (Con.)5,450,000 Finance construction of building._ 100
600.000 Finance construction of hotel__ 100-98
135,000 Retire debt; improvements
100
2,100,000 Finance construction of building_ _
150,000 Finance construction of apt
iao
650,000 Finance construction of apt
100
500,000 Finance construction of building_ _
200,000 Real estate mortgage
100
3,250,000 Finance construction of building_ _ 100
30,000 Finance construction of building.. 100
160,000 Additions and improvements
100
650,000 Real estate mortgage
100
765,000 Finance construction of apt
100
1,300,000 Finance construction of building
100
1,775,000 Real estate mortgage
500,000 Improvements to property
450,000 Finance construction of hotel
100,000 Acquisitions; improvements
100
101-99
135,000 Finance construction of building
100
175,000 Finance constr:athletic stadium -75,000 Real estate mortgage
100
130,000 Real estate mortggge
100
1,500,000 Finance construction of building
40,000 Real estate mortgage
100,000 Improvement to property
100
100
10131
150,000 Refunding; other corp. purposes
735,000 Finance construction of apartment 100
360,00
Finance construction of building
100
To Yield
About.
3101
Company and Issue, and by Whom Offered.
6.00 Harriman Bldg. Corp. (N. Y.) let M. 8s, 1951. Offered by W. A. Harriman & Co.,
Inc.. and
Edward B. Smith & Co.
6.00-6.20 Hotel Markham (Gulfport Hotel Corp.. Inc.), Gulfport, Miss., 1st M.65. 1928-40. Offered by
Marine Bank & Trust Co., New Orleans.
6.00(Emma A.) Jackson (Detroit) 1st M. 65, 1936. Offered by Union Trust Co., Detroit.
5.00-6.00 Lake State Bank Bldg.(Chicago) 1st M.Fee 65, 1930-41. Offered
by S. W.Straus & Co., Ine.
8.00 Julius J. Lax, Inc.-Marguerite and Juliette Apartments (West Palm
Beach, Fla.) 1st M.86,
1927-36. Offered by Palm Beach Guaranty Co., West Palm Beach. Fla.
am Lincoln Arms (Det.) 1st M.6345, 1928-38. Offered
Federal Bond & Mtge. Co., Inc., Detroit.
8.25-6.50 Loeb Arcade & Hale Bldgs. (Minneapolis) let M.by
Bldg. & leasehold 6345. 1928-42. Offered by
E. H. Ottman & Co., Inc., and First Illinois Co.,
7.00 (John E.) Melton (Lakeland, Fla.) 1st M.75, 1928-36.Chicago.
Offered by Mortgage & Securities Co.and
Union Title dr Guarantee Co., Inc., New Orleans.
6.25 The Midland Bldg. (Chicago) 1st M. 6315, 1946. Offered by Merrill, Lynch & Co., the Natl.
Republic Co. and Peabody, Houghteling & Co.. Inc.
6.50 Montgomery Bldg. (Seattle, Wash.) 1st M.6345, 1932-36. Offered by Seattle Title Trust Co.
6.50 Morrison Bldg.(Alliance,0.) let M.8345, 1928-37. Offered by S. Ulmer di Sons,
Inc., Cleveland.
6.00 (Benjamin F.) Mortenson (Det.) let M. 136, 1936. Offered by Otis et Co., Nicol,
Ford & Co..
Inc., and First National Co. of Detroit.
7.00 Mozart Bldg.(Chicago) let M.7s, 1928-36. Offered by Equitable Bond & Mortgage Co., Chicago.
6.50 Paramount Bldg. Corp. of Seattle 1st M. Leasehold 6345, 1947. Offered by Paine, Webber
&
Co. and Arthur Perry & Co.
5.00-5.50 The Park Royal (23 West 73d St.), N. Y. City, Guar. 534% Prudence-Certi
ficates, 1927-33.
Offered by the Prudence Co., Inc., New York.
5.00-6.00 Riverside Improvement Co. let M.65, 1927-35. Offered by First National Co., St. Louis.
6.00 Sainte Claire Realty Co.(Calif.) 1st (c.) M.85, 1931-46. Offered by Mercantile Secur.
Co.of Calif.
5.46-6.13 Saint Paul Service Bldg.. Inc., 1st (Fee) Mtge. 6a, 1928-37. Offered
by Elliott Magraw & CO..
St. Paul, Minn., and Kuechle & Co., Milwaukee.
7.00 Seattle Office Equipment Co. 1st M. Leasehold 75, 1930-40. Offered by Grover C.
Winn Co..
Seattle, Wash.
5.00-5.55 Southern Methodist University (Dallas, Texas) 6a, 1926-35. Offered
by Mississippi Valley
Trust Co.. St. Louis.
6.00 Strickland Bldg. Co. (Valdosta, Ga.) let M.6s, 1928-41. Offered by Citizens & Southern
Co..
Savannah, Ga.
6.50 Telford Apts. (Cincinnati) let M. 133.48, 1928-37. Offered by the Title Guarantee
& Trust Co.,
Cincinnati,
6.00 1301 North State Street Bldg. Corp. (Chicago) 1st M. 6s, 1946. Offered by Lawrence
Stern
& Co., First Trust & Savings Bank and the Foreman Trust .3c Savings Bank.
7.00 Thome Investment Co.(Seattle) let M.7s, 1928-36. Offered by Wm.P. Harper & Son, Seattle.
5.20 Trustees of the Frederick M. Hubbell Estate deb. 5345, "C," 1934-36. Offered by Central
State Bank, Des Moines, Iowa.
5.75-6.50 Ungar Bldg. (Portland, Ore.) 1st (closed) M. Leasehold 630, 1927-41. Offered by Lumbermen's
Trust Co., Portland, Ore.
6.00 Wayland Manor Apts. (Providence, R. I.) 1st M. 6s, 1925-38. Offered by Empire Bond &
Mortgage Co., New York.
6.50 (The) Whitfield (Chicago) 1st M.6345. 1928-34. Offered by Garard Trust Co., Chicago.
40,330,000
Shipping1,100,000 Finance construction of steamers__
5.00-5.50 Inland Steamship Co. let M. 5345, 1928-37. Offered by First
Trust &,Savings Bank, Chicago.
Miscellaneous1,500,000 Refunding; additions, dos
100
900,000 Acqui.cons. cos.; other corp. purl). 100
150,000
2,000,000
1,250,000
1,100,000
600,000
1,000,000
2,500,000
235,000
4,000,000
200,000
185,000
12,500,000
105,000
4,000,000
32,225,000
6.00 Atlantic City Sewerage Co. 1st M.85,"A," 1958. Offered by Charles A. Frank & Co.,
6.50 Buffalo General Laundries Corp 1st M.Cony. 6345, 1941. Offered by ManufacturersNew York.
dr Traders
Trust Co.; Pistell, Deans & Co., Inc; Schoellkopf,
& Pomeroy, Inc.; Victor. Connor
& Co., Inc.; Glenny. Monroe & Moll; A. L. ChambersHutton
& Co., Inc., and Hayes & Collins, Buffalo,
N.
Y.,
and
McCown
&
Co., New York.
Expansion of business,
100
6.00 (E. S.) Burgan & Son, Inc., let (closed) H. 8s, 1928-36. Offered by the Old
National Bank &
Union Trust Co., Spokane.
Refunding; working capital, &c..-- 98)4
6.65 Cady Lumber Corp. (Del.) let M. di Lien 6345, 1939. Offered by G. E. Barrett
& Co.. Ins.:
Edmund Seymour & Co.. Inc.; J. A. Ritchie & Co., Inc.; Frederick Peirce
& Co., and Fawn,
Gads & Co.. Inc.
General corporate purposes
100
Central
6.5
Service Co.(Des Moines, Iowa) 1st M. 6345, "A," 1941. Offered by A. C. Allyn
& CO..
Chicago, and Howard N. Martin & Co., Loa Angeles.
New construction
99
8.60 Golden Gate Ferries, Inc., Coll. Tr. 6346,"B," 1941. Offered by E. H. Rollins &
Sons
and
First
Securities Co., Ban Francisco.
Finance construction of bridge_ _
100
7.00 Missouri Illinois Bridge Co. of Louisiana, Mo., let M.75, 1948. Offered by Win. R. Compton
Co.;
Peabody, Houghteling & Co., and Lorenzo E. Anderson & Co.
Acquisitions; working capital
904
6.62 New England Laundries, Inc. (Boston) 1st. M. 65, "A," 1936. Offered by Paine, Webber &
Co. and Henry D. Lindsley & Co., Inc.
Provide funds for loan purposes
98
Protestant
Church in Germany Welfare Institutions 20-Year Secured 7s, 1946. Offered by
7.19
Howe, Snow & Bertles, Inc.; Redmond dr Co., and Ames, Emerich & Co.
General corporate purposes
100
7.00 Riverside Orchards, Inc. (Los Angeles) 1st (closed) M. 75, 1927-36. Offered by Baly Bros.;
Inc., and Citizens National Co., Los Angeles.
Working capital
97
6.77 Saxon State Mortgage Institution Mtge. Coll. Guar.6345, 1946. Offered by the National City Co.
General corporate purposes
100
6.00 Scheiwe Coal & Ice Co. (Detroit) 1st (closed) M. 65, 1936. Offered by Benjamin Dansard
&
Co., Detroit.
General corporate purposes
Price on application Scheider-Holmes Co.(Detroit) 1st M.6346, 1928-36. Offered by A.E.Kusterer
& Co., Or.Rapids.
Retire bank loans; wkg. capital__ _ 99)4
7.07 Hugo Stinnes Corp.(Md.) 10-Yr. 75, 1936. Offered by Halsey. Stuart St Co.. Inc.;
A. G. Becker
& Co.; Newman, Saunders & Co., Inc.; Commerz und Privat Bank A.-0.. Hamburg-Berli
n
(Germany); Wm. R. Compton Co., and Henry L. Doherty & Co.
Retire debt; other corp. purposes.. 100
Sun
Publishing
8.50
Co.,Ltd..The Vancouver Sun (Vancouver, B. C.) 1st (closed) M.6348,
1929-33.
Offered by Lumbermens Trust Co., Portland, Ore.
Workingcapital
6.50 Ulen & Co. Sec. Cony. 6345, 1936. Offered by Marshall Field, Glore. Ward
100
& Co. and Stone &
Webster, Inc.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND
INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities750,000 Acquisitions; working capital
Price,
To Mid
About.
99%
100,000 Capital expenditures
100
300,000 Acquisitions, additions, &o
100
1,750,000 Acquisitions; other corp. purposes.
99
700,000 General corporate purposes
100
1,400,000 Acquisitions; working capital,&c_ _ 100
1,000,000 Acquisitions
99.28-98.85
10,000,000 Additions, extensions, ete
99)4
16,000,000
Other Industrial & Mtg.600.000 Refunding
10134
1.501,000
100
250,000 Provide funds for loan Purposes... 100
200,000 Finance sale of property
100
80,000 Real estate mortgage
70,000 Finance construction of garage bldg 100
48,000 Provide funds for loan purposes.._.
30,000 Real estate mortgage
100
100,000 Finance sale of property
60,000 Finance construction of garage bldg 100
988,000
Miscellaneous000,000 Additional capital
100
500;000 General corporate purposes
100
7.05 Brazos River Gas Co.(Mineral Wells, Texas) 1st (closed)
7s, Oct. 1 1931. Offered by A. M.
Lamport & Co., Inc.; F. J. Lisman & Co., and GuardianM.
Securties Co.
0.00 Caribou Water, Light & Power Co. 1-Yr,
85, Nov. 1 1927. Offered by Sawyer, Fiske & Spencer,
Inc. Boston.
5.50 Central'
Cities Utilities Co. 1-Yr. 1st Lien 5345. Nov
15 1927. Offered by Metcalf, Cowgill & Co.
Harry H.Polk & Co.,Inc. Des Moines,
Iowa, and Smith, Landeryou & Co., Omaha, Neb.
6.00 General Telephone Co. 1-Yr.
Tr. 55, Nov. 1 1927. Offered by True, Webber & Co., Chicago.
and Putnam & Storer, Inc.. Boston.
5.00 Keystone Telephone Co. of Philadelphia
1-Yr. 55, Nov. 1 1927. Offered by A. C. Allyn & Co.
6.50 McGraw Electric Co. (Sioux City, Iowa) 3-Yr.
Sec. 6345, Nov. 1 1929. Offered by A. B. Leach
& Co., Inc., and Potter, Fox & Co.
5.95 Peoples Light & Power Corp. Conv.53(5,
5.10 Public Service Co. of Northern Illinois Dec. 151927-28. Offered by G.L. Orhstrom & Co.,Inc.
Deb. 56, series of 1920, due Sept. 1 1931. Offered by
Halsey, Stuart & Co., Inc.
5.63 Bullard Machine Tool Co.(Bridgeport,
Conn.)5-year Deb. 6s, Nov. 15 1931. Offered by E. B.
Merritt & Co., Inc., Bridgeport; William
C. Simons, Inc.. Springfield, Mass.; Richardson, Hill
& Co., Boston, and Northern
5.25-6.00 Moto Meter Co.,Inc.,Serial 66, New England Securities Corp., Montpelier, Vt.
1927-30. Offered by Loge & Co., E.F. Hutton & Co.and Merrill,
Lynch & Co.
901.000 Acquisitions
Land, Buildings. &c.
150,000 Finance lease of Property
Company and Issue and by IVhozn Offered.
6.50 (Leontine C.) Andrews (Atlanta, Ga.) Coll.
Ti. 63.45, 1928-31. Offered by Canal Bank & Trust
Co., New Orleans,
6.00 Arundel Mortgage Co.(Bait.) let M.
1929-31.
86
"B,"
6.50 (Edward E.) Beals (Detroit) let M.63.ls, Oct. 1931. Offered by Nelson Cook & Co., Baltimore.
Offered by Win, L. Davis & Co.. Detroit.
7.00 Broadway & 33rd Sc. Co.6% Mtge. Panic. 1
Ctfs., due May 1 1928. Offered by Spear Securities
Corp., New York.
6.50 Devon-Leavitt Garage (Chicago) let H.6315, 1928-31. Offered by
the Hancbett Bond Co., Chic.
5.50-7.00 Industrial Bank of Richmond. Va.,
Coll. Tr.76, series 5,due 1927-30. Offered by Scott &
fellow, Richmond, Va.
8.00 Jefferson Court Hotel and Store Bide.(Miami, Fla.) 1st
Lien M.85. July 17 1930. Offered by
the Miami Mortgage Os Guaranty Co., Miami, Fla.
5.25-6.00 Edith Rockefeller (McCormick Trust) let M.65.
"B," 1927-30. Offered by Love, Van Riper &
Bryan, St. Louis.
8.50 73rd St. and East End Ave. Garage (ChicagO) 1st M. tlMer. 1929-31.
Offered by the Hanehett
Bond Co., Chicago.
5.50(W.C.) Foster Co.(Chicago) let Lien.5345, 1928-29.
Offered by the Minnesota Loan & Trust Co.,
Minneapolis.
5.25 Red River Lumber Co. Secured 534e. "IL" Nov. 1 1928.
Offered by the Minnesota Loan di Trust
Co., Minneapolis.
3102
Par of
Amount.
[VOL. 123.
THE CHRONICLE
Purpose of Issue.
Miscellaneous (Concluded)
400,000 Working capital
1,500,000 Acquisitions; development, &c
350,000 Acquisitions; fund current debt._
78,000 Refunding
Price.
To Yield
About.
100
1005i
100
100
Company and Issue, and by Whom Offered.
7.00 (Hal) Roach Studios, Inc. (Los Angeles) Secured 7s, 1928-31. Offered by Frick, Martin & CO.
and Bayly Bros., Inc., Los Angeles.
6.87 United Porto Rican Sugar Co. 5-Year Sec. Cony. 78. Nov. 1 1931. Offered by Stein Bros. dc
Boyce, Robert Garrett & Sons. Baltimore, and Pogue, Willard dr Co., New York.
6.00 J. E. Wheeler Coll. Sec. 1-Year 6s, Nov. 1 1927. Offered by Ralph Schneeloch Co., Lumberrnene
Trust Co. and Western Bond & Mortgage Co. Portland, 0:e.
6.00 Wood & English. Ltd. (Vancouver, B. C.) Coll. Tr. Ref. 68. Nov. 1 1928. Offered by Lumbermens Trust Co. Bank, Portland, Ore.
3,428,000
STOCKS.
Par Or
No.ofShares
Purpose of Issue.
Railroads10,000,000 Additions and betterments
Public Utilities8,055,000 Additions to property
550,000 Additions to property
500.000 Acquisitions; other corp. purposes_
*5,000 she. General corporate purposes
322,025 Additions to property
250,000 Capital expenditures
850,000 Additions, betterments, &c
*9,000 sits. Acquisitions; other corp. purposes
1,200,000 Additions and extensions
15,000,000 Capital expenditures; additions___
a Amount
Price. To Yield
Involved. Per Share. About.
Southern Railway Co. Common stock. Offered by company to stockholders.
10,000,000 100(Par)
Detroit Edison Co. Capital stock. Offered by company to stockholders.
Electric Co. 6% Corn. Prof. Offered by Brown Bros. & Co.
7.25 Electric Public Service Co. 7% Cum. Prof. Offered by Stanley & Bissell, Inc., R. E.
Wilsey & Co., Inc., Henry D. Lindsley & Co., Inc., and E. R. Diggs dr Co., Inc.
7.47 Keystone Telephone Co. of Philadelphia $4 Prof. stock. Offered by company
to preferred stockholders.
Lowell Electric Light Corp. Capital stock. Offered by company to stockholders.
New Britain (Conn.) Gas Light Co. Capital stock. Offered by company to stockholders.
7.00 New Rochelle (N. Y.) Water Co. 7% Cum. Pref. Offered by Thomson, Fenn & Co.,
Hartford.
7.30 North Carolina Public Service Co. $7 Div. Cum. Pref. Offered by Pynchon & Co.,
New York.
6.79 Peninsular Telephone Co. (Fla.) 7% Cum. Pref., Series "A," Offered by Coggeshall
& Hicks, N. Y., and Bodell & Co., Providence, It. I.
5.87 Public Service Electric & Gas Co. 6% Cum. Pref., 1925 Series. Offered by Drexel
& Co. and Bonbright & Co., Inc.
6.80 Santa Monica Bay Telephone Co. 7% Corn. Prof. Offered by the Citizens National
Co. and M. H. Lewis & Co., Los Angeles.
6.30 West Virginia Water Service Co. 6% Cum. Pref. Offered by Kanawha Banking &
Trust Co., Charleston, West. Virginia.
8,055,000 100 (par)
550,000 99
500,000 96i
267,500
6:06 Cape & Vineyard
5335
611,847 4734
250,000 25 (par)
850,000 100
864,000
96
1,200,000 103
15,000,000 1025(
250,000 General corporate Purposes
250,000 103
650,000 Capital expenditures
650,000
Company and Issue, and by Whom Offered.
95
29,048,347
Iron, Steel, Coal, Copper, 8zc.
•40,000shs. Working capital
Other Industrial & Mfg.350,000 Capital expenditures; working cap'40,000 abs
10
Fulton Iron Works Co. (Sc. Louis) Common. Offered by company to preferred and
common stockholders; underwritten
350,000 100
7.00 Anderson Manufacturing Co. of Louisville, Ky., 7% Cum.Pref. Offered by Henning, Chambers & Co.
Gold Seal Electrical Co., Inc., Common. Offered by Continental Capital Co.. Inc.,
New York.
7.00 Gotham Silk Hosiery Co. 7% Cum. Prof. Offered by Hallgarten & Co. and Merrill,
Lynch & Co.
7.00 Holeproof Hosiery Co.(Milwaukee) 7% Cum. Prof. Offered by First Wisconsin Co.,
Morris F. Fox & Co. and Quarles Co., Milwaukee.
6.40 International Match Corp. Panic. Pref. stock. Offered by company to preference
stockholders; underwritten by Lee ,Higginson & Co., Guaranty Co. of N.Y., National
City Co.. Brown Bros. & Co., Dillon, Read & Co. and Clark, Dodge & Co.
1 For George Kilgen & Son, Inc., 8% Cum. Pref. Offered by Lewis W. Thomson & Co..
inc., St. Louis.
Sail
George Kilgen & Son, Inc., Common stock. Offered by Lewis W. Thomson & Co.,
inc., St. Louis.
7.00 McKesson & Robbins, Inc.(of Conn.) 7% Cum.Partic. Prof. Offered by Bridgeport
(Conn.) Trust Co., It. F. Griggs & Co., Waterbury, H. C. Warren & Co., Inc.,
New Haven, and Fuller, Richter, Aldrich dz Co., Dartford.
Pacific Clay Products (Los Angeles, Cal.) Common. Offered by Banks, Huntley
& Co., Hunter, Dulln & Co., Drake, Riley & Thomas and M. H. Lewis & Co..
Los Angeles,
400,000
500,000
Working capital
5,000,000 Acquire Onyx Hosiery, Inc
12)
5,000,000 100
1,000,000 100
1.000.000 Refunding
15,750,000 Finance various transactions
22,500,000
50
202,0001 1 sh. Pfd.
1 sh. Cora.
200,0001 Additional capital
*2.000 abs.
1,650,000 Consolidation of properties, &c_
•100.000sh. Acquisition of properties
1,650,000 100c
2,800.000
28
34,002.000
Oil•392,697sh. Working Capital;general corp.purp. 18,634.850
50
•100,0005h. Finance development of properties_
1,100,000
86,232.925 Refunding
86,232.925
1'50,000 abs. Acq.and development of properties 1,500,000
11
25 (par)
30
Marland Oil Co. Capital Stock. Offered by company to stockholders; underwritten
by J. P. Morgan & Co.
The Mexico-Ohio Oil Co. Capital Stock. Offered by Jesup & Lamont.
Standard Oil Co.(N. J.) C0111111013. Offered by company to stockholders.
Frinidad 011 Fields, Inc. Cum. Cony. Class "A" stock. Offered by Huntington;
Jackson & Co., New York.
107,467,775
Land, Buildings, &c.
3,000,000 Additional capital
750,000 New construction
9,000,000 300
750,000 100d
New York Tile & Mortgage Co. Capital stock. Offered by company to stockholders:
underwritten by W. A. Harriman & Co., Inc. and Lee, Higginson & Co.
6.00 Tudor City Third Unit, Inc. 6% Cum. Pref. Offered by Fred. F. French Investing
Co., New York.
9,750,000
Rubber*100,000sh. Working capital
500,000
Miscellaneous$50,000 she .Acq.constit.cos.; other corp.purp.
010,000 she.
600,000
*6,000 abs.
1,500,000
6,000,000
*120,000sh.
1,120,600
Keystone Clearing Co. Common stock. Offered to stockholders of Keystone Tire &
Rubber Co.
5
8.03 Buffalo General Laundries Corp. Partic. Pref. Cum. $2 25 per share. Offered by
McGuire, Cole & Co., New York; Pistell, Dean dz Co., Inc.. Buffalo, N. Y., and
McCown & Co., Philadelphia.
Davega, Inc. Common. Offered by Baker Simonds & Co., Inc.
Acquisition of additional propertY200,000 20
Additional capital
720,000 11 eh. Pref.1For Kinnear Stores Co.(Ind.)8% C11131. Pref."A". Offered by George H.Burr & Co.,N.Y.
Common stock. Offered by George Si. Burr & Co., N. Y.
do
do
(I sh. Com.1$120
Acquisition
1,500,000 100
7.00 Safeway Stores. Inc.(Md.) 7% Cum.Pref. Offered by Merrill, Lynch & Co.
}Finance acquisition of securities
7,800,000 51 sh. Pref.1For (Second international Se-f Cum. let Prof. 6% Series.10ffered by American Founders
Trust.
curities Corp. (Md.)(Class"A" Common stock.)
(1 sh. Com.J$65
South Porto Rico Sugar Co. Common. Offered by company to stockholders; underAcquisition of additional property_
1.120.600 100 (par)
written.
12,7.40,600
1,400,000
28
FARM LOAN ISSUES.
Amount.
Issue.
Price.
3,000• .000 Dallas (Tex.) Joint Stock Land Bank, 55,
10331
1936-66
750.000 New York Joint Stock Land Bank of N. Y.
103.95
City. 5s 1936-56
To Yield
About.
Offered by
4.52 C. F. Childs & Co.
4.48 Boyd, Evans & Devlet, Inc., New York.
3 750 000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
To Yield
About.
Offered by
9;
4,000• ,000 Department of Caldas (Colombia, S. AO,
Sec. 71.15. 1946
500,000 Republic of Honduras, National Highway
Ext. 7s, Jan. 1 1929
19.740,000 City of Yokohama. Ext. 6s of 1926, due 1961.
98
7.70 Blyth, Witter & Co. and Baker, Kellogg & Co., Inc.
983.1
93
7.75 H. C. Burt & Co., New York.
6.50 J. P. Morgan dr Co., Kuhn, Loeb & Co., the National City Co., First National Banff
and Yokohama Specie Bank, Ltd.
24,240,000
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes Of common stocks are Computed at their offeringg p.ices.
S Bonus of 8 shares of capital stock given with each $1,000 bond.
e Bonus of 34 share of common stock given with each preferred share.
d Bonus of 1 share of common stock given with each share of preferred.
THE CHRONICLE
DEC. 18 1926.]
The Repression of Crime.
(Concluded from page 3096.)
as the controlling purpose, whatever other ends may
also need to be served. Exalting this object will
help to make effective other efforts to remove the
causes of crime, as well as to amend disastrous results.
Because this is coming to be the recognized aim of
modern penology there is good ground for the confidence of the philanthropic students of crime that
existing tendencies can be arrested and the increase
of crime can be checked. As with spreading knowledge of the facts the conscience of the people is
aroused, the value of home life and the significance
of being well-born will be recognized, and these two
3103
sources of strength,fundamental in human progress,
will be exalted into constant exercise.
We recall George Eliot's saying that "Man is an
unmitigated savage; left to himself he relapses into
barbarism"; and we are aware that antipathy to
law enforcement is not a new fact. Progress of the
race is dependent upon social progress, and that requires the surrender of individual independence for
the sake of the larger liberty secured by the obedience of all to the law that secures the welfare of all.
We are led back to the evolutionary doctrine taught
by Francis Galton that human development is determined not by any multitude of incidental forces of
nature or a natural selection, but primarily by the
direct influence of pre-eminent leaders of men. And
as these are born and not made, care should be devoted to securing as many of them as possible.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 17 1926.
The weather has been cold, seasonable and stimulating to
trade, despite snowstorms in some parts of the country.
The sales of heavy clothing have been large, owing to temperatures at zero or below in many sections. Of course,
such weather has a tendency to slow up building and some
forms of agricultural work. Retail lines in the main make
a good showing. The December total, indeed, may reach a
new high peak in the retal business history of the country
outside of the South and some parts of the Pacific Coast.
Wholesale trade has, as usual at this inventory time, fallen
off. The big industries, as usual at this season, show some
slackening. Coal prices have tended downward after a high
record output of bituminous in November. England is
now exporting coal. Cotton again shows an advance for
the week, owing partly to cold and stormy weather at the
South. It has, it is feared, retarded the ginning. At the
same time exports are on a very large scale, the largest,
Indeed, for over ten years. The excess over last year is now
610,538 bales. The world's spinners' takings of cotton
this week showed some falling off, but the total for the
season thus far reveals a notable increase over the same
period last year. The home consumption figures published
during the week also show a worthwhile increase for the
month of November. It would seem that the peak of the
"into-sight" cotton crop movement has passed. Meanwhile
it is a remarkable thing that cotton prices have withstood
the effect of a colossal crop so well as they have. American
cotton is still going to India, and in fact is said to be underselling Indian cotton in the Bombay market, even though
the American is superior in quality and staple to the East
Indian product. Cotton goods have been in fair demand,
and in fact denims have sold on a large scale, though at a
drastic cut in prices. Manchester's trade is showing some
slight signs of improvement, although the expectation of
lower prices for raw cotton tends to restrict business there
for the time being. Wheat has had little net change for
the week, with export business on the whole unsatisfactory
owing to the competition of Russia and Argentina in the
importing markets of Europe. Corn prices have been fairly
well maintained and prices of oats and rye have been quite
steady. The flour trade is quiet. Provisions have declined.
Coffee has also sold at lower prices, partly in sympathy
with some decline in Brazil. Sugar has also declined, after
the recent rapid upturn. But there are those who believe
that after the turn of the year prices for this commodity
will advance. Rubber of late has been steadier in spite of
large imports, as London and Singapore prices have been
firm.
The iron trade has naturally been quiet in the East, although a fair business is reported in the Central West.
Eastern foundry prices have been tending downward. Steel
has been for the most part quiet, but quite a good demand
from the railroads has appeared and structural material
in some cases has sold well. But steel sheets have a downward tendency. There has been little change in copper,
though zinc is slightly higher, with tin and lead lower.
The lumber trade in the North Pacific centres has been
restricted by cold weather. In parts of the West an unusually la-rge holiday trade is in progress, notably at Chicago. Retail sales are larger at this time than a year ago
in automobiles, building materials, coal, lumber and glassware. In general the transactions are equal to those of this
time last year, including luxuries like jewelry. The very
cold weather at the West has given rise to some fears of
damage to the winter wheat crop. In many parts of the
winter wheat belt there has been no snow. Rains have
interfered with cotton picking in parts of the belt, but very
low temperatures will tend to destroy the weevil.
One of the big events of the week was the recommendation by the directors of a 40% stock dividend on the common stock of the United States Steel Corporation. It electrified the stock market to-day and the price advanced 5%%
on transactions of 633,000 shares. Once that would have
been considered a pretty good day's business for the whole
list. Advances of 3 to 5 points occurred in a number of
other stocks, industrial and also railroad, Atchison going
to a new high record. The trading to-day was excited, running up to a total of close to 2,700,000 shares. That is not
so bad for a market over which the pessimists had been
almost prepared to write an epitaph. Car loadings are
larger than a year ago. It is a sign of the times, too, that
prices of bonds average the highest for 13 years past. Bank
clearings this week shows an increase again as compared
with a year ago. The truth is that the condition of the
country's business is sound. The South has to make the best
of low prices for cotton, though they would once have been
considered high. It has profited in other directions than
cotton, however, as its interests are mode diversified than
in former years. French francs have reached a new high
point for the year, that is, they are above the 4-cent level.
Other exchanges have been firmer. Sterling declined
slightly to-day.
Charlotte, N. C., reports trade quiet, as usual at this
stage of the season, but the feeling there as well as generally in the cotton manufacturing centres of the South is
cheerful. Raw material is cheap and everything points to
larger sales, a quicker turnover, better profits and a generally more cheerful state of affairs in this branch of industry. Woolen mills have been doing a better business.
That is something new. Raw wool during the week has
been steady on the whole, with a fair business for this time
of the year. The recent London sales were attended in the
main with favorable results. Fall River, Mass., cotton
mills are running on a larger scale than early in the year,
to say nothing of this time a year ago. At New Bedford,
Mass., it is stated that activity continues unabated, though
new orders are not large. Several of the mills are sold
ahead until the spring. The Wamsutta mills are running all
looms. Several other departments are working overtime.
The Nashawena mills will put more looms in operation next
week. The Butler and Taber mills are operating every
loom. The Manomet mills Nos. 1 and 2 are to put additional
3104
THE CHRONICLE
spindles in operation at once. The Page and Gosnold mills
ere sold ahead to March or April. New warps are being
put in order to work at 100%. Figures compiled by the
export department of the Pacific mills show that shipments
of so-called washed goods to Australia have increased almost 100% this year over last year in the Pacific lines. In
New Hampshire textile mills employment is much better
than a year ago despite the state of affairs at the plant of
the Otis Co. in Greenville, and at the plant of the Salmon
Falls Manufacturing Co.
At Passaic, N. J., the Botany and Garfield worsted mills,
two of the largest affected by the textile strike, now in its
tenth month, made an agreement with their workers. The
settlement was identical with that three weeks ago made by
the Passaic worsted mills. How many of the workers the
Botany and Garfield mills will take on was not announced.
The maximum number of workers in the best times is approximately 5,000 each and at the present time about 2,500
workers are at the looms of each mill. The agreement provides: 1. That the mills recognize the right of the workers
to organize. 2. That the mills recognize the principle of
collective bargaining. 3. That the workers make no demands for the closed shop. 4. That the workers have the
right to settle grievances by conference between their committee and officials. 5. That the mills do not discriminate
against former strikers. 6. That no outside help be employed until former employees are absorbed.
The weather was mild here in the fore part of the week,
but much colder by the 15th inst. It was very cold at the
West on the 14th inst. It was zero weather from Illinois to
the Rocky Mountains and 16 to 38 degrees below zero in
Minnesota. Throughout the West the snowfall was unseasonably heavy, being in some places over 5 feet, and the area
was unusually wide at this time. In Western Canada the
blizzard which began Sunday night was the worst in 19
years. In Chicago and Kansas City on the 14th inst. it was
zero, in Cincinnati 18 degrees, in Cleveland 22, in Detroit
14, in New York 38, in Boston 30 and in Pittsburgh 28. In
the Ohio Valley it was 4 below to 14 above; in Canada 14 to
82 below. In Buffalo, on Dec. 16, a blizzard raged all day,
coming from off Lake Erie. The snow fell to a depth of
8 or 10 inches. Watertown, N. Y., on the 16th reported 12
inches of snow, being a blizzard with high winds. Navigation on the Great Lakes was declared ended for the season.
Vienna Mine, Idaho, has the thickest snow covering, 66
Inches, of any spot in the country.
To-day it threatened snow here for a time, but cleared
off this afternoon. The forecast was for rather warmer
weather, with probably light snow to-night and fair and
somewhat colder conditions Saturday. It was 31 degrees
here this afternoon. In 24 hours it has been 16 at Chicago,
24 at Cincinnati, 22 at Cleveland and Kansas City, 10 at
Milwaukee, 18 at Buffalo, 24 at Philadelphia, 20 at Pittsburgh and 4 at St. Paul.
Colonel Ayres of Cleveland Trust Co. Forecasts 1927
as Good Business Year, Even Though It Be
Slower Than 1926.
[Vol.. 123.
advance much. Building construction will surely be large in volume and
value, but probably not so large as in either 1926 or 1925. Building coats
should decline somewhat, but rather because of easier material prices than
through lowered wage rates. Conditions of industrial employment promise
to be good, but without competition for labor.
The output of iron and steel will probably be less than in 1926, but with
the demand from the railroads increased. It seems not unlikely that the
production of automobiles may be about 5 or 6% less than it has been in
1926, and there seems little prospect that important financial troubles will
develop as a result of the widespread practices of installment selling. Industrial profits in 1926 have been the largest in our history, and some narrowing,rather than a still further broadening, of profit margins may reasonably be anticipated next year. If most of these suggested developments
come to pass 1927 will be a pretty good business year, even if it should
turn out to be somewhat slower than 1926.
Further Decline in Wholesale Prices.
The general level of wholesale prices in November was
below that of October, according to information collected in
representative markets by the Bureau of Labor Statistics
of the United States Department of Labor. The Bureau's
weighted index number, which includes 404 commodities or
price series, registered 148.1 for November, compared with
149.7 for the month before, a decline of 1%. Compared
with November 1925, with an index number of 157.7, there
was a decrease of over 6%. The Bureau, under date of
Dec. 17, adds:
Farm products in general were over 3% lower than in October,due mainly
to declines in prime of corn, wheat, cattle, hogs, cotton and hides. Foods
and clothing materials also were slightly lower, as were chemicals and drugs
and miscellaneous commodities. Practically no change was shown for
metals and housefurnishing goods, while fuels and building materials were
higher.
Of the 404 commodities or price series for which comparable information
for October and November was collected, increases were shown in 76 instances and decreases in 143 instances. In 185 instances no change in price
was reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1913 EQUALS 100.0).
Groups and Sub-Groups.
1925
November.
1926.
October. November.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Meats
Butter, cheese and milk
Other foods
Clothing materials
Boots and shoes
Cotton goods
Woolen and worsted goods
Silk, &c
Fuels
Anthracite coal
Bituminous coal
Other fuels
Metals and metal products
Iron and steel
Nonferrous metals
Building materials
Lumber
Brick
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Fertilizer materials
Drugs and pharmaceuticals
Housefumishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Leather
Paper and pulp
Other miscellaneous
All commodities
* Insufficient data.
153.9
158.2
135.0
168.9
160.2
152.7
157.6
165.7
187.9
186.7
178.7
207.7
177.3
174.8
•
205.8
142.8
129.8
136.2
116.0
175.6
185.8
204.3
129.1
167.9
135.4
126.6
110.0
181.6
165.9
145.3
232.9
142.0
130.2
140.9
175.3
134.6
157.7
139.4
142.5
142.0
133.7
152.0
154.3
152.6
151.7
171.5
184.3
153.0
189.0
154.4
184.4
225.5
214.5
157.4
126.7
135.0
108.6
172.1
181.8
205.0
132.4
163.6
129.3
117.8
103.6
182.5
160.3
140.1
226.5
118.6
107.1
136.0
156.8
103.9
149.7
134.6
138.1
129.2
136.7
151.1
148.1
154.5
152.3
169.9
184.3
150.3
189.3
148.1
190.2
226.5
239.7
151.6
126.5
135.5
106.6
174.0
186.0
204.1
132.4
162.9
128.5
116.2
104.4
182.4
159.9
139.9
225.4
117.7
113.0
136.3
156.9
101.2
148.1
Colonel Leonard P. Ayres, Vice-President of the Cleveland Employment and Wages in Pennsylvania and Delaware
Trust Co. of Cleveland, 0., furnishes the following forecast
-Curtailment of Operations.
for 1927 in the institution's "Business Bulletin," dated
According to reports received by the Federal Reserve
Dec. 15:
Bank of Philadelphia from 890 firms, operations in the
This is the season of the annual business forecast. During the next
manufacturing industries of Pennsylvania were curtailed
three weeks many hundreds of men living in different sections of the country
and representing every sort of business interest, will attempt to formulate somewhat in November, as indicated by a reduction of 3.4%
for publication their opinions about the prospects for general business in in total wage payments and a
decline of nearly 1% in the
1927, and to state the outlook for their particular lines of activity. They
face a difficult task, and because of its difficulty most of them will be number of men employed. The bank's survey, issued
Dec. 16, goes on to say:
cautious in their statements.
This caution will be justified. General business is now prosperous, and
this is especially true of industry and transportation. The credit supply
Is ample, and fundamentals are sound. Under these conditions it would
appear reasonable to conclude that business conditions next year would
probably continue to be about what they have been this year.
But the farmers have suffered severe disappointments. Agricultural
prices are falling, and getting seriously out of line with industrial prices.
There has been rather more than the norma'seasonal reduction of output
In the automobile industry. Building construction appears to be slowing
down. The textile industry has had a poor year. There may be a coal
strike in the spring. Such facts as these might well make it seem more
likely that next year promises to be a period of rather less good times than
we have had in 1926.
The fair balance of evidence appears to justify us in thinking it likely that
general business may be somewhat slower tn 1927 than it has been in 1926.
It seems probable that the trend of interest rates will be an irregularly declining one. If this happens bond prices will in all likelihood continue to
advance. Stock prices will almost surely be subject to severe and select've
Irregularity, but it does not seem likely that there will be a real bear market.
The trend of wholesale and retail prices, and of the cost of living. Promises
to continue to decline. Wage rates seem more likely to hold firm than to
Every group of industries shared in the decline in wage payments, as
was also the case for employment, with the two exceptions, textile products
and chemical products, both of which showed slight gains in the number
of employees. The greatest losses were reported by the miscellaneous
iron and steel industries, confectionery and ice cream factores, building
industries, boot and shoe factories and manufacturers of rubber tires
and goods. While the general trend for November was downward, some
industries continued to report substantial gains. Among these were
electrical machinery and apparatus, and carpets and rugs. Cotton goods
showed considerable increases, as did explosives.
Delaware industries reported a decline of 1.1% in employment, but
an advance of almost 1% in total wage disbursements. The largest
losses were in the foundries and machine shops and the food industries.
Manufacturers of tanned leather and leather products reported a considerable increase.
Figures for 17 city areas showed declines in the majority of cases, the
largest ones being in Harrisburg, New Castle and Pittsburgh. Some
areas, however, reported advances in both employment and wage payments; notable among these were the Scranton and Hazleton-Pottsville
areas. Philadelphia reported a decrease of 2.5% in total wage payments
and a decline of 0.3% in employment.
Mac. 18 1926.]
THE CHRONICLE
3105
and of 56 industries, 31 had fewer employes in November than in October.
The largest decline of the past thirty days was in Decatur, Danville, Joliet
and Quincy. In Chicago, 1.6% of the employes were laid off. Aurora,
Cicero, Rockford and Rock Island had slightly more people at work in
November.
In the review for October, comment was made that there has been a
very considerable improvement in the operating of coal mines of the State.
The condition in the bituminous industry during November may be
characterized as "booming." Announcements care to the attention of the
Department of the reopening of 29 additional mines making an aggregate
of 51 which are known to have been returned to operation in sixty days.
Meanwhile, the Illinois Bureau- of Mines reports for the week of Nov. 20
aggregate production of 2,046,000 tons-a half million tons more than in
the corresponding week of 1924 and 350,000 tons more than in the same week
of 1925. Dispatches from mining centers indicated that the buying of coal
by foreign interests on account of the British strike and by large consumers
of coal, notably railroads, have combined with the cold weather to flush
mine-owners with orders. Mines reopening were almost exclusively in the
southern part of the State. In the northern fields where the amounts have
been sustained there have been no changes.
A report issued to the press on Dec. 10 by the New York State Department of Labor indicated that Illinois' declining employment had its counterpart in New York-for during November 18,000 industrial workers were
released or one-third of the employees taken on since summer. There,
too, much of the decline was attributed to the metal industries.
The metals, machinery and conveyances group showed a curtailment in
employment of 1%. This decline extended to seven of the twelve industries
included in the group. Autos and accessories made a decrease of 4.8%
in their forces which was the biggest drop among the metal manufacturers.
Cars and locomotives made a further decline of 4.6% and sheet metal firms
lose 3.2% of their workers. Iron and steel plants laid off 1.3% of the men
at work in October, and employment at machinery plants declined 5-10 of
1%. Instrument manufacturers gained 4.9% in the number at work, and
tools and cutlery firms advanced 1.1%. Lesser gains were made in agricultural implements, electric apparatus and jewelry. The index of employment for the group as a whole is now 110.7-2.7 points higher than in
November 1926.
The building materials group showed a slight downward trend. There
were 6-10 of 1% fewer employees at Wbrk this month, and the decline was
shared by all industries except glass manufacturers. Lime and cement
fell off 4.1%, brick tile and pottery 8-10 of 1%,and miscellaneous minerals
2.5%.
There was a slight expansion in employment in the wood products group
amounting to 3-10 of 1%. The saw mills recovered from their slump of
last month by adding 1.6% more workers. Furniture factories made a
gain of 2%. Firms Manufacturing household furnishings and musical instruments reported fewer employees at work this month than last.
Although tanneries showed a healthy expansion by adding 4% more
workers to the payrolls, declines in the other industries included in the fur
and leather group brought a decrease of 2.4% in employment for the
•Includes two street and highway construction firms.
group as a whole. Boot and shoe factories Continued to lose ground with
EMPLOYMENT AND WAGES IN CITY AREAS.
3.8% of the October forces laid off during November.
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
Firms in the chemicals, oils and paints group showed a mixed trend
of Philadelphia.)
which resulted In a decline of 9.10of 1% in their forces. Drug manufacturers
Number
-Increase or Decrease
- laid off 2% of their workers and paint manufacturers 5.5%. Oil reof
November 1926 Over October 1926.
fineries gained slightly as did also firms in the miscellaneous calssification.
Plants
EmployTotal
Average
Printing and paper goods firms took a turn for the better with the
Areasmeal.
Reporting,
Wages.
Wages.
its seasonal slump
Allentown-Bethlehem-Easton
81
-1.2%
-3.6%
-2.4% approach of the holidays. job printing picked up after
Altoona
16
+0.0
+2.8
and added 2% more workers. Newspapers continued their advance with
+2.8
Erie
15
-1.1
-1.9
-0.8
a further gain of 1.1% in employment. Firms making paper boxes made
Harrisburg
-2.1
-6.9
-4.9
39
slight gains. Edition book binding showed a loss of 4%.
Hazleton-Pottsville
22
+1.9
+8.1
+6.1
As was the case last month, the textile group was the only one in which
Johnstown
13
+2.6
-1.1
-3.6
Lancaster
-0.6
-1.8
-1.3
34
every industry gained. Thread mills again made the biggest gain in this
New Castle
9
-4.7
-9.2
-4.6
group with an advance of 3.7%. Knitting mills added 1.6% more workers
Philadelphia
-0.3
-2.5
-2.2
268
on a
and cotton goods 5.10 of 1%. The index of employment for this group
Pittsburgh
-1.6
107
-7.0
-5.5
1922 base is now 114.9, which is 8% higher than for November of last year.
Reading-Lebanon
+1.3
+1.8
70
+0.5
Scranton
+5.1
-4.5
37
+0.4
Clothing manufacturers made further reductions in their employment
Sunbury
-3.7
+0.7
-4.4
28
amounting to 3.4% of the October forces. As would be expected, losses
Wilkes-Barre
-0.5
-4.0
-3.6
24
were especially heavy at the men's and women's ready-to-wear houses.
Williamsport
-2.2
+4.8
+7.1
24
Wilmington
-1.0
+0.1
+1.1
Employment in men's clothing declined 6.4% and in women's 10%. The
33
York
+0.6
-0.3
-0.8
46
specialty and furnishing lines were not affected by this adverse change.
Men's furnishings gained 5.5% and women's 4.6%. Millinery made the
EMPLOYMENT AND WAGES IN DELAWARE.
biggest gain of any industry in any of the nine major groups when it added
(Compiled by Federal Reserve Bank of Philadelphia.)
27.2% more workers.
-Increase or DecreaseNumber
As was the case last month,food beverages and tobacco lost more ground
October 1926 over October 1926.
of
Total
EmployPlants
Average than any of the other nine major groups. The three heaviest losses susIndustryWages.
Reporting. meat.
Wages. tained by any of the industries were found in this group,canning employment
All industries
-1.1%
32
+0.9%
+2.0% falling off 37.1%, confectionery 25.3%, and ice making 24.1%•
Foundries and machinery products
--4.3
-6.6
5
+2.4
Other metal manufactures
Meat packing just about held the level it reached last month, with
-0.4
-1.3
5
+1.0
Food industries
-3.3
3
-7.2
-4.1
only 2.10of 1% fewer workers on the payrolls. Flour mills, dairy products,
Chemicals, drugs and paints
-0.0
+0.2
3
-0.2
beverages and Ice cream also reported fewer employees than they had
Leather tanned and products
5
+7.8
+0.5
+7.3
Printing and publishing
last month.
4
+0.1
+0.5
-0.4
Miscellaneous industries
+2.0
+0.3
7
+1.8
The compilations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.
-Increase OT Decrease
Nov. 1926 over Oct. 1926.
No. of
Aver.
Total
Plants EmployGroup and IndustryWages.
Wages.
Reporting. meat'
All industries(45)
-0.7% -3.4% -2.8%
890
-3.4
Metal manufactures:
-4.3
294
Automobiles, bodies and parts
-2.0
+2.5
19
-4.3
Car construction and repair
'-3.5
-5.0
20
-1.5
Electrical machinery and apparatus
-0.6
+7.1
+7.8
19
Engines, machines and machine tools
-4.4
-5.1
-0.7
39
Foundries and machine shops
-6.7
-5.2
-1.6
58
Heating appliances and apparatus
-2.2
-0.5
-2.7
17
Iron and steel blast furnaces
+1.7
+0.7
11
+1.1
Iron and steel forgings
-6.8
-0.3
-7.0
12
Steel works and rolling mills
-2.2
-5.0
-2.8
37
Structural iron works
-8.9
-6.9
17
+2.2
Miscellaneous iron and steel products
-10.6
-12.9
-2.5
25
Shipbuilding
+0.9
+1.2
+0.3
3
Hardware
+1.4
+0.9
-0.5
8
Non-ferrous metals
+2.8
-2.7
9
-5.3
Textile products:
-2.0
-0.4
+1.6
173
Carpets and rugs
+2.8
+7.9
10
+4.9
Clothing
-2.6
-3.8
33
+1.3
Hats, felt and other
-1.2
+0.4
-0.8
6
Cotton goods
+4.2
+2.9
+7.2
16
Silk goods
-4.2
+1.0
-3.3
43
Woolens and worsteds
-1.3
+2.7
+1.3
15
Knit goods and hosiery
-1.2
-3.0
40
+1.8
Dyeing and finishing textiles
+0.4
-1.2
-0.8
10
Foods and tobacco:
-0.4
-1.0
-1.4
113
Bakeries
+2.2
+1.5
-0.6
36
Confectionery and ice cream
-3.0
-6.3
-9.1
25
Slaughtering and meat packing
+2.9
+0.9
-1.9
14
Cigars and tobacco
38
+0.0
+1.8
+1.8
Building materials:
71
-1.4
-4.2
-2.8
Brick, tile and terra cotta products
-0.4
-0.7
-0.3
29
Cement
-2.8
-2.4
14
-0.4
Glass
24
-3.2
-7.7
-4.6
Pottery
4
+1.2
-1.5
-2.7
Construction and contracting:
40
--11.1
--16.2
--5.8
Buildings
24
-25.2
-27.4
-3.0
General *
+3.5
-1.2
-4.5
16
Chemicals and allied products:
+0.5
-0.7
-1.3
37
Chemicals and drugs
2i
7
03
1:4
-2.3
-0.9
Explosives
6
+26.7
+18.9
Paints and varnishes
-4.3
8
-4.3
-8.4
Petroleum refining
5
+1.2
-0.9
-2.1
Miscellaneous industries:
162
-0.8
-1.4
-0.6
Lumber and planing mill products
28
-2.5
-1.3
+1.3
Furniture
21
-0.7
+1.3
+2.0
Leather tanning
18
+2.2
-1.4
-3.5
Leather products
9
+4.0
+5.2
+1.1
Boots and shoes
22
-3.3
-10.2
-7.2
Paper and pulp products
19
-1.0
+0.2
+1.2
Printing and publishing
39
+0.3
+1.6
+1.3
Rubber tires and goods
3
--6.9
-10.2
-3.5
Novelties and Jewelry
3
+0.3
+0.7
+0.4
The following is the analysis by cities:
Industrial Conditions in Illinois During
Falling Off in Employment.
November-
With the metal industries of Illinois failing to show the
usual November pick-up, industrial employment of the State
fell 1.3% during the past thirty days, according to the
statement made public Dec. 13 by Reuben D. Cahn, Chief
of the Bureau of Industrial Accident and Labor Research,
of the Illinois Department of Labor. The Review for the
month, says:
From an analysis of the signed reports to the Illinois Department of
Labor from employers of a little over 290,000 workers, it appears that
6,800 persons lost their jobs in the manufacturing industries of Illinois
during November making a total of about 25,000 persons who have been
rendered unemployed by curtailment in the factory forces in the State
since September. The decline has not, however, reduced employment
to a low point. Although the drop contrasts with a gain of seven-tenths
of 1% in Nov. 1925 and about the same amount in Nov. 1924, there are
14,000 more persons at work in the State than a year ago at this time and
39,000 more than two years ago. Despite the recent curtailments, it was
the best November since 1923 that has just passed. Moreover average
weekly earnings of factory workers amounted to $28 58 in November-the
best November weekly average since the industrial surveys were started
five years ago.
The general character of the downward movement of the past thirty
days may be seen from the fact that of fourteen principal cities for which the
tabulations are separately made, 10 had fewer employees than in October
Aurora.-Industrial employment recovered from its temporary slump of
last month with 18 firms reporting a gain of 2.8% in aggregate employment
in November. The trend in the metal and machinery group was mixed
but resulted in a good gain. The cotton mills have been hiring women and
also showed a gain. The plants in the food and clothing groups Just about
held their own. As would be expected, the number and value of the
building permits issued has fallen off during the month. The figure for
November was 6268,039, which was about $22,000 less than that for
October and about $140,000 less than for November of 1925. The report
of the free employment office indicates an increase in unemployment. with
140 persons registered for each 100 jobs, compared with 126 per 100 in
October. Corn husking is in full swing and there was a supply of men for
this work sufficient to meet the demand until the last two days of the
month, when an acute shortage developed.
Bloomiugton.-The upward trend in employment which has been evident
since last May met with a reverse when 11 firms reported 7.3% fewer
employees on the payroll in November than they had in October. This
curtailment was due to layoffs in the food group, especially at the candy
and canning factories. Clothing firms also showed declines. The metal
and machinery firms showed a slight gain. The railroad car shops have
laid off men and the foundries are working five days a week. All outdoor construction work has stopped and the value of the building permits
issued for the month was only $18,500. which is a little more than one-fifth
of the total for October. The free employment office reports 108 persons
registered for each 100 jobs available. This ratio is slightly better than
last month's. The supply of corn huskers is about equal to the demand
and there is a surplus of common labor available.
Chicago.-The general tendency in manufacturing employment was
downward with 599 firms reporting 1.6% fewer employees this month than
last. The decline was shared by most of the important industries of the
3-106
THE CHRONICLE
I
[VOL. 123.
city. Men's and women's ready-to-wear firms showed the biggest drop. reflects the generally unfavorable conditions. There were 141 jobseekers
All the firms reporting in the men's clothing group had laid off men. The to each 100 jobs available, compared with 119 last month.
specialty lines were not visibly affected, however, both the men's and
Rockford.-This was one of the few cities to show a gain in employment in
women's furnishings reporting gains. The metal, machinery and con- November, although the increase was slight. Fifty-five firms reported
veyances group showed a mixed trend. Iron and steel plants showed a three-tenths of 1% more workers on the payrolls than they had last month.
distinct decline as did also machinery firms, agricultural implements and This was due to gains at firms in the wood products group, also the trend
electrical apparatus, on the other hand, made good gains. Meat packing here was mixed. Metal and machinery plants showed no consistent gains
firms as a group also lost ground, but this was due to the laying off of over or losses, some firms hiring and some laying off men. The gains just offset
600 men by one firm. The trend otherwise would have been upward. the losses in this group. Knitting mills and clothing firms showed slight
Printing firms made the biggest gains with furniture factories next. The gains and printing and paper goods firms showed small losses. The value
value of the building permits dropped back to $28,537,560 from the ab- of the building permits issued took a big jump ahead with a total of $518,625
normally high total of $51,139,045 in October. The figure for November for November, compared with $392,802 last month and $412,965 in Novem1926 was about 5 million dollars less than for the same month last year. ber 1925. The ratio of applicants to jobs at the free employment office
The free employment office reports a change for the worse in the labor was 89 to 100, a drop of 1 point from the October ratio and 2 points higher
market with 167 job-seekers to each 100jobs, compared with 133 in October than the figure for November 1925. As is usual at this time there is a surand 129 in November of last year.
plus of common labor.
Cicero.-Employment continues on the up-grade with 8 firms reporting
Springfield.-Emplo3rment remained substantially unchanged during the
3.4% more employes this month than last. The increase was due to gains month, 7 firms reporting a net loss of two-tenths of 1% in the number of
at the metals and machinery plants. Several firms made substantial their combined payrolls. Several firms laid off men, but these slight losses
additions to their forces and are working overtime, although this gain was were offset by gains in the paper and printing group. Outside building and
by no means general throughout the group. The value of the building construction projects have been practically abandoned, but inside work
permits issued took a sharp drop this month with a total of $214,838 as continues on several large buildings. The value of permits issued for new
compared with $658,562 last month and $599,503 in Nov. 1925. The buildings dropped to $107,260, a total about $60,000 less than the figure
ratio of applicants to jobs available at the free employment office showed a for last month and only half the amount issued for November of last year.
distinct upward movement. There were 167 job seekers to every 100 jobs. The free employment office reports 106 persons registered for each 100 jobs.
Last month the ratio was only 140 to 100 and in Nov. 1925, 138 to 100.
compared with 105 last month and 108 in November 1925.
Donal:Ie.-The ground gained last month was lost in November with 14
firms showing a decline of 6.8% in employment. Losses in the metals and
settinery group were the most noticeable, with 1 firm laying off about Crop Number of Continental & Commercial National
Banks of Chicago-1926 Record Year-Optimistic
100 men. The brick yards just about held their own and there were slight
losses reported by firms in the food and clothing groups. The paper mills
View for Early Part of 1927.
showed good gains and the railroad car shops are taking hack some of the
According to the Continental & Commercial National
men recently laid off. The value of the building permits issued was only
$14 600 in November compared with $66,900 in Oct. 1926 and $50.000 in Banks of Chicago, "good business is in prospect for the first
Nov. 1925. The ratio of applicants to jobs at the free employment office
half of 1927," "and this opinion," it says,"can be stated with
continues to decline. There were only 121 persons registered for each 100
jobs compared with 132 in October and 138 in September. The demand for a feeling of assurance. It is based on current statistics."
corn huskers far exceeds the supply.
This statement is made in the bank's quarterly sheet, "The
Decatur.-21 firms report a decrease of 4.7% in their aggregate employment. The loss was distributed throughout most of the industries reporting, Trend of Business," issued Dec. 13. From the review we
with the metal and machinery firms leading the others in curtailment of quote further as follows:
employment. Women's clothing firms made reductions in their forces as
Business may be good throughout 1927. But the first half of the year
did all the firms in the food group. Paper mills were the only ones showing is a foreseeable period, whereas a prediction as to what is likely to happen
consistent gains. The wet weather has held up the building work but there during the entire year would be more of a guess than a statistical forecast.
are several large construction projects well under way which will furnish
During the first six months of the new year the volume of business probaemployment for building trades for some time to come. There was a ub- bly will not exceed the volume of the last half of 1926. It may even be
stantial decline in the value of new permits issued for buildings with a total somewhat less. It could be and business would still be good.
for the month of only $231,545, which was $300,000 less than last month
The automotive industry may produce about four million cars in 1927
but twice as much as the total for Nov. 1925. The free employment office rather than four and a half million, the record figure of 1926. New buildreports 105 workers available for each 100 jobs as compared with 122 last ing will probably not be maintained at quite the same level as in 1926. A
month and 119 in Nov. 1925.
reduction in the money income of farmers-chiefly cotton growers-will
East St. Louis.-Employment in manufacturing industries remained at also be a moderating influence, although farm income has not been reduced
about the same level as last month, with 24 firms reporting a net loss of enough to cause any general unsettling of trade. Manufacturing output
six-tenths of 1% in the number of workers on the payrolls. Metal and may not hold at the 1926 level, but there is nothing now to indicate a slump
machinery firms showed a slight loss. Plants in the chemicals group lost that would result in general unemployment and drastic curtailment ch. the
ground this month and so did building materials firms. Packing plants purchasing power of industrial workers. The railroads will doubtless
made gains. The coming of cold weather has brought a curtailment in maintain their present efficiency-an efficiency that has made possible
construction work and nearly all outdoor work is at a standstill. Building "hand-to-mouth" buying and has contributed appreciably to the ease of
permits to the value of only $115,645 were issued during November. This commercial credit. Above all, there is no sign of tight money and consewas $350,000 below the October total and about $50,000 less than for quent forced liquidation. The money market will sustain rather than curNov. 1925. The free employment office reports 144 job seekers for each tail active business.
100 Jobs compared with 133 in October and 142 in Nov. 1925.
The forerunners of business depression-rising prices, increasing costs,
Joliet.-A curtailment of industrial employment amounting to 3.4% was labor In efficiency, excessive inventories, a marked decline in the number of
reported by 30 firms. The metal and machinery firms made substantial business failures, credit stringency-these are conspicuously absent from
reductions in their forces. The brick yards also lost ground. The paper the current statistics of business. And until such signs do appear, there
mills maintained about the same forces as last month. The food and cloth- need be no fear of a good old-fashioned depression.
ing groups made slight gains. The wood products group laid off a few men.
Business irregularities, particularly as between sections, lines of industry
There was a decrease of $43,000 in the value of building permits issued the and individual concerns, will doubtless appear. Such irregularities are altotal for November being $103,400. The number of applicants at the free ways found. But, speaking generally, somewhere near the present volume
employment office was 136 to every 100 jobs available, a slight drop from of business can be expected during the first half of '27. And there is no
last month's figure of 137. As in other parts of the State, there was a scar- reason to assume that this business will be accompanied by a disconcerting
city of corn huskers.
diminution of profits. ...
Moline-Rock Island.-There was a slight falling off of employment in
1926 a Record Year.
Moline. Eighteen firms reported a net decrease of 1.3% in their aggregate
Business in 1926 was even better than in 1925. We didn't call the turn
employment. The trend in the metals-and machinery group was mixed,
year.
Our optimism didn't go quite far enough.
but resulted in a loss. Several large firms in this group have changed from on another record-breaking
loadings, bank debits, manufacturing output, buildfull time to part time schedules. Employment in other manufacturing But the figures for car
all higher than in '25.
lines remained at about the same level as last month with one or two excep- ing and employment are
Commodity prices were lower :n '26, but as stable as during the preceding
tions. Building operations have slowed down somewhat and the value of
were again satisfactory. The stock market
conditions
year.
Credit
the permits issued in November for new building was $68,770-only about
half the total for October. It was about on a par with the figure for Novem- reached record heights.
The total money income from farm products will be somewhat lower.
ber 1925. Industrial employment in Rock Island fared slightly better with
perhaps 5% lower, than in '25. The big factor in this reduction of farm
a gain of two-tenths of 1%. Firms in the metal and machinery group
income has been the record cotton crop-the second bumper crop in two
showed a mixed trend but the result was a slight net loss. Other firms
years. The paradox of value-larger crop, lower price-didn't affect the
showed very slight gains. Building permits rose in value to $93,905, comwheat grower, for the 1925 wheat crop in the United States was far below
pared with $83,508 in October and $82,460 in November a year ago. The
average. The aggregate value of wheat will be greater than in 1925.
free employment office ratio dropped from 132 appllcants for every 100
Livestock and livestock products held up again in '26. And it must be rejobs to 123. This reflects the generally good conditions that prevail in the
membered that the total value of these two items almost equals the total
Twin Cities.
money income from the sale of cotton, grains, vegetables, fruits and other
Peoria.-The upward trend in industrial employment was broken this crops.
month when 35 firms reported a decline of 2.5% in the aggregate number at
The value of merchandise exports-when the November and December
work. The metal and machinery group showed a net loss, a majority of figures are in-will doubtless be a little lower than in 1925. But the value
these firms laying off men. Plants in the food group lost ground, as did of imports will be somewhat higher. And, everything considered, the confirms in paper and printing. Wood and stone products firms were the only clusion is inevitable that 1926 has been a year of prosperity. . . .
ones showing consistent gains. There was a sharp drop in the value of buildBefore the war, money indicated clearly what to expect. It never failed
ing permits issued, the total for November being only $89,930. which was to give the signal that troubled times were coming. So, until money
about one-sixth of the figure for last month and about $60,000 less than the plays us false, we shall hold to the view that money is the best indicator of
total or November 1925. The free employment office reports 133 persons what is in store for business.
reg stered for every 100 jobs available. This shows a more favorable conTo be sure, the Federal Reserve System has had an influence on the
dition of the labor market than last month, when there were 138 persons money market. It has removed the fear, even the possibility, of a money
registered for each 100 jobs.
panic. It has moderated seasonal variation in money rates. And the
Quince.-The biggest drop in industrial employment in any of the 14 vast store of monetary gold in the Reserve banks has brought about a sitmajor cities was reported by 16 firms. Their records show that they had uation in which those banks do not control their operations primarily on the
13.5% fewer workers employed in November than in October. This de- basis of their reserve ratios. The result of the gold influx has been the
cline was accompanied by a 15.6% decrease in the amount of wages paid possibility of extraordinary credit expansion and the control of Reserve
out. Ten of the 16 reporting firms had fewer employees but the loss was bank operations on the basis of opinion as to business.
The Reserve banks can exercise an arbitrary influence on the money marmost severe at the shoe factories. The metal and machinery group showed
et through their purchase and sale of Government securities rather than by
a loss. Firms in the food group just about held their own. There were
slight losses by the printing and paper goods firms and the clothing manu- changing the rediscount rate. But we do not believe that the Reserve Sysem has invalidated money as a business forecaster of first importance.
facturers. The value of the building permits dropped to less than onethird of last month's figure, the total for November being only $52,745. Easy money will continue to indicate business activity. Tight money
Outdoor work has been discontinued except the corn husking, and this is will serve notice of forced liquidation and depression. The Reserve banks.
behind because of the wet weather. There is a surplus of common labor in after their action in keeping money unseasonally easy in the fall of 1924the city. The ratio of applicants to jobs at the free employment office
hrough open market operations, particularly by the New York Reserve
•
DEIC. 18 1926.]
THE CHRONICLE
Bank—have shown little disposition to exercise an arbitrary influence on
the money market. And the men in control of the Reserve banks are undoubtedly aware of the fact that a reserve ratio of, say. 60%,is equivalent
to the legal minimum of 40—because of the increase in the stock of monetary
gold in the Reserve banks. If a ratio of60 is reached, the slack will be taken
up and Reserve bank operations will then be controlled largely by reserve
ratios.
Business Conditions in Atlanta Federal Reserve
District Increase in Retail Sales—Decline
in Wholesale Trade.
An increase in the volume of retail trade and a falling off
in wholesale trade in October is reported in the Nov. 30
"Monthly Business Review" of the Federal Reserve Bank
of Atlanta, from which we quote as follows:
3107
in Lancashire Vote to End Short Time—
Rules Limiting Work to 35 Hours a Week Reported
as Unobserved.
Manchester, Eng. Associated Press advices, Dec. 17, were
published as follows in the "Evening Post" of last night:
Spinners
The cotton trade to-day was surprised by a decision of the short-time organization committee of the Federation of Master Cotton Spinners to abandon short-time in the American yarns spinning section. wnich has been in
almost continuous operation since 1920. The official reason given was the
manner in which short-time was being observed.
English spinners were operating on 24-hour-week basis until recently,
when the hours were increased to 35 weekly. Several mills with large
orders on hand were understood to have begun operation on full time,
contrary to their agreement. Consequently, it is felt in cotton circles that
the association decided to abandon short-time arrangement in fairness to
all its members.
Retail Trade.
The volume of retail trade, reflected in sales reported by representative
department stores throughout the Sixth District, registered a further substantial increase in October over the months immediately preceding, due to
seasonal factors. The index number computed from reports by 39 of the
reporting stores increased from 96.7 in September to 135.5 in October.
'This was, however, not so great as the rise at the same time last year,
when the index number increased from 90.5 for September to 146.5 for
October 1925. October sales this year were smaller than in the same month
last year, but with this exception were greater than for October of any
year since 1920. Decreases compared with October 1925 were shown in
sales at all points from which three or more reports were received, the
district average being 8.3%. This decrease brings the average increase in
sales for the first ten months of 1926 down to 4.6% over sales in the same
period of 1925. Stocks on hand increased 7.3% over those at the end of
September, and were 7.0% greater than a year ago. The average stock
turnover was at a less rapid rate than in October last year, and for the
first ten months of 1926 compared with the same period of 1925. Outstanding orders at the end of October were 10.7% less than a month ago,
and 2.8% less than a year ago. Accounts receivable at the end of
October were 13.6% greater than a month ago, and 14.8% greater than at
the end of October 1925. Collections during October increased 17.5%
over September, and were 0.3% greater than in October last year. The
ratio of collections during October to accounts outstanding at the beginning of the month for 24 firms was 34.7%.
Passaic Textile Strike at Botany Mills Ends after Ten
Months Duration—Cost Placed at $10,000,000.
The Passaic textile strike, which virtually was ended
on Dec. 13, when the strikers ratified the Botany Worsted
Mills agreement, cost Passaic at least $10,000,000, according
to Harry Meyers, member of the board of directors of the
Botany Worsted Mills. The Associated Press states that
Mr. Meyers's assertions were made at a meeting of the
Passaic Rotary Club on Dec. 14, the advices further stating:
The loss, according to Mr. Meyers, was not alone to factories, merchants
Wholesale Trade.
The volume of trade at wholesale in the Sixth District during October
was smaller than in September, and also showed decreases compared with
October last year. During the four years immediately preceding 1926,
sales by wholesale firms whose statistics are used in the computation of
our index numbers have reached the peak in October, but in 1921 the
peak
was reached in September. The index number computed from
sales reported by firms dealing in groceries, dry goods, hardware and shoes
for
October is 100.1, based upon the monthly average for 1919 as
represented
by 100. This index number is lower than for October of 1923,
1924 or
1925.
From the Newark "News" we take the following Passaic
account (Dec. 14) of the agreement reached:
and employees in Passaic and vicinity, but also to residents. He based his
claims on actual figures and statistics of unpurchased merchandise and
increase in rents and living expenses.
It is believed by those connected with the situation that the ForstmannHuffman Co., Gera Mills, New Jersey Worsted Mills, Dundee Textile
Co.and the United States Piece Dye Works will follow the Botany's lead.
There is great joy in Passaic as the end of the long drawn-out battle looms,
as some had expected another winter of struggle.
Thomas F. McMahon, International President of the United Textile
Workers of America, this morning said: "I trust that the workers as they
return to the Botany and Garfield Worsted Mills will prove by their actions
that they are determined that the employers will have no fault to find
relative to their co-operation."
The doors of the Botany Mills, which have barred the Passaic textile
strikers from victory and employment for ten and a half months, swung
open to-day.
' The strike in the plant and in the Garfield Worsted MilLs in Garfield under
the same ownership, is over and the backbone of resistance to the strikers'
union in the entire textile area is considered broken.
The mills agreed that their workers might organize "in a legitimate
organization," construed to mean a non-communistic one. The right of
collective bargining is guaranteed and arbitration of differences is
stipulated.
The workers conceded to the owners the right of an open shop in the mills,
but the strikers are to be employed before any outside help is brought in,
and there must be no discrimination against union members.
The "break" came unexpectedly. The drab picket lines had taken their
places as usual about the mills last night to exhort workers to join the strike.
The streets, the mills and the strikers, as they wended their way to meetings
at Ukrainian and Belmont halls, were damp and forlorn in a drizzle.
Summary of Business Conditions in Pacific-Southwest
Issued by First National Bank of Los Angeles
and Affiliated Institutions.
Business activity in the Pacific-Southwest territory remained at a comparatively steady level during November.
First Cheers in Months.
While many of the customary indices registered moderate
A report sprang from nowhere and traveled everywhere that the strike
seasonal declines, the volume of trade was large, considerwas settled. A crowd pressed into Ukrainian Hall until the last inch was
ing the low number of working days during the month. The taken and a throng waited anxiously outside on the sidewalks and in the
Improvement in the psychology of the agricultural districts, streets.
Thomas McMahon,President of the United Textile Workers of America,
following the general rains, Is a favorable item in the busitextile organization of the American Federation of Labor, rose at 8:15
ness outlook. This is the introducory paragraph of the o'clock and read a letter from Colonel Charles
F. H.Johnson, Vice-President
"Monthly Summary of Conditions in the Pacific Southwest," of the Botany, outlining the terms of agreement.
The Botany, and its sister concern, the Garfield Worsted, constitute the
compiled by the Research Department of the First National
largest unit in the textile area and employ at times as many as 7,500.
Bank of Los Angeles, the Pacific-Southwest Trust & Savings Colonel Johnson all through the strike had been most vociferous and
Bank and the First Securities Co., and released for publica- determined in his opposition to the strikers.
Mr. McMahon's audience was stunned. Then the full import of the
tion Nov. 30. The summary continues in part:
letter broke over them. A cheer swept the hall. Another echoed through
November bank debits and bank clearings in Los Angeles recorded decreases of 3 and 7% from October and gains of 3.5 and 7% over November
1925. The aggregate value of new building permits issued was less than
last month and about equal to level of a year ago. Industrial output was
large, particularly in the meat and fish packing industries. The value of
commerce passing through the Los Angeles Harbor is steadily mounting.
Distribution of goods at wholesale and retail was good for this time of
the year. Retail trade began to reflect the stimulus of holiday buying,
which is expected to be of record proportions. Collections have exhibited
a tendency to slacken. Petroleum production continued to increase.
Agricultural prospects for the coming season were greatly improved by
the generous rains during the latter part of the month. Farming lands
received a good irrigation while damage to crops was comparatively small.
Water reserves were replenished and ranges and pastures will receive a
great impetus. Seasonal rainfall is now up to or above normal in the
North Coast districts, the San Joaquin Valley and most of the Los Angeles
Basin. The San Diego territory, however, is still short of the usual precipitation.
Cotton remains the only important 1926 crop not yet completely harvested. About two-thirds of the estimated 318,000 bales has been ginned.
The quality has been very good, but prices continue at previous low levels.
Beans are threshed and in the warehouses. Storage stocks are large and
the market is quiet. The latest estimate of the walnut production places
the crop at but one-third of last year's output. The quality was below
standard.
Harvesting of new crop navel oranges was active in the San Joaquin
Valley. The quality is excellent and the markets strong. The 1926-27
citrus fruit crop is estimated to be 15% larger than the past record season.
Grape shipments ended with the advent of wet weather. The total movement was less than in 1925, but greater than any previous year. Prices
were low throughout most of the season. As a result of extensive drying
of grapes, the raisin tonnage is considerably larger than last yew.
the streets for blocks around, where no shout of joy had been heard for
months.
Strikers Go on Parade.
Mr. McMahon and others held the audience long enough to ratify the
agreement, and to hear exultant speeches from a few officials and others
on the platform. The crowds outside had already formed lines to parade
when the meeting broke up in a tumult of joy, and the long lines started
marching to Belmont Hall across the river, where another meeting of
strikers in mills that have not made an agreement was in session.
The Belmont Hall meeting broke up and those attending it joined the
Impromptu parade. From somewhere a band was obtained. The line of
march led through the business section of town, to the strikers bazaar,
around in circles—nobody cared where. The repression of ten monlats was
lifted, not only from the hearts of the strikers, but from the community,
the city, which has suffered from the strike as well.
Not all of the Botany and Garfield Worsted strikers went back to work
to-day. The plants have been manned during the strike by others, and
those workers will hold their jobs. Also, business in the textile industry
it light. But some went back, union cards in hand. Others will go back
as business permits. And until they are all back, none but those who were
on strike may be employed.
The second largest concern in the textile area continued its silence to-day.
Forstmann & Huffmann has never admitted that its workers were on strike,
although thousands were said at one time to be out. The company may not
admit it now. The strike started because of a 10% cut in wages. Forstmann & Huffmann wages were 10% higher than those of other mills, and
still are, it is stated.
Wage Cut Started Walkout.
Other mills still on strike are the Gera, New Jersey Worsted and Dundee
Textile. The first indication that the strike might be ending came Armistice Day, when the Passaic Worsted Spinning Mill, a smaller concern, made
its peace with its workers and took them back.
3108
[VoL. 123.
THE CHRONICLE
The strike started because of the cut in wages, and was launched with
demands for a return of the 10% cut plus an agreement providing for overtime and a forty-four-hour week. Mill owners insisted they could not
meet the demands. For seven months the strike was waged for those
objectives under leadership of the man who organized the strike, Albert
Weisbord.
Then Weisbord stepped down. His Communistic connections solidified
opposition to him and the strike and defeated the strikers' purpose. In his
stead the American Federation of Labor took over the strike through the
United Textile Workers of America Union and concentrated on recognition
for the union and collective bargaining, the objectives gained in the agreement ratified last night. The only mention of wages at the meeting was the
remark by a union official, "the matter of wages will come later."
World Statistics.
The estimated world's production of commercial cotton exclusiverof
linters, grown in 1925, as compiled from information secured throughvihe
domestic and foreign staff of the Department of Commerce is 26.504.000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1926 was approximately 23,720,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 164,000,000.
Lumber Industry Shows Seasonal Slackening.
Little change in the lumber industry was noted in reports
An account as to the terms of settlement is given as received by telegraph by the National Lumber Manufollows in the New York "World":
facturers Association from 358 of the larger commercial
Right to Organize.
softwood and 147 of the chief hardwood lumber mills of the
The settlement was contained in a communication sent to Thomas Mccountry, when compared with reports for the preceding week.
Mahon, International President of the United Textile Workers of America,
by Col. Charles F. EL Johnson, Vice-President of the Botany Consolidated. In comparison with softwood reports for the same period a
This communication listed six terms, which had previously been worked year ago, however, while production holds about the same
out by Colonel Johnson and President McMahon, with the assistance of
James Starr, International Vice-President of the Textile Workers. They level, there is considerable decrease in shipments and new
are:
business.
Mills recognize the right of workers to organize.
The hardwood reports indicated a slight decline in sales
Right of collective bargaining.
from the previous week, reports the National Association,
Workers do not demand closed shop.
Both agree on third party in arbitration of future disputes.
adding:
No discrimination in return of strikers.
Former strikers shall be given preference over outside employees.
Unfilled Orders Decline.
The unfilled orders of 222 Southern Pine and West Coast mills at the end
of last week amounted to 503,273,858 ft., as against 517,259,276 ft. for
Census Report on Cotton Consumed in November.
226 mills the previous week. The 122 identical Southern Pine mills in the
week, as against 200,Under date of Dec. 14 1026 the Census Bureau issued its group showed unfilled orders of 199,812,360 ft. lastCoast
mills the unfilled
508,000 ft. for the week before. For the 100 West
report showing cotton consumed, cotton on hand, active orders were 303,461,498 ft., as against 316,751,276 ft. for 104 mills a week
cotton spindles and imports and exports of cotton for the earlier.
Altogether the 341 comparably reporting softwood mills had shipments
month of November 1926 and 1925. Cotton consumed
86%, and orders 88%, of actual production. For the Southern Pine mills
amounted to 583,950 bales of lint and 62,978 bales of linters, these percentages were respectively 80 and 78; and for the West Coast
compared with 543,488 bales of lint and 71,487 bales of mills 84 and 83.
the 315 with an established normal production for
linters in November 1925 and 568,532 bales of lint and theOf the reporting mills, ft.,
gave actual production 94%, shipments 79%
week of 213,415,509
75,539 bales of linters in October 1926. It will be seen that and orders 80% thereof.
The following table compares the softwood lumber movement,as reflected
there is an increase over November 1925 in the total lint
by the reporting mills of seven regional associations, for the three weeks
and linters combined of 31,953 bales, or 5.1%. The following indicated:
is the statement complete:
Corresponding Preceding Week
Past
Cotton consumed, cotton on hand, active cotton spindles, and imports
Week.
Week 1925.
1926 (Revised).
and exports of cotton for the month of November 1926 and 1925, with Mills
348
332
341
statistics of cotton consumed, imported, and exported for the four months Production
210,603,199
210,707.435
204.877.570
ending Nov. 30.
Shipments
189,069.788
175.668,277
228,755,874
(The statistics of cotton in this report are given in running bales, counting Orders (new business)
173;241,684
179,997,554
214,521,495
round as half bales, except foreign cotton, which is in equivalent 500-pound
The following revised figures compare the softwood lumber movement
bales.)
of the same seven regional associations for the first forty-nine weeks of 1926
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN with the same period of 1925:
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
Production.
Orders.
Shipments.
(Linters Not Included.)
1926
11,621,880.478 11,741,068,039 11,613,301,639
1925
11,785,722,432 11,643,040,730 11,482,278,442
Cotton Consumed
The mills of the California White and Sugar Pine Association make
During (Bales)Cotton
Cotton on Hand Nov. 30.
Spindles Ac- weekly reports, but, not being comparable, they are not included in the
Locality.
Year
4 Months In Consuming In Public Stor- tive During foregoing tables or in the regional tabulation below. Seven mills are
November Ending Establishments age & at Com- November
closed down and 17 mills, representing 49% of the cut of the California
Nov. 30.
presses (Bales) (Number).
(Bales).
pine region, gave their production for the week as 12,752,000 feet, shipUnited States_ 1926*583,950*2,224,239 .1,497.844
*8.517,565
32,586,770 ments 14,885,000 and new business 12,215,000. Last week's report from
1925 543,488 2,021,903
32,912,732 16 mills, representing 53% of the cut, was: Production, 15,434,000 feet:
1,457,456
6,206,562
shipments, 14,841,000, and new business, 12,591,000.
Cotton grow
ing States__ 1926 425,490 1,600,673
6.292,149
17,391,290
1,046,260
1925 382,438 1,383,456
17,152,964
5,074,084
1,008,021
West Coast Movement.
New England
States
1926 132,091 519,386
13,695,210
382,578
108,256
The West Coast Lumbermen's Association wires from Seattle that new
1925 134,027 527,901
69,655
14,121,546 business for the 100 mills reporting for the week ended
392.940
Dec. 11 was 17%
All other sta
1926 26,369 104,181
117,160
1,500,270
69,006
1925 27,023 110,546
56,495
62,823
1,638,222 below production and shipments were 16% below production. Of all new
taken
during
the
week,
40%
business
was
for
future
water
delivery,amount•Includes 16,393 Egyptian, 6,338 other foreign and 1,935 American-Egyptian
consumed, 36,068 Egyptian, 16,507 other foreign and 4,902 American-Egyptian in ing to 32,373,053 feet, of which 16.670,533 feet was for domestic cargo deconsuming establishments, and 7,458 Egyptian, 11,354 other foreign and 4,365 livery and 15.702,520 feet export. New business by rail amounted to
American-Egyptian in public storage. 4 months consumption 77,302 Egyptian, 44,107,295 feet, or 54% of the week's new business. Forty-four
per cent
24,199 other foreign and 7,103 Americah-Egyptian.
Linters not included above were 62,978 bales consumed during Nov. in 1926 and of the week's shipments moved by water, amounting to 36.687,695 feet, of
71,487 bales in 1925; 117,915 bales on hand in consuming establishments on Nov. 30 which 21,250,507 feet moved coastwise and intercoastal, and 15,437.188
1926 and 106,702 bales In 1925, and 52,913 bales in public storage and at compresses feet export. Rail shipments totaled 40,808,151 feet, or 50% of the week's
In 1926, and 36.881 bales in 1925. Linters consumed during 4 months ending shipments, and local deliveries 4,686,089 feet. Unshipped
domestic cargo
Nov. 30 amounted to 285.650 bales In 1926 and 285,575 bales in 1925.
orders totaled 99,483,226 feet, foreign 111,322,338 feet and rail trade 92,IMPORTS AND EXPORTS OF COTTON AND LINTERS.
655,934 feet.
Labor.
Imports of 'Foreign Cotton (500-Pound Bales).
There is at present a very light labor turnover in the logging and lumber
November.
4 Months Ending Nov. 30. manufacturing industry of the Pacific Northwest, according to the Four L
Country of Production.
Employment Service, which stated that crews in both camps and mills were
1925.
1926.
1925.
1926.
steady. The holiday shutdown and repair period has not yet generally
started,
although preparations were to be seen at several operations where
21,769
41,787
22,773
43,643
ECYlit
1,835
2,671
6,776
7,968 fallers and buckers have been laid off. Some log driving is being done In
Peru
593
1,161
2,507 the Inland Empire district. Heavy rains have
617
China
slowed woods work. The
2,049
39,170
2,777
14,878
Male°
759
6,367
6,378 pine sawmill industry is at the season's low point, a large number of plants
471
British India
2
333
523 being closed for the season.
31
All other
Total
27.007
41,441
95,594
63.796
Exports of Domestic Cotton & Linters-Running
Bales (See Note for Linters).
Country to which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
November.
4 Months Ending
Nov. 30.
1926.
1925.
1926.
395,696
188,307
106.786
346,269
140,292
222,457
86,417
399,236
145.575
91,200
233,340
100,311
187,363
49,761
1,004,340
467,286
289,137
1,086,901
482,813
521,891
189,555
1925.
1,059,044
418,310
256,209
943,228
440,726
473,839
105,061
3,696,417
4,041,923
Total
1,208,786
1.486,224
Note.-Figures Include 11,655 bales of linters exported during November in 1926
and 11,156 bales In 1925 and 33,977 bales for the 4 months ending Nov. 30 In 1926
and 23,122 bales in 1925. The distribution for November 1926 follows: United
Kingdom,927; Netherlands,29; France, 3,332; Germany, 5,488; Belgium, 34; Italy,
181: Canada, 1,644; Mexico. 3; China, 15; Panama, 2.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 122
mills reporting, shipments were 20.49% below production and orders
21.53% below production and 1.31% below shipments. New business
taken during the week amounted to 52,459,440 feet, shipments 53.155,080
feet and production 66,851,452 feet. The normal production of these mills
Is 77,116,864 feet. Of the 118 mills reporting running time,88 operated full
time, 17 of the latter overtime. Three mills were shut down, and the rest
operated from one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., with
three more mills reporting, shows some increase in production, a slight
decrease in shipments, with new business well in advance of that reported
for the week earlier.
The California Redwood Association of San Francisco, Calif., reports
a nominal decrease in production, considerable decrease in shipments, and
a big gain in new business.
The North Carollna Pine Association of Norfolk, Va., with one less
mill reporting, shows marked decreases in production and shipments, and
an appreciable reduction in new business.
DEC. 18 1926.]
THE CHRONICLE
The Northern Pine Manufacturers Association of Minneapolis. Minn..
with one less mill .reporting, shows some decrease in production, considerable decrease in shipments, and a marked increase in new business.
The Northern Hemlock 3: Hardwood Manufacturers Association of
Oshkosh, Wis.,(in its softwood production) with four fewer mills reporting,
shows a nominal decrease in production, a slight increase in shipments,
with new business somewhat below that reported for the preceding week.
Hardwood Reports.
The Northern Hemlock Sc Hardwood Manufacturers Association reported from 19 mills, production as 1,931.000 ft., shipments 3,422,000
and orders 2.442,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 128 units, production as 19.577,333 ft., shipments 18,891,995 and
orders 17,419,267. The normal production of these units is 21.359,000 ft.
The two hardwood groups totals for the week as compared with the
preceding week were:
Mills.
Production.
Shipments.
Orders.
Week ended Dec. 11
147
21,508,333
22,313,995
19,861,267
Week ended Dec. 4
138
21,052,819
21,682,548
20,148,334
For the past 49 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 1,447,110,150 ft.,
shipments 1.455.965,883, and orders 1,480,277.423.
Lumber Production and Shipments During the Month
of October.
The "National Lumber Bulletin," published monthly
by the National Lumber Manufacturers Association of
Washington, D. C., and Chicago, Ill., on Dec. 7 1926
published the following tabulations concerning the production and shipment of lumber during October 1926:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR OCT. 1926 AND OCT. 1925.
October 1926.
PrOatlaiOn.
Association-
Mills
California Redwood
15
California White & Sugar Pine Mfrs_
18
Southeastern Forest Products*
4
North Carolina Pine
52
North. Hemlock & Hardwood Mfrs_
38
Northern Pine Mfrs
10
Southern Cypress Mfrs
9
Southern Pine
152
West Coast Lumbermen's
104
Western Pine Mfrs
40
Lower Michigan Mfrs
12
Individual reports
30
Total
484
Shipments
Hardieds Softwoods Hardieds Softwoods
M.Ft. M.Ft. M.Fl.
M.FL
12,712
2,207
6,107
13,445
31,966
126,123
3.482
40,896
14,975
40,811
11,201
337,109
563,062
138,499
3,359
30,899
27,598
2,491
9,202
15,586
34 471 1542 472
31,396
98,327
5,247
41,125
18,501
38,988
8,808
349,318
517,122
138,850
3,929
32,629
nA R77 1 Oild gen
October 1925.
Production.
Association-
Shipments.
Hardw'ds Softwoods Hardw'ds Softwoods
Mitts M.Ft.
M.Ft.
M.Ft.
M. Ft.
California Redwood
15
California White & Sugar Pine Mfrs. 18
Southeastern Forest Products*
North Carolina Pine
53
North. Hemlock & Hardwood Mfrs_
46
Northern Pine Mfrs
9
Southern Cy press Mfrs
9
Southern Pine
165
West Coast Lumbermen's
97
Western Pine Nitta
40
Lower Michigan Mfrs
8
Individual reports
30
25,175
1,311
5,958
17,914
34,830
al23,046
4,823
51,967
28,500
42,502
10.127
387,799
485,579
155,315
2,558
25,736
Total
496
50,358 1,352.782
Total production. October 1926„376,943,000 ft.
Total production October 1925, 1.403.140.000 It.
Total shipments October 1926, 1,339,117,000 ft.
Total shipments October 1925, 1,381,010.000 ft.
•Successor to Georgia-Florida Sawmill association.
a Revised to Include reports of comparable mills only.
39,979
3,027
7,969
16,850
28,946
al10,356
6,011
43,263
21,622
53,144
10,230
396,754
485,969
122,321
2,513
32,056
67,825 1,313,185
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
Mills.
Production.
Shipments.
October 1926No.
Feet
Feet.
Alabama
17
24,754,000
30,302,000
Arkansas
16
33,910,000
34,157,000
California
28
134,887,000
110,332,000
Florida
10
23,221,000
25,126,000
Georgia
10
5,990,000
6,231,000
Idaho
14
56,657.000
55,076,000
Louisiana
43
84,068,000
85,289,000
Michigan
21
17,564,000
25,689,000
Minnesota
6
24,943,000
27,679,000
Mississippi
38
107,494,000
106,977,000
Montana
9
19,035,000
18,797,000
North Carolina
13
7,670,000
6,229,000
Oklahoma
3
7,563,000
7.702,000
Oregon
49
272,709,000
.256,859,000
South Carolina
15
9,909,000
10.867,000
Texas
37
71,508,000
74,322,000
Virginia
15
18,899,000
19.787,000
Washington
76
373,423,000
341,174,000
Wisconsin
30
21,857,000
34,800,000
Others_ b
34
60,882,000
61,722,000
Total
484
1.339,117,000
1,376,943,000
b Includes mostly Individual reports, not distributed.
West Coast Lumbermen's Association Weekly Report.
One hundred and four mills reporting to the West Coast
Lumbermen's Association for the week ended Dec. 4 manufactured 103,234,847 feet, sold 78,074,994 feet and shipped
89,455,196 feet. New business was 25,159,853 feet less than
production and shipments 13,779,651 feet less than produotion.
3109
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Week EndedDec. 4.
Nov. 13.
Nov. 27.
Not. 20.
No. of mills reporting__
104
107
106
105
Production (feet)
103,234,847
92,570,738107,025,490 105,447,051
New business (feet)
79,928,874
78,074,994
94,306,267
82,127,675
Shipments (feet)
89,455,196
91,209,819
73,179,880 111,012,684
Unshipped balances:
Rail (feet)
85,117,209
97,252,370
92,098,676
93,454,212
Domestic cargo (feet)._ 111,001,716 111,449,500 108,945,134 126,338,493
Export (feet)
120.632,351 122,721,574 120,194,032 119,844,350
(Total (feet)
316,751,276 327,625,286 321,237,842 343.435.350
First 49 Weeks1926.
1925.
1923.
1924.
Average number of mills_
106
114
134
123
Production (feet)
5,123,143.608 4,899,473,411 4,591,774.126 5,002.495,875
New business (feet)
5,125,015,330 5,016,393.999 4.643,275,437 4,991.214.559
Shipments (feet)
5,142,569,447 5,045,186,873 4.689,137,396 5,104,245,017
Automobile Price Changes and New Models.
An announcement made Dec. 10 by the Nash Motors
Co.introduced a new two-door sedan of the Light Six series.
This model is the lowest priced sedan ever offered by_L
T.
selling at less than 31,000.1 Standard equipment for
-7iSit
model includes four-wheel mechanical brakes of a specia
Nash design, five disc wheels, and oil purifier, an air cleaner,
double-beam headlights, gasoline gauge on instrument
board, windshield wiper,combination stop and tail light, and
radiator emblem.
Reductions in the prices of Hudson and Essex automobiles
were announced Dec. 13 by the leading Detriot dealers.
The new price list is as follows:
ModelEssex Coach
Essex sedan
Hudson coach
Hudson special coach
Hudson brougham
Hudson sedan
New Price.
$595
695
925
995
1,195
1,275
Old Price.
5758
860
1,181
1,237
1,490
1.593
Reduction.
$163
165
256
242
295
318
Price cuts on Essex cars in Cleveland, New York and Philadelphia are local matters,controlled by dealers in those cities
only.
Further attention has been drawn to the rumors concerning new Ford models by the publication of a letter to dealers
from the managers of the Detroit branch of the Ford Motor
Co. The letter, dated Dec. 10, says:
To All Dealers and Salesmen.-In case you or your salesmen feel hesitant
about forcibly denying all rumors of a new car, caused by unauthorized and
unfounded newspaper, magazine and trade paper articles, as well as through
any kind of propaganda, we call your attention to this emphatic statement
recently made by Edsol Ford, as follows:
"There will be no new models and no new Ford car is going to be introduced, nor are we planning on any six-cylinder car."
(Signed) CHARLES T. LATHERS,
Manager, Detroit Branch.
No Crude Oil Prices Changed-Few Revisions Made
in Gasoline Prices.
During the week just ended, no price changes were announced by the crude oil dealers throughout the country.
Almost the same situation existed in the gasoline markets,
such price revisions as were announced being local in effect,
with one or two exceptions. In the kerosene markets in
Oil City, Pa., the price was increased Mc. per gallon on
Dec. 13 by the Pennsylvania refiners.
The Standard Oil Co. of Louisiana on Dec. 15 reduced the
price of gasoline 2c. a gallon, making the filling station price
19c.a gallon-and tank wagon price 16c.a gallon. On Dec. 16
the Continental Oil Co. reduced tank wagon and service
station prices of gasoline lc. at Pueblo, Colo., to 18 and 20c.,
respectively. Effective Dec. 17, the Beacon Oil Co. advanced the price of its Colonial gasoline le.a gallon throughout
New England. The new prices at Boston are 20c. tank
wagon and 22c. retail.
On Dec. 17 the quotations in the wholesale markets at
Chicago stood as follows: United States motor grade
gasoline, 94@9%c.; kerosene, 41-43 water white, 63@
63.c.; fuel oil, 24-26 gravity, SI 30@$1 35.
Increase in Crude Oil Output.
An increase of 7,450 barrels per day is estimated to have
occurred in the production of crude oil during the week ended
Dec. 11,in comparison with the output during the preceding
week, according to figures compiled by the American Petroleum Institute. The Institute estimates that the daily average gross crude oil production in the United States for the
week ended Dec. 11 was 2,396,250 barrels as compared with
2,388,800 barrels for the preceding week. The daily average production east of California was 1,740,550 barrels, as
compared with 1,730,500 barrels, an increase of 10,050
barrels. The following are estimates of daily average gross
production by districts for the weeks ended as indicated:
3110
THE CHRONICLE
DAILY AVERAGE PRODUCTION.
Dec. 11 '26. Dec. 4 '26. Nov.27 '26. Dec. 12'25.
584,650
465,400
547,900
548,400
119,150
103,750
119,150
117,600
87,150
261,600
260,100
261,550
70,450
55,300
55,300
54.950
79,050
126,850
124,950
124,800
40,600
40,700
42,300
42,700
44,900
55,900
55,850
56,450
200,950
140,150
140,600
141,750
181,300
91,300
•185,550
178,800
104.000
110,500
111,500
111,000
80,600
58,550
60.650
64,900
16,300
11,800
16,800
16,750
5,300
8,150
7,750
8,050
5,300
5,950
5.200
6,550
633,000
655,700
653,900
658,300
123.
Predictions of a new record in tin plate output this year are confirmed by
the fact that the American Sheet & Tin Plate Co. shipments to Nov. 30
equaled those of the entire year 1925. In the first two weeks of this month
the company did remarkably well, having all its 256 mills in operation.
Competition from other districts, particularly New York State. has caused
a decline of 50c. a ton in foundry pig iron in eastern Pennsylvania, sales
having been made at $22 at furnace. Foreign pig iron Is less of a factor in
Eastern seaboard markets than at any time this year.
The Standard Sanitary Mfg. Co.'s inquiries for 12,000 tons of pig iron,
which may be increased to 20,000 tons, are expected to develop the basis
on which contract business can be done in Central territory, after the period
of uncertainty which has resulted from the unusual situation in coal and
coke.
It now appears that considerable blast furnace coke was sold for the first
quarter at $3 60 to $3 75 plus extra cost of the miners' union wage scale.
should it continue. While it was expected that a number of operators in
Connellsville and other districts would reduce wages this week, no such
action has been taken and is not likely to be. for this month at least.
Total
2.396.250 2,388,800 2,391.250 2,028 050
France and Belgium divide 1,300 tons of cast iron pipe for Los Angeles.
The estimated daily average gross production of the Mid-Continent The year's imports from Europe have been greater than those of 1925.
field including Oklahoma, Kansas, North, East Central. West Central and amounting to 62,000 tons up to Oct. 31.
Lowering of foundry iron in eastern Pennsylvania reduced the "Iron Age"
Southwest Texas, North Louisiana and Arkasnas, for the week ended
Dec. 11 was 1,364.300 barrels, as compared with 1,346.050 barrels for the pig iron composite price to $19 96,from $20 04 last week and a recent high
of
$2021 on Nov. 9. One year ago it was $21 79. For the tenth week the
preceding week an increase of 18,250 barrels. The Mid-Continent production, excluding Smackover, Atkansas heavy oil, Was 1.253,550 barrels composite price of finished steel stands at 2.453c. per pound, the same as
one year ago. This is the highest level recorded in more than 18 months;
as compared with 1,235.250 barrels, an increase of 18,300 barrels.
In Oklahoma, production of North Braman is reported at 22,600 barrels the lowest was only 2 1-3% below the current figure, showing a very
against 26,400 barrels; South Braman, 4,800 barrels against 5,100 barrels; narrow range of movement. The usual composite price table stands as
follows:
Tonkawa, 30.000 barrels against 30,750 barrels; Garber. 22,900 barrels
against 24,350 barrels; Burbank, 44,650 barrels against 44,500 barrels;
Finished Steel.
Pig Iron.
Bristow-Slick, 27,250 barrels against 26,900 barrels; Cromwell, 14.650
Dee. 14 1926, 2.453c. per Lb.
Dec. 14 1926, $19 96 per Gross Ton.
2 453c. One week ago
$20 04
barrels against 14,300 barrels; Papoose, 9,100 barrels, no change; Wewoka, One week ago
One
ago
2 4530. One month ago
20 13
24.600 barrels against 24,350 barrels; Seminole, 130,350 barrels against One month
year ago
2 4530. One year ago
21 79
112,300 barrels.
10-year pre-war average
1 6890. 10-year pre-war average
15 72
Based on steel bars, beams,tank plates,
In North Texas, Hutchinson County is reported at 146,200 barrels
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago.
against 145,100 barrels,and Balance Panhandle.13,000 barrels against 13,900 and
black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Birbarrels. In East Central Texas, Corsicana Powell, 24,400 barrels against the United States output.
mingham.
24.350 barrels; Nigger Creek, 11,250 barrels against 10,950 barrels; Reagan
.High.
a
Low.
County, West Central Texas. 29,000 barrels against 29,450 barrels; Crane 1926__2.453c., Jan. 5; 2.403c., May 18 1926_321 54, Jan. 5; $19 46, July 13
and Upton counties, 22,900 barrels against 22,350 barrels, and in the South- 1925_2.560e.. Jan. 6:2.3960.. Aug. 18 1925.. 22 50; Jan. 13; 18 96, July 7
1924..2.789c., Jan. 15; 2.4600., Oct. 14 1924_ 22 88, Feb. 26; 1921, Nov. 3
west Texas field. Luling, 18.350 barrels against 19,650 barrels; Laredo 1923_2.824c.. Apr. 24; 2.446c.. Jan. 2 1923._ 30
86. Mar. 20: 20 77, Nov.20
District, 16,200 barrels against 16,900 barrels; Lytton Springs, 3,150
barrels, no change. In North Louisiana, Ilaynesville is reported at 8,600
That a number of favorable factors are piercing the
barrels against 8,800 barrels; Urania, 13.400 barrels against 13,100 barrels;
and in Arkansas, Smackover light, 13,000 barrels against 13,300 barrels; seasonal dulness which blankets a large portion of the
heavy, 110,750 barrels against 110,800 barrels, and Lisbon. 6,450 barrels, iron and steel industry is the opinion of the "Iron Trade
no change. In the Gulf Coast field, Hull is reported at 21.200 barrels Review," as expressed in its Dec. 16 report. Tentative
against 21.100 barrels; West Columbia, 9,750 barrels against 9,650 barrels;
Spindletop. 89,850 barrels against 84,750 barrels; Orange County. 6,650 inquiry for 14,000 freight cars is before ear builders, in
barrels against 7,250 barrels, and South Liberty 4,600 barrels against addition to 18,000 definitely out for figures. Car awards
4,550 barrels.
in the past week approximated 3,000, or almost as many
In Wyoming. Salt Creek is reported at 40,150 barrels against 45.950
as in all November, declares the "Review" in the resume of
barrels, and Sunburst, Montana. 9,000 barrels against 14,000 barrels.
In California, Santa Fe Springs is reported at 45,000 barrels against market factors, from which we quote further:
45.500 barrels; Long Beach, 94.500 barrels against 96,500 barrels; HuntingStructural steel lettings totaled 78,401 tons, the largest week in tis0
ton Beach,90,000 barrelsagainst85,000 barrels; Torrance, 26.500 barrels,no years. In pig iron, quickened by new interest in first quarter
requirechange; Dominguez, 19,000 barrels against 19,500 barrels; Rosecrans, 13,500 ments, the week's sales and inquiries are the
heaviest since the flurry over
barrels, no change; Inglewood, 39,500 barrels against 40,000 barrels: coke subsided.
Midway Sunset, 92,500 barrels against 94,000 barrels; Ventura Avenue,
Production of iron and steel suffered no appreciable loss in the past
54,700 barrels against 56,800 barrels; and Seal Beach, 8,000 barrels, no week and at 70 to 75% for the industry as a whole is believed to be scraping
change.
bottom. Steel Corporation subsidiaries are operating at about 78%•
Consumers' inventories are falling to such a low point and material
will be needed so urgently as January opens that considerable tonnage
Rail Orders Are Chief Strength of Steel Market-Pig must be in transit in the last few days of December to safeguard against
stringendes. Operations should shortly reflect this condition.
Iron Price Again Declines.
Bookings of the industry as a whole probably exceed shipments, due
On the whole, steel works operations are little changed, to the preponderance of orders against which consumers will take in tonnage
says the "Iron Age" this week. Apart from railroad buying beginning with January and to the large volume of 1927 rail track fastenings
business being formally entered. The increase of unfilled tonnage for
new business still lags, but orders and specifications are the
Steel Corporation as of Nov. 30, bringing the total commitments to
slightly better with most of the steel companies than at the 3,897,447 tons, marked the third successive gain by this barometer. Large
by the American Sheet & Tin Plate Co., which
opening of December. If, as is to be expected, output falls tin plate orders bookedoperating
tin plate capacity full since Dec. 1, are
broken records by
off further in the holidays, there will be compensation in an has
included.
not
increased rate early in the New Year, in the opinion of the
By way of a stop-gap, producers of finished steel are receiving some
spot business from consumers who underestimated their December re"Age," which in its summary of Dec. 16th states:
quirements. In this category are few automobile manufacturers.
With some uncertainty as to the winter scale of consUmption of bars,
The present status of the car market, which is 18.000 pending and
hapes and plates in the metal working industries, railroad demand is still
14,000 tentative, and nearly 3,500 actually awarded so far this month.
promising. Chicago district mills estimate that 210,000 tons of car steel promises 355,000 tons of finished steel plates and
nearly 175,000 tons In
is now on inquiry from car works and railroads, and expect to quote on miscellaneous iron and steel products to the industry.
130.000 tons additional in the near future.
Review's"
Trade
composite
price
on 14 leading iron and
The "Iron
Roughly 2.200 cars were ordered by the railroads in the past week, in- steel products this week is $38 22. This compares with
$38 24 last week
cluding 2,000 for the Norfolk & Western. Track requirements are still and $38 46 the previous week.
on a large scale, the B. & 0. being the latest system to add materially to
its inquiries. Three railroads have closed at Chicago for 25,000 tons of
track supplies.
Some automobile companies are feeling the market on sheets for January
Increase in Stocks of Refined Copper.
shipment and have sent in specifications for alloy steel bars. Other
An increase of 11,246,000 pounds in the surplus stocks of
builders have suspended shipments because their plants will be shut down
saortly for inventories. Definite indications as to January schedules are refined copper occurred during November. In reporting
lathing.
the "Wall Street Journal" of Dec. 13 said:
Tee sheet market in the Central West shows little improvement, either the Dec. 1 totals,
Surplus stocks of refined copper Dec. 1 totaled 147,712.000 pounds.
treim the standpoint of price or volume. Some mills continue to make
Concessions to get early shipment orders. While the common range on This is an increase of 11.246.000 pounds over Nov. 1 and is the largest
No. 24 black sheets is 2.90c. to Sc., Pittsburgh, 2.85c. has been done. In month's increase in over a year. The total ccmpares with surplus stock
of 136,466,000 pounds Nov. 1, with 140,274.000 pounds Oct. 1 and 129,blue annealed, sales have been made as low as 2.25c., Valley mill.
IlAil mill operations are expanding as the time approaches when ship- 660,000 pounds on Aug. 1, low point of the year.
Shipments during November totaled 241,398,000 pounds, of which
=nal can begin against 1927 orders. Chicago district mills are running
92,984,000 pounds represented exports and 148,414.000 domestic takings.
at dose to 75%•
Chicago, Pittsburgh, Youngstown and Cleveland report light buying Production of 252,644.000 pounds of refined copper represented an increase
of steel bars, which lead all rolled products in annual output. Buyers ap- of 6,400,000 pounds over production of 246,240,000 pounds in October.
Domestic consumption of copper continues to hold to its average but
parently are supplied for some weeks ahead, and in many cases are now
exports have been steadily declining, the reduction in exports in November
receiving 1.90c. bars, as against 2c. asked for first quarter.
Some
buyers
of
keener.
almost 11,000.000 pounds compared with October practically accounting
business
is
plate
seme districts competition for
n U s Southwest, by making good use of the fabrication-in-transit privi- for the increase in surplus stocks.
Copper held as blister at smelters and refineries, and in transit and
lege, have been able to improve on Chicago base quotations. Eastern
process, at North and South American plants Dec. 1 came to 552,038,000
plate mills are barely maintaining a 50% operation.
tons,
were
63,500
pounds,
compared with 535,732,000 pounds Nov. 1, with 527,870,000
more
than
at
Bookings of fabricated structural steel,
the largest reported for a week since late in April. Included was 11,500 tons Oct. 1,'with 520,372,000 Sept. 1 and 555,776.000 pounds Aug. 1.
for subway work in New York, 9,400 tons for the Chesapeake-Hocking
Copper above ground to blister stage or beyond Dec. 1 totaled 699,750,000
Valley connecting line in Ohio, 6.000 tons each for a hotel in New York pounds, high of the year, compared with 672,198,000 pounds Nov. 1, with
sad an office building in Providence. and 5.000 tons for a Mississippi 668.144.000 Oct. 1, with 653,688,000 Sept. 1, low of the year, and 685.
4'56.000 pounds Aug. 1.
River bridge at Case slirardeau
(In barrels.)
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DEC. 18 1926.]
THE CHRONICLE
Total shipments by North and South American producers and refiners
of 241.398,000 pounds in November compare with 250.048,000 in October,
239.822,000 in September and 254,414,000 in August, making total of
2,626,512,000 pounds in first 11 months, average of 238,773.800 pounds.
compared with 235,954,000 for full year 1925 and 219,964.000 for 1924.
Domestic shipments of 148,414,000 pounds in November compare with
147,878,000 in October. 156,918,000 in September and 168.068,000 in
August, making total domestic shipments for first 11 months 1,680.464,000
pounds, average of 152,587,600 pounds, compared with 138,528,500 for
full year 1925 and 125,564,800 for 1924.
Foreign shipments of 92,984,000 pounds in November compare with
102,170,000 in October,82,904,000 in September and 86,346,000 in August,
making total of 946,048,000 pounds for first 11 months, average of 86,004,300 pounds, compared with average of 97,425,500 pounds for full year
1925 and 94,399,100 for 1924.
Production of 252,644.000 pounds in November, second highest for the
year. compares with 246,240.000 pounds in October, 246,780.000 in September and 257,850,000 in August, high for the year, making total output
for first 11 months of 2,628,060,000 pounds, average of 238,914,500 pounds,
compared with average of 225,384,800 for full year 1925 and 233,388.600
pounds for 1924.
Further details were given in comparisons as follows
for the four months in the "Wall Street News":
The following table gives the comparisons of stocks in the past four
months in North and South America, figures in tons of 2,000 lbs. each:
Nov.
Oct.
Sept.
Aug.
*Blister
276,019
267,866
263.935
260,186
Refined
73,856
62.233
70.137
66.658
Total
* Including in process.
349,875
336.099
334,072
326,844
The summary shows that the stocks of copper on Nov. 30 last were
divided as follows: Blister at smelteries, 15,965 tons; blister in transit.
70,349 tons; blister at refineries, 36,310 tons; in process at refineries (including "mineral" at lake plants), 153,395; refined, 73,856; total, 349,875
tons.
On Oct.311926 the surplus was distributed as follows: Blister atsmelteries,
14,753 tons; blister in transit. 65.195 tons; blister at refineries, 25.989 tons;
in process at refineries (including "mineral" at lake plants), 161,929 tons;
refined, 68,233 tons; total. 336,099 tons.
The production of refined copper in November showed an increase of
6.404.000 lbs. over October,the total being 252,644,000 lbs., compared with
246,240,000 lbs. Of the total, 242,746,000 lbs. were primary and 9.898.000
lbs. were scrap, while in October 234,662,000 lbs. were primary and 11,598,000 lbs. were scrap.
In the following table Is given a comparison of the production of refined
copper, figures in tons of 2,000 lbs. each:
Primary.
Total,
Scrap.
August
121.492
7,433
128,925
September
116.498
6,892
123.390
October
117,331
5.789
123,120
November
121.373
4.949
126.322
The daily average rate in November was 4,211 tons, compared with 3,972
tons in October, 4,113 tons in September and 4,159 tons in August.
The output of blister copper in North America in November amounted
to 99,252 tons, compared with 93,198 tons in October, 86,163 tons in September and 84,061 tons in August.
A decrease of 25,650,000 lbs. is recorded in the shipments in November,
as compared with the previous month. Total shipments amounted to 250,048,000 lbs., against 241.398,000 lbs. in October. Of the total deliveries
in November, 148,414,000 lbs. were for domestic consumers and 92,984,000
lbs. for foreign.
The following table gives the shipments with comparisons by months,
figures in short tons:
Domestic.
Total.
Export.
August
84.034
127.207
43,173
September
78.459
119.911
41.452
October
125.024
73,939
51.085
November
74,207
120,699
46.492
3111
The "Coal Age" index of spot bituminous prices on Dec. 13 was 214 and
the corresponding weight average price was $2 59. The figures on Dec. 6
were 226 and $2 73, respectively. Current averages are on approximately
the same basis as those prevailing in mid-October. Compared with the
peak of the market the first week in November, Monday's averages represent declines of 85 points and El 02. In view of the existing market conditions, further declines before the end of the present calendar year are not
at all unlikely.
Despite complaint in some quarters that the recent gains have been
unfairly distributed, analysis of output by states shows most of the major
producing districts turning out more tonnage than for the corresponding
weeks in 1923. Cumulative output to Dec. 4 was 530.232,000 net tons, as
compared with 526.084,000 tons in 1923 and 521,592,000 tons in 1920.
Included in the 1926 total is 29,547,215 ton's shipped to the lakes. Dumpings
the week ended Dec. 12 were 69,707 tons of cargo and 3,473 tons of vessel
fuel.
The hard-coal market registered some improvement with the turn of the
month. Output the week ended Dec.4 climbed to 1.997,000 net tons. This
was the highest total recorded since the week ended Oct. 23. Cumulative
output was 78.774,000 net tons, as compared with 61.537,000 tons for the
corresponding period last year. Last week also saw a firmer tone to the
independent market at New York. The Philadelphia market, however.
lacked the snap which might be expected with winter weather. Three
cargoes, totaling 20.700 tons, closed lake shipments from Buffalo.
There has been no recovery in interest or in prices in the Connellsville
beehive coke market. When November wage increases are taken into
consideration, the present level of spot prices show no increase over the
depressed basis ruling last summer.
The influences that are being exerted in the coal markei
at this time are those that would generally bespeak lower
prices, according to the opinion of "Coal and Coal Trade
Journal," as expressed in its Dec. 16 market review. Exports are diminishing, industries are holding off as much as
possible from buying, the movement on the Great Lakes
has ended, and winter is coming—only spasmodically, to
besure,and in many sections is not severe,says the "Journal."
Back of this is the wage question that every week becomes
more acute, but which eventually must be settled. There
will be trying times while this is being done. Those who
are least hopeful believe that there must be very serious
times ahead on that score, observes the summary from which
we quote further as follows:
There is a distinct easing off in the spot bituminous situation in New
England, as is very much to be expected. It is said, also, that the buyers
in this section seldom purchase in a falling market. The market is described as thin, with prices ranging from $8 to $8 50. Some seek for
even cheaper coal. There has not, as yet, been a sustained spell of cold
weather, such as is needed to have material effect on conditions.
A great deal of hand-to-mouth buying is going on in the New York
anthracite market, but it is -sufficient to keep the local dealers cheerful.
This will continue until after the Christmas holidays. The demand
prospect is good and the chances of its keeping up and even increasing
seem to be decidedly favorable.
Cold and snow have come, however, to the relief of the Philadelphia
coal interests, and a better demand for anthracite is distinctly evident.
In bituminous, the situation is different. Some coal, the remains of
former British ordering, Is being exported, but the demand for this purpose
Is over. Industrial buying, on the other hand, improved last week, but
it was mostly spot buying. The impression prevails among the industrial
purchasers that they will be able to secure their supplies at lower figures.
The wage situation is the real problem In the minds of all.
November broke the shipping record in coal at Baltimore. This is
another and final chapter in a remarkable history. Vessel supply is
now liberal, and charters reached $4 with rates still declining.
The effect of the closing of Lake transportation and the disappearing
of the demand for export has had its inevitable effect in the Cleveland
district. In spite of this, the general tone of the market is not bad,and
there is no prevailing discouragement. The business that is in sight is
substantial. Wages and labor are on the mind of the industry here also.
Dulness pervades the Cincinnati market, but many producers are looking
for a good business to continue throughout the winter. There is. however,
a tendency to avoid contracts and Secure cancellations. The demand for
manufacturing interests is light, and the movement is not satisfactory.
But these conditions seem only temporary.
The Chicago market is distinctly dull. The weather's lacking real intense cold is against the local dealers. The tendency to provide for immediate needs only seems to prevail. Nevertheless, the output of the Illinois
and Indiana mines is taken care of. Probably there Is considerable buying
that is not in evidence.
The other market points have changed little from the previous week.
There is good reason for dulness just now, with the holidays and the
new year approaching. Depression and anxiety may well be expected
considering what has recently happened and what is in sight in the way
of wage questions. But the fact is to be recorded that depression and
anxiety do not to any considerable extent exist.
Bituminous Coal Demand Falling Off, with Prices
Declining—Anthracite Market Improves Slightly.
Greater softness characterized the trend of the bituminous
coal markets of the United States last week declares the
"Coal Age" in its weekly summary of market conditions,
issued Dec. 16. Record production, much of it mined to
apply on orders which were canceled before the coal was
shipped; the closing of the lake business and the end of new
commitments overseas have all reacted to depress spot
quotations still further and to abate the feverish buying
preceding the collapse of the British strike, observes the
"Age." The nearness of the holiday season, with the slowing
up of general industry common to this period, also is an
element of weakness in the present situation, continues this
Bituminous Coal and Anthracite Show Large Increases
review, adding:
in Production—Coke Declines in Output.
In the Northwest demand still continues upon an unusually active basis,
but elsewhere in the country the general report is one of growing consumer
The production of bituminous coal and anthracite reindifference to the importunities of the shipper to buy coal. While the rate covered rapidly from the decrease of
the previous week
of actual consumption undoubtedly has been heavy during the past few
months, it is equally certain that many consumers also have added sub- due to the Thanksgiving Day holiday, according to the
stantially to the amount of coal in storage. It seems probable that the report of the U.S. Bureau of Mines. The output of bitumingain during November was several million tons, as compared with the
ous coal during the week ended Dec. 4 increased 1,315,000
estimated increase of 1,264.000 net tons in October reported by the National
net tons over the total for the week preceding, while anthraAssociation of Purchasing Agents.
Southern Illinois and the Fourth Vein Indiana mines alone were able to cite made a gain of 359,000 net tons, thereby reaching
the
withstand the buyers' steady attacks upon price structure. The resistance
highest figure since Oct. 23, according to the report issued
still possible, however, is none too strong—particularly on the steam side
of the market. Tidewater markets were very uneven; in a few instances by the Bureau, from which we quote further as follows:
quotations on low-volatile pools increased slightly, but reductions were
more common; high-volatile prices broke sharply. West Virginia, Pennsylvania and Kentucky quotations were Weaker all along the line. There
were further declines in Ohio. Fifth Vein Indiana, central Illinois and
Standard district coals also faltered.
Bituminous coal production has reached another high point. The total
output during the week ended Dec. 4 is estimated at 14,728,000 net tens.
This represents a sharp recovery from the preceding week when production
was curtailed by the Thanksgiving Day holiday, and exceeds the record
of the week ended Nov. 20 by approximately 450,000 tons.
3112
THE CHRONICLE
[VOL. 123.
Estimated United States Production of Bituminous Coal (Net Tons), Including I
$16,737,868 in November 1926, against $10,456,115 in the
Coal Coked.
1926
corresponding month the previous year, and for the eleven
Cal. Year
Cal. Year
Week.
months they were $196,500,366, as against $121,057,168.
to Date.
Week.
to Date.b
Nov. 20
14,282,000 502,091,000 12,596,000 454,186,000
Daily average
2.380,000
1,832,000
1,658,000 Gold exports in November 1926 were only $7,727,186,
2,099,000
Nov. 27_c
13,413,000 515.504,000 11,599,000 465,785,000 against
$24,360,071 in November 1925. For the eleven
Daily average
2,439,000
1,844.000
1,668,000
2,188.000
Dec. 4.d
14,728,000 530,232,000 12.868,000 478.653,000 months of 1926 the exports of the metal foot up $108,511,537,
Daily average
2,455.000
1.678,000
1,857,000
2,145,000
against $256,672,063 in the eleven months of 1925. Silver
a Original estimates corrected for usual error which in past has averaged
2%. b Minus one day's production first week in January to equalize imports for the eleven months of 19.6 have been $65,139,306,
number of days in the two years. c Revised. d Subject to revision.
as against $58,843,462 in 1925, and silver exports $86,647,Total production of bituminous coal in November is estimated (subject
359, as against $91,538,115. Some comments on the figures
to slight revision) at 59,739,000 net tons. This indicates a daily average
rate of 2,400,000 tons, as against 2,100.000 tons in October-an increase will be found in an earlier part of this issue in the article on
of 14.3%.
"The Financial Situation." Following is the complete
Cumulative production of soft coal during 1926 to Dec. 4 (approximately
official report:
286 working days) amounts to 530.232.000 net tons. Figures for corresponding periods in other recent years are given below:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
1920
Preliminary figures for 1926, corrected to Dec. 14 1926.)
521.592.000 net tons 1923
526.084,000 net tons
1921
385.483,000 net tons 1924
442.361.000 net tons
MERCHANDISE.
1922
383,867.000 net tons 1925
478.653,000 net tons
am...•
November.
ala/
ANTHRACITE.
•
Production of anthracite during the week ended Dec. 4 Is estimated at
1.997,000 tons. This shows an increase of 359,000 tons, or 22% over output
In the preceding week, when production was curtailed by a holiday, and
Is the highest weekly record since Oct. 23.
Estimated United Stales Production of Anthracite (Net Tons).
1926
192
Cal. Year
Cal. Year
Week Endedto Date.
to Date.a
Week.
Week.
Nov. 20
1,760,000 75,139,000
46,000 61,438,000
Nov. 27
1,638,000 76,777.000
36.000 61,474,000
Dec. 4
1,997,000 78,774.000
63.000 61,537,000
a Minus one day's production first week in January to equalize the
number of days in the two years.
BEEHIVE COKE.
The total production of beehive coke during the week ended Dec. 4
amounted to 191,000 net tons. a decrease of 7.000 tons from the output in
the preceding week. The loss occurred in Pennsylvania and West Virginia.
The usual table of estimated production is omitted this week.
.Analysis of Imports and Exports of the United States
for October.
The Department of Commerce at Washington, Nov. 29,
issued its analysis of the foreign trade of the United States
for the month of October and the ten months ending with
October. This statement indicates how much of the merchandise imports and exports for 1926 and 1925 consisteiM
crude materials, and how much of manufactures, and in
what State, and how much of foodstuffs and whether crude
or partly or wholly manufactured. The following is the
report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF OCTOBER 1920.
(Value in 1,000 dollars.)
PM ....11M1,
Month of
"IRO Mm..•
.
Months Ended,Caober.
Group.
1925.
1926.
1925.
11 Months Ending November.
Increase(+)
Decrease(-)
.
1926.
Exports
Imports
1925.
1926.
1925.
481,000,000 447.803,577 4,344,252,364 4,441,541,562 -97.289,198
376,000,000 376,431,290 4,075,034,606 3,829,949,454 +245,085,152
Excess of expls 105.000,000 71,372,287
269,217,758
611,592,108
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1926.
1925.
1924.
1923.
Exports.
$
$
I
January._. 396,836,319 446,443,088 395,172,187
February_ _ 352,905,092 370,676,434 365.781,772
March ____ 374,406,259 453,652.842 339.755.230
April
387,973,690 398,254,668 346,935.702
May
356,699,124 370,945,110 335.088,701
June
338,033,174 323,347,775 306,989,006
July
368,316,535 339,660,368 276,649,055
August_._. 384,448,727 379,822,746 330,659,566
September_ 448,065,681 420,368,140 427,459,531
October
455,567,763 490,566,814 527,171,781
November. 481,000,000 447,803,577 493,572,921
December.
468,305,949 445,748.393
1922.
$
335,416,506
306,957.419
341,376,664
325,492,175
316,359,470
319,956,953
302,186,027
310,965,891
381,433,570
399,199,014
401.483,872
426,665,519
$
278,848,469
250,619,841
329,979,817
318,469,578
307,568,828
335,116,750
301,157,335
301,774,517
313,196,557
370,718,595
379,999,622
344,327,560
11 mos.end.
November 4.344,252,364 4,441,541,562 4,145,235,452 3,740,827,561 3,487,449,909
12mos.end.
.4,...es
,
December
4 909,847,511 4,590,983,845 4,167,493,080 3,831,777,469
Imports.
January_ - February- March ---April
May
June
July
August
SeptemberOctober...
November.
December.
416,752,290
387,306,072
442,898,669
397,911,768
320,919,458
336,250,756
338,959,663
336,577,200
343,211,698
378,247,032
376,000,000
346,165,289
333,387,369
385,378,617
346,090,956
327,518,721
325,215.735
325,648,257
340,085,626
349,953,680
374,073,914
376,431,290
396,639,809
295,506,212
332,323,121
320.482,113
324.290.966
302,987.791
274,000.688
278,593,546
254,542.143
287.144.334
310,751,608
296,147,998
333.192,059
329,253,664
303,406,933
397.928,382
364,252,644
372.544,578
320,233,799
287,433,769
275,437,993
253,645,380
308,290,809
291,333,346
288,304.766
217,185,396
215,743,282
256,177,796
217,023,142
252,817,254
260,460,898
251,771,881
281,376,403
298,493,403
276,103.979
291,804,826
293,788.573
11 mos.end.
November 4,075,034,606 3,829,949,454 3,276,770,520 3,503,761,197 2,818,958.260
12 mos.end. A
-""INNIIIIMP
4 266,589,263 3,609.962,579 3.792,065,963 3,112,746,833
December
1925.
GOLD AND SILVER.
Value. P. C. Value. P. C.
Domestic ExportsCrude materials
Crude foodstuffs and
food animals
Manufac'd foodstuffs_
Semi-manufactures
Finished manufact'a
Value. P. C
210,314 43.5 167.167 37.2 1,095,018 27.9
19.312 4.1 35.658 8.0 277,222 7.1
51,473 10.7 47,527 10.6 474,107 12.1
50.737 10.5 53,544 11.9 555,993 14.2
151,045 31.3 144.987 32.3 1,517,561 38.7
Value. P.),C.
ONO
932,874 24.7
AMIN
270,560 7.1
410,137 10.8
532,281 14.1
1,636,949 43.3
Total domestic ex482,881 100.0 448,883 100.0 3.919,001 100.0 3,782,801 100.0
ports
7,686
7.072
Foreign exports
73,837
81.189
Total
ImportsCrude materials
Crude foodstuffs and
food animals
Manufac'd foodstuffs_
Semi-manutactures.__
Finished manufact's
Total
490,567
455,955
3,993,738
3,863,990
153.702 41.1 134,783 35.6 1,400,733 40.5 1.513,115 40.41
44,277 11.8 50,420 13.3
33,193 8.9 40,659 10.8
65,669 17.6 64,726 17.1
77.233 20.6 87,762 23.2
400,223
375.317
625,586
651,659
11.6
10.9
18.1
18.9
440,800 11.9
346,237 9.4
672,038 18.2
726.986 19.6
1925.
1926.
Gold.
Exports
Imports
1926.
1925.
Increase (-I-)
Decrease(-)
7,727,186 24,360.071 108,511,537 256,672,063 -148.160,526
16,737,868 10,456.115 196,500.366 121,057,168 +75,443,198
Excess of exports
Excessofimports
Exports
Imports
Excess of experts
13,903.958
135,614,895
9.010,682
87,988,829
6,793,688
3,914,205
8,118,093 86,847,359 91,538,115
4,049.035 65,139.306 58,848,462
2,879,483
4,069,058 21,508,053 32,689,853
-4,890,756
+6,290,844
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
374.074 100.0 378,350 100.0 3,453,518 100.0 3,699,176 100.0
Country's Foreign Trade in November-Imports and
Exports.
Statistics
of the Department of Commerce
The Bureau of
at Washington on Dec. 15 issued its statement on the foreign
trade of the United States for November and the eleven
months ending with November. The value of merchandise
exported in November 1926 was $481,000,000, as compared
with $447,803,577 in November 1925. The imports of
merchandise are provisionally computed at $376,000,000 in
November 1926, as against $376,431,290 in November the
previous year, leaving a trade balance in favor of the United
States on the merchandise movement for the month of
November 1926 of $105,000,000. Last year in November
there was a favorable trade balance on the merchandise
movement of $71,372,287. Imports for the eleven months of
1926 have been $4,075,034,606, as against $3,829,949,454
for the corresponding eleven months of 1925. The merchandise exports for the eleven months of 1926 have been
$4,344,252,364, against $4,441,541,562, giving a favorable
trade balance of $269,217,758 in 1926, against a favorable
trade balance of $611,592,108 in 1925. Gold imports totaled
11 Mos. End. November.
November.
1926.
1925.
Silver.
1924.
Exports.
$
8
$
280,723
January ___ 3,086,870 73,525.943
505.135
February __ 3,851,374 50.599,708
4,224.564 25.104,416
817,374
March
17,883.865 21,603,945 1,390.537
April
9,342,927 13,389.987
593,290
May
3,345,528 6,712,480
268,015
June
5,069,472 4,416,452
327,178
July
August_ _ _ _ 29.743.113 2,135.690 2,397,457
September. 23,081,054 6,784,201 4,579,501
1,155,584 28,039,190 4,125,268
October
November. 7,727,186 24,360,071 6,689.182
5,967,727 39,674,653
December_
1926.
$
9.762.969
7,752,350
8,333.081
7,612,045
7,930,810
7,977,926
7,921,418
8,040.512
7,243,325
7.279,235
6,793,688
1925.
1924.
8
8
11,384,799 8,208,644
6,832,647 8,876,713
7,916,717 8.355,278
9,322,618 7.801,689
6,535,761 9,686.517
8,522,492 8,648.499
8.349,304 9,190,362
8,284,991 8.632,067
7,487,317 10,345,205
8,783.376 9.485.023
8,118,093 9,401,406
7,589,470 11.279,630
limos,end.
November 108,511.537 256,672,063 21.973.66086.647,359 91,538,115 98,611,403
12 mos.end.
262,639,790 61,648.313
December
99,127,585 109891,033
Imports.
January ___
February..
March
April
May
June
July
August....
September.
October
November.
December-
19,351,202
25.415.655
43,412,576
13,115,633
2.934.665
18.890.086
19.819,990
11,978,690
15,986.998
8,857,003
16,737.868
5,037,800
3,602,527
7,337,322
8.869,883
11,392.837
4,426,135
10,204.112
4.861,736
4.128,052
50,740.649
10,456,115
7,216,004
45,135.760
35,111,269
34.322,375
45,418,115
41,073,650
25,181,117
18,834,423
18,149,981
6,658,155
19,701,640
19,862,384
10.274,049
5,702,760
8,863,131
5,539,071
6,322.429
4.871,534
5,628,160
5,948.630
5.988,420
7.203.033
5,097,933
3.914,205
7,338,559
4,928.918
6.660.750
4.944,807
3,390.180
4.918,605
5.238.437
7.273.298
4,504,024
5,601,851
4.040,035
5,746,956
5.979,758
7,900,409
6,220,934
3.907.745
5,639,582
4,870,389
7,127,613
7,041.630
7,082,902
5,828.572
6,481,416
5,863,892
11 mos.end.
November 196,500,366 121,057.168 309.446.86065,130.506 58,848,462 68,081,010
12 mos.end.
64.595,418 73,944,902
128,273.172 319,720,918
December
DEC. 18 1926.]
THE CHRONICLE
3113
Current Events and Discussions
The Week with the Federal Reserve Banks.
Largely as a result of the Treasury's financial operations,
the consolidated statement of condition of the Federal Reserve banks on Dec. 15, made public by the Federal Reserve
Board and which deals with the result for the twelve Reserve
banks combined, shows a decline of $42,400,000 in holdings
of discounted bills and increases of $122,900,000 in member
bank reserve deposits and $154,700,000 in Government securities, holdings of which included $188,000,000 of temporary certificates issued by the Treasury to the Federal
Reserve banks pending the collection of the quarterly installment of taxes. Total bill and security holdings increased $105,400,000, Federal Reserve note circulation
$36,300,000, and cash reserves, $2,600,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
decline of $111,000,000 in net demand deposits and an increase of $22,000,000 in borrowings from the Federal Reserve bank.
Loans on stocks and bonds, including United States Government obligations, were $28,000,000 below the previous
week's total at all reporting banks and $23,000,000 below
at reporting members in the New York district. "All other"
loans and discounts declined $6,000,000, the principal changes
being declines of $7,000,000 in the Boston district and
$5,000,000 in the Kansas City district, and an increase of
$8,000,000 in the San Francisco district. Total loans to
brokers and dealers, secured by stocks and bonds, made by
reporting member banks in New York City were $8,000,000
below the Dec. 1 total, loans for own account having declined
$70,000,000, while loans for out-of-town banks and for others
increased $37,000,000 and $25,000,000, respectively. As
already noted, the figures for these member banks are always
a week behind those for the Reserve banks themselves. The
statement goes on to say:
The New York Reserve Bank shows a decrease of $60,000,000 in its
discount holdings, San Francisco, 34,400,000, and Dallas, $3.500.000, while
discount holdings of the Philadelphia bank increased $7,700,000, of St.
Louis, $7,200,000; Cleveland, $4,800,000, and Kansas City, $3,300,000.
Open-market acceptance holdings declined $14.500,000 at the New York
Holdings of United States Government securities increased $1,000,000.
bank and $4,300,000 at Boston, and increased $5,100,000 at Chicago and
$2.300,000 at Cleveland, the System as a whole showing a decline of little or no change being reported for any of the districts. Holdings of
other bonds, stocks and securities increased $9,000,000, of which 37.000.000
36.900,000.
Total holdings of Treasury notes were $36,000,000 and of United States was at banks in the New York district.
Net demand deposits were $119.000.000 below the Dec. 1 total. The
last
week's
totals,
while
holdings of Treasury
bonds $10,000,000 below
certificates increased $200.700,000. Of the increase in the latter item, principal changes in this item were reductions of $113,000.000 in the New
$162,000,000 represents temporary certificates issued by the Treasury to Cleveland district, and increases of $12,000,000 and 37.000.000 in the
the New York bank and $26,000,000 to three other Reserve banks pending Philadelphia and St. Louis districts, respectively.
Borrowings from the Federal Reserve banks declined 336,000,000, the
the collection of the quarterly installment of taxes.
Most of the Federal Reserve banks report a larger volume of Federal principal changes including reductions of $17,000,000 in the Chicago disReserve notes in circulation than a week ago, the principal increases being: trict, $16.000,000 in the Philadelphia district and $10,000,000 in the Boston
New York, $14,200,000; Philadelphia. $6,700,000; Cleveland, 35,500,000: district, and increases of $20,000.000 and $8.000,000 in the New York and
Cleveland districts, respectively. •
Chicago, $5,300.000, and Boston, $3,800,000.
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 3154 and 3155. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dec. 15 1926 is as follows:
On a subsequent page—that is, on page 3155—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Increase (-I-) or Decrease (—)
Week.
Year.
During
discounts,
total
and
Loans
—$34,000,000
Week.
+3290,000.000
Year.
Secured by U. S. Govt. obligations
—6,000.000
—38,000.000
Total reserves
+32.600,000 +3142,100,000
Secured by stocks and bonds
—22.000.000
—40,000.000
Gold reserve
+2,300.000
+129,100,000
All other
—6.000.000 +368.000.000
Total bills and securities
+105,400.000
+45.000.000
total
Investments,
+10.000.000
total
+114.000.000
42,400,000
Bills discounted,
—56,800.000
U. S. securities
+1,000.000
—95.000,000
Secured by U. S. Govt. obligations— —26,300.000
—21,200,000
Other bonds, stocks and securities
+9.000.000 +209,000.000
—16,100.000
Other bills discounted
—35,600,000
balances
with
Federal
Reserve
banks
Reserve
—18,000.000
—23.000,000
—6,900,000
Bills bought in open market
+31.400,000
+23.000.000
—1,000.000
+154,700,000
U. S. Government securities, total
+79,800,000 Cash in vault
—119,000,000 —230.000,000
—10,000,000
Bonds
—27,000,000 Net demand deposits
—6,000.000 +437.000.000
—36.000,000
Treasury notes
—71.500,000 Time deposits
+35.000.000
+200.700.000
Certificates of indebtedness
+178.300.000 Government deposits
borrowings
from
Federal
Reserve
Total
bks_
—36.000.000
—74.000.000
+36,300.000
Federal Reserve notes in circulation
+51,900,000
+103,900,000
Total deposits
+92.000,000
Members' reserve deposits
+122.900.000
+89,100.000 Summary of Conditions in World's
Markets According
Government deposits
—19,600,000
+200.000
to Cablegrams and Other Reports of the
Department of Commerce.
The Member Banks of the Federal Reserve System—
The Department of Commerce at Washington releases
Reports for Preceding Week—Brokers' Loans
for publicatim to-day (Dec. 18) the following summary of
in New York City.
conditions abroad, based on advices by cable and other
It is not possible for the Federal Reserve Board to issue the means of communication:
weekly returns of the member banks as promptly as the
CANADA.
returns of the Federal Reserve banks themselves. Both
Wholesale and retail grocers report a good volume of business, especially
cover the week ending with Wednesday's business, and the in groceries and Christmas specialties. Manufacturers of boots and shoes.
dry goods and clothing also report an increase in business, due mainly to
returns of the Federal Reserve banks are always given out the
coming holiday season. The importation of Japanese oranges into
after the close of business the next day (Thursday). The Canada for the Christmas season has been larger this year than in any
previous
year. Last week over 11.000.000 oranges arrived at Victoria
statement of the member banks, however, including as it
and were immediately shipped across the Continent for consumption in
does nearly 700 separate institutions, cannot be tabulated the eastern market.
GREAT BRITAIN.
until several days later. Prior to the statement for the week
The removal, effective Dec. 13, of restrictions on the export of coke
ending May 19 1926, it was the practice to have them ready
and anthracite coal ends these restrictions on all coal, those pertaining to
on Thursday of the following week, and to give them out overseas shipments of soft coal having been taken off on Dec. 9. An
concurrently with the report of the Reserve banks for the increasing number of ships are loading opal for export, whereas there is a
heavy decline in the volume of foreign coal arrivals and many cancellations
next week. The Reserve authorities have now succeeded in are
reported as domestic supplies become available. It is estimated that
expediting the time of the appearance of the figures, and they 800.000
coal miners are now working and it is thought in England that the
are made public the following week on Monday instead of on number will increase to about 900,000 by the end of the year. A total of
2,324,000 tons of coal was produced during the week ended Nov. 27. The
Thursday. Under this arrangement the report for the week temporary
difficulty In obtaining a sufficient number of coal cars, owing
ending Dec. 8 was given out after the close of business on to the inward movement of foreign fuel. is expected
in England to diminish
as the flow of trade becomes more nearly normal. The number of unemMonday of the present week.
on Nov. 29, exclusive of the coal mining industry, was 1.496,100
The Federal Reserve Board's condition statement of 690 ployed
persons, as compared with 1,514.700 on Nov. 22, and 1,227,000 at the end
reporting member banks in leading cities as of Dec. 8 shows of November 1925.
BELGIUM.
an increase of $10,000,000 in investments and declines of
There is great satisfaction in Belgium over the favorable showing made
$34,000,000 in loans and discounts, $119,000,000 in net
foreign trade during October. For the first time exports exceeded imdemand deposits and $36,000,000 in borrowings from the in
ports. Imports were valued at 1.900.000,000 francs and exports at
Federal Reserve banks. Member banks in New York City 000.000 francs, giving an export surplus of 8%. as compared with a2.053.deficit
in October of last year. On a quantity basis exports in October
reported a decline of $34,000,000 in loans and discounts and of 23%year
also showed a very marked increase over exports a year
of this
before.
an increase of $13,000,000 in investments, together with a while imports remained on practically the same level.
3114
UTE CHRONICLE
FRANCE.
Business in France is entering a period of depression as a result of the
franc recovery, thus reversing conditions which prevailed during the period
When the currency was depreciating. Increasing evidences of a slackening
In industry are observed. Buyers in the textile, iron and steel, leather
and other lines are withholding purchases in anticipation of the inevitable
drop in prices. Heavy cancellations have occurred with respect to orders
for luxury goods. The export demand for French merchandise has likewise fallen off heavily. Retailers and producers are offering price reductions in an effort to revive buying. The Government is urged by business
interests to study means for checking a further rapid revalorization of the
franc. However, parliamentary support of the Poincare Ministry continues strong and the Government announcements regarding general conditions remain optimistic. The Government states that advances to the
Treasury by the Bank of France will be decreased by 2.000,000.00n francs
by the end of this year and that exchange in hand is sufficient to meet
foreign maturities to the end of 1927. Tax returns continue to be satisfactory. Unemployment, although by no means serious as yet, is growing.
Due principally to old orders. iron and steel production continues on a
record level, but current buying for foreign and domestic'account is
contracting sharply. Coal production in October reached a new record
level. Conditions in the textile industry are described as critical and the
leather industry Is practically at a standstill. Automobile plants are
reported to be curtailing production and laying off employees.
[VoL. 123.
TURKEY.
Market conditions in general continue about the same and exchange is
still falling slightly. The wool, mohair, tobacco and opium business
continues brisk, and the wheat and flour prices are more stable, but the
carpet, gum tragacanth and filbert markets show somewhat decreased
activity, while the cotton market reflected the general depression Mulling
from lowered world cotton prices.
EGYPT.
There is no important change in the general situation. Cotton sales
to foreign spinners have improved and there is a feeling of optimism for
the future position of the Egyptian cotton trade owing to the recent
Government ruling restricting the acreage sown with cotton to one-third
the arable land during the next three years. The country's foreign trade
balance continues to show a considerable import surplus because of the
greatly reduced value of cotton exports during 1926.
JAPAN.
Efforts of the Japanese Government to stabilize the silk market, by
financing the warehousing of silk stocks, have failed to raise the price to
protection cost, and the immediate outlook for the silk market is considered unsatisfactory in Japan. The silk trade expects no price stiffening
for a month or more. Wholesale index prices as reported by the Bank
of Japan dropped to 227 in November, compared with 230 the previous
month. All commodities were lower, with the exception of sugar.
CHINA.
GERMANY.
Unofficial preliminary reports in China indicate that total maritime
The progress in the German industrial position which was noticeable in
October, was further marked during November. However, the end of customs collections for the year will at least equal and may exceed all
seasonal agricultural activity brought to a stop the slow but steady decrease previous records. The railway report for the year will, it is reported.
In the number of unemployed which had been evident during the past two show a decline in freight carriers, as the heavy advance in freight rates,
or three months. It is said in Germany to appear likely that the unemploy- ranging up to 30%, has caused shippers to transport goods by interior
ment curve will again be on the up-grade during the winter months. The waterways wherever possible. Detention of cars by military authorities
Reichsbank statement of the end of the month showed a decline in the has been another serious factor in reducing railway revenues.
volume of its loans and discounts, accompanied by a rise in note circulation
PHILIPPINE ISLANDS.
and in gold reserves. Money conditions remained easy while stock quotaSeasonal activity continues in certain retai lines. Wholesale markets,
tions, which had recently reached record levels, were generally lower.
however, are quiet, probably pending annual inventories. Copra trade
SPAIN.
continues inactive at approximately the same price level. Provincial
American exports are favorably affected by the developments of the resecado (dried copra), or its equivalent, delivered at Manila, is now
Spanish exchange situation, and the tendency of French exchange has 11% to 11% pesos per picul of 139 pounds. (One peso equals $0 50.)
arrested somewhat the Spanish purchases of French goods. Bank clearings All oil mills are operating and arrivals of copra at Manila, although someand bourse activities denote a normal business activity. The turnover of what below last week, are still heavy. The abaca market Is firmer as a
the bourse is divided principally between Government securities and result of decreased production in November. Prices of 40 pesos per picul
industrial and railroad shares. Reserves of the Bank of Spain remain for grade F; I, 36; JUS, 27; JUK,23, and L, 21,50, show little change from
unchanged and Government securities showed a slight increase during recent quotations.
November. The general business situation is somewhat below normal and
INDIA.
the rapidity of the pick-up from summer dullness is not up to expectations.
The Viceroy of India has announced the Government's unqualified
Textile manufacturers at Barcelona and mine operators at Bilbao are approval of the 18-pence rupee ratio as recommended in the report of the
affected more than other industries.
Currency Commission, thus more or less settling a question which has been
the subject of much discussion since the report of the Commission was made
AUSTRIA.
public some months ago. Cotton is moving more freely at present than
Austrian Government finances in the first nine months of the year were
it has for the past two weeks, but export demands are still slow, owing to
en a very satisfactory basis, according to returns just made available.
the disparity of Indian cotton. Except in the Indian cotton mills business
Expenditures for Government current operations during this period
conditions appear to be improving.
amounted to $85,380,000. which is almost Identically the previously estiNETHERLANDS EAST INDIES.
mated amount. On the other hand current revenues of $1,744,000 exceeded
The Islands' produce markets are declining as a result of lack of demand
the estimates by approximately 10%. Even after providing for an investment outlay of $14.740.000, there still remains a surplus of some $910,000; from abroad. Rubber exports from Netherlands India totaled 22.694 long
this is all the more noteworthy in view of the fact that a deficit of over tons in October, of which amount 14,348 tons were shipped from Sumatra,
$10,000.000 was anticipated in the estimates. As a matter of comparison, 4,193 from Java and 4,153 from other Islands of the outer possessions.
there was a net deficit of nearly $2,000,000 during the same period of 1925. Internal disturbances In Java have now quieted down and all trouble is
apparently over.
FINLAND.
AUSTRALIA.
Conditions in the export industries in Finland, particularly the paper and
Victoria and South Australia have accepted the terms of the Federal
pulp industries, are quite satisfactory. Sales of newsprint for 1927 are pro- aid
for roads agreement,leaving only New South Wales not a party thereto.
ceeding normally and prices remain firm. A decided decrease in the demand South Australia accepted only after the Australian
High Court had defor thin printing paper from China is apparent as a result of the political clared
its State petrol tax invalid. The Federal Aid for Roads Act provides
situation in that country. The demand for cellulose is normal, although a for
Federal collection of duties on imports of motor spirits and the distrislight decline in orders from Great Britain is noticeable principally as a
bution of such funds to the various States for use in road building. Accordresult of the coal strike. Cellulose stocks at the present time are low.
ing to the provisions of this Act, each State is to receive an amount proMechanical pulp mills are experiencing some difficulties In securing water
area and population and is to raise within the State an
for the operatilon of the plants. Nevertheless, sales have progressed portionate to its
equivalent amount to be devoted to the same purpose. Beneficial rains
satisfactorily and more than one-third of the production for 1927 has
have fallen recently and have relieved the dry conditions prevailing throughalready been placed.
out the coastal sections of New South Wales and Queensland. The wheat
ESTHONIA.
situation remains unchanged. Wool'sales at Brisbane report keen comAccording to official data, the total sown area for crops in 1926 was petition and a good market, with highest greasy merino
bringing 20d. per
2.030.000 acres, showing an-increase of 5,500 acres over the preceding year. pound. Workers In the Yallourn brown coal fields have struck for a uniThe total production of grains, however, on account of adverse weather form 44-hour week.
conditions, was 41,000 tons below that of last year, with the result that
ARGENTINA.
large imports, particularly rye, will be necessary, it is believed in Esthonia.
Trading in import lines in Argentina was fair during the week ended
Dec. 11, but export markets were generally quiet with low price levels
LATVIA.
A cable from Riga announces the resignation of the Latvian Cabinet of prevailing for all cereals. The first wheat receipts from the new crop have
Ministers, owing to the failure of the Parliament to approve the report arrived in Buenos Aires and the quality of the grain is reported to be good
with a high specific gravity. The first official wheat crop estimate places
submitted by the Minister of Finance. The specific details of the report
Which did not meet with the approval of Parliament are not available. The the corning crop at 5,860,000 metric tons; this is somewhat lower than the
latest unofficial figures which indicate a crop of 6.200.000 metric tons.
new Government has not as yet been form.
The official estimates for other grain crops In metric tons are: Linseed.
POLAND.
1,820.000 tons, as compared with 1.900.500 tons harvested in 1925-26;
oats.
1,137,000 tons, compared with 1,231,000 tons harvested in 1925-26:
months
of 1927 as approved by
The preliminary budget for the first three
the Council of Ministers and submitted by the Minister of Finance carries barley. 400,800 tons, compared with 296,000 tons harvested in 1925-26.
a total of 489,318,000 zlotys, fully covered by anticipated revenues. The Wool stocks in the Buenos Aires market are large; trading in this comfinal figures of budgetary expenditures and revenues for the first nine months modity was more active than in previous weeks. The demand for hides
of 1926, plus tentative figures for October, indicate the reduction of the is good. An active interest is being manifested in the Buenos Aires autodeficit for the current year to 9,322,000 zlotys, from a total of over 200.000.- mobile show.
BRAZIL.
000 zlotys deficit estimated early In the year. The Ministry of Finance
There has been some improvement in the Brazilian commercial situation
will proceed after Jan. 1 1927 with compulsory liquidation of the banks
whose capital is below the minimum prescribed by the decree of December during the past week. Export products are profiting greatly by lower
1924. The activity orthe large textile mills in Lodz has been slowing down exchange and imports increased slightly due to depleted stocks, although
lately, some of the largest mills having reduced operations to four days a the instability of exchange Is still restricting purchases. Exchange weakweek. The operations of the Polish steel mills, especially those of Upper ened sharply, touching 8.85 to the dollar on Dec. 10, but was firmer by the
Silesia, are increasing, large orders having been placed recently by the end of the week. The monetary reform bill, stabilizing exchange at approximately $0.125, has already passed the Chamber of Deputies. Coffee
State railways. Considerable foreign business has also been received.
prices have been 12% above last month's, 4s selling for 29 mikeis per 10
GREECE.
kilos. Stocks at Santos are approximately 900,000 bags. The domestic
The general situation is considerably improved since the formation of the textile situation is rapidly improving and surplus stocks are much reduced.
new coalition Government and although business is still comparatively quiet,
URUGUAY.
merchants and importers are optimistic for the future. Money continues
Trade conditions in Uruguay continued to be generally satisfactory
to be rather scarce, but the exchange value of the drichma remains steady during
the week ended Dec. 11. The wool market closed the period with
and the 'retail price of bread has been reduced by .30 drachma per kilo. fewer
transactions than are usual at this season of the year, in contrast
The Government is reported to be planning the reduction of consumption to
movement of the preceding two weeks. Customs revenues
the
improved
taxes and the formation of a technical advisory committee for the improve- for
November were 1,790.000 pesos (peso—$1 03)•
ment of Government finances. The latest crop news confirms the earlier
MEXICO.
reports that practically all crops had seriously suffered from the longDuring the week ended Dec. 11 business continued to suffer greatly.
continued drought. Macedonian tobacco, however, is now reported to
The value of the silver peso, which for the previous weeks had been at a
be somewhat above the early estimates.
DEC. 18
3115
THE CHRONICLE
1926.1
discount ranging from 5 to 9.50% as against gold, fluctuated between
of
10 and 15% during the period under review. The announced intention
the administrators of the National Railways to reduce the personnel and
wages, in spite of the labor unions' refusal to permit such action, has resulted in a strike of the workmen in the principal shops of the railways.
Traffic has not as yet been affected by this action. Sales of low-priced
automobiles, typewriters, office equipment and novelties have been satisfactory.
PORTO RICO.
Business conditions in Porto Rico during the second week of December
generally continued to show seasonal improvement. The situation is considered better than it was at this time last year, and merchants and bankers
are optimistic with regard to the future. Further economic improvement
is expected locally in the second half of the current month.when sugar wages
enter into circulation. Five sugar mills are reported to have started
grinding and to be obtaining a yield of between 8 and 10%. The local
sugar crop estimates indicate a production slightly exceeding that of the
previous year, although the acreage is reported to be somewhat less. Most
of the cane is reported in fine condition; recent prices are gaining strength,
partly due, it Is said, to the confirmation of the Cuban crop limitation
decree. The tobacco acreage will probably exceed last year's by between
40 and 50%. It is said, in Porto Rico. and a 50.000.000-pound crop Is still
expected by the trade. The coffee crop is expected locally to be slightly
greater than that of the previous year. although it is thought that it will
be approximately 15% below the early estimate of 30,000,000 pounds.
made before the hurricane in July.
San Juan bank clearings for the first eleven days of December amounted
to $8,988.000, compared with $8.188.000 for the same period in 1925.
Reports indicate that the principal and interest payments on the public
debt of Porto Rico, amounting to $1,600,000 due Jan. 1 1927, will be met
by the amortization funds with the exception of $126,000 which is to be
paid from current funds.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Dec. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$4,949,247,261, as against $4,933,167,057 Nov. 1 1926 and
$4,971,764,948 Dec. 1 1925, and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the
European war, that is on July 1 1914, the total was only
$3,402,015,427. The following is the statement:
CIRCO LATIoN STATEMENT OF UNITED STATES MONEY-DECEMBER. 1 1020
MONEY OUTSIDE Or THE TREASURY
MONEY HELD IN THE TREASURY
RIND
OF
MONEY
Stout of
Mo,,y. a
Total
Amt. Held in !terve agairurt
Trutt against United States
Notts
Gold & Silver
Certificates (et (and Treasury
Notes
Treary Notes
of 1890).
of 1890).
$
Gold coin and
554,494.843,817 3,690,328,841 1,675,855,519
bullion
Gold certificates c(1,675,855,519)
469118,250 462.520.521
534.991.184
Stan. silver dol.
Silver certif's._ c(461,176.717)
Treasury notes
c(1.343,804)
fo 1890
3,922.811
293,369.694
Substd. silver_ _
2,379,171
346.681.016
notes
U. B.
1,344,275
F. R. notes.... 2,109.352.150
61.784
5.186,208
F.R.bank notes
16,515,159
700.692,587
Nat. bank notes
Held for
Federal
Reserve
Banks
mut
Agents
154.188,886 1,674,219,455
All
Ottol
Moral,.
Total.
Hetd by
Federal
Reserve
Raaka
and
Agents.f
PoOM(Rion
of
Contli Med
Untied
Per
Slaty.
Cartta. (Estimated.)
In Circulation
Amount
804.514,976
1,675,855,519
65,872.934
6.597,729
461,176,717
395,575,033 408.939.943
580.131.367 1,095,724.152
51,847,960
14,024.974
70,019,046 391.157,671
3.52
9.44
.44
3.37
1,343,804
3,922,811 289,446,883
2.379,171 344.301,845
1,344,2752.108,007,875
5,124,424
61,784
16,515,159 684,177,428
1,343,804
9.581.885 279,864,998
41,129.576 303,172,269
343,373,717 1,764,634,158
5,053,683
70,741
36,668.805 647.508,623
.01
2.41
2.61
15.20
.04
5.58
186,064.981
Total Dec. 1 '26
8.485.116,656 44,183.670.291 2.138.376,040
154.188,886 1,674,219,455 4216,885,910 6,439,822,405 1,490,575,144 4.949.247,261
42.62 116.114,000
Comparative
totals:
Nov. 1 1926.
Dec. 1 1925_
Nov. 1 1920.
April 1 1917_
July 1 1914.
Jan. 11879.
8,438.136,239 44.245,288,425 2.151.604.733
8.345,070.169 44.175,055,188 2,136.938,782
8.326,338,267 42,406,801.772 696.854,226
5.312,109,272 42,942,998.527 2,684,800,085
3,738,288.871 41,843,452,323 1,507,178.879
21.602,640
1,007.084.483 4212.420,402
154,188.886 1.726,598,814
153.620.986 1,672,696,835
152.979.026 1,206,341,990
152,979.026
150,000.000
100,000.000
212.895,992 6,344.452,547 1,411,285.4904,933.187,057
211,798,585 6,306,953,763 1,335.188,815 4.971.764,948
350.626,530 6,616,390.721 987.962,989 5.628,427,732
105,219.416 5,053,910,830 953.320.126 4.100,590,704
3.402.015,427
186,273,4443,402,015,427
816,216,721
90.817,762 816.266,721
42.53 115,996,000
43.35 114,695,000
52.36 107,491,000
39.54 103,716.000
34.35 99,027.000
16.92 48.231,000
A few months ago I was reading a Chicago "Tribune" on the train.
With some surprise I found recorded on the financial page the listed recce
of 128 different issues of foreign bonds. I have a great respect for the
judgment of the newspapers. They print the news that they think ileople
are interested in. When I noticed that this great newspaper which serves
the Middle West was recording daily the market transactions in 128 different
Issues offoreign bonds, it seemed to me a fact ofsome significance. I found
myself speculating as to the number of issues of foreign bonds which had
been quoted by the Chicago "Tribune" in the edition published exactly
ten years before the date of the paper which I was reading. I subsequently
learned from the Editor that the number was six. The comparison between
the number of foreign issues quoted then and now is an interesting commentary on what has happened in the field of foreign bond investment in
the past ten years.
Examining that long list of 128 foreign bonds in the "Tribune," I discovered that governments, municipalities or corporations of some 30
different countries were represented-countries scattered all over the
world. The list Included the countries of our own hemis,:here, Canada,
Cuba. Brazil, Argentine, Chile, Peru, Bolivia, Uruguay: nations abroad
with whom we fought and against whom we fought, Great Britain, France
Italy, Germany, Austria, Hungary; governments in the Far East such as
Japan and the Dutch East Indies; and cities as widely separated as Copenhagen and Montevideo. Tokio and Marseilles.
The contemplation of the extent and variety of America's investment in
foreign bonds, gives rise to three questions: Who buys these bonds? Why
do they buy them? What do they get when they have bought them?
Who buys foreign bonds? This may seem to be an easy question to
answer,but it is not. When a foreign loan is offered to American investors,
the managing house in New York, or Boston, or Chicago enlists the cooperation of perhaps 500 or a 1.000 investment bankers scattered all over
the United States. It is the function of the local investment banker to
Analysis by Dwight W. Morrow, of J. '.Morgan & Co., find
the man or women with savings and to show that man that it is to his
of Investors in Foreig Loans.
Interest to exchange his savings for the promise of a foreign government.
is this ultimate saver who really extends the credit to the foreign governUnder the caption "Who Buys Fore' n Bonds," Dwight W. It
ment. The managing house rarely meets the ultimate buyer of the bonds;
an
of
resents
analysis
&
Morgan
P.
Co.,
J.
Morrow, of
It is to the 500 or 1,000 investment houses that we must go to find his
These investment houses have developed their
sales of foreign government loans, i stancing, among others, name and characteristics.
own clientele of investors. That clientele is changing constantly,dependent
the results in the case of the sales f bonds of five European upon the character and the ability of the investment house and the record
powers which revealed t it "fr m 80% to 90% of the for successful judgment that it has established. Moreover, it is considered
impertinent for one to ask an investment house to whom the
number of sales in the case f e h issue were made to in- somewhat
bonds are sold, as such information is carefully guarded. The local invest$5,000
or
we
to
less.
imited
purchases
e
whose
vestors
ment bankers have tried to teach certain people to save, and they expect
ales were made in amounts to attract the future savings of these people by selling them more bonds
Only from 3 to 5% of number
do not want investigators prying into that part of thell business•
over $10,000. It is clear," sa Mr. Morrow in presenting They
without a very good reason.
investors
large
were
in
"that
the
numbe
the statistics,
In the summer of 1924 when I was asked to speak at Willlamstovrn at
find an answer to this question of who
relatively unimportant." We give herewith in part Mr. the Institute of Politics, I tried to
buys foreign bonds. Taking two recent foreign government loans, the issue
Morrow's analysis, which appears in the January 1927 issue of
which had been managed by the firm of which I have the honor to be a
of "Foreign Affairs" (New' York), released for publication member, we inquired of three investment houses doing business in different
parte of the country as to the number of persons to whom they had sold
15.
a Includes United States paper currency in circulation in foreign countries and
the amount held hy the Cuban agencies of the Federal Reserve banks.
b Does not Include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not Included in the total since the money held In trust against
gold and sliver certificates and Treasury Matta of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
Mates.
e This total Includes $17,503 474 of notes In process of redemption, 3158,232,185
of gold deposited for redemption of Federal Reserve notes, $11,528,515 deposited
for redemption of national bank notes. $3,690 deposited for retirement of additional
circulation (Act of May 30, 19081, and 36,614,600 deposited ass reserve against postal savings deposits.
I Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta
Note.-Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $151,158,,8 held In the Treasury. This reserve
fond may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard silver dollars. held in the Treasury. Federal
Reserve notes are olhigations of the United States and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%.including
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes In actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained in lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
Dec.
3116
THE CHRONICLE
these bonds. The loans were the $25,000.000 Austrian Government
Guaranteed Loan and the $150,000.000 Imperial Japanese Government
External Loan of 1924. The results of our inquiry showed that through
these three houses 409 people participated in the Austrian Loan, the
average investment of these 409 people being $2,350. Through the same
three houses, 1,741 people participated in the Japanese Loan, the average
Investment of these 1,741 people being $3,100.
The results of the inquiry as presented to the students of international
relations at Williamstown seemed to be of interest, and later in 1924. at
the request of the President of the Investment Bankers Association, we
extended the inquiry to 24 houses (still covering only the Austrian and
Japanese loans, however). This investigation confirmed, in a general way,
the results of the earlier one. For one thing, it disposed of the idea that
offerings of foreign bonds are taken solely by wealthy individuals or large
institutions. It showed,on the contrary, that these foreign bonds are being
brought by large numbers of persons of moderate means. The 24 houses
had 2,965 customers who made an average investment of $2,994 each in the
Austrian bonds. The 24 houses had 8,211 customers who bought Japanese
bonds, making an average investment of $3,905 each.
Finally in the spring of 1926, we broadened the inquiry by obtaining a
similar analysis of their sales of three additional foreign government loans.
The results of the earlier inquiries might perhaps be subject to criticism by
statisticians, because they covered so few bond issues and because, particularly as to the first inquiry, so small a "sample" of the Investment houses
which distributed the loans was taken. But in this latest inquiry five
loans aggregating $380,000,000 were covered. Moreover, the 24 houses
sold an aggregate amount of $91,031,800 of these five issues, or about
25% of the total amount. These 24 investment houses who courteously
furnished us with the sales analysis which we sought are located in different
parts of the country from Portland. Maine, to Portland, Oregon, and
from Minneapolis to New Orleans. From our own knowledge of the
character and distributing ability of the investment houses of the country,
we feel reasonably confident that these houses selected for analysis constitute
a fairly representative cross section of the entire group of investment houses
throughout the country.
Our analysis of the sales of these 24 houses covered five separate foreign
government loans, the issue of which was managed by J. P. Morgan & Co.,
alone or with associates. These loans were offered to the American public
Within the past three and one-half years: the $25,000,000 Austrian 7's in
June, 1923, the $150,000.000 Japanese 6 yi's in February, 1924, the $110,000.000 German 7's in October. 1924, the $45,000,000 Argentine 6's in
June, 1925, and the $50,000,000 Belgian 7's in June, 1925. The results of
this inquiry are shown in the table below.
This table shows,first, the proportion of each issue sold by the 24 houses.
Next, is shown the total number of sales and the total amount sold of each
issue by the 24 houses, and the average amount of each sale made by the
24 houses. If we may assume that these houses constitute an adequate
'sample," we may extend these figures to cover the entire amount of each
sane and obtain the following results:
'DISTRIBUTION OF FIVE FOREIGN GOVERNMENT BOND ISSUES BY
24 REPRESENTATIVE AMERICAN BOND HOUSES.
[VOL. 123.
of number of buyers, and on the basis of the total amounts of the issues
purchased, we have the following summary from the figures:
Per Cent ofthe
Per Cent of the
Total Number
Total Amount of
ofBuyers Who the Issue Purchased
Took $5,000 or by Buyers Who Took
Name of IssueLess.
$5.000 or Less.
Austrian 7s
90.1%
62.9%
Japanese 6lie
88.4%
44.2%
German 7s
90.9%
53.6%
Argentine 65
79.4%
42.7%
Belgian 7s
86.6%
51.4%
I present all these statistics with some hesitation because they necessarily are based upon a method of sampling and I well realize how difficult
it Is to obtain representative samples for any statistical work, and how
difficult it is to draw proper conclusions from such samples without danger
of distortion. Having made such reservations, however, it would seem
reasonable to draw the conclusion from the statistics presented that more
than 85% of the people who bought these foreign bonds purchased them
in small amounts ranging from $100 to $5,000, and that approximately
50% of the total amount of these foreign issues was purchased by these
small investors.
The investment In these foreign loans represents the savings of the
person who spends less than he produces, and thus creates a fund which
he is able to turn over either to a domestic or to a foreign borrower if he
is satisfied with that borrower's promise. These savers live all over the
United States. When we talk about the person who is investing in foreign
bonds we are not talking about a great institution in'New York or Chicago
or Boston. We are talking about thousands of people living in all parts
of the United States. We are talking about school teachers and army
officers and country doctors and stenographers and clerks. The man
who invests in a foreign bond may be rich or he may be poor. That is
all according to our standard. Fundamentally, however, he is a person
who has saved something, who is doing without something to-day in order
that he or his children may have something to-morrow. Before he invests
in the bond he has money which gives him a present command over goods
and services. He is willing to transfer this present command over goods
and services to the borrower, thereby giving to the borrower the right
to buy goods and services. Of course, the investor resumes the command
of goods and services at some future time when he Is repaid his loan.
The person who invests in foreign bonds is probably the same person
who invests in domestic bonds. All that the investment banker in a
large city or in a small city does, all that an international banker does.
Is to gather up little rivulets of savings and put them at the disposition
of somebody who needs the capital and is willing to make a dependable
promise to pay interest upon that borrowed capital from time to time
and to repay the principal at the due date. The answer to the question
about who buys foreign bonds is clear. The purchasers are people all
over the United States who are investing their savings. If the investment
in these bonds is helping American foreign trade. it is this saver of money
who should be thanked. If the investment in these bonds is helping
the restoration of the rest of the world to a normal condition. It is this
saver of money who is entitled to the credit. . . .
Loans are made to foreign governments in reliance upon the capacity
$25,000,000*
845,000.000 $50,000,000
Austrian $150,000,000*
Govt. of the Kingdom of and the good faith of those governments. The intelligent investor recognizes
Government
Japanese $110.000.000. Argentine
that in the long run a government which defaults upon its obligations hurts
Belgium
Guaranteed
Government
German
Nation
External
Itself even more than it hurts its creditors. Even in cases where specific
Loan
External Loan External Loan External
Loan
taxes
or customs are allocated for the service of a loan, the main rellance of
7% Bonds 6)4% Bonds 7% Bonds 8% Bonds 7% Bonds
(June 1923) (Feb. 1924) (Oct. 1924) (June 1925) June 1925) the creditor must be upon the desire of the debtor government to maintain
the particular revenues and keep them available. Even when a foreign
Proportion of
expert is placed in charge of revenues, the arrangement is helpful only when
entire Issue
made with the hearty concurrence of the debtor government, and with the
sold by the
24 houses_ _ _
21.4%
35.5%
22.2%
33.0%
21.3% belief and expectation on the part of the debtor government that the fiscal
Total Salesarrangement will redound to its own advantage.
Number of sales
2,965
8,211
7,654
3,431
2,832
If the foregoing be true, how safe are these investments_ To my mind
Amount sold_ _ $8,876,800 $32,069,200 $24,428,300 $14,872,500 $10,785,000
that
inquiry Is much the same as an inquiry as to the safety of a domestic
Average amt. of
eat]] sale__ _ $2,994
$3,194
$3,905
$4,335
$3.808 bond. Some domestic bonds turn out to be good and some turn out to be
Sales 8100 to $5,000worthless. There is no reason to exptxt that it will be otherwise with
Number of sales
2,671
7,265
6,952
2,724
2,453 foreign bonds. Those nations who are borrowing in America
because they
P.C.oftotaiNo.
90.1%
88.4%
79.4%
90.9%
86.6%
Amount sold-- $5,579,900 $14,170,800 $13,099,900 $6,351,500 $5,541,500 actually need the money for a constructive purpose; who have a solidarity
P.C.total amt.
62.9%
44.2%
42.7%
53.6%
51.4% of national feeling and a sense of the meaning and the value of national
Sales $5,100 1 o $10,000credit; who are not incurring obligations beyond what may fairly be conNumber of sales
207
600
433
532
269 sidered their capacity to handle;-all those nations
may be expected to pay
6.9%
P.C.oftotal No.
7.4%
5.6%
9.5%
15.5%
Amount sold- $1,761.900
$5,305,300
$3,847,400 $4,132.500 $2,483,500 their debts. Here again the responsibility rests heavily upon the investment
P.C.total amt.
19.8%
16.5%
15.8%
27.8%
23.0% banker in recommending investments. The banker must never be lured,
Sales over $10,0 00either by the desire for profit or by the desire for reputation, to recommend
Number of sales
87
346
269
175
110
P.C.ottotaiNo.
4.2%
3.0%
3.5%
5.1%
3.9% an investment which he does not believe to be good. But, fundamentally,
Amount sold__ $1,535,000 $12,593,100
$7,481,000 $4,388,500 $2,760,000 the reliance of bankers and investors is upon the capacity and, above all.
P.C.total amt.
17.3%
39.3%
29.5%
30.6%
25.6% upon the good faith of the foreign government. The foreign government
must be able to pay, and it must want to pay.
* Part of a larger international loan.
If it Is true that it is upon good faith that lenders to foreign governments
Indicated
Indicated
Total Number Average Amount primarily rely, it is no less true that it is upon good faith that lenders rely
Name of Issueof Buyers.
In almost all of their domestic dealings. Of course, there is a sanction
of Each Sale.
Austrian 75
8,350
$2,944
ultimately applicable to domestic contracts. The proper legal steps may be
Japanese 6
38,412
3,905
taken: the breach of the contract may be proved: and execution may be
34,440
German 75
3,194
issued
through the sheriff. But we do not in practice put much reliance
Argentine 65
10,381
4,335
Belgian 7s
13,130
upon the help of a sheriff in enforcing contracts. We do not willingly deal
3,808
The above figures confirm those of the earlier inquiries as to the large with one upon whose property we expect to levy execution. When we
need the sheriff to help collect a loan, we recognize that our venture has
number of sales made and the moderate average amount of each sale.
The table shows a classification of the sales of the 24 houses into three turned out a failure. We are then simply trying to save some planks from
groups according to the size of the sale made. That we are dealing with a shipwreck. In the overwhelming majority of business transactions, we
a multitude of small investors rather than with a few large investors is rely upon the ability and the willingness of the debtor to pay. On no other
further demonstrated by this classification of the sales. It will be seen principle could modern business be conducted.
There is no international sheriff. But there still remains our reliance
that from 80 to 90% of the number of sales in the case of each issue were
made to investors whose purchases were limited to $5.000 or less. Only upon good faith, our reliance upon that law which is older than statute lawfrom 3 to 5% of the number of sales for each issue were made in amounts the acknowledged custom of mankind. The credit of governments is not
over $10,000. It Is clear that in number the large investors were relatively easily built up. It may easily be shattered. And it must never be forgotten
that there are rules of conduct accepted by the silent approval of civilized
unimportant.
But the consideration of only the number of small and large investors man, the breach of which hurts the one committing the breach much more
might present an exaggerated impression of the importance of the small than the one against whom it is committed. If good faith cannot be relied
Investor. This is unnecessary, as he is quite important enough without upon it is better that the loan be not made. The words with which Hugo
any exaggerating. There is, obviously, a difference between a comparison Grotius closed his great book more than three hundred years ago are truse:
of the number of small and large investors and a comparison of the aggre- "Not only is each commonwealth kept together by good faith, but that
gate amounts purchased by each group. The number of small investors greater society of which nations are the members. If faith be taken away
might be very great but a few very large sales might still result in making the intercourse of men is abolished."
the large Investor the more important factor in disposing of an issue.
Our analysis of the sales of the 24 investment houses also covered, Only Five Iron Furnaces in
Blast in Great Britain
therefore, the aggregate amount of bonds sold to investors ineach of the
at End of October as Result of Coal Strike.
three groups, from which could be ascertained the ratio which the aggregate amounts sold in each of the groups bore to the total amounts of each
As a result of the coal strike there were only five iron
Issue sold by the 24 houses. Examining them, we see that a good deal
depends upon where the line is placed between the small and the large furnaces in blast in Great Britain at the end of October.
Investor. If we draw the line at $5.000 it is apparent that, while the These produced 13,100 tons of pig iron, compared with 12,500
group of large investors taking more than $5,000 each is relatively small
tons during September; against an average monthly prod,icin number, it is by no means negligible with regard to its aggregate purchases of foreign loans. Comparing the two groups, both on the basis tion in 1925 of 519,700 tons. Production of pig iron in the
•
DEc. 18 19261
THE CHRONICLE
United States ros. fmm 3,161,600-'0ns during Sept6mber to
$3,334,100 tons during October. The number of f mmaces
In blast increased from 216 to 218. In Germany pig iron
production in September, the latest date for which data are
available, amounted to 866,300 tons from 90 furnaces, compared with 836,900 tons from 84 furnaces in August. Belgium's production in September amounted to 308,000 tons of
pig iron, compared with 313,400 tons in the previous month.
The number of blast furnaces remain stationary at 55.
Steel production in the United Kingdom during October
as reported to the Bankers Trust Co. of New York by its
British Information Service amounted, according to an announcement Dec. 16, to 94,200 tons, as against 95,700 produced in September and an average monthly production of
016,400 tons in 1925. Steel production in the United States
increased from 3,930,700 tons in September to 4,092,500 tons
in October. Germany's production of steel during September amounted to 1,126,300 tons, a slight increase over the
•previous month's production of 1,124,900 tons. Belgium
produced only 307,600 tons of steel during September, comparing with 312,900 tons produced a month earlier. The
announcement adds:
In the course of a meeting in Geneva to-day between the repeesentatives
of the Governments of Germany, Belgium, France.'Great Britain, Italy
and Japan, relative to questions still Pending before the Inter-Allied
Military Control Commission and the Ambassadors' Council, it was
recognized in the first place with satisfaction that out of more than 100
questions which divided them in June 1925 regarding execution of the
military, naval and air clauses of the Treaty of Versailles an agrement
has been reached on a majority.
Two only are still outstanding. It is, therefore, permissible to hope
that an amicable settlement of these two questions will also be possible.
In these circumstances an agreement has been reached before the Ambassadors' Council on the question of fortifications and war material.
French proposals will be made with a view to assisting the progress of the
discussion and facilitating its conclusion.
Pending a settlement all work of the fortifications in question will cease.
without prejudice to the right of each party to maintain its legal viewpoint. The Inter-Allied Military Control Commission will withdraw
from Germany Jan. 31 1927 and as from date Article 213 of the Treaty of
Peace will be applied in accordance with the conditions laid down by the
Council of the League of Nations.
(Article 213 declares that so long as the present Treaty remains in force
Germany undertakes to give every facility for any investigation which
the Council of the League of Nations may consider necessary.)
If on that date, and contrary to expectation, an amicable arrangement
has not been reached with regard to those questions, they will be submitted to the Council of the League. Each of the Governments represented
on the Ambassadors' Council will be at liberty to attach to its Berlin
Embassy a technical expert authorized to reach an agreement with thecompetent German authorities with regard to all questions of execution
respecting the settlements reached or to be reached.
Great Britain's imports of iron and steel in October at 398,200 tons were
not as high as in September, when they amounted to 445,700 tons. On the
other hand, exports of iron and steel increased from 160,200 tons in September to 194,100 tons in October. The United States imported iron and
steel during September amounting to 74,600 tons, comparing with 78,100
tons imported in August; exports from the United States amounted to
176,300 tons in September, compared with 165,600 tons in August.
Effect of British Coal Strike on Exports and Imports—
Number of Unemployed.
The effect of the coal strike in England is shown by the
returns of exports as officially published. The exports for
April amounted to 4,290,652 tons; May, 11,448,368 tons;
June, 34,485 tons; July, 7,381 tons; August, 2,184 tons. The
value of the exports In April was £3,767,909; the value of
August exports £3,442, according to advices received by the
Bankers Trust Co. of New York from its British Information Service. On the other hand, the imports of coal in
April amounted to only 591 tons valued at £1,077, whereas
the imports in August amounted to 3,970,442 tons, valued
at £7,542,847, said the trust company under date of Oct. 8,
Its statement adding:
In August 1926 Great Britain paid foreign countries for coal, as stated
above, £7,542,847, as compared with receipts in August 1925 of £3,158,177; in August 1924 of £5,731,472. In the eight months of 1926 total
receipts of Great Britain for coal amounted to £4,572,598 and in the corresponding eight months of 1925 £34,524,434, and in the corresponding
months of 1924 £50,088,925.
The advices received by the Bankers Trust Co. show that in 1913 the
average monthly production of pig iron was 855,000 tons and of steel ingots
and castings 638,600 tons. In 1925 the average monthly production of pig
iron was 519,700 tons and of steel ingots and castings 616,400 tons; in
August 1925 444,500 tons of pig iron were produced and of steel ingots
and castings 477,100 tons, whereas in August of this year the production of
pig iron was only 13,600 tons and of steel ingots and castings only 52,100
tons. Owing to the continuance of the coal strike, there were only six
Iron furnaces in blast in August, as compared with 147 on the eve of the
strike.
The number of unemployed perions recorded on the registers of the employment agencies of Great Britain was 1,559,500, or 214,045 more than a
year ago. This number does not include persons who ceased work in the
coal mining industry on account of the dispute.
Inter-Allied Military Control of German Armaments to
Terminate Jan. 31 1927—League to
Have Jurisdiction.
An accord was reached at Geneva on Dec. 12 whereby
Inter-Allied military control of German armaments will
cease Jan. 31 1927, and will be merged into a system of
League of Nations investigations by commissions to examine
German armaments when protests are made that the Reich
is not fulfilling the conditions of the Versailles Treaty. It is
stated that although the agreement is neither initialed nor
signed, according to Sir Austen Chamberlain,(we quote from
the copyright account to the New York "Times"), there is
no question of its repudiation by any Government concerned.
This indicates that M.Briand finally obtained his Cabinet's
permission to lend himself to this solution of the difficulty.
Those signifying assent to the accord were M. Briand of
France and Gustav Stresemann of Germany as well as Sir
Austen Chamberlain, the British Foreign Secretary, M.Vandervelde of Belgium, Signor Scialoia of Italy and Viscount
Ishii of Japan, the.r action, says the Associated Press,
following "days of doubt, almost despair." An official statement issued at Geneva on Dec. 12 relative to the agreement
to withdraw the Inter-Allied Control Commission from
Germany is given as follows in the Associated Press cablegram:
3111
The Geneva Associated Press advices Dec. 13 also said:
Germany regarded military control as vexatious and offensive to her•
national prestige, and Dr. Stresemann now returns to Berlin with something
definite to present to his people.
On the other hand, as a distinguished Frenchman said to-night. France,
by the agreement negotiated to-day, gets continued security—that security
which is the foundation stone of French national politics.
By the terms of the accord two unsettled questions—the strength of the
fortresses at Koenigsberg, Kuesvrin and Glogau and exportation of war
material—will be submitted through the regular diplomatic channels for
settlement, primarily through the Ambassadors' Council. If they are not
solved in this manner they will be submitted to the Council of the League
of Nations.
The Council, Sir Austen Chamberlain explained to-night, can ask for legal
or technical advice, on which presumably it would base its final judgment.
The accord was not signed to-day, but Sir Austen made it clear that it is
absolutely binding and cannot be nullified by any change of governments.
An Important feature of the agreement is a provision whereby all the
countries represented in the Ambassadors' Council may attach to their
Berlin embassies a technical expert empowered to negotiate concerning the
execution of any agreement bearing on Germany's fulfillment of the disarmament conditions of the treaty. This is regarded as of considerable
significance, as it means a sort of mild supervision over Berlin itself.
Whether these experts will remain indefinitely is not clear.
The outcome of to-day's meeting throws increasing responsibility on the
League of Nations as the mechanism guiding the relations of the nations of
Europe. It gives new interest and vigor to the problem of the general
limitation of armaments, toward the solution of which the United States is
co-operating.
At Paris, M. Briand will have the ultra-nationalists to criticise his work
of conciliation, and political enemies seeking to undo him. At Berlin, Dr.
Stresemann has the Nationalist opposition, which is almost certain to
accuse him of surrendering to France.
German Cabinet Lauds Foreign Minister Stresemann
for Obtaining Cessation of Allied
Military Control.
The German Government on Dec.13 expressed satisfaction
at the progress made at Geneva and gave a Vote of thanks to
Foreign Minister Stresemann for his success in reaching an
agreement with the other Locarno powers on the military
control question, reports a wireless message from Berlin to
the New York "Times" (copyright) which we quote further
as follows:
Every effort is made in political circles to show gratification, though
the much mooted question of Rhineland evacuation has not been touched
and a new problem which was not contemplated, involving German industry, has been injected into the political situation. While politicians are
painting Geneva as a victory for the Reich, the average layman feels that
no definite decisions were reached. since even withdrawal of the Inter-Allied
Control Commission has a string attached.
That the question of the manufacture for export of half-finished materials available for war uses cannot be settled before the departure of the
Control Commission is taken for granted in industrial circles, and therefore
the Commission will be merely replaced by control in another form.
The reactionary papers, which changed suddenly from hostility to
toleration or mild censure on Saturday, after the leaders of the Nationalists and People's Party had held a conference, laud the progress made but
regret, as the "Preussishe Zeitung" does in an editorial, that "eight days
were needed to reach an agreement without definite decisions when a few
hours should have sufficed."
Theodore Wolf, in the Democratic "Berliner Tageblatt," remarks that
politics cannot progress by the seven league boot method and that the recent
Geneva session denotes a definite step forward. England's commercial
demands and M.Tchitcherin's attempt to bring pressure on German politics
and industry placed Dr. Stresemann in a hard position, he says, and he intimates that Tchitcherin's attacks on English policies tended to sharpen
England's demands concerning half-finished materials.
Germany's efforts to fulfill her obligations, he adds, are shown by the fact
that only two questions are now troubling the Ambassador's Council, whereas a year ago more than a hundred disputed points on disarmament were
slated against the Reich.
The "Boersen Zeitung," a reactionary financial paper, says:
"Germany has no grounds for rejoicing, but she can breathe again. One
of the worst fetters of Versailles drops off by abolition of the Control Commission."
Dr. Stresemann's organ, "Taeglische Rundschau," expresses firm belief
that the unsettled questions can be adjusted in a short time by the diplomats
The "Dar," which is owned by the Government, declares that military
control ends unconditionally on Jan. 31.
3118
THE CHRONICLE
The SociAlist organ, "Vorwaerts," describes the Geneva
session as a compromise, not a victory. It regrets that neutral officers were not
chosen as
heads of the League investigation commissions. It
charges that it is War
Minister Gessler's fault if the Control Commission was not recalled
before,
and that it was because of the Black Reichswehr
and reactionary semi-military organizations that the Commission was obliged
to remain. "Vorwaerts" also regrets that the commercial question
of export of war materials
cannot be handled outside the political arena.
Dr. Stresemann will probably appear before
the Reichstag Thursday.
The Socialists' lack of confidence motion will not be
brought before the
Reichstag until the new year, during which time the Government
hopes to
reach an understanding with both the radical and reactionary
parties.
Ora,123.
Bank of the Netherlands has refused to give out gold for export to Germany
on the ground that Germany is still prohlaiting gold exports. This attitude
is taken despite the declaration by the Reichsbank President that his
institution will give out gold for export whenever the exchange rate against
Germany warrants such action.
Reduction of the Reichsbank rate at the end of December is still expected
Drift to Higher Money in Germany—Plan to Remove
Exemption of Foreign Capital From Tax
May Influence Market.
In commenting on the Berlin money market, a cablegram,
Geneva Accord on Inter-Allied Military Control of Dec. 12 to the New York "Times" (copyright), said
in part:
Tendencies toward a tighter money market will be intensified by
Germany Hailed as Briand Victory in Paris.
the
Government's Federal and tax exemption on foreign loans. It is considered
The following Paris advices Dec. 12 (copyright) are from certain that advances of foreign capital to Germany
will at first decline, and,
since part of the foreign money borrowed for capital purposes
the New York "Herald Tribune:"
was used
News that the final proposal of the French Cabinet for transferring the
control of German armaments from the Inter-Allied Military Control
Commission to tho League of Nations had been accepted by Foreign Minister
Stresemaxm at Geneva was hailed with general satisfaction in political
circles in Paris to-night: Foreign Minister Briand was praised highly for
obtaining an agreement over embarrassing obstacles. It is pointed out
that M. Briand, the third day after receiving the Nobel prize, has won
probably the most notable victory for the cause of peace in his long career.
After an atmosphere of growing pessimism last night, the agreement
which has emerged from Geneva is regarded here as the best possible
decision for European good will.
There was still doubt as to the outcome when the Cabinet met at the
Elysee Palace at 6 o'clock this evening. It was known that there was a
wide divergence of opinion within the Cabinet, Minister of War Painleve,
Minister of Public Instruction Herriot and Minister of Interior Sarraut
supporting M. Briand's policy of leniency, while M. Poincare's insistence
that Germany must fulfill all of her treaty obligations was supported by
Minister of Public Works Tardieu, Minister of Commerce Bokanowski and
Minister of Pensions Louis Marin. A serious split in the Cabinet was even
believed to have been a possibility if a compromise could not be found.
M.Brian& however, already had notified Poincare of certain concessions
by Dr. Stresemann, and the rest of the Cabinet adopted its stand, from
Which it held there could be no further concessions. Despite the efforts of
M.Painleve and some others to prevent the adoption of too severe demands,
Poincare, backed by the rulings of Marshal Foch's Committee, finally won
the Cabinet to his proposals.
Thereupon, M. Briand, who for days had been trying by telephone to
reach a middle ground between the widely separated opinions of himself
and his Premier, was notified of the hardest assignment he had yet received.
Hw was told that France must have Germany's agreement to allow military
experts to be stationed at the Allied embassies in Berlin and the assurance
that disarmament would be completed by Jan. 31, or otherwise the French
government would not consider the transfer of control to the League.
It was more than some members of the French Cabinet believed would
be possible, and when the fact that M. Briand had accomplished the task
was learned relief was felt here and then distinct admiration for his achievement. Had Briand failed it is very likely that Poincare would have had to
look for a new Foreign Minister. That he won is regarded here as evidence
of the surprising success of one of the strangest "political marriages"—
Briand and Poincare. There is no doubt that when Briand returns tomorrow to report to his chief he will be received enthusiastically. The
general feeling here is that the greatest difficulties in the way of a FrancoGerman rapprochment will now be removed if Germany upholds Stresemann's bargain.
temporarily to provide the general money market,the effect ofsuch
decrease
would be obvious.
The Tax on Foreign Loans.
The tax hitherto exempted on foreign loans was the so-called
"capital
yield tax" of 10%, which, according to the law was payable by
the foreign
bondholders. The 2% capital emission tax had also been
reduced on
foreign losses to one-half of 1%.
Bankers are inclined to think that future American lenders will
reconcile
themselves to the reimposed tax, basing that conclusion on the
rapid rise
of German loans on Wall Street, also on the increasing strength
of the German home market for capital. For instance, the Prussian
mortgage institutions have just announced an issue of 6% bonds at 94, the
outstanding 7%
having already reached par.
Controlling the Money Market.
Reichsbank President Schacht's new measure against the excessive
ease in
money, the offer by the Gold Discount Bank of 100,000.000 marks
of bills
drawn on itself on the open market, which is allotted to the
bidders of the
lowest discount rate, had some effect last week. Profits
will then be
invested by the Gold Discount Bank in 7%. Rentenbank mortgage
bonds,
against which the new 7l.i% mortgage loans will be given to agriculture.
The iesult promises soon to transform the superabundant short-terra
money into a long-term credit, of which there is still a shortage.
Former Finance Minister of Vienna Declines
to
Cuba for $16,000,000 Investigation into
Quit
Postal Savings Bank.
The following copyright message from Vienna, Dec. 11,
appeared in the New York "Times:"
Ex-Minister of Finance Jakob Ahrer has declined the
Government's
request to return from Cuba to face the Austrian Parliamentary
Commission Investigating $16.000.000 losses in the Postal Savings Bank while
he was in office. Herr Ahrer, in a message from Havana to
Chancellor
Selpel, given out to-day, declared that the charges against him
are groundless, that he is now trying to establish himself in Cuba to earn
a modest
living and cannot afford a trip to Austria taking twenty days.
He states
that he was responsible for all acts for himself and his subordinates
while in
office, and that he is willing to give concrete answers under
oath to all
questions through the Consulate in Havana.
He points out that he served his country loyally for six years in a responsible civil office and left Austria merely for private family reasons.
Neither members of the Government parties nor the Socialists are
satisfied with this answer. The investigating Commission will decide next
week what steps to take; the Socialists will probably demand his extradition.
Foreign Minister Briand Receives Mixed Reception by
French Public.
French Consolidation Loan Closed—Reaches
Foreign Minister Briand received a somewhat mixed
1,500,000,000 Francs, Caring for Maturity
reception when he arrived at the Gare de Lyon on Dec. 13
of 1922 Bonds in February.
from his German disarmament labors in Geneva, according
According
to
a Paris cablegram Dee. 12 (copyright) to the
to a New York "Times" Paris cablegram (copyright), which
New York "Times," the French consolidation loan of 7%,
in its report says:
While a large delegation of railway workers from important French lines sinking fund, ten-year bonds, which was issued to replace
were presenting a beautiful floral offering to "the great artisan of peace" the 6% 1922 bonds maturing next February,
has closed after
as they called him. 250 members of the Camelotsdu Rol—a militant royall.t
approximately 1,500,000,000 francs, thus comorganization largely composed of boisterous young men—were fighting with reaching
a formidable array of pollee outside the station, where they had met by a pletely caring for maturity. The account adds:
secret rendezvous to demonstrate against M.Briand's disarmament policy
It is understood that the next consolidation loan offer by Premier Poinat the Geneva Council meeting.
care will be of the 20-year sinking fund variety, but the details and the time
The royalists were finally dispersed, leaving twenty of their number in of the new loan are still undetermined.
the hands of the police. The prisoners were taken to the station, where
The Finance Minister has issued a decree announcing that no further nanine were held for investigation.
tional defense bonds of the one-month variety will be sold, but those outIn the meantime, M. Briand was listening to the enthusiastic shouts of standing may be continued from month to month.
One-month bonds are
the railway men. One of the leaders read to him a formal address in which officially considered highly undesirable because in the
past they have often
the veteran statesman was thanked in glowing terms for following the forced the Government to borrow many hundreds of
millions of francs from
workingmen's ideal of peace and justice, to the end that their children might the Bank of France at clearing periods.
enjoy the social and peaceful fruits of civilization.
The public favors these bonds because of their liquidity. There are
M.Briand was much moved by this expression of appreciation and shook several billions of one-month bonds DOW outstanding.
hands with many of the delegation. By the time he reached his motor car
the police had the would-be demonstrators well in hand and as the Foreign
French Chamber Rejects Plan to Tax American
Minister drove away only a few cries of protest were heard.
Residents in France.
Among those who welcomed M.Briand back to Paris was Herr von Hoesh,
the German Ambassador, who as soon as the Foreign Minister stepped
Under date of Dec. 8, a Paris cablegram (copyright) to
from the train rushed up and shook his hand.
the New York "Times" said:
Various proposals to tax Americans and other foreigners as such
were
quashed in the Chamber of Deputies to-day after Premier Poincare
personally intervened when the question was placed before that
body with a
new proposal by M. Falcoz, Deputy of Savoy.
"I have studied this question," M.Poincare interrupted, getting
up from
his seat on the Ministerial bench, "and the Ministry of Foreign
Affairs is
absolutely opposed to any such tax because France is bound
by a whole
series of international conventions not to tax foreigners simply
because they
The cessation of gold receipts at the German Reichsbank, after 262.000.- are foreigners. If you wish to do such a thing
you must first repudiate these
000 marks had been added in three months, is ascribed here to the fact that treaties."
the institution's ratio of gold reserve, allowing for outstanding Rentenbank
The Chamber then voted a motion giving foreigners thirty days within
notes, had reached 40%. Previous gold receipts by the bank were obtained Which to apply for identity cards, a
previous measure recently put forward
partly from arbitrage operations in exchange, particularly from direct requiring foreigners to seek one
after two weeks' residence in France. The
purchases independent of exchange rates.
price, however, was maintained at 370 francs, with renewal every two years.
These independent purchases were excluded when the bank's ratio
The proposed tax was referred to in these columns Nov.
reached its present figure and when, later on. the exchange market itself
moved against Germany. gold arbitraging was no longer possible. The 20, page 2598.
Why Reichsbank Has Stopped Buying Gold—Ascribed
to Higher Ratio of Reserve and Movement of
Exchange.
The following Amsterdam cablegram Dec. 12 (copyright)
is from the New York "Times":
THE CHRONICLE
DEC. 18 1926.]
3119
Germany after the report
Mr. Bush pointed out the $250,000,000 loan to
Irving T. Bush in Letter to Vice-President Dawes Pro- of the Dawes Commission was sufficient to stabilize -Germany's currency
and restore the confidence of the people.
poses Private Loan to France—Secretary Mellon
"A moderate loan to France to-day, for the express purpose of stabilizeNot in Sympathy with Proposal.
tion." concludes Mr. Bush, "woulti accomplish the same thing for the
people.
An appeal in behalf of a loan for France "from a private French and make a strong appeal to the sentiment of the French
a loan two years ago would have been foolish. To-day I believe it
source in this country in the immediate future" is contained Such
would be safe and accomplish much. It would be the same kind of a final
in a letter which has been addressed by Irving T. Bush, make-weight in their financial trouble that our armed assistance was in
President of the Bush Terminal Co., to Vice-President the war. It would be a fine, friendly gesture; and I believe we should do it
entire benefit."
Dawes. It is stated that Secretary Mellon considers the alone and reap the
than
purpose
other
no
serving
as
Vice-President
the
to
letter
to make the war debt situation more difficult. The "Wall French Paper Issues Not Being Concealed—Bank of
France Declares Notes Issued to Buy Gold Are
Street Journal" of Dec. 16 announces advices to this effect
Included in Circulation Statement.
adding:
bureau,
Washington
from its
According to Mr. Mellon there is no change in the policy of the GovernNew York "Times" of Dec. 12 we take the
the
From
ment regarding loans to France prior to the funding of the pending war
debt agreement. No change of policy is under consideration. He believes following:
everything is going along smoothly. The debt pact Is before the French
Government and it serves no purpose to stir the French up and complicate
matters.
Mr. Bush recently called at the Treasury but did not see Mr. Mellon.
He left for the Treasury Secretary a copy of the letter sent to Vice-President
Dawes.
At the Treasury comment on the letter was discouraged on the ground
continued discussion would give rise to the belief in France that some specific loan to that country was under consideration here. It was felt
that the French would get the idea that objections to a sepcific loan were
being raised here. According to the Treasury, no request is being made for
a loan by the French. It is the view of Mr. Mellon that until the French
Government reaches a decision on the pending funding agreement, agitation
over the question of loans only muddles things. He does not like to lend
his comment to the discussion, believing that the more talk from the Treasury the greater the difficulties that are created in France in connection with
the ratification of the Mellon-Berenger pact.
However, Secretary Mellon does not discourage foreign loans as a general
proposition. With the exception of loans to countries which have not
funded their wartime obligations to the United States, his position is the
reverse.
He thinks that foreign loans are sound if they are productive. His test
is whether the foreign debtor out of the use of the money borrowed can repay the principal. the Interest, and make a profit for itself.
Mr. Mellen contends that the proposition which has been advanced by
some, that these loans create competition harmful to America, is not sound.
He feels that money which puts a nation on its feet through the stabilization of its currency or which increases the productiveness of industry or
trade in a foreign country enlarges the earning capacity of the people and
Increases their buying power and thus stimulates world trade as a whole.
In this trade America has a great share, according to Secretary Mellon.
The unexpected reduction of the French bank's not circulation as shown
In its report last week, bringing the outstanding paper currency nearly
4,000,000.000 francs below the high point of August,caused much discussion
as to whether note issues by the bank to purchase gold were included in the
statement. The bank has paid out to date, in purchase of gold and silver,
upward of 1,500,000,000 francs of paper notes.
If these note issues were not included in the official statements of outstanding note circulation, then the actual decrease In the note issues would be
smaller than the figures appear to Indicate. The market's general impression had been that notes issued to purchase coin were not thus included.
The Bank of France, however, in a special "communique," answered the
question as follows:
Certain persons persist in believing that the notes actually In circulation
are the subject of accountancy; the one made public In the item "Notes in
Circulation" in the weekly statement, and the other concealed and dissimulated in the item "Sundries" in the same statement.
All of the notes in circulation, without exception, whether they have
been issued in connection with commercial operations, against advances to
instruthe State or in payment for purchases of gold, silver and currency
ments authorized by the law of Aug. 7 1926. figure without distinction
Circulation."
in
"Notes
item
the
under
Bush, financier and head of the Bush Terminal Co., in a letter to VicePresident Dawes, made public by the Associated Press, advocates an
American loan, from private sources and at an earl date, to assist the
French in stabilizing their currency and re-establishing their financial
situation.
Mr. Bush, who has just returned from a visit to France, explains in his
letter he has reversed his previous position because he believes conditions
In France have changed. He has already discussed the subject with Mr.
Dawes and with Secretary Mellon, and is now seeking to interest political
leaders and financial interests in making such a loan.
Last week's return of the Bank of France caused surprise. It showed
that bills discounted decreased 1,300,000,000 francs as a result of belated
provincial bank returns. The Treasury repaid nothing during the week
to the bank, yet note circulation, in which an increase due to provincial
returns had been expected, decreased 37,000,000, following its unusually
small increase of 69,000,000 in the settlement week which had preceded.
Private deposits, as reported last Thursday, rose 457,000,000. 'this
increase is considered unquestionably due to the great increase of funds
deposited in the bank by the Caisse d'Amortissement, representing the
proceeds of new subscriptions to defense bonds.
Conditions Now Different.
"I have been in entire sympathy with the program of our Government, to
frown upon further advances to France until they put their Government
house in order," wrote Mr. Bush. "This reform is under way, and the
condition is radically different from that which existed when our policy was
adopted."
After stating his belief that the French people hold no serious
against the United States, but that there is some misunderstanding of this
country's position on the debt settlement problem, Mr. Bush wrote.
"I believe the present situation is critical and that our position should
be again considered. I have no sympathy with the theory of cancellation.
Such a course would benefit neither France nor the United States and
promote international irresponsibility. I believe, however, that we should
give careful thought to whether a loan from a private source in this country
in the immediate future will not be eminently wise, both from the selfish
and unselfish point of view. The unselfish arguments are evident. Those
which are selfish deserve consideration.
Franc's "Budget Rate" and "Stabilized
Misunderstanding of Poincare's Speech—
How 150-Franc Rate Was Fixed.
According to the Paris correspondent (Dec. 12) of the
New York."Times" (copyright) there appeared to be some
misunderstanding on foreign markets of M. Poincare's
remark in his budget speech of Dec. 7 that 150 francs to the
pound sterling would be established as the conversion rate
for the next budget. The account goes on to say:
The above two paragraphs from the Communique area
translation of an official statement.in French, in the "Mothtour des Interets Materiels" for 19-20 November. The two
remaining paragraphs of the statement follow
The law of Aug. 8 1926, merely directed that the legal limit of note circulation, as fixed by previous laws (583.1 billions), should be automatically
raised by an amount equal to the purchases of gold, silver and securities
made in accordance with that law.
The Bank has not been obliged, up to the present time, to make use of
this supplementary margin.
Comment regarding last week's Bank of France return
Regarding the letter of Mr. Bush we quote the following
also appeared as follows in a Paris message, Dec. 12, to the
from the "Journal of Commerce" of Dec. 16:
Reversing his previous position opposing a loan to France, Irving T. New York "Times" (copyright):
Currency Revaluation.
"Such a loan would make certain the stabilization of the franc at a time
when it is trembling in the balance. It would restore to a sound basis of
revaluation the last of sick currency among the great nations of Western
Europe. It would promote international trade and have many collateral
effects which would benefit this country. It would prove to the French
people that we do not hold aloof in their trouble and would be a satisfactory
answer to the very considerable sentiment in this country which favors help
to France, even to the point of complete cancellation of their debt. It
would be an added moral obligation upon the French people to recognize
their obligation to us.
"If, with the loan door closed against him, M.Poincare (French Premier)
succeeds in restoring the confidence of the French in their own money and
gets their gold out of hiding and foreign deposits back in the country, it is
conceivable that the French people may be told by some of their more
radical leaders that we refused to help them to get on their feet and there is
no need for them to worry about their debt to us."
Mr. Bush then goes on to point out that the French trade balance is on
the right side, that there is no unemployment, that the people are prosperour, and other conditions such that, with the return to circulation of French
gold and balancing of the budget completed, France would in a short time
become a creditor nation and independent of outside help.
If Poincare Fails.
"If M. Poincare does not succeed," writes Mr. Bush, "further chaos
will result, and he may be succeded in office by a radical element dangerous
to France, and predjudicial to our interests and the world's good.
"Can we afford to take this chance? If Poincare fails, we lose; and if he
wins without help, our Government policy, which was entirely proper
when it was adopted, might look foolish in the light of conditions which
would then exist."
The pound sterling had been selling on the open market around 122 h
francs. But the 150-franc rate was an arbitrary basis for Treasury calculation and had no reference to stabilization.
In the budget estimates, which are naturally drawn up in francs, the
Finance Minister some time ago selected the rate of 150 francs to the pound
as a basis for estimates in francs of payments that the Treasury would have
to meet in foreign currencies next year. The rate was chosen arbitrarily,
and, therefore could not be taken to indicate anything definite regarding
Poincare's plans.
The market,however,drew another inference. Poincare has declared that
the Treasury had bought enough foreign exchange in recent weeks to cover
all foreign due dates next year. Consequently, contrary to statements
made in the Chamber and in the press, I'aris bankers are agreed that
continuing rise in the franc cannot procure any further saving to the
Treasury in its foreign debt service, because the funds required for 1927
have already been obtained at rates which, it is estimated, average dearer
rather than cheaper than 150 francs to the pound.
An item regarding the flurry in New York Exchange on
Dec. 7 as a result of the misunderstanding of the Premier's
statement appeared as follows in the "Times" on Dec. 8:
Confusion caused by a statement made by Premier Poincare in the
Chamber of Deputies yesterday caused excited trading and sharp movements in the rate on the French franc in the New York foreign exchange
market. Cable dispatches quoted M. Poincare as saying that for budget
purposes the franc would be valued at 150 to the pound sterling.
This led to the impression in some quarters that stabilization of the franc
would be undertaken on the basis of 150 to the pound, which is the equivalent of about 3.23 cents. As the franc recently has been moving in the
neighborhood of 4 cents, this produced heavy selling of the franc, which
dropped from 3.84 cents to 3.78% cents.
It was soon understood, however, that the Premier's remarks referred
only to the rate on the franc for budget purposes. As a matter of fact it
had been announced some time ago that for budget purposes the franc
would be figured at 150 to the pound.
The franc late in the day rallied and closed at 3.83 cents.
3120
THE CHRONICLE
I VOL. 123
POincares Attitude on FrancCriticized—European
Markets Deplore "Policy of Drift"—Predict
Stabilization Below Present Price.
The following cablegrams (copyright) relative to the views
in London; Berlin and Amsterdam toward the stabilization
of the franc are.from the New York "Times" of Dec. 13:
London,
The speculation that took place during that time was widespread.
Due
to the fact that there was little or no definite news on the
subject of revaluation, speculators in these securities were acting blindingly
according
to different impulses, and the result was that without any
special foresight or intelligence, some made a great deal of money
by selecting the
right securities, while others were not so fortunate. The
reader will understand that under such circumstances, the problem of revaluation
was a
complicated one, particularly when it is remembered that
the object to be
attained was the maximum of justice to the real or original
Dec. 12.—To London it appears plain enough
owners of
stabilization these bonds.
that
of the franc is not an early objective of the
Obviously, in such cases it was practically impossible
French Government. The
to
satisfy everyone interested, but considering all the involved
policy of allowing the franc to drift, however,
conditions, the
even though it is toward
revaluation law of July 16 1925 is undoubtedly a financial
higher levels, finds scant support in this market,
as well as
where exchange stability
is placed before everything else.
legal masterpiece.
In France it is evidently feared that an economic
The law first of all makes no distinction between German
and foreign
crisis must follow the reowners, but it divides the claimants into two special groups:
valorization policy: but the French Governmen
the old ownt does not seem to share
this view, thinking that the country can
ers who acquired their bonds before July 1 1920; and the new
withstand such difficulties as may
owners who
arise. .Months of uncertainty probably lie
obtained their bonds after that date. The second important point
ahead, during which time.
of the
as financial London sees it. France will
law is that the basis of revaluation is the gold value received
suffer the pangs of deflation exby the
perienced by other countries which have got back
debtor. For this purpose the law considers the face value of the bonds
proto the gold standard
with less ambitious ideas concerning the value
vided the loan was dated before Jan. 1 1918. For loans made
of their currency.
after that
date the basis of revaluation is figured according to an index figure
prepared by the Government and based upon the purchasing power
of the
Berlin Doubts High Stabilization Rate.
mark on the date of issue. Another point of consequence is
that there are
Berlin, Dec. 12.—German authorities on
currency conditions are inclined excluded from revaluation (1) the German paper currency issued by the
to believe that the French franc cannot be
permanently stabilized at a higher Government and its constituent States, (2) the forced loan of 1922,
(3)
rate than 150 to the pound sterling.
Otherwise, they think, domestic the non-interest bearing Treasury notes, except those issued
to Germans
gold prices in France will be considerably
above international prices.
for war indemnity, and (4) all debts payable on demand, except
savings
It is admitted that stabilization immediatel
y after continuous depression bank deposits.
would have been technically more difficult
than after a rise. But this conAll holders will receive as revaluation 2/
1
2
%
of
the
gold
value
when
sideration is believed to be outweighed by the peril
of complete stagnation Issued as set forth in the preceding paragraph. This will be in the form
to French industry if the franc is stabilized
too high.
of bonds of a new redemption loan (called "Loan Redemption Debt of
the
German Reich"), without interest until reparation obligations have
ceased.
Moreover, the old holders, who can prove that they acquired these bonds
Amsterdam Predicts 150 or 175.
prior to July 1 1920, will receive in addition the right to participate
Amsterdam, Dec. 12.-Although the franc rose
in
still higher last week, the amortization
of the redemption loan, and drawing rights will be granted
with the pound sterling at one time commanding
only 123 francs. Dutch to them for the
same amount as the redemption bonds allotted. However,
bankers do not believe that a formal stabilization at
a higher rate than 150 it is provided
that any single old holder of bonds aggregating more than
francs per pound would be feasible. In some quarters
a rate even of 175 12,500 reichsmarks
will receive only a fraction of the rights, the idea
is predicted, the ground being that revaluation at
a higher rate would be being to
protect
primarily the small bondholder. These rights are drawn
too great a detriment to the public finances.
by lot within 30 years of Jan. 1 1926, and redeemed for cash at five
All accounts show that French industry has been
times
severely hit by the their face value,
present upward movement. The French motor car
plus interest at 4%% per annum from Jan. 1 1926 to the
trade is suffering badly end
of that year in which the right is drawn. Interest is payable only
from fluctuations of exchange. In the textile industry
unemployment is upon redemption
increasing rapidly and many other industries are
and is not compounded.
already running on short
In lieu of the 2/
time.
1
2% redemption bonds and rights issued to holders of
other bonds a 25 gold mark redemption bond will be issued for 1,500
old
marks of the Premium Savings loan, or for 16,700,000 old marks of the
'Warns High Franc May Upset Budget—French
Senate 8-15% Treasury notes "K" 1923, or for 50,000,000,
000
old
marks
of
the
Commission Cuts Revenue Estimates and
8-15% Treasury notes "K" 1924, or for 1,000 old marks of the non-interest
bearing Treasury notes, issued as indemnity for war losses.
Army and Navy Appropriations.
The revaluation law includes Gmernment loans, State loans, municipal
The following cablegram from Paris, Dec. 13, is given in and communal
loans, industrial bonds, mortgages, and mortgage bonds.
the New York "Times" (copyright):
With regard to State loans, they will receive redemption bonds at
the rate
of 2/
Too quick improvement in the franc may result in a decline
1
2
% as in the case of Government loans. Additional rights to
be
in revenue
and consequent unbalancing of the budget, it is stated by
allotted are left to the discretion of the various States. Municipal and
Senator Henry
Cheron in his report on the budget, which comes before
communal loans will also receive the 2/
1
2%, plus rights to old holders: but
the Senate tomorrow.
with interest at 5% per annum instead of 4/
1
2% mentioned before. In
this category the rate of revaluation may be increased up to 25% according
MS situation may arise because the larger proportion
of French taxes
are applied on turnover sales, business profits, &c.
to the financial condition of the municipality in question. The rights, too,
There is, therefore, a
may be repaid within a shorter period than 30 years, according to
double danger, Senator Cheron says. If business
the
slackens or if, consecapacity of the debtor. Industrial bonds will receive redemption bonds
quent on improvement in the franc, prices decrease, revenue
will inevitably
at the rate of 15% of the gold value received by the debtor, but a lower
diminish.
revaluation is permissible and is left to the decision of the State authoriThis warning is advanced as justification of the Senate
Finance Commisties. Payment of such revaluation cannot be demanded before Jan. 1 1932.
sion's further trimming of expenditure by 155,000.000
francs, of which
Interest
until Dec. 31 1924 is waived, but thereafter interest will be paid
60,000,000 comes off the army and 34,000,000 off the navy appropriati
ons. on a rising
The Commission also has revised the revenue estimates
schedule from %% to 5% per annum. Here, again, in addition,
downward,leaving
a favorable budget balance of 149,000,000.
old owners will receive profit-sharing rights for 10% of the gold value
received by the debtor. Profit-sharing rights are entitled to interest beIn summing up the situation, Senator Cheron declares that all
danger of
Inflation is now definitely removed, while Treasury accumulatio
ginning July 1 1925 provided the dividend to share holders of the concern
ns offoreign
moneys are sufficient to check speculators' attacks on the
exceeds 6%. Mortgages will receive 25% of the gold value. As mortgage
franc.
bonds depend upon the revaluation and payment of mortgage loans, the
exact rate of revaluation and interest will be determined by the mortgage
Edgard Molitor of Hibernia Bank & Trust Company banks, under the supervision of the Government.
We have given only a general, broad outline of the law, permitting those
of New Orleans on "Revaluation of German
interested in this important subject to acquire a general idea of what
Internal Debt."
has happened to the German internal debt. Holders of bonds may
obtain
more
information from the exchange agencies which are established
-A discussion of the "German Internal Debt"
Is contained In thedetailed
larger cities of this country and abroad.
In the "Foreign News
& Comments," issued by the Hibernia
Bank & Trust Co. of New Orleans. The story was prepared
by the Institution's Vice-President, Edgard Molitor, who has
charge of its Foreign Trade Department. Incidentally, the
bank's trade letter is a new thing, the first number having
appeared in November. In it the bank seeks to give brief
but reliable information concerning business conditions in
foreign countries, in addition to the monthly discussion of
some outstanding foreign trade subject, like those discussed
In the first and second numbers—the November number
dealing with "The Decline of the Franc," and the December number with "The Revaluation of the German Internal
Debt." 'The latter we reprint herewith:
The revaluation of the German public loans is another serious step towards the swift rehabilitation of German economic life. Owing to the
repudiation of the old German mark, practically all of the German public
loans were rendered temporarily worthless, and the entire rentier class
thus became poverty stricken.
These people comprised a considerable portion of the population, and
their suffering is without doubt one of the most painful consequences of the
late war. Persons of all ages unable or unaccustomed to work, immediately
were forced to find a means of livelihood. In extreme cases the German
Government came to their rescue, but this form of relief barely scratched
the surface.
In the financial markets of the world, German bonds which were practically worthless were exchanged in large blocks for an infinitesimal part
of their original gold value. The new owners, very few of whom were of
the class mentioned, and many of them of different nationalities, believing
In the future rehabilitation of Germany and eager to take advantage of a
vossible opportunity to make money, acquired these bonds at the expense
of the original owners. All this occurred from the time of the repudiation
until passage of the revaluation law of July 16 1925.
Report of S. Parker Gilbert Covering Second Annuity
Year of German Reparation Payments—United
States Loans to Germany.
In his report covering the second annuity year S. Parker
Gilbert, Jr., Agent-General for Reparation Payments,
says that "Germany has made loyally and punctually the
payments required of her under the second year of the
Dawes plan." Payments received from Germany during
the period from Sept. 1 1925 to Aug. 31 1926 included the
interest on German railway bonds amounting approximately
to 550,000,000 gold marks, budgetary contributions, 250,000,000; interest on industrial debentures, 125,000,000, and
transport tax, 241,000,000, totaling altogether 1,166,904,574
gold marks. The report shows that during the first two
years the experts' plan for the transfer of reparation payments
made possible the complete transfer of funds available for
distributing, aggregating approximately 1,269,000,000 gold
marks, of which 1,176,000,000 was transferred.
The share of the United States of the distributed reparation
payments in the second annuity year amounted to 33,949,00
0
gold marks, including an accumulated balance carried over
from the first year amounting to 15,308,000 gold marks.
The United States Government received during the year the
dollar equivalent of 14,859,000 gold marks as a cash transfer
and also 10,032,000 gold marks in the dollar equivalent due
to a special arrangement with the German Government
DEC. 18 1926.]
THE CHRONICLE
3121
will amount to
The new arrangement means that the third annuity
2,500,000,000.
1,500,000,000, the fourth to 1,750.000.000 and the fifth to
will reduce the
The result is a better gradation of the annuities, which
even flow of
danger of undue strain on German economy and facilitate an were made
deliveries and payments. All payments in the second year
Government
promptly when due. With the co-operation of the German
annuity
arrangements have been made to spread the payments of the third
progress.
through the year in a manner assuring orderly
There has
Distribution of reparation payments has proceeded regularly.
beyond the
been no accumulation of funds in the Agent-General's hands
plan
Dawes
the
payof
working
But although Gilbert is satisfied with the
working balance needed for the transaction of business and
annuity normal
made
so far, and points out that Germany was able to pay the second
benefit of creditor powers and the payments have been
the
for
ments
plan was
out of her export surplus, the fact remains that since the Dawes
disturbing exchange.
provinces, without
put in operation the German Government, individual States,
The Chief Payments Made.
more
borrowed
have
cities, Industrial and church organizations together
The chief payments made were, in round figures:
money than Germany has paid in reparations.
army of
than
France, 611.877,000 marks, of which 61.000.000 was for the
From Jan. 1 1925 to Oct. 31 1926 these borrowings totaled more
first occupation.
$600,000,000, about $91,000.000 more than the total of Germany's
army of
Great Britain. 227,765,000, of which 21,500.000 was for the
two annuities.
occupation.
Urges Closer Supervision.
Italy. 87,310,000.
Further significant figures on borrowings are contained in Gdbert's
occupation.
whose
Belgium, 125,877,000. of which 9,000,000 was for the army of
report. Between Sept. 1 1924 and Aug. 31 1926 German industries,
and
Serbia, 43,827,000.
resources have to carry a share of reparation payments-5% interest
United States, 33,949.000.
later on a 1% sinking fund on a debenture issue of five billion gold marks—
26,000,000.
Rumania,Japan,Portugal, Greece and Poland together,about
borrowed abroad nearly $256,000,000, came from American banks and
225.000,000 in coal, coke and lignite, nearly 40,000,000
over
took
France
private investors.
19,000.000 in timber and 18.000.000 in agricultural
That Gilbert is not altogether satisfied with this situation is indicated In chemical fertilizers,
coal
the products: Italy over 65,000,000 in coal and Belg um. 61,500,000 in
by his criticism of the Government for not supervising more closely
received nearly 25,000,000 in dollar or
States
United
the
while
authority
coke,
legal
of
and
lack
's
Government
The
foreign loans of German States.
to supervise private loans may be the only reason he was silent on the gold equivalents.
was made in foreign
Of the total transfers during the year, 35.35%
industrial loan situation.
transfers for the first two years amounted to slightly
Regarding State loans he went to the length of quoting Article 248 of currencies. Total
of which 32.2% was in foreign currencies and the
the Versailles Treaty, which specifies that reparations are the first charge over 2,690.000,000,
payments within Germany for deliveries in kind.
mark
States
in
constituent
the
remainder
of
but
Empire
German
the
of
only
not
on all assets,
Time Not Ripe for Bond Issue.
as well. The implied warning is that if there is not enough money to pay
the report devoted to the
all obligations the States will have to default on their loans.
Reading between the lines, that portion of
of
practice
present
's
the
Government
Gilbert also sharply criticises
or all of the German railway bonds on the market,
part
placing
of
question
putting out a balanced budget and later bringing in supplementary estimates It is apparent that the Reparation Commission feels the time has not conie
which interfere with well regulated budget calculations.
therefor.
the commission to decide in
Incidentally, it may be noted, the Associated Press under
After pointing out that this is a matter for
Committee was approached
Transfer
the
says
report
the
discretion,
own
Its
stated:
a Washington date, Dec. 6,
trustee for the bonds, who asked whether the
the
by
25
April
Parker
on
S.
of
informally
report
the
in
alarm
for
cause
Secretary Mellon sees no
of the
prepared to give any assurances regarding service
Gilbert. Agent General for the Reparations Commission, that a large Commission was
market. The Committee took
bonds in case a part should be placed on the
amount of loans had been given by this country to Germany.
considered
be
was a question which could not properly
Mr. Mellon believes foreign loans are sound investments when they are the position that this
to that
in a practical form, and adopted a resolution
used in productive enterprise and he thinks most of the loans to Germany until it had arisen
is
Treasury
the
that
effect.
to-day
repeated
he
However,
that
character.
of
are
The report continues:
not acting as a judge on foreign loans, or sanctioning all or any particular
Committee in any form
"The question has not come before the Transfer
one.
accordingly been unnecessary for
has
it
and
25,
April
on
meeting
its
since
The fact that Mr. Gilbert took occasion in the report to the Committee to express any opinion thereon."
s of the year are available
criticise Germany's budget policy was also referred to in the
Only provisional figures for the first ninedrionth
figures,
hese are slightly below the preceding year's
copyright advices to the New York "Times" Dec. 5, from for railway earnings—t
Company was
improvement is noted since August. The Railway
an
but
a deficit of 30,000.000,
which we take the following:
able to meet all obligations during the period except
"For over two years," he (Mr. Gilbert) says. "German currency has and the Railway Commissioner believes this deficit will be more than made
poured
have
paid punctually 595.000,000
remained stable. Foreign loans and other funds from abroad
good by the end of the year. The company
into the country in a steady stream to the point of exceeding at times the interest on the railway bonds and also 250,000,000 from the yield of the
and
the
them,
of
use
us
advantageo
make
to
amounted to 268,700,000,
economy
actually
capacity of German
transport tax. The receipts from this tax
situation of Germar currency and exchange has grown constantly stronger." leaving a surplus of 18,700,000. which was turned over to the German
The year just past provided for the first time a test of Germany's capa- Treasury.
year is 290.000.city to pay and the capacity of the creditor powers to receive reparations
Payment due from the transport tax in the third annuity
on a substantial scale, and "actually the course of events has, if anything. 000 and the Railway Commissioner believes with reasonably good business
outrun the expectations of the experts."
conditions the yield will reach the required total.
amounted to over
Controlled revenues for the second annuity year
months will be
Disquieting.
Policy
Budget
00, indicating that the yield for the full twelve
1.968,000,0
The budget
of the
The Dawes Committee is plainly disquieted by the condition
above the standard payment from the German budget.
50%
that the
00 marks, with a
German budget and Berlin's general budget policy, despite the fact
balances for the financial year 1925-1926 at 8,006,400.0
includes,
method
budget remains balanced. Mr. Gilbert also criticizes adversely the
of revenues over expenditures of 562,000.000. This
possi- balance
previous years. Expendiof distribution of taxes among the German States. Referring to the
however. a 672,000.000 surplus appropriated from
and
ry
extraordina
investments
cover
to
capital
in
necessary
bility that internal borrowing may become
on the other hand, include 395,000,000
have tures,
preference
expenditures during the financial year, he admits that heavy demands
including 231,000,000 marks in Railway Company
grants,
been made on the budget for unexpectedly large unemployment doles, but shares.
adds:
1926-1927 Budget Estimate.
at 8.431."The Government itself has embarked on a program of capital expendiThe budget estimate for the financial year 1926-1927 balances
tures far exceeding anything that was in contemplation a year ago."
previous
While this gives no cause for concern in itself, Mr. Gilbert declares "the 000,000.
from
forward
carried
The revenues include a 400,000,000 surplus
d in the
experience of the past year suggests that counsels of greater moderation in
and the budget shows no surplus. The surpluses accumulate
years
be
avoided
to
are
troubles
to
budget
prevail if
expenditure will soon have
exhausted.
period immediately following stabilization have thus been
future."
n taxes
the
In
Among the taxation receipts, only the customs and consumptio
The report says Germany has made full payment of the second annuity
increase, rising from 21% of the total tax receipts in
e
considerabl
a
show
transfers
and
plan,
The turnout of her own resources In the manner provided in the
the fiscal year 1924-1925 to an estimated 31% for 1926-1927.
to the creditor nations have been made currently and without difficulty over tax is estimated at 15% of the total against 26% two years ago. The
the
annuity.
second
of
value
g
full
the
y
representin
amount
substantiall
an
to
changes in other taxes are unimportant.
Germany has co-operated most helpfully in arranging to facilitate future
to States and
The largest expenditure in the budget consists of payments
payments. Moreover, the troublesome question of supplemental contriThese absorbed 36% of the total in the fiscal year 1924-1925.
communes.
the
worksmooth
to
g
a
contributin
in
way
settled
greatly
been
butions has
the coming year.
35% the following year and are expected to take 33%
ings of the experts' plan.
declares settlement of the financial relations between
This was done despite the fact that German economy passed through a The Agent-General
problem
troublesome
most
Reich and States and communes "is the
trying period of readjustment which approached a business crisis in the the
of the German budget."
the
structure
affecting
"to
the
of
existence,
out
went
many
when
enterprises
Winter of 1925-26,
will have to be conThe present provisional agreement with the States
great cost of individuals but to the undoubted benefit of the country as a
the Reich and States
tinued and a definitive financial settlement between
whole." From it German industry and commerce "emerged freed of many
and Mr. Gilbert
year,
communes will have to be postponed another
encumbrances and complexities which were an inheritance of the war and and
says:
now
have
become
general
in
Inflation, . . . and business conditions
regret, as a definite settle"This further postponement is cause for sincere
easier than at any time since stabilization."
the country as a whole. The
ment is urgently necessary in the interests of
is far from satisfactory,
system
present
problem itself is difficult and the
Lump Sum Contribution.
the Reich, without
•
and it is hard to see how it can last. It takes from a heavy percentage
Conclusion of an arrangement for the settlement of two supplementary relation to the actual needs of the States and communes,bulk
of the corporathe
takes
it
all,
and, worst of
budget contributions by the lump sum payment of 300,000.000 marks was of the revenues it collects,
are most responsive to the
tion and income taxes, the very ones which
available to
most
be
an important event. It is "significant of the spalt of friendly accommoda- developmen
should
that
and
industry
and
t of business
tion that has marked administration of the experts' plan and is a new sign meet the obligations of the Reich itself."
plan."
basis
of
the
the
at
lie
that
ng
mutual
and
as "a conunderstandi
system
good-will
of the
Mr. Gilbert cites the experts' original criticism of this
For the second annuity year beginning Sept. 1 1925 and ending Aug. 31 stant drain upon the Federal resources" and "a hole in the budget which
marks,
of
which
1926, the plan provided a total annuity of 1,200,000,000
must be plugged."
250,000,000 came from the Budget, a similar sum from the transport tax,
Peril in Extraordinary Budget.
and
bonds
Railway
on
125.000.000
the
interest
German
from
595,000,000
budget as likely to
The report regards expansion of the extraordinary
from first payments of interest on German industrial debentures.
dangerous. This budget allegedly covers capital expenditures and
The report emphasizes the facilitation of future annuities through ar- become
an opportunity to
t
Governmen
by borrowing, "thus giving the
rangement of supplemental payments in a lump sum. Without such an Is financed
expenditures for unessential if not unsound purposes without facing
incur
in
00
the
third
1,200.000,0
from
would
have
risen
annuities
the
t
arrangemen
the unpleasant necessity of levying taxes to meet them."
year to 2.000,000.000 in the fourth and 2,750,000,000 in the fifth year,
The extraordinary budget for the fiscal year 1926-1927 contemplates
assuming that the maximum supplementary contributions had become
expenditures amounting to 1,308,000,000. Mr. Gilbert questions the
payable. This would have meant an increased burden on German economy
wisdom of the Reich's tying up great amounts in investments and also for
in the fifth.
of 800,000,000 the fourth year and a further heavy increase
analogous to financing deliveries in kind, with a balance of
9,058,000 remaining at the ending of the year on the books
of the Agent-General to the credit of the United States.
The above advices were contained in the Associated Press
accounts of the report from Berlin Dec. 5. The Berlin
correspondent of the New York "World" on the same date
in his advices (copyright) regarding the report said in part:
3122
THE CHRONICLE
[VOL. 123.
"productive unemployment relief." He
believes unemployment is "less
Mr. Gilbert says that manifestly this time
an inheritahce from the business crisis of
has not yet come and experience
last winter than a phase of read- Is still too limited to form the
necessary judgment on the underlying quesjustment of the whole business system."
tions involved. In the meantime it is
proposed with the test of practical
The report says that German currency is
thoroughly stable and that the experience to carry on the plan following
Reichsbank's gold reserves are equal
the traditions already established
to those prevailing generally In gold and within the safeguards it has
provided, believing it will furnish the basis
standard countries. Restoration of German
credits has been slower. The for a "general and final settlement that
will do justice to the interest of all
period of extreme credit scarcity is past, but
there remains a certain measure concerned and at the same time permit
Europe to move further forward on
of credit dislocation, indicating that the
German credit structure is not the path of peaceful reconstruction
which it has now definitely entered."
yet in balance, although credit condition
s are more normal than at any
time since stabilization. However,
"moderation must be exercised In the
use of credit for speculative or
non-productive purposes."
German Reparation Receipts and Payments in
Savings banks deposits increased
October.
by 1,320.000,000 marks up to Sept. 1
and then amounted to 14% of the
German reparation receipts of 94,666,667 gold
pre-war figures.
marks
during the month of October and payments of
Foreign Loans 3,500,000,000.
87,451,245
Foreign loans amount roundly to
3,500,000,000 since the Dawes Plan gold marks during the month are reported by S.
Parker
went into effect. Service thereon,
excluding the external loan of 1920, Gilbert, the Agent-General
for Reparation Payments in his
amounts to 250,000,000 yearly, which
"Is not a heavy charge for an industrial and trading nation like Germany
statement issued under date of Nov. 9, which
."
we give
The German merchandise balance
which was heavily adverse a year ago herewith:
proved moderately favorable from
Dec. 25 to May 26, but has become OFFICE OF THE AGENT
-GENERAL FOR REPARATION PAYMENTS.
moderately adverse since except
in September. The year from Oct. 31
STATEMENT OF RECEIPTS AND PAYMEN
TS FOR
1925, to the same date in 1926 shows
ANNUITY YEAR TO OCT. 31 1926. THE THIRD
a favorable balance of 216.000,000
marks.
(On cash basis, reduced to gold mark equivalents.)
Mr. Gilbert, as in last year's report,
says:
Third Annuity
Month of
"An obstacle to trade remains
Year—Cumulacustoms barriers. The multiplic in the shape of protective tariffs and other
October
tire Total to
ity of frontiers and the extent to which cus1926.
toms duties obstruct the
Oct. 311926.
of goods across them place burdens on
Gold Marks.
interns tinnal trade whichpassage
Gold Marks.
A. Receipts in third annuity yearare not limited to the amount of the duties
collected."
1. In completion of second annuity—
(a) Transport tax
The condition of railway operatio
8,095,425.81
n in Europe is now such that it would
(b) Interest on railway reparation bonds
allow fast transport, but frontier
45,000,000.00
obstructions prevent this.
2. On account of third annuity—
German export trade has maintain
(a) Normal budgetary contribution
ed a slow and in general constant in9,166,666.67 18,333,333.33
crease since the beginning of 1925
(b) Supplementary budgetary contribution
18,000.000.00 18,000,000.00
and increased coal exports due to the
(0) Transport tax
English strike do not account for the
22,500,000.00 45,000,000.00
entire increase. Trade with United
(d)
Interest
on
railway
reparation bonds
45.000.000.00 45,000.000.00
States almost reached pre-war figures
3. Interest received
and exceeded them with Britain.
176.237.34
The work of readjusting the form of
German industry and simplifying dis94.666,66
8.67 179.804,996.28
tributing machinery has proceeded
"with great rapidity and thoroughness B. Balance of cash at Aug. 31 1926
93,628,074.81
and in general it can be said that
German industry and trade are at present
Total cash available
going ahead with higher confidence
273,231,071.09
than at any time since the war."
C. Payments in third annuity year1. Payments to or for the account of—
Warns Against Speculation.
France
35,642,929.41 71,098,999.75
Mr. Gilbert warns in this connecti
British Empire
on against tendencies toward specula19,905,047.15 34,994,599.94
tion and a too early discounting of the
Italy
8,494,873.47 13,582,056.73
future. Available figures showing
Belgium
the physical volume of production in Germany
4.248,178.80 10,866,799.12
probably give too favorable a
Serb-Croa
t
-Slovene
State
picture of progress, because some reporting
3.944.803.39 6,787,533.30
industries profited directly by
United States of America
3,339,700.00 14,261.990.19
the British coal strike. Production
Rumania
of coal and lignite increased con889,798.40
1,501.729.23
siderably and coke, which declined in
Japan
the first half of 1926, has been in478,626.97
478,628.97
Portugal
creasing since June. Exports of coal,
441,405.63
583.771.80
coke and lignite represent roughly
Greece
a third of the whole production.
183.841.4
4
330,102.9
5
Poland
5.013.13
5.013.13
Activity in the iron and steel industry has
much increased since the deTotal payments to Powers*
77.o74,21
7.79
154.491.2
pression of the winter and spring months
22.61
2. For service of German external loan, 1924._
and it is now considerably above
7,702.811.28 13,851,952.95
3. For expenses of—
25% of the average. Pig iron producti
on has increased 40% since April.
Reparation Commission
The operation of blast furnaces has increased
299,982.36
583,437.93
from 44% of their capacity
Office for Reparation Payments
in April to 58 in October, which exceeds
308,165.83
616,956.85
Inter-Allied Rhineland High Commission
any figure since July 1925.
262,750.6
1
524,819.6
Potash sales are running somewhat lower
1
Military
Inter-Allied Commission of Control
than last year.
200,000.00
500,000.00
4. Costs of arbitral bodiea
The position of German agriculture remains
difficult, though less acute
16,821.43
5.
Discount
on
amounts received from Deutsche
than last year. Limited crops are
likely to lead to larger imports and thus
Reichsbahn Gesellschaft in advance
of due
place an additional burden on the
date
balance of trade.
1.089,932.10
1,089,932.10
The Reparation Commission turned
6. Exchange differences
back into the reparation fund
13,384.84
108,888.18
144,000 marks, the unexpended balance
Total payments
of its appropriation of 3.800,000 D. Balance
87,451,24
4.81
171.784,0
11.66
of cash at Oct. 31 1926
for administrative expenses. Its
expenses thus are both absolutely and
101,447,059.43
•See Tables I and II for analysis of payments by
relatively smaller than last year.
category
of
expenditu
re
and
by Powers.
The Agent-General refrains from
making any sort of prediction regarding TABLE
I—TOTAL PAYMENTS TO POWERS CLASSIF
the future of the Dawes plan, saying
IED ACCORDING,
it is his sphere to report what the
TO
CATEGO
RY OF EXPENDITURE.
pain has accomplished, though from
the fact that the plan has worked
Third Annuity
during Germany's worst economic
period there is reason to believe that with
Month of _ Year--Cumuthe existing restored confidence
October 1926. lance Total to
and hearty spirit of co-operation on the
part of the nations concerned the
Oct. 31 1926.
future should not contain unsurmountable 1. Occupation costs.
Gold Marks.
problems.
Gold Marks.
(a) Marks supplied to Armies of Occupation__
(b)_Furnishings to Armies under Arts. 8-12 of 4,011.505 81 6,719,107 51
1Vhat the Plan Has Accomplished.
Rhineland
Agreement
Mr. Gilbert says in concluding
3.926.714 53 7,800,714 53
his 127-page report, replete with tables
and diagrams:
7.938,220.34 14,519,822.04,
2. Deliveries in kind.
"The experts' plan did not create
(a) Coal, coke and lignite
found the problem already existingthe problem of reparation payments. It
13,426,676.58 26,580,374.84
(b) Transport of coal, coke and lignite
nearly five years of drifting. The in great confusion and disorder after
whole question of reparations seemed
(c) Dyestuffs and pharmaceutical products.._ 4,610.191.35 7,360.936.14
lost in the deadlock, and Europe
itself
for
want
of
a
settlement, seemed
(d) Chemical fertilizers and nitrogenous prod- 1,438,869.74 2,485,426.47
drifting toward disaster. Germany
was on the verge of collapse after an
ucts
unprecedented pinged of inflation. Reparati
2,837,513.73 6,165,594.88
ons
were
not
being
Coal by-products
(e)
paid
and
were gradually becoming impossible of
276.246.74
payment.
711,293.54
(0 Refractory earths
"The first year of the plan was primaril
9.666.83
31,964.53
(g) Agricultural products
first stages of readjustment to a return y a year of stabilization and the
857,343.3
3
of
stable
1,994,264
.87
condition
(h)
s. The plan
Timber
from the outset realized its two preliminary
2,824.733.71 5,332,563.07
objects, viz., the balancing of
(I) Sugar
the German Budget and stabilization of German
310,902.5
2
currency
.
Miscellan
(1)
These
were
eous
deliveries
essential conditions of economic recovery as well
17.037.977.31 33.894.008.68
"These readjustments have not been the workas of reparation payments.
of a single year, nor have
43,319,219.32 84.847,329.54
they been achieved without many difficulti
During last winter German 3. Deliveries
economy passed through conditions of acutees.
under agreement
which severely tested the
10.031.690.19
willingness of the German people and theircrisis
leaders
to facr the facts and 4. Reparation recovery acts
carry the burdens that reconstruction involved
22.873.992.51 40.167.582.91
.
The
change
for the better 5. Miscellaneous payments
that came in the spring of 1926, even though accelerat
98.072.49
ed by events external
252,393.69
to Germany, was a sign of the thoroughness with
which the work of read- 6. Cad: transfers.
justment had been undertaken.
(a) Settlement of balances owing for
deliveries
"German economy is now in the stage of recovery and
made
services
or
rendered by the German
substantial way to realize the benefits of stabilization." is beginning in a
Government prior to Sept. 1 1924
5,013.13
442,104.24
(b) In foreign currency
3.339.700.00 4,230.300.00
Change of Attitude Toward Plan.
With somorth functioning of the plan there has been a
3.344.713.13 4,672,404.24
notable change in
Total payments to Powers
the attitude regarding it. While the Nationalists,
77.574.217.79 154,491,222.61
Germany's second
TABLE II—PAYMENTS TO EACH POWER
largest party, who opposed its adoption in the Reichstag, have
not assumed
CLASSIFIED ACCORDING TO
CATEGORY OF EXPEND
the role of boosters, there is no longer the stinging criticism
ITURE
against it Payments to or for the account of:
which was characteristic of the first year of its operation
as well as during 1. France—
last Winter's business depression. The Agent General sums up
(a)
Marks
supplied
to
Army
of
Occupatio
the general
(b) Furnishings to Army under Arta. n.. __ 3,008,693.84 4,513,447.36
attitude thus:
8-11 of
Rhineland Agreement
2,773.174.62 5,508.174.62
Decision in favor of peaceful reconstruction was made, and the
(0)
Reparatio
n
Recovery
Act
4.680.633.25 8,838,451.71
is now one of finding ways and means. What further progress problem
(d) Deliveries of coal, coke and lignite
another
8.262.936.47 18,249,206.00
two years will see no man can now say. The answer depends
(e) Transport of coal, coke and lignite
upon
various
3,406,118.22 4,984,881.86
unpredictable factors and perhaps not least upon developments
(0 Deliveries of dyestuffs and
external
pharmaceutical
to Germany.
products
258,186.02
Stabilization is not yet a fact everywhere in Europe, and until It
585,908.25
(g)
Deliveries
chemical
of
fertilizers
is
and nitroachieved it is idle to expect world trade to develop along natural
genous products
2,454,323.60 5,782,404.75
Currency fluctuations and trade barriers are still responsible for lines.
(h) Deliveries of coal by-products
great
256.295.61
dislocation, and in these abnormal conditions it becomes even more difficult
669,813.03
(1) Deliveries of refractory earths
9,668.83
than usual to judge of the effects on producti
31,964.53
(0 Deliveries of agricultural products
on and trade of such vast
857,343.33
international payments as are involved in the reparation program
1,994,264.87
(k) Deliveries of timber
.
2,250,035
.64
4,557,617
.47
(I)
Deliveries
of sugar
l'ossible changes for the future are only hinted at by Mr. Gilbert, quoting
310,902.52
(m)Miscellaneous deliveries
the expert committee's own words:
7.350,461.98 14,635,398.22
(0) Miscellaneous Payments
75,000.00
We should point out finally
150,000.00
(0) Cash transfer: Settlement of balances
owing
not properly, attempt a solutionthat while our plan does not, as it could
for deliveries made or services rendered
of the whole reparation problem, it foreshadows a settlement extendin
by
the
German Government prior to
g in its application for a sufficient time to
restore confidence and at the same
Sept. 1 1924
time is so framed as to facilitate a final
and comprehensive agreement
286,584.58
as to the problems of reparation and conTotal France
nected questions to soon as circumst
35,842,929.41 71,098,999.75
ances make this possible.
THE CHRONICLE
DEC. 18 1926.]
Month of
October 1926.
Gold Marks.
Third Annuity
Year—CumuWise Total to
Oct. 311926.
Gold Marks.
2. British Empire—
2,205,660.15
1,002,811.97
(a) Marks supplied to Army of Occupation__
of
(b) Furnishings to Army under Arts. 8-12
1,408,935.92
2
708,935.9
Rhineland Agreement
18.193,299.26 31,329,131.20
(o) Reparation Recovery Act
15,849.41
(d) Miscellaneous payments
owing
(e) Cash transfer: Settlement of balances
for deliveries made or services rendered
by the German Government prior to
35,022.76
Sept. 1 1924
34,994,599.44
7.15
19.905,04
Total British Empire
3. Italy—
5,160,664.20
(a) Deliveries of coal and coke
1,143,921.37
(b) Transport of coal and coke
tical
pharmaceu
and
(c) Deliveries of dyestuffs
529,182.76
products
1,657,092.86
(d) Miscellaneous deliveries
4,012.28
(e) Miscellaneous payments
7,408,235.23
1,945,225.83
8,494,873.47
13.582.056.73
Total Italy
1,070,478.35
3,124,476.18
33,641.14
4. Belgium—
of
(a) Furnishings to Army under Arts. 8-12
883,603.99
444,603.99
Rhineland Agreement
902,933.61
3,075.91
lignite
and
coke
coal,
of
(b) Deliveries
430.848.45
76
60,151
(c) Transport of coal, coke and lignite
(d) Deliveries of dyestuffs and pharmaceutical
813,574.12
649,897.97
products
(e) Deliveries of chemical fertilizers and nitrog383,190.13
383,190.13
enous products
41,480.51
19,951.13
(f) Deliveries of coal by-products
774,945.60
7
574,698.0
(g) Deliveries of timber
6,509,791.06
.84
2,112.609
deliveries
(h) Miscellaneous
10,947.86
(I) Miscellaneous payments
(J) Cash transfer—Settlement of balances
renservices
or
made
owing for deliveries
dered by the German Government prior
115,483.79
to Sept. 1 1924
9.12
10,866,79
.80
4,248,178
Total Belgium
5. Serb-Croat-Slovene State—
(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(c) Miscellaneous payments
Total Serb-Croat-Slovene State
6. United States of America—
(a) Deliveries under agreement
(b) Cash transfers in foreign currency
Total United States of America
7. Rumania—
(a) Miscellaneous deliveries
(b) Miscellaneous payments
1,602.99
3,924,140.19
19,060.21
15,465.75
6.733,947.13
38.120.42
3,944,803.39
6,787,533.30
Marshal Pleads for Education.
te that we are obliged to
"Conditions of education are still so inadequa said, "because the men
he
maintain a two-year term of service in Poland,"
of
be given even the rudiments
are being educated in the army and cannot
years."
two
than
less
in
n
an educatio
to make soldiers but literate
He said that his greatest desire was not only
and added that he would be glad
men out of the youths called to the colors
he considered the two year period
to reduce the length of service, but that
a literate country, and that the
creating
toward
aids
greatest
the
one of
effective he would be the first
moment other educational agencies were
term.
to advocate a reduction in the training
in Left Central circles to be a
The Marshal's visit to the Sejm was held
perhaps„ to a more parliamentary
approach
an
and
t
movemen
ory
conciliat
Cabinet. The fact that the
Government, rather than a purely dictatorial.
Government to be voted down
press muzzling decree was allowed by the
last week increases the belief.
d with the recent formation
However,since strong opposition has develope
suspected of a ruse, and if it was
of the Dmosrski party, the Marshal is also
d by his visit.
It was successful, since the Sejm was overjoye
the Government, according
Important changes are being contemplated in
is the return of Marshal
expected
those
among
visit;
the
following
to reports
i, who attempted to commit
Pilsudsld's right-hand man, General Sosnowsk
May revolution as the commander
suicide rather than oppose the dictator's
in the Government is likely to
of the Warsaw garrison. His re-entrance
mean other changes.
889,798.40
1.501,729.23
478,626.97
478,626.97
9. Portugal—Miscellaneous deliveries
441,405.63
583.771.80
10. Greece—Miscellaneous deliveries
183,841.44
330,102.95
5,013.13
5,013.13
11.Poland—Cash transfer—Settlement of balances
owing for deliveries made or services rendered by
the German Government prior to Sept. 1 1924_
Grand total
Japanese Internal Loan.
17) said:
The "Wall Street Journal" of yesterday (Dec.
-yen 5% Treasury
00
Japanese Government is offering a new 15.000.0
redeemable on and before Sept. 1
note issue, to be known as Number 37,
in post offices
be
offered
will
It
1938, and priced at 91.8, to yield 6.2%.
Proceeds are destined for railthroughout Japan from Jan. 15 to Feb. 5.
road construction.
Firms.
South Africa to Tax Capital of Alien
al of
"Journ
York
Washington advices Dec. 5 to the New
Commerce" stated:
Act 46, 1926,
South African
Under the provisions of Section 228 of
companies with place of business
which is to be operative Jan. 1, all foreign
5s per £1,000 of the registered
In South Africa are subject to a yearly tax of
cable to the Departemtn of Comcapital of the company, according to a
burg,
10,031,690.19 merce from Trade Commissioner Perry J. Stevenson, Johannes
4,230,300.00
3,339,700.00
South Africa.
has not been registered in
If the local subsidiary of a foreign company
3,339.700.00 14,261,990.19
basis on which the tax will be
South Africa on or before Jan. 1 1927, the
the American or other
d will be the total registered capital of
1,497,894.37 compute
889,798.40
3,834.86 foreign corporation.
S. Japan—Miscellaneous deliveries
Total Rumania
3123
77,574,217.79 154,491.222.61
y Contribution: This is
Note.—Recelpta—Rem 2 (b)—Supplementary Budgetar
t dated Sept. 8 1926 with the
the first installment received pursuant to an agreemen
of
fixed payment 300 million gold marks
Finance Minister of the Reich under wihch a
ed for a total contingent liability
payable during the third annuity year was substitut
and fifth annuity years.
of 500 million gold marks payable in the fourth
Kemmerer Reports Progress in Ecuador.
financial
Professor Edwin W. Kemmerer, at present
13 on the
Dec.
on
Balboa
at
arrived
r,
Ecuado
to
adviser
from Colon
steamship Essequibo and sailed late in the day
cablegram
A
at
home.
mas
Christ
spend
to
York
New
for
said:
ght)
(copyri
this
ng
reporti
s"
"Time
to the New York
to con-
he will return to Ecuador
After a fortnight in the United States
ation of that country, in which
tinue his efforts for the economic rehabilit
experts.
he is being assisted by a corps of American
progress was being made,
Professor Kemmerer reported that excellent
ent. He expects that his
with the co-operation of the Ecuadorian Governm
March. He will then go
part of the work will be finished in February or
ent of that country.
to Bolivia to perform a similar task for the Governm
it is reported that
Although he has been in Ecuador only a few months,
circles. The exchange
confidence has been largely restored in business
the dollar.
rate of the sucre has risen to 4.75 from 5.75 to
t Cider!, who is
While here Professor Kemmerer called on Presiden
fiscal improvements in the
make
to
services
Interested in obtaining his
administrationof Panaman affairs.
Army,
Marshal Pilsudski of Poland Calls for Efficient
Saying Europe is Not Yet Ready for Disarmament.
t
"Conditions in Europe at the present time do not warran
the abolition of armaments, and so long as there is the
necessity for an army we might as well have a good one,"
$20,000,000 Berlin City Electric Co. Bonds
Marshal Pilsudski is reported as saying at midnight Dec. 16,
Oversubscribed.
in what the New York "Times" Warsaw correspondent
by Dillon, Read & Co. and including
headed
te
t
syndica
The
A
accoun
Sejm.
the
e
to
visit
a
surpris
as
es
describ
, Stuart & Co., Inc., International
Halsey
Co.,
&
ten
Hallgar
(copyright) continues as follows:
es
Mendelssohn & Co., Amsterhis
first
and
constitut
occurs
Inc.,
t
Acceptance Bank,
The half-hour speech in which this statemen
public war utterance since the revolutionary days of May, and is fraught dam, on Monday offered at 98 and interest, to yield over
with the highest political significance, perhaps reconciliation with the Sejm
$20,000,000 25-year 63'% sinking fund debentures
and the consequent destruction of the new Opposition group. This group 6.65%,
overes
the
on
constitut
Oppositi
and
of the Berlin City Electric Co., Inc. The issue was
was formed under M. Dmowskt, Its leader,
is the second issue of
This
g.
party which contains all the enemies of the Marshal.
offerin
of
day
the
bed
subscri
The occasion of the dictator's visit to the heretofore despised Sejm was
this company placed in the New York market
the critical committee discussion of the War Department appropriationS securities of
its docile passage
In the budget for the first quarter of 1927 following
the present year, a $3,000,000 note issue having been sold
ten
yesterday.
early in February last by a syndicate headed by Hallgar
The committee was sparsely attended and was sitting at a late hour in its
been
has
portion
tial
substan
a
issue
in, causing consterna- & Co. Of the present
room in the Sejm when the Marshal suddenly strode
send of a table and
tion among the members. He took a modest seat at the
withdrawn for simultaneous offering in Europe by Mendel
s in the building that
clubroom
party
the
wide
through
MaatHandel
e
word went far and
andsch
Nederl
dam;
Amster
packed to suffocation. sohn & Co.,
he had arrived and within a few minutes the room was
he wanted schappij, Pierson & Co., R. Mees & Zoonen, and others.
The Chairman, after a short interval, asked the Marshal whether
to make a statement.
Further data concerning the offering and the company are
Chairman Adjourns Meeting.
our "Investment News" Department, p. 3180.
"Certainly; that is why I took the trouble to come here," replied the given in
Marshal; "but I cannot say anything in a stuffy box like this."
Obedient to the wishes of the Marshal, the Chairman adjourned the
meeting for a late night supper, after which the janitors were routed out and
the great assembly hall was put into shape for his appearance, a flagstand.
draped table being installed in front of the speakers'
The members of the Budget Committee were assembled and the room was
of the Diet. The
halls
the
in
seen
seldom
an
assembly
soon packed with
Marshal, smiling, entered with the members of the committee and took
of
his seat with them at the table and listened to a faint condemnation
of the entire national
the large army appropriation, constituting one-third
expenditures.
The Marshal then rose and gave an analytical account of the army
appropriation containing generalities concerning the situation in Europe.
ment to any
He expressed the belief that no country is ready for disarma
it is useless for anybody
great extent at the present time, and declared that
to maintain an army unless It is an effective one.
Heavy
Portion
Reported on
Oversubscription
d
Province of Buenos Ayres Bonds Offere
in Holland.
of
The portion of the recent offering of $24,121,000 7%
external sinking fund gold bonds of the Province of Buenos
Aires reserved for issue in Holland was offered for subscription in Amsterdam on Dec. 16. A heavy oversubscription was reported, allotments of 2% being made. The
American issue was made through a syndicate headed by
the First National Corp. of Boston, White, Weld & Co.,
Co.
Hallgarten & Co. and Kissel, Kinnicutt
3124
THE CHRONICLE
[VOL. 123.
Former Gov. Lowden of Illinois Befor
e American Farm cotton states must produce 4,000,000 bales of cotton less
next year than the normal average
Bureau Federation Urges Creation of Feder
crop." Mr. Dunlap in
al
pointing out the urgency of crop
Farm Board to Handle Surplus
diversification declared
Crops.
that the system of crop diversificat
Indicating anew his proposals in
ion must be more unibehalf of the farmer, versal
ly applied if farm people are to reliev thems
Frank 0. Lowden,former Governor
e
elves of
of Illinois, in addressing the
danger of facing a season of loss." The follow
on Dec. 8 the American Farm
ing is
Bureau Federation, pro- from
his address:
posed the creation of a Federal
Farm Board, whose duty
The
Americ
an farmer is not asking for, is
would be to determine if a surplu
not entitled to, and
s is being produced in any accept subsidies or
charities, but he is asking, and has right will not
crop, if this crop is being sold below
a
to expect
cost and if the growers that our economic structure shall be so remodel
ed that he may secure
of this particular crop are sufficiently
for investment and labor returns
commen
surate with industrial and comorganized co-operatively mercial enterprises.
to be fairly representative of all
the producers of that product.
I am certain this agricultural proble
m will be solved on this basis. It
Mr. Lowden contended (we quote
from the Chicago "Journal will be solved because practically everybody in these United States is
of Commerce")-that "if there
trying to solve it; the butcher,the baker,
the candlestick maker,the banker,
were not surpluses in som9 the
merchant, the manufacturer, the
years, there would be a deficiency
professional man, the economist,
in others, and the world the politician, the statesman,
and, finally, and most important, the farmer
would be lacking in sufficient food
and clothes. If, however, himself. The farmer through many farm organizations and individ
ually
has tackled the problem. With such
the farmer alone must bear the crushi
universal interest in agriculture the
ng burden of a surplus, problem can and is sure to
be solved. It will not be properly
under the slow operation of
solved,
economic laws, the time will however, by making the question a political one. It
will not be properly
come when there will be no surplu
by one part of the country arraying itself
s. In the interest, there- solved
against
the
other.
the
East against the West, or the North
fore, of society as well as of the
against the South, or by any comfarmer, we must contrive bination of these
sections of the country. Neither will
some methods by which the surplu
it be solved by
ses of the essentials of life marshalling the consumer against the producer. Neither will
it be solved
shall become a benefit to him who
by one farm organization pulling one
way and another in the opposite
produces them and not a directi
on, and still others
burden."
crosswise. It cannot be solved in the interest
of one, two, or three farm commodities
disregarding all others. All must
be considered together.
To you members of this convention, it
is needless to reiterate the fact
that farm prosperity means prospertly for
ex-Governor followed with an
the great bulk of American
exposition of what Brazil has done business. Indeed, there
for the coffee growers throug
are
very
few
of
the
manufacturers of the United
h its valoriz
has done for the grower of rubber. ation plans and what Great Britain States who could say that their business is not greatly affecte
d by any
He declined to accept the decrees fluctuations in farm
of the economic fundamentalist
prosperity. Of course your field of manufac
s that the law of supply and demand is a is far more closely
turing
allied to agriculture than the great majorit
sacred cow that must be worship
y of manuped. He said he was advocating none factures. Your
prosperity is absolutely dependent upon
of these plans, however, but he outline
the seasonal
d the functions of a Federal Farm success of the farmer
Board as follows:
with his crops. Probably no business has
suffered
more than yours during the recent agricut
ural depression. It is important.
Powers Given to Control Board.
therefore, that you realize the common ground
The board would be vested with
which lies between you and
the power to inquire into certain facts. the actual tiller
of the soil. With that as a background, let
Those facts are:
us proceed
to discuss some of the important points of interest
Is there a surplus of some basic farm
which lie in that common
product? Does this surplus depress ground.
the price below cost of product
ion with a reasonable profit? Are the
In the South the cotton fields have furnish
growers of that product sufficiently organiz
ed the very element of existence
ed co-operatively to be fairly of the whole people
representative of all the producers of that
for many years. Although the time is rapidly approac
product?
hing
when industries and manufacturing will
If the board finds that all these questio
diversify the activity of the
ns must be answered "yes," Southern States,
It is empowered to authorize co-oper
cotton will always have a vastly important place
ative action to take control of the economic
in
the
structure of the South. There is facing the cotton
surplus. The only aid from the Govern
producer this
ment that the co-operatives year one of the
most serious problems which he has ever had
would require would be that the Govern
to meet. With
ment should distribute among 17,000,000 bales
all producers of the particular commod
ity the cost to the co-operative that his bumper of his product offered to the world for sale, he has found
body of handling the surplus.
crop will return to him scarcely enough money
to pay him
for his cost of production. There
Neither the Government nor the board
has been no more interesting and imwould determine the price. portant piece of
Nor would even the co-operative organiz
agricul
tural
relief
from
an
adminis
trative
standpoint in
ation itself fix the price in any all the history of
the country than the effort which is being
other sense than industry general
made to dispose
ly determines prices. It, like every of the abnormal
surplus in cotton this fall.
other industry, would study all
the conditions and from time to time
The President's Cotton Commit
decide upon a price that conditions
tee seems to have solved the problem
would seem to warrant.
or at least to have discovered a
It would simply enjoy the advant
means of solution. The Committee was
ages that come from organized selling. appointed to investi
gate and recommend a plan for the disposal of
this year's
Advances by Government.
surplus cotton. A thorough tour of the
Southern States resulted in the
Mr. Lowden gave a practical
illustration and said that if the cost to adoption of a State corporation for each
of
those
the co-operative member of orderly
States interested. These
marketing could not be met by bank corporations are composed of business men, farmers
and others, who with
loans against warehouse receipt
s the Government could safely advance their capital stock strengthened by a 10 to 1
credit from the Intermediary
any balance needed and the securit
Credit banks, will buy 4,000.000 bales. The problem
y for the advance would be perfect.
seems to have been
The speaker denied that such a
plan would be followed by increased well met, and the Committee deserves great credit for
its work.
production and that the argument
that high prices would stimulate agriBut now the question is, after relief has been obtained, what
cultural effort does not apply.
will be the
He contended the farmer's expenses are benefit from this experience? A crisis will have
been met but that does
nearly constant, including
his overhead, and when prices are low he must not establish the probability that the same
happy outcome could be achieved
increase his acreage of cash crops
to meet his cash outlay, even though every year. It is evident that the four-million bale surplus
he knows he is not receivi
which is being
ng in return the cost of production. The more stored this season for sale within 18 months
will still be on hand and must
desperate his financial situati
on, he added, he more he is inclined to reach be disposed of then. If every year there should
be a bumper crop with a
maximum production until he has
reached the very end of his resources. surplus to be disposed of through storage, any
one could see what would
And new capital as a means of
larger production will not be sought unless happen. The only possible means of permanent
relief is for reduction in
the rewards are high.
acreage of this crop so that the probable yield would
not exceed the market
The result sought, he said,is price stabiliz
ation and therefore stabilization demands at a price sufficient to pay a profit. If
the plan Is to work satisof production. Wide price fluctua
tions, he believed, always result in factorily the cotton States must produce
4.000.000 bales of cotton less
loss to producer and consumer alike.
They benefit only the speculative next year than the normal average crop.
middleman. The tendency in America
has
In discussing reduced production. there Is a very import
bilization except in agriculture, and recent long been toward price staant phase which
variations on the prices of appears to me as particularly interesting to you manufac
farm products were cited.
It is this: I feel that the means whereby the cotton- turers of fertilizer.
raiser may secure a
profit for his time and work is not only a reduced acreage
Solution Must Be Found.
, but a highly
In conclusion, Mr. Lowden said:
increased per acre production. Let me illustra
te. Suppose he grows 100
"It may be That there is a better solution
acres
of cotton this year. with an average yield of 200 pounds
of the problem than the one
per acre, his
I have suggested. I am not insisting on any
particular remedy. I say net cost of cultivating, planting, harvesting and ginning amounts to exactly
only that there is a farm problem of the gravest
importance and that a 16 cents per pound, according to the 1925 statistics taken from a census
solution must be found if we would preserve our
of over 1,400 cotton farmers.
civilization.
"There are many earnest men who believe
Now suppose he grows 400 pounds to the acre, according
there is no solution. I
to these same
come across them with increasing frequency.
figures
his net cost of production is reduced to 10c. per
They say that there has
pound. Then in
always been a conflict between rural and urban
civilization; that in this case he grew 600 pounds an acrea he finds that the net cost has been still
conflict rural civilization always has gone down;
that there is no reason further reduced to only Sc. per pound. In other words, the proportion is
why we should be an exception to the general
rule: that a decaying agri- this—if he triples his production per acre, he has cut his cost of production
culture always has marked the first stage in the
decline of a nation's in half. These figures are ample proof of the maxim that in order to lower
greatness, and that we are helpless in the grip of
this relentless law of the the cost of production an increased yield per acre must be obtained. Now
rise and fall of nations.
suppose that next year he plants but 25 acres
and instead of getting an
"I cannot yield to this gloomy view."
average yield of 200 pounds to the acre on 25,
he makes 400 pounds to the
acre. That means on 25 acres he produce
s just one-half as much cotton
as he produced on a 100 last year. But
Assistant Secretary of Agriculture R. W. Dunlap
there is a difference of 4c. per
on pound in the cost
of production. His cotton will cost $2,200 less
Situation of Problem for Disposal of Surplus
to produce
than it cost the preceding year.
Cotton—Reduced Production and DiversifiThen there is the matter of diversification
of crops which has come in
for considerable attention among such areas
cation of Crops—Use of Fertilizers.
as have always been extremely
well adapted to some particular crop.
The Northwest has always grown
The fact that the President's Cotton Committee seems to wheat.
There is the corn belt where for a long
time corn was the sole
have solved the problem for the disposal of this year's major crop. The South in many areas
grew
surplus cotton, was referred to in an address at Atlanta on pended upon it for the entire source of income.nothing but cotton and deWhere such conditions exist, there is bound
Nov. 9 by R. W. Dunlap, Assistant Secretary of Agri- sudden
to be
reverses. The Northwest had its seasons a potential danger of
of wheat failure. The
culture, before the National Fertilizer Association. Mr. corn belt had similar
experiences. The South felt the
ravages of the boll
weevil. This all means that the
Dunlap pointed out that it is evident that the 4,000
system
of
crop
diversif
ication must be
,000 more universally applied if farm people
are to relieve themselves of the
bale surplus which is being stored this season for sale within danger
of facing a season of loss.
18 months will still be on hand and must still be dispos
the next few years Southern farmers
ed of theDuring
are to realize more than ever
necessity of growing more than one crop.
then, and that "if the plan is to work satisfactori
The Department of Agricully the ture is fostering an extensi
ve educational program along this line.
There
From the advices to the New York
"Evening Post" we
take the following regarding Mr.Lowden's
further arguments:
The
DEC. 18 1926.]
THE CHRONICLE
is also a broad principle which we must face and whichwI have mentioned.
That is the necessity of taking out of cultivation considerable areas in order
that the total production of certain crops may be reduced as the only
means of keeping price levels at a high enough place to insure profit for
the producer. The cotton farmer, if he is to curtail his acreage of cotton
this year will want something to put on that ground. That is going to
require a concerted effort on the part of every grower in the South. His
salvation is going to be in himself. There is no agency prepared or willing
to undertake the enforcement of any such regulation if such were to exist.
It is a matter of education. Such an association as yours will be able to
do much in circulating the theory of crop diversification through Southern
agricultural States.
As to the use of fertilizer Mr. Dunlap in part stated:
3125
Annual Convention of American Farm Bureau Federation—Operation of Farm Loan Banks Condemned—
Resolutions Embodying Taxation Views, Farm
Proposals, Opposition to Branch Banking,
&c.
At its annual convention in Chicago on Dec. 7-9, the
American Farm Bureau Federation adopted 27 resolutions,
that dealing with taxation proving to be the only controversial one, says the Chicago "Journal of Commerce," with
the exception of one, it says, condemning the operation of
the Farm Loan banks. According to the paper quoted,
taxation, State instead of national, split 1,500 farmers wide
open at the closing session of the convention. Regarding
the resolution offered under the head "Suggested State Tax
Program," the "Journal of Commerce" says:
The use of artificial soil fertilizer has been practiced in agriculture for
many decades. Probably as early as 1925 a few farmers in Maryland began
testing the Peruvian Guano, which had been commercially imported. The
results were so attractive that depleted soils all over the eastern part of the
country were built up in the years which followed. From that date to the
present time there has been a steady growth in the uses to which commercial fertilizer has been put. The fertilizer industry has grown to such
an extent that now there is an annual sale of approximately 2300,000.000.
It looked innocent enough and sounded all right when it was read by
With the ever increasing population of the country, growing emphasis is the Chairman of the resolutions committee, but in five minutes it became
bound to be placed upon intensive rather than extensive farming. That apparent that it was loaded with enough dynamite to blow each of the
simple fact immediately gives rise to the inevitable necessity for growth in 32 voting delegates in 32 different directions and the Chairman straight up
the fertilizer Industry. Many investigations in this field have been made by in the air.
the Department of Agriculture. At present, among the more notable
Favors Other Than Property Levy.
investigations are those dealing with manufacturing, such as nitro fixation
The resolution as finally adopted says that, inasmuch as present methods
and the utilization of organic waste products.
of State taxation are insufficient, and that there appears to be no hope of
In the past it has been the custom to add peat, ashes, sand and other reduction in government costs, sources of revenue other than the property
low-grade or inert material to fertilizer mixtures to improve their physical tax must be made available to meet government costs and that ability to
condition. In many cases this is necessary, because when salts like sodium pay taxes should be the major consideration in deciding what methods of
nitrate and ammonium sulphate are used in the mixture they absorb taxation be adopted.
moisture from the air in damp weather and cause the fertilizers to become
A State income tax is recommended as well as a reclassification of propso caked and hard that they must be reground before being applied to the erty. The resolution declares that "the State government might well be
soil. Such a condition has compelled the manufacturers to include in their supported wholly by taxes other than those on real property, leaving such
product materials which are of no value to the farmer and which have real property for support of purely local governments." This proved to
Increased the cost of manufacture, storage, bagging, freight, handling, and be too big a bite for many of the delegates to swallow and thetrouble started.
other items, over what it would be if no filler were used.
But when the smoke of the battle had cleared away,this provision remained
Such problems have led the department to investigate with a view to
in.
percentage
improving fertilizer mixtures, so that they will carry a higher
States were urged to adopt the principle of amortization and a "pay-asof plant food constituents in the form of concentrated materialajand at the
you-go" policy on public improvements. Equalization was declared to be
same time will not harden and cake. These investigations have led to the of vital importance since it would lessen the rate on farm land and increase
manufacture of high-analysis goods, and later to concentrated fertilizers. the rate on other properties.
The ordinary fertilizers now on the market have an average analysis of
Hits Tax-Free Bonds.
about 15 or 18%. High-analysis mixtures are those which carry between
20 and 30% of the plant-food constituents, which concentrated fertilizers
luxury and consumption taxes," the resolucorporation,
"Inheritance,
are those which carry 30% and more of the fertilizing constituents. In tion declares, "are all means of discovering other sources of revenue than
relation to economic farming these researches relative to high-analysis, and property tax and of avoiding the difficulties encountered when additional
especially concentrated fertilizers, will make it easy for farmers to get better revenue is sought by classifying property for purposes of taxation." It
fertilizers and cheaper elements of plant foods, thus enabling them to lower advocates fewer exemptions, elimination of tax-free bonds, establishment of
crop-production costs.
budgetary systems for local and State governments, and winds up with this
In studying the fertilizing mixtures, especially of concentrated fertilizers, recommendation:
the Department found that the physical condition of these mixtures could
"Efficient organization and administration of local governments have
be greatly improved at little or no expense by a slight modification in the proven to be factors in lessening tax levies. Larger units of administraprocess of their manufacture, giving a product in the form of small spherical tion, the manager system in administration affairs, the elimination and
grains.
combination of offices, watchfulness on the part of tax-payers in budget
It was also observed that the properties of concentrated materials could be making and budget expenditures and similar features, are means to accommanufactheir
of
still further improved by combining them in the process
plish more efficiency in local governments. Care should be exercised, howture with certain other fertilizer compounds of mineral origin. These new ever, in developing this item that our features of representative democracy
materials do not absorb moisture from the air, they are easy to handle, and be not lost in the effort to reduce taxation."
the resulting mixtures can be readily applied or drilled in the field with the
Many of the delegates took the position that it is neither the right, privgreatest uniformity. By the proper selection of these new concentrated ilege nor prerogative of the Federation to suggest to the States what they
plant
of
75%
carrying
fertilizers
materials, it is possible to prepare mixed
should do in the matter of taxation. Others, however, insisted that. inasfood constituents, or five times as much as that carried by the average much as the farmer bears a considerable portion of the cost of State governcomplete fertilizer.
ments, he should be listened to with attention. And so they spoke.
That the value of fertilizers in increasing plant growth is not diminished
As to the other resolutions, the account says:
of
Bureau
the
of
tests
field
the
by
shown
is
by increasing their concentration,
One resolution demanded that this session of Congress start immediate
Plant Industry and by such practical demonstrations as those recently made
of a comin the State of California. where a new world's record per acre yield of po- work on legislation to deal with the surplus problem. Reports
tatoes was recently obtained with a concentrated fertilizer containing 47% bination between the West and South, between cotton growers, hog raisers
of plant food. In the particular test referred to, the average yield of pota- and corn producers, apparently had their foundation in this resolution.
toes on 9 acres was 1,001 bushels, the highest on a single acre being 1,038 which was nothing more than a reiteration of the demand that Congress
provide a Federal farm board, administering an adequate revolving fund,
bushels.
In the investigations of phosphate resources improved methods of manu- with whose co-operation surpluses can actually be handled by co-operative
facturing are now being studied in the Department of Agriculture. Phosphate agencies created by the farmers.
Point number two in the surplus resolution called for a distribution'of
material comprises about two-thirds of all the fertilizer used in the United
States annually. The principal aims in this field at the present time are, the costs of managing surpluses just as broadly as the resultant benefits are
first, to learn better methods of manufacture, and second, to discover ways distributed, that is, over each marketed unit of a particular commodity
in which vast quantities of low-grade rock can be utilized as sources of phos- through an equalization fee.
phorus or phosphoric acid.
Favor Muscle Shoals Deal.
The economy involved in the fertilizer work of the Department of AgriculThe resolution dealing with the Muscle Shoals question, which was
ture may be illustrated by referring to acid phosphate. This country conany
sumes annually about 3,800.000 tons of acid phosphate. The average also expected to create more or less argument, went through without
freight bill on this phosphate material is approximately 22 70 per ton, or a uproar. The farmers called upon Congress to approve the proposal made
the
that
demanded
total annual freight bill amounting to about $10,260,000. In terms of this year by the American Cyanamid Company and
concentrated materials made according to the new process developed by the Government's policy, when finally adopted, must contain among other
Bureau of Soils, this would mean 978,000 tons of concentrated material features the following: A unit lease of the power, fixation plant and accesat
instead of 3.800.000 tons, and a freight bill of only $2,635,000 instead of sories; a fifty-year term of lease; the production of fertilizers containing
patented
210,280,000—a saving of approximately 27.825.000 annually. Thus science least 40% plant food; the elimination of royalties for the use of
with
In this particular line of endeavor is effecting a great saving to the farmers air-fixation processes; the use of nitrate plant No. 2; a farmer board
of the country and to the fertilizer industry, and at the same time is conserv- adequate functions in regard to cost factors in manufacturing fertilizers,
and relative to the geographical distribution of same; no separation of power
ing a great natural resource.
The next important studies in the department concern the fixation of from fertilizer production; a rapid progress to the annual capacity production
that
nitrogen. This element is obtained from the air, which is the only permanent of the project, and definite assurances without possibility of evasion
source in the world. It must be put, however, in the same form where the project will be devoted in peace times to the fixation of atmospheric
plants may use it and the process has long been recognized as one of the nitrogen and the making of fertilizers.
marvels of nature. We have a Government laboratory the purpose of which
Farm Loan Banks.
is to fix nitrogen as synthetic ammonia, and new processes are being
The farmers bitterly condemned operation of the Government land banks.
developed. The importance of nitrogen ass fertilizer is wellknown ofcourse
efficiently as the farmers have
to every man who is acquainted with modern agriculture. The interest in declaring that the "system is not operating as
unsympathetic administration of the law
our independence of foreign countries for its production has led to the recent a right to expec , owing to an
interference by the Treasury Department
agitation in favor of establishing a huge manufacturing center for it at by the Federal Farm Loan Board,
vest control of the system in the hands
Muscle Shoals, Tennessee. No matter what the outcome of the Muscle and the failure of the Government to
Shoals matter, I believe we can safely say that the United States in order of its farmer owners."
President of the Federation appoint
the
that
The resolution recommended
to protect its own interest must have something somewhere which will
and operation
a committee to make a study of the system,its administration
answer the purpose intended in the Muscle Shoals project.
credit needs of aviculture, and to recommend
Potash is another major fertilizer material. The world's greatest supplies and its relation to present
changes in administration.
are those of France and Germany; but it is a long way from Europe to the necessary legislation and
Another attack at the Administration was voiced on Federal taxes. Defarms in the United States, so that we in this country, feel a dependence
was created in times of prosperity and that
debt
Federal
the
that
on a far-away source, which in time of War may be entirely cut off. It claring
liquidation would be equivalent to doubling the burden, the
would be a great boom for us Americans if the United States could become to delay its
for years to come of income over expenses
independent of foreign sources of potash. Here again the Department of farmers insisted that "any excess
the debt burden of our country rather than re
Agriculture is taking a far-ahead look into the possibilities of developing should be used in lessening
who paid."
corporations
and
funding it to persons
a potash industry in America.
3126
THE CHRONICLE
[vol.. 123.
Legislation to preserve the competitive features
of price-making at the
The remarks of former Governor Lowden are referred
livestock centres and to permit co-operat
to
ive llvestock marketing associations to deal directly with purchasers of
livestock was approved. A law in a previous item.
was also urged to permit co-operative
marketing associations to obtain
seatelon boards of trade other than
contract markets without sacrificing
their co-operative features.
Central Agricultural Finance Corp. Organi
zed in
On freight rates the farmers contented
Memphis Begins Operations.
as favoring an equitable revision of the themselves with going on record
entire freight rate structure in acThe Central Agricultural Finance Corp.—known
cordance with the provisions of the
Hoch-Smith resolution.
as the
Memphis cotton pool—began functioning on Nov.
Advocate Merchant Marine.
30.
As announced in our issue of Nov. 13 (page 2471)
The maintenance of a permanent
merchant marine was declared to be
the
of vital importance to the farmer and
its operation under American owner- corporation has been formed with a capital
of $2,000,000,
ship was demanded.
its purpose being to take 400,000 bales of cotton
Rapid completion of the St. Lawrence
from the
-Great Lakes waterway was urged
and inland river development advocate
market, lending the farmer nine cents a pound,
d.
on the
Other resolutions lauded the Departme
nt of Agriculture, called for sup- basis of upland middling and carried for 18
months. A
port of the movement looking to a
better understanding between agricul- reduction of 25%
in acreage is one of the objectives of the
tural and other groups, reaffirmed
the efficacy of co-operative marketing,
pledged support to plans for checking
the westward march of the corn borer, corporation. L. K. Salsbury, President of the corporation,
demanded protection for the American
dairy industry against adulterants described as follows the operation of the
and substitutes, urged Congress to
pool, and the
retain ownership and control of storage methods
whereby the farmers may enter, according to the
dam sites as a check on exploitation,
expressed opposition to branch banking,supported the restricted immigrat
ion policy,favored the continuation of Memphis "Commercial-Appeal" of Nov. 28:
a scientific study of the tariff,
1. We will be permitted to loan on notes
opposed the child labor amendment to the
secured by cotton offered
Constitution and commended highway
to this corporation where it appears to the
construction.
satisfaction of the corporation
that the makers of such note or notes are
At its session on Dec.8the Chicago "Journal of Commer
the producers of the cotton
ce" offered as security, or that
the makers are persons who have used the
says the following recommendations were suggest
ed for relief proceeds for financing the productio
n of cotton or defraying indebtedness
for the American agriculturist:
arising from such production, provided,
of course, that this provision
1—Revise the Tariff Law for the farmers' benefit.
shall not be extended to any person for
financing the purchase of cotton
2—Control surpluses.
for speculation therein, and there must be
attached to said note a cer3—Develop waterways.
tificate of some character by some person,
certifying to the above facts,
4—Adjust production to consumption.
so that this corporation, in passing on said
note or notes to the Federal
5—Organize for power.
Intermediate Credit banks can certify to said
facts.
2. This finance corporation will loan nine
We also take from the same paper the following:
cents per pound on basis
middling, upland, white cotton, increasing the
loan on strict and good
Stress Farmer's Ability.
middling, and decreasing it on strict low and low
middling.
Both on the platform and off these ideas predominated.
3. There can be no loans made under the present
Underneath
agreement by this
them all, however, there was an undercurrent of belief
that the salvation corporation on any cotton,but tenderable cotton, which means low middling.
of the farmer lies in the hands of the man "best qualified
white
cotton
and
up.
to bring about
that salvation—the farmer himself."
Procedure Described.
This latter thought was voiced, not in a speech, but in an
This corporation will loan to a farmer direct,
interview in the
or to other people who
halls, by L. J. Taber, Master of the National Grange, a guest
of the conven- have furnished money as set out in Article I. Applicati
ons will be furtion.
nished to the prospective borrower. He can
make
this application him"The Grange's idea ofrural relief," Mr. Taber said,
"is that the farmer self, through his bank or merchant, or other
person as above specified:
needs to help himself more than he needs legislation. He needs
legislation actual samples of this cotton will be drawn from each bale and
In exactly the same way as business needs it. but no more."
passed
on by reputable factors of this district, under
. ..
direction of the cotton comMr. Taber declared he strongly favored team work
in efforts to solve mittee, already established, to wit: Leon
the farm problem. As the first step toward this
Sternberger, Raphael Bryan,
goal he said that the Na- J. P. Norfleet, Paul Dillard, P. Stenning
Coate, R. B. Barton, Harry
tional Grange has invited officials of the Farm Bureau
Federation and of Thompson, Harry Ramsey, which factor must
the Farmers' Union to meet with the Grange in
staple. grade and guarantee
Washington in January to same on each warehouse receipt, and
then the warehouse receipts attached
formulate some sort of program.
to the note, which will be discounted by this
corporation: (a) Such notes
Mr. Tabor agreed with President Coolidge that
the situation of the having a maturity of 18 months, may
be discounted with the finance
farmer is gradually improving, but he said that
equalization of the tax bur- corporation, interest on the notes to
be permitted to accrue until maturity,
den and freight rates, as well as development
of inland waterways and a without payment being required
by
the said corporation at any time
revision of the tariff laws, would accentuate that
prior thereto; (b) or these notes may be
improvement. . . .
drawn so as to cover not only the
Dr. B. W. Kilgore, Chairman of the board
of Trustees of the American original advance made by the finance corporati
on, but in addition such
Cotton Growers' Exchange, Memphis, Tenn.,
one of the speakers at the expenditures as the corporation may find it necessary
morning session, told the farmers that
to make for carrying
establishment of effective machinery charges, such as storage, insurance, weighing,
transportation, sale expense,
for adjusting production of cotton to
consumption is the solution of the which amount, however, shall be added to the note
and not deducted
problem of the cotton planter.
from the advance of nine cents a pound heretofore stated;
(c) there will
be
margin
no
called
of
0
nivn•nntn*
te
,
"al this lean.
Legislation Is Favored.
Dr. Kilgore proposed either Federal or
State legislation to provide the
means of establishing the necessary machiner
y. Dr. Kilgore painted a Arkansas Cotton Growers Co-Operative Association
doleful picture of the condition of the cotton
growers, who in two years
to Form Long-Time Pools to Aid in Retiring
have seen cotton prices drop 50%, due
to over-production, until to-day the
market brings about one-third less than the
4,000,000 Bales of Cotton.
cost of production.
At the opening session Sam H. Thomps
on, President of
the American Farm Bureau Federation, declare
d that "there
will .be no wavering in the campaign for passage
of legislation designed to relieve the farmer from the
unjust punishment which he suffers through the production
of a surplus
of farm products in response to the demands of
natural conditions." The New York "Times"in quoting Mr.
Thompson
to this effect also said:
In announcing plans for the formation of long-time
pools to aid in retiring 4,000,000 bales of the present cotton
crop, and the proposed formation of an association to be
known as the Cotton Growers' Co-Operative Association,
the Arkansas Cotton Growers' Association issued on Dec. 2
at Little Rock, the following statement, according to the
Memphis "Commercial-Appeal":
At a meeting of the board of directors of the Arkansas
Cotton Growers
Co-Operative Association on Nov. 30 in Little Rock,
• He urged partiaularly that nothing be done
it was decided to
to hinder the co-operative mar- formulat
e long-time pools, to aid in retiring 4,000,000 bales
keting movement, which he said had performe
of the present
d a "vast service" with the cotton
crop. This following out the general plan as outlined the Memphis
aid of State and national legislation, even
in
though it had not effected com- meeting
in October, wherein it was recognized that the co-operatives were
plete agricultural stabilization.
organized and prepared to handle the retiremen
"The stabilization of agriculture," he added, "depends
t of this cotton, with the
upon making the least possible expense and
supply of basic farm crops balance with the demand
to the best possible interests of the grower.
in our most imporThe long-time pools devised by the association
tnat markets, at a fair and reasonably constant price."
are similar to our present
pools in many respects. The cotton will be
Mr. Thompson announced that the Federation was
classed and graded by the
planning a tour of same efficient classing
and grading department. The records will be
Europe by roe American farmers, starting on July 30,
who will travel handled in the same way
our present records are handled. The officers,
10,000 miles, returning on Sept. 26. They will devote their
attention to executive committee and directors
farm problems and methods.
of the Arkansas Cotton Growers' Association will direct the handling of the cotton
in the long-time pools.
Message From Lloyd George.
For
the
purpose
of
differenti
ating between cotton in our regular pools
This message from David Lloyd George,former Premier of
Great Britain, and the long time pools, a marketing
agreemen
was read:
t with an association known
as the Cotton Growers' Co-Operative Associati
"I am particularly glad to know that your people have followed
on has been decided upon
with in- The only difference is that "Arkansas"
tense interest and with approval my recent declarations on
has
been
left out of the name.
the land probImportan
points
t
in
the
contract:
lem in Great Britain. Farming all over the world presents
ce.tain prob1.
Any
grower
cotton
of
may
sign
the contract.
lems of a general character and every country has its own
special difficul2. The contract is for one season.
ties to face.
3. The signer may sign for any number of bales
"Hero the social difficulties are largely the result of lingering tradition
he pleases but can
s deliver more if he desires.
and a long course of national inattention. The policy of land reform
which
4.
Pools
closed
will
be
on
June
1
1927, and cotton must be delivered
has now been adopted by the Liberal Party necessarily reflects our
special before that time. However, the board of
directors may, in their discretion
conditions.
close the pools at an earlier date.
"The policy is being pressed with constantly increasing energy and
con5.
cotton
All
delivered
under this contract will be pooled with all other
fidence and there are on every hand welcome signs that the nation
as a cotton of the same staple, grade and
color delivered under this contract
whole will set itself with determination to create for the actual cultivato
rs and will be handled in our regular way,
of our soil a favorable instead of an adverse social and economic environbut will be kept entirely separate
from our ordinary pools.
ment. Our problem in general is three-fold: First, how to encourag
e
6.
Cotton
delivered
into these pools will not be offered for sale until
the good and competent farmer; secondly, how to
deal adequately with after July 1 1927, after which time it
will be marketed in an orderly way
waste and misuse of the land, and thirdly, how
to give every worker en the within the discretion of the board
of directors to obtain the best price
land a real opportunity of advancement and independ
ence.
passible. However,if for any reason the market
"We have to rid ourselves of an outworn system of land
advances to a satisfactory
tenure to rem •7 price before that time, the board of
a historical grievance. Your special differenc
directors has the privilege of selling. '
es are different from tura.
7.
All
cotton
of
season
any
prior
to 1927 may be shipped to these pools.
But I rejoice to think that we are united in working
along the same hues
8. An advance of six cents per pound will be made
for one of the greatest of sacial national causes."
on all picked cotton
(See paragraph 15.) When the cotton is
received, it will be graded,and
DEC. 18 19261
THE CHRONICLE
3127
A charter is to be applied for. It is expected that retirement of 1,250.000
classed, and the advance brought up to as high as eight cents basis middling,
direct bales of Texas cotton until better prices prevail will begin almost immeif the shipper desires. This further advance will be sent to him
When cotton is properly stored, the owner will be advanced 75%
diately.
by check from the office of the association, and is the limit that can be
of its value. Although the expected $5,000,000 for operation of the coradvanced until cotton is sold.
the organization is in a position to
e. Members of the long-time pools will have all the facilities the members poration has not been fully subscribed,
classing, function, it was announced. The Liberty State Bank has paid in its full
grading,
of
matter
the
in
have
pools
association
regular
the
of
storing, handling, insuring, financing, and record keeping, for which quota, officers said.
The directors present were John T. Scott, S. M. McAshan and R. M.
there will be the same charge as made members of our regular pools.
Farrar, Houston; Franz Groos, San Antonio; .1. A. Kemp, Wichita Falls;
Low Rate of Interest.
John W. Wheeler, Texarkana; Nathan Adams, E. S. Owens and J. A.
10. Let us call attention to the fact that the funds for financing these Pondrom, Dallas.
long-time pools are obtained from the Federal Intermediate Credit bank at
The formation of the corporation was referred to in these
their prevailing rate ofinterest, which at this present time is4 %. ThereNov. 20, page 2601.
columns
as
minimum,
a
at
are
costs
service
and
financing
fore the association's
compared to other holding corporations' costs.
11. Settlement on cotton shipped to long timo pools will be made as
Call Money Market.
receipts from sales enable the association to pay off loans on cotton, and
The following are the daily statements issued this week
distribute to the members from time to time. Final settlement will be
made when all cotton in the pools is sold.
by the New York Stock Exchange regarding the call money
12. We expect our members to deliver to our regular pools, but if any
should desire to hold a quantity of their cotton in the long-time pool, they market:
should write the office for information.
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
13. All mortgaged cotton will be handled in the same manner as in our Dec. 13—Renewal, 43%; high, 5%; low, 4%;last, 5%. Fairly active
day. Preparation for mid-month financing brought about
regular pools.
advance in rate.
14. A membership fee of $5 will be charged each member.
5%; high, 5%;low,5%;last, 5%. Funds were in free
14—Renewal,
Dec.
shipped
cotton
for
drafts
honor
to
not
instructed
15. Banks are hereby
supply at the renewal rate on a fairly active volume of transto long-time pools. until acknowledgement of membership, shipping
actions.
Instructions and tags have been received by the member from the office. Dec. 15—Renewal, 5%: high, 5%; low. 43%; last,
%. Temporary
accumulation of funds against Government financing and corBanks may accept contracts, but should not honor drafts against cotton
decline
the rate
a
in
about
brought
disbursements
office.
porate
the
by
acknowledged
been
have
contracts
in long time pools until
%. Moderate
Dec. 16—Renewal, 5%; high, 5%; low, 43.5%; last,
This is important.
of checks
the
return
pending
prevail
conditions
Easy
volume.
16. Until further advised, our regular form draft will be used by merely
for tax and other payments.
and
association
the
of
scratching out the word "Arkansas" in the name
5%; high, 5%;low, 5%;last, 5%. Ncrmal turnover.
17—Renewal,
Dec.
writing across the face of the draft "Long-Time Pool."
Money in supply all day at the renewal rate.
17. Contracts may be obtained in the office of the Arkansas Cotton
Statements of previous weeks have appeared weekly in
Growers' Co-Operative Association, or from the field representatives.
The purpose of the long-time pools is simply an immediate remedy for our issues since July 10 1926; last week's statement will be
the retirement of the surplus of cotton which is depressing the present found on page 2990 of our issue of a week ago.
general price level. As a co-operative association, we do not consider it
a function foreign to our regular system of marketing. However, we do
New York Stock
feel that the retirement of the surplus should not be handled as a temporary Goldman, Sachs & Co. to Rejoin
expedient only, but that permanent machinery should be set up by legislaExchange with Change of Firm to Co-Partnership.
tion to handle the exportable surplus of our domestic cotton crop every
With the change of Goldman, Sachs tt Co. from a joint
year. This would insure price stability and a more uniform flow of raw
material from production to consumption.
stock association to a co-partnership on Jan. 1, the banking
It would eliminate disastrous price declines due to efficient production house will again become a member of the New York Stock
and favorable natural conditions.
Exchange. Incident to the proposed change Sidney J.
Weinberg will become a member of the firm. Mr. WeinCreation of Carolina Cotton Finance Corporation
berg entered the employ of the firm as an office boy nineteen
A statement in explanation of the purpose of the newly years ago; he is already a member of the Exchange and his
created Carolina Cotton Finance Corp. was presented seat will be utilized in effecting the readmission of the firm
by its President, J. W. Simpson, at a meeting in Warsaw, to the Stock Exchange. The "Times," in noting this, says:
No. Caro., on Dec. 2 of Groups 3 and 6 of the North CaroGoldman. Sachs & Co. had membership in the Stock Exchange for forty
was formed by the partners and
lina Bankers' Association, called by President Fagan of years. In 1922 a Joint stock association
seat of Harry Sachs, the board member, was sold. Soon thereafter
the latter. The meeting, it is learned from the Raleigh the
Sidney J. Weinberg, who had been identified with the firm, purchased a
"News and Courier," was called for the purpose of becoming seat on the Exchange and organized his own investment company. By
taking him into the firm as a general partner, Goldman, Sachs & Co.
better informed and creating a larger interest in the cotton automatically
will be made members of the Exchange.
Cotton
Carolina
the
and
campaign
acreage reduction
Other members of the banking firm are Samuel Sachs, Harry Sachs,
J. Sachs and
Finance Corp. which has been created for the purpose of Arthur Sacks, Waddell Catchings, Walter E. Sachs, Howard
S. Bowers. There will be no other change in the organization.
taking the surplus cotton off the market. President Simpson Henry
Goldman. Sachs & Co. are bankers for more than half a hundred of the
of the Carolina Cotton Finance Corp. stated that the leading industrial corporations in the country, and recently have been
corporation is ready to lend money on long time to indi- identified as well with important foreign financing.
viduals, time merchants and bankers on the sole security
Stock Exchange Firm of Hofheimer & Lounsbery to
of cotton. The "News and Courier" account adds:
Admit Mrs. Arthur Hofheimer as Member.
to
18
for
the
cotton
of
value
The corporation will lend three-fourths the
36 months and freight, storage and interest will accrue rather than be
Jan. 1 Mrs. Helen Hofheimer will be admitted to
On
deducted from the amount borrowed. Mr. Simpson urged that the bankers
the firm of Hofheimer & Lounsbery, 52
assist in getting this information across and thus increase the usefulness membership in
of the corporation, which has been organized for the sole purpose of afford- Broadway. Mrs .Hofheimer is the wife of Arthur Hofheimer,
ing relief in the present crisis.
the floor member of the firm. It is stated that she has been
The following resolution, offered by Jno. S. Wesket of New Bern, was
interested in the brokerage business, directly or indirectly,
unanimously adopted:
Resolved, That Groups 3 and 6 in meeting assembled at Warsaw heartily for ten years or more.
commend and endorse the plan and work of the agricultural committee
of the association, the central committee for acreage reduction, and the
Carolina Cotton Finance Corp. and urge that bankers and farmers and
time merchants work together in retiring the present surplus of cotton
and the proper readjustment of acreage to a better type of diversified
farming.
The adoption of a resolution advocating diversified farming
and reduction of cotton acreage and pledging financial support in tiding farmers and supply merchants over the present
surplus crop situation marked a joint session of Groups
1 and 2 of the North Carolina Bankers' Association held
at Rooky Mount Nov. 30, at which also Mr. Simpson
indicated the purposes of his corporation.
New York Stock Exchange Rules Governing Dealing
in Inactive Stocks.
Secretary Cox of the New York Stock Exchange made
public on Dec. 10 the rules governing dealings in inactive
stocks. Reference to plans for trading in these stocks was
made in our issue of Sept. 18, page 1457. The plan will be
inaugurated Jan.3 according to Secretary Cox, whose notice
to members this week follows:
New York, Dec. 10 1926.
To the Members of the Exchange,
On Jan.3 1927,the Committee of Arrangements contemplates inaugurating the plan for dealing in inactive stocks, adopted some time ago by the
Governing Committee.
J. A. Pondrom Elected President of Texas Cotton
A copy of the Rules for Dealing in Inactive Stocks and a list of said
stocks are enclosed. This list 113 not to be considered as a final one. as It
Finance Corp.
I, possible that before the date upon which this plan is put into effect some
J. A. Pondrom, President of the City National Bank, of those stocks may become active and be removed from the list, and others
and be included thereon.
Dallas, was elected President of the Texas Cotton Finance not now on the list may become inactive
Committee requests members who desire to specialize in these stocks
Corp. at the first meeting of the directors on Dec. 7, accord- toThe
as soon as possible.
Committee
the
signify their desire to
Very truly yours,
ing to the Dallas "News," which says:
B. V. D. COX,Secretary.
Other officers elected were John T. Scott of Houston, Nathan Adams of
Dallas and J. A. Kemp of Wichita Falls, Vice-Presidents, and Sam Pondrom
The rules and list of stocks are furmshed as follows:
-Treasurer.
of Dallas, Secretary
The Following Rules for Dealing in Inactive Stinks are Made by the Committee
J. A. Pondrom, Nathan Adams and E. S. Owens, all of Dallas, were
of Arrangements under Paragraph Third (e) of Section 1 of Article X
named to the executive committee.
of the Constitution, and Sections 7A and 8 (h) of Chapter I
Suitable by-laws were adopted governing the operations of the corporaof the Rules.
tion and the terms and conditions upon which loans are to be made were
1. The unit of trading in stocks on the inactive stock list shall be 10shares.
agreed upon. These will be announced as soon as the necessary forms can
2. Transactions in 10 share lots or multiples thereof are to be printed
be prepared and passed upon by the executive committee.
on the stock tape and sheete.
The company is now ready to receive applications for loans.
3128
THE CHRONICLE
123.
3. Section 7 of Chapter I of the Rules (exclusive of Paragraph
B), and Kuppenheimer de Co. Inc.(B) (corn.)
Pittsburgh Utilities Corp.(7% cum. pfd.)
Paragraphs (a),(b),(c),(d), and (g) of Section 8. with
Do (pfd.)
respect to 100-share
Do (7% cum. pfd., v. t. c.)
Laclede Gas Light Co. of St. Louis (pfd.)
Iota of stock, shall also apply to stocks on the inactive
Do (7% cum. pfd.. new v. t. c.)
list.
Macy
(R.
H.)
&
Co.(pfd.)
4. The stocks on the inactive stock list, as designated by the Committee
Pittsburgh Youngstown & Ashtabula RR.
Mahoning Coal Railroad Co.
Co.
of Arrangements, shall be removed from the Post to which
they are now Manati Sugar Co. (pfd.)
Producers & Refiners Corporation (pfd.)
assigned and located at Post 21 North Wall until otherwise
Manhattan Shirt Co. (pfd.)
Rand Mines, Ltd. (Bankers Tr. ctfs. for
directed by Marlin
Rockwell Corporation (pfd.)
the Committee, and no other stocks may be dealt in at said place.
Am.shares).
Mathleson Alkali Works (7% pfd.)
Remington Typewriter Co.(1st pfd.)
5. Cards similar to those attached shall be used for filing orders:
May Department Stores(7% pfd.)
Do (2d pfd.)
Day Orders on White Cards
McCrory Stores Corporation(7% pfd.)
Rensselaer & Saratoga Railroad Co.
Mexican Northern Railway.
Week Orders on Blue Cards
Reynolds(R.I)Tobacco Co.(corn.)
Mexican Petroleum Co., Ltd. (corn.)
Month Orders on Salmon Cards.
St.
Joseph & Grand Is and Ry.Co.(corn.)
Do (pfd.)
Buy Cards to be printed in Black and Sell Cards
Do (5% 1st pfd.)
Michigan Central Railroad Co.
in Red.
Do (4% 2d pfd.)
6. Orders accepted by a speciallst will be filed in the cabinets
Milwaukee Electric Ry.& Lt. Co.(pfd.)
as follows:
Minn. St. Paul & Sault Ste. Marie (4% Sherwin-Williams Corp.(7% old. series
a. Alphabetically according to Stocks.
Leased Lines).
b. According to Price.
Simmons Company (7% pfd.)
Mobile & Birmingham RR. Co. (pfd.)
Simon (Franklin) & Co.. Inc.
c. As to the Time when the order is received by the file clerk
Montgomery,
Ward dc Co. (pfd.)
in the
Sixth
Avenue RR. Co.
Morris & Essex Railroad Co.
Inactive Stock Crowd.
Southern Railway Co.(M.& 0 etfs.)
Mullins Body Corporation (pfd.)
7. Orders will be filled according to the precedence of
South Porto Rico Sugar Co.(8% pfd.)
bids and offers in National Supply Co.
(PM)
the cabinets, said bids and offers to have precedence over all other bids National
Spalding & Bros.(A. G.)(7% 1st pfd.)
Surety Co.
and offers, except that verbal bids and offers may be made if not in conflict Newport News & Hampton Ry., Gas & Standard Wang Company (pfd.)
Standard
Plate Glass Co. (Did.)
Electric Co. (corn.)
with bids and offers in the cabinets.
Toledo Peoria & Western Ry. Co.
Do (7% pfd.)
8. Month Orders may retain their precedence in the month following
Toledo Railway & Light Co.
New
York & Harlem RR. Co.(con.)
Twin City Rapid Transit Co.(pfd.)
that in which they were filed,if such orders are confirmed with the specialist
Do (pfd.)
Underwo.d Typewriter Co.(PM)
at the end of each month,and confirmed by the specialist with the file
clerk New York Lackawanna & Western Ry.Co United Cigar Stores Co. of
America (pfd.)
New York Railways Participation Corp. United
at the same time.
Dyewood Corporation (corn.)
(receipts)
9. Each card must contain the name of the specialist who is designated
Do (pfd.)
Niagara
Lockport
& Ontario Power Co. United Ralways Co.of St.
to execute the order, and only those cards bearing the name of a member
Louis(5% pfd)
(pfd.)
Van Raalte Co., Inc. (pfd.)
actively engaged in the Inactive Stock Crowd will be rezeived for filing.
Northern Central Railway Co.
Vicksburg
Shreveport
&
Pacific
10. If an order is canceled, the card must be removed from the cabinets. Northwestern Telegraph Co.
Ry.(tem.
ctfs.)
Members are responsible for all orders contained on cards in the cabinets Norwalk Tire & Rubber Co.(pfd.)
Do (5% non-cum. pfd. tern. ctfs.)
011 Wells Supply Co.(pfd.)
Virginia Iron, Coal & Coke Co.(pfd.)
bearing their name.
Otis Elevator Co. (pfd.)
Vulcan Detinning Co. (corn.)
11. Cards containing Market and Stop Orders must not be placed in the Owens Bottle Co. (pfd.)
Do (corn. "A").
cabinets.
Pacific Coast Co.(1st pfd.)
Do (7% cum. pfd.)
Pacific
Mills.
12. The specialists in the Inactive Stock Crowd shall not be compelled
Do (7% cum. pfd. A)
Telephone & Telegraph (pfd.)
Warren Bros. Co.(1st pfd.)
to accept any order, but after an order has been accepted shall execute Pacific
Do (corn.)
Washburn-Crosby Co.(7% pfd.)
the same as required by these rules.
Pettibone Mulliken Co. (corn.)
West Penn Electric Co. (class A).
Do (pfd.)
13. The Committee of Arrangements directs that a specialist, located in
Do (7% pfd.)
the Inactive Stock Crowd, who has accepted an order in a lot of stock of Philadelphia Company (5% Pfd.)
West Penn Power Co.(7% pfd.)
Philadelphia Rapid Transit Co.
Do (6% pfd.)
less than ten shares, must execute said order upon the next recorded sale, Phoenix Hosiery
(7% pfd.)
Wisconsin Central Railway (com.)
made at the price of said order, or better, the price to be that of said sale Pitts. Cin. Chic. dc St. Louis RR. Co.
Do (ctfs. of dep.)
plus not more than the following differential in the case of Buy-in Orders, Pitts. Ft. Wayne & Chic. Ry. Co.(corn.) Worthington Pump & Machine
Corp.—
Do (pfd.)
and less not more than the following differential in the case of Selling Orders:
(pfd. A)
Pittsburgh McKeesport & Youghiogheny
(pfd. B)
Sales made below $100 per share-50c. a share
RR. Co.
$100 and above, but under $200—$1 a share
$200 and above, but under $300—$2 a share
$300 and above, but under $400—$3 a share
New York Produce Exchange Amends Rules to Permit
$400 and above, but under 5500-54 a share
Trading in Oats in Grain Futures Market.
$500 and above
—$5 a share
14. A lot of stock of less than 10 shares sold by a specialist in the Inactive
The Board of Managers of the New York Produce
ExStock Crowd for his own account shall be delivered on the fourteenth day
change, at a meeting yesterday (Dec. 17) adopted an amendfollowing the day of contract, unless otherwise directed by the Committee
of Arrangements (and unless such day is a holiday or half-holiday, when ment to the rules regulating the grain futures trade
for
Section 8 of Chapter III shall apply) and may be delivered on any full busi- delivery in Buffalo,
whereby trading in oats in the grain future
ness day prior thereto.
futures
market will be permitted.
Commission Rates on Inactive Stocks.
Amend Rule 1X by adding thereto a new section
On business for parties not members of the Exchange, including joint
to be known as Section 4.
and
to
read
as follows:
account transactions in which a non-member is interested; and on trans"Sec. 4. On all contracts for domestic oats
actions for partners not members of the Exchange:
for future delivery the
grades deliveralble shall be, unless otherwise
Price—
specified:
Rate per Share.
"No. 1 white oats, at A cent per bushel over
Selling at less than $100
contract price.
Not less than 20c.
"Bo.2 white oats, at contract price.
Selling at $100 per share and above,
"No. 3 white oats, at 1% cents per bushel under
but under $200
contract price."
Not less than 25c.
The amendment will become effective Jan. 3 1927.
Selling at $200 and over
Not less than 30c. plus Sc.
per share for each $50 or
fraction thereof, beginning
Halsey, Stuart & Co.'s Optimistic Comment on Bond
at $250.
On business for members of the Exchange when a principal is not given up:
Market Conditions—Municipal Financing Over
Not less than 8c. per share.
$1,000,000,000 for Third Successive Year—
On business for members of the Exchange when a principal le given up:
Joint Stock Land Bank System.
Not less than 4c. per share.
COMMITTEE OF ARRANGEMENTS
"The year-end finds the bond market in a strong
and
Inactive &ock List.
healthy condition. Despite the great volume of
Connecticut Ry.& Lighting Co.(corn.)
financing
Albany & Susquehanna RR. Co.
Do (ord.)
done during the year—present estimates indicating
Allegheny & Western Ry. Co. gtd.
Continental Can Co.(7% pfd.)
a total
Alliance Realty Co.(tempy. atilt.)
Cuba Railroad Co. (pfd.)
of over seven billion dollars—new issues have been
American Bank Note Co.(6% cum. pfd.) Cuslunan's Sons, Inc.(7% pfd.)
readily
American Cities Co.(6% cum. pfd.)
Do (8% Pfd.)
absorbed, prices have steadily strengthened,
and demand
American Piano Co.(7% pfd.)
Detroit Hillsdale & Southwestern RR.Co.
American Radiator Co.(7% pfd.)
Detroit de Mackinac Railway Co.(corn.) continues at almost unprecedented rate."
Such is the
American Shipbuilding Co.
Do (pfd.)
optimistic comment on current conditions in
American Snuff Co.(6% pfd.)
Detroit United Railway.
the bond marAmerican Type Founders Co.(7% cum. Devoe & Raynolds, Inc. (7% cum. 1st ket made in the quarterly
review of Halsey, Stuart & Co.,
pfd.)
pfd.)
American Wholesale Corp.(7% cum.pfd.) Diamond Match Co.
which was issued Dec. 13. Looking ahead, the
review says:
Duluth Superior Traction Co.(corn.)
Ann Arbor RR. Co.
With all indications pointing toward a
Do (pfd.)
Do (Pfd.)
continuation of both the existing
easy
money rates and the present sound business
Eastman Kodak Co. of New Jersey (pfd.)
Archer-Daniels Midland Co. (pfd.)
situation,
there appears
Elk Horn Coal Corporation (pfd.)
Atlas Powder Co.(6% cum. Pfd.)
good reason to anticipate the extension,
well into the new year, of the
Austin Nichols & Co.(7% cum. non-vot- Erie & Pittsburgh RR. Co.
propitious conditions which now characterize
Fair (The) (pfd.)
ing pfd.)
the market for investment
securities.
Fairbanks Co.(pfd.)
Bangor de Aroostook RR. Co. (pfd.)
General Baking Co. (pfd.)
Barnet Leather Co., Inc.(corn.)
In
commentin
g
on
the
industrial
situation, and the bonds
General Railway Signal Co.(pfd.)
Barnet Leather Co.(7% cum. pfd.)
Great Western Sugar Co.(7% cum.Pfd.) in that field, the review says:
Bayuk Cigars, Inc.(let 7% pfd.)
Green Bay & Western RR. Co.
Do (2d con. 7% pfd.)
The
generally prosperous conditions which have
Gold & Stock Telegraph Co.
Beech Creek RR. Co.
prevailed throughout the
year have naturally been reflected in
Beech-Nut Packing Co. (7% corn. pfd. Guantanamo Sugar Co.(8% pfd.)
very satisfactory earnings statements
Gulf States Steel Co.(7% pfd.)
of well-managed industrial enterprises.
"B")
The sound financial situation
Blumenthal (S.) & Co., Inc.,(7% cum. Hackensack Water Co.(corn.)
which has enabled many companies to refinance
at lower interest rates and
Do (Pfd.)
• pfd.)
has supplied ample funds at reasonable
Do (pfd. A)
Buffalo & Susquehanna RR. Co. (4%
prices for legitimate business expansion ; the extraordinarily efficient transportatio
Hanna Co.(M. A.)(1st pfd.)
cum. pfd.)
n
facilities evident throughBuffalo Rochester & Pittsburgh Ry. Co. Harbison-Walker Refractories Co.(corn.) out the year; the contented labor
situation, and the conservative tendencies
Do (pfd.)
(pfd.)
in
buying
on
the
part
of
both
manufacturer
Heime (G. W.)& Co.(pfd.)
Bush Terminal Buildings Co.(7% Pfd.)
and merchant are among the
causes for the gratifying showing of industry
Hocking Valley Railway Co. (corn.)
Canada Southern Railway Co.
during the year.
Do (certif. of (Leto.)
Carolina Clinchfield & Ohio Ry.
These tendencies still exist and give promise
of continuing into the new
Illinois Central—Leased Lines.
Centra. Coal & Coke Co.(corn.)
year. Industrial bonds, which, more than some
other classifications reflect
Indian Motocycle Co. (pfd.)
Do (Pfd.)
the
current
situation
earnings
are,
Ingersoll-Ran
d Co. (pfd.)
Century Ribbon Mills, Inc. (Pfd.)
therefore—with exceptions that must
Chicago Indianapolis & Louisville Ry. International Railways of Central Amer- always be expected in individual classifications—in
perhaps a stronger
ica (5% cum. pfd.)
(4% non-cum. pfd.)
position than at any time within recent years.
Chicago St. Paul Minn. & Omaha Ry. International Salt Co.
The review calls particular attention to the foreign
Iowa Central Railway Co.
Do (pfd.)
bond
Cincinnati Sandusky & Cleveland RR. Iron Products Corporation.
field, saying:
(pfd.)
Island Creek Coal Co.(corn.)
City Investing Co.
Perhaps the most noteworthy development during
Do (pfd.)
the year, from an
Cleveland Cincinnati Chicago & St. Louis Jefferson & Clearfield Coal & Iron Co. Investment standpoint, has been
the steadily growing appreciation of AmeriRy. Co. (pfd.)
(pfd.)
can investors of the merits of well-selected
Cleveland & Pittsburgh RR.Co.(7% gtd.) Joliet & Chicago Railroad Co.
foreign bonds. The declining
interest rate among domestic securities has, of course, been
Do (4% std.)
Kelsey Wheel Co.. Inc. (pfd.)
in part responCluett, Peabody & Co.(cum. pfd.)
Kinney Co. Ina.(G. R.)(8% Pf$3
sible for this, forcing the attention of those seeking
a liberal rate to the
Colorado Fuel & Iron Co.(8% cum.pfd.) Kresge (8. S.) (pfd.)
foreign
field.
no
But,
less
important has been the recognition, growing out
Commercial Credit Co.(7% Did.)
Kress & Co.(S. H.)(coon.)
of greater familiarity with the foreign situation and the
Do (8% pfd.)
Do (pfd.)
many evidences
DEC. 18 1926.]
THE CHRONTCLE
of improvement abroad, that funds can be safely invested in other lands
as well as at home. The prices of foreign bonds have registered substantial
advances within recent months, but still remain at attractive levels. With
a continuation of present conditions, it appears safe to predict a further
narrowing in the price differential between foreign and domestic bonds of
similar grades.
In reviewing the other types of issues, the review states:
3129
path of prudence, and we have seen examples of local inflation, as the
Florida land boom and the high prices of stocks. However, these local
inflationary boomlets have flattened out from time to time without seriously
disturbing the general trend and the general commodity price index has
remained extremely steady. Even though bank clearings and car loadings
have proved that business volume has made steady gains, still the commodity price index has shown that business men have not enthused so
greatly as to bid up the price of everything to a point where values would
have become inflated and the inevitable day of reckoning would have
ensued.
However, even though conservative action in the past carries with it
some guarantee of conservative action in the future, we must not forget
that every period of great prosperity has always culminated in inflation and
a business reverse. A threat of shortage of freight cars or the fear of shortage
of coal might quickly bring business men to abandon buying from "hand
to mouth" and to substitute the old method of "stocking up." Commodity
prices would then be sure to rise and unless our present economically sound
minded government heads and the officers of the Federal Reserve could put
on the brakes, we might find ourselves headed towards one of the most
spectacular business joy rides in history with the inevitable corollary of a
business crash.
European Competition.
We should not fail to realize that European competition is slowly gaining
and that while it can hardly hit us hard in 1927, it will doubtless be the
factor that will ultimately bring about our next great period of business
readjustment. If America were still a debtor country, we might be able to
maintain our prosperity on a basis of very high production costa for a long
time to come, but the fact that we are now the greatest creditor nation in
the world makes the cost of production in our country a decidedly serious
matter. The world must henceforth pay large sums of money to America
every year and this can be done In but three ways—by sending gold, by
sending goods or by sending stocks and bonds. We do not want more
gold and foreign countries do not possess sufficient gold to send. Stocks
and bonds will doubtless come in large amounts but this cannot go on
forever. Goods then must come our way and the force of competition will
be felt by us in foreign trade and here at home. Only through the tariff
can we guide from our ports the goods that will do the greatest harm and
let in the things that will hit domestic output least.
Two recent decisions of the Supreme Court of the United States give
added reason for the marked favoritism which investors have shown during
recent years for public utility securities, resulting, during the current
year, in a volume substantially in excess of the classification next in order.
The Act of June 2 1923, New York Laws, prescribing $1 per 1,000 feet as
the maximum rate for gas in New York City, was held invalid because
confiscatory. Again, the decree of the District Court of Indiana enjoining the enforcement of an order of the Public Service Commission of
Indiana, fixing the water rates of an Indianapolis company at so low a
figure as to be allegedly confiscatory, was affirmed and important rulings
given as to proper methods of fixing valuations.
In the latter connection, the Court said "if the tendency or trend of
prices is not definitely downward or upward, and it does not appear probable that there will be a substantial change of prices, then the present
value of lands, plus the present cost of construction, leas depreciation, if
any, is a fair measure of the value of the physical elements of the property."
Fair rates based on fair values are thus further assured to the utilities,
and the already strong position of sound utility bonds correspondingly
fortified.
Undoubtedly the most interesting development of the year in the field
of railroad equipment issues was the inauguration, by the Inter-State Commerce Commission, of competitive bidding among banking institutions for
new equipment offerings. This is a practice now firmly established in the
field of municipal financing—with which equipments are somewhat comparable in point of ease of appraisement of security and market distribution. The action of the Commission appears sound, and, in addition to
assuring the railroads of the most favorable market figure for their of
should lead to a broader distribution of equipments which for many
years have been favored among institutions and other experienced investors
for their high credit standing.
Building activity has continued unabated during the year, and financing
growing out of this has been maintained on a high level. The inherent
appeal of real estate has attracted a large following to this form of investment, and, rightly selected, there can be no denial of the intrinsic security
of good real estate bonds. The activity in the field has developed some
practices which time and experience, if not legislation, will no doubt correct. In the meantime, investors will do well to choose carefully in this
field, their primary safeguard being in dealing with established institutions,
who, in this or other classifications, have demonstrated their conservatism
and soundness of judgment.
For the third successive year, domestic municipal financing will amount
to over $1,000,000. This large volume of municipals, together with the
recent year-to-year reduction of Federal taxes resulting in some diversion
of buying from tax-exempts to taxable bonds on the part of those previously
forced by their tax liability to the selection of the former, accounts, no
doubt, for the existing attractive price level of municipal bonds. For purposes of diversification, as well as for their net yield, which compares favorably with that of many first-grade taxable issues, we suggest the investor's
consideration of this type of bonds.
The difficulties of agriculture during the past few years have given the
Joint Stock Land Bank System as searching a test as it is probable that it
will ever experience. As might be expected in the face of the conditions
that have prevailed during much of the time since the establishment of the
System, some foreclosures have followed, and the records of individual banks
have not been uniformly prosperous. Such foreclosures, however, have been
so few in relation to the total volume of loans as in no sense to impair the
intrinsic soundness or permanence of the System. Conservatively managed
strength
banks, moreover, have come through this difficult period with their
unimpaired, and the bonds of such banks enjoy the undiminished confidence
of careful investors. Largely because agriculture has not been expanding
In recent years, the output of such bonds has remained relatively stable.
from
Because of this fact and the broader market for such bonds resulting
greater familiarity with their merits on the part of the investing public,
the level of prices advanced during the year to the highest figure attained
since the establishment of the System. Offerings at present are not numerous, and the price level appears to be attractive.
Domestic Disturbances.
We must realize that present favorable conditions have been greatly
helped by the steady and regular manufacture and sale of goods or what is
known as an even balance in industry. A big strike or crop failure or some
such outstanding adverse factor would, of course, upset the present equilbrium of trade, and the weak personal credit condition of the masses of the
people who have allowed themselves to get into debt to a greater extent
than ever before would result in a fairly serious setback. We should
recognize the fact that while installment buying has helped to bring prosperity about and that while its sudden curtailment would have a bad effect,
It has greatly weakened the personal financial strength of great masses of
people and will accentuate the problems of the next period of trial.
Unless inflation should develop and collapse, unless European competition should gain in a sudden and spectacular way, unless we should suffer
a crop calamity or a big strike, unless a scare should develop in connection
with the continuance of a fair amount of construction resulting in a widespread stoppage of work, unless a panicky feeling should spread regarding
installment buying that would suddenly cut down the volume of this means
of financing the purchase of goods, there Is apparently no reason for a
depression year in 1927.
Bankers and Credit Experts Plan to Stabilize Credits—
Committee Concludes Survey of 34 Industries
Showing Need for Effective Organization of
Nation-Wide Scope—Automobile Industry
Approaching Saturation Point.
A plan to stabilize credit in automobile financing and
other industries is to be projected as the result of a sweeping
survey of credit conditions in 34 industries just concluded
by the Advisory Committee on Finance and Industrial
Credits, made up of credit finance leaders, representatives
of Stock Exchange firms and banking houses, and legally
advised by Morgan J. O'Brien, prominentlawyer and director
George Woodruff of National Bank of Republic of
in numerous corporations. This committee has been
1927.
for
Chicago on Outlook
engaged in the survey of credit conditions for several months,
Reviewing the "Possibilities for 1927," George Woodruff, during which time reports, some extremely confidential in
Vice-Chairman of the National Bank of the Republic of nature, have been made on various industries and their
Chicago, says:
trends noted from the credit or deferred payment angle.
P Realizing that inflation does not at least now appear to be a probable
to the investigation appeared in our issue of
development of the ensuing year, recognizing the fact that while European A reference
competition is growing, it will, however, fall to hit the bull's eye for some Dec. 4, page 2843. Clarence Y. Palitz, President of the
little time to come, and trusting to Providence that we will not experience Credit Alliance Corp., New York, is one of those most
a major domestic disturbance, we may say with a considerable degree of
to evolve an organization
safety that 1927 should be a prosperous year. Of course, it may not be active in the present movement
quite so good as 1925 or 1926 but We can do much less than we have done which will both safeguard and stabilize such credits.
in 1925 and 1926 and still be looked upon as the most prosperous and
Details of the plan of organization are expected to be
happiest nation in the world.
known in the near future. A summary of the survey,
made
Mr. Woodruff's remarks as above, were made in addresswhich is an effort at a definite economic solution,
behind
ing the Portland Cement Association at Chicago on Nov. 17,
been
prepared, giving due regard to the confidential
has
at which time he also said in part:
of the findings, which deal with every phase
many
of
nature
business
in
and
reverse
Many people have recently talked of a possible
present
prosperity
might
our
even public credits as bearing upon adways
in
us
what
and
consider
let
of corporate
thli connection
be brought to an end. First of all, we might experience a great period of mittedly dangerous credit conditions that now exist. The
inflation, followed by the collapse tnat always comes along behind. Second,
points out that at the end of the World War manuwe might be called upon to meet quite ruinous competition from Central summary
ies,
Europe. This would cut our export of goods to foreign shores and in spite facturers of practically every type of machinery, utili
of our tariff wall would gradually bring down selling prices in America to and necessities were faced with a plant capacity vastly in
a point where industrial readjustment would be forced. Third, we might
consumption of their markets. For
suffer from such domestic disturbances as crop failures or a long and wide- excess of the normal
spread strike. This would upset our present evenly balanced production this fact, their problem resolved itself into three alternatives,
program, resulting in business confusion that would spread to many lines
(1) a large export trade to distribute in foreign markets the
and that would bring an important change in our present mode of business
difference between production and domestic consumption;
life.
Inflation.
the dismantling, or "junking" of a portion of their plant
(2)
In connection with the danger of inflation, we must recognize the fact
equipment, and (3) increasing the consumption of the
in
and
1925
in
1926.
Neverand
both
that such a condition has been threatened
theless, we have been fortunate In having a vast number of sound, conserva- domestic markets. During the years 1919-1920 our export
tive business leaders who have withstood the temptation to embark upon business grew to tremendous proportions, it is shown, and
lines have wandered from the
an inflationary course. It is true that certain
3130
•
THE CHRONICLE
[VoL. 123.
then the collapse of foreign exchanges brought this cycle to delay in the enactment of the bill." The annual report of the
an abrupt end. As a result, a serious problem arose and Comptroller for the year ended Oct. 31 1926, as presented
manufacturers and business houses, hard hit by the elimina- to Congress, was made public Dec. 10. It says in part:
tion of a large part of their foreign markets, were forced to
Legislation Recommended.
turn to the remaining two alternatives. On the whole, the
For the past three years the Comptroller of the Currency has urgently
second was disregarded, because of the unwillingness of the recommended the enactment of legislation for improving the charter powaverage business man to discard physical assets that represent ers of national banks. The substance of these recommendations are now
embodied in H. R. 2, which has passed both Houses of Congress and which
a heavy investment. The third alternative lent itself is now in the hands of the committee
of conference. I take this occasion to
ideally to the theory of deferred payment or installment repeat my most urgent recommendation for the prompt enactment of this
purchasing. And this theory has continued to be the legislation.
It is understood that while the House has technically disagreed to all of
logical answer to the manufacturers' problem, during both the Senate amendments and has
instructed its conferees to abide by the
the depression period of 1921, and the period of steadily language of the bill as it passed the House, the real and only serious difof opinion between the conferees is over the so-called Hull amendincreasing prosperity from 1922 to date, according to the ference
ment. My position with reference to this amendment is stated in my
survey's conclusions. In connection with the survey the letter of• June 2 1926 to Chairman McFadden,
which reads as follows:
committee says:
Ron. L. T. McFadden, Chairman Committee on Banking and Currenctallouse
of Representatives, Washington, D. C.
Luxuries or non-essentials should form no part of the deferred payment
My Dear Congressman:—I beg to acknowledge receipt of your lettervof
scheme and will not be considered in this work. At present the installment
June 1 in which you inform me that the only serious obstacle to the enactsale of utilities and essentials is a tremendous force in the economic life of ment of the bank bill (H. R. 2) is a
disagreement between the House and
this country. Like any huge force, it must be properly guided and con- Senate conferees over the so-called Hull amendments and with reference
to which you ask my opinion and recommendation.
trolled, if it is to create and not to destroy.
As I understand it, the bill without the Hull amendments, and in'the
As the terms of installment selling range generally from six months to form
in which it passed both the House and the Senate, would have the
two or even three years, it has not been practical for our banks to finance effect of denying both to national and State
member banks of the Federal
this business. There have, therefore, grown up throughout the country Reserve System in every State the right to establish branches outside of
organizations known as finance companies, which discount the paper of the the home city of the parent bank. The Hull amendments are, therefore,
not involved in this question of the restriction of State-wide branch bankpurchaser for the manufacturer or dealer, and which are at present the ing,
and I take it there is no disagreement between the House and the
guiding factors in the installment business. However, only a meagre Senate on this point.
In addition to the foregoing restrictions on what may be termed "branch
handful of these companies is national in scope and importance—not more
than a dozen out of more than 1,500. The competition among the others banking" proper, the bill without the Hull amendments, and in the form
in which it passed both the House and the Senate,further denies to national
has grown so keen that they are no longer real guiding powers, and are in banks the right to have home city branches
in any State which denies that
danger of becoming blind and undirected forces.
right to the State banks.
The immediate effect of the bill, therefore, regardless of the Hull amendIn automobile financing competition has torn most, if not all, the bars
ments, would be to prohibit in every State the further spread of State-wide
of safety and discretion. The manufacturer no longer agrees to repurchase branch
banking within the Federal Reserve System and, in addition,'to
his product In the event of default; the dealer is not required to endorse; prohibit national banks from having branches in the 26 non-branch bankused cars are taken at excessive values in lieu of down payment; and the in.g_States.
The Hull amendments would add a third restriction, which would deny
buyers' purchasing power in relation to his income is not often considered.
both to national and to State member banks the future right to have home
These are the conditions that have caused bankers to look askance at install- city
branches in any of the 26 non-branch banking States which may herement business and at the smaller finance companies which supply it with so after permit home city branch banking. In such an event only non-men'
State banks could establish such branches.
large a percentage of its necessary funds.
Neither my predecessor in office, Mr. Dawes, nor I have heretofore
The economic conditions on the immediate horizon tend toward a deflation made
any recommendation to Congress with reference to the Hull amendIn business. Since 1920 the building industry has increased its volume year ments. In my opinion, they
are not of sufficient importance to cause a
by year, until now it gives employment to close to 2,000,000 persons, directly serious controversy. I should regard it no less than a calamity to our bankand indirectly, besides being linked with the steel, paint,lumber,cementing ing system if this important bank bill is made to suffer defeat on account
and many other trades, which give employment to millions of others. of an insistence upon the enactment of the Hull amendments.
Yours very
It is now fairly certain that the peak of construction has passed, and it is
respectfully,J. W. McINTOSH, Comptroller.
only reasonable to assume that 1927 and 1928 will see a considerable deOn June 3' 1926, my predecessor, Mr. Henry M. Dawes, wrote a letter
crease in the volume of building, with a corresponding diminution of em- of Chairman McFadden (see "Daily Congressional Record," June
22 1926,
ployment in the building and allied industries. This decrease must inevit- p. 11,783) in which he reviewed at length the
history of the inception of
ably throw a large amount of labor into the market. A large amount of the Hull amendment, from which I quote the following paragraph:
available labor means a lowering of the wage scale, which, as a natural
"I would like, therefore, to make it clear to you, since my-name has
consequence, predicates a lower purchasing power.
been used in the debate, that the Comptroller's office under my adminisCoincident with this prospective deflation, the automobile industry is tration was not responsible in any degree for the Hull amendment,and never
gradually and surely approaching the sat,uution point. Hundreds of thou- gave it its endorsement."
Since the last adjournment of Congress numerous broups of bankers and
sands more automobiles have been purchased each year for the past several
years than have been discarded. At present, out of every five sales of new commercial organizations, including the American Bankers Association,
cars three old cars are traded in, and automotive executives must face the have withdrawn their support of the Hull amendment and have recomfact that for 5,000,000 new cars, trucks and buses sold, 3,000,000 more will mended the enactment of the bill with the amendment eliminated. The
be thrown on the market second-hand. This tremendous volume ofsecond- principle of the Hull amendment is foreign to the bill as originally recomhand equipment naturally brings the saturation point that much closer. mended by the Comptroller. It found its way into the bill largely through
The dealer, faced with a competition that becomes keener as this point is the support and advocacy of the American Bankers Association. Now that
approached, is often forced into unsound practices in order to move his upon maturer study the association has rejected the amendment, it is earstock. He cannot lower the list price of a new car, but he can place an nestly hoped that there will be no further cause for delay in the enactment
inflated value on the second-hand car that is traded in and enable the pur- of the bill.
Last year I directed your attention to the fact that for the period from
chaser to get his new automobile with practically no down payment at all.
It is just such conditions as this, besides the lack of individual credit Oct. 21 1923 to Oct. 17 1925, 166 additional banks left the national system
knowledge and knowledge of local conditions that more seriously affect the to engage in the banking business under State charter, carrying with them
larger automobile finance companies doing a nation-wide business; nor are aggregate resources of $566,600,000. It is with regret that I must now
they in a position to throw up really adequate safeguards against these con- report that from Oct. 17 1925 to Oct. 1 1926, 87 national banks went into
ditions if they have discarded the three elemental safeguards of the dealers' the State systems with aggregate resources of about $560,000,000. During
endorsement, the manufacturer's guarantee, and the reserve. The smaller the same period 29 State banks nationalized with aggregate resources of
automobile finance companies doing a local business, however, are in an about $235,000,000.
admirable position to cope with these matters. They know their customers
A comparison of the defections from the national system with the addipersonally and individually and they have a close local knowledge of their tions to it from the State systems does not, however, present an adequate
means. The purchaser is not merely a signature on a note; he is an individ- view of the situation. Each time a national bank abandons its charter the
ual known either to them or their friends, and it is easy for them, with this Federal Government loses an instrumentality through which it maintains a
knowledge, to sense improper or questionable transactions. These smaller direct control over banking policy and banking operations. Each withfinance companies,then, which supply probably 75% of the capital required drawal constitutes the loss of a unit in the basic membership of the Fedto conduct deferred payment business, are a vital factor in our business eral Reserve System. These widespread desertions from the national system are clearly indicative of the difficulty which national banks find in
structure to-day.
Concrete recommendations and suggestions have been made which, in operating under their present charter powers. The fact that a greater or
less
committee,
go
a great distance toward remedying
will
number of State banks for one reason or another take out national
the opinion of this
the various evils brought about by the uncontrolled competition in indus- charters in no way compensates for the loss of national banks. The national
tries selling on the deferred payment basis and the finance companies banking system should be adequate to meet all of the requirements for
financing it, and if adopted will help to keep nest of our industries in a pros- modern banking, and no national bank ought to be put in the position
of being forced to yield its charter in order to carry on legitimate and necperous condition.
essary banking operations.
My predecessor in his statement before the House Committee on Banking
Comptroller of Currency McIntosh in Annual Report and Currency, A,rll 9 1924, showed that in the five
desades preceding
1924 the aggregate resources of the national banks had dropped from a
Urges Enactment of McFadden Branch
predominating control over commercial banking resources to only about
Banking Bill.
48% thereof. This rate of decline has been accelerated during the past
In restating, in his annual report, his views on the McFad- few years, the national banks to-day holding only about 46% of the total
den branch banking bill, Comptroller of the Currency J. W. commercial banking resources in the United States. This is true notwithstanding the fact that there has been year by year as actual increase in the
McIntosh refers to the fact that "since the last adjourn- aggregate resources of the national banks, the figure
standing at the present
ment of Congress numerous groups of bankers and commer- time around $25,000,000,000.
The
steady
the
relative
decline
in
strength
of
the
national banking syscial organizations, including the American Bankers Asso- tem
is accounted for by the more rapid growth of commercial banking
ciation, have withdrawn their support of the Hull amend- under State charter, the total resources of the State commercial
banks being
ment and have recommended the enactment of the bill with at the present time about $29,000,000,000. This rapid increase of State
banking resources is due primarily to the operation of State laws
more
the amendment eliminated." The Comptroller adds: "The favorable to
modern banking than is the National Bank Act. It arises in
principle of the Hull amendment is foreign to the bill as part from accretions from the national system, but more largely from
the
originally recommended by the Comptroller. It found its normal banking operations. The aggregate resources of the State savings
banks of about $10,800,000,000 are not included in the above statement of
way into the bill largely through the support and advocacy resources of the State commercial banks.
All compared with the
of the American Bankers Association. Now that upon ma- resources of all State banks, commercial and savings, the combined
national
banks
hold about 89% of the banking resources of the country.
turer study the association has rejected the amendment, it
The above statements of fact show that the Federal Government is gradis earnestly hoped that there will be no further cause for ually losing its positive and
immediate control over the indrumestalities
DEC. 18 1026.]
THE CHRONICLE
of commercial credit and over the membership in the Federal Reserve System. The greater volume of commercial banking has already passed under
the policy control of the State Legislatures. The enactment of the legislation now embodied in H. R. 2 would be a step in the direction of the
resuscitation of the system of national banks.
3131
The House bill is an anti-branch bill. the Senate bill a pro-branch bill;•
and the issue is drawn between these two bills; the McFadden bill against
the Senate bill, the main point in controversy being the provisions of the
McFadden bill known as the Hull amendments, which the branch bankers
oppose, and on which the anti-branch bankers insist.
The branch banklobby has been shrewd in its propaganda and its actions.
Representative Wingo on McFadden Branch Banking Instead of opposing the McFadden Bill by direct frontal attack, they took
the position that the bill is all right if you will just let them change it so as
Bill—Says Provision for Renewal of Federal Reto destroy its purpose so far as branch banking is concerned. They have
serve Charters Should Be Separated from Bill.
put out many false and misleading statements and arguments that confuse
issue, even misleading some who are opposed to branch banking, and
Last week (page 2991) we referred to an address by Rep- the
yet the fact that the leading
bankers of the country have charge of
resentative Wingo of the House Banking and Currency and are financing the lobbybranch
against the Hull amendments is conclusive
Committee, delivered in Chicago on Dec. 2, relative to the evidence that these amendments are vital if the spread of branch banking
be checked.
Congressional proceedings on the McFadden branch banking is to
At the recent convention of the American Bankers' Association at Los
bill. The subject was further discussed by Mr. Wingo on Angeles, the heads of the large branch banks were present
in person with
Dec. 6 at the annual meeting of the Cook County Real the managers of their numerous branches, and voted these managers solidly
against the Hull amendments. They were careful to arrange the program
Estate Board in Chicago. In this address, Mr. Wingo, in so that this question was handled at
a special snap meeting, at night, when
referring to the action taken by the State Bank Division of it was known that full three-fourths of the delegates
would be absent.
the American Bankers Association at the Los Angeles meet- While by the votes of their branch bank managers they out-voted the independents, when the fact is pointed out that a majority of the delegates presing in October, said:
ent and voting were California bankers. including the horde of branch bank
The false impression was given by press reports—even by the Associated managers, it will be seen that the
branch bankers won a hollow victory.
Press—that the State Bank Division of the American Bankers Associa- It was not only a hollow victory,
but under the circumstnaces It was ludition turned down the Hull amendments. What they turned down was a crous and no intelligent man familiar
with the facts will point to it as even a
substitute resolution of opposite effect.
circumstance in support of the fight that the branch bankers are making
Representative Wingo pointed out the efforts to confuse on the Hull amdnements.
But we are told that we are unnecessarily alarmed, that our fears will
the McFadden bill, introduced and passed in the House
not be realized, and even some independent unit bankers are unconcerned,
including the Hull amendments, which would stop the and openly
say that they believe that they can compete with any branch
spread of branch banking into non-branch-bank States, bank system that might be set up. Their assurance is a false assurance,
as
some
day,
I fear, they will learn to their sorrow. They may be able to
with the bill as amended into a branch bank measure of
do what no independent unit bankers have been able to do in this or any
opposite effect in the Senate. He said in part:
other country. If they will go and read the sordid story of independent
Let me emphasize certain facts which no one should misunderstand:
unit bankers that have been driven out of business in scores of cities and
If the renewal of the Federal Reserve charter—a rider to the McFadden towns in California, and the coercive methods
that were employed, they
bill—is to become the dominant factor in passing the bill, then it should will realize that perhaps their security is more fancied
than real.
be separated from the measure. There is no controversy on renewing the
The other portions of Mr. Wingo's address were along the.
Federal Reserve charter. This measure was takced on to the McFadden
bill to distract from its features intended to spread branch banking into linesof his address of Dec. 2.
non-branch-banking territory.
The McFadden bill includes the Hull amendments—insisted upon by
Paul Dillard Succeeds the Late C. F. J. Mooney as.
the House in several votes of the 68th and 69th Congress.
The McFadden bill was not reported out of House Banking and Currency
Director of St. Louis Federal Reserve Bank.
Committee until the Hull amendments had been agreed to.
Paul Dillard has become a member of the board of direcThe Senate form of the bill from which the Hull amendments were ellminated is not the McFadden bill but the "Pepper bill."
tors of the St. Louis Federal Reserve Bank; he has been,
The American Bankers Association vote at Los iingeles, of 413 to
268. named to fill the unexpired term of the late C.P.J. Mooney..
was not conclusive or convincing. It was taken at a special extra evening
Mr.Dillard is President of Dillard & Coffin,cotton factors.
session attended by only 681 delegates, many of them branch
managers:
whereas there are 27,700 banks in the country. There are 600 branch
banks in California.
Election of Directors of Federal Reserve Bank of
The votes of 413 branch managers could have been controlled by eight
Chicago.
.branch bank groups in California.
The Federal Reserve Bank of Chicago issues the following'
The majority of 145 votes, by which the resolution against the Hull
amendments was passed, could have been controlled by either one of
two regarding the results of the recent election:
men dominating great branch banking groups, and both of these
The recent balloting for directors of this bank resulted in the election of
men
were present.
Robert Mueller, Secretary of the Mueller Company, Decatur, Ill., by
The Hull amendments give national banks relief from State branch-bank banks in Group 2 to serve as a Class B director, and E.
L. Johnson, Presicompetition in all States where such competition exists.
dent of the First National Bank of Waverly, Iowa, by banks in Group 3,
Pressure to eliminate the Hull amendments is an effort to pass legislation to serve as a Class A director. Each of these directors will serve
for a term
to authorize future branches of national banks in States where there is no of three years beginning Jan. 11927.
branch banking.
Congress, by means of the Hull amendments,retains control of the charter Subscriptions to Offering
of United States Treasury
rights of national banks, fiscal agents of the Federal Government, and
Certificates of Indebtedness Over One Billion
does not turn it over to State legislators to determine when and under
what circumstances national banks may operate branches. The Supreme
Dollars—Allotments $229,264,600.
Court has upheld Congress in using its right to determine the conditions
Total subscriptions aggregating some $1,096,000,000 were
under which national banks operate.
Under the Senate form of the bill, without the Hull amendments, State- received to the United States Treasury certificates offered
wide branch banking could be accomplished and it is only one step further to the amount of
$200,000,000 or thereabouts. The offering
before the only independent banks that existed in this country would be
in the great cities; and the small cities would be served only by branches was referred to in these columns last Saturday, page 2994.
of these great banks.
The amount of the allotments was $229,264,500. The TreasThe problem created by the spread of branch banking in the United
ury Department's announcement of the subscriptions and
States, and its threat to destroy our independent unit banking system, is of
allotments, issued Dec. 12, said:
vital interest not only to the independent banker but to the general public.
The independent unit banking system is peculiarly American. Branch
Secretary Mellon announced that subscriptions for the issue of Treasury
banking is un-American, contrary to and destructive of the basic ideals certificates
of indebtedness dated Dec. 15 1926. Series TS-1927, 33(%.
and philosophy of American life, economic as well as political. That the maturing Sept. 15 1927,
closed at the close of business on Dec. 9 1926.
two systems cannot long exist side by side is demonstrated by experience
Reports received from the 12 Federal Reserve banks show that for the
In this and other countries.
offering, which was for $200,000,000 or thereabouts, total subscriptions
In the State of California, where branch banking has made its greatest aggregate
some $1,096,000,000. The total of subscriptions allotted is
growth in this country, it has driven out of existence the independent
$229,264,500.
banks in 86 towns and cities, threatens the ultimate extermination of the
As previously announced, holders of Treasury certificates, Series
others, and to-day, the leading branch bankers of California admittedly,
TD-1926, maturing Dec. 15, were permitted to subscribe to the new issue
according to the public press and the boast of their leaders, dominate
the to the extent of 50% of their holdings of the maturing certificates and
politics of the State, openly dictating the nomination and election of
the of these exchange subscriptions about $103,888,000 was received and
Governor in the last election.
will be allotted.
These national bankers facing, especially in the larger cities and towns,
Allotments on other subscriptions were made as follows: All subthe admittedly unfair and deadly competition of State bank branches, scriptions in amounts
not exceeding $1,000 for any one subscriber were
some years ago appealed to Congress to permit them to resort to the old, allotted 50% but
not less than 8500 on any one subscription; subscriptions
and sometimes, but not always, effective expedient of "fighting the devil In amounts over
$1.000 were allotted 10% but not less than $500 on any
with fire." They asked Congress to amend the National Banking Act so one subscription.
as to permit them to meet this unfair competition by themselves establishing
The subscriptions and allotments were divided among the several Federal
branches.
Reserve districts as follows:
The House of Representatives has taken the position that while we are
Cash
Exchange
Subscriptions
willing, so far as we can, to go to the relief of the national banks in those
District—
Subscriptions.
Subscriptions.
Allotted.
States that are confronted by the unfair competition of branch banking,
Boston_
$102,191,000
$1,208,500
$13,293,500
yet we are not willing to sacrifice the entire independent unit banking New York
356.427.000
89,264.500
126,055.000
system of all the States in order to relieve the distress of a few in some of
Philadelphia
104.696.000
73,500
19,378,000
the States.
Cleveland
58,961.500
1,169.500
9,064,500
McFadden
bill as it passed the House, both in the 68th and 60th
The
Richmond
40,289,000
639.000
5,295,000
Congresses, contained branch banking provisions known as the
Hull Atlanta
55,066,000
100,500
9,356.000
amendments, which would keep branch banking out of the 26 States where
102,446.000
Chicago
6,411,000
18,040,000
it does not now exist; while the bill as amended and passed by the Senate; St. Louis
26,014,500
798.000
5.319,500
words,
the Senate bill introduced by Senator Pepper, not only
in other
11.654.000
883,500
2,898,000
eliminates the so-called Hull provisions, but contains other provisions Minneapolis
Kansas City
13,690,000
1,080,000
2.772.503
sought by branch bankers, one of which would increase and make easier Dallas
25,311.500
1,015,000
4,367,500
the spread of State-wide branch banking, and that spread to be subject San Francisco
95.422,000
1,245,000
13,425,000,
only to the limitations of State and not national law, even when engaged
national
banks.
in by
Total
$992,168,500
1103,888.000
$229,264,500
3132
THE CHRONICLE
[VOL. 123
and was presented with engrossed complimentary resolutions by the
permanent Committee of depositors.
In 1880 Governor Cornell appointed him to compile and revise the banking laws of the State, which were enacted in 1882, and in 1885 he was
appointed Superintendent of Banking. He resigned in 1889 to become head
of the State Trust Co.
He was tendered the position of sub-treasurer by President Cleveland, but
declined it and became President of the Trust Company of New York and
Merchants Safe Deposit Co. He was Chairman of the Finance'Committee
Rate.
First Liberty Loan—
of the The Tradesmen's National Bank and President of the Consolidated
3% National Bank,
3ii% bonds of 1932-47
4%
Convertible 4% bonds of 1932-47
Colonel Paine. with all his activities,found time to make two trips around
4X %
Convertible 43% bonds of 1932-47
the world, and on his return from the second trip be became Vice-President
4X% of the United States Fire Insurance Co. and a trustee of the Metropolitan
Second convertible 41 % bonds of 1932-47
4%
Treasury Bonds-4% Bonds of 1944-54
Savings Bank. He was always active in the American Bankers AssoTreasury Notes—Series A-1927
ciation, being a member of the Executive Council, and was an organizer of
3X% the Trust
TD-1926
of
Oertificates
Indebtedness—Series
Company Division as well as the Savings Bank Division.
The bank added:
Governor Whitman appointed Col. Paine a member of the Mohando
the
at
payable
is
Of the above total of $77.000,000, about $39,000,000
Lake Reservation Commission of which he became President,and he was
Federal Reserve Bank of New York. Interest on registered bonds is paid re-appointed by Governor Smith. then Governor Miller and again Governor
by check by the Treasury in Washington and mailed to the owners of bonds. Smith.--Colonel Paine's title came to him from his appointment on the
coupons due on Dec. 15 may now be sent to the Coupon Collection Division staff of Governor Flower.
of the Federal Reserve Bank. which is prepared to receive them.
Checks in payment of coupons thus deposited in advance will be ready
for delivery at 10:30 a. m. Wednesday, Dec. 15, or member banks if they Republicans of House Committee Vote Against Garner
so desire may have the proceeds, when due, credited to their reserve acTax Revision Plans—Want Treasury Surplus
counts upon request.
for Debt Reduction.
Interest of $77,000,000 Paid Dec. 15 by Government on
Liberty Loan and Other Federal Obligations.
The Federal Reserve Bank of New York announced on
Dec. 13 that on Dec. 15 approximately $77,000,000 in interest would be payable by the Government on the following
obligations:
Regarding the Dec. 15 financial operations of the GovernThe Republican members of the House Ways and Means
ment, the New York "Times" of Dec. 14 said:
on Dec. 11 voted against tax revision at this
Committee
account
Government
for
funds
A turnover approaching a billion dollars of
will take place to-morrow, representing the Treasury's quarterly financing, session of Congress, contending that the Treasury surplus
the collection of income tax payments, the distribution of interest on Lib- should be applied toward the reduction of the national
erty and Treasury bonds and the receipt of installments on debts owing from debt. The resolution was carried by a vote of 14 to 10,
foreign nations.
Preparations for these operations were reflected in the money market the negative votes being those of the Democratic members
yesterday, when the call loan rate advanced from 4 to 5% as a result of of the Committee. Regarding the action of the Republicans,
the withdrawal of about $30,000,000 by the banks. Besides the Governwe quote the following from the New York "Times":
ment operations, there will be a large turnover on Dec. 15 by corporations,
On motion of Representative Hawley, the Committee voted to postpone
all tax reduction after having refused to set a date for consideration of the
proposal of Representative Garner for a permanent reduction. The vote
was on party lines, the Democrats supporting the move for a permanent
reduction this session and the Republicans opposing it. The only absentee
was Representative Chindblom of Illinois.
Republican leaders did not favor the proposal made by President Coolidge
four days after election, that there should be a refund of 10 to 15% of the
taxes paid in 1926 on incomes earned in 1925. The modified scheme of
giving a credit on the taxes paid in 1927 suggested later by Secretary
Mellon appeared to be equally objectionable to the party leaders, and when
President Coolidge failed to declare strongly for his plan in his message,
but suggested that application of the surplus to reduction of the debt would
eventually be a tax reduction, it became apparent that they would exclude
revision from this session's program.
Green Explains Action.
Representative William R. Green. Chairman of the Ways and Means
Committee, explaining the action of the Committee, said:
"The report of the Secretary of the Treasury estimates the surplus for the
fiscal year 1927 at $383,000,000. Three plans have been suggested with a
view to giving the taxpayers the benefit of this surplus. Mr. Garner, in
behalf of the Democratic Party, has Introduced a bill to amend the Revenue
Act of 1926, which will provide for a permanent tax reduction of approximately $335.000,000 a year. The Secretary of the Treasury, in his annual
report, suggests that a credit might be allowed of 30% of the half year's
taxes due and payable in the first six months of 1927, which would represent
a credit of 15% on the total taxes due for the entire calendar year 1927,
which would redu e the surplus of the present fiscal year by approximately
$300.000,000, but would not affect the revenues of the fiscal year 1928.
If no action is taken by Congress the surplus will automatically be applied
to the reduction of the national debt.
"The Republican members of the Ways and Means Committee have
considered the propositions with great care. They are unanimously agreed
revision of our tax system should be made until the full
War Debt Payments of $96,518,417 Paid Dec. 15 by that nooffurther
the last revision are known and the Congress is in a position to
effects
Great Britain and Seven Other Debtor Nations.
estimate the normal revenue that may be expected from the Revenue Act of
has been in effect less than six months and the figures as
Payments aggregating $96,518,417 were made to the 1926. The law based
on estimates rather than actual receipts for a full
to its yield are
United States on Dec. 15 by Great Britain and eight other fiscal year.
"The Republican members of the Committee have also carefully considforeign Governments on account of their war indebtedness
ered the suggestion made by the Treasury to grant a credit on the first two
to this country. The Washington correspondent of the New income
tax payments to be made in the calendar year 1927. They recognize
York "Journal of Commerce" in reporting this, said:
that there is much to be said in favor of this proposal, but of necessity the
To-day's (Dec. 15) payments brought total repayments of this country's benefit of this reduction would be limited to income tax payers, where as a
war loans up to $662.190.959. of which $108,076,145 represents repayment reduction of the national debt inures to the benefit of all taxpayers."
of principal and the rest interest.
Tilson Against Revision Note.
Of the payments received to-day $27,359,230 represented repayment of
Representative Tilson, Republican leader of the House, issued a stateprincipal and $69,159,187 semi-annual interest, all of which will automatiment which foreshadowed the committee's action, in which he said:
cally be used to retire the public debt.
"Under present conditions, with a little over two months of the present
The eight countries whose payments the Treasury Department acknowl- session
of this Congress ahead of us. I think it would be unwise to attempt
follow:
paid
amounts
the
with
togetner
edged to-day
Bel- a general revision of our revenue laws at this session. The fact is that the
Great Britain, $92,950,000. of which $67,950,000 was for interest;
not been
Czecho-Slovakia, $1,500,000 in cash, present tax law has been in effect such a short time that it has
gium. $1,000,000 in cash, all interest;
sufficiently demonstrated just what its permanent revenue producing
principal installment; Esthonia, $50,000, semi-annual payment in cash,
interest; Hungary, qualities are."
Finland, $181,945 in cash, of which $132,945 was for
This brought a statement from Representative Garrett, of Tennessee, the
payment made in cash; LithS39.672, of which $29,442 was for interest,
Democratic leader, who asserted that the Democrats favored giving the taxuania, $46,800 in cash: Poland, $750,000 in cash.
with the payers relief by permanent tax reduction, but could do nothing in this diThe obligations of the United States accepted in connection
debt
reduced rection because of the attitude of the majority.
public
the
and
retired
and
canceled
British payment have been
"The Democrats are strongly and firmly of the opinion that conditions
of
accordingly. The entire payment was made in Treasury certlicates
at this time justify tax reduction,and they feel that with the co-operation of
Indebtedness, series TD-1926.
the majority party this could be brought about with very little difficulty,
said Mr. Garrett. "We cannot, of course, force them to act because
that
W. S. Paine Made Administrator of Estate of Samuel they have the power and are responsible to the country for the use of
J. Tilden.
power. We cannot avoid- the feeling that underlying the whole matter
party
there is a certain amount of partisan by play, in that the majority
Colonel Willis S. Paine, well known to the banking wishes to postpone tax reduction until the first session of the seventieth
as
Slater
Surrogate
by
appointed
Congress, so that it will be done on the eve of election and thus create a
fraternity, has been
Samuel J. Tilden. He succeeds public psychology favorable to the party in power."
Which will distribute considerable amounts in dividends and interest.
The operations of the Government will cover a wide range. The Treasury will pay off about $453.000,000 of certificates which mature on Dec. 15.
At the same time it will issue something over $200,000.000 of new certificates of indebtedness, which, bearing interest at 3X %! have already
been heavily oversubscribed. Interest aggregating $77,000,000 will be
payable on First Liberty Loan 3X% bonds, convertible 4% bonds, convertible 4 X % bonds and second convertible 4X % bonds; on 4% Treasury bonds
of 1944-54, on Treasury notes, Series A-1927, and on certificates of indebtedness Series TD-1926. Of above total about $39,000,000 will be payable
at the Federal Reserve Bank of New York.
Payments on debt account by foreign Governments will total about
$95,000,000. The bulk of these panments will be made by the British Government through the Federal Reserve Bank of New York. Great Britain
will make a regular semi-annual payment of about $68,000,000 of interest
and an installment of about $24,000,000 on the principal of her war debt
to this country. Debt payments also will be received from Finland and
Czechoslovakia.
Heavy withdrawals of funds to the interior of the country furnished one
of the factors responsible for the hardening of money rates. The call loan
rate had been ranging around 4X %, with concessions under that rate and
the country banker found a better return available in their own communities, with the holiday demands making themselves felt. After the advance
to 5%, an increased volume of funds came into the market and conditions
became stabilized.
Somewhat lower money rates are expected later this week, as the paying off of the Government maturities will not be immediately offset by the
payments to the Government. For the balance of the month as a whole,
however, firmness is to be expected, as the banks will be preparing for the
year-end settlements and the heavy payments of dividends and interest that
always take place on Jan. 1. After the turn of the year most observers
expect materially lower money rates.
administrator of the estate of
On Dec. 13 it was stated in Washington Associated Press
the late Chief Justice Alton B. Parker. A contemporary,
that Democraticleaders were planning to circulate
dispatches
says:
his
during
lifetime
House members to bring the $335,000,000
among
honors
petition
a
many
of
Colonel Paine has been the recipient
examiners of the
reduction bill to the floor. These advices
tax
in New York. Back in 1874 he was one of the trust company
Democratic
State, and was later receiver of the Bond Street Savings Bank. His liquidasaid:
tion of that bank was so successful that he received the thanks of the Court
Dinc. 18 1926.]
THE CHRONICLE
3133
They decided on this course to-day as the only method of bringing their
Secretary Wilbur of the Navy refused to reveal, in resonse to a defense
bill out of the Ways and Means Committee, whose Republican majority subpoena, confidential matters which
impelled the Navy Department to
voted Saturday to pigeonhole it.
decide upon the Pearl Harbor project. Postmaster-General New testified
The decision was reached at a conference between Representative Garrett as a character witness in behalf
of Fall.
of Tennessee, the minority leader, and Representative Garner of Texas.
It was noted in the "Times" that the defense closed its
ranking Democrat on the Ways and Means Committee.
Under the rules the bill would come before the House for consideration, case without calling Mr. Fall to the witness stand. Reregardless of the Committee, if the petition in its favor received the signa- garding the charge to
the jury, Associated Press accounts
tures of a majority of the total House memberhsip, or 218 members. This
is about thirty more signatures than the Democrats can muster from their Dec. 15 said:
Pursuant to the admonition of Justice Adolph A. Hoehllng in his charge
own party.
that the examination of exhibits in the jury room might tend to isolate the
Stating that the Democratic campaign to force action evidence
contained therein from correlated facts of equal significance, the
by Congress on a tax reduction bill will not come to a head jurors began their deliberations with only the text of the conspiracy in
until the House re-assembles in January after the holiday dictment before them.
Justice Hoehling's charge, which required about an hour, contained 18
recess, the "Times" advices from Washington Dec. 14 paragraphs tendered by the prosecution
and 20 framed by the defense,
followed by about 50 brief observations of the court on points of law and
added:
Mr. Garner's plan to have the Ways and Means Committee discharged evidence.
Both sides served formal notice they noted in the record no exceptions or
from further consideration of his bill to reduce the tax on corporations and
to repeal the "nuisance taxes" cannot be made effective until Jan. 7. Under objections to any part of the charge.
More than twelve hours of argument by counsel ended shortly before
the rules a petition asking for discharge must be witheld for thirty days
from the date of the Introduction of a given bill. The Garner bill was noon with the last word of former Senator Atlee Pomerene. of Ohio, in behalf
of the Government. He closed with a plea that the jury consider
presented on Dec. 7.
Mr. Garner said tc-day that agitation for his tax proposal would be Doheny's $100,000 loan to Fall on Nov.30 1921, lathe light of its potential
continued, and he looked for a public reaction to it that would induce Influence upon Government in the event of an acquittal.
enough Republicans to join with the 182 Democrats in the request that the
During the trial it was the contention of Pomerene and Owen J. Roberts,
House proceed to take up tax legislation despite the decision of the Ways also a Government prosecutor, that this transaction was a vital factor in
and Means Committee to shelve the subject for this session.
the award to Doheny interests of the Elk Hills, Calif.. Navail oil reserve
The effort of the Democrats to persuade Republicans to press for tax lease and the Pearl Harbor, Howell, oil storage project while Fall was in the
cuts at once will be fought by the Republican Steering Committee. Republi- Cabinet. Pomerene's argument followed that of Mark R. Thompson, a
can members of the Ways and Means Committee also will take steps to New Mexico friend of Fall, and Wilton J. Lambert, also of defense counsel.
hold the majority in line to defer action on tax bills until the Seventieth and Frank J. Hogan,chief of the defense corps ofattorneys.
Congress assembles in Dec. 1927.
With reference to the verdict and its effect, the New York
"Times," in its Washington dispatch Dec. 16 stated:
Albert B. Fall and Edward L. Doheny Acquitted
Conspiracy Charges Growing out of Naval Oil
Leases.
of
A jury in the District of Columbia Supreme Court on
Dec. 16, after 19 hours deliberation, found Albert B. Fall,
former Secretary of the Interior, and Edward L. Doheny,
lessee of the Elk Hills, Calif., naval reserve, not guilty of
conspiracy to defraud the Government in the 1922 naval
oil leasing negotiations. As to the verdict the Associated
Press dispatches from Washington said:
The verdict pivoted,in the jurors' deliberations, upon Doheny's $100.000
loan, on Nov. 30 1921, to Fall, described in defense testimony as a friendly
transaction between old partners.
Under the law. the Government can take no appeal.
The ten-minute climax of the sensational four weeks' trial presented, in
the jury's return from its third floor conference room, a scene fo electrifying
dramatics.
The jurors filed into their box before a tense, eager and breathless throng
at 10:08 o'clock. Seven minutes later the room was deserted, having
shifted its character in the interim from a Federal Court at the finale of
one of the most celebrated criminal cases in a nation's history to a maelstrom
of humanity reacting as if to a touchdown.
Thirty seconds after the jurors had nodded affirmation of the report
delivered by their foreman, Justice Adolph A. Hoehling ended the case
with the soft-spoken and direct statement: "Very well, gentlemen; you
are now discharged."
Through the verdict the Government lost the first criminal
proceeding growing out of the Senate committee's investigations into oil leasing policies of the Harding Administration.
In recounting the charges and the developments incident
to the trial before the final summing up, the Associated
Press on Dec. 12 said:
What happened to-day may mean the end of Mr. Doheny's troubles,
so far as the naval reserve criminal cases are concerred, but not those of
Mr. Fall, who will probably go on trial next month with Harry F. Sinclair
as co-defendant on a similar charge involving the lease of the Teapot
Dome to the Sinclair interests.
In this action the Government will charge that Fall received in Liberty
bonds, or their cash equivalent, at least $230,000, the money being part
of the alleged "skim-off" in the Continental Trading Co., Ltd., of Canada
deal, in which Mr. Sinclair had a prominent part. Others interested in it,
according to the Government, were James O'Neil, then President of the
Prairie Oil & Gas Co.; H. M. Blackmer, at the time Chairman of the
Board of Mid-West Refining Co.: Colonel Robert Stewart of the Standard
of Indiana, and H. M.Osier, a lawyer of Toronto.
Jury at First Sharply Divided.
The verdict to-day came as a surprise to most of those who had closely
followed the trial of the ex-Cabinet officer and the man who is credited
with the discovery of the Southern California oil fields. The general
impression was that the case would end in a deadlock and that a mistrial
would be directed by the Court. for at 10 o'clock last night all the signs
were that a sharp division of opinion existed and that the jurymen were
far apart.
In the course of the night, however. the "doubters" were won over
and the verdict was ready when Justice Hoehling convened court at 10
o'clock this morning.
The verdict was denounced in an interview at Raleigh,
No. Caro., Dec. 16 by Josephus Daniels, former Secretary
of the Navy, as the "worst thing that has happened to free
people" since the barons obtained Magna Charta at Runnymede, says the New York "Times" which likewise said:
Mr. Daniels added that "the real thing I would like to say on the FallDoheny derdict would have to be printed on asbestos as it would burn up
any newspaper." He said that all the efforts he had made during his service
as Secretary of the Navy and those of others had been sacrificed by the oilleasing policies of the Administration which followed.
"The verdict showed the inferiority complex of the jury," he said. "In
order to acquit, they had to believe that Japan was about to capture the
United States and that 110,000.000 people had no protection from Japanese
The first criminal proceedings growing out of the Senate investiagtion conquest except for Fall to turn over the naval reserves to Doheny so that
of naval oil leasing policies in the Harding Administration will enter its the California oil man might make $100,000,000.
"I didn't think there were any twelve men in America stupid enough to
last phase to-morrow with the beginning of arguments in the Fall-Doheny
conspiracy trial in the Supreme Court of the District of Columbia.
believe such an absurdity.
"There is a crying need, certainly in the District of Columbia, for a jury
Owen J. Roberts. special Government counsel, will begin the prosecution
argument as soon as Justice Adolph A. Hoehling has indicated what tenders system that will exclude from the jury box such mental inepts as constituted
of instructions to the jury will be accepted by the Court. Mark B. that jury."
•
Thompson, counsel for Albert B. Fall, former Secretary of the Interior,
Other comment occasioned by the verdict was given as
and Frank J. Hogan, in behalf of Edward L. Doheny; veteran and former
follows in a Washington Associated Press dispatch Dec. 16
Senator Atlee Pomerene will close for the Government.
With each side limited to six hours indications are that the case will go published in the New York "Journal of Commerce":
to the jury late Tuesday or early Wednesday. Conviction would carry
The acquittal produced Senatorial reverberations almost before the jurors
for each defendant two years' imprisonment or a fineof $10,000, or both.
reached their homes.
A conspiracy indictment charging collusion to defraud the Government
Senator Walsh, Democrat, Montana, a principal in the sensational oil
in the leasing of the 30,000 acres of Elk Hills, Calif., Naval Oil Reserve, committee's revelations three years ago, said in a statement:
and through a contract for the construction of a 4,000,000-barrel oil storage
"Proof in a criminal case must show guilt of the defendant beyond a reaplant at Pearl Harbor, Hawaii, links the two defendants inseparably in sonable doubt; and in view of that rule. I apprehend that the widespread
the jury's verdict. They must be convicted or acquitted together under conviction that the transaction was a reprehensible one will not be dissithe law.
pated."
Presentation of evidence was concluded Saturday, four years to the
Senator Heflin, Democrat, Alabama, denounced the trial in unmeasured
day from the signing of the Elk Hills lease, Dec. 11 1922. The Pearl terms on the Senate floor.
Harbor contract was signed April 25 1922. Both awards were toDoheny
"An insult to Justice," he shouted fervidly at one point in an address decompanies, the first about six months after the multi-millionaire oil man livered two hours after the verdict.
had loaned Fall $100,000 on his personal note.
"With Fall and Doheny going free and Frank L. Smith coming to WashDoheny, on the stand seven hours in his own defense, denied without ington. God help the nation."
equivocation all charges of corrupt purpose or unpatriotic intent in
Senator Norris. Republican, Nebraska, Chairman of the Judiciary comhis
relationship with Fall. His act in extending the loan, he said, was
a mittee, made the trite comment that "you can't convict a hundred mllllon
transaction based on 40 years of friendship wihch began in New Mexico, dollars."
when the two men were partners in a gold prospecting venture.
Owen J. Roberts,special Government oil prosecutor, dismissed the verdict
Trial began Nov. 22. More than 60 witnesses were called to present with these words:
the involved story of the leasing negotiations between the time President
"It has been submitted to twelve men, and fairly submitted. Of course,
Harding transferred the oil reserve from the Navy to the jurisdiction of we will go along with the other cases."
the Interior Department, May 31 1921, and the date of Fall's resignation
Four More Indictments Pending.
from the Cabinet in March 1923. Two former members of the Harding
Four indictments growing out of the Senate investigation, two against
Cabinet and two members of the present Cabinet were among the witnesses Fall and Doheny for bribery, one against Fall and Harry F.
Sinclair, lessee
heard. Former Secretary Denby, star witness for the defense, accepted of the Teapot Dome Reserve, and one against Sinclair alone for
full responsibility for the Navy's part in the leasing program. Former of the Senate, are still to be disposed of by the prosecutors. contempt
Attorney-General Daugherty, testifying for the prosecution, said he never will begin to-morrow in another branch of the District Supreme Argument
Court on a
had been asked for an opinion as to the legality of the policies under con- motion to quash the conspiracy indictment naming Fall and Sinclair
in the
sideration.
Teapot Dome case.
3134
THE CHRONICLE
[vol.. 123.
That on November 10 1926 the managers on the part of the House of
The defendants expressed jubilation over the verdict, Fall remarking:
"I have said all along I would leave it to the courts," while Doheny, who Representatives appeared before the Senate, sitting as a court of impeachment in said impeachment proceedings, and advised the Senate of said
said that "the ordeal was a terrible one," made this additional comment:
"I hope that the American people, whose belief in trial by jury amounts resignation and its acceptance, and further advised the Senate that the
almost to a religion, will accept the verdict of this typically American jury." managers had determined to recommend the dismissal of the pending imCounsel for both sides joined in commendation of Justice Hoehling for his peachment proceedings, and desired to report their action to the House.
and requested the Senate, sitting as a court of impeachment, to adjourn to
conduct of the trial.
"The trial was orderly, dignified and scrupulously fair," Roberts said in such time as might be necessary to permit the House of Representatives to
take appropriate action upon the report of the managers, whereupon the
behalf of the prosecution, and Atlee Pomerene, his associate, concurred.
"The Court was fair in every instance," said Frank J. Hogan, chief of Senate, sitting as a court of impeachment, adjourned until Monday, the
13th day of December 1926, at 1 o'clock p. in.
defense counsel.
managers are of the opinion that the resignation of Judge English in
The events leading up to the trial of Albert B. Fall and noThe
way affects the right of the Senate, sitting as a court of impeachment.
Edward L. Doheny on conspiracy charges in connection with to hear and determine said impeachment charges.
Inasmuch, however, as the respondent, George W. English, is no longer
the Elk Hills and Pearl Harbor oil contracts were set forth
civil officer of the United States, having ceased to be a Judge of the
chronologically in an Associated Press account Dec. 16, aDistrict
Court of the United States for the Eastern District of Illinois, the
published in the New York "Herald Tribune" as follows:
managers on tho part of the House of Representatives respectfully recomMay 31 1921—President Harding transferred the oil reserves from the mend that the Impeachment proceedings pending in the Senate against said
Navy to the Interior Department.
George W. English be discontinued.
November 1921—Edward L. Doheny sent $100,000 to Interior Secretary
Albert B. Fall.
April 1922—Doheny's Pan-American Petroleum & Transport Co. Bill Increasing Salaries of Federal Judges Becomes Law
awarded the Pearl Harbor oil contract, carrying a clause giving it "prefwith Signature of President Coolidge.
erential rights" on future leases in the Elk Hills oil reserve.
President Coolidge signed on Dec. 13 the bill providing
December 1922—Doheny's Pan-American company awarded a lease
to the Elk Hills reserve.
increased salaries for Federal Judges. At the last session a
March 1923—Fall resigned as Secretary of Interior.
bill, passed by the Senate, increasing salaries of Federal
January 1924—Doheny told the Senate Oil Committee he advanced
Judges, failed of enactment by the House. At the new
Fall $100.000 as a private loan.
February 1924—Secretary of Navy Denby. who, with Fall had approved session of Congress, however, the House (on Dec. 9) passed
the leases, resigned from the Cabinet.
May 1925—Fail and Doheny indicted for criminal conspiracy in the the bill by a vote of 295 to 39. The proposed changes range
from $15,500 to $20,500 for the Chief Justice of the United
District of Columbia.
May 1925—Federal Court In Los Angeles invalidated Elk Hills lease, States, and from $7,500 to $10,000 for Federal District
a decision subsequently affirmed by the Court of Appeals, and now on
Judges. The following changes are among new salaries
appeal in the Supreme Court.
which are effective Jan. 1:
Nov. 22 1926—Trial of Fall and Doheny began in Washington.
Dec. 16 1926—Fall and Doheny acquitted.
Chief Justice of the Supreme Court.$20,500; Associate Justices. $20.000;
$5,000.
According to the "Wall Street News" arguments on a increase.
United States Circuit Court Judges, $12,500; increase, $4.000.
United States District Judges, $10,000; increase, $2,500.
petition to quash the Government's conspiracy indictment
United States Customs Appeals, $12,500; increase, $4,000.
against Albert B. Fall and H. F. Sinclair arising out of the
United States Court of Claims, $12,500; increase of $4,500 for Chief
Teapot Dome oil leases were made yesterday (Dec. 17) Justice and $5,000 for Associate Justices.
by defense counsel in the District Supreme Court at WashingThe passage of the bill by the House,according to the New
ton. The reply to the motion was made by Atlee Pomerene, York "Times," was marked by an attack by Representative
Government counsel. The trial of this case had been set for Henry T. Rainey, Democrat, of Illinois, on Chief Justice
January.
Taft for alleged acceptance of an annuity from the Carnegie
Foundation, based, according to Mr. Rainey, on bonds of
Impeachment
House and Senate Vote to Dismiss
the United States Steel Corporation. The "Times" also
Proceedings Against Judge George W. English.
says:
Both the House and the Senate have voted to terminate
the impeachment proceedings against Judge George W. English, of East St. Louis, in view of his resignation, tendered
and accepted by President Coolidge in November, as noted
in our issue of Nov. 20, page 2011. By a vote of 290 to 23,
the House on Dec. 11 adopted a resolution calling for the
discontinuance of the proceedings, and on Dec. 13, the Senate, by a vote of 70 to 9, accepted the recommendation of
the House to terminate the proceedings. Regarding the
debate in the Senate, the Associated Press dispatches Dec.
13 said:
Senator Reed, Democrat. Missouri, surprised the Senate by seggesting
that it devise means of obtaining testimony in impeachment proceedings
'without the necessity of sitting as a court, because, he explained, "there are
other impeachment proceedings necessary, if I have been correctly informed." He did not amplify this statement on the Senate floor and, when
•
questioned later, he declined to discuss it.
The English proceedings came to a quick but fiery ending after the Senate
took up the recommendation of House managers for dismissal of the case.
Senators Blease, of South Carolina; Dill, of Washington, and Wheeler, of
Montana, Democrats, argued the trial should be carried through regardless
of the resiggation of English. They held that it was notice to other judges
"To do as you please, drink liquor and curse from the bench."
Others. including Senators Norris, Republican, Nebraska, and Reed,
expressed a desire to continue with the case, but suggested it was proper to
accept the report of the House which would have to prosecute the charges.
Senator Borah. Republican, Idaho, remarked his course would give the
Senate more time to clean its own house.
Mr. Rainey's assault upon Chief Justice Taft was launched as soon as the
bill was called up by Representative Graham of Pennsylvania, Chairman of
the House Judiciary Committee. Criticism of the bill as a whole was
voiced by Representative Huddleston of Alabama.
An amendment was offered by Mr. Rainey providing that the salary of
the Chief Justice remain at $15,000 because Mr. Taft was now "accepting
a subsidy of $10,000 per year from the United States Steel trust."
"The only way in which the people can register their disapproval of this
indecent contract is for us to adopt this amendment," he said.
Mr. Rainey went on to say that Mr.Taft had received a legacy of $10,000
a year under the will of Andrew Carnegie, which provided annuities of that
amount for former Presidents.
"Although Mr. Taft got this money twenty-three months before being
selected Chief Justice, he is still receiving it," declared the Representative.
"That Taft annuity is secured by a deposit or segregation of $200,000
worth of bonds of the United States Steel Corporation, or it may be that
$200,000 of the stock of the United States Steel Co. has been segregated,
and the dividends on the same amount to $10,000 a year and are now being
paid to the Chief Justice of the Supreme Court of the United States. I
demand that he should either relinquish this subsidy or resign the high
position he holds."
The Rainey amendment was defeated by a vote of 155 to 29. Mr. Heeldleston said "the only way to reform the Federal judicary is for the President
to stop playing politics with appointments," and that "some men on the
bench are appointed because they represent big interests, who could not be
elected constable if they ran before the people."
Survey of Real Estate Mortgage Bond Field Proposed
by Committee Headed by Franklin D. Roosevelt.
The national conference on the real estate mortgage bond
business held under the auspices of the American ConstrucThe following is the resolution adopted by the House; tion Council, at 120 Broadway, New York City, Nov. 30,
it was presented by Representative Michener (Republican) with Franklin D. Roosevelt, President of the Council, preof Michigan:
siding, and an attendance of over ene hundred representa-
Resolved, That the managers on the part of the House of Representatives
in the impeachment proceedings now pending in the Senate against George
W. English, late Judge of the District Court of the United States for the
Eastern District of Illinois, be instructed to appear before the Senate,sitting
as a court of impeachment in said cause, and advise the Senate that in consideration of the fact that said George W.English is no longer a civil officer
of the United States, having ceased to be a District Judge of the United
States for the Eastern District of Illinois, the House of Representatives does
not desire further to urge the articles of impeachment heretofore filed in the
Senate against said George W. English.
tive leaders of all component parts of the building industry
as well as by State authorities, took action of far-reaching
interest to the construction industry and the public. The
conference by resolution authorized a complete survey of
the first real estate mortgage bond industry by a special
committee of the American Construction Council headed by
Mr. Roosevelt with instructions also to make recommendaand report back to a later meeting of the entire body
tions
the
House
to
submitted
We also give as follows the report
to be called by the Council as soon as practicable, probably
by Representative Michener:
early in January, this committee to work in full co-operaTo the House of Representatives:
proceedings
tion with the securities commissioners of the various States.
impeachment
The managers on the part of the House in the
now pending in the Senate against George W. English, late Judge of the The other members of the committee, which has power to
District Court of the United States for the Eastern District of Illinois, add to its members as the survey progresses are:
respectfully report:
That George W.English, Judge of the District Court of the United States
for the Eastern District of Illinois, did on November 4 1926, tender his
resignation to the President of the United States, which resignaitentwas
immediately accepted by the President.
Judge A. F. Murphy, President of the Federal Bond & Mortgage Co.,
Detroit.
W. J. Moore, President of the American Bond & Mortgage Ce., New
York.
DEC. 18 1926.]
141
CHRONICLE
A. Bryan Pitts of F. II. Smith & Co., Washington, D. C.
S. W. Straus, President of S. W. Straus & Co., New York and Chicago.
Edgar N. Greenebaum, Greenebaum Sons Investment Co., Chicago.
J. M. Ulmer, of the Ohio Mortgage Bankers Association, Cleveland.
Edward Sonnenschein, of the Chicago Mortgage Bankers Association,
Chicago.
The resolution as passed by the conference authorizing
this action was as follows:
/
1
"Resolved, That the American Construction Council appoint a committee of seven representatives of the first mortgage real estate bond houses,
of which committee Franklin Roosevelt, President of the American Construction Council, shall be the Chairman, this committee to survey the general
I condition of the real estate bond business and to co-operate in such survey
with the committee of the Securities Commissioners of the several States,
with power to add to its membership and to appoint sub-committees, and
to report at a subsequent meeting of this body at the call of the Chair.
\I.
This meeting was called following specific suggestions
before the Council's annual convention in Cleveland on
Nov. 9, and while it was the sense of the conference that the
real estate mortgage bond business is as sound as any other
large industry in the country, it was felt such a survey
should be made to maintain confidence on the part of the
public in the industry and to further develop uniformity of
sound practice in the industry itself.
Stone & Webster, Inc., and Blodget & Co. Combine
Under Name of Stone & Webster and Blodget, Inc.
Stone & Webster, Inc., and Blodget & Co. announced on
Dec. 15 the formation of a new company under the name of
Stone & Webster and Blodget, Inc. The company will
begin operations on Jan. 1 with an authorized capital of
$10,000,000. The corporation is a combination of the
securities department of Stone & Webster, Inc., and the
old investment house of Blodget & Co. The engineering
and construction, management and investigating departments of Stone & Webster, Inc., are not included and will
not be affected by the combination. Bayard F. Pope, now
a partner of Blodget & Co., will be President of the new
corporation. Other officers and the directors will be drawn
from both the participating companies, all the present
partners of Blodget & Co. being officers of Stone & Webster
and Blodget, Inc. The head offices of the new company
will be at 120 Broadway. Each company has been maintaining offices in New York, Boston and Chicago. They
will be consolidated in each city under the new plan and
C. E. Ober, now of Blodget & Co., as Senior Vice-President,
and R. H. van Denson, now of Stone & Webster, Inc., as
Vice-President will have charge of the business of the new
corporation in these cities, respectively. Other offices,
which are now maintained in Providence, R. I., Hartford,
Conn., Rochester and Albany, N. Y., and Portland, Me.,
will be in4luded in the combination and will continue operation. The announcement of the combination says:
Stone SC Webster and Blodget, Inc., will offer a complete service both to
investors and to Issuers of securities, namely, municipalities, railroads,
public utilities and industrial companies. It will give investors increased
efficiency in handling their accounts, additional facilities as a result
of
investigation of new issues and diversification of securities lists.
The
capital and resources of the new company, together with the high
standing
of its personnel and the record of each of the participating
companies,
afford satisfactory security for clients' interests.
Public utilities and others whose securities 'will be handled by
Stone &
Webster and Blodget, Inc., will have the advantage of a wider
market
through the combination than either of the companies could offer
separately. Its facilities will be available not only for originating
issues to be
sold by the new house exclusively, but alo to public utilities and
other
corporations in the sale of whose securities Stone & Webster and
Blodget,
Inc., will participate with other houses.
"Stone & Webster, Inc., has built up a substantial securities business over a period of many years," Charles A. Stone,
Chairman of that company, said, "which combined with the
banking business of Blodget & Co. will give the utmost
diversified experience to the new corporation. While this
new corporation will be operated in an entirely independent
capacity, it will have at its elbow the comprehensive
engineering and construction, and analysis service of Stone
& Webster, Inc."
Commenting on the combination, Mr. Pope pointed out
that the tremendous development of the country indicates
that billions of dollars must be provided to facilitate refinancing and expansion. He added:
The amount of new, money needed annually reaches a figure
almost
beyond belief. The largest part of this huge sum must be obtained on longterm securities taken by investors,either individually, or collectively through
deposits in savings institutions or premiums paid to insurance companies.
This has made it necessary for security and banking houses to offer service
national in its scope in order to fulfil their obligations both to the
investor
and to the thousands of municipalities, utilities, railroads, and industrial
companies which are depending on such houses to secure the
needed
funds for refinancing and development. Stone & Webster and Modget,
Inc., will be in a position to meet these needs of both interests. We realize
that the security dealer is absolutely dependent on the confidence of the
Investor at large, and in order to deserve this confidence and to expand
the service which we can render to the fullest extent, we have effected this
combination.
3135
Blodget & Co. was-established in Boston forty-one years
ago. Until the war its business was confined mostly to New
England, but in the past ten years its New York office has
increased its distribution several hundred pereent.rAll
partners of Blodget & Co., most of whom have been connected with that house for twenty or more years, will become
officers of Stone & Webster and Blodget, Inc.
Bayard F. Pope, President of the new company joined the
Chicago banking house of Mason, Lewis & Co. following his
graduation from Harvard in 1908. This corporation was
dissolved in 1910, and Mr. Pope joined Blodget & Co., for
whom he did such work that he was charged with the
responsibility of developing their New York office. Shortly
after this country's entry into the war, he enlisted for work
in the publicity department of the Liberty Loan Committee, where under Gov. Benjamin Strong he worked as
Vice-Director of publicity in charge of advertising. He was
made a partner in Blodget & Co., in 1919. In addition to
being President of the new company, Mr. Pope is also a
director in a number of other corporations, including
Engineers Public Service Co., General Public Service Corp.,
Virginia Electric and Power Co., and New England Power
Association.
Stone & Webster, Inc., was established in 1889 to engage
in engineering and construction. Four years later it undertook the operation of public utilities and has been outstandingly successful in this field. The inclusion of a
securities department was a logical outgrowth of this
operating business. Charles A. Stone, Chairman, and Edwin
S. Webster, President, who will be directors of Stone & .
Webster and Blodget, Inc., organized the partnership.
Both are graduates of Massachusetts Institute of Technology. Their operations cover the United States and other
countries. Mr. Stone is also a director of many important
companies, including American International Corporation,
International Mercantile Marine Co., Union Pacific Railroad,
The North American Co., International Acceptance Bank,
Inc., First National Bank of Boston and many other corporations. For four years he was also a director of the Federal
Reserve Bank of New York.
In addition to being a director of the Massachusetts Gas
Companies and of some 25 other public utility corporations,
Mr. Webster is also a director of the Atlantic National Bank
of Boston, First National Corporation of Boston, Pacific
Mills, Calumet and Hecla Consolidated Copper Co.; Trustee
of Massachusetts Institute of Technology, Massachusetts
General Hospital, and the Museum of Fine Arts of Boston.
The officers and directors of Stone & Webster and Blodget,
Inc., in addition to Bayard F. Pope, President, will be:
C. E. Ober, H. R. Hayes and R. H. Carleton, senior VicePresidents; T. T. Whitney, Jr., P. L. Warren, J. D.Thomas,
R. H. van Denson, A. C. Dunmore, J. E. Baker and A. B.
Griffin, Vice-Presidents; F. T. Pratt, Secretary, and Howard
F. Neill, Treasurer. Directors: C. A. Stone, E. S. Webster,
B. F. Pope, H. G. Bradlee, G. 0. Muhlfeld, F. P. Royce,
F. H. Cabot, Jr., C. E. Ober, R. H. Carleton, H. R. Hayes,
T. T. Whitney, Jr., P. L. Warren, J. D. Thomas, R. H.
van Deusen, A. C. Dunmore, J. E. Baker and A. B. Griffin.
A. E. Bryson of Halsey, Stuart & Co. on Advertising
as Factor in Distribution of Investment Securities.
"With the margin of profit now smaller, bond distributors
to maintain their accustomed profits, must increase volume
or decrease selling costs. Advertising, properly applied,
can be a valuable aid in both." That was the keynote of
the talk on "Advertising as a Factor in the Distribution of
Investment Securities," which A. E. Bryson, Vice-President
of Halsey, Stuart & Co., made before the Financial Advertisers Association at the Hotel Sherman, Chicago,on Dec. 14.
He emphasized that the investment hanker, who recognizes
the value of advertising in all other fields, often overlooks
its merits in his own, saying:
It is not uncommon to find the investment banker quite willing to concede
the important place of advertising in the general scheme of things, though
indifferent, perhaps skeptical, about its application to his own field. The
same individual whose food, apparel and whole mode of living is influenced,
perhaps more than he realizes, by advertising; who often sits on the boards
of directors of manufacturing or industrial concerns who distribution is
directly dependent upon advertising; who, when given the opportunity of
purchasing the issues of organizations the names and products of which
have been thoroughly established by advertising, not only welcomes the
opportunity but frequently pays more for these securities than for those
of another company whose physical assets and earnings are the equivalent
of the others, but whose name is iunknown because of failure to make Use
of the advertising appeal so effectively utilized by the former—despite
these tributes, conscious or unconscious, to the effectiveness of advertising
in other fields, he maintains a lukewarm attitude, perhaps even an adverse
one, to the wholehearted application of the same sales agency to his
own
business.
3136
THE CHRONICLE
After pointing out that such pleas as "the bond business
is different," as reasons for not advertising, are not true,
he went on to emphasize the fact that investment selling and
advertising are at present addressed too exclusively to the
narrow circle of experienced buyers. He urged asa means
of cutting sales costs, by widening the market, more effort
toward the cultivation of the substantial salaried class, the
majority of whom have no commensurate property accumulation. He added:
By this outer market I do Lot mean the $100 buyer. . . . I have in
mind that considerable section of our population who are earning substantial
salaries, who have a surplus over reasonable living requirements, but who,
driven by the great American quest of "things." consume most of their
current income without sufficient thought as to how their standard ofliving
is to be maintained in the period of lessened personal income that some
day must follow.
It is in this field that advertising can be most effective. Without advertising support, salesmen find it a hard field to cultivate profitably. With
advertising it represents our greatest opportunity for widening our market.
Much of our present advertising is ineffective in this field. Our impressive
lists of securities, our prating about how old we are, how honest we have
been, and how respectiable our ancestors, fails to register.
If we are to make a real advertising impression on this great market, the
potentialities of which. despit the huge increase in number of buyers
and output of securities over the last few years, are relatively untouched.
we must do something more than merely talk in terms of spectifc offerings
with their first liens, net incomes, legal opinions and whatnot; we must
dislodge these people from their feeling of false security. Maybe they are
earning $25,000 a year but what good is it doing them if they are only
building up a standard of living, departure from which must sometime
inevitably be made without a property accumulation sufficient to replace
their personal earnings when they get sick, get old or get fired—all of which
are not remote possibilities. We must sell them a second income; we
must sell them an investment program; we must appeal to their pride, to
their love of family, to their plain common sense. All this can be done
without in any way reflecting on the established ethics, dignity or conservatism of the business. The banks have done it and suffered nothing more
alarming than large increases in business. Alert insurance companies are
doing it with surprising results. Some of the bond houses are doing it, and
it is significant that those who are doing it best are the ones who are more
than maintaining their places in the sun.
Canadian Bank of Commerce on Lumber Industry.
In its "Monthly Commercial Letter" for December the
Canadian Bank of Commerce comments,as follows on the
lumber industry:
(VOL. 123.
funds available for investment may prevent a marked recession in construction. The necessary reconstruction in Florida is not likely to strengthen
the lumber market, as large consignment stocks were held there prior to the
recent hurricane.
There is still heavy consumption of lumber for house building in Great
Britain, but the market in general has been weak as a result of unfavorable
industrial conditions. For the first seven months of 1926 the value of
the principal classes of lumber imported into the United Kingdom shows a
decline of about 20% in comparison with that for the same period in 1925;
the value of Canadian timber products sold in Great Britain dropped by
about 40%. Stocks of hard woods there are large, but those of soft woods
are not more than sufficient for current needs. No marked improvement
in the dern,and for Canadian lumber can take place until the return of more
normal conditions in the old country, and while North American exporters
will continue to face severe competition from European mills, it is encouraging to note that firmer prices are quoted for Russian lumber and that the
quantity of that product available for export is likely to be less this year
than last.
Fortunately,the decline in shipments to the American and British markets
has been largely offset by increased exports to other countries. notably
Japan, which, in the eleven months ending in August last, bought nearly
260,000,000 feet of Canadian logs, lumber and timber squares; in the previous eleven months its purchases were about 135,000,000 feet. This
market seems to have recovered from the weakness caused by excessive
importations following the earthquake two years ago, and while competition
is keen, it offers excellent prospects for Canadian exporters. The trade
with Australia and New Zealand in the past year was of about the same
volume as in the previous twelve months, but there has recently been a
stronger demand which is likely to be maintained if agricultural conditions
in these countries continue to be favorable during the next few months.
While the volume of orders now shows the usual seasonal decline and no
improvement in the conditions affecting lumbering can be expected for
some time, there are encouraging signs which indicate that the industry
will gradually work into a more profitable position. Uneconomical production in the East is declining, while a merger of a number of Pacific Coast
mills is under way, which, If consummated, would probably curtail the
overproduction in that region and effect economies which would assist in
bringing prices to figures more nearly in line with those of other building
materials. It is claimed that substitutes have proved unsuitable for some
of the purposes for which they have been employed, especially in certain
climates, and the lumbermen hope to regain some of the markets lost in the
last few years. A substantial building programme on the prairies has
recently been delayed by bad weather, but it is expected to be undertaken
next spring, and this, with increased immigration, would result fit a stronger
demand from the Central West than for some years. The consumption of
logs in British Columbia in the three months ending Sept. 30 exceeded the
production, and while stocks are still heavy there is a firmer undertone in
the market. The foreign trade in timber products, which has been the
saving factor in the last few years, can be developed more extensively as
new markets are being found, notably in South America.
Lumbering has been conducted under adverse conditions for nearly three
years, for while sales have been large, overproduction and highly comUnited Hospital Fund.
petitive markets have forced prices to comparatively low levels, and the
James Speyer, Chairman, and Walter E. Frew, Associate
only mills which have been able to make good profits are those enjoying
exceptional advantages, such as the opportunity to log under the most Chairman of the "Bankers' and Brokers' Committee" of the
favorable circumstances or to purchase logs cheaply. From time to time
United Hospital Fund of New York, on Dec. 13, reported
a slight improvement in the situation has been noticeable, but any advances
in prices have been only temporary; indeed, the trend has generally been total subscriptions so far of over $80,000, and the committee
downward, showing that the available supplies of lumber have been in hopes this will be increased to $150,000. The following
excess of market requirements.
subscriptions of $200 and over have been received to date:
In 1921 the production of lumber in Canada was at the lowest level since
Manufacturers Trust Co.
$12,000.
1908. when statistics covering forest products were first compiled. The
William H. Nichols.
Co.
output of 2,869,000.000 feet in that year probably represented the limit of J. P. Morgan ac $6,000.
William C. Potter.
would
industry
the
scale,
that
consumption, and had it been maintained on
Realty Associates.
Kuhn, Loeb & Co.
John J. Riker.
not have to contend with some of its present difficulties. Production, Speyer ei Co.
Ernst Rosenfeld.
$3.000.
however, was increased in each of the three years following, and while
"Anonymous."
and Mrs. George Blumenthal.
statistics for 1925 are not yet available it is probable that last year's cut Mr.
$250.
$2,500.
Monthly
feet.
was about equal to that of 1924, which was 3,878,000,000
Asiel & Co.
George F. Baker.
Stephen Baker.
returns of production and shipments are not furnished for all of the principal George F. Baker Jr.
Bank of Montreal Agency.
lumbering districts, but we have secured the following figures for the Marshal Field.
S. B. Chapin & Co.
$1,500.
current year relating to the largest producing sections. the Coast and Haligarten & Co.
Commercial Investment Trust moor
Mountain districts of British Columbia:
H. Content & Co.
$1,250.
Dominick & Dominick.
Jan.-Sept. 1925. Aldred & Co.
Jan.-Sept. 1926.
Walter E. Frew.
953.000,000 feet
$1,000.
1,145,000 000 feet
Production of lumber
Donald G. Geddes.
938,000.000 feet Bank of the Manhattan Co.
1,130,000,000 feet
Shipments
feet
E. Goodhart.
Albert
345,000.000
T.
Otto
feet
Bannard.
000
360,000
hand
Stocks on
P. J. Goodhart.
(The figures for the Coast district were taken from reports from 80% of the mills.) Blair az Co., Inc.
Hambleton
Dillon.
Clarence
& Co.
No particulars are available as to the lumber sawn in Northern British Goldman, Sachs & Co.
Hornblower & Weeks.
Columbia, but the cut of logs is estimated to be slightly higher than that Halle dr Stleglitz.
Adrian Iselin.
Mrs. Mary Lewis Kirkman.
In the first nine months of 1925. The lumber and lath cut in Nova Scotia Harris, Forbes & Co.
& Co.
Ladenburg. Thalmann az Co.
and New Brunswick in the first six months of this year was estimated Hayden,'Stone
Jesse Hirschman
Maitland. Coppell az Co.
450,000,000 feet, a reduction of 275.000,000 feet from the production in the Lazard Freres
Mrs. William II. Moore.
corresponding period of 1925. While no figures are available regarding Henry K. mcHarg.
Newborg & Co.
Milbank.
Mr.
Jeremiah
and
Mr. and Mrs. Acosta Nichols.
Mrs.
authorities
competent
by
stated
Is
it
Quebec,
the production in Ontario and
J. Henry Schroder Banking Corporation. Post dr Flagg.
that it is somewhat less than that of the previous year.
J. & W.Seligman & Co.
Mr. and Mrs. B. F. Prentice.
Construction operations in Canada in 1924, 1925 and during the current Title Guarantee Oc Trust Co.
W. Emien Roosevelt.
A. Rothbart.
year have been on an extensive scale, but there has been a very' rapid ex- Albert H. Wiggin.
Mrs. Anna Woerishoffer.
Salomon Bros. & Hutzler.
pansion in the use of substitutes for wood, and therein lies one of the princi$750.
Jack W.Schiffer.
pal causes of the difficulties surrounding the lumber industry. An investi- H.E. Ward.
Edward W.Sheldon,
$500.
gation of conditions in the United States revealed that since 1909 the conW. Allen.
Albert Tag.
sumption of lumber had declined by nearly 20%, while the use of sub- Mr. and Mrs. Frederick
Mrs. and Mrs. Arthur 0. Choate.
Frederick M. Warburg.
stitutes had increased by 190%; it is probable that a similar change has Hartman K. Evans.
$200.
prothat
sides
all
on
evidence
ample
is
there
J. Horace Harding.
taken place In Canada, as
J. S. Alexander.
Hamilton Fish Benjamin.
portionately less lumber is being used now in construction and in the manu- Heidelbach, Ickelheimer & Co.
Francis L. Hine.
"Anonymous."
facture of railway cars,automobiles and boxes.
"A Friend."
Willard V. King.
As fully two-thirds of the production of Canadian lumber must be dis- J. B. Mahon.
Lewis E. Pierson.
important
most
a
is
trade
foreign
our
markets,
posed of in the foreign
factor. Compared with the exports of logs, lath and lumber in the twelve
months ending Sept. 30 1925, those for the corresponding period this year
show a slight decline. The United States is the largest outside market for Election of Officers of California Group of Investment
the disposal of Canadian timber products, but the mills in that country
Bankers Association.
provide keen competition in other markets, especially the Austriallan and
Robert E. Hunter, of Hunter, Dulin Sz Co., was elected
Oriental. Shipments of Canadian logs, lumber and lath to the United
States for the twelve months ending Sept. 30 show a slight decrease in Chairman of the California group of the American Investcomparison with those for the same period in 1924-25, and in view of the ment Bankers Association of
America at the annual meeting
great construction programme across the border this decrease in sales there
might at first be considered a poor record. In reality, the Canadian held recently in San Francisco; Harry H. Fair was chosen
the
as
operators have done well almost to hold their own in that market,
as Vice-Chairman and Coils Mitchum, Secretary-Treasurer.
American mills, particularly some of those on the Pacific Coast which have
The following directors were elected: Charles Blyth,
thus
have
and
products,
their
fo
sale
the
bond interest to earn, have forced
furnished larger supplies for domestic consumption. A decline in con- William Cavalier, Benjamin H. Dibblee, Carey S. Hill,
struction in the United States is expected next year, but one of the best George A. J. Howard, Earl W. Huntley, John E. Jardine,
authorities points out that while the country's requirements for many
Witter.
classes of building have been met, the present prosperity and the surplus Robert H. Moulton, Gilbert W. Smith and Dean
DEC. 18 1926.]
11±LBI
CHRONICLE
It was reported at the meeting that Charles R. Blyth,
Benjamin H. Dibblee, John E. Jardine and R. H. Moulton
had been elected to the national board of governors of the
American Investment Bankers Association.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
John A. Stewart, Wall Street's oldest banker, died yesterday at his home in this city. Mr. Stewart was
104 years
old. His death, it is said, was due to pneumonia.
At the
time of his death Mr. Stewart was Chairman of
the board
of directors of the United States Trust Co. of
this city,
which he organized in 1853; he served as its President
until
1902, except when he served in President Lincoln's
Cabinet
as Assistant Treasurer of the United States. Mr.
Stewart
was the oldest living graduate of Columbia and
the oldest
living trustee of Princeton University. Mr. Stewart
celebrated his 104th birthday at his summer home at
Morristown, N. J. He discontinued making regular trips
to his
office in Wall Street several months after he had
passed his
99th birthday anniversay, insisting that he had not
retired,
but was merely acting upon the advice of his physician.
3137
Alexander Gilbert, of the former Irving, whose active banking career covers more than 60 years, and Walter H. Bennett and Theodore H. Banks, both of whom were VicePresidents of the American Exchange-Pacific. 0. H. Cheney, Vice-President, will maintain a close contact with the
six branches, and in addition will be engaged in important
general business extension activities of the company. It is
pointed out that the new board of directors of 40 members
not only reflects the commercial character of the business
of the two consolidated banks; it also typifies the close cooperation between banking and commercial enterprise that
has been one of the striking developments of the last quarter century. Many different classes of commercial, financial and industrial activity are represented by the board's
personnel.
The work of transforming the Irving and the American
Exchange-Pacific into the American Exchange Irving was
accomplished between the close of business on Saturday and
the opening on Monday, all details of operation being so
arranged that the institution got under way without confusion or interruption in its service to customers. In a
statement,'Mr. Pierson, Chairman of the Board, said:
C. Stanley Michtell, President of the Central
The American Exchange Irving Trust Co. is new only in that it operates
Mercantile
Bank, announced as follows on Dec. 16 conversion
under a new name and in the sense that it expresses increased capacity for
of the service
to business. Beyond this, everything goes on as before. All the
Institution to a trust company:
banking offices will be maintained in their present locations. Official
and clerical staffs are retained.
Essentially what is presented to the public is the embodiment, of the many
elements of usefulness developed by two well-established and influential
banking institutions during a long and active existence—the Irving having
been founded in 1851 and the American Exchange-Pacific in 1838. The
consolidation is not limited to resources and personnel. It is a union also
of experience, connections, traditions and institutional standing.
This union in the interest of a broader and more fully rounded out banking service is entirely in harmony with the modern trend in the financial as in the business world. The growth of banks in the last 25 years
has been a perfectly logical—in fact, a necessary—accompaniment of the
growth of business. Industry and commerce have developed at such a
rapid pace that banks, to meet the situation, have had to provide banking
facilities equal to the requirements of business on a large scale, not only
The Central Mercantile Bank & Trust Co. will
at
home, but also abroad.
occupy the
Considered in terms of their capacity to serve customers, there are no
new Central Mercantile Bank Building on the
old Delmonico small offices in the
American Exchange Irving Trust Co. Under the insticorner, Fifth Avenue and 44th Street, early
next year. tution's long-established plan of organization and operation, each banking
President Mitchell recently announced that
office,
regardless
of its size and the number of persons on its staff, offers
his bank had
every facility of the entire institution. As a result, customers of any
negotiated a lease for the banking space In the
new 36-story office, wherever they are situated and however important their needs,
can
building on this corner. The directors voted
a 10% Christ- be assured that the company's fullest measure of service is available for
mas bonus to all bank employees. President
their purposes.
The directors of the Central Mercantile Bank,
at a meeting held this
afternoon, approved a plan for converting our bank
into a trust company,
and henceforth our institution will be known as
the Central Mercantile
Bank & Trust Co. This action is the final step in
carrying out the program
decided upon at the time we merged with the National
months ago. We believe that as a trust company we American Bank two
can render a broader
and more complete service to our customers.
Not only can a trust company perform all the
services that a bank can
perform, but it is equipped to handle private and
business trusts and estates, a class of business which has developed into great
proportions in the
last 25 years. The only change made in our business
by the action of our
directors this afternoon will be the addition of trust
powers
to our present
charter powers, and we will go right ahead in
all other respects as heretofore.
Mitchell will
be host to all of the bank's officers and
employees at a dinner and dance at the Biltmore Hotel to-night
(Saturday,
Dec. 18.
Arthur Sachs, of Goldman, Sachs & Co., investment bankers, has been elected a trustee of the United States Savings
Bank. Mr. Sachs will fill the vacancy created by the
death
of the late William E. Peck.
The National Bank of Commerce in New York announces
the opening of the office of a representative in
Berlin at
Unter den Linden 39. Gustaf Brunkman will be the
bank's
representative. He has been its representative in
Scandinavia and Central Europe for a number
of years. His
office in Berlin will keep informed on financial
and economic conditions, and will keep in close touch with
the
bank's many and important correspondents in Germany,
Sweden, Norway, Denmark, Czechoslovakia, Austria,
Hungary, Poland, Jugoslavia and Greece. Representatives'
offices are also maintained by the bank at London,
which
serves England, Scotland, Wales, Ireland and• Holland,
and
at Paris, for France, Switzerland, Belgium, Italy,
Spain
and Portugal.
•
The American Exchange Irving Trust Co. of New
York,
representing a union of the Irving Bank & Trust Co.
and
the American Exchange-Pacific Bank, opened its doors
for
business at its 25 banking offices throughout Greater
New
York on Dec. 13. This institution, by virtue of the consolidation, which became effective at the close of business
on
Dec. 11, takes rank, in point of total resources, as the
third
largest bank in New York City and the largest trust company, it is stated, in the world. Its resources exceed $600,000,000, and its capital investment is approximately $60,000,000, of which $32,000,000 represents capital and $28,000,000
surplus and undivided profits.
Lewis E. Pierson and Harry E. Ward, Chairman and
President, respectively, of Irving Bank & Trust Co., continue to hold those positions in the continuing institution.
Lewis L. Clarke, formerly President of the American Exchange-Pacific Bank, is Chairman of the Executive Committee. There are three Vice-Chairmen of the Board—
Mr. Pierson and Mr. Ward continue to maintain their
offices in the Woolworth Building at 233 Broadway, and
Mr. Clarke also will have his office there. Of the 25 banking offices, 18 were former Irving offices and seven were
operated by the American Exchange-Pacific. Two—the
Out-of-Town office and the Foreign office, both in the Woolworth Building—are organized to supply banking facilities,
respectively, to customers located in the United States outside of New York City, and to customers who are in foreign
countries. The remaining 23 banking offices are designed
primarily to serve New York City customers. Each is situated at a strategic business centre. Seventeen of the offices
are in Manhattan, three in Brooklyn and three in the Bronx.
The board of directors is composed of the following members:
Benjamin L. Allen
Avery D. Andrews
Theodore rt. Banks
William M. Barrett
Milo M. Belding
Walter H. Bennett
H. C. BlackLston
William H. Browning
0. H. Cheney
Edward H. Clark
Lewis L. Clarke
James W.Cromwell
Warren Cruikshank
John F. Degener Jr.
William K. Dick
Henry Fletcher
George F. Gentes
Alexander Gilbert
J. Horace Harding
Harold A. Hatch
Herman W. Hoops
Doughlas T. Johnston
Lee Kohns
Adam K. Luke
Sidney Z. Mitchell
Augustus G. Paine Jr.
Hubert T. 'arson
Lewis E. Pierson
John J. Pulleyn
Jacob L. Reiss
Arthur Sachs
William Skinner
Matthew S. Sloan
Thomas Smidt
Alfred H. Swayne
Charles L. Tyner
J. H. Walbridge
Harry E. Ward
Daniel W. Whitmore
Harry M. Williams
An item regarding the merger appeared in these columns
last week, page 2998.
Several of the local savings banks have announced increases in the rate of interest paid to depositors. The Bank
for Savings at 4th Avenue and 22nd Street, announces that a
Quarterly Dividend at the rate of 4Y
I% per annum has been
declared from its accumulated earnings for the quarter ending
December 31, 1926, payable on and after January 15th. The
bank has heretofore paid 4%. The New Ycrk Savings Bank
at 126th St. and 8th Avenue announces an increased dividend
at the rate of 44% for the quarter ending Dec.31. The rate
is raised from 4%. Another bank which has increased its
annual rate to 4%% is the Irving Savings Bank at D.&
Chambers St.
The officers and trustees of the Seamen's Bank for Savings in the city of New York announce the opening of
new
1
3138
TILE CHRONICLE
banking offices at 74 Wall Street and invite inspection on
Dec. 20, from 9 to 4 o'clock. A private inspection of the new
building was accorded friends and patrons yesterday (Dec.
17). The superstition of an old salt who figured out that
seven and six "add up to thirteen" has induced the bank
(the oldest financial institution dealing principally with
sailors since its beginning) to change the address of its
new building, Wall and Pearl streets, from 76 to 74 Wall
Street. The request to eliminate the bugaboo thirteen from
the combination of the bank's address numbers came from
J. B. Walker, of 75 Eighth Avenue, who traveled the seas in
the days when four-masters were still a common sight in
this port, to Herbert K. Twitchell, President of the Seaman's Bank for Savings. "Being a seaman of the old
school, there is right much superstition yet in me as well as
nearly all others," he wrote. "I only want to call your
attention to the fact that seven and six add up to thirteen
and if you will number your new building 74 Wall Street
you will lessen the hoodoo on the thirteen combination with
a lot of seamen." So the matter was taken up with the
board of directors and Mr. Twitchell announced this week
that the new building will bear the number 74 Wall Street
in answer to the request of the superstitious salt. The Seamen's Bank for Savings began business on May 11 1829.
Since its organization the bank has been located at the following addresses: 1829-1831, 149 Maiden Lane; 1831-1835,
47 Wall Street; 1835-1836, 99 Pine Street; 1836-1845, 71
Wall Street; 1845-1852, 82 Wall Street; 1852-1871, 78-80
Wall Street; 1871-1925, 74-76 Wall Street; 1925-1926, 56
Wall Street; 1926, 72-76 Wall Street. During these years
the business of the bank increased from $14,494 in 1829 to
over $100,000 in 1836; in 1847 it passed the $1,000,000 mark;
In 1873 the $10,000,000 milestone and at the present time the
deposits total over $80,000,000, with resources of over $100,000,000. Regarding its new building the bank says:
Keeping pace with the rapid gror;rth of its business, the bank has been
forced to enlarge its quarters from time to time; this, together with the
fact that the demand for modern offices made it difficult for us to rent the
space not required for banking purposes, influenced the trustees to erect a
larger building that would meet the requirements of the bank and at the
same time secure the largest return on the investment for the depositors.
In order to do this it was necessary to purchase additional ground space
and the adjoining 28-foot plot on Wall Street was acquired, as were also
two lots on Pearl Street, thus giving a total frontage of approximately 89
feet on Wall Street with 129 feet on Pearl Street.
The new building at 72-76 Wall Street is of skeleton steel construction,
heavily fireproofed throughout. It recalls the early architecture of
Northern Italy adapted to the necessities and materials of construction if
this day. The exterior walls are of Plymouth granite and brick, the granite having been quarried near uincy, Mass. This stone is of a peculiar form.
Its split surfaces having been exposed for ages to the weather, the tones
varying in buff, yellow, pale green and gray. It is 15 stories in height
and equipped with six passenger elevators with the latest and best devios
for speed and safety of operation. The new building provides, in addition
to the part required by the bank, ten rentable floors—desirable space in
small or large units.
The tradition of the bank is expressed in decorative features of marine
life and activities, both on the exterior and interior walls. In contrast
with the simplicity of the architectural treatment, a few brilliant decorations give an effect of cheerfulness, including the mural paintings by
Ernest Peixotto, illustrating Washington's landing near the site of the
bank before taking his oath of office, and the bronze floor seal by John
Gregory.
New facilities of the bank are described as follows::
[VoL. 128.
Following the meeting of the board of trustees of the New
York Trust Co. on Dec. 15 the following changes In official
personnel were announced: Frederick W. Walz, formerly
Treasurer, has been elected a Vice-President of the company. Mr. Walz will be in charge of the company's branch
at Madison Avenue and 40th Street, succeeding Vice-President James G. Blaine, whose impending election to the presidency of the Fidelity Trust Co. of New York has already
been announced. Theodore C. Hovey, formerly Assistant
Vice-President, has been elected Treasurer, succeeding Mr.
Walz.
At a meeting of the Executive Committee of the board of
directors of the National City Bank of this city on Dec. 14.
Leo N. Shaw was elected Assistant Cashier.
A. G. Pratt, President of the Babcock & Wilcox Co., has
been elected a director of the Hanover National Bank of this
city.
The board of directors of t- he Bankers Trust Co. of New
York on Dec. 13 authorized the payment of a Christmas
bonus equivalent to 5% of the annual salary paid to employees during the year 1926.
Alfred B. Leet has become associated with the Chatham
& Phenix National Bank & Trust Co. of this city. Mr. Leet
resigns as Trust Officer of the American Security & Trust
Co. of Washington. He will for the present be located at
the main office and later will be transferred to the 30th
Street and Fifth Avenue office of the Chatham & Phenix.
He will also be available for all the branches above 14th
Street. •
Employees of the New York Title & Mortgage Co., American Trust Co. and affiliated companies received on Dec. 15
the first half of their 1926 profit sharing. The total aVeraged about 26% of the annual salary. This week's payment
was made in cash; the remaining half will be placed in a
trust fund and invested in stock of the New York Title &
Mortgage Co. In this way employees will own 2,860 shares
of Title company stock in January, due to the profit-sharing plan these companies adopted four years ago. This was
announced by President Harry A. Kahier at the annual
dinner of the staff held at the Commodore on Dec. 14. Mr.
Kahler pointed out to the 1,750 employees that this profitsharing plan has proved its worth by four years' successful
operation. Essentially, the plan is to take a certain percentage of the company's earnings, after deducting fixed
charges, and make a distribution on the basis of present
salary and length of service. One-half the amount is paid
In cash and the other half placed in a trust fund with the
American Trust Co., to be paid to each employee when he
reaches the age of 60 years, or to his estate at death. Each
employee receives the annual income from his portion of the
Invested fund. The stock first bought has increased 126%
and the holdings have grown from $104,000 to the present
figure of approximately $1,200,000. Since the fund was
Inaugurated $91,000 has been paid to persons who have
reached the age of 60 or to the estates of those who died.
The company also carries group insurance for its employees.
The enlarged building has permitted space for additional tellers, both
paying and receiving, and also the establishment of several .new departments for the accommodation of the bank's customers.
Safe Deposit Department—There has been installed in the basement a
safe deposit department, which has been equipped with safe deposit boxes
to be rented to the customers of the bank for the safe keeping of securities
and valuable papers. The smallest box can be rented for $3 50 a year, or
The Comptroller of the Currency approved on Dec. 11
less than a cent a day, while larger boxes can he secured at a high.•r mita].
application to organize the Seward National Bank of
Foreign Exchange Department.—Through the establishment of a foreign the
exchange department at the bank will now be in a position to accept at cur- New York, which, it is understood, will be -established in
rent rates for immediate credit all drafts drawn in foreign exchange; issue the vicinity of Park Avenue and 33d Street. The new bank
drafts on all foreign points, and also sell at a very moderate cost American
of $2,000,000 and a surplus of $1,000,000. RefBankers Association checks for use while traveling in America and abroad. has a capital
Mortgage and Loon Department.—This department has been estsblished to erence to its organization appeared in our issue of July 17,
facilitate the handling of real estate loans, and also loans on Liberty bonds, page 287.
pass books and other eligible collateral.
Interest From Date of Deposit.—In providing new banking facilities for
The Chemical National Bank of New York has declared
the benefit of the depositors of the institution the trustees are also desirous of offering as liberal terms as are consistent with conservative banking. its regular bi-monthly dividend of 4%, payable to stock of
With this in view, on and after Jan. 1 1927 interest will be allowed on all record Dec. 23, and has announced that a bonus of 10% will
deposits from the date of such deposit, instead of from the 1st of the
be paid to all officers and employees.
month following, to be credited and compounded quarterly as formerly.
William B. Cardozo, Vice-President of the Farmers Loan
& Trust Co. of this city was tendered a dinner at the Harvard Club by his fellow officers on Dec. 7, arranged in
• celebration of the completion by him of 45 years of service
• with the company. Mr. Cardozo was presented with a
massive piece of plate by James H. Perkins, President of
the company, who took occasion to review Mr. Cardozo's
long and distinguished service.
-Bank of New York is giving a
The Commercial Exchange
Christmas bonus to its employees amounting to 10% of their
yearly salaries.
- & East River National Bank
The directors of hte Bowery
have declared a regular quarterly dividend on the capital
stock of that institution at the rate of 14% per annum,
payable Dec. 31 1926, to stockholders of record Dec. 24.
The board has also voted to distribute to all officers and
DEC. 18 1926.]
THE CHRONICLE
3139
employees a Christmas bonus in cash equivalent to 10% of and payment thereon must be made on Feb. 15 1927. The
the total salaries paid to them during 1926.
bank will not deal in its own stock or in the rights arising
from the increase, but the officers will endeavor to adjust
The directors of the United States Mortgage & Trust Co. fractional
shares. Warrants for the rights to subscribe to
this week declared an extra dividend of 4% and the regular new stock
will be mailed to stockholders promptly after
quarterly dividend of 4%,both payable Jan.3 1927, to stockJan. 11, and stockholders are urged to enter their subscripholders of record Dec. 27 1926, and authorized the transfer
tions and adjust their fractional rights as soon as possible.
of $500,000 from undivided profits to surplus account. Additional compensation of 10% of the amount of salaries paid
That stockholders of the Union Trust Co. of Springfield r
during the year was voted to officers and employees. Al- Mass., would be asked at their
forthcoming annual meeting
bert L. Salt, President of the Graybar Electric Co., was in January to ratify a recommendation of the
directors te
elected a director.
increase the capital of the bank from $500,000 to $1,000,000
by the declaration of a stock dividend of $500,000 out of the
Salaried employees of the Guaranty Trust Co. other than•
present surplus of the institution, was reported in a dispatch
officers were informed this week that an additional comby the Associated Press from Springfield en Dec. 14, appearpensation allowance of 81-8% of their yearly salaries, avering in the New York "Herald Tribune" of the following day.
aging one month's salary, has been authorized by the board
If the proposed increase in the capital is approved, the bank's
of directors.
combined surplus and undivided profits will still stand at
At the regular December meeting of the Eastern Exchange $1,300,000,it is understood.
Bank, on Dec. 9, Howard F. Thurber, Chairman of the
On Dec. 13 the directors of the Marine Trust Co. of Buffalo
Board of the New York Telephone Co., was elected a
Director. The Eastern Exchange Bank handles the payroll declared a regular quarterly dividend of $3 a share, togethe
accounts for many large corporations in the Wall Street, with an extra dividend of 50 cents a share, on the capital
and holds a confidential relation between the large corpora- stock of the institution, payable to stockholders of record at
tion and its employees, acting as the cashier for both the the close of business Dec. 20, according to the Buffalo
corporation and the employee. Mr. Thurber's experience, "Courier" of Dec. 14. The dividends are payable on and
over a long period of years, as head of one of the largest after Dec. 31 1926. George F. Rand, the bank's President,
corporations, will it is announced prove of great value to the was quoted as saying, "that this reflects the fine earnings
bank in handling its peculiar problems between the large enjoyed *by the bank during the year, which is a result of
economies in operation, the rapid growth of various departcorporations and their employees.
ments of the bank and the increase in deposits during the
The Standard Bank of this city has declared a bonus of year."
.-from 2% to 9% of the annual salaries of the employees of
—4
We are advised by the National Commercial Bank &
the institution. The distribution will be 2% of the annual
salaries plus 1% additional for each full year of service, Trust Co. of Albany, N. Y., that at a meeting of the Board
which is in accordance with the policy adopted several years of Directors of the institution on Dec. 10, it was unanimously
voted to transfer $500,000 from undivided profits to surplus.
ago in an endeavor to reward employees for long service.
The bank's statement consequently reads: Capital, $1,500,On or about Jan. 31 the City Hall branch of the Morris 000; surplus, $3,000,000; undivided profits about $1,000,000.
Plan of New York will be moved from its present quarters
at 261 Broadway to the ground floor of the St. Paul Build•At a meeting of the directors of the Bank of Onondaga
ing, 222 Broadway, at Ann Street, according to announce- (Onondaga Valley), Syracuse, N. Y., it was decided to merge
ment from the main office of the company. The latest ,n- the institution with the City Bank & Trust Co. of Syracuse,
dustrial banking equipment will be installed in the new the bank to be known, when the merger becomes effective,
quarters previous to the opening, according to Vice-Presi- Jan. 1 1927, as the City Bank Trust Co. Valley Branch,
dent Wallace D. McLean. Ames Wiggins, present Manager according to the Syracuse "Post" of Dec. 8. The executive
of the branch at 261 Broadway, with other members of his committee of the board of directors of the City Bank &
staff, will be transferred to the new quarters, which will Trest Co. on the same day, if is understood, voted to make
retain the designation of "City Hall" branch. The present the officers and directors of the Valley bank members of
office will be vacated as soon as the new location is ready an advisory committee to direct the affairs of the bank
for occupancy.
when it becomes a branch of the enlarged City Bank &
Trust Co. The Bank of Onondaga was organized and
The Comptroller of the Currency has received an appli- started business in 1912 and has been
in its present quarters
cation to organize the Harlem National Bank of the City at South Salina and Seneca
streets for three years. It is
of New York on Nov. 17. The capital of the new institution capitalized at $50,000, has surplus
and undivided profits of
will be $200,000, and it will have a surplus of $60,000. the $20,090 and deposits of
$650,000. The basis of the exchange
stock being placed at $130 per $100 share. The following of stock of the Bank of
Onondaga for stock of the City Bank
will be officers: J. W. Robinson, Wilson Lovett and E. A. & Trust Co., it is understood,
will be share for share. In
Watts.
regard to this, the paper mentioned said:
Frank Day Tuttle, for many years one of Brooklyn's
well known citizens, died on Dec. 9 of pneumonia after a
brief illness. At the time of his death he resided at 1120
Fifth Ave., New York. Mr. Tuttle's chief business interest
was the Tuttle-Burger Coal Co. of which he was President.
He was also Chairman of the Board of Directors of the Commonwealth Fuel Co., Inc., a trustee of the Brooklyn Savings
Bank and a director of the Brooklyn Trust Co., the Brooklyn
City Safe Deposit Co., the National Electric Railway and the
New York & South Brooklyn Railroad Co. He was 62 years
of age.
It i planned to increase the capital of the Nassau National Bank of Brooklyn from $1,000,000 to $1,500,000. Action on the question will be taken by the stockholders at
their annual meeting on Jan. 11 1927. The increase was recommended by the directors on Nov. 23. In addition to its
capital of $1,000,000, the bank has a surplus of $1,000,000
and undivided profits of $700,000. It is proposed to sell the
5,000 shares of new stock at $200 per share, $500,000 being
placed to capital account and $500,000 to surplus account,
each thereby being increased to $1,500,000. The stocholders will be entitled to subscribe for one share of new stock
for each two shares of old stock. The right will accrue to
stockholders of record as of the 29th day of December 1026
Stockholders in the Valley Bank will profit somewhat by the exchange
of stock. Stock of the Valley Bank is quoted $190 a share bid and City
Bank Trust Co. $196 a share bid and $199 asked. Both are on a 10%
basis.
C. Harry Sanford, the President of the Bank of Onondaga, is a Vice-President of the City Bank & Trust Co.
Merger of the Merchants' Bank of Rochester, N. Y., with
the Union Trust Co. of that city (subject to ratification by,
the respective stockholders of the institutions), was authorized on Dec. 7, at meetings of the directors of both banks,
according to the Rochester "Democrat" of Dec. 8. It is
expected the proposed merger will become effective Jan. 1
next. The enlarged Union Trust Co., it is said, will have a
capital and surplus of about $4,000,000 and total resources
approximating $50,000,000, while the Merchants' Bank will
continue to do business as before, but will be known as the
Merchants' Branch of the Union Trust Co., with the same
officials, including John C. Rodenbeck, President, and Albert S. Newell, Vice-President, in charge of the banking
house, which is situated at the southeast corner of Main
Street and South Avenue. Frederick W. Zoller, the head
of the Union Trust Co., will continue as President of the
combined banks. Mr. Rodenbeck (now President of the
Merchants' Bank.) will become a Vice-President of the enlarged bank. The Union Trust Co. on Nov. 1, according to
3140
THE CHRONICLE
(Vol,. 123.
the "Democrat," showed total resources of $36,012,348, while until March 25 1927. •The new stock will be issued as of
the Merchants' Bank on the same date showed resources of April 1 1927, it is said.
$16,294,311.
The election of George McFadden as a member of the
The following statement in regard -to the proposed merger
(as printed in the "Democrat") was made by President Board of Managers of the Girard Trust Co. of Philadelphia,
to succeed his father, the late George H. McFadden, was
Rodenbeck of the Merchants' Bank:
Merchants' Bank has reached the point where it feels it must increase reported in the Philadelphia "Ledger" of Dec. 10. In the
its facilities and enlarge its service in order to take care adequately of the same issue the "Ledger" stated that at a meeting of the
growing needs of customers. The consolidation with the Union Trust Co.
is a very happy solution, for the scope of our activities, which are at present directors of the trust company on Dec. 9, Edward Hopkinconsiderably limited, will immediately be increased by union with the son Jr., of Drexel & Co. of that city, had been elected a
trust company. Also, we shall at once have at our command all the facili- member of the directorate to succeed Marvin A. Neeland,
ties of a completely equipped banking organization, supplementing the
very substantial commercial business which this bank has built up, by former President of the New York Shipbuilding Corporainvestment, trust and other services which the average customer requires tion, resigned, and that the usual quarterly dividend of 3%%
nowadays to take care of his many-sided money needs. The convenience of has been declared by the directors, payable Jan. 3.
being able to bank at any one of five well located offices is one more advantage which will accrue to our customers through the proposed merger.
The consolidation as planned insures our present location and personnel
remaining intact. The bank probably will be known as the Merchants'
branch. All that this step means, therefore, is that while our customers
will continue to do business at the same place and with the same officers
and employees as before, they will be able to secure a much broader and
more comprehensive banking service.
Frank L. Thomson was recently elected a director of the
Market Street Title & Trust Co. of Philadelphia, according
to the Philadelphia "Ledger" of Dec. 10.
Announcement was made in Washington, Pa., on Dec. 3
that the Real Estate Trust Co. and the First National Bank,
both of Washington, had been consolidated to form the
First Bank & Trust Co. of Washington, according to a special dispatch from Washington on that day to the Pittsburgh "Gazette." The new bank, it was stated, is capitalized at $600,000, with surplus of like amount, undivided
profits of $30,000, and resources of $8,000,000. A new banking home, it was stated, will be erected on the former property of the Real Estate Trust Co. at Main Street and Cherry
Increases in the respective capitals of the Union Trust & Avenue.
Hudson County National Bank and its subsidiary instituAnnouncement was made on Nov, 30 by George B. Judson,
tion, the Union Hudson Securities Co., Jersey City, from
$750,000 to $1,000,000 were recommended by the directors President of the Bank of Detroit, Detroit, Mich., of the
on1Dec. 8, according to the Newark "News"of the follow- election of Frank Couzens, son of Senator James Couzens,
ing day. A 33 1-3% stock dividend, in addition to the and Vice-President of the Frazer-Couzens Co., builders, as
usual 3% quarterly dividend, was ordered, it was said, a director of the institution, according to the Detroit "Free
and stockholders willibe asked to consider the recommen- Press" of Dec. 1, which went on to say:
The election of Mr. Couzens brings the membership of the board up to
dation on Jan. 11.
An addition to the banking institutions in Newark, N. J.,
Is proposed in the creation now under way of the Hayes Circle National Bank & Trust Co. The charter provides for
the issuance of 5,000 shares of a par value of $100 each
(giving a capital of $500,000) with an additional $50 per
share for surplus. Temporary quarters will be established
about Jan. 1 in the Linnett-Wolf Building on Elizabeth
•
Avenue.
The Broad Street National Bank rof Trenton, N. J.,
announces the death:on1Dec. 5 of Oliver 0. Bowman,former
President and original director of the institution.
Stockholders of the Springfield Avenue Trust Co. of
Newark/at theirimeeting on Jan. 11 will be asked to ratify
a 100% stock dividend recommended by the directors.
If approved, it is understood, the directors will then add
$200,000;toithe capital and $100,000 to the surplus of the
institution taken from the present $425,000 undivided
profits-of the company. These items will then be: Capital,
$400,000; surplus, 1$200,000, and undivided profits,.$125,000.. The latest published statement of the bank, as of
June 30, showed deposits of $8,160,227 and total assets of
$9,190,513. The company was organized in March 1912
with a capital of $100,000 and surplus of $25,000. Edward E. Gnichtel is President; Frank S. Cobb, Treasurer;
Carl W. Schumacher, Secretary and Assistant to the PresiMt,and Frank R. Smith, Secretary.
17 and is in line with the policy of the bank to have diversified business
experience in its directing personnel.
The Bank of Detroit on March 1 celebrated its tenth anniversary, yet,
despite its comparative youth, ranks seventh in total assets among the
banks of Detroit and has 17 branch offices. .
Four hundred and forty
-high school superintendents,
principals, senior class presidents and school editors attended a dinner recently given by the Union Trust Co. at
the Book-Cadillac Hotel, Detroit, Mich., at which the trust
company formally launched its fourth annual scholarship
essay contest. "The Family Budget—What it is and What
it Does," is the subject of the new competition, which is
open to all high school seniors, both public and parochial
in Detroit and the three adjacent counties. Five winners
will be awarded $1,000 university scholarships. Three prominent Detroiters, including a bishop, a lawyer and a bank
president, will act as judges. Fifteen young men and women
winners in the company's three former contests are now
attending college.
Directors of the Union Tru-st Co. of Chicago at a meeting
on Dec. 13 declared a regular 3% quarterly dividend and an
• The Prospect Trust Co. of Maplewood, N. J., is now in extra dividend of 2%, both payable Jan. 3 1927, to stockprocess of organization. It will start with a capital of $100,- holders of record at noon Dec. 31.
000 and surplus of $50,000; the stock, in shares of $100, will
be sold at $160—$100 going toward the capital, $50 to the
The board of directors of t- he Chicago Title & Trust Co.
surplus and $10 being applied toward equipment and reserve of Chicago on Dec. 8 authorized the transfer of $1,000,000
fund. The new institution will begin business about from undivided profits account to surplus. They authorized
March 1 or April 1. The following have been chosen as also a Christmas gift to employees totaling $100,000. The
officers: Chairman of the Board, Harry C. Thompson; regular quarterly dividend of $4 per share and an extra
Vice-Presidents, Thomas L. R. Crooks and John W. Heller; dividend of $3 per share was declared, payable Jan. 3 to
Treasurer, J. Lewis Fiacre; Secretary, John A. Kreitler. stockholders of record Dec. 18.
When the organization plans have been completed Walter
An increase in the capitalization of the Foreman banks
G. Seymour, Assistant Cashier of Broad and Market National, will be elected to the office of Secretary-Treasurer of Chicago, which will involve the offering of 10,000 shares
of additional stock to present shareholders at $400 a share,
of the new trust company.
was voted by the directors of the institutions on Tuesday of
It is proposed by the directors of the Second National last week, Dec. 7, and will be submitted to the stockholders
Bank of Philadelphia to increase the capital of the institu- at their annual meeting on Jan. 11 1927, according to the
tion from $280,000 to $500,000, according to newspaper ad- Chicago "Journal of Commerce" of Dec. 8. The Foreman
vices from that city on Dec. 10. The shareholders will be stock, it was stated, is now quoted at $505 to $515 a share,
asked to vote on the proposition at their forthcoming meet- so that the subscription privilege carries considerable value.
ing on Jan. 11. It is planned, it is said, to offer the new The official announcement by the banks of the proposed
stock to present shareholders at $250 a share (par value increase, as given in the "Journal of Commerce," follows:
The directots of the Foreman banks decided to recommend to stockhold$100 a share), $220,000 to go to capital account and $330,000
ers that capital stock be increased from 40,000 to 50,000 shares; the addito surplus. Stockholders will be given the right to sub- tional 10,000 shares to be offered to the present stockholders at $400 a
scribe for 11-14 of a share of new stock for each share held, share. The present dividend rate of $16 a share will be continued. The
DEC. 18 1926.]
THE CHRONICLE
14,000,000 to be derived from the sale of 10,000 additional shares will be
divided in the following manner: $2,500,000 to the Foreman National
Bank, which will give it a capital of $5,000,000, a surplus of $5,000,000
and undivided profits of over $1,000,000; $1,000,000 to the Foreman Trust
.14 Savings Bank, which will give it a capital of $2,000,000, a surplus of
$1,000,000—and the remaining $500,000 to the Foreman Securities Co.
The plan will be submitted to the stockholders at their annual meeting on
Jan. 11 1927, and, if adopted, immediately thereafter rights for the new
stock will be issued, calling for payment not later than Jan. 27 1927.
- The Foreman banks, it is understood, at present have
resources of more than $100,000,000.
The Chicago "Tribune" in its issue of Dec. 8 stated that
the Continental & Commercial Bank of Chicago the previous
.day had announced the election of Philip D. Armour and
George Getz as directors. Mr. Armour is First Vice-President and a director of Armour & Co., while Mr. Getz is
• Chairman of the Board of the Globe Coal Co.; Chairman of
the Eureka Coal & Dock Co.; Chairman of the United States
Distributing Co. and a member of the Finance Committee
of the Consumers Co.
According to the Milwaukee
- "Sentinel" of Dec. 1, Robert
E. Friend, President of the Nordberg Manufacturing Co., on
Nov. 30 was elected a director of the National Exchange
Bank of Milwaukee to fill the vacancy caused by the death
•of the late Charles Ray.
3141
lations to the examiners when they cornered him. A still
later issue of the "Appeal" (Dee. 14) reported that yet
another trusted employee of the bank, Ray Cohen, a bookkeeper in the savings department, was arrested on Monday,
Dec. 13, after he had admitted that he hail made certain
false entries which the examiners pointed out in his records.
Cohen laid the blame for the whole affair, it is vid, on the
late Assistant Cashier, saying "I am absolutely innocent of
the charges, Henochsberg made me do it." He, too, was
lodged in jail, but the same evening obtained his freedom
under a bond of $5,000. He pleaded "not guilty" when
arraigned on a formal charge of making false entries. According to the Dec. 12 issue of the "Appeal," the 6,000 Christmas Savings Club depositors of the bank, to whom checks
had been mailed the day before the institution closed, would
receive their money beginning Dec. 15, a group composed of
Mr. Plough, Fred Goldsmith of J. Goldsmith & Sons Co.,
Lloyd T. Dinford, acting in his capacity as President of the
Columbian Mutual Life Insurance Co., and Hardwig
Peres, having put up the necessary $235,000 to pay the
checks. Former officers of the bank, the "Appeal" stated,
had nothing to do with the raising of the funds. "Mr.
Plough asked that the job.be left to him, and no one interested in the conduct of the institution did he approach with
his proposition." Eldridge Armistead, Vice-President of the
Franklin Bond & Mortgage Co. of Memphis, and for twenty
years connected with the banking business in Memphis,
was appointed receiver for the failed bank on Dec. 10, according to the "Appeal" of Dec. 12.
Formal opening of the rece-ntly completed building of the
Austin State Bank of Chicago at the corner of Parkside Avenue and Lake Street took place on Dec. 11. The officers of
the institution are: Charles S. Castle, Chairman of the board;
Perley D. Castle, President; Harry M. Gardner, Vice-PresiPlans for the consolidation of three of the largest banks
dent; Lester D. Castle, Cashier; Frank J. Young and William
A. Gilmore, Assistant Cashiers; Walter D. Joslyn, Auditor, in Norfolk, Va.—the National Bank of Commerce, the
and Frank S. Bates, Manager of the real estate loan depart- Norfolk National Bank and the Trust Co. of Norfolk—
which have been under consideration for many months by
ment.
a joint committee composed of representatives of each of
To-day (Dec. .18) a new financial institution opens in the institutions were approved by the respective directors
Evanston, Ill., under the title of the Illinois State Bank, of the National Bank of Commerce and the Norfolk National
according to the Chicago "Journal of Commerce" of Dec. 9. Bank on Dec. 6 and will be submitted to the directors of
The new bank is capitalized at $100,000, with surplus of the Trust Co. of Norfolk on Dec. 15, according
to
$15,000, and is located at 319 Howard Street. John H. the Norfolk "Virginian" of Dec. 7. Meetings
of the
*Taft, President of the Analdn Lock & Alarm Co., heads the stockholders of the first named institutions have
been called
institution, and other officers are: Harry Eugene Kelly, for Jan. 6. In an earlier issue (Dee. 2) the "Virginian"
Vice-President, and Bruce E. Hakes, Vice-President and stated that the institution resulting from the consolidation
Cashier.
would be capitalized at $2,500,000 (consisting of 25,000
shares), with surplus and undivided profits of $2,750,000
Absorption of the Exchange National Bank of Hastings, and total resources of approximately
$45,000,000. Under
Neb., by the First National Bank of that place, effective the merger plans, it is stated,
National Bank of Commerce
Dec. 7, was reported in a special dispatch from Hastings on stock will be exchanged
share for share up to 12,000 of the
that day to the Omaha "Bee." The consolidation, it was
total number of shares; the Norfolk National Bank stock will
stated, makes the First National Bank the largest bank in
be exchanged on the basis of ten shares for eight in the new
that section of the State, $600,000 in deposits being gained institution
up to 8,000 shares, while the Trust Co. of Norfolk
by the transfer. The combined capital, surplus and un- stock will be exchanged
in the ratio of two shares for one in
divided profits of the enlarged institution total $315,000,
the new bank up to 5,000 shares. The remaining assets of
and its officers are Neil H. Dunn, President; A. D. Marvel,
the banks, it is understood, will be liquidated and divided
Vice-President, and Vern Manahan, Cashier. The Exchange
among their respective stockholders. The National Bank
National Bank began business in 1884 under the name of the
of(ommeree was established in 1870, but did not become a
Exchange Bank and was nationalized in 1884.
national institution until 25 years ago. R. S. Cohoon is
The American Savings Bank & Trust Co. of Memphis was President. The Norfolk National Bank began business
closed at 9:30 a. m. on Dec. 7, following the suicide at his 41 years ago (1885), while the Trust Co. of Norfolk was
home on that morning of Clarence Henochsberg, the As- founded 33 years ago (1893). The latter maintains three
sistant Cashier of the institution, and for many years a branches, one at Lambert's Point, one at Ocean View and
trusted employee. Just previous to taking his life, Henochs- one at Virginia Beach. A. B. Schwarzkopf is President of
berg, according to the Memphis "Appeal" of Dec. 8, had the Norfolk National Bank and H. M. Kerr, President of
telephoned twice to Abe Plough, a son-in-law of Harry S. the Trust Co. of Norfolk.
Cohn, President of the bank and a close personal friend of
An Associated Press dispatch from Jackson, Ga., on
the Assistant Cashier, and confided to him that he was Dec. 3, appearing in the Atlanta "Constitution" of the fol$300,000 short in his accounts at the bank and would com- lowing day, stated that the Farmers' & Merchants' Bank of
mit suicide if Mr. Plough would not let him have $270,000 Jackson had been closed that morning because of poor colat once to meet the deficit. At the time the bank closed, lections and gradual withdrawals of deposits. The followState bank examiners were at work on the books checking up ing notice announcing the closing, signed by J. H. Caron a shortage of $105,000 discovered shortly after the dis- michael, the 'bank's President, was posted on the doors of
appearance of Rush A. Parke, a bookkeeper, the previous the institution:
On account of poor collections and gradual withdrawal of deposits we
week. Following the death of the Assistant Cashier and the
closing of the institution, the fugitive bookkeeper volun- are forced to close the bank, which I hope will be only temporarily.
All of my personal
and real estate, including my home, will be
tarily returned from New Orleans to Memphis and sur- used for the protectionproperty
of the depositors of the bank.
rendered himself. According to the "Appeal" of Dec. 10,
The dispatch also stated that the bank was established in
Parke, under guard of a detective, was then helping the ex- 1902 by Mr. Carmichael and was capitalized at
$125,000.
aminers locate the peculations in his accounts. In a later
issue of the paper (Dec. 11) it was stated that an additional
The First Securities Co., identical in ownership with the
shortage of $21,000 had been discovered by the examiners, First National Bank of Los Angeles and the Pacific-Souththis time in the accounts of Joseph T. Williams, a bookkeeper, west Trust & Savings Bank, has increased its capital from
and that as a consequence Williams had been arrested on $500,000 to $1,000,000 out of earnings, according to an anDec. 10 and placed in the city prison. It was generally nouncement on Dec. 3, by John E. Barber, Vice-President.
understood, it is said, that Williams had confessed his pecu- Surplus of the First Securities Co. stands at $100,000. This
3142
[VoL. 123.
THE CHRONICLE
increase in capital is the equivalent of adding over seven
points to the book value of the beneficial certificates, representing ownership of the First National-Pacific-Southwest
group, of which there are 69,000 at present outstanding.
The San Francisco "Chronicle" of Dec. 1 stated that announcement was made in Berkeley, Cal., the previous day
that a chatter had been issued by the Comptroller of the
Currency for a new national bank to be known as the Commercial National Bank of Berkeley. The new bank has an
authorized capital of $250,000 and a surplus of $50,000 and
will open in temporary quarters pending the erection of a
new building. Roy W. Pilling, former City Manager of
Berkeley, it was stated, will be a Vice-President of the new
bank, and B. S. Bender, Vice-President and Cashier.
The appointment of the Right Hon. Lord Strathcona and
Mount Royal as member of the London Advisory Committee of the Bank of Montreal is announced by the bank.
Lord Strathcona is the grandson of Canada's pioneer empire
builder who achieved fame and fortune in the building up
of British Columbia and other Western provinces of the
Dominion in the nineteenth century. Two of the grandfather's outstanding works were in connection with the
building of the Canadian Pacific Ry. and the founding of
Mount Royal Hospital. Lord Strathcona will take his
grandfather's place in the activities of the Bank of Montreal.
to 144, the close to-day being at 142%. Trading in United
States Steel Corporation common stock "when issued"
began to-day and on a heavy tu nover sold up from 115% to
116%, the final transaction to-day being at 116%. Amer.
Cigar common jumped from 146 to 1563., with the close
to-day at the high figure. A common stock dividend of
33 1-3% has been declared. Johns-Manville was conspicuous for an advance from 157 to 1833', the final transaction to-day being at 1793j. N. Y. Telephone pref. stock
sold up from 112% to 115%. With few exceptions oil
shares moved within a narrow range. Humble Oil & Ref.
advanced from 57% to 633, the close to-day being at 633j.
Indiana Pipe Line rose from 603. to 623. and reacted finally
to 61. American Maracaibo Oil moved up from 6% to
8% and ends the week at 7%. Carib Syndicate improved
from 253
% to 28% and fell back to 26%. Gulf Oil of Pa.
3 but reacted finally to
gained almost three points to 97%,
963. In bonds Servel Corp. 6s dropped from 813 to
60% and recovered finally to 76. Warner Bros. Pictures
63's lost six points to 100%, with the final transaction
to-day at 101%.
A complete record of Curb Market transactions for the
week will be found on page 3172.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No Shares).
Week Ended Dec. 17.
Ind db Mire
Saturday
Monday
75.340
187,805
BONDS(Par Value).
Mining. Domestic. For'n God.
Ott.
74.760
104,760
45.690 $1,279,000
60,600 2,120,000
$880,000
668,000
646,000
159,920
119,640
85.300 2,143.000
Announcement was made this week by the Royal Bank of Tuesday
607,000
160,730
161,648
90.700 2,517,000
Wednesday
489.000
142,300
160,595
84.000 2,502,000
Canada (head office Montreal) of a proposed increase in its Thursday
376,000
122,900
87,420
2389,000
Friday
206,835
capital stock of $5,600,000. According to the Montreal
$3,666.000
744,301
453,710
13,050,000
Total
922,930
$200
allotted
at
be
shares
will
the
new
Dec.
13,
of
"Gazette"
a share to stockholders of record Dec. 11 in proportion to
their present holdings in the ratio of approximately one new
COURSE OF BANK CLEARINGS.
share for every five shares now held. When payments on
Bank
clearings
the present week will show a small increase
the new issue are completed the paid-in capital stock of the
Royal Bank will be $30,000,000 and the reserve fund at the compared with a year ago. Preliminary figures compiled
same time will be increased to like amount. Continuing the by us, based upon telegraphic advices from the chier cities
of the country, indicate that for the week ending to-day
"Gazette" said in part:
The new issue of shares is in line with the usual banking practice of (Saturday, Dec. 18), bank exchanges for all the cities of
Increasing capital as the deposits and business of a bank increase.
the United States from which it is possible to obtain weekly
Apart from $4.000,000 stock allotted in 1925 to acquire the Union Bank returns will be 2.8% larger than for the corresponding week
of Canada,there has been no new stock issued by the Royal Bank of Canada
since 1920. Since the latter date the business of the bank has been steadily last year. The total stands at $11,869,989,015, against
growing, and the decision of the board to issue further capital stock in order $11,549,982,285 for the same week in 1925. At this centre
to take care adequately of the bank's increasing connection was to be there is a gain for the five days of 8.6%. Our comparative
expected. As is well known, the bank has an extensive organization in
Canada, where its branches, distributed from coast to coast, number 760. summary for the week is as follows:
In addition, there are over 100 branches in other countries with which
Canada has important trade relations.
The Royal Bank of Canada is now one of the largest and most important
International banks, and has been a large factor in the development of
Canada's trade, both domestic and foreign. The substantial addition to
capital now being made indicates the directors' determination that the bank's
facilities shall keep pace with the ever growing needs of its clientele.
The 7th annual report of the British Overseas Bank, Ltd.,
covering the fiscal year ended Oct. 31 1926, was presented to
the shareholders at their annual general meeting on Dec. 7th.
The statement shows net profits for the period, after allowing
for rebate of interest and providing for all bad and doubtful
debts,income tax and other taxation for the year, of £150,220
13s, which when added to £60,345 us, representing balance
available from last account, made together £210,566. From
this amount £30,000 was deducted to pay an interim dividend
on the "A" ordinary shares at the rate of 6% per annum for
the half year ended April 30 1926, and income tax thereon,
leaving a balance of £180,566, which was appropriated as
follows: £30,000 to pay a dividend on the "A" ordinary
shares at the rate of 6% per annum (less income tax) for the
six months ended Oct. 31 1926; £60,000 to take care of a
dividend on the "B" ordinary shares at the rate of 6% per
annum (less income tax) for the half year ended Oct. 31 1926
£5,000 to reduction of premises account, and £25,000 transferred to reserve fund, leaving a net balance of £60,566 to
be carried forward to the next year's profit and loss account.
Total resources are shown in the report as £7,954,614. The
bank's paid-up capital is £2,000,000. The Right Hon.
Viscount Churchill, G. C. V. 0., is Chairman of the Board
of Directors, and Arthur C. D. Gairdner, Dep. Chairman
and Managing Director.
THE CURB MARKET.
There was a strong undertone to Curb Market trading
this week though profit-taking at times caused considerable
irregularity. Business was heavy and new high records
were made in a number of issues. Victor Talking Machine
in particular moved up steadily during the week from 1263'
Clearings-Returns by Telegraph.
Week Ended December 18.
1926.
1925.
per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
85,867.000,000
572,802,014
530,000.000
564.000,000
136,354.420
142,800,000
173,868,000
176,764.000
165.224,231
163.608,432
122.706.019
100,862.845
62,896,882
85,400,954,957
+8.6
622,568,531
-8.0
571,000,000
-7.2
447,000,000 +12.7
137.542,764
-0.9
153,800,000
-7.2
203.198,000 --14.4
154,787,000 +14.2
169,495,199
-2.5
166,351,366
-1.7
115,439,414
+13.3
110.474.826
-8.7
72,447,778 -13.2
Thirteen cities, five days
Other cities, five days
$8,718,886,843
1,172,770,670
$8,325,059,835
1,310,654,390
+4.7'
-10.5
Total all cities, five days
All cities, one day
39.891,657,513
1,978,331,502
89,635,714.230
1,914,268,055
+2.13
+8.3
311,869,989.015 811.549.982.285
+2.8
Total all cities for week
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. 11. For
that week there is a decrease of 11.3%, the 1926 aggregate
of clearings being $9,276,967,361 and the 1925 aggregate
$10,462,727,313. Outside of New York City the decrease is
only 7.9%, the bank exchanges at this centre having shown
a loss of 13.9%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that the Boston Reserve District is
the only district recording any increase, the gain amounting
to 2.5%. On the other hand, the New York ReserveDistrict
(including this city) shows a loss of 13.7% and the Philadelphia Reserve District of 14.7%. In the Cleveland Reserve
District the totals are smaller by 0.6%, in the Richmond
Reserve District by 9.7% and in the Atlanta Reserve
District by 27.0%, the latter due mainly to the decrease at
the Florida points, Jacksonville having a loss of 40.9%,
and Miami of 65.9%. In the Chicago Reserve District the
falling off is 8.1%, in the St. Louis Reserve District 12.1%,
and in the Minneapolis Reserve District 18.5%. The
Kansas City Reserve District has a decrease of 2.3%, the
Dallas Reserve District of 8.0% and the San Francisco
Reserve District of 3.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 111926.
1926.
Inc.or
Dec.
1925.
1924.
1923.
Federal Reserve Diets.
let Boston_ _ _ _12 cities
2nd New York _11 "
3rd PhIladelphial0 "
4th Cleveland__ 8 "
.5th Richmond _ 6 "
6th Atlanta_ __ _13 "
7th Chicago ___20 "
8th St. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
11th Dallas
5 "
12th San Fran..17 "
3
$
$
$
%
525,482,172
512,4136,010 +2.5
503,295,331
433,955,538
5,213,653,621 6,076,072,221 -13.7 5,891,460,292 4,695,221,466
553,792,342
638,936,783 -14.7
588,482,332
527,105,286
385,098,383
387,303,665 -0.6
375,923,738
369,210,751
208,163,00+
230,523,639 -9.7
210,632,249
203,383,518
210,976,65
288,876,851 -27.0
230,616,579
221,297,774
915,558,729
995,917,216 -8.1
903,598,775
870,327,519
212,647,028
241,773,024 -12.1
331,826,229
229,789,719
123,930,780
152.110,383 -18.5
155,610,681 . 134,526,442
270,393,644
276,655,699 -2.3
259,870,353
210,178,810
85,486,532
92,951,615 -8.0
81,202,257
73,464,563
541,776,552
659,078,977 -3.1
493,194,286
493,908,198
Total
129 cities
Outside N. Y. City
9,276,967,361 10,462,727.313 -11.3
4,156,163,710 4,513,748,141 -7.9
f.enerle
90 Mlle.
£11 001 AOA
410 "ATI 010
-1 A
9,929,713.102 8,488,370,584
4,153,980,318 3,912,719,440
VA 477447
367.881.610
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended December 11.
Clearings at
1926.
1925.
inc. or
Dec.
1923.
1924.
8
$
%
8
$
First Federal Reserve Dist rict-BostonMaine-Bangor..
774,282
799,582 -3.2
Portland
3,815,537
3,924,031 -2.8
Mass.-Boston _
470.000.000 450,000.000 +4.4
Fall River_
1.939.819
2,997,029 -35.3
aa
Holyoke
Lowell
1.306,092
86.214 + 10.1
'
Lynn
a
a
a
1.207,658
New Bed ford
1,729.559 -30.2
5,777,356
6.090,616 -5.2
Springfield__
4.231,159 -11.2
Wor ester _
3,755.768
15,021.657
Conn.-Hartford
16,695.999 -10.0
New Haven.
6.981,822
7,352.911 -5.0
14,073,400
R.1.-Providenc
16,532,400 -14.9
N. H.-Manch'e
828,781
946,540 -12.5
1,1
Total(12 cities)
525,482,172
512,486.040
Second Fede • al Reserve I) Istrict-New
N. Y.-Albany..
6,054,816
6.346,655
1,108,700
Binghamton_
1,119.300
Buffalo
51.166,737
53,265,874
Elmira
1,009.637
908.905
c1,591.889
Jamestown _ _ _
1.499,526
New York__ • 5.120.803.651 5,948,979.172
Rochester
12,390,306
13,314,676
•
5,338.765
Syracuse
5,800.493
Conn.-Stamfor i
3,751,683
c2,383,129
N. J.-Montclal
1.014.231
642.753
Northern N. J_
40.341,760
40.443.184
+2.5
742,375
3,528.149
449.000.000
2.658.021
a
1,330,841
a
2.037.874
5.783,488
4.074.936
13,006,228
6,824,604
13,464,800
840,017
758,482
3,850,179
380.000,000
2,884,836
a
1,290,189
a
1,780,409
5,373.168
3.895,000
11,994,810
6.995.778
13.822.100
1,310,587
503,295,331
433.955,538
York-4.6
5,948,725
7,416,949
-1.0
1,071,000
1,351,500
3.1
46,214,439
47.195.300
+11.0
899.750
710.160
1,348,361
+6.1
1.315.663
-13.9 5,775.732.784 4.575,651.144
+0.6
12.346.723
11.017,862
-8.0
5,429.465
4.290,227
-36.5
3,008,414
3,032.696
1.101.043
+57.8
798,371
38.359,588
.-0.3
43.441,594
Total(11 cities 1 5.243,653,621 6,076,072,221 -13.7 5,891,460,292 4,606,221,466
Third Federal Reserve Dist rict-Philad elphia.Fa.-Altoona___
1.695,489
1.535,668 +10.4
1,502,771
Bethlehem. _
3.503 .36
4.443.35 i -34.6
2.491,865
Chester
1,460,406
1.265.011
1,395,067 +4.7
Lancaster_ _ _ _ .
2,138,763
2.861,340
2,751.354 -22.3
Philadelphia._ . 522.000.000 616.000,000 -15.3 559,000,000
Reading
.
4,449.264
3,798,038
3.991.560 +11.3
Scranton
.
6,526.953
6.469.572
6.336,510 +3.0
Wilkes-Barre_ .
d3,769.965
4,096,212
4,048.837 -6.9
York
.
1,778,643
1,908,078 -6.8
1,883.296
N.J.-Trenton_ .
6,169,663
6,530,358 -5.5
5,114,227
a
a
a
a
Total(10 cities 1
553,792,342
1,325.210
3.9911,382
1,388,310
3.067.141
498,000.000
3,672,403
5,955,008
3,567.580
1,550,954
4,588.298
a
648.946,783 -14.7
588.482,332
527,105,286
Fourth Fade r al Reserve 13 istrIct--Clev eland
kron___ ,
(3,290.000
5,150,000 +22.1
3,793,390
Canton
5,093,214 -25.5
Cincinnati_ _ _ .
69,917,004
69,876,337 +0.05
Cleveland___ _. 107,455.118 112.143,201 -4.2
.
Columbus
17,176,400
17,210,700 -0.2
•
Dayton
a
a
a
Lima
a
a
_
d1,909,184
Mansfield_
1.845,491
+3.4
a
Springfield_
a
a
a
Toledo
a
a
5.244,266
Youngstown__.
5,090.476
+3.0
a
Pa.-Erie
a
a
Pittsburgh.... 173,310,941 170,894,446
+1.4
9.302.000
5,363,307
67.414.424
106,772,453
15,561,100
a
a
1.777,115
a
a
4.538,609
a
165,194,730
6.667,000
5,106,339
66.493,047
109,889,222
16,316,900
a
a
1,788,497
a
a
4.917,347
a
158.032,399
-0.6
375,923,738
369,210,751
Fifth Federal Reserve Dist 'let-Richm ond1.897.471
W.Va.-Ilunt'g'1
2.141.003 -11.4
Va.-Norfolk__ . d12.557.454
11.939,439 +5.2
52.224.000
Richmond___ _
60.851.000 -14.2
d2,453.190
S.C.-Charlesto a
2,484.954 -1.3
Md.-Baltimore. 110,181,721 124.061,335 -11.2
D.C.-Washing'a
28.849,168
29,046,908 -0.7
1.929.946
13,716.706
61.250,085
3,377,433
104.494,079
25,864.000
2.142,017
12.352.269
59,563.000
3,702.799
101,590,433
24,034.000
-9.7
210.632,249
203,384.518
Sixth FederalI Reserve Dist rict-Atlant aTenn.-Chatt'g
7,553,798
7,574,076 -0.3
Knoxville_
_
3.288.912
3,334.1 12 -1.4
Nashville_ _ _ _ _
21.398.268
23,590.403 -9.3
51.812 0.12
82.373.2137 -37.1
.Ga.-Atlanta..._
2.247.320
Augusta
2,223,406
+1.1
Macon
2,073,912
1,894,706
+9.4
Savannah_ _ _ _ _
a
a
a
39.677.371 -40.9
Fla.-Jack'nvill . 23,464.285
8.684.540
25.448,849 -65.9
Miami
Ala.-Birming' .
24.917,083
28,517.470 -12.6
2,426.401
2.426,407 +00.0
Mobile
1,896 000
1,860 000 +1.9
Miss.-Jackson_.
502,963
Vicksburg...„
506.720 -0.8
60,711.110
69.444,028 -12.6
La-New Orleans
6,382.798
3.0:45.03:3
22.087.186
65.871.199
2,194,264
1,939,646
a
17,681,971
7,170,825
31,080.547
1,995.026
1,645.000
533,049
69,000,000
5,949,489
3.466,000
22.014,281
60.814.150
2,390.302
1,658,843
a
15,529,027
29,339,868
2,191.430
1.128.829
501,252
78,314.303
230.616,579
221.297,774
Total(8 cities).
Total(6 cities) _
Total(13 Cities)
3143
THE CHRONICLE
DEC. 18 19261
385,096,303
208,163,004
210.976.654
387.303.865
230.524,639
288.876.851 -27.0
Week Ended December 11.
Clearings at1926.
1925.
Inc. or
Dec.
1924.
Seventh Feder al Reserve 13 istrict-C hi cago262.630
254,594 +3.1
Mich.-Adrian..
280,123
1.181,302
1.072.586
1,253,906 -5.8
Ann Arbor__ _ _
145,279.459 154,655,004 -6.1 142.809.008
Detroit
7,402,391
11,007,061 -32.8
Grand Rapids_
7.238.081
2,535.503
Lansing
2.376.789
2,503.376 +1.3
3,011.399
3,448,673 -12.6
2,713.120
Ind.-Ft. Wayne
Indianapolis_ _ _
23,589,000
22.711.000 +3.9
18.258,000
3,195,384
3.257,200 -1.9
South Bend...
2,667.000
6.334,547
6,281,0 )8
5 4(30.27
Terre Haute_ _ _
+0.8
Wis.-Milwaukee
43,843.701
43,056,198 +1.4
40,615.363
Iowa-Ced. Rap_
2.775,234
2,416,346 +14.8
2.438.088
10,863.942
10,783.485 +0.8
Des Moines...
11,101.314
6.230.488
7,048.000 -11.6
Sioux City._ _ _
6.702.476
Waterloo
1,243.981
1,130,000 +10.1
1,539.685
111.-Bloom'ton_.
1,472,304
1,605,641 -8.3
1,668,975
Chicago
644,569,001 711,510,905 -9.4 645.075,828
Danville
a
a
a
a
1,397.943
1,479,528 -5.5
Decatur
1.523,805
4,872,182
5.597,533 -12.9
Peoria
5,148,047
3.065,439
Rockford
3.126.073 -1.9
2,469.978
2,627.899
2,816,595 -6.7
Springfield.. _ _
2.500.3,0
1923.
240.824
917.821
129,108,818
7.083,937
2,105.560
2,625,168
21,337,000
2,928.400
0035.3(6
39,381.178
2,491.859
10,802,265
6.667.708
1,447.821
1,482,615
625,854,882
a
1.266,083
4.695.738
2,460.661
2.425.865
Total(20 cities) 915.558.729 995,947.218 --8.1
Eighth Feder al Reserve D strict-St. Louis.
5,941,092
Ind.-Evansville_
5,274,144 + 12.6
130,800.000 148.800.000 --12.1
Mo.-St. Louis
Ky.-Louisville..
34,214.701
37,712.928 --9.3
Owensboro_ .._ _
477.091
592.359 --19.5
23,691,786
30.848.258 --23.2
Tenn.-Memphis
Ark.-LittleRock
15,549.234
16,517,384 --5.9
III.-JacksonvlIle
350,468
419.934 --16.5
Quincy
1,608.017 +0.9
1.622,656
903.598,775
870,327,519
5.125.882
140,235,252
36,497.631
452,325
31,738,235
15,986.562
388.124
1,422,218
5,617,355
139.612,738
34,541,395
651.147
28.479,586
14,694,659
345.086
1.447,753
Total(8 cities). 212,647,028 241,773.024 --12.1
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.-Duluth_
11,710,234 --38.1
7.257.725
Minneapolis
75.215.712
98.390.510 --23.t.
St. Paul
33,803.852
34,088,918 -0.8
No. Dak.-Fargo
2,118.544
2.025.038 +4.6
S. D.-Aberdeen
1,524,610
1,423.893 +7.1
Mont.- Billings_
786,222
793,861 --1.0
Helena
3.234.115
3,677.929 --12.1
231.826.229
224.789.719
12,301,402
99.524 54
35.557.949
2,268.740
1,755.180
680,281
3,492,284
10.305.724
78.320.389
38,338,948
2,124,524
1.443,809
658,343
3.336,705
Total (7 cities)
123.940 780 152,110.38: -18.7
Tenth Federal Reserve Die trict-Kane as City
Neb.-Fremont.
d448.723
422,052 +6.3
Hastings
523,464
774,527 -32.4
Lincoln
5.178.722 -6.7
4,830,664
Omaha
42.558.790 -10.3
38,186.726
Kan.-Topeka .._
e3,324,793
3,739.704 -11.1
Wichlt19.
+4.,
8,659.000
8,220.365
Mo.-Kan. City. 150.029,554 144,947,768 +3.5
St. Joseph_ _ _ _
d6,924,207
7,942.667 -12.8
Okla.-Muskogee
a
a
a
Oklahoma City d35,539,526
35,957,955 -1.2
Tulsa
a
a
a
Colo.-Col. Spgs.
1,239,085
1,203,178 +3.0
Denver
24,561,523 -21.1
19,388,799
Pueblo
e1,299,103
1,148,445 +13.1
155,610,681
134,526.442
439,152
524,523
4.186.799
38,328,294
3.197.960
7 7.34,3 2
137.121.277
7.463.557
a
36.259,944
a
1.223.642
22,230,363
1,100,530
430.395
583,917
4,156,977
38,192,025
3,427.567
7,44.57.309
126,358.441
7,902,742
a
28.250,770
•
1,179.300
20,978.525
860,752
259,870,35:
240,178,810
1.916.236
47,545.746
16,183.156
13,399.620
a
5,157,499
2.080,251
40.384,091
13,968,683
11.769.977
a
5.261,561
Total(5 cities)
85.486.532
92.951.615 -8.0
84,202,257
Twelfth Feder al Reserve D Istrict-San Franc. /COWash -Seattle.
43,377,067
41.225,817
45.518,383 -4.7
Spokane
12,312,000
11,744,000
12,928,000 -4.8
Tacoma
a
a
a
a
Yakima
1,490,122
1,867,032 -20.2
1.599.522
Ore.-Portland..
42.767,733 -6.4
40,125,286
39.906,623
Utah-S. L. City
20,596,801
20,484,159 +0.5
19,234,903
Nev.-Reno
a
a
a
a
Aria.-Phoenix _
a
a
a
Cal.-Fresno._ _
6,181,063
7.750.010 -20.3
4,222,863
Long Beach...
7.249,473
7.634.770 -5.1
7,163,277
Los Angeles..... 173.345,000 169.508.000 +2.3 156,151,000
Oakland
21,276,144
23,331,057 -8.8
19.204,598
Pasadena
6,314,118
6.537,589 -3.4
6,234,334
Sacramento
d14.084,692
10,800,008 +30.4
8.478.182
San Diego....
6.675,359
6.327,376
+5.5 . 6.193,140
San Francisco_ 178,517,000 192,925,000 -7.5 165.000.000
San Jose
3,162,463
2,804,032 +12.8
2.519,034
Santa Barbara_
1,564,062
1.801,04 -13.2
1,406,188
Santa Monica.
2,379,902
2,527,58
-5.9
2,053,805
Stockton
3,126,000
3,567.20 -12.4
2,857,000
42,448,757
12,299.000
a
1.443,122
39.602,594
16,951,294
a
a
5.854,921
9,995,898
157,123,000
17.275.686
6.408,844
8,832,699
4.550.871
163,000.000
2.192,513
1.346,499
Total(12 cities) 270,393,644 276,655.691
Eleventh Fade ral Reserve District-Da
Texas-Austin___
1,725.374
2.280.597
Dallas
51,054,727
58.934,310
Fort Worth.._ d16,962,818
15,228.940
Galveston - - 10,319,000
10.407,000
Houston
a
a
La -Shreveport.
5,424,613
6,100.768
-2.3
has-24.4
-13.4
+11.4
-0.8
a
-11.1
73,464,563
4.582.500
Total(17 cities) 541,776.552 559,078,977 -3.1 494.104.288 493.908,198
Grand total (129
cities)
9.276,967.361 10462727.313 -11.3 9.929.713,102 8,488,370.584
Outside N.Y____ 4,158,183,710 4.513,748.141
-7.0 4.153.920,318 3.912.719,440
Week Ended Decernoer 9.
Clearings at
1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William..
New Westminster
Medicine Hat_ _ _
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ -Moncton
Kingston
Total(29 cities)
$
124,707,115
119,341,493
72,202,405
18.041.399
7,242,661
11.225.581
3,047,548
5,935,242
10,228,917
2,897,696
2,201,369
3.077,743
6,479,743
5,859,275
739.588
654,584
2,465,951
1,689,506
1,448,556
1.698.543
843.375
335,815
881,921
772,830
995,254
4,530.515
507.506
1,072.983
866.412
1925.
8
108,947,545
112.273.133
110.211,657
16,635,996
7,714,882
5,492,383
3,737,153
5,578,343
9,933,007
3,109,365
2,190,477
2.845.023
5,530.029
6,980,636
706,217
706,752
2,795,327
1,880,973
1,128.874
1,183,327
632.601
489.549
853,640
800.902
1.010,155
3,500.533
502.379
1,118,390
844.691
Inc. Or
Dec.
%
+ 14.4
+6.3
-34.5
+8.4
-6.1
+104.4
-18.5
+6.4
+3.0
-6.8
+0.5
+8.2
+17.2
-16.1
+4.7
-7.4
-11.8
-10.2
+28.3
+43.5
+33.3
-31.4
+3.3
-3.5
-1.5
+29.4
+1.0
-4.1
+2.6
1924.
8
103,386.276
100.578.178
87,254.862
14,628.366
6,518.083
5.096.335
3.115,593
4,922,017
10.329,020
2,444.248
1.881.930
2,843,951
5.250,511
4,848.000
764.799
626.093
2,037,646
1.442,742
889,111
1,228,081
565,397
344,571
869.512
773,828
944.224
3,021.789
320.618
913,650
738,016
1923.
$
104,221,984
104,448.057
80.705.438
15,154.445
6.736.181
6,106.235
2.893,684
5,589,206
7,773,908
,2626,901
1,807,965
2,726,471
5.478.834
4,935.944
652,491
589.517
2,264,901
1,526,727
1.101.359
1,354,608
552,861
393,803
812,419
866,910
981.065
2,974.209
402,077
955,472
798,947
411.991.526.419.333.919 -1.8 368.577.447 3117 All cm 0
a No longer report clearings. b Do not respond to requests for figures.
c Week
ended Dec.8. d Week ended Dec.9. e Week ended Dec. 10. •Estimated.
3144
TIIE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been developing strength
all week and yesterday manifested great buoyancy, with
sharp advances all around, on the news that the directors of
the U. S. Steel Corporation had recommended a 40% stock
dividend. Yet though the general tendency has been
toward higher levels, there have been several reactionary
periods during which the price trend was downward. Motor
stocks and steel issues have been the centre of interest during
the greater part of the week, though railroad equipment
shares and some of the more active specialties have displayed
much improvement. The general trend during the two-hour
session on Saturday was toward lower levels. Continental
Baking A gained about 5 points, though it yielded a point
or more in the final hour. Motor shares were the outstanding
feature of the trading on Monday, Chrysler, Pierce Arrow,
Whys-Overland and Packard leading the upswing of the
group with substantial advances. Railroad shares advanced
under the leadership of the so-called Van Sweringen stocks,
Nickel Plate moving forward, followed by Chesapeake &
Ohio and Pere Marquette. Atchison crossed 160 and such
stocks as Lackawanna, New York Central and Delaware &
Hudson made further progress upward. National Lead rose
6 points, Brooklyn & Manhattan Transit 2 points and Interboro Rapid Transit 3-point advance. Du Pont rose 4 points
and Erie 1st preferred made a gain of 4 points. On Tuesday
the market moved forward with renewed vigor, the general
trend being upward most of the day. More than 2,095,000
shares were traded in, the turnover being the largest since
Oct. 20. The strong features included U. S. Steel common,
General Motors and Chrysler. Local traction stocks were
particularly strong, Brooklyn-Manhattan reaching a new
high for the year at 76%, Interborough moved up to a new
4. Atchison was the prominent feature of the
peak at 523
railroad list and sold at 1619/s. Railroad equipment stocks
were also strong, Baldwin Locomotive making a net gain of
7% points, followed by Lima Locomotive with a substantial
gain. United States Rubber was strong and United States
Cast Iron Pipe & Foundry improved more than 3 points.
United States Steel common was the principal feature on
Wednesday and rose nearly 2 points to 155% at its high for
the day. Railroad stocks continued strong, Atchison reach/s, followed by New York Central,
ing a new high at 1623
Erie and Baltimore & Ohio. Important advances were also
made in the oil group, Atlantic Refining advancing about
6 points, followed by a sharp rise in Independent Oil, PanAmerican B, Mid-Continent and Sinclair also made further
progress. Baldwin Locomotive shot upward 2 points. On
Thursday early gains were followed by sharp recessions, and
many of the leading stocks closed from 2 to 5 points lower.
U. S. Steel common was the chief feature and crossed 157
at its high for the day, though profit taking, which gradually
increased during the day, caused a reaction. Southern Pacific moved up nearly a point, followed by Southern Ry.
with a gain of a point or more. The weak stocks in the general list included Allied Chemical, United States Cast Iron
Pipe & Foundry, International Harvester, General Electric
and Baldwin Locomotive, the latter moving downward
nearly 4 points. On Friday, as already stated, stocks moved
vigorously forward stimulated by news of the 40% stock
dividend on U. S. Steel. Transactions in this stock reached
remarkable proportions and in the early trading shares sold
s.
above 160, the highest previous record having been 1599/
Sharp advances were also recorded by many of the more
active stocks, notably Baldwin Locomotive which shot
upward 29/i points to 161%. Atchison was the outstanding feature of the railroad issues and spurted forward to the
highest price in its history at 164. As the day advanced
Reading moved into the foreground and reached its highest
level for 1926 at 99%. Sharp gains were also made by
New York Central, Union Paciifc, Texas & Pacific, Baltimore & Ohio, Lackawanna, St. Louis-San Francisco, Atlantic Coast Line and Southern Pacific. The strong industrial specialties included United States Cast Iron & Pipe
Foundry, Sloss-Sheffield, Pullman, American Smelting and
Crucible Steel. The final tone was strong.
[Vol,. 123.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks,
Number of
Shares.
Railroad,
dtc.
Bondi.
State,
Municipal &
Foreign Bonds
864,672
1,819,495
2,095,203
1,908,637
2,335.799
2,632.900
$4,832,000
8,886,700
9,919,000
9,035,000
8,710,300
8,259,000
$2,665,500
4,134,000
3,861,500
4,203,000
4,829.000
3.023.000
$330,000
2,832,500
855,100
755,500
719,600
482,000
11.655.705
$40 R42 nnn
822 715 nnn
SA 075700
Week Ended Dec. 17.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Week Ended Dec. 17.
1926.
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Jan. 1 to Dec. 17.
1925.
11,655,806
United
States
Bonds.
1925.
1926.
10,232,368
434,786,544
$5,974,700 $14,830,400
22,716,000 14,502,500
49,642,000 44,113,000
$247,156,500
690,274,450
1,932,758,100
432,182,571
2342,200,860
678,671.500
2,829,265,375
878.332.700 273.445.900 82.870,189,050 83.850.137,735
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
Boston.
Philadelphia,
Baltimore.
Week Ended
Dec. 17 1926.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Saki.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*14,050
.28,243
*33,850
*34,815
*34,335
14,174
Total
Prey. week revised
$11,200
11,000
22,100
32,000
14,000
6,000
15,234
21,943
32,964
25,900
22,848
6,561
159,467
$96,300
125,450
$230,000
17,991
$149,300
154.922
863.450
190.037
3144500
11555
8211800
$4,000
21,900
51,600
68,600
66,900
17,000
0883
a1,871
a4,7118
a2,705
03,704
a4,060
$5,000
26,600
33,000
29,700
41,000
14,000
* In addition sales of rights were: Saturday, 242; Monday, 479; Tuesday, 236
Wednesday, 186; Thursday, 122.
a In addition, sales of rights were: Saturday, 239; Monday. 391: Tuesday. 298:
Wednesday, 148; Thursday, 48 Friday, 20.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
London,
Mon., Tues.,
Wed., Thurs., Frt.,
Week Ended Dec. 17.
Dec. 11. Dec. 13. Dec. 14. Dec. 15. Dec. 16. Dec. 17.
ox
Silver, per
d 24 13-1624 13-1624 13-16 24%
24 13-16 24%
Gold, per fine ounce
a 84.11% 84.11% 84.11% 84.11% 84.1134 84.11%
Consols, 23.4 per cents ______
..
5315-16
54
54
54
54
British 5 per cents
10034
100%
10034
10034
10034
British 4% per cents
9334
9334
9334
9334
9334
French Rentes(in Paris)_ _fr.
50.45
60
50
z49.55
49.95
French War Loan(in Paris)fr.
56.30
55.95
55.30
55.30
55.10
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(eta.):
Foreign
5334
x Ex-coupon.
54
5334
5334
53%
5334
gauxuxercial and 111iscettanconsBatrs
Breadstuffs figures brought from page 3206.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
I
Corn.
Oats.
Barley.
Rye.
bb1.9.196lbs. bush.60 lbs.bush.56 lbs.bush. 32 lbs. bush.481bs.bush.561bs.
196,000 1,533,000
297000
Chicago
494,000
166,000
21,000
1,098,000
281,000
Minneapolis.
326,001
204,000
73,000
896,000
Duluth
10,000
17,001
43,000
84,000
13,000
25,011
97,000
Milwaukee_ _ _
112,000
5,000
222,000
273,000
Toledo
94,000
4,000
123,000
34,000
Detroit
25,000
38,000
3,000
44,000
439,000
Indianapolis_
14,000
124,000
110,000
504,000
St. Louis__ _ _
466,000
1,000
470,000
38,000
12,000
59,000
Peoria
601,000
213,000
13,000
16,000 1,465,000
Kansas City__
185,000
53,011
228,000
Omaha
128,111
570.000
332,000
St. Joseph_
20,011
174,000
523,000
Wichita
29,000
4,001
53,000
Sioux City_
180,000
24,001
Total wk. '26
Same wk. '25
Same wk. '24
507,000 5,671,000
501.000 12,658,000
436,000 9,227,000
4,684,000
6,878,000
5,756,000
2,146,000 686,000
4,085,000 1,135,000
4,578,000 1,420,000
205,000
450,000
909,000
Since Aug.19,249,000 195,978,000 85,049,000 67,378,000 5,779,000 18,524,000
1926
9,082,000201,646,000 78,489,011 124,025,00040,048,000 14,789,000
1925
9.400.000358.029.000 91.745.
1924
150.458.Onn 3A RAS non44 A27 ow
Total receipts of flour and grain at the seaboard ports for
the week ended.Saturday, Dec. 11, follow:
Receipts atNew York_ _I
Pbiladelpbia..i
Baltimore_ _ ..J
Newport New
New Orleansl
Galveston_
Montreal ___ St. John, N.B
Boston
Flour. I
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Barrels.
Bushels.
Bushels.
Bushels. Bushels.
243,000, 2,249,000
41,000
58,000
266,000
35,000
50,000
701,000
1,000
14,000
6,000
131,000
34,000
179,000
21,000
8,000
175,000
12,000
2,000
69,000
103,000
147,000
33,000
I
310,000
30,000, 1,806,000
340,000
322,000
414,000
1,000,
216,000
41,000,
293,000
3,000
8,000
4,000
470,000 5,857,000
Total wk. '26
Since Jan.1'2624,258,000291,757,000
553,000
7,751,0001
458,000 8,201,000
Week 1925.. _
Since Jan.F2523,848.000230,541,000
80,000
772,000, 1,393,000 1,921,000
8,854,000 75,207,000 43.128,000 29,599,000
443,000 861,000
182,000
7,265,000 35,311,00030,256,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Dsc. 18 1926.}
THE CHRONICLE
The exports from the several seaboard ports for the week
ending Saturday, Dec. 11 1926, are shown in the annexed
statement:
Reports fromNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
St. John, N. B
Wheal,
Corn,
Bushels. Bushels.
1,371,535
302,000
276,000
264,000
17,385
44,000
874,000
1,451,000
216,000
54.000
Total week 1926_ 4,798,535
Same week 1925__ 6.761.327
71,385
209.000
Flour,
Barrels.
Oats,
Rye,
Barley,
Bushels. Bushels. Bushels.
144,423
77,000
2,000
31,000
2,000
72.000
41,000
73,000
1.000
443,423
198.105
86,137
214,943
20,000
133,000
318,000
219,137
192.338
552,943
601.961
28,000
28,000
486.100
The destination of these exports for the week and since
July 1 1926 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
Dec. 11
1926.
Since
July 1
1925.
Wheat.
Week
Dec. 11
1926.
Since
July 1
1925.
Corn.
Week
Dec. 11
1926.
Since
July 1
1925.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 79,381 2,226,742 1,925,233 57,193,712
17.385
311,630
Continent
312,757 3,275,257 2,869,302 87,947,818
17,000
So.& Cent. Amer_ 21,000
303,980
1,000 3,614,000
3,000 1,100,000
West Indies
18,000
293,000
3,000
16,000
51,000
729,000
Other countries_ _ _ 12,285
316,835
636,350
Total 1926
Total 1925
443,423 6,415,814 4,798,535 149,407,880
198.105 5.998.654 5.761.327 127.178.3111
3145
APPLICATIONS TO ORGANIZE APPROVED.
Dec. 1-First National Bank in Escondido, Calif
$75.000
Succeeds the Commercial Dept. of the Northern San Diego
County Bank of Escondido, Calif. Correspondent, Ira E.
Lock. Escondido. Calif.
Dec. 11-Cambridge National Bank, Cambridge, Mass
$200,000
Correspondent. James W. Brock, 55 Sacramento St.,
Cambridge. Mass.
Dec. 11-The Newark National Bank, Newark, N..1
200.000
Correspondent, Wm.L. Morgan. 701 Prudential Bldg.,
Newark, N. J.
Dec. 11-The Seward National Bank of New York, N. Y
2,000.000
Correspondent, Howard E. Atterbury, 110 E.42nd St..
New York, N. Y.
APPLICATIONS TO CONVERT APPROVED.
Dec. 11-The Union National Bank of Elizabethtown, Ky
150,000
Conversion of Union Bank & Trust Co., Elizabethtown, Ky.
Dec. 11-The National Deposit Bank of Paintsville, Ky
75.000
Conversion of the Paintsville Bank & Trust Co.,
Paintsville, Ky.
CHARTERS ISSUED.
Dec. 8-13012-The Northern Valley National Bank of Tenafly,
N.J
$100.000
President, Ernest J. Heppenheimer, Cashier, Herbert
Bogert.
Dec. 8-13013--City National Bank in Kearney. Nob
150.000
President, Dan Morris: Cashi-r, J. H. Dean.
Dec. 11-13014-The First National Bank of Borger, Texas.50,000
President, Dan E. Lydick: Cashier, L. P. Card.
VOLUNTARY LIQUIDATION.
Dec. 8-4595-The Lyon County Nat. Bank of Marshall, Minn. $50,000
Effective Dec. 11926. Liquidating Committee: L. H.
Powell, F. D. Gray and R. M. Neill. Marshall, Minn.
Succeeded by Marshall State Bank, Marshall, Minn.
71,385 2,157,530
209.000 2.8.50.255
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange were sold at auction
BANK NOTES-CHANGES IN TOTALS OF, AND IN in New York, Boston and Philadelphia on Wednesday of
DEPOSITED BONDS, &c.-We give below tables which this week:
show all the monthly changes in national bank notes and
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks.
In bonds and legal tenders on deposit therefor:
8 per sh.
18 Samoset Oil Co. 7% cum. pref.1211 300 Sea Leather &
011 Corp.,
9 Samoset 011 Co.. common
Delaware, common
f lot
$1 lot
100 Visayan Refining Co
a Esm e ada Oil & Gas Co.,
$55 lot
35 Amer. Philippine Co., pref
Inc., par Si
1212
$1 lot
35 Amer. Philippine Co., corn
I lot 500 St. Elmo Gold &Copper Min.
200 Distinctive Pictures Corp.,com.$1 lot
Legal
Co., Ltd.. 5th assess. pd.,Par $1_61 lot
La
400
Bonds.
Coal
30
Follette
California
&
Iron
Co.,
Tenders.
Zinc Co.,corn., no parish
Total
certificate of deposit
$55 lot 15 California Zinc Co., pref
I lot
1.000 Amer. Oil Engineering Corp.,
100 The Bellamos Corp., pref_ _ _ _181.100
Nov.30 1926..._ 668,278,180
662.764.613
Par $10
37,927,974
22 lot 200 Bellamos Corp.. corn. no part lot
700,692,587
665,492,880
Oct. 31 1926_
661,742,830
38,971,702
1$10 50 Amer. Rice Production Co..
700,714,532 100 The Trading Co., pref
865.830,440
Sept.30 1926_ _
860.555,797
Par $10
39,178,467
699,734,284 20 The Trading Co., corn., no par.! lot
81 lot
Aug. 31 1920_ .. Olio,a80,u4ti
no9,iu0.407
200 The Lyons Artificial Silk Co.,
35,768377
099.52u.244 556 International Torpedo Boat
July 31 1926_ 665,041,890
61 lot
661,434.195
Corp., no par
interim ctf. no par
40.714.779
$1 lot
702.148,974
June 30 1926__ 665,616.390
660,986,560
30
Cast
Steel
Ship Corp., class B, $1 2,500 Lanes 'Lead Patents, Ltd.,
41,682,684
702.669.244
665,465.140
May 31 1926____
860,677,175
ord., par 1 shilling
preferred
42,697,987
lot
8500 lot
703.375.162
665.686,140
Apr1130 1926____
661,664,478
10 Community Hotel Corp. of Lake
42,519,201
704,183.671, 45 Cast Steel Ship Corp.. corn
665,568.140
Mar.31 1928.__
881.016,470
Wales. Fla.. pref
44,211.319
815
705,227,781, 40 6-10 Aravalpa Leasing Co., no
665.235.640
Feb. 27 1926____
661.244.347
par
45.059,372
706.303,711.
58 lot 5 Community Hotel Corp. of Lake lot
Jan. 31 192&___ 665.363.590
661.298,333
Wales. Fla., corn., no par
45.050.979
$15 lot
706.349.312 65 El Cobre Corp
Dec. 31 1925-- - 868.273,130
658,362,223
1,050 Salisbury Iron corp., pref.,
46,194.204
704,556.427 3,627 Mesabi Iron Co.. corn.,
680,087,630
Nov.30 1925_
682.822,888
no par
Par 210
48,127.556
$2,000 lot
710.750,444
Oct. 31 1925_ _ 666,185,130
862.538.483
2,757 Salisbury Iron Corp., pref.,
51,264.261
713.802 744 2,000 Mesabi Iron Co., corn..
665,542,630
Sept.30 1925_
par $10
no par
661.380.320
56.543,569
$1,000 lot
$6 lot
717.923.881.
Aug. 31 1925. 665,810.130
662.186.083
17w York Utilities Co., corn
61,476.914
$9 lot
723,662.997 13K The Craven & Owen Chair
665.227,130
July 31 1925 _ _ _
Co., pref
660.341.413
$32 lot Right, title and interest in 5.47
66,214,271
726,555.684
participation in Neilson Florida
June 30 192&_.- 685,061.330
660.601,393
"
$500 lot
72,864.681
1101
733.366.074 20 North Boca Raton Corp
Investment Deal No. 8, 525,000
665,502,880
May 31 1925_._
881,293,895
78.275,574
739,569 4151, 40 Steamer General Meigs, Inc..._66 lot
paid in
866,010,330
April 30 1925._.
661.397,558
S6 lot
86.028,261
747.425,811- 25 The Audition Corp., pref. (in
liquidation), par $50
Mar. 31 1925._ __ 665,608,330
l.
vo
in Engineering co„ Inc.,
K
mem
601.613.281
lot 80e.
93.697.406
755.210,687
Feb. 28 1925.... 666.943,330
863,324,911
1
100,532.366
763.857.277 594 Univ. Sulphur Products Co_ _ s$1173
247W Enfisco 011 Corp., pref
113,248 Mammoth Oil Co.. class A
Jan. 31 1925_ _ _
725,171.780
722,092.283
$6 lot
47.748.139
769,840.40
common, no par
Dee. 30 1924_ _ _
731.613.630
727.175.641
66 lot
$3,000 lot 110 Enfisco Oil Corp., pref
44.871.176
772.046.817
500 Music Master Corp., no par..885
40 Braided Thread Corp.. corn..
$5.186,208 Federal Reserve bank notes outstanding Nov. 30 1926 secured by
Par $25
$12 lot 50 Connecticut Steel Corp.. pref--I $5
lawful money. against 86,478,313 Nov. 30 1925.
10 Braided Thread Corp., pref. _ _.815 lot
Queen,co
Lm
ui.:1
lot
Epom Corp., corn., no par
20
$4 lot 81050CmCanobecaltticuStilSvereel
152
Par $1
The following shows the amount of each class of United 2,115 Northern Texas Oil Co..
Inc., par 55
526 lot 6 Tandem Aeroplane Co. of Amer- lot
States bonds and certificates on deposit to secure Federal 1,000
lea, Inc
Rickard Texas ou Co., Inc.,
par $5
$.57 lot 300 The Rio Chains Co.. no par- __S5 lot
Reserve bank notes and national bank notes on Nov. 30:
100 Vulcan Oil Co., Inc.. par 85._ _86 lot 30 The Aztec Co., no par
so° let 30 La Galllna Co., no par
32.8 Ry.Land dr Imp.Co
1
30 French Mesa Devel., Co., no par 636
U. S. Bonds Held Nov. 30 1926 to Secure- 500 Marconi Wireless Telegraph
5
30 El Capulin Co., no par
Co.. Ltd.. M El
lot
Federal
The
300
900
Finance
Covington
Oil
Co.,
dc
no
Bonds on Deposit
par
Credit
On Deposit to On Deposit to
Co., class A. corn., no par
Nov. 30 1926.
300 The Alma Co., no par
6
Secure Federal
Secure
Total
900 The Federal Finance & Credit
700 Alaska Gold Mines Co., par $10 $I lot
Reserve Bank National Bank
Held
55
Co., pref
5,200 Edmonds Midway 011, par $1
Notes.
Noses.
1,250 R. M. Catts Corp
$750 lot 100 Abara Rice Co., pref
1,000 units Burdine. Inc., each unit
$10,000 Abara Rice Co.6% bonds," $2
X
consisting
ting of 1 sh. pref., 1 sh.
due March 1 1921, with Sept.iSt3 lot
25, U. S. Consols of 1930
591.859,900 591,859.900
corn.
and
and subsequent coupons attached
1
bankers'
25, U. S. Panama of 1936
purchase
48.862.160
48,662,160
warrant for corn. stock...645 per unit 7,912 W ashuigton Mines Develop.
28, U. B. Panama of 1938
25.758.120
25,756,120 250
Butterworth-Judson Corp.,
meat Co., par 610
$30 lot
pref. temp. ctf
Totals
_66 lot
S7 563 Canadian Ferro Alloys, Ltd._.$5
666,278,180 666,278,180
67 Butterworth-Judson Corp., pref. lot 25 The Vegetable Oil Corp., corn..
53 The Gas Electric Vehicle Corp.,
no
par
$30
The following shows the amount of national bank notes
Par $10
$5 lot 50 The Vegetable 011 Corp., pref__ lot
afloat and the amount of legal tender deposits Nov.1 1926 5 The Moniteau Co
100 Buffalo & Susquehann RR.
1
Muniteau Co. ctf. of indebt„. 68
Corp., corn
42K
and Dec. 1 1926 and their increase or decrease during the $500
dated St. Louis, Mo., Aug.28 '18 lot 18,000 Crown-Reserve Mining Co..
month of November:
50 Motor Terminals Co.. pref
Ltd., corn., par 51
$1,500 lot
$21
50 Motor Term. Co.. corn., no par, lot 100 Electric Investors, Inc., corn.,
National Bank Notes-Total Afloat8 San Juan Sugar
$e
DO par
pref
39K
Amount afloat Dec. 1 1926
8700.714,532 10 San Juan Sugar, cOnt., par
$10 lot 26 Federal Oil Corp., Va., corn..
Net decrease during November
21,945 2 The Zee-Zee Tire & Rubber Co.,
no par
$25 lot
Par $10
Amount of bank notes afloat Dec. 1
$5 tot 200 Penn Seaboard Steel Corp.,
$700,692,587 2,008K Astoria Mahogany
common, no par
8175 lot
Co.,
Legal Tender Notescom, on deposit with creditors'
300 N. Y.State Rys.,corn
13K
Amount on deposit to redeem national bank notes Nov. 1 1926
838,971,702
committee at the Nat. City
100 Northwood HoldingCo.,pref..
Co
20
Net amount of bank notes retired in November
1,043,728
Bank New York City
$15 lot 100 Northwood Holding Co., corn.,
2,700 Prudent Oil Corp., par
no par
1
Amount on deposit to redeem national bank notes Dec. 1 1926
637.927,974 25 Amer. Products Corp., par $1..
100 Buffalo & Susquehanna RR.
210.
400 Mexican East. Oil Co.. corn.. $13
Corp., pref
44K
LIO parlo
100 Minor C.Keith Florida ProperNational Banks.-The following information regarding 27,000 Guarantee Royalty Co..t ties, Inc., corn., no
par
3
10e
100 Land preference shares Minor
national banks is from the office of the Comptroller of the 60Par
The Fromite Co., par $10
C. Keith Florida Properties.
Currency, Treasury Department:
600 W est Toledo Mines Co., parlOc.
Inc., no par
14
1,000 Kelly-Springfield Truck dr
200 The Poole Engineering & MaAPPLICATIONS TO ORGANIZE RECEIVED.
Bum Corp
chine Co.,class A, no par
..
550 lot
13
25,000 Silver Dale Mining Co..
300
The
Poole
Engineering dr MaDec. 8-The Malvern° National Bank, Malverne, N. Y
par Me
chine Co.. class B. no par
$55101
83$
Correspondent, P. W. F. Lindner, Malverne, N. Y.
300 Mimbreq Mining Co., par $10...$1 lot 50 The National Cash Register
Dec. 8-The Oxnard National Bank, Oxnard Calif
1,250
Great
Northern
Co.. Common A
Develop41
Correspondent, Walter H. Lathrop, P. 0. Box 721. 100.000 i
ment Co.. par 610
$15 lot 100 The Foundation Co.. corn.,
Oxnard, Calif.
500 Jerome Verde Development
110 pax
7634
Dec. 10-The Central Avenue Nat'l Bank of Jersey City, N. J
Co., par 50c
8110 lot 200 Dry Ice Corp. of Amer.. corn.. 15
Correspondent, Samuel Pesin, 355 Central Ave.. Jersey 200,000 , 50,000
Peruvian Copper & Smelt1.50u Barnett Oil a Gas Co., par 81 82
lot
City, N. J.
632
' lug Co.. par 81
lot
Kenneth
H.Day,Inc
510
First National Bank of Bellerose, N. Y
Dec. 10-The
2,000 Mercantile Bank of the
1 Bungalow Island Club
Correspondent, Ellery W. Mann, 5 Commonwealth 100,000
1 61
lot 10 Western Wheel Corp., corn
Americas. pref
$4
I
Blvd., Bellerose, N. Y.
.50 Brown Portable Conveying Ma200 Ziegler Oil Corp.. v.t.c., par 21081lot
lot
Dec 10-The First National Bank of Brocton, N. Y
chinery Co.. pref
40.000
$20 lot 400 Buffalo & Susquehanna RR.
Correspondent, L. D. Sullivan. Brocton, N. Y.
1.000 Vi, est Boylston Mfg.,com.$1.0001ot
CO.. pref., par $60
$1 lot
Amount Bonds
on Deposit to
S•cure Circulation fov National
Bank Notes.
National Bank Circulation
Afloat on-
_
3146
$ per sh.
Shares. Cia,--se.
124 Electrified Water Co. of New$1,000 lot
ark. N. J
20 Ideal Motor Appliance Co.,
55
common, no par
lot
50 United Body Corp., pref
100 Great Basin Oil Co., no par__
250 Crusader Pipe Line Co. of
Arkansas, class A
$65
375 Crusader Pipe Line Co. of lot
Arkansas. common, no par
50 The Least Realty Co., no par_ _ _52 lot
25 The Local Realty Co., no par .51 lot
25 The Lecal Realty Co.. no par_ _Si lot
$1.000 National W eekly Corp. ctf.
of contribution
$20
$500 National W eekly Corp.. note lot
due Dec. 1 1923
6,374 Shur-On Standard Optical
. Co., Inc., corn. v.t.c., no par_ _ $600
1,750 Shur-On Standard Optical lot
Co., Inc., pref
15.000 Securities Investing Fund.
Inc., corn., no par
$200 lot
250 National Pavements Corp.,
common, no par
$25
15.000 National Pavements Corp. lot
8% deb. bonds due Dec. 1 1929*
Dec. 1925 and subseq. coup. on
100 Uncle Sam Clock Co.. par SI _ _
100 Monitor Silver & Lead Co.,
Dar $1
$16
540 New York-Oklahoma 011 Co.. lot
par Si
540 New York-Bingham Oil Co..
par 100
30 Farms Co., class A, no par_ _S1,300 lot
20 Farms Co., class A. no par_ _SI.i 00 lot
100 Farms Co.. class A. no par_ 35.000 lot
40 Federal Barber Shops, Inc.,
no par
$100 lot
11,600 demand note of the Federal
Barber Shops. Inc., dated Jan.
$100101
26 1925
1,265 Canadian Fairbanks Morse
Co., Ltd.. com., no par
$6,500 lot
1,575 Canadian Fairbanks Morse
58.000 lot
Co., Ltd., corn., no par
231 Marine Hotel Corp
l510
60 Marine Hotel Corp., prior pref_ _ I lot
.0 lot
125 Mistier Corp., ctf. of dep_
$1,000 Lucey Mfg. Corp., ctf. of
dep. for 10-yr. 8% note
$7 lot
380 Chicago Terminal & Transfer RR. Co., common
200 Mexican Northern Ry
100 Bolivian Co
125 Clearfield Steel & Iron Co.
1000 Emmens Metal Co., par $10
20,000 Estella Gold Mining Co.,
par $1
267 Guanajuato Reduction &
Mines Co., par 31
600 Mexican Coal dr Coke Co_
5 Milwaukee Leasing Co
10,000 Mollie Gibson Cons.,
Mining & Milling Co.. Par 55
50 Narragansette Webb Co
50 National Velvet Co., pref._ _ _
25 National Velvet Co., corn.
500 N. Y. & Ottawa Finance Co. $2,200
600
lot
ctf. of ben. int. In stock
66 N. Y.State Steel Co.,
99 N. Y.State Steel Co., corn..,
1,000 North Star Mines Co..
par $10
250 Towne Securities Corp., Prof.
536g Towne Securities Corp..
common, no par
50 White Brick & Art Tile Co. of
Clayton.. Mass
$5,000 Mexican Coal & Coke Co.
let 5s, due 1926, 25 years
150 Union Land Co. of St. Paul
deb. etts
366 Goodrich Co., common
100 Goodrich Co., pref
15 N. Y. Steam Cable Towing
Co.,common
75 N. Y. Steam Cable Towing
Co.. preferred
100 Serrel Silk Reeling Co.,
American shares
135 Sorrel Silk Reeling Co..
English shares
100 W latehill Engine dc Pictet
Ice Machine Co.,corn,, par $50
100 Whitehill Engine dr Pictet
Ice Machine Co.. pref.. par $50
200 Banque Hypotecaire Franco
Argentine
1 El A.d'Etudes Electroo-Chtmlq.
116 Parts de fondateurs Societe
Francalse des Blanes de Plomb
et de la Metallurgic du Plumb
6 Parts de fondateurs "Volta"
S. A. Suisse de l'Industrie
EJectro-Chimique
49 "Volta" S. A. In l'Industrie
Electro-Chimique
[VOL. 123.
THE CHRONICLE
Shares. Stocks.
$ per sh.
125 Mizner Corp., ctf. of dep___ _510 lot
50c.
100 Buck Run Coal Co.. pref
50 Crusader Pipe Line Co. of Ark.,
$35
class A
75 Crusader Pipe Line Co. of Ark, lot
common, no par
$625
100 Crusader Cos., Inc.. Cl. A
100 Crusader Cos.,Inc.,com..no par lot
50 Crusader Pipe Line Co. of Ark.,
$35
class A
75 Crusader Pipe Line Co. of Ark., lot
common, no par
$500
100 Crusader Cos., Inc., cl. A
.00 Crusader Coo. inc.. com.,no par lot
20 Nat. Automatic Serv. Corp., pt
40 Nat. Automatic Service Corp., 810
common, no par
I lot
6711. B. Claflin Co., lot pref. _ __SI Slot
6 Durant Hotel Co. of the City of
Flint, Mich., pref
$26 lot
1)4 Durant Hotel Co.of the City of
Flint, Mich.,common
56 lot
4 trustee ctfs. for 500-270.000 int.
each in Enyart-Potter Royalty_ _57 lot
2.000 Community Operating Co. of
Jackson. Mich., par $.0
$1 lot
250 E. P. Beaumont, Inc.. par $25_ 500.
600 Roland Steel Co., Inc., corn.,1
S Si per
as bonus
100 Roland Steel Co., Inc.. pref4sh. pf.
1$400
50 Crusader Cos., Inc.. cl. A
(lot
50 Crusader Cos., Inc.. corn
50 Gavin Armour Steel Corp. of Del.$1 lot
2054 Monmouth Beach Fish Co..
common
-.590 lot
144 Philippine Refining Corp.,
$100 lot
class A, common
33754 Philippine Ref. Corp., pref.$200 lot
95 Visayan Refining Co
$80 lot
500 Interstate Chemical Corp.,
common
$3
233 Interstate Chemical Corp.. lot
7% cum. pref
3,500 Lance Creek Royalties. par$1 $6 lot
12,400 Yavapal Consol. Gold,Silver
& Copper Co., par $10
$2 lot
1.000 MacNamara Crescent Mining
Co., corn., par 250
53 lot
200 Interboro. Consol.,corn., no parS1 lot
.00 Allen 011 Co., corn., par 51_ _ _512 lot
Bonds.
Per Cent.
$130,000 C. R.I.&P.RR.coll. tr.
45. Nov. 1 2002, stamped_ _51551ot
$60,000 Allied Packers, Inc., 20-yr.
cony. s. 1. deb. 6s. July 1 1939__ 62g
$85,000 R.E.Thompson Mfg. Co.,
6% gold notes due July 1 1927;
July 1926 coupon unpaid
,._ 10
$10,600 Connecticut Zinc Corp.
c
lo
stup0
75
.
,N
on
ov. 15 1929; Nov. 1921
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per eh.
5 First Nat. Bank, Boston__ _350 ex-div.
5 National Shawmut Bank
251g
40 First National Bank
349g ex-div.
10 Exchange Trust Co
201g
2 Fitchburg Bank & Trust Co
145
50 Hamilton Mfg. Co
15c.
16 Lancaster Mills. pref
44
2 Arlington Milli
67g
1,507 U.S. Worsted Corp., com
70c.
10 Lancaster Mills, coin
16g
5 Manomet Mills
12
52 Nalunkeag Steam Cotton Co_ 155
5 Arlington Mills
68
40 Hamilton Mfg. Co
15c.
76 Lancaster Mills, corn
16g
5 Brookside Mills
90
100 U. S. Worsted Corp., let prof
9
75 Samoset Cotton Mills
22
93 Tremont ds Suffolk Mills
29
18 Acadia Mills
15
75 Brookside Mills
91
81 Fairhaven Mills, prof
1
75 Great Falls Mfg. Co
12g
75 Hamilton Mfg. Co
27c.
68 New Hampshire Spinning Mills_ 21
94 Salmon Falls Mfg. Co
1534
7 American Linen Co
5
15 Sharp Mfg. Co.. corn
11)4
3Bost. Revere Bh.& Lynn RR_63 ex-dIv.
17 Fitchburg & Leominster St. Ry_ 50c.
10 Saco Lowell Shops, 2d pref
9%
64 Draper Corporation
64%-65
50 Engel Shoe Co., pref
55101
10 Saco Lowell Shops, 1st pref__-_ 18
50 A. S. Brown Mfg. Co., pref_..._ 32
100 Smith-Springfield Body Corp.,
common
$5101
50 Attleboro Steam & Electric Co.,
common, par 525
82
7.000 Boston Spadra Coal Co.,
common, par 5.0
$10 lot
5,200 Centrifugal Gun Corp.,
Par $10
510 lot
500 Boston-Duquoin 011 Co.,cornmoo, par $.0
$10 lot
1,349 Amer.Metal Parts Co.,com.S10 lot
732 Amer. Metal Parts Co., pref.510 lot
200 The Lackide Co., com
55 lot
100 The Lacklde Co., pref
Co..5 lot
150a
p ll
ra
swko
40es Lasting Machine
$10
50 Single Service Package Corp. lot
of America, par $25
3,011-Harriman Engine Co.. par 510
11,000 Lincoln Mining Co.. par Si
32 Merchants Cold Storage dr
Warehouse Co.. Providence
105%
400 New River Co., common
18g
250 Automatic Tire Stamp Co.,
pref.. par 5.0
55 lot
5 Saco Lowell Shops, common
3%
10 special units First Peoples
Trust
5S4 ex-div.
1 Dennison Mfg. Co., 2d pf _101 g & div.
28 Lawrence G.& El. Co. par 525_ 66%
58 Quincy Market Cold Storage dr
Warehouse Co., common
32%
1 Bost. Woven Hose & Rubb.,corn. 80
1 No. Bost. Ltg. Properties, pref..10834
1 No. Bost. Ltg. Properties, com 103
Shares. Stocks.
$ per sh.
18Tr
ust
cial units First Peoples
5S1 ex-cliv.
3654 Commercial Finance Corp_ _ _52
15 Guaranty Security Corp.. pref.,
par 5.0
6 Guaranty Security Corp.. com., $31
par $10
lot
10 B. B. & R. Knight, Ino., Prof..
certificate of deposit
250
parChaparr
Sial Hill Gold Mining
Co..
8 units First Peoples Trust_ __ _70 ex-div.
25 Quincy Market Cold Storage dr
Warehouse Co.. corn
$ 2la
200 Rove Radio Corp
130 Home Bleach & Dye Works, pt_ . 1)4
300 Home Bleach & Dye Wks., corn. 6e.
406 United Carbon Co.(Del.),com.}$500
103 United Carbon Co. (Del.), p14 lot
17 Plymouth Cordage Co
125
30p
0arit
Cz
ourtaulds, Ltd., reipt,
receipt,
22)4-22)4
100 Business Real Estate Trust_._ _ 34
74 Simpson Patent Dry Dock Co_ - 534
50 Draper Corporation
64)4
100 Lockwood-Greene, Inc., pre
52
118 Quincy Market Cold Storage &
Warehouse Co., corn
50 Quincy Market Cold Storag3e2&
H-32M
Warehouse Co., pref
58g
10 Mass. Chocolate Co., 7% pref.
4 Miller Candy Co., 24 PI., Par $50 $35
5 Miller Candy Co., let pref
lot
1.250 Prosser Co
5 01Iot
50 New England MCorp.. pref._ _
87 New England Oil Corp., corn....,
5 R.&V. Motors of N. Eng., com_
1
5 R.&V. Motors of N. Eng., pref.
200 U. S. Steamship Bldg. Co__ _ -56 lot
200 Great Lake Oil Ref. Co., comJ,12
200 Great Lakes Oil Ref. Co., pref.
200 Logan & Johnson Co
.0 Phoenix Insurance Co
25 Lawrence G.& El. Co., par $25. 6
766
74
1"
54
i,000 GlIpado Mines Co., par $1...52 lot
6 Essex Co., par 560
195
t .
Rights.
tch
$ per R7
4 Phoenix Insurance Co
81.
Bonds.
Per Cent.
6.000 shares Coastal Burk-Homer
Co., Houston, Tex., par Si
6
$6,000 Coastal Burk-Homer Co.,
Houston, Tex., 6% promissory
notes attached
$10,000 Argo Tunnel col. tr.68, 1919
coup. Apra 1912 & sub. on---350 lot
$100 U. S. Light & Heat Corp. 6s.
June 1935
97)4
$1,000 Rutland Ry., Lt. & Pow.
....
94
Co. 5s. March 1946
56.000 Lustron Syndicate participation certificate
81,000 Nova Scotia Steel &Coal
"
fat
Co. 1st 5S, July 1959
53,000 McMyler-Interstate Co. 58 flat
70
1st is, June 1943
$2.000 Michigan RR. 1st 5s, ser. A
Nat. City. Bank, N.Y., W.dep.16 flat
52,000 Nova Scotia Steel & Coal
Co. lot 55, July 1959
58 flat
Note for $2,331 60 of the Vancouve5
r58 tat
Harbor & Dock Extension Co.,
Ltd., dated Jan. 12 1916, due
July 12 1916; note for $3,000 of
A. J. Burton, dated Dec. 18 1916
and due June 18 1917
_3200 lot
Coll, demand note for $7,157 of
A. L. Matthews, dated April 1
1920, secured by the following
collateral* 172 600-1,000 shares
Salamanca Sugar Co.,corn. v.t.c. 10
Note for 323,886 35 of the SalaBy Wise, Hobbs & Arnold, Boston:
manca Sugar Co., due July 15
1925, secured by tat mtge. bonds
$ per sh.
Shares. Stocks.
$ per oh' Shares. Stocks.
deposited under coll, tr. agree10 Atlantic National Bank_25434,ex-d1v. 25 Bay State Fishing Co., coin__ 33
ment with Equitable Trust Co.,
25054 53,090 w ills St. Claire, Inc..com.1330 lot
5 National Shawmut Bank
10
dated Dec. 23 1923
510 Wills at. Clair. Inc., 24 pref.
71
4 Massachusetts Cotton Mills
Unsecured account for 523,886 35 of
22 B.13. & R. Knight Corp., class A 1854 135 National Cash Register Co.,
the Salamanca Sugar Co.,covered
39
class A
11)4
Manomet
Mills
33
by agreement dated Dec. 23 1923 5
15%
50 Northeastern Pow.Corp..com
1 Naumkeag Steam Cotton Co_..155
Demand notes bearing 6% int., ag35% 100 Lowell Gas Light Co. par 525_ 64
36 Nonquitt Spinning Co
gregating 539,500. Upper Colum5 Penobscot Chemical Fibre. corn..100
76 Naumkeag Steam Cotton Co__ _155
bia Co
10
12 Commonwealth Gas & El. Co.,
50
7 Textile Securities Co
Demand notes bearing 7% int.. agpref
9054
18e.
Hamilton
Mfg.
Co
25
gregating
$43,300 31. Upper
U.S. Worsted Corp., 1st pref.__ 434 100 River Raisin Paper Co., corn.,
10
Columbia Co
10
par 5.0
a
820.
U. S. Worsted Corp., corn
60
Sundry demand promissory 6%
11254 50 Batterman Rubber Co., pref._$10 lot
18 Lyman Mills
notes aggregating 332,149 99
25o. .03 Batterman Rubber Co., com-$10 lot
Hamilton Manufacturing Co
153
made by The Local Realty Co.,
.00 Amer. Snuff Co., com__ _127, ex-d1v.
140 Connecticut Mills, let pref..- 47
dated March 16 1926 to Dec. 1
125 New England Guar. Co., com_51 lot
Connecticut Mills, corn., class
1926, without recourse
52 lot 140
134 12 Lynn Gas & Elec. Co.. par 525
A. par 510
Sundry demand promissory 6%
&
133g-133g
Power
Holbrook
Randolph
&
20
notes aggregating $11,464 16
3734 145 Sambenigno Mines & Est. Co.$10 lot
Electric Co
made by The Local Realty Co.,
.0 units Mutual Finance Corp.- 74
101
Works
5
Atlantic
dated March 16 1926 to Dec. 1
$10 lot 654 units Mutual Finance Corp.,
25254 Kenworthy Bros. Co
1920, without recourse
.51 lot
74
7234
Par $50
23 Merrimack Mfg. Co., pref
$25,000 St. Louis & Chicago Ry
/10 Fall River Elec.Lt. Co., Par 55- 4734
35
Co., corn
American
Glue
25
Co. lot consol. 60, etc. of dep....527 lot
31 Turners Falls Pow.& El. Co_ _195-196
83
2 American Mfg. Co., prof
$12,000 Comstock Tunnel & Drain105g .6 New Eng. Cities Ice Co.s., pref_ 95
10 Oxford Paper Co., pref
age Co. let mtge. inc. bonds,
i() Int. Agric. Corp., prior pref.__ _ 60
Trade Building Trust_ 50
due 1949: Sept. 1920 coup. on_3100 lot 100 Board of
63%,ex-div. I North Boston Ltg. Prop., pref_ _ _10954
Corporation
Draper
90
$10,000 Island 011 & Transport 8%
6 Great Northern Paper Co
263%
Razor Co
93
100
Gillette
Safety
bonds, due June 15 1926, with
2 Municipal Real Estate Trust_ __Alb
67
Knight Co., pref
June 1922 coupons attached_ _5130 lot 25 Graton & Water Co
15 Wills St. Claire. Inc., prior pref. 33
99
25
Hingham
55.000 National Oil let lien 7%
20 Wills St. Claire, Inc., 24 pref._.51 lot
10
50 Missouri Kansas Farms
bonds. due May 1 1923: May
52
3 units Commercial Finance Corp
Copper Co., par
1923 coupons attached
$5 lot 3,000 Abe Lincoln
934
30c. lot 2 Laconia Car Co.. corn
31
125 Ajax Realty Corp., pref._-1$10 lot 50 warrants New ing.Pub.Serv.Co. 9)4
By Barnes & Lofland, Philadelphia:
corn... _
Corp.,
25
Boston
Chamber
of
Commerce
125
Ajax
Realty
sh.
$ per
$ per sh. Shares. Stocks.
Shares. Stocks.
32
Realty Trust, bat pref
107 Fall River Gas Works, par $25- 60
9 Northern Central Trust Co..
665
33 Phila. Girard Nat. Bank
Per Cent.
70
Bonus.
11654 4 units First Peoples Trust
par $50
751
2 Camden National Bank
Electric
corn
Carolina
Gas
&
Co.,
$470
South
100
Glue
American
3534
I90
15 Colonial Trust Co., par $50
10 Security Title & Trust Co.,
Co. certif. of indebtedness._ _ _15 flat
92
2 Atlantic Building Trust
1350
3 Girard Trust Co
49
par $50
695
10 Fidelity Phila. Trust Co
3 69th St. Term. Title & Trust Co..
135
5 Tioga Trust Co., par 350
106
par $50
DIVIDENDS.
200 Keen-O-Phone Co., par $10.....31 lot
$1,500 Demand note of Pardee
25 Empire Tire dr Rubber Co.. pref.51 lot
Phonograph Corp. to Charles H.
are
grouped
Dividends
in two separate tables. In the
Corp.,
Radio
Thompson
E.
R.
100
lot
_310
1921_
__
Edwards, dated Feb.5
$50 lot first we bring together all the dividends announced the
preferred
$500 Demand note of Pardee Phono.
100 R. E. Thompson Radio Corp.,
Corp. to Charles H. Edwards,
. current week. Then we follow with a second table, in which
celnott
e5r50
preferred
dated May 16 1921. with int-55 lot
Per
Bonds.
we show the dividends previously announced, but which
5500 Demand note of the P. E. D.
Eastern
Columbus
&
Ind.,
$5.000
Edwards,
Corp. to Charles H.
not yet been paid.
Trac. gen.& ref. 55 (ctf. of dep.). 23-i have
dated June 24 1921. with int ___S5 lot
$1,000 Ind., Columbus & Eastern
The dividends announced this week are:
5500 Demand note of the P. E. D.
25i,
(att.
ot
dep.).
Trac.
gen.
&
rel.
5s
Corp. to Charles H. Edwards,
Imperial Russian
dated Aug. 5 1921. with int_._55 lot 15,000 roubles
When
Books Closed.
Per
Govt. 5545. 1927 (1917 & all sub8 Phila. Bourse. corn. par $50____ 20
attached)._ .$300 lot
Days Inclustre.
Name of Company.
Cent. Payable.
coupons
sequent
93
107 Hare & Chase, Inc., prof
41,000 desqui-Centennial Exhibition
128 Hare & Chase, Inc., corn.,
$1 lot
Railroads (Steam).
Association panic. ctf
24
no par
Albany & Susquehanna
• 4S4 Jan. 1 Holders of rec. Dec. 154
4175 Empire Tire & Rubber Co.,
1 Northern Central Trust Co..
$1 lot Baltimore & Oslo. corn.(guar.)
134 Mar. 1 Holders of rec. Jan. 154
scrip
116s,
Par $50
h Mar. 1 Holders of rec. Jan. 154
Common (extra)
Mar, 1 Holders of rec. Jan. 156
1
By A. J. Wright & Co., Buffalo:
Preferred (guar.)
share.
per
8
prior preferred
2.33 Jan. 1 Holders of rec. Dec. 17
Maine,
Shares. .a.....8.
Boston
&
$ per share. ,.,hares.&Oa?.
100.
unstpd.).
Jan.
1 Holders of roe. Deo. 17
(stpd.
&
5
First
Cl.
A
1,000 Night Hawk, par $1
4c. 200 March Gold, par 10e
pref.
82 hot
Jan. 1 Holders of roe. Dec. 17
2.800 Adargas Mines, par 1 Peso
8
155,000 Adargas M
Mines.
es. par 1
First pref. cl. B (stpd. & unstpd.)_ _
no
(stpd. & unstPd.)Jan. 1 Holders of rec. Deo. 17
Peso
cl.
C
7
$10 lot 2 Buff. Niag. & East. Pow.,
First
pref.
28%
Jan. 1 Holders of rec. Dee. 17
par
2Buff. Niag.& East.Power pref.
First pref. cl. D (stpd. & unstpdj_ _ 10
2340.
454 Jan. 1 Holders of rec. Dec. 17
par $25
26% 500 Apex mines, par at
First pref. el. E (stpd. & unstPd.)
$10 lot
.ao Milner Develop,Corp
DEC. 18 1926.]
Name of Company
THE CHRONICLE
When
Per
Cent. Payable
Boob Closed.
Days Industoe.
Railroads (Steam)(Concluded).
Boston & Providence (quar.)
254 Jan
1 Holders of rec. Dec. 20
Canada Southern
*154 Feb. 1 *Holders of rec. Dec. 30
Central RR. of N. J. (extra)
*2
Jan. 15 *Holders of rec. Dec. 27
Chicago Indianan. dr Louisville, com_
254 Jan. 10 Holders of rec. Dec. 24
Common (extra)
1
Jan. 10 Holders of rec. Dec. 24
Preferred
2
Jan. 10 Holders of rec. Dec. 24
.3
Cincinnati Northern
Jan. 20 *Holders of rec. Jan. 13
Cleve. Chi. Chic. Ss St. L., corn. (qu.)_ '13-4 Jan. 20 "Holders of rec. Dec. 30
Preferred (quar.)
'1% Jan. 20 'Holders of rec. Dec. 30
.3
Detroit River Tunnel
Jan. 15 *Holders of rec. Jan. 8
El Paso Electric, pref. A (quar.)
134 Jan. 15 Holders of rec. Jan. 30
Preferred, series B (guar.)
134 Jan. 15 Holders of rec. Jan. 3a
Federal Water Service, pref. (guar.).- - $1.75 Jan. 1 Holders of rec. Dec. 20
Internat. Power, Ltd., 1st pref.(guar.)_
154 Jan. 1 Holders of rec. Dec. 15
Joliet dr Chicago (guar.)
134 Jan. 3 Holders of rec. Dec. 23a
Kansas City Southern, pref. (guar.)_
Jan. 1 *Holders of rec. Dec. 31
Lake Erie & Western
"2
Jan. 3 'Holders of rec. Dec. 27
Louisville & Nashville
*354 Feb. 1 *Holders of rec. Jan. 14
Mahoning Coal RR., corn. (quar.)
* $12.50 Feb. 1 'Holders of rec. Jan. 14
Preferred
"$1.25 Jan. 3 "Holders of rec. Dec. 27
Massachusetts Ltg. Cos., corn.(guar.).- 750. Dec. 31 Holders of rec. Dee. 20
Six per cent preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 27
Eight per cent preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 27
Mexican Utilities, preferred
$3.50 Jan. 11 Holders of rec. Dec. 31
Michigan Central
*1734 Jan. 29 'Holders of rec. Dec. 30
Mobile & Ohio
Dec. 30 *Holders of rec. Dec. 23
*3
Extra
Dec. 30 'Holders of rec. Dec. 23
Mountain States Power. pref.(guar.)--14 Jan. 20 Holders of rec. Dec. 31
N.Y. Central RR.(guar.)
134 Feb. 1 Dec. 31 to
•13.4 Feb. 1 'Holders of rec. Jan. 26
Northern Pacific (guar.)
Dec. 31
Northern Securities
4
Jan. 10 Dec. 24 to Jan. 10
Extra
2
Jan. 10 Dee. 24 to Jan. 10
Pacific Telep..k Teleg., corn.(guar.).- "154 Dec. 31 "Holders of rec. Dec. 27
Preferred (guar.)
•1
Jan. 15 'Holders of rec. Dec. 31
Philadelphia & Trenton (guar.)
254 Jan. 10 Jan. 1 to Jan. 11
Pittsburgh dr Lake Erie
"$2.50 Feb. 1 'Holders of rec. Jan. 17
•s5
Extra
Feb. 1 "Holders of rec. Jan. 17
4.1
Porto Rico Railways. common
Jan. 15 'Holders of rec. Dec. 31
Richmond Frederick & Potomac. guar.. .334 Dec. 3'
Corn, voting stock & dlv. oblIgatIonS "354 Dec. 2
Corn. voting stock& div.oblig'n(extra) *5
Dec.:
Rutland, preferred
•1
Jan. 2 Holders of rec. Dec. 30
Southern Railway, corn. (guar.)
154 Feb.
Holders of rec. Jan. 10
Preferred (guar.)
13-4 Jan. 1
Holders of rec. Jan. 3
*3
Toronto Hamilton & Buffalo
Dec. 3 'Holders of rec. Dec. 27
United N. J. RR. de Canal Cos.(guar.). 234 Jan. L Dec. 21 to Jan. 1
Virginian Railway
7
Dec. 3 Holders of rec. Dec. 210
Public Utilities.
All-America Cables (guar.)
*134 Jan. 1, 'Holders of rec. Dec. 31
American & Foreign Power, allot. cti
for cam. & pref., 25% paid
43540 Jan. 3 Holders of rec. Dec. 160
American Power & Light, pref.(quar.)
154 Jan. 3 Holders of rec. Dec. 15
Amherst Gas Co. (quar.)
$1.75 Dec. 3, Holders of rec. Dec. 15
Arkansas Power & Light. $7 prof.(quar.)
(No. 1)
$1.75 Jan. 1 Holders of rec. Dec. 17
Associated Tel. Utilities, prior pref.(qu.) $1.75 Dec. 11 Holders of rec. Nov.30
Byllesby(H. M.)& Co.,corn. A&B (qu.) *50c Dec. 24 *Holders of rec.
Dec. 18
Common A & B (extra)
oil
Dec. 24 'Holders of rec.
Common A dr B (pay.In cl. A comstk) •(1) Deo. 29 'Holders of rec. Dee. 18
Dec. 18
Preferred (guar.)
*50c Dec. 24 'Holders of rec. Dec. 18
Central Illinois Public Saw., pref. (qAL) •$1.50 Jan. 15 "Holders of rec.
Dec. 31
Columbus Elec. & Pow., 2d pref.(cm). $1.75 Jan. 3 Holders of rec.
Dec. 15a
Duke Power (guar.)
1
Jan. 3 Holders of rec. Dec. 15
Easthampton Gas Co. (guar.)
$2.50 Dec. 31 Holders of rec.
Electric Investors, Inc., coin.(in com.stk) (r) Jan. 15 Holders of roe. Dec. 15
Empire Power Corp., $11 pref.(quar.)_ _ _ $1.50 Jan. 1 HcIders of rec. Dec. 31
Dec. 23
Greenfield Elec. L.& Pow., corn.(guar.) $2.50 Dec. 31 Holders
of rec. Dec. 15
Employees'stock (guar.)
250 Dec. 31 Holders of rec. Dee. 15
Preferred (guar.)
380 Doe. 31 Holders of rec. Dec. 15
Haverhill Gas Light (guar.)
570 Jan. 3 Holders of rec. Dec. 206
Houston Gas & Fuel, pref. (guar.)
154 Dec. 31 Holders of rec. Dec. 13
Jamaica Public Service, pref. (guar.)._ _ $1.75 Jan. 3 Holders of rec.
Doc.
Jersey Central Power & Light, pref.(an.) 154 Jan. 1 Holders of rec. Dec. 20
17
Kansas Gas & Elec. Co., pref. (quar.)._
14 Jan. 3 Holders of rce. Dec. 15
Laurentlde Power (quar.)
154 Jan. 15 Holders of rec. Dec. 31
Lone Star Gas Corp.(quar.)
50c Dec. 31 Holders of rec. Dec. 2I6
Middle West Utilities, pref. (guar.). _ •154 Jan. 15 *Holders of rec. Dec. 31
Minnesota Power de Light. pref.(guar.). 154 Jan, 1 Holders cf rec. Dec. 15
Mississippi River Power, pref. (guar.).-134 Jan. 1 Holders of rec. Dec. 15
Mohawk Valley Co. (guar.)
500 Jan
Holders of rec. Dec. 201
Municipal Gas Co. (of Texas). pf. (qL) $1.75 Jan. 1 Holders of rec. Dec. 15
National Fuel Gas (guar.)
234 Jan, 15 Holders of rec. Dec. 310
Extra
2
Jan. 15 Holders of rs. Dec. 316
National Public Service Corp.Pref. series A & partic. pref. (guar.)._ $1.75 Jan. 1 Holders of
Dec. 17
New England Power Assn., corn.(guar.) "3754e Jan. 15 "Holders of rec.
rec. Jan. 1
Preferred (quar.)
'154 Jan. 11 *Holders of rec. Dec. 15
New Haven Gas Light
6214c Dec. 31 Holders of rec. Dec. 16
North Amer. Lt. & Pr.. pref.(quar.)_ _ •154 Jan. 3 *Holders of rec.
Dec. 20
Northern N.Y. Utilities, corn.(guar.)._
75c. Doe. 30 Holders of res. Dec. 15
Nor. States Pow.(Del.), cl. A com.(qu.) 2
Feb. 1 Holders of rec. Dec. 31
cent
preferred (guar.)
Seven per
1% Jan. 20 Holders of rec. Dec. 31
Six per cent preferred (guar.)
154 Jan. 20 Holders of rec. Dee. 31
Northwestern Telegraph
1.50 Jan. 3 Dec. 16 to Jan. 2
Ottawa Light, Heat & Pow., corn. (qu.) 154 Dec. 31 Holders of rec.
Dec. 154
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15a
Ottawa Traction (guar.)
1
Jan. 3 Holders of rec. Dec. 15
Bonus
1
Jan. 3 Holders of rec. Dec. 15
Pacific Gas & Elec., corn. (guar.)
*2
Jan. 15 'Holders
Panama Power & Light Corp., prof.(r111.) 154 Jan. 3 Holders of rec. Dee. 31
of rec. Dec. 18
Port Rico Railways, pref. (guar.)
13-4 Jan. 3 Holders of rec. Dec. 15
Power Corp. of N. Y.. corn.(guar.)._ __
25o Dec. 31 Holders of rec. Dec. 15
Common (extra)
25c Dec. 31 Holders of rec. Dec. 16
Providence Gas (guar.)
$1
Jan. 1 Holders of rec. Dec. 15a
Savannah Elec.& Pow.,deb.ser. A (en.) 2
Jan. 3 Holders of rec. Dec. 15a
Debenture (1st pref.) series B (quar.)_
114 Jan. 3 Holders of rec. Dec. 15a
Shawinigan ater & Power (guar.)
*2
Jan. 10
Southeastern Power dc Light,$7 pf.(qu.) $1.75 Jan. 1 'Holders of rec. Dec. 24
Holders of rec. Dec. 15
Participating preferred (guar.)
$1 Jan. 1 Holders of rec. Dec. 15
Southern California Edison, orig. pf.(qt1) 2
Jan. 15 Holders of rec. Dec. 20
Southern Canada Power, Ltd.. pf.(qu.). 154 Jan. 15
Holders of rec. Dec. 24
Standard Gas dr El., common (guar.)
75e. Jan. 25 Holders of rec. Dec. 31
Prior preferred (quar.)
154 Jan. 25 Holders of rec. Dec. 31
Trinidad Electric Co.(guar.)
•fli Jan. 10 Holders of rec. Dec. 31
Turners Falls Power & Elec., corn.(qu.) *$2
Dee. 31 "Holders of rec. Dec. 16
Virginia Public Service, Prof.(guar.). _ _
Jan, 1 Holders of rec. Dec. 15
Western Union Telegraph (guar.)
*2
Jan. 15
of rec. Dec. 23
West Kootenay Power dz Lt. pf. (an.)... 154 Jan, 2 "Holders
Holders of rec. Dec. 31
West Penn Power Co.,7% pilaf.(qu.) _
154 Feb. 1 Holders of rec. Jan. 15
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 15
Banks.
Amer.Exchange Irving Trust Co.(qu.). 354 Jan. 3 Holders
of rec. Dec. 18
Bank of New York & Trust Co.
6
Jan. 3 Holders of rec. Dec. 24a
(qtra.)Ex
1
Jan. 3 Holders of rec. Dec. 24a
Broadway Central (guar.)
234 Jan. 1 Dec. 21 to Jan. 2
Bowery & East River National (guar.)._
314 Dec. 31 Holders of rec. Dec. 24
Capitol National (guar.)
154 Jan. 3 Holders of rec. Dec. 21
Chemical National (hi-monthly)
*4
Jan. 1 *Holders of rec. Dec. 23
Commonwealth
5
Jan. 3 Holders of rec. Dec. 15a
(guar.)
Avenue
Fifth
6
Jan, 3 Holders of rec. Dec. 31a
First National (quar.)
20
Jan. 3 Holders of rec. Dec. 31a
First Security Co.(auar.)
5
Jan, 3 Holders of rec. Dec. 3Ia
Greenwich (guar.)
•3
Jan. 3'Holders of rec. Dec. 20
Extra
*2
Jan. 3 *Holders of rec. Dec. 20
Mechanics (Brooklyn) (quar.)
2
Jan, 3 Holders of rec. Dec. 18
Extra
2
Jan. 3 Holders of rec. Dec. 18
Municipal (Brooklyn) (guar.)
2
Jan, 1 Dec. 21 to Dec. 31
Extra.
2
J....
ri** 9, ,
I
liko^ 31
134
Name of Company.
Banks (Concluded)
Park, National(guar.)
Trust Companies.
Brooklyn (guar.)
Extra
Fidelity (guar.)
Fulton (guar.)
Extra
Lawyers Trust (guar.)
Estra
Mutual of Westchester County
Estra
New York (guar.)
U.S. Mortgage dr Trust Co.(quar.).
Extra
Fire Insurance,
Continental
Fidellty-Phenix
3147
Per
When
Cent. Payable.
Books Closed.
Days hultabs.
8
Jan. 3 Holders of rec. Dee. 17
-.
6
Jan. 3
Jan. 3
Dec. 31
Jan. 3
Jan. 3
Dec. 31
Dec. 31
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
254
2%
2
154
2
3
2
5
4
4
$3
$2
Holders of roc. Dec. 24
Holders of rec. Dec. 24
Dec. 18 to Jan. 19
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Dec. 186
Holders of rec. Dec. 18a
Holders of rec. Dec. 30
Holders of rec. Dec. 30
Holders of rec. Doe. 180
Holders of rec. Dec. 27
Holders of rec. Dec. 27
Jan. 10 Holders of rec. Dec. 30
Jan. 10 Holders of rec. Dec. 30
Miscellaneous.
Abitibi Power & Paper,common (quar.). $1.25 Jan. 20 Holders of reo. Jan. 10
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 20
Acme Steel (guar.)
"6214c Jan. 3
Stock dividend
Dec. 24 Holders of rec. Dec. 21
*s5
Aeolian Company, preferred (guar.)._
154 Dee, 31 Holders of rec. Dec. 20
Aeolian, Weber Piano & Planola, pl.(q11.) 134 Dec. 31 Holders of rec. Dec. 20
Aero Supply Mfg., class A ac B (guar.).- 3754e Jan. 2 Holders of rec. Dec. 24
Albany Pert Wrapping Paper. Pf•
*50c. Dec. 31 'Dec. 25 to Dec. 31
Preferred (guar.)
*154 Dec. 31 'Dec. 25 to Dec. 31
Aluminum Co. of Amer., pref. (guar.)._ *154 Jan. 1 *Holders of rec. Dec. 15
Amer.Brown Boyer(Elec.Corp., pf.(gu.) 154 Jan, 1 Holders of rec. Dec. 22
Participating stock
50c. Jan, 20 Holders of rec. Jan. 10
Amer. Brake Shoe & Fdy.,com.(guar.). $1.50 Dec. 3 Holders of rec. Dec. 24
Preferred (guar.)
154 Dec. 3 Holders of rec. Dec. 24
American Cigar, corn.(pay.in corn. stk.) 13513 Dec. 3, "Holders of rec. Dec. 27
American Meter (extra)
"$3
Amer. Pneumatic Sem., 2d pref.(MO- '750. Dec. 31 'Holders of rec. Dee. 21
American Sales Book, corn.(quar.)
Jan. 3 'Holders of rec. Dec. 17
*S1
Amer. Shipbuilding, corn. (guar.)
Feb. 1 Holders of rec. Jan. 15
2
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 15
Amer. Type Founders, corn.(quar.)...- 2
Jan. 15 Holders of rec. Jan. 5
Preferred (guar.)
154 Jan, 15 Holders of rec. Jan. 5
Amer. Wind. Glass Mach., corn.(au).- 154 Jan. 3 Holders of rec. Dec. 200
Preferred (guar.)
154 Jan, 3 Holders of rec. Dec. 200
Amoskeag Mfg., pref
*$2.25 Jan. 3 *Holders of rec. Doe. 20
Archer-Daniels-Midland Co.
Common (guar.)(No. 1)
75e. Feb. 1 Holders of res. Jan. 21
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 21
Asbestos Corporation, pref.(guar.)
1% Jan. lb Holders of rec. Dec. 31
Associated National Tobacco,common
10
Dec. 23 Holders of rec. Dec. 206
Preferred
Dec. 20 Holders of rec. Dec. 200
7
Atlas Portland Cement(extra)
$I
Bancltaly Corporation (guar.)
'Mc. Doe. 31 *Holders of rec. Dec. 16
bankers Holding Trust, pref
$3
Barnhardt Bros. & Spindler- •
First and second preferred (guar.).- *154 Feb. 1 *Holders of rec. Jan. 24
Haydn Cigars, first pref. (guar.)
•154 Jan. lb "Holders of rec. Dec. 31
Convertible second pref. (guar.)
"154 Jan. 15 'Holders of rec. Dec. 31
Second preferred (guar.)
*2
Jan. 15 'Holders of rec. Dec. 31
Bingham Mines
$1
Jan. 5 Holders of rec. Dec. 206
Boyd-Welsh Shoe, common (guar.)
75c. Jan. 2 Holders of rec. Dec. 24
Bridgeman Co. (guar.)
154 Jan. 1 Holders of rec. Dec. 15
British-American Tobacco, ordinary-- (aa) Jan. 17
See note (ad)
Ordinary (Interim)
(en) Jan. 17
See note (aa)
Bromptou Pulp & Paper, corn
.50c. Jan. 10 *Holders of rec. Dec. 27
Buckeye Incubator. common (atlas'.)
750, Jan. 1 Holders of rec. Dec. 20
Canada Bread, pref. dc pref. B (guar.)._ •154 Jan. 1 *Holders of rec. Dec. 15
Canada Cement, corn. (guar.)
2
Jan. 4 Holders of rec. Dec. 24
Preferred (guar.)
154 Jan, 4 Holders of rec. Dec. 24
Canadian Canners, Ltd., pref. (guar.)._
1
Jan. 2 Holders of rec. Dec. 18
Canadian Locomotive, pref. (quar.)____
154 Jan, 1 Holders of rec. Dec. 20
Canadian Salt (guar.)
2
Jan, 1 Holders of rec. Doe, 24
Canfield 011,common (guar.)
1% Dec. 31 Dec. 21 to Jan. 4
1% Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
Cellulose Products, pref. (quar.)
6254c Jan. 15 Holders of rec. Jan. 3
•134 Jan. 3'Holders of rec.
Channon (H.) Co., let pref. (quar.)...
Dec. 20
2d pref.(acct.accum.dividends)
Jan. 3 *Holders of rec. Dec. 20
*4
Chi.Jct. Rys.& Un.Stk. Yds.,corn.(qu.) 254 Jan.
Holders of rec. Dec. 15
Preferred (guar.)
154 Jan.
Holders of rec. Dec. 15
Cities Service, common (monthly)
•% Feb.
'Holders of rec. Jan. 15
Common (payable in common stock) _ *IA Feb.
*Holders of rec. Jan. 15
Preferred and preferred B (monthly)._
Feb. 1 *Holders of rec. Jan. 15
City investing, coin. (guar.)
2,1 Jan. 3 Holders of rec. Dec. 22
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 22
Consol. Min.& Smelt.Co.,Ltd.,of Can
$1.25 Jan. 16 Holders of rec. Dec. 310
Bonus
$5
Jan. 16 Hclders of rec. Dec. 316
Continental Baking, corn., class A (qu.)_ $2
Jan. 1 Holders of rec. Dec. 293
Preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 20a
Continental Motors Corp.(guar.)
20e, Jan, 31 Holders of rec. Jan. 15
Crumple Steel, Corn.(guar.)
Jan. 3s *Holders of rec. Jan. 15
•1M Jan. 2 *Holders of
Curlee Clothing, preferred (guar.)
rec. Dec. 20
Davis Coal & Coke
$3
Jan. 15 Holders of rec. Dec. 31
Dodge Brothers, Inc., Prof.(guar.)
$1.75 Jan. 15 Holders of res. Dec. 27
Dominion Bridge (bonus)
"2
"Holders of rec. Dec. 17
Dominion Rubber, preferred (quar.)____
1% Dee. 31 Holders of rec. Dec. 17
Eagle & Blue Bell Mining
c. Dec. 30 *Holders of rec. Dec. 20
Eastern Rolling Mill (guar.)
3734e. Jan. 1 Dec. 16 to Jan. 1
Extra
1254e. Jan, 1 Dec. 16 to Jan. 1
Eastern Theatres, Ltd.(Toronto). pref.. 354 Jan. 31 Holders of rec. Dec. 31
Empire Safe Deposit(guar.)
134 Doe. 30 Holders of rec. Dec. 230
Erupcion Mining (guar.)
*754e. Jan. 3 *Holders of rec. Dec. 18
Extra
'2540. Jan. 3 *Holders of rec. Dec. 18
Estey-Welte Co., class A (quar.)
"50c. Jan. 2 'Holders of rec. Dec. 23
Famous Players-Lasky Corp., pf. (au.)_
2
Feb. 1 Holders of rec. Jan. 150
Firestone Tire & Rubber,corn.(guar.)_ *$1.50 Jan. 20 'Holders of rec. Jan. 10
Common (extra)
*51
Jan. 3 'Holders of rec. Dec. 20
4.1% Jan. 15 'Holders of rec.
Six per cent preferred (guar.)
Jan. 1
Seven per cent preferred (guar.)
*154 Feb. 15 'Holders of rec. Feb. 1
Flint Mills (guar.)
"134 Jan. 3 "Holders of rec. Dec. 14
Fordson Development Co.(No. 1)
*5
Dec. 31 'Holders of rec. Dec. 27
Fox Film Corp., common A &B (guar.)_ *$1
Jan. 15 'Holders of rec. Dec. 30
Freeport Texas Co.(guar.)
*500. Feb. 1 'Holders of rec. Jan. 15
General Tire &Rubber, pref.(quar.)___
154 Jan, 1 Holders of rec. Dec. 20
Grasselli Chemical, common (guar.)._ 2
Dee. 31 Holders of rec. Dec. 15
Preferred (War.)
154 Dec. 31 Holders of rec. Dec. 15
Happiness Candy Storrs, Inc
25c. Jan, 15 Holders of rec. Dec. 30
Heath (D. C.) & Co.. Pref. (guar.)
154 Dec. 31 Holders of rec. Dec. 26
*Hibernia Securities, common
5
Dec. 15 Holders of rec. Dec. 13
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 27
Holly Oil(guar.)
*250. Dec. 31 *Holders of rec. Dec. 15
Holt, Renfrew & Co.. pref. (guar.)
154 Jan, 3 Holders of rec. Dec. 29
Preferred (account scam.dividends)- 53% Jan, 3 Holders of rec. Dec. 27
Hussmann (Harry L.) Refr., com.(qu.)_ 6254c Jan, 2 Holders of r-c. Dec. 20
Extra
6234c Jan. 2 Holders of rec. Dec. 20
Idea Cement, common (guar.)
•21 Dec. 22 'Holders of rec. Dec. 15
Common (extra)
*81
Dec. 22 'Holders of rec. Dec. 15
Preferred (quar.)
"El% Dec. 22 'Holders of rec. Dec. 15
Imperial Tobac. of Can., ord.(interim). •154 Dec. 30
Interlake Steamship (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 16
Extra
$2 Ded. 31 Holders of rec. Dec. 16
Internal, Projector Corp.. common__ 250. Jan. 3 Holders of rec.
Dec. 21
$7 dividend pref.(guar.)
$1.25 Jan. 3 Holders of rec. Dec. 21
Island Creek Coal, common (guar.)._ __
16 Jan. 1 Holders of rec. Dec. 23a
Preferred (guar.)
81.50 Jan. 1 Holders of roe. Dec. 233
Kaynee Company,corn.(guar.)
50c. Jan. 1 Holders cf rec. Dec. 15
Preferred (guar.)
154 Jan, 1 Holders of rec.
Dec.
Kirshbaum (A. B.) Co., pref.(guar.)._
134 Jan. 1 Holders of rec. Dec. 15
/3
La Salle Extension Univ., corn.
150. Jan. 2 Holders of rec. Dee. 2
21
Preferred (guar.)
134 Jan. 2 Holders of ree. Deo. 21
THE CHRONICLE
3148
Name of Contra/II.
When
Per
Cant. Payable
Books Closed.
Days Inclusive.
123
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Miscellaneous (Concluded)•
LaurentIde Company, Ltd.(guar.)
134 Jan. 3 Holders of rec. Dec. 17
Per
Books Closed.
When
Lawyers Mortgage Co.(guar.)
334 Dec. 31 Holders of roe. Dec. 18
Name of Company.
Days Inclusive.
Cent, Payable
leleferfai Realty, 00111. A 403 (quar.)„.. 234 Dec. 21 Dec. 15 to Dec. 21
Preferred (guar.)
Dec. 21 Dec. 15 to Dec. 21
2
Railroads (Steam).
Lion Oil Refining (qua?.)
50o. Jan. 27 Holders of rec. Dec. 30
Alabama Great Southern, ordinary
$1.75 Dec. 30 Holders of rec. Dec. 10
Extra
250. Jan. 27 Holders of rec. Dec. 30
Ordinary (extra)
50o. Dec. 30 Holders of rec. Dec. 10
Lowenstein(M.)& Sons, 1st pf.(qu.)
•114 Dec. 30 *Holders of rec. Dec. 30
Preferred
$1.75 Feb. 14 Holders of rec. Jan. 14
MacAndrews & Forbes, corn. (quar.)
650. Jan. 15 Holders of rec. Dec. 31a
Preferred (extra)
50e.
Feb. 14 Holders of rec. Jan. 14
Common (extra)
900. Jan. 15 Holders of rec. Dec. 3I0 Atlantic Coast Line RR., common
334 Jan. 10 Holders of rec. Dec. 170
Preferred (guar.)
134 Jan. 15 Holders of rec. Doe. 31a
Common (extra)
114 Jan. 10 Holders of rec. Dec. 170
Magma Copper Co.(guar.)
75o. Jan. 15 Holders of rec. Dec. 31
Atch. Topeka dr Santa Fe, prof
214 Feb. 1 Holders of rec. Dec. 31a
Manning, Maxwell & Moore(quar.)
134 Jan. 3 Holders of rec. Dec. 31
Bangor & Aroostook. corn.(guar.)
760. Jan. 1 Holders of rec. Doe. 146
McCall Corporation, corn.(guar.)
•500. Feb. 1 'Holders of rec. Jan. 20
Preferred (guar.)
114 Jan. 1 Holders of rec. Doe. 140
McCrory Stores Corp., pref.(quar.)___ - "114 Feb. 1 *Holders of rec. Jan. 20
Beech Creek (guar.)
50o. Jan. 3 Holders of rec. Doe, 15a
•1% May 1 *Holders of rec. Apr. 20
Preferred (guar.)
Beaton & Albany (guar.)
234 Dec. 31 Holders of rec. Nov.300
Preferred (guar.)
•114 Aug. 1 'Holders of rec. July 20
Boston Revere Beach & Lynn (guar.)._
134 Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
•114 Nov. 1 *Holders of rec. Oct. 20
Buffalo & Susquehanna, prof
2
Dec. 30 Holders of roe. Dec. 150
Metropolitan Paving Brick, corn. (ext.)_ 50e. Deo, 24 Holders of rec. Dec. 15
Canadian Pacific, corn (guar)
234 Dec 31 Holders of rec. Dec. la
Dec.
31
Mexican Petroleum, common (guar.)
of
rec.
*Holders
Jan,
20
*3
Chesapeake & Ohio,corn.(guar.)
2
Jan.
1 Holders of rec. Dec. 80
Preferred (guar.)
Jan. 20 *Holders of rec. Dec. 31
*2
Preferred A
314 Jan. 1 Holders of rec. Dec. 8a
Mining Corporation of Canada (interim) 1234c. Jan. 15 Dec. 30 to Jan. 14
Chicago BurlIngtea kr Quincy
Dec. 27 Holders of rec. Doe, 17
5
20
Missouri-Illinois Stores, common (guar.) 20o. Jan. 2 Holders of rec. Dec.
Chicago & North Western,corn
2
Dec 31 Holders of rec. Dec. is
Mitchell(J.8.)& Co.,Ltd.. pref.(guar.) 134 Jan. 3 Holders of rec. Dec. 20
Preferred
314 Dec 31 Holders of rec. Dec. la
Montgomery Ward & Co., pref.(guar.). 114 Doe. 31 Holders of rec. Dec. 21
Chicago Rock Island dc Pacific,8% pref_ 3
Dec.
31 Holders of rec. Dec. 10a
Mortgage-Bond Co. (guar.)
Dec. 31 Holders of rec. Dec. 21
2
Seven per cent preferred
314 Dec. 31 Holders of rec. Dec. 106
Mountain Gulf 011 (guar.)
•20. Jan. 15 *Holders of rec. Jan. 2
Chicago St Paul Minn & Omaha. pref
5
Dec 31 Holders of rec. Dec. is
2
reo.
Jan.
Extra
of
Jan.
15'Holders
•10.
CM., N.0. & Texas Pacific, common
4
Dec. 21 Holders of rec. Dec. la
Murray Ohio Mfg.. Preferred (guar.)
Dec. 31 Holders of rec. Dec. 20
2
Common (extra)
Dec. 21 Holders of rec. Dec. is
3
$3
Jan. 3 Holders of rec. Dec. 30
National Cash Register, corn., B
Colorado & Southern, corn
3
Dec. 31 Dec. 12 to Jan. 2
Dec.
30
750. Jan. 15 Holders of rec.
Common A
First preferred
2
Dec. 31 Dec. 12 to Jan. 2
National Casket, preferred (qua?.)
114 Dec. 31 Holders of rec. Doe, 15
Second preferred
4
Dec. 31 Dec. 12 to Jan. 2
National Licorice, common
214 Jan. 7 Holders of rec. Doe. 24
Consolidated Alta.of Cuba, pref.(guar.) 1.34 Jan. 3 Holders of rec. Dec. 100
Common (extra)
214 Jan, 7 Holders of rec. Dec. 24
Cuba RR., common (qua?.)
51.20 Deo, 20 Holders of rec. Dec. 200
114 Dec. 31 Holders of rec. Dec. 24
Preferred (guar.)
Preferred (guar.)
8
Feb. 1 Holders of reo. Jan. 15a
114 Dec. 31 Holders of rec. Dec. 21
National Supply, preferred (guar.)
Delaware & Hudson Co.(guar.)
214 Dec. 20 Holders of rec. Nov.270
1214c. Jan. 15 "Holders of rec. Dee. 31
New Bradford 011 (guar.)
Detroit Hillsdale & Southwestern
Jan. 5 Holders of rect. Dec. 20a
2
*25c. Jan. 2 *Holders of rec. Dec. 23
New England Fuel 011 (guar.)
Gulf Mobile & Northern, pia.(guar.)._ i
Jan. 3 Holders of rec. Dec. 160
New York Air Brake, common (qua?.)-. 75c. Feb. 1 Holders of rec. Jan. 6
Preferred (account accumulated dive.) 5234 Jan. 3 Holders of rec. Dec. 151
*6
Jan. 3 *Holders of rec. Dec. 27
New York State Realty
Hooking Valley (guar.)
2
Dec. 31 Holders of rec. Dec. fia
*Holders
of
Jan.
rec.
flea.
15
31
*500.
New York Transportation (guar.)
2
Illinois Central. leased lines
Jan. 1 Dec. 12 to Jan. 4
*50c. Dec. 31 *Holders of rec. Dec. 15
Newton Steel, corn. (guar.)
Lehigh Valley, corn. (guar.)
8714c Jan. 3 Holders of reo. Dec. 18a
•114 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
51.50 Jan. 3 Holders of rec. Doe. 184
Common (extra)
Dec. 15 *Holders of rec. Dec. 12
*3
Northwestern Yeast (guar.)
Preferred (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 18
Doe. 31 *Holders of rec. Dec. 24
*3
Extra
Jan. lb Dec. 18 to Jan. 18
Mlle Schuylkill Nay. RR.& Coal
51
$1.25 Jan. 3 Holders of rec. Dec. 21
Ogilvie Flour Mills (guar.)
Mobile
-Jr Birmingham, preferred
Jan. 2 Dec. 2 to Jan. 2
Jan. 1 *Holders of rec. Dec. 18
*2
Onondaga Silk, preferred (guar.)
Morris & Essex
2.1234 Jan. 3 Holders of reo. Doe, 96
Mc. Apr. 1 Holders of reo. Mar. 16
Owens Bottle,common (guar.)
Dec. 20 Holders of roe. Dec. 13a
New Orleans Jr Northeastern (eztra)_ --114 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
N. Y. Chicago Jr St. Louie, common.... 214 Jan. 3 Holders of rec. Nov. 15a
Pan Am.PetroL&Tr.,com.&com.B(qu.) 41.50 Jan. 20 *Holders of reo. Dec. 31
114 Jan. 3 Holders of roe. Nov. 15a
Preferred Series A (qua?.)
"32
Feb. 1 *Holders of rec. Jan. 15
Philadelphia Insulated Wire
New York Jr Harlem, corn, and pref.... $2.60 Jan. 3 Holders of rec. Dec. 15a
.50c. Feb. 1 'Holders of rec. Jan. 15
Extra
N. Y. Lackawanna Jr Western (Qua?.)
114 Jan, 3 Holders of rec. Dec. 13a
Pro-ptiy-lac-tic Brush, common (guar.). *500. Jan. 15'Holders of roe. Doe, 31
Norfolk dr Western, cam. (guar.)
114 Deo, 18 Holders of rec. Nov.30a
Jan. 3'Holders of roe. Dec. 20
41
Common (extra)
5
Dee. 18 Holders of roe. Nov.304
Common (extra)
Jan. 31 *Holders of roe. Doe. 31
"2
Prairie Pipe Line (guar.)
Northern Central
Jan. 15 Holders of rec. Dec. 31a
52
Jan. 15'Holders of reo. Doe. 21
"2
Procter & Gamble, preferred (guar.)._
Old Colony (guar.)
Ili Jan. 1 Holders of roe. Dec. 11
3
Jan.
15
Holders
of
rec.
Jan.
5
Realty Associates, 1st preferred
Pere Marquette, corn. (guar.)
114 Jan. 3 Holders of rect. Deo. Ilia
Jan. 3'Holders of rec. Dec. 20
Regal Shoe, preferred (guar.)
Prior preference (guar.)
114 Feb. 1 Holders of reo. Jan. 15a
Remington-Noiseless Typewr., pf.(qu.). 114 Jan. 15 Holders of rec. Jan. 3
Preferred (guar.)
Feb. 1 Holders of ree. Jan. 15a
114
$1.60 Jan. 1 Holders of rec. Dec. 22
Richman Bros. (guar.)
Pittsb. & Ft. Wayne & Chlo. oom.(qu.)
134 Jan. 1 Holders of reo. Dec. 10a
Feb. 10 Holders of rec. Feb. 5
/10
Stock dividend
Preferred (guar.)
114 Jan. 4 Holders of rec. Doe. 10a
Feb. 19 Holders of rec. Feb. 15
Extra
$5
Pittab. McKeeep. Jr Tough.(qua?.)..
61.50 Jan. 3 Holders of rec. Dec. 15a
Rogers(Wm.A.) Ltd., pref.(guar.)
_ el,i Jan. 3 *Holders of rec. Dec. 15
Pitta. Jr West Virginia, corn.(qua?.)_... 114 Jan, 31 Holders of rec. Jan. 15a
Jan. 3'Holders of rec. Dec. 15
Preferred (acct. accum. dividends)_
Providence Jr Worcester (guar.)
214 Dec. 31 Holders of rec. Dec. 8
Mar.
21
Mar.
St. Joseph Lead (guar.)
600.
10 to Mar. 21
Reading Company,second pref.(qua?.). 1
Jan. 13 Holders of rec. Dec. 23a
25e. Mar.21 Mar. 10 to Mar.21
Extra
Rensselaer Jr Saratoga
Jan. 1 Dec. 16 to Jan. 2
4
Quarterly
500. June 20 June 10 to June 20
St. Louis-San Francisco, corn. (guar.).- 114 Jan. 1 Holders of rec. Dec. 15a
250. June 20 June 10 to June 20
Extra
Preferred (guar.)
134 Feb. 1 Holders of roe. Jan. 16a
500. Sept.20 Sept. 10 to Sept.20
Quarterly
Preferred (guar.)
114 May 2 Holders of rec. Apr. 9a
25c. Sept.20 Sept.10 to Sept.20
Extra
Preferred (guar.)
114 Aug. 1 Holders of rec. July 15a
600. Dec. 20 Dec. 10 to Dec. 20
Quarterly
Preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 15a
260. Dee. 20 Dec. 10 to Dec. 20
Extra
St. Louis Southwestern, pref. (guar.)._
114 Dec. 31 Holders of rec. Dec. 150
Jan. 3 *Holders of rec. Dec. 27
St. Louis Nat. Stock Yards (guar.)
*2
Southern Pacific Company (guar.)
134 Jan. 3 Holders of rec. Nov. 266
500. Jan. 1 Holders of reo. Dec. 15
Bt. Regis Paper,common (guar.)
Union Pacific, common (guar.)
214 Jan. 3 Holders of rec. Dee. la
114 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Western Pacific, pref. (guar.)
134 Jan. 5 Holders of rec. Deo. 21a
Schlesinger (B.F.) & Sons, Cl. A (qu.)... •3714c Jan. 3"Holders of rec. Dec. 15
Schwartz (Bernard) Cigar Corp.
Public Utilities.
200. Jan. 2 Holders of reo. Deo. 15
Common A & B (guar.)
Alabama Power $7 pref.(guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15
.30c. Jan. 20 "Holders of rec. Dec. 31
Seagrave Corporation, coin. (quar.)_
58 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Doe, 15
Seeman Bros., Inc., common (quar.)_ 50c. Feb. 1 Holders of rec. Jan. I4a Amer. Jr Foreign Power, pref. (guar.).- 51.76 Jan. 3 Holders of rec. Dec. 184
Segal Lock & Hardware,Inc., corn. (qu.) 60e. Dec. 15 Holders of rec. Nov.30
Amer. Gas Jr Elec., new no par som.(gu.) 250. Jan. 3 Holders of rec. Dec. 14
114 Jan, 15 Holders of rec. Dec. 31
Preferred (guar.)
Common (payable in ann. stock).... (p) Jan. 3 Holders of ree. Dee. 14
"2
Jan. 1 'Holders of rec. Dec. 20
Beiberilng Rubber, pref.(guar.)
Common (payable in corn. stock). _ _ (p) Jan. 3 Holders of rec. Doe, 14
Jan. 25'Holders of rec. Dec. 31
Shaffer Oil& Berg.,corn.(No.
37
No par value pref., unstamped (guar.) 134 Feb. 1 Holders of rec. Jan. 10
114 Jan. 25 Holders of reo. Dec. 31
Preferred (guar.)
No par value pref., stamped (=MY.) 50e Feb. 1 Holders of rec. Jan. 10
1914 Jan. 25 Holders of rec. Dec. 31
Preferred (acct. accum. dividends)
American Public Service, pref. (qua?.).. 114 Jan. 3 Holders of rec. Dec. 150
•50c. Jan. 15 *Holders of rec. Dec. 31
Sharon Steel Hoop,coin
Amer. Pub. Uttl., panic. pref.(qua?.).. 51.76 Jan. 3 Holders of rec. Dec. 15a
*2
Jan. 3 "Holders of rec. Dec. 24
Preferred (guar.)
Prior preferred (guar.)
$1.75 Jan. 3 Holders of rec. Doe. 154
Shattuck (Frank G.) Co.(guar.)
60o. Jan. 10 Holders of rec. Dec. 20a Amer.Superpower Corp.,com.A &B(au.) 30e. Dec. 31 Holders of roe. Nov. 1104
50c. Jan. 2 Holders of rec. Dec. 21
Sheffield Steel, corn.(guar.)
Corn. A Jr B (in partic. pref.stock)
n50o. Doe. 31 Holders of rec. Nov.30.
Smith (L.0.)dr Corona Typewriteranc.
First preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. le
50o. Jan. 1 Holders of rec. Dec. 18a American Telep. Jr Telt*.(qua?.)
Common (guar.)
234 Jan, 15 Holders of rec. Dec. 200
114 Jan. 1 Holders of roe. Dec. 18a
Preferred (guar.)
Quarterly
214 Apr. 15 Holders of reo. Mar. lba
Sparks-Withington Co., corn.(guar.)._ 26c. Dec. 31 Holders of roe. Doe. 20
Arkansas Natural Gas (guar.)
12c. Jan, 1 Holders of rec. Doe. 10
114 Dec. 31 Holders of rec. Dec. 20
Preferred (quer.)
Associated Gas Jr Elec.,orig. pref.(qu.). 03734e Doe. 31 Holders of rec. Nov. 80
300. Jan. 2 Holders of roe. Dec. 20
Sleloff Packing, common (guar.)
Original series preferred (extra)
y1214c Doe. 31 Holders of rec. Nov. 30
10e. Dec. 24 Dec. 16 to Jan. 2
Silver King Coalition Mines
y$1.76 Deo, 31 Holders of rec. Nov.30
87 dividend series preferred (guar.)
250. Jan. • 3 Dec. 16 to Jan. 2
Silver King Coalition Mines
Baltimore Electric, preferred
$1.25 &IL 3 Holders of tee. Dee. 15
Spanish River Pulp dr Paper MillsBangor Hydro-Elee. Co., 7% pref.(qu.) 134 Jan. 1 Holders of lee. Dee. 10
"134 Jan. 15 "Holders of reo. Dec. 31
Common and preferred (guar.)
Six per cent preferred (guar.)
134 Jan. 1 Holders of roe. Dec. 10
Jan.
1
Dec.
750.
19
to
Jan. 1
Stanley Co.of America(guar.)
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of rec. Dec. 23
Stanley-Crandall Co.of Wash..Pref.(qt1.) 134 Jan. 1 Holders of rec. Dee, 31
Bell Telep. of Penna.,634% pref.(guar.) 114 Jan, 15 Holders of rec. Doe. 205
62340. Jan, 3 Holders of rec. Dec. 15
Stanley Works
Binghamton Lt.. Ht.Jr Pr.,$6 pf.(qu.), 81.60 Jan. 1 Holders of reo. Dec. 15
15
Jan.
1 to Jan. 13
Jan.
51
Sullivan Machinery (guar.)
Birmingham Electric Co., pref. (quar.)- $1.75 Jan. 3 Holders of rec. Dec. 16
Jan. 1 Dec. 16 to Dec. 31
2
Syracuse Washing Mach., pref.(guar.)
Boston Elevated Ry.,common (qua?.)... 114 Jan. 3 Holders of reo. Dec. 100
First preferred
Telling-Belle Vernon Co., common (qu.) 75c. Dec. 23 Holders of rec. Dec. 20
4
Jan, 3 Holders of rec. Doe. 106
114 Dec. 23 Holders of rec. Dec. 20
Preferred B (guar.)
Preferred
314 Jan,
Holders of rec. Dec. 100
Jan. 3 Holders of rec. Dec 27a Brazilian 'Frac.. L. Jr P.. Pref. (guar.)._ 134 Jan. 3
2
Textile Banking (guar.)
1 Holders of rec. Deo. 156
Jan.
1
"Holders
•300.
of rec. Dec. 23
Brooklyn-Manhattan Trail.. pf. A (qu.). 154 Jan. 15 Holders of rec. Des. 51
Thompson (J. R.) Co.(monthly)
•30c. Feb. 1 *Holders of rec. Jan. 24
Preferred series A (guar.)
Monthly
1)i Apr. 15 Holders of re°. Apt. 1
4,300. Mar. 1 *Holders of rec. Feb. 23
Brooklyn Union Gas(guar.)
Monthly
$1
Jan. 3 Holders of rec. Dec. Sa
Deo, 31 Holders of roe. Dec. 20
Capital Tree., Washington, D.C.(lu.). 134 Jan, 1 Holders of reel. Dec. 13
Thompson Products,common (quar.).__ 3
114 Mar, 1 Holders of rec. Feb. 18
Carolina Power Jr Light $7 pref.(guar.). $1.75 Jan. 8 Holders of rec. Dec. 15
Preferred (guar.)
Jan.
114
Doe.
15
Holders
of
reo.
27
$8 preferred
Tobacco Products,common (guar.)
81.50 Jan. 3 Holders of reo. Dee. 15
114 Jan. 1 Holders of rec. Dec. 20
Central Jr Southwest UtIlities, Oom
Trumbull Cliffs Furnace, prof.(Quar.)
81.50 Feb. 1 Holders of rec. Doe. 31s
500. Dec. 81 Holders of res. Dec. 20
Prior lien (guar.)
Union Metal(guar.)
81.75 Feb. 15 Holders of roe. Jan. 111
250. Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
Extra
51.76 Feb. 16 Holders of rec. Jan. 31
•114 Dec. 31 *Holders of reo. Dec. 20
Central States Elec. Corp., corn.(guar.) 25e. Doe. 31 Holders of rec. Dec. 10
Union Twist Drill, preferred (quar.)
Holders
of
Dec.
roe.
Dec.
16
1
3
Preferred (guar)
United Cape Cod Cranberry Co
134 Dec. 31 Holders of rec. Dec. 10
"51.25
Chicago City Railway (guar.)
U.S. Industrial Alcohol, corn
114 Doe. 29 Dec. 18 to Dec. 26
Jan. 15 *Holders of reo. Dec. 31
Chic.. No.Shore Jr Mtlw.. prior lien(qu.) •15i Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
Preferred (guar.)
U.S. Steel, corn.(payable in corn. stock) *40
'154 Jan. 1 *Holders of rec. Doe, 15
Jan. 1 Holders of rec. Dec. 20
Chicago Rapid Transit, prior pl.(mthly.) •85c. Jan. 1 *Holders of reo. Dec. 21
Universal Leaf Tobacco. pref.(quar.)--- 2
a Jan. 15 Holders of roe. Dec. 31
Prior preferred (monthly)
Universal Utilities, common
•850. Feb. 1 *Holders of rec. Jan. 18
Jan. 15 Holders of rec. Doe. 31
12
Prior preferred (monthly)
Preferred
•1350. Mar. 1 *Holders of reo. Feb. 15
Cin.Newport Jr Cov.L.et Tr.,som.(qu.) 114 Jan, 15 Jan. 1 to Jan. 16
Van Dorn Iron Works, pref. (guar.).- •151 Jan. 2'Holders of rec. Dec. 22
Preferred (guar.)
Waltham Watch, prior preferred (quar.)- •1.75 Jan. 3 "Holders of reo. Dec. 20
114 Jan. 15 Jan. 1 to Jan. 16
60c. Feb. 1
Cleveland Railway, corn.(guar.)
Waltke (William) & Co., corn
114 Jan. 1 Holders of rec. Doe. 13
750. Jan. 1 Holders of roe. Dec. 200 Columbus Elec. Jr Power. corn.(guar.) _ 50c. Jan. 3 Holders of rec. Doe. 150
Waverly 011 Works, class A (guar.)
Preferred series B (guar.)
"Mc. Jam 3 *Holders of rec. Dec. 21
Wayagamack Pulp & Paper (No.
181.75 Jan. 3 Holders of rec. Doe. 156
Preferred series C (guar.) (No.1)_ d 51.614 Jan. 3 Holders of rec. Dec. 150
.$1.50 Dec. 30 *Holders of rec. Dee. 20
Wait Coast Oil, preferred (guar.)
"g3
Consol. G., E. L.& P., Balt.. corn.(cm.) 82140 Jan. 3 Holders of rec. Dec. 156
Jan. 6 *Holders of rec. Doe. 20
Preferred (extra)
Preferred, class A (guar.)
Western Auto Supply molar). pref.(qtr.). 500. Jan. 1 Holders of rec. Dec. 20
2
Jan, 3 Holders of rec. Dec. 154
Preferred, class B (guar.)
$1.75 Jan. 31 Holders of rec. Dec. 31
Westinghouse Air Brake (guar.)
154 Jan. 3 Holders of rec. Dec. 150
Preferred, class C (qua?.)
Jan. 31 Holders of rec. Dec. 31
51
Extra
114 Jan. 3 Holders of reo. Dec. 160
Preferred, class D (guar.)
White Rock Mineral Springs, corn.(qu.) 30e. Dec. 31 Holders of rec. Dec. 27
134 Jan, 3 Holders of reo. Dee. 16a
Consumers Power,6.6% pref.(monthly) lid Jan. 2 Holders of roe. Dec. 15
200, Doe. 31 Holders of rec. Dec. 27
Common (extra)
8.6% preferred (qua?.)
First preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 27
1.65 Jan, 2 Holders of rec. Dee. 15
7% preferred (gum.)
$1.25 Dec. 31 Holders of rec. Dec. 27
Second preferred (guar.)
114 Jan. 2 Holders of reo. Dec. 15
8% preferred (monthly)
$1.25 Dec. 31 Holders of rec. Dee. 27
Second preferred (extra)
500. Jan, 2 Holders of roe. Deo. 15
6.6% preferred (monthly)
White Motor Securities Co., pref.(qu.)_
Dec. 31 Holders of rec. Doe. 15
65e. Jan. 2 Holders of rec. Dec. 16
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Consolidated Gas of N. Y.. pref. (guar.) 87)4e Feb. 1 Holders of rec. Dec. 15a
$1.10 Jan. 3 Holders of rec. Dec. lla
Continental Gas & Elec., corn. (guar.)
1% Jan. 3 Holders of rec. Dec. lb
7% prior preference (guar.)
134 Jan. 3 Holders of rec. Dec. 110
6% participating pref. (guar.)
13 Jan. 3 Holders of rm. Dee. ha
6% participating pref. (guar.)
13 Jan. 3 Holders of roe. Dee. lla
6% preferred (guar.)
Dec. 30 Holders of rec. Nov.30
$3
Continental Passenger Ry., Phila
Denver Tramway Corp., pref. (guar.)._ $1.25 Jan. 1 Holders of rec. Dec. 15a
Jan. 15 Holders of rec. Dec. 20a
2
Detroit Edison (guar.)
Diamond State Telephone, pref. (guar.) •15 Jan. 15 *Holders of rec. Dec. 20
Dominion Power & Transport'n, pf.(qu.) 1X Jan. 15 Holders of roe. Dee. 23
Jan. 1 Holders of roe. Dee. 15a
1
Duluth-Superior Traction, pref.(guar.)_
Duquesne Light Co.. let pref.(guar.)... 134 Dec. 15 Holders of tee. Nov. 15a
13d Jan. 15 Holders of rec. Dec. 31
East Bay Water. pref. A (guar.)
1% Jan. 15 Holders of rec. Dec. 31
Preferred B (guar.)
Eastern Texas Electric Co., pref.(guar.) 1 X Jan. 3 Holders of rec. Dec. 6a
I% Feb. 1 Holders of rec. Jan. 15
Electric Bond & Share, pref. (guar.)._
Electric Bond At Share Securities(quar.)_ 25e. Jan. 15 Holders of rec. Dec. 15
Electric Light & Power of Abington &
Holders of rec. Dec. 15a
50o. Jan.
Rockland (guar.)
Holders of rec. Dec. 15a
500. Jan.
Extra
Holders to rec. Dec. 15a
Electric Power & Light,first pref.(guar.) $1.75 Tan.
Allotment certificates for common
$1.7 Jan. 3 Holders of rec. Dee. 15a
and preferred f. p.(quar.)
Allot.etre. for com.& pf.40% pd.(qu.) 70e. Jan. 3 Holders of rm. Dec. 15a
13i Jan. 1 Holders of rec. Dec. 20
Elec. Public Service, 7% pref. (guar.)._
Elmira Water, Light & RR., 1st pf.(qu.) 134 Doe. 31 Holders of rec. Dec. 16
134 Dec. 31 Holders of rec. Dec. 16
5% second preferred (guar.)
Empire Gas & Fuel,8% pref.(monthly). 66 2-3c Jan. 3 Holders of ree. Dec. 15
68 1-3c Jan. 3 Holders of rec. Doe. 15
7% preferred (monthly)
Engineers Public Service, pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Dec. de
50c. Jan. 2 Holders of rec. Dec. 140
Fall River Electric Light (guar.)
25c. Jan. 2 Holders of roe. Dec. 146
Extra
Federal Light & Trac.. common (quar.)_ 20c. Jan. 3 Holders of rec. Dec. 16s
3 Holders of rec. Dec. 156
Common (payable in common stock)._ 15o. Jan
134 Jan. d3 Holders of rec. Dec417
Florida Power & Light, pref.(quar.)____
General G.& E. Corp., corn.. cl. A(qu.) 3734c Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15a
32
$8 Preferred, class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15a
$7 preferred, class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 156
Preferred class 13 (guar.)
Dec. 31 Holders of tee. Dee. 30a
2
Illinois Bell Telephone (guar.)
134 Jan. 2 Holders of rec. Dee. 15
Illinois Power,8% preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
Illinois Power & Light,6% pref.(guar.). 134 Jan. 1 Holders of rec. Dec. 10
134 Jan. 1 Holders of rec. Dec. 10
Seven per cent preferred (guar.)
*1 A Jan. 1 "Holders of rec. Dec. 20
Illinois Traction, pref. (guar.)
- 134 Jan. 1 Holders of rec. Dec. leo
Indianapolis Water, pref. (guar.)
134 Jan. 15 Holders of rec. Dec. 270
International Telep. & Teleg. (guar.)__ _
$1.75 Jan. 3 Holders of ree. Dec. 6
Interstate Power. $7 pref.(guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15a
Kansas City Power & Lt.. let pf.(qu.)
134 Jan. 1 Holders of rec. Dec. 15
Kansas Electric Power,7% pref.(qu.)
Kentucky Hydro Elec. Co., pref. (qu.)_
154 Dec. 20 Holders of rec. Nov.306
Kentucky Securities, com.(guar.)
134 Jan. 3 Holders of rec. Dm. 206
Preferred (quar.)
134 Jan.d15 Holders of rec. Deo420a
Jan. 1 Holders of rec. Dec. 21
$1
Long Island Lighting, com. (quar.)
134 Jan. 1 Holders of reo. Dec. 21
Preferred (guar.)
Louisville Gas & Elec., corn. A & B (qu.) 4354c.Dec. 25 Holders of rec. Nov. 30.
134 Jan. 3 Holders of rec. Dec. 4a
Mackay Companies, common (guar.)._
Jan 3 Holders of rec. Dec. 4a
1
Preferred (guar.)
50o. Dec. 31 Holders of rec. Des. 154
Manila Elec. Corp.. common (quar.)
134 Jan. 3 Holders of rec. Dec. 18
Memphis Power & Light, pref.(guar.)_ _
Metropolitan Edison, $7 pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 15
$1.50 Jan. 1 Holders of rm. Dec. 15
$6 preferred (guar.)
Midland Utilities, pref. A (guar.)
134 Jan. 6 Holders of rec. Dec. 22
Prior lien stock (guar.)
13( Jan. 6 Holders of rec. Dec. 22
Missouri Power & Light, pref. (qu.). _
134 Jan. 1 Holders of rec. Dec. 20
MonongahelaW.PennPub.Serv..pf.(qu.) 4334c. Jan. 1 Holders of rec. Doe. 15
134 Jan. 3 Holders of rec. Dec. 106
Montana Power, common (guar.)
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 106
234 Jan. 15 Holden of rec. Jan. 7
Montreal Tramways(guar.)
Municipal Service Corp.,cony. pref.(qu.) 50c. Jan. 3 Holders of rec. Dec. 15
Narragansett Electric Lighting (quar.)
Jan. 3 Holders of rec. Dec. 18
El
National Electric Power, pref. (quar.)
134 Jan. 1 Holders of rec. Dec. 20a
National Power & Light, pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Doe. 11
Dec. 31 Holders of rec. Dec. 10
2
New England Telep. & Teleg. (guar.)._
New Jersey Power & Light,$6 pref.(qu.) $ 1.50 Jan. 1 Holders of rec. Dec. 15
Newport News & Hampton Ry. Gas &
Electric Co., corn. (guar.)
134 Jan. 1 Dec. 16 to Jan. 2
Preferred (guar.)
134 Jan. 1 Doe. 16 to Jan. 2
New York Central Eleo. Corp., pf.(qu.) 134 Jan. 1 Holders of rec. Dec. 21
New York Steam, $6 preferred (guar.)._ $1.50 Jan. 2 Holders of roe. Dec. 156
Preferred series A (guar.)
81.75 Jan. 2 Holders of rec. Dec. 15a
New York Teleohone, pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, pref.(guar.)
4334e. Jan. 15 Holders of roe. Dec. 31
Niagara Lockp.& Ont. Pow., com.(qu.) 75c. Dec. 31 Holders of rec. Dec. 15a
Preferred (quar.)
IR Jan. 1 Holders of rec. Dec. 156
North American Co.. corn. (guar.)
1234 Jan. 3 Holders of rec. Dec. 6a
Preferred (guar.)
75e. Jan. 3 Holders of rec. Doe. 66
North. Pennsylvania Pr., $7 pref.(cm). .11.7 Jan. 1 *Holders of rec. Dec. 15
$6 preferred (guar.)
.$1.50 Jan. 1 *Holders of rec. Dec. 15
6% preferred (semi-annual)
Jan. 1 *Holders of rec. Dec. 15
3
Northport Water Works, pref. (guar.)._
134 Jan. 1 Holders of rec. Dec. 21
North West Utilities, prior lien (guar.)._
154 Jan. 3 Holders of rec. Dec. 15
Northern Ohio Pr. & Lt.,6% pf.(qu.)
134 Jan. 1 Holders of rec. Dec. 15
7% preferred (guar.)
134 Jan. 1 Holders of rec. pea. 15
Ohio Bell Telephone, pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 20
Ohio River Edison, 7% pref.(quar.)
_
134 Jan. 1 Holders of rec. Dec. 22
Ottawa Montreal Power, 7% pref. (qu.) •134 Jan. 15 *Holders of rec. Dec. 30
Penn Central Light & Power,$5 p1.(qu.) $1.25 Jan. 1 Holders of rec. Doe. 15a
Pennsylvania Gas & Elec., pref. (qu.)
134 Jan. 1 Holders of rec. Dec. 20
Pennsylvania Pow. & Light, $7 pf. (qu.) $1.75 Jan. 3 Holders of rec. Doe. 15
$6 preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 15
Pennsylvania Water & Power (quar.)
2
Jan. 3 Holders of reo. Dee. 17a
Peoples Gm Co., preferred
Jan. 1 Holders of roe. Dee. 15a
3
Peoples Gas Light & Coke (guar.)
Jan. 17 Holders of rec. Jan. 3a
2
Pittsburgh Oil & Gas (guar.)
25e. Dec. 20 Holders of rec. Dec. 1
Portland Electric Power, first pref. (qu.) 134 Jan. 1 Holders of rec. Dee. 15
Prior preference (guar.)
134 Jan. 1 Holders of roe. Dec. 15
1
Porto Rico Railways common (guar.)._
Jan. 15 Holders of rec. Dec. 31
Power Corporation of Canada. pref.(qu.) 134 Jan. 1 Holders of roe. Dec. 30
Public Serv. Co.of N.J., corn.(quar.)__ 500. Dec. 3 Holders of rec. Dec. 3a
134 Dec. 3 Holders of rec. Doe. 3a
6% preferred (guar.)
IR Dec. 3 Holders of rec. Dec. Sa
7% preferred (quar.)
2
8% preferred (guar.)
Dec. 3 Holders of rec. Dec. 3a
Public Service Elec. & Gas,7% pf.(qu.) 154 Dec. 3 Holders of rec. Dec. 10
Six per cent preferred (quar.)
134 Dee. 3 Holders of roe. Dec. 10a
Puget Sound Pow.& Lt., prior pf.(thu.). 154 Jan. 1 Holders of rec. Doe. 20
13.4 Jan. 1 Holders of rec. Dee. 20
Preferred (guar.)
Quebec Power, common (quar.)
134 Jan. 1 Holders of rec. Dee. 31
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
Radio Corporation of Amer., pref.(qu.)_ 8734c Jan. 1 Holders of rec. Dec. la
Reading Traction
Dec. 17 to Jan. 2
75c. Jan.
Roanoke GaS Light, preferred
Holders of rec. Dee. 15a
334 Jan.
South Pittsburgh Water. corn.
134 Dec. 3 Holders of rec. Dec. 20
•134 Jan. 15 *Holders of rec. Jan. 2
Preferred. (guar.)
Southwestern Bell Telephone, pref.(qu.) 154 Jan. 1 Holders of rec. Dec. 20
Southwestern Gas & Elm,8% p1.(qu.)- *2
Jan. 3 *Holders of rec. Dec. 15
•1% Jan. 3 *Holders of rec. Dec. 15
Seven per cent preferred (guar.)
Springfield Ry.& Light, pref.(quar.)
134 Jan. 3 Holders of rec. Dec. 15
Standard Gas it Electric Co.
Common (payable in common stook). 11-200 Jan25'27 Holders of rec. Dec. 81,
Dee. 31 Holders of rm. Dec. 15
4
Tacony-Palmyra Ferry
134 Jan. 2 Holders of rec. Dee, 15
Tennessee Elec. Pow.6% lat pf.(qu.)
134 Jan. 2 Holders of rec. Doe. 15
7% first preferred (quar.)
1.80 Jan. 2 Holders of rm. Doe. 15
7.2% first preferred (quar.)
50o. Jan. 2 Holders of rec. Dee. 15
6% first preferred (monthly)
60o. Jan. 2 Holders of rec. Doe. 15
7.2% first preferred (monthly)
2
Jan. 1 Holders of rec. Dec. 15
Toledo-Edison Co.. prior pref. (guar.)_ _
Twin City Rapid Transit, tom. (guar.). 134 Dec. 31 Holders of rec. Dec. 15a
154 Dee. 31 Holders of rec. Dec. 15a
Preferred (quar.)
3149
TUE CHRONICLE
DEC. 181926.]
Name of Company.
When
Per
Cent. Payable.
Public Utilities (Concluded).
Union Passenger Ry.(Philadelphia)... _ v$4.75 Jan. 1
$1.60 Jan. 1
Union Traction, Philadelphia
$1 Jan. 15
United Gas Improvement (guar.)
United Light & Pow.,new corn. A (guar.) 12c. Feb. 1
80o. Feb. 1
Old common A (guar.)
12c. Feb. 1
New common B (guar.)
60e. Feb. 1
Old common B (guar.)
31.62 Jan. 3
Preferred class A (guar.)
Jan. 3
$1
Preferred class B (guar.)
Utah Gas & Coke, pr. & partio. pf.(thu.) 81.75 Jan. 3
134 Jan. 3
Utah Power & Light, pref. (guar.)
Utilities Power & Light, class A (guar.)_ _ w500. Jan. 3
w25o. Jan. 3
Class B (quar.)
w4lo. Jan. 3
Class B (extra)
w134 Jan. 3
Preferred (guar.)
Virginia Elec.& Power, pref.(guar.)_ _ _ $1.75 Dee. 20
Washington Water Power.654% Pf.(q11.) 134 Deo, 15
Jan. 15
Wash. Water Power,Spokane,com.(qu.) 2
$1.75 Doe. 30
West Penn Electric, class A (guar.)
134 Feb. 1
West Penn Power,7% preferred (quar.)_
134 Feb. 1
Six per cent preferred (guar.)
Jan. 1
$5
west Philadelphia Passenger Ry
_
154 Jan. 15
Western Power Corp.. pref. (guar.)
134 Jan. I
Winnipeg Electric Co., pref.(guar.)
134 Dec. 20
Wisconsin Pub. Sens.,634% prof.(qu.)
Banks.
America, Bank of (quar.)
Chase National (guar.)
Chase Securities Co.(guar.)
Chatham & Phenix Nat. Bk.& Tr.(qu.)
Chelsea Exchange (guar.)
Chemical National (stock dividend)_
Commercial Exchange (guar.)
Commerce, National Bank of (guar.)._ _
Extra
Lebanon National
Manhattan Co., Bank of the (guar.)_ _
Mutual (guar.)
Extra
National City (guar.)
National City Company (guar.)
Public National (guar.)
Queens-Bellaire(No. 1)
Seaboard National (guar.)
Standard(guar.)
Standard National Corp., common (qu.)
Preferred (guar.)
State (guar.)
United States(Bank of)(guar.)
3
334
81
4
2
(I)
2
4
2
3
$2
3
10
4
4
4
*3
4
3
$3
IR
4
234
Jan.
Jan.
Jan.
Jan.
Jan.
3
3
3
3
3
Books Closed.
Days Inclusive.
Holders of rec. Dee. 15a
Holders of rec. Dec. 9a
Holders of tee. Dec. 810
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 15a
Holders of rec. Doe. 10
Holders of roe. Dec. 66
Holders of rec. Doe. 64
Holders of rec. Dec. 60
Holders of rec. Dee. Ca
Holders of roe. Nov. 15a
Holders of recs. Nov. 246
Holders of rec. Dec. 24a
Holders of rec. Doe. 154
Holders of reo. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Dec. 15a
Holders of rec. Doe. 31
Holders of rec. Dec. 15
Holders of rec. Nov.30
Holders of rec. Dec. 21
Holders of rec. Dec. 13a
Holders of rec. Doe, 13a
Dec. 15 to Jan. 2
Holders of rec. Dec. 176
Jan. 3 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 176
Jan. 2 Holders of rec. Dec. 17a
dJan. 3 Holders of rec. dDec.20a
Jan. 1 Holders of rec. Dec. 17a
Jan. d3 Holders of rec. Dec. 236
Jan. d3 Holders of rec. Dec. 230
Jan. 1 Holders of rec. Dee. 170
Jan. 1 Holders of roe. Dec. 17
Jan. 2 Holders of rec. Dee. 20
Jan. 3 *Holders of rec. Doe. 21
Jan. 3 Holders of rec. Dec. 230
Jan, 8 Holders of rec. Dec. 270
Jan. 3 Holders of rec. Dec. 27a
Jan. 3 Holders of rec. Doe. 270
Jan.. 3 Holders of rec. Dec. 176
Jan. 3 Holders of rec. Doe. 20o
Trust Companies.
Jan. 3
Jan. 2
Jan. 2
Doe. 31
Dec. 31
Jan. 3
Jan. 3
Bankers (guar.)
Bank of Europe Trust Co.(guar.)
Extra
Equitable (guar.)
Guaranty (guar.)
Manufacturers (guar.)
United States (guar.)
5
234
4
3
3
5
1234
Five Insurance.
Fidelity-Phenix (stock dividend)
Rossia (guar.)
100 Jan. 1
$1.50 Jan.
Holders of rec. Dec. 15
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Doe. 216
Holders of rem Dec. 17
Holders of rec. Dec. 200
Holders of rec. Doe. 2I6
Holders of rec. Dec. 30a
Holders of rec. Dec. 15a
Miscellaneous.
$1.50 Dec. 3 Holders of rec. Dec. iaa
Adams Express (guar.)
*Holders of rec. Dec. 17
•50o. Jan.
Adams Royalty (guar.)
250. Dec. 3 Holders of rec. Dec. 16
Aetna Rubber, corn.(guar.)
134 Dec. 3 Holders of rec. Dec. 16
Preferred (guar.)
Holders of roe. Dee, 184
7Re. Jan.
Ahumada Lead (guar.)
Holders of rec. Dec. 18a
730. Jan.
Extra
$1.25 Jan. 1 Holders of rec. Dec. 810
Air Reduction (guar.)
Holders of rec. Doe. 150
Allied Chemical & Dye, pref.(guar.).- 134 Jan.
Holders of rec. Dec. 24a
1% Jan. 1
Allis-Chalmers Mfg. pref. (guar.)
Holders of rec. Dec. 31
1% Jan. 1
'com & p1.(au.)
American Art Works,
Holders of rec. Dec. 154
American Bank Note, common (guar.)__ 50c. Jan.
Dec. 3 Holders of rec. Dec. 8a
$1
Common (extra)
75c. Jan. 3 Holders of rec. Doe. 15a
Preferred (guar.)
134 Jan. 3 Holders of roe. Doe. 16a
American Can, preferred (guar.)
American Car & Foundry, tom.(guar.). 81.50 Jan. 1 Holders of rec. Dee. 15a
154 Jan. 1 Holders of rec. Dec. 15a
Preferred (quar.)
American Chain, class A (guar.)
50o. Deo, 81 Dec. 22 to Jan. 2
75c. Jan. 1 Holders of rec. Dec. 15a
American Chicle, com.(guar.)
6% preferred (guar.)
135 Jan. I Holders of rec. Doe. 15a
Prior pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 15a
American Cigar, preferred (guar.)
134 Jan. 3 Holders of rec. Doe. 15
Amer. Cyanamid, common (guar.)
Jan. 3 Holders of rec. Dec. 15
1
Common (extra)
34 Jan. 3 Holders of rec. Dec. 15
Common A & B (quar.)
20c. Jan. 3 Holders of rec. Doe. 15
Common A & B (extra)
100. Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
Amer. Cellulose & Chemical Mfg.
First participating preferred
334 Dec. 31 Holders of rec. Dec. 17a
American Express (guar.)
81.50 Jan. 3 Holders of rec. Dec. 17a
American Hardware Corp.(guar.)
31 Jan. 1 Holders of tee. Dec. 16a
Amer. Home Products (monthly)
20c. Jan. 3 Holders of rec. Dee. 150
Amer.-La France Fire Engine, com.(qu.) 25e. Feb. 15 Holders of rec. Feb. la
134 Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
Marl'27 11oldersofrec.Feb.21'27
Amer. Laundry Machinery, corn. (qu.)_ $1
American Linseed, preferred (guar.).- 154 Jan. 3 Holders of rec. Dec. 170
154 Aprl'27 Hold, of red.Mar.18'27a
Preferred (gum.)
Dec. 31 Holders of rec. Dec. 130
Amer. Locomotive, common (guar.).
$2
134 Doe. 31 Holders of rec. Dee. 130
Preferred (quar.)
American Mfg.,common (guar.)
134 Dtc. 31 Holders of roe. Dec. 17
1% Dee. Si Holders of rec. Dec. 17
Preferred (guar.)
American Piano, common (guar.)
234 Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock).... 1234 Jan. 2 Holders of rec. Doe. 15
1% Jan. 2 Holders of rec. Dec. 156
Preferred (guar.)
Amer. Radiator, common (guar.)
$1.25 Dec. 31 Holders of rec. Dec. 15a
American Railway Express (guar.)
81.50 Dec. 3 Holders of roe. Dec. 150
Amer. 'tolling Mill, com. (guar.)
50o. Jan. 15 Holders of rec. Dec. 3Ia
Preferred (quan)
134 Jan. 1 Holders of rec. Dec. 15a
American Safety Razor (guar.)
75o. Jan. 3 Holders of rec. Dee. 104
(0 Jan. 3 Holders of rm. Dec. 104
Stock dividend
American Seating, common (quar.)-750. Jan. 1 Holders of toe. Dec. 20
Common (extra)
25c. Jan. 1 Holders of rec. Dec. 20
Common (extra)
25o. Apr. 1 Holders of rec. Mar. 20
Common (extra)
25c. July 1 Holders of rec. June 20
Common (extra)
25c. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
75c. Jan. 1 Holders of rec. Doe. 20
Jan.
Holders of rec. Doe. 10a
American Snuff, corn.(guar.)
3
Holders of rec. Dee. 10a
134 Jan.
Preferred (guar.)
American Steel Foundries, com.(quar.)- 75c. Jan, 1 Holders of rec. Jan. 80
134 Dec. 3 Holders of ree. Dec. 15a
Preferred (guar.)
Dec. 17 to Jan. 1
500. Jan.
American Stores (guar.)
134 Jan. 3 Holders of rec. Dec. la
_
Amer. Sugar Refining. corn. (quar.)
134 Jan. 3 Holders of rec. Dec. la
Preferred (guar.)
1230 Jan. 1 Holders of rec. Nov.804
American Thread, preferred
134 Jan. 8 Holders of rec. Doe, 104
American Tobacco, pref. (guar.)
Jan. 15 Holders of rec. Jan. a
American Vitrified Products, com.(qu.) 81
134 Jan. 1 Holders of tee. Dec. 206
Amer. Wholesale, pref.(guar.)
134 Jan. 15 Doe. 16 to Dec. 22
American Woolen, pref. (guar.)
734 Jan. 4 Holders of coup. No. 33
Anglo-Amer.011(interim)
134 Jan. 1 Holders of rec. Dec. 100
Armour & Co. of Ill., pref. (guar.)
Armour & Co. of Del.. pref. (quar.)
- 154 Jan. 1 Holders of roe. Dec. 100
8134 Jan. 2 Holders of rec. Dec. 17
Armstrong Cork. common (guar.)
Jan. 15 Holders of rm. Doe 17
Common(payable in common stock)_ _ 15
134 Jan. 2 Holders of rec. Doe, 17
Preferred (guar.)
3150
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VoL. 123.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Artloom Corp., common (guar.)
75c. Jan. 8 Holders of rec. Dee. 16a Douglas-Pectin Corporation (guar.)._ 50c. Dec. 31 Holders of ree. Dec. lei
Art Metal Construction (extra)
Extra
50c. Jan. 10 *Holders of rec. Jan. 3a
50e. Dec. 31 Holders of reo. Dec. 10
Associated 011 (guar.)
50e. Dec. 24 Holders of rec. Dec. Co Draper Corp., new no par stock (No. 1)_ $1
Jan. 1 Holders of rec. Nov.27
Extra
Extra
40c. Jan. 25 Holders of rec. Dec. 60
1241 Jan. 15 Holders of rec. Aug. 28
Atlantic Ice & Coal preferred
Dunham (J ones H.)Az Co.,com.(guar.). 31.50 Jan. 1 Holders of rec. Dec. 180
34 Jan 127
Atlas Plywood (guar.)
First preferred (guar.)
$1
Jan. 15 Holders of rec. Jan. 1
134 Jan. 1 Holders of reo. Dec. 18a
Atlas PtAvder, common (extra)
Second preferred (guar.)
$1
Jan. 10 Holders of rec. Nov. 30a
144 Jan. 1 Holders of roe. Dec. 180
Auburn Automobile, corn.(guar.)
Du Punt(E.1.)de Nem.& Co.,corn.(extra) $5
31
Jan. 3 Holders of rec. Dec. 21
Jan. 5 Holders of rec. Dec. la
Autosales Corporation, pref
Debenture stock (guar.)
Dec. 24 Holders of rec. Dec. 15a
$3
114 Jan. 25 Holders of rec. Jan. 104
Babcock & Wilcox (guar.)
14 Jan2'27 Holders of roe. Dec. 20a Eastern SS. Lines. 1st pref.(guar.)
14 Jan. 3 Holders of rec. Dec. 240
Quarterly
No
par
preferred (guar.)
131 A pr 1'27 Hold. of rec. Mar. 20'27o
8741 c Jan. 15 Holders of reo. Jan. 60
Balaban & Katz. common (monthiy)
Eastman Kodak, common (guar.)
25e. Jan. 1 Holders of rec Dec. 20
$1 .2a Jan. 3 Holders of rec. Nov.300
Preferred (guar.)
Common (extra)
14 Jan. 1 Holders of rec Dec. 20
The. Jan. 3 Holders of rec. Nov. 300
Baldwin Locomotive. common & pref._
Preferred (guar.)
351 Jan. 1 Holders of rec. Dec. 44
(31 Jan. 3 Holders of rec. Nov.300
Barnsdall Corp.,lass A & B (guar.)... 50c. Jan. 3 Holders of rec. Dec. 150 Economy Grocery Stores (guar.)
25c. Jan. 15 Jan. 1
to Jan. 15
Beech-Nut Packing, corn. (guar.)
60c. Jan. 10 Holders' of rec. Dec. 240 Eisenlohr (Otto) & Bro., pref. (guar.)._
1% Jan. 1 Holders of rec. Dec. 210
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 3Ia Electric Auto-Lite (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 150
Belding Hemlnway Co.. com.(gu.)
75c. Jan. 1 Holders of rec. Dec. 200 Electric Controller & Mfg.. corn.(gu,)
Si.25 Jan. 1 Holders of rec. Dec. 20
Belgo Canadian Paper, common (guar.). 131 Jan. 10 Holders of rec. Dec. 31
Eleetric Storage Battery. corn Az of (tIu.) $1.25 Ian. 3 Holdere of rec. Dec. 60
Preferred (guar.)
Electric Vacuum Cleaner. pref.(ouer.)_ _
154 Jan. 2 Holders of rec. Dec. 4
Dec. 31 Dee. 21 to Jan. 2
Bendix Corporation, class A (guar.).- 50c. Jan. 3 Holders of rec. Dec. 15
Emerson Electric & Mfg., pref. (guar.)_
131 Jan. i Holders of rec. Dec. 20
Bessemer Limestone & Cern., coin. (qu.) 31.50 Dec. 31 Holders of rec. Dec. 3a Emporium Corporation (guar.)
50c. Dee. 24 Holders of reo. Dec. 1
Common (extra)
34
Dec. 31 Holders of rec. Dec. 3a Endicott-Johnson Corp., corn. (guar.)_ _ $1.25 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
Preferred (guar.)
1 4 Dec 31 Holders of rec. Dec. 200
154 Jan. 1 Holders of rec. Dec. 18
Bethlehem Steel. pref. (quar.)
14 Jan. 3 Holders of rec. Deo. 30 Equitable Office Bldg. Corp., corn. (qu.) $1.50 Jan, 3 Holders of rec. Dec. 15
Big Lake 011
Preferred (guar.)
"274 Dee 18'Holders of ree Dec 19
14 Ian. 3 Holders of rec. Dec. 150
Blaw-Knox Co., corn.(extra)
Evans(E. S.) Corp., class A & B (qu.)_ _ 75c. Jan. 1 Holders of rec. Dec. 20
$1.25 Dec 24 Holders of rec. Dee. 13
Borg & Beck (guar.)
Palrbanke-Moree & Co.. oom. (guar.)._
$1
Jan. 1 Holders of reo. Dee. 18
7643 Deo. 81 Holders of reo. Dec. 1511
Boston V‘ hart
Fair (The). common (monthly)
$3
Dec. 31 Holders of rec. Dec. 1 a
20c. Ian.
Holders of rec. Dec. 200
Bridgeport Machine. pref.(guar.)
Common (monthly)
20c. Feb. 1 Holders of rec. Jan. 200
131 Jan. 1 Holders of rec. Dec. 20
Brill° Mfg., pref.. class A (guar.)
Preferred (guar.)
50c Jan. 2 Holders of reo. Dec. 15a
14 Feb. I Holders of rec. Jan. 200
Famous
British-American 011 (guar.)
Players-Lasky
corn.
Dec.
Corp..
15 to Dec 31
Ian. a Holders of rec. Dec. 15a
(qu.) $2
6254c Jan. 2
Bonus
Fanny Farmer Candy Shops. pref.(qu.)_ 60c. Jan. e3 Holders of tee. Dee, 15
50c. Jan. 2 Dee. 15 to Dec 31
Brown & Williamson Tobacco, com.(qu.) 14 Jan. 1 Holders of ree. Dec. 18
Faultless Rubber, common (guar.)
50c. Jap. 2 Holders of reo. Doe. 15
Preferred (guar.)
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 18
•144 Jan. 2 Holders of rec. Dec. 15
Brunsw.-Balke-Coll. Co.. pref. (qu.)
Federal Motor Truck (guar.)
14 Jan. 1 Holders of rec. Dec.a20
20c. Jan. 2 Holders of reo. Dee. 180
Bucyrus Company,common (guar.)._
Stock dividend
1
Jan. 3 Holders of rec. Dec. 20
e21.4 Ian. 5 Holders of rec. Dec. 180
Common (extra)
Feltman & Curme Shoe St., A corn.(qu.) 6241c Jan. 3 Holders of rec. Dec. 1
131 Jan. 3 Holders of rec. Dec. 20
I. I eh Avenue Bus Securities (guar.) _ _ i tie
Preferred (guar.)
tau. lb Holders of reo. Jan. 90
154 Jan. 3 Holders of rec. Dec. 20
Burns Bros., pref.(guar.)
14 Jan. 3 Holders of rec. Dec. 150 Financial Invest. Co.of N. Y., Ltd.(qt1.) 250. fan. I Holders of rec. Nov.30
Burroughs Adding Machine,corn.(guar.) 75c. Dec 31 Holders of ree. Dec.I5a
Farm. National Pictures, preferred (gtutr.) 2
au. I Holders of rec. Dec. 150
First National Stores. COM.(guar.)
Bush Terminal, preferred
*3
Jan. 15 "Holders of rec. Dec. 31
3750 Ian. 3 Holders of rec. Dec. 180
Debenture preferred (guar.)
(54 Ian. :- Holder, of roe. Dec. 18
First preferred (guar.)
"1.54 Jan. 15 "Holders of rec. Dec. 31
Buell Terminal Bldg,. pref.(guar.)._
14 Jan. 3 Holders of rec. Dec. 170 Fleischmann Co.(guar.)
50c. Jan. 3 Holders of roe. Doe. 150
Butler (James) Grocery Co., pref.(ann.) .6
Extra
250. fan. 3 Holders of reo. Dee. 150
Jan. 3 *Holders of rec. Nov. 1
Butte Copper de Zinc
500. Dec. 24 Holders of ree Dec. 9a Flour Mills of America, pref. A (guar.)._ $2
Dec. 31 Holders of reo. Dee. 15
Butte & Superior Mining (guar.)
50o. Dec 31 Holders of rec. Dee. 15a
Foote Bros. Gear & Mach., corn.(qu.)._ 250. Ian. 1 Dec 21 to Dec. 31
By-Products Coke, common (guar.).- 50c. Dec. 20 Holders of rec. Dec. 40
14 .an.
Preferred (guar.)
Dec. 21 to Dec. 31
Preferred (guar.)
Forhan Company. common (guar.)
234 Jan. 3 Holders of roc Dec. 20
Ian. 2 Holders of reo. Dec. 150
25c
Calumet & Arizona Mining (guar.)
Class A (guar.)
400
31.50 Dec. 20 Holders of reo. Dee. 3a
Ian. 2 Holders of reo. Dec. 150
Canada Dry Ginger Ale, stock dIv.(gu.) 01 31 Jan15'27 Holders of rec. Jan 1 '270 Gabriel Snubber. corn. A and B (guar.) 8754c Ian. 1 Holders of roe. Dec. 150
Canadian Car & Foundry, Pref. (quar.)154 Jan. 10 Holders of rec. Dec. 27
Garfield Safe Deposit Co
4
Dec. 27 Dec. 8 to Doe. 27
Canadian Connecticut Cot. MillExtra
2
Dec. 27 Dec. 8 to Dec. 27
At
Preferred (guar-)
1
Jan. 3 Holders of rec. Dee, 15 , General Amer. Tank Car., common__ _ $1.50 Jan. 1 Holders of reo. Dec. 150
Canadian General Electric. ore.f. (guar.) 154 Jan. I Holders of roe. Dec. Ito ,
154 Jan. 1 Holders of reo. Dec. 150
Preferred (guar.)
Company
Canton
3
Dec. 31 Holders of rec. Dec. 27a General Baking. class A (guar.)
$1.25 Ian, 1 Holders of rec. Dec. 16
1
Extra
Dec. 31 Holders of rec. Dec. 27a
Preferred (guar.)
$2 Dec r31 Holders of rec. Deo.d180
Canada Iron Foundries, pref
4
Jan. 15 Holders of rec. Dec. 31
General cigar, debenture pref. (guar.)._
Ian.
Holders of rec. Dec. 230
Case (J. I.) Threshing MachineGeneral Electric, corn. (guar.)
75c. Jan. 28 Holders of reo. Dec. 15a
Preferred (guar.)
154 Jan. 1 Holders of ree. Dee. 13a
Special stock (guar.)
15c. Jan. 28 Holders of reo. Dec. 150
131 Jan. I
Casey-Hedges Co_ pref. (guar.)
General Motors Corp.. corn.(extra)._ $4
Jan, 4 Holders of rec. Nov.200
Cellotex Company, common (guar.).- 75c. Dec 630 Holders of rec. Dec. 15
Preferred (guar 1
14 Feb. I Holders of reo Jan. 100
154 Dec. 30 Holders of rec. Dec. 15
Preferred (guar.)
Six per cent debenture stock (guar.)
151 Feb. 1 Holders of rec. Jan. 100
Aguirre
Sugar
(guar.)
3
Holders
of
Central
rec. Dec. 20
$1.50 Jan.
Seven per cent debenture stock (guar.) 154 Feb. 1 Holders of reo. Jan. 105
Central Alloy Steel, common (guar.).- 50o. Jan. 10 Holders of rec. Dec. 24a General Necessities Corp. (stock div.)-- e25
Dec. 31 Holders of rec. Dec 200
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 15a General Railway Signal, corn.(gust.)
Jan. 1 Holders of rec. Dec. 100
$1
Century Electric (guar.)
151 Dec. 22 Holders of rec. Dec. 15
Common (extra)
25e. Jan. 1 Holders of rec. Dec. 100
Stock dividend
410 Dec. 22 Holders of rec. Dec. 15
Preferred (guar.)
151 Jan. 1 Holders of reo. Dec. 100
Cerro de Pasco Copper (extra)
31 Dee. 23 Holders of rec. Dec. 16a Ginter Compauy, preferred (guar.)
20c. Jau. 3 Holders of rec. Dec. 18
Certain-teed Products Corp.. corn. (gli.) il
Jan. 1 Holders of rec. Dee. Ma C. U.Spring & BumperCommon (in corn. stk. on each 10 she.) /3-10 Feb1527 Holders of roe. Feb.8' 27
14 Jan. I Holders of rec. Dec. 15
First and second preferred (guar.)._ _
Pref
d (guar.)
Chandler-Cleveland Motor. pref.(go.)
62 tic Jan. 2 Holders of rec. Dec. 20a
Jan. 1 It Mere of reo. Dec. 24
2
Cbesebrough Manufacturing (guar.).- 75c. Dec. 28 Holders of reo. Dec. 10o Glen Alden Coal (guar.)
$2.50 Dec. 20 Holders of rec. Dec. 10
ulidden Company, common (guar.)50c. Jan. 3 ...elders of rec. Dec. 160
Extra
25o. Dec. 28 Holders of rec. Dec.. 10a
Prior preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 160
Special extra
50c. Dec. 28 Holders of rec. Dec. 100
$1.50 an 1'27 Holders of rec. Dec. 29
Chicago F i-r- Manufacturing (guar.).- 6254c Jan. 1 Holders of rec. Dec. 16a Globe-Wernicke Co.. common
Goodrich (13. F.) Co., pref. (guar.). - 144 Jan. 3 Holders of rec. Dec. 15a
Chicago Mill & Lumber, pref.(guar.)._
154 Jan. 1 Holders of ree. Dec. 22
Goodyear Tire & Rub., Can., pref.(qu.) 14 Jan. 2 Holders of rec. Dec. 15
Chicago Motor Coach, pref. (guar.)_.._ •154 Jan. 1 Holders of rec. Dec. 18
Jan. 1 Holder, of rec. Dec. 150
Chicago Yellow Cab Co.(monthly)
33 I-3c Jan. 1 Holders of rec. Dec. 200 Goodyear Tire Az Rubber,prior pref.(qu.) 2
Preferred (guar.)
131 Jan. 1 Holden of rec. Dec. 1
Monthly
33 1-3c Feb. 1 Holders of ree. Jan. 20,
W.) & Co., corn. (m'thly)._ 33 I-3c Jan 3'27 Holders of roe. Dec. 20
Monthly
33 1-30 Mar. 1 Holders of rec. Feb. I8a Gowan]
6251c. Dec. 31 Holders of rec. Dec. 15
Chill Copper Co.(guar.)
62510 Dec. 27 Holders of rec. Dec. 10 Gotham Silk Hosiery. COM.(guar.)
2
Jan. 2 Holders of rec. Dec. 20
an. 3 Holders of rec. Dec. I5a Goulds Pumps,Inc., corn.(guar.)
Chrysler Company,corn.(guar.)
The.
Jan. 2 Holders of roe. Dec. 20
2
Common (special extra)
Jan 317 Holders of rec. Dec. 15a
Preferred
$2
154 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
51 Jan. 1 Holders of rec. Dec. 15
Cities Service. common (monthly)
Great Lakes Towing, common (gust.).. d154 Dec. 31 Holders of rec. Dec. 15
Common (payable in common stock). 14 Jan. 1 Holders of rec. Dec. 15
14 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
51 Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B (monthly)._
3
Jan. 1 Holders of rec. Dec. 3In (;rent Northern Iron Ore Properties
75e.
City Housing Corporation
21. Holders of rec. Dec. 60
Jan. 2 Holders of rec. Dee. 15a
$2
City Ice ac Fuel (gust.)
50c. Mar. 1 Holder, of rec. Feb. 100 Great Western Sugar, corn.(guar.)
14 Jan. 2 Holders of rec. Dee. 15o
Preferred (guar.)
Quarterly
50c. aJ .ne 1 Holders of rec. May 10a
Quarterly
.50c. Sept. I Holders of rec. Aug. 100 Greeutield Tap Ai Dle,6% pref.(guar.). 14 Jan. 3 Holders fo rec. Dee. 16
8% preferred (guar.)
2
Quarterly
500. Dec. 1 Holders of rec. Nov. 106
Jan. 3 Holders of reo. Dee. 15
Cleveland Stone (guar.)
500. Mar. 15 Holders of rec. Mar. 5a Greif Bros., class A coin. (guar.)
80c. Jan. 1 Holders of rec. Dec. 15
250. Jan. a Holders of rec. Dec. 150
Quarterly
50o. June 15 Holders of rec June 5a Ore it an Bakeries, common (quar.)__
50e. Sept. 15 Holders of rec. Sept. 5a
14 Jan. c3 Holders of roe. Dec. I56
Quarterly
Preferred (guar-)
Cluett, Peabody & Co., pref.(guar.).- 144 Jan. 3 Holders of rec. Dec. 2Ia Group No. 1 Oil Corp
$7.50 Jan. 25 Holders of reo. Dec. 27
iminianamo Hagar. preferred (quar.)
$1.75 Jan. 1 Holders of rec. Dec. 16
2
Coca-Cola Co (guar.)
Jail. 3 H'Mem of rec Dec 154
31.75 Jan, 1 Holders of rec. Dee. 15a Gulf 011 Corp.(guar.)
Coca-Cola International (guar.)
374e Jan. 1 Holders of rec. Dec. 20
154 Jan. 3 Holders of rec. Dec. 150
Colt's Patent Fire Arms Mfg. (guar.)._ 50c. Dec. 31 Holders of rec. Dec. 110 Gulf States Steel, common (guar.)
250. Dec. 31 Holders of reo. Dee. 10
Preferred (guar.)
Commercial Credit, corn. (guar.)
154 Jan. 2 Holders of rec. Dec. 150
151 Dec. 31 Holders of reo. Dec. 10
Hammermill Paper, preferred (guar.)._ "154 Jan. 1 *Holders of rec. Dee. 20
631% preferred (guar.)
fiance (P. H.) Knitting. oref. (guar.)._
50c. Dec. 31. Holders of reo. Dec. 10
14 Jan. 1 Holders of reo. Doe. 18
8% preferred, class B
434c Dec. 31 Holders of rec. Dec. 10
Harbison-Walker Refrac.. pref. (qua?.). 14 Jan. 20 Holders of rec. Jan. 100
Seven per cent preferred (guar.)
Commercial Investment Trust,com.(qu.) 900. Jan. 1 Holders of reo. Dec. 15a Harris Automatic Frees, corn.(guar.)._ _ 750. Jan. 1 Holders of reo. Dec. 15
154 Jan. 1 Holders of roe. Dec. 15o
Preferred (guar.)
*31.75 Jan. 1 Holders of rec. Dec. 20
7% Met preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15a Hartman Corporation, class A ((Mara50o. Mar127 Holders of rec.Feb.16170
631% first preferred (nuer.) '
Jan. I Holders of rec. Dec. 20a
Class A (guar.)
Commercial Solvents Corp., class B(qu.) $2
50o. 'nel'27 Holders of rec. may 170
Class B (guar.) in class A stook
750. Jan, 1 Holders of reo. Dee. 15a
(0) Mar 127 Holders of rec. Feb15'27a
Congress Cigar (guar.)
Class B (guar.) In claw A stock
(0)
Consolidated Cigar Corp., corn.(Ouss.). 31.75 Jan. 6 Holders of rec. Deo. 150
'nel'27 Hold, of tee. May 17'27a
pf. class A (qu.) 2
141 Dec. 20 Holders of rec. Dec. 40 Hathaway Baking,
Jan. 15 Holders of rec. Dec. 31
Consolidated Ice. pref.(guar.)
Hayes Ionia Co.(monthly)
12 44c. Jan. I Dee. 15 to Jan. 1
100. an 1'27 Holders of rec. Dec. 250
Consolidated Lead & Zino (goat.)
514 Jan. 10 Holders of rec. Dee. 200
Monthly
10o. Febl'27 Holders of reo. Jan. 250
Consolidation Coal, prof
14 Jan. 3 Holders of rec. Dec. 20a
Monthly
10e. Marl'27 Holders of roe. Feb. 265
Continental Can. Inc., pref.(guar.)._
$1
Dec. 31 Holders of rec. Dec. 20a Helme (George W.) Co.. corn. (guar.)._ 75o. Jan. 3 Holders of rec. Dee. 130
Coty,Inc.(guan)
Dec. 31 Holders of rec. Dec. 200
Common (extra)
$I
Jan. 3 Holders of reo. Doe. 130
Extra
$4
Jan. 20 Holders of roe. Jan. 3
Preferred (guar.)
154 Jan. 3 Holders of ree. Dec. 13a
Credit Discount Corp.of Am..coM.(qu.). $1
Hercules Powder, corn. (guar.)
Jan. 3 Holders of reo. Dec. 20
$2
2
Preferred (guar.)
Dec. 24 Holders of rec. Deo. 15
Extra (guar.)
454 Dec. 24 Holders of rec. Dec. 15
Cresson Con. Gold Min. & Mill.(qu.)._ 10c. Jan. 10 Holders of reo. Dec. 31
$4
Jan. 4 Holders of rec. Dec. 15a Heater-Diehl Bakeries Corp., prof
$3.50 Jan. 1 Holders of roe. Dec. 20
Crown Finance Corp., common
Dec. 24 Holders of rec. Dee. 15a Hibbard,Spencer, Bartlett it Co.(mthli)
3513 Dec. 31 Holders of roe. Dec. 24
Common (extra)
$6
Extra
31.75 Jan. 4 Holders of reo. Doe. 15a
20e Doe. 31 Holders of tee. Dec. 24
Preferred (guar.)
131 Jan. 15 Holder, of rec. Dec. 31
Crown Willamette Patier, pref.(guar.).- 154 Jan. 3 Holders of rec. Dee. 160 Hillerest Collieries, corn, (guar.)
154 Dec. 31 Holders of rec. Dec. 15a
Preferred (quar-)
14 Jan. 15 Holders of rec. Dee. 31
Crucible Steel, pref. (guar.)
Hollinger Consol. Gold Mines
•341 Feb. 1 *Holders of rec. Jan. 15
2
Dec. 31 Holders of roe. Dec. 13
Cuba Company, preferred
50o. Dec. 27 Holders of roe. Dec. 20
Cuban-American Sugar. cons.(guar.).- 250. Jan. 3 Holders of rec. Dee. 7a Homestake Mining (monthly)
Dee. 31 Dec. 21 to Jan. 2
$1
154 Jan. 3 Holders of ree. Dec. 7a Hood Rubber, corn. (guar.)
Preferred (guar.)
Household Products (extra)
24 Dec. 31 Holders of roe. Dec. 15
50c. Jan. 3 Holders of roe. Dec. 150
Cuban Tobacco. preferred
Hudson Motor Car (guar.)
250. Feb. 1 Holders of reo. Jan. 15
Davega, Inc. (guar.)
8741c, Jan. 3 Holders of roe. Dec. 15a
Hudson River Navigation. met
Dec. 31 Holders of rec. Dec. 15
25c. Feb. I Holden of rec. Jan. 15
Extra
30c. Jan. 1 Dec. 12 to Jan. 2
141 Dec. 24 Holders of roe. Dec. IM Humble 011 it Refining (guar.)
Davis Mills (guar.)
Extra
Jan. 3 Holders of reo. Dec. 15a
Jan. 1 Dec. 12 to Jan. 2
20
Detroit & Cleveland Navigation (guar.). 31
Devoe & Reynolds, class A & B (guar._ (10c. Jan. 1 Holders of rec. Dec. 210 Hydraulic Press Brick, pref.(guar.)
154 Jan. 3 Holders of reo. Dec. 20
1 Holders of rec. Dec. 2I0 Illinois Brick (guar.)
60o. Jan. 15 Jan. 5 to Jan. 16
$1.75 Jan
First & second preferred (guar.)
Extra
40e. Jan15'27 Jan. 5 to Jan. 16
Devonian on
20a. Dec. 20 Holders of reo. Nov.30
Quarterly
600. ApI5'27 Apr. 5 to Apr. 15
Dome Mines(guar.)
50c. Jan. 20 Holders of rec. Dec. 31
Quarterly
60o. Jiy15'27 July 3 to July 15
14 Jan. 3 Holders of roe. Dec. 15
Dominion Glass,common & pref.(0211.)
Quarterly
60o. 0315'27 Oct. 5 to Oct. 16
1 Holders of rec. Dee. 13
Dominion Stores, common (guar.)
60o. Jan
Independent Oil it Gas(guar.)
250. Jan. 17 Holders of rec. Dec. 300
Dominion Textile, corn.(guar.)
31.25 Jan 3 Holders of rec Doe. 15
Independent Pneumatic Tool (guar.)._ $lo
Jan. 3 Holders of roe. Dec. 20
Preferred (guar.)
14 Jan. 15 Holders of roe. Dec. 31
Indian Motocycle, pref.(guar.)
154 Jan. 3 Holders of rec. Dec. 200
Douglas(W. L.) Shoe, pref. (quar.)
131 Jan. 1 Holders of rec. Dec. 15
'
.411
Name of Company.
3151
THE CHRONICLE
DEc. 18 1926.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
50c. Jan. 15 Holders of rec. Dec. 3I0
New York Transportation (quar.)
Feb. 15 Holders of rec. Jan. 21
51
Indiana Pipe Line
15c. Jan. 20 Holders of rec. Dec. 31
NipissIng Mines(quar.)
Industrial Acceptance Corp., corn. (au.) 50c. Jan. 2 Holders of rec. Dec. 17
134 Jan. 1 Holders of rec. Dec. 10
North American Provision (quar.)
1% Jan, 2 Holders of rec. Dee. 17
First preferred (quar.)
$3 Jan. 1 Ilolders of rec. Dec. 10
Line
Pipe
Northern
17
Dec.
rec.
2
Jan. 2 Holders of
Second preferred (quar.)
Jan. 1 Holders of rec. Dec. 10
51
Extra
50e. Jan. 2 Holders of rec. Dec. 17
Second preferred (extra)
134 Jan. I Holders of rec. Dec. 200
Norwalk Tire & Rubber, pref.(quar.)_
Industrial Finance Corp., deb. stk. ((111.) 1% Feb. 1 Holders of rec. Jan. 22
Dec. 31 Holders of rec. Dec. 18a
Mc,
Co
Nuianally
1% Feb. 1 Holders of rec. Jan. 22
7% preferred (quar.)
50e. Jan. 3 Holders of rec. Dec. 156
011 Well Supply (Corn.) (quar.)
134 Feb. 1 Holders of rec. Jan. 22
6% preferred (quar.)
154 Feb. 1 Holders of roe. Jan. 156
(guar.)
Preferred
130
Dec.
rec.
of
Holders
3
Jan. 3
Ingersoll-Rand Co.. preferred
Jan. I Holders of rec. Dec. 170
2
_
13( Jan. 1 Holders of rec. Dec. 150 Omnibus Corporation, pref. (quar.)_
Inland Steel, preferred (quar.)
Circuit. Inc.. corn.(monthly). RI 2-3c Jan 227 Holders of rec. Dec. 201
Inspiration Consolidated Copper (quer.) 50e. Jan. 3 Holders of rec. Dec. 160 Orpheum
Jan 2'27 Holders of rec. Dec. 155
2
(quar.)
Preferred
22a
Dec.
International Business Machines (quar.) 75o. Jan. 10 Holders of rec.
134 JanI5'27 Holders of rec. Dec. 31a
250. Jan. 10 Holders of rec. Dec. 22a Otis Elevator. pref.(quer.)(quar.)
Extra
134 Jan, 1 Holders of rec. Dee. 156
Otis Steel, prior preferred
Int. Buttonhole Sewing Machine (quar.) 15e. Jan. 3 Holders of rec. Dec. 15
134 Jan. 1 Holders of rec. Dee. 18
_
(qu.)
B
&
A
Cl.
Tire,
Cushion
Overman
Dec. 3 Holders of rec. Dec. 150
International Cement, common (quar.). 51
154 Jan, 1 Holders of rec. Dec. 18
First preferred (quar.)
1% Dec. 3 Holders of rec. Dec. 15a
Preferred (guar.)
40e. Jan. 2 Holders of rec. Dec. 15
pref....
panic.
Co.,
Brothers
Ovington
240
Dec.
rec.
of
134 Jan. 1 Holders
International Harvester, corn. (quar.)
Jan, 1 Holders of rec. Dec. 160
750,
(quar.)
common
Jan. 2 Holders of rec. Dec. 290 Owens 13ottle.
Common (payable In common stock)_. PI
Jan. 1 Holders of rec. Dec. 166
52
Common (extra)
50c. Dec. 3 Holders of rec. Dec. 16a
International Nickel, com. (quar.)
Jan. 1 Holders of rec. Dee. 166
5
stock)
common
In
(payable
Common
30
Holders of rec. Jan.
134 Jan. 1
International Paper, 6% pref. (quar.)
Jan, 1 Holders of rec. Dec. 166
I%
Preferred (quer.)
Holders of rec. Jan. 3a
13( Jan. 1
Seven per cent pref. (guar.)
Car
Motor
Packard
15a
Dec.
rec.
of
Holders
.
Jan.
134
International Salt (quar.)
20e. Dec. 31 Holders of rec. Dec .156
Common (monthly)
Holders of rec. Dec. 15a
$1.75 Jan.
International Shoe, common (quar.)
20c. Jan. 31 Holders of rec. Jan. 150
Common (monthly)
Holders of rec. Dec. 15
Preferred (quar.)
20c. Feb. 28 Holders of rec. Feb. 15a
(monthly)
Common
15a
of
Dec.
rec.
Holders
34 j
134
.3
n.
Daec
International Silver, com.(quar.)
1% Jan. 3 Holders of rec. Dec. 150
_
(quar.).
pref.
Car,
Motor
oit
Holders of rec. Dec. 150 Paige-Detr
1% Jan.
Preferred (quar.)
$1.S0 Deo. 23 Holders of rec. Dec. 136
(quar.)
Jan. 3 Holders of rec. Dee. 15a Paraffine Companies, corn.
Intertype Corporation, first pref.(quar.) 2
Jan, 2 Holders of rec. Dee. 15a
15c.
(qu.)
Mines
Consolidated
Park-Utah
3
Jan. 3 Holders of rec. Dec. 15a
Second preferred
62)40. Jan. 2 Holders of rec. Dec. 23
1% Jan. 1 Holders of rec. Dec. 20a Pedigo-Weber Shoe(quar.)
Jewell Tea, preferred (quar.)
$3.50 Jan. 1 Holders of rec. Dee. 29
preferred__
Inc.,
Co.,
Pelz-Greenstein
20a
rec.
of
Dec.
Holders
1
89
Jan.
Preferred (account accum. dividend).
(No.1)_ 25c. Jan. 1 Holders of rec. Dec. 156
1% Jan, 1 Holders of rec. Dec. 150 Penick & Ford, Ltd., corn.(qu.)
Jones & Laughlin Steel, pref (quar.)___ _
154 Jan, 1 Holders of rec. Dec. 153
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. 17
Jordan Motor Car, pref. (quar.)
134 Dee, 31 Holders of rec. Dec. 200
(quar.)
pref.
1st
Co.,
C.)
(J.
Penney
20a
of
Jan.
rec.
Jan. 28 Holders
Kaufman Dept. Stores, common (quar.) 52
Dec. 23 Holders of rec. Dec. 16a
60e
(quar.)
154 Jan, 3 Holders of rect. Dec. 200 Pennok 011 Corporation
Preferred (quar.)
800. Jan. 1 Holders of rec. Dec. 154
1)
(No.
com.
Cement.
-Dixie
Pa.
Dee.
17a
rec.
Holders
of
3
52
Jan.
Co.,
pref. (guar.).Kayser (Julius) &
Jan. 1 Holders of rec. Dec. 11
750.
(quar.)
corn.
Co.,
Milk
Pet
134 Jan. 3 Holders of rec. Dec. 210
Kelsey Wheel, common (quar.)
134 Jan. 1 Holders of rec. Dec. 11
Preferred (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 3o
Kennecott Copper Corp. (Guar.)
154 Jan, 3 Holders of rec. Dec. 230
Jan. 3 Holders of rec. Dec 18a Pettibone,Mulliken Co.,1st & 2d pf.(qu.) 75c.
1
Keystone Watch Case (quar.)
Jan. 3 Holders of rec. Dec. 150
(quar.)
134 Jan. 3 Holders of rec. Dec. 20a Phillips Petroleum
King Philip Mills (guar.)
Jan. 1 'Holders of roe. Dec. 20
•134
10
Dee, 22 Holders of rec. Dec. 107 Pick (Albert) & Co., pref.(goar.)
Extra
Dec. 31 Holders of rec. Dee. 15
(gnarl.
$1
A
class
America,
of
Bakeries
Pie
23o
rec.
Dec
Jan. 3 Holders of
Kinney (G. R.) Co . common (quer.)- - 51
Dec. 31 Holders of rec. Dec. 15
134
Preferred (quar.)
51.75 Jan. 1 Holders of ree. Dec. 15
Knox Hat, prior preferred (quar.)
Jan. 1 Holders of rec. Dec. 156
2
Car,
Motor
Pref.
Pierce-Arrow
10a
of
Dec
rec.
Holders
3
3714.
Jan.
Kraft Cheese (quar.)
31 Holders of rec. Dec. 15
Dec.
2
(quar.)
Glass
Plate
e134 Jan. 3 Holders of rec. Dec 100 Pittsburgh
Stock dividend
1% Dec. 31 Dec. 16 to Jan. 2
30c. Dec. 31 Holders of rec. Dee. 15a Pittsburgh Steel Foundry, pref. (quar.)_ •75e. Dec. 20 'Holders of rec. Dec. 14
Kresge (S. S.) Co., common (guar.)._
Oil
Plymouth
of
Dec.
lba
rec.
Holders
134 Dec. 31
Preferred (quar.)
75e. Jan. 3 Holders of rec Dee. lba
Pratt & Lambert Co., common (quer.)
Kresge Department StoreJan. 3 Holders of rec Dec. lba
Si
Common (extra)
2
Jan. 3 Holders of rec. Dec. 187
Preferred (guar.)
IA Dec. 31 Holders of rec. Dee. 170
(quar.)
pref.
Whitney,
&
Pratt
Hruskal & Kruskal, Inc.(No. 1) (quar.) 500. Feb. 15 Holders of rec. Jan. 31a
Dec. 31 Holders of rec. Dec. 170
83
Preferred (acct. accum.divs.)
50c. May 16 Holders of rec. Apr. 290
Quarterly
154 Dec. 31 Holders of rec. Dee. la
Pressed steel Car. pref. (quar.)
Jan. 2 Holders of rec. Dec. 24a
Kuppenheimer (B.) & Co . common.. 51
3 Holders of rec. Dee. 15
Jan.
134
(quar.)....
corn.
Mills,
Paper
51.25 Jan. 3 Holders of rec. Dec. 20a Provincial
Lambert Company. corn. (quar.)
Jan. 3 Holders of rec. Dec. 15
1
Common (bonus)
234 Jan. 3 Holders of rec. Dec. 180
Lawyers Title & Guaranty Co.(guar.)._
Jan. 3 Holders of rec. Doe. 15
134
(quer.)
Preferred
9
rec.
Holders
of
Dec.
Jan. 3
52
Lehigh Valley Coal Sales (quar.)
1% Jan. 1 Holders of rec. Dec. 10
Pure 011 Co., 534% pref.(quar.)
334 Jan. 1 Dec. 18 to Jan. 13
Libby, McNeill & Libby, pref
534 Jan. 1 Holders of rec. Dec. 10
Six per cent preferred (quar.)
Jan. 15 "Holders of rec. Jan. 5
*51
Libby-Owens Sheet Glass (extra)
Jan, 1 Holders of rec. Dec. 106
2
(quar.)
preferred
cent
per
Eight
1% Dec. 3 Holders of rec. Dec 15
Liberty Baking Corp.. pref. (guar.)... _
Jan. 15 Holders of rec. Dec. 310
51
40e, Jan. 1 Holders of rec. Dec. 151 Quaker Oats, common (guar.)
Life Savers. Inc. (quar.)
Feb. 28 Holders of rec. Feb. la
134
(quar.)
Preferred
rec.
of
Dec.
15a
Holders
1
1%
Jan.
Liggett & Myers Tobacco, pref. (quar.) _
Jan. I Holders of rec. Dec. 20a
SI
(qu.)
Real Silk Hosiery Mills, common
334 Jan. 3 Holders of roe. Dec. 10
Lindsay Light, pref
1)4 Jan. 1 Holders of rec. Dec. 206
Preferred (quer.)
90c, Feb. 1 Holders of rec Jan 20a
Liquid Carbonic Corp.((mar.)
35c. Jan, 3 Holders of rec. Dec. 15
2
Jan. 1 Holders of rec. Dec. 20a Reece Buttonhole Machine (guar.)
Loew's Buffalo Theatres, Inc.. pf.(qu.)_
Jan. 3 Holders of rec. Dec. 15
10c.
Reece Folding Machine (quar.)
50c. Dec. 31 Holders of rec. Dec 1:)o
Loew's. Inc.(guar.)
750. Jan. 3 Holders of ree. Dec. 200
field Ice Cream Co., com.(guar.)
Dec. 31 Holders of rec. Dec. 13o
51
Extra
Jan. 2 Holders of rec. Dec. 200
_
_
(quer.)
134
pref.
1st
Role (Robert) & Co.
25c. Jan. 15 Holders of rec. Dec. 31
Loew's London Theatres (Can.), corn
"134 Jan. 3 *Holders of rec. Dee. 20
Roil -flee Mfg., pref.(guar.)
4 Jan. 15 Holders of rec. Dec. 31
3,
Preferred
Jan. 1 Dec. 16 to Jan. 2
(qu.)_
pref.
154
first
Typewriter,
Remington
3.34 Jan. 15 Holders of I'm Dec. 31
Loew's (Marcus) Theatres, Ltd., pref
Jan. 1 Dec. 16 to Jan. 2
2
Second preferred (quer.)
Dec. 31 Holders of rec. Dec. 110
$1
Long Bell Lumber, class A (quar.)
bb).
note
(see
A
class
Car,
Motor
Ron
Dec.
24
rec.
Ilolders
of
4
Jan.
1
Long Island Safe Deposit
3 Holders of rec. Dec. 15a
Jan.
20c.
(quar.)
1% Jan. 1 Holders of rec. Dec. 18a Ron Motor Car
Loose-Wiles Biscuit, first pref. (quar.)
20c. Jan. 3 Holders of rec. Dec. 150
Extra
1% Feb. 1 Holders of rec. Jan. 18a
Second preferred (quar.)
13.4 Jan. 2 Holders of rec. Dec. 150
(guar.)
preferred
Steel,
&
Iron
Republic
170
• Lord & Taylor, common (quar.)
214 Jan. 2 Holders of rec. Dec.
Holders of rec. Dec. 186
Reynolds(R.J.) Tobac.,com.. A&B(qtr.) $1.25 Jan. 1 Holders
Lorillard (P.), corn. (In corn. stock)_.... (Si) Jan. 3 Holders of rec. Dec. 15
of rec. Dec. 15
134 Jan, 2
Rice-Stix Dry Gds., 1st & 2d pt.(qu.)
1% Jan. 3 Holders of rec. Dec. 15
Preferred (quar,)
75e. Jan. 3 Holders of rec. Dec. 15
pf.(qu)
part.
Co.,
Boynton
&
Richardson
50c. Jan, 1 Holders of rec. Dec. Ma
of rec. Dee. 15
Ludlum Steel (quar.)
Holders
31
Dec.
2
(quar.)
Royal Baking Powder, corn.
4
Feb. 2 Holders of rec. Dec. 31
MacFadden Publications Inc
Dec. 31 Holders of rec. Dec. 15
2
Common (extra)
$1.50 Dec. 31 Holders orree. Dec. 19a
of rec. Dec. 15
Holders
Mack Trucks, Inc., corn.(quar.)
31
Dec.
134
(quar.)
Preferred
1% Dec. 31 Holders of rec. Dec. 18a
First and second preferred (quar.)__
Jan. 15 Holders of rec. Dec. 310
51
1% Jan. 1 Holders of rec. Dec. 210 Safety Cable (guar.)
Mallinson (II R.) & Co.. pref. (quar.)_ _
Dec. 23 Holders of roe. Dec. 11
2
Safety Car Heating & Ltg.(quar.)
Manhattan Electrical Supply (quer.)._ _ 51.25 Jan. 3 Holders of rec. Dee. 21a
Dec. 23 Holders of rec. Dec. 11
2
Extra
134 Jan. 1 Holders of rec.Dee. 16a
Manhattan Shirt, pref.(quar.)
Jan. 2 Holders of rec. Dec. 20
52
1)
(No.
corn.
Inc.,
Stores,
Safeway
20
of
Dec.
rec.
Holders
10
25c. Jan.
Margay Oil(quar.)
Jan, 2 Holders of rec. Dec. 20
134
(quer.)
Preferred
Dec. 31 Holders of rec. Dec. Vin
Si
Marland Oil (guar.)
A Dec. 31 Holders of rec. Dec. 150
Pac. Co., corn.(g.)
500. Dec. 31 Holders of rec. Dec. 205 St. L. Rocky Mt.&
Marlin-Rockwell Corp., com.(quar.)
134 Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
50c. Jan. 10 Holders of rec. Jan. 30
Common (extra)
Jan. 3 Holders of rec. Dec. 15
134
pref.
(quar.).
Corp..
Jan. 8 Holders of rec. Dee. 170 St. Maurice Valley
Matheson Alkali Works. com. (quar.)._ Si
20c. Jan. 3 Holders of rec. Dee. 15
1% Jan, 3 Holders of rec. Dee. 170 Salt Creek Consol. 011 (quar,)
Preferred (quar.)
Jan. 3 Holders of rec. Dec. 15a
lc.
Mining
Toy
San
15a
Dec.
111 Tan. 2 Holders of rec.
May Department Stores, pref. (quar.)- *134 Feb. 15 'Holders of rec. Feb. 1
Savage Arms, first preferred (quar.)
McCord Radiator & Mfg., class A (qu.). 75c. Jan. d3 Dec. 19 to Jan. 2
Feb. 16 'Holders of rec. Feb. 1
'134
(quar.)
preferred
Second
150
Dec.
rec.
of
Holders
1
Merch.& Mfrs. See., panic pref. ((luar.) 8214c Jan.
Jan. 3 Holders of rec. Dec. I56
2
Jan. 1 Holders of rec. Dec. 15a Schulte Retail Stores. pref. (quar.)
Participating preferred (stork div 1 _ Cl
35e, Dec. 31 Holders of roe Dec. 100
Merch. & Miners Transportation (qu.). 6234. Dec. 31 Holders of rec. Dee. 15a Shell Union Oil (quar.)
600. Dec. 31 Holders of rec. Dec. 100
Extra
Jan. 3 Holders of rec. Dec. 17
$1
Merck & Co., preferred (quar.)
134 Dee. 31 Holders of rec. Dec. 15
(qu.).
51.25 Dee. 31 Holders of rec. Dec. 4a Sherwin-Williams Co.,Can., com.
Mergenthaler Linotype (quar.)
134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
25e. Dec. 31 Holders of rec. Dee 4a
Extra
Dec. 31 Holders of rec. Dec. 21
75e.
(quar.)
Shredded Wheat
51.25 Dec. 31 Holders of rec. Dec. 11
Merrimac Chemical (guar.)
Shreveport-El Dorado Pipe Line (attar.). 25e. Jan. 2 Dec. 22 to Jan. 1
2
Jan. 2 Holders of rec. Dec. 22
Medart(Fred) Mfg., Prof.(quar.)
2 Dec. 22 to Jan. 1
Jan.
51
31
Dee.
Extra
to
i0
Dee.
Metropolitan Paving Brick. pref.(quar ) 134 Ian, 1
50c. Jan. 2 Holders of rec. Dec.d150
Simmons Company, com.(quar.)
Jan. 1 Holders of rec. Dec. 17
Midland Steel Products, corn. (quar.)_ _ 51
50e. Jan. 3 Holders of rec. Dec. 154
Simms Petroleum
49e. Jan. 1 Holders of rec. Dec. 17
Common (extra)
23i Dec. 31 Dec. 11 to Jan. 2
2
Jan, I lIolders of rec. Dec. 17a Singer Manufacturing (quar.)
Preferred (quar.)
134 Dec. 31 Dec. 11 to Jan. 2
Extra
1
Jan. 1 Holders of rec. Dec. 170
Preferred (extra)
134 Dec. 20 Holders of rec. Dec. 106
(quar.)
&
com.
Steel
Iron,
Sloss-Sheffleld
31
•25e.
Dec.
Co
Midvale
154 Jan. 3 Holders of roc. Dec. 206
Preferred (altar.)
50c. Jan. 25 Holders of rec. Jan. ha
Miller Rubber, common (quar.)
Jan. 10 Holders of rec. Dec. 31
Smith (Howard) Paper Mills. pref. (qtr.) 2
134 Jan. 3 Holders of rec. Dec. 20
Mill Factors Corp. (quer.)
Doe. 20 Dec. I to Dec. 10
5
Refining
Solar
rec.
of
20
Holders
Dec.
34 Jan. 3
Extra
Dec. 31 Holders of rec. Dee. 14
50e.
Montgomery NVard & Co.. class A (qu.) $1 75 Jan. 1 Holders of rec. Dec 21a South Penn 011
3 Holders of rec. Dee. 1041
134 Jan
51.25 Jan. 3 Holders of rec. Dec. 18a South Porto Rico Sugar, corn.(quar,)..
Morgan Lithograph Co.(guar.)
Jan, 3 Holders of me, Dee. 10a
2
Preferred (quar.)
3734c Dec. 31 Holders of rec. Dec. 10a
Mother Lode Coalition Mines
Holders of rec. Dec. 15
31
Dec.
$1
South West Penna. Pipe Line (quar.)
Motion Picture Capital Corp.. pref.(au.) 50e. Jan. 15 Ilolders of rec. Jan. 1
52 Jan. 3 Holders of rec. Dec. 14
90e. Jan. 1 Holders of rec. Dec. 15a Southern Baking, pref.(quar,)
Motor Meter, Ine., class A (quar.)
Holders of rec. Dec. 200
1
Jan.
2
50e. Dec. 20 Holders of rec. Dec. 10a Spicer Mfg.. pref. (quar.)
Motor Wheel Corporation (quar.)
of rec. Dec. 20
60e. Jan. 3 Holders of rec. Dec. 150 Sprague-Sells Corp., part. A stk.(qu.)_ .6234c Jan. 1 'Holders of rec. Dec. 24
Mountain Producers (quer.)
*Holders
3
Jan.
"8
91
Dee
(annual)
rec.
pref.
of
Coupler,
5
Holders
Standard
Si
Jan. 15
National Biscuit. common (quar.)
of rec. Dec. 180
Holders
31
Dec.
134
Standard Milling, com. (quar.)
$1
Jan. 1 Holders of rec. Dec. 15
National Breweries, corn. (quar.)
134 Dec. 31 Holders of rec. Dee. 180
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
of rec. Dec. 15
Holders
2
Jan.
$1
(guar.)
(Kentucky)
75e. Jan. 3 Holders of rec. Dec. 21a Standard 011
National Dairy Products. corn.(quar.)
62c. Dec. 20 Nov. 25 to Dec. 20
Standard 011 (Nebraska) (quar.)
•134- Jan. 3 "Holders of rec. Dec. 20
Preferred A and B (quar.)
to Dec. 20
25
Nov.
20
Dec.
50e.
of
Extra
rec.
_
_
*Holders
(quar.)._
1
Jan.
15
pref.
Feb.
*13(
Nat. Dept. Stores, lot
234 Jan. 1 Holders of rec. Nov. 26
*134 Mar. I *Holders of rec. Feb. 15
atandard 011 (Ohio). corn.(guar.)
Second preferred (quar.)
204
134 Dec. 31 Holders of rec. Dec. 15a Standard Plate Glass, prior pref. (quar.) 134 Jan. 1 Holders of roe. Dec.
Nat. Enamel.& Stamping. prof.(quer.)
134 Feb. I Holders of rec. Jan. 7
1% Jan. 1 Holders of roe. Dec. 207 Steel Co. of Canada, corn. & pf. (quar.)_
Nat. Fabric dr Finishing, pref. (quar.)_ _
$1.25 Feb. 1 Jan. 15 to Feb. 1
Sterling Products, Inc.(quar.)
3
Jan 1'27 Dee. 21 to Dec. 31
National Grocer. preferred
Dec. 23 Holders of rec. Dec. 134
51
Extra
2
Dec. 31 Holders of rec. Dec. 100
National Lead, common (guar.)
Jan, 2 Holders of rec. Dec. 21
$1
Stern Brothers, class A (Guar.)
2
Jan. I Holders of rec. Dec. 15
National Refining, preferred (guar.)._ .._
51.25 Jan. 2 Holders of rec. Dec. 15
6234e Jan. 3 Holders of rec. Dec. 207 Stone(H.0.)& Co., corn.(quar.)
National Standard Co.(guar.)
AO Jan. 2 Holders of rec. Dec. 15
Common (payable in corn, stock)
1234c Jan. 3 Holders of rec. Dec. 20a
Extra
134 Jan, 2 Holders of rec. Dec. 15
I 34
Preferred (quar.)
Ian. 3 Holders of rec. Dec µ
National Suger Refining (mar.)
51.50 Jan. 3 Holders of rec. Doe. 106
82
Dec. 23 Holders of rec. Dee. 13a Stromberg Carburetor (quar.)
National Supply. corn. (extra)
Dec. 28 Holders of ree. Dee. 15
75e.
(quar.)
Inc.
Co.,
dr
234 Jan. 3 Holders of rec. Dec. 17a Stroock (S.)
National Surety (quar.)
Holders of rec. Dec. 156
51
Jan. I Holders of rec. Dec. 15a Swedish-Amer. by,Corp., part. pf.(qu.) 134 Jan. 3 Deo.
National Tea, common (quart
11 to Jan. 6
Jan. 1
2
of
rec.
Swift
Co.
&
(quer.)
30e.
Holders
Dec.
2
(quar.)
17
Jan.
Corp.
Nelson (Herman)
Holders of rec. Dee. 156
2
Jan.
50c.
_
(guar.)..
A
class
Co.
Symington (The)
e2
Jan. 2 Holders of rec. Dec. 17
Stock dividend
Dec. 31
Syracuse Washing Mach., A & B (quar,) 75c. Jan. 1 Dec. 16 to
30e. Apr. 1 Holders of rec. Mar. 17
Quarterly
Jan. 1 Dec. 16 to Dec. 31
2
el
Class A and B (in stock)
Apr. 1 Holders of rec. Mar. 17
Stock dividend
of
Dec. 31
rec.
Holders
Jan.
10
134
Telautograph Co. (quar.)
30c. July 1 Holders of rec. June 20
Quarterly
75c. Dec. 31 Holders of rec. Dec. 100
Texas Company (qgar.)
el
July I Holders of rec. June 20
Stock dividend
of
rec.
Holders
Dec. 106
1
Jan.
75e
1)
(No.
Corporation
30e, Oct. 1 Holders of rec. Sept. 19 . Texas
Quarterly
20c. Jan. 25 Holders of rec. Dec. 27
Tenon 011 & Land (quar.)
Cl
Oct. 1 Holders of rec. Sept. 19
Stock dividend
Holders
of
1
rec.
Jan.
Dec.. 6
pref
$1.50
011,
Associated
Water
ree.
Holders
Tide
of
150
Dec.
Dec.
31
373Ic
lieVada Consolidated Copper (quar.)
3152
Name of Company.
TFE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
[VOL. 123.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded)
Tide Water 011. corn.(luer.)
37%o Dec. 31 Holders of rec. Dec. 8a
The following shows the condition of the New York City
Timken-Detroit Axle, corn.(qua?.)
15o. Jan. 1 Dec. 21 to Jan. 2
Common (extra)
50. Jan. 1 Dec. 21 to Jan. 2
Clearing House members for the week ending Dec. 11. The
Tintio Standard Mining
20o, Dec. 23 Dec. 12 to Jan. 3
Thatio Standard Mining
figures for the separate banks are the averages of the daily
30o. Jan. 3 Dec. 12 to Jan. 3
Todd Shiptards Corporation (quar.)._
$1
Dec. 20 Holders of rec. Dec. g
results. In the case of the grand totals, we also show the
Torrington Company (q11111%)
75o. Jan. 3 Holders of rec. Dec. 17
Extra
51.25 Jan. 3 Holders of rec. Dec. 17
actual figures of condition at the end of the week.
Tower Manufacturing (guar.)
373‘c Jan. 2 Holders of roe. Dec. 15a
Traveler Shoe (quar.)
37340 Jan. 3 Holders of rec. Dec. I50
NEW YORK WEFII7 Y CLEARING HOUSE RETURNS.
Truscon Steel, common (qua?.)
400. Jan. 15 Holders of rec. Jan. 50
Common(payable in common stock).... 86
(Slated in thousands of dollars-that is, three ciphers (000)
Jan. 15 Holders of rec. Jan. 150
omillsd.)
Ulen & Co., 736% preferred
33( Jan. 3 Holders of rec. Dec. 20
Eight per cent preferred
4
Jan. 3 Holders of rec. Dec. 20
New
Underwood Computing Mach- pref.(qu) $1.75 Jan. I Holders
of rec. Dec. 15
CaptialProflis. Loans,
Underwood Typewriter,common
R
(quar.) r-1
Jan. 1 Holders of rec. Dec. 4a
Week Ending
Discouni, Cash
Preferred (qua?.)
with
Nei
rim Bank
13i Jan. 1 Holders of roe. Dec. 40
Dec. 11 1936. Nat'l, June 30 InvestUnion Carbide & Carbon (qmar.)
in
Legal Demand
De- (JircaS1.50 Jan. 1 Holders of rec. Dec. 30
:Rate. Nov.15 mania, Vault. Depos Deposits. posits.
Union Tank Car, com.(in com. stock)._
gallon.
/25 Dec. 28 Holders of rec. Dec. 13a
(000 otnitte4.) Tr.Coe.Nov.15
die.
United Cigar Stores of Amer.,com.(qu.) 50c. Dec.
tortes.
Holders of rec Dec. 10a
30
Common (payable in common stock)
/1)4 Dec. 30 Holders of rec. Dec. 10a
dembers of Fed. Res.Bank. Average. Average Average Average. Average
United Drug, it pref. (qmar.)
AWL
87%o. Feb. 1 Holders of rec. Jan. 15a
3ank of N Y &
I
$
$
$
United Dyewood, prof. (qua?.)
$
$
$
$
1% Jan. 3 Holders of reo. Dec. 150
Trust Co..... 4,000 13,354
74,193
496 7,230
United Equities Corporation (special)... $1
53,603 8,307 ---Jan. 1 Holders of rec. Dec. 15
3k of Manhat'. 10,700 15,854 170.903 3.754 17,529
United Fruit(qar.)
128,680
26,878 ---$1
Jan. 3 Holders of rec. Dec. 40
3ank
of
Amer(
6,500
5,286
75,717 1.675 10,841
United Ice Service. pref. A (quar.)
82,776 3,613 ---$1.75 Jan. 3 Holders of rec. Dec. 20a
gatIonal City__ 50,000 63,133 673,231 5,307 76,310 *716,090 114,162
United Profit-Sharing Corp., com.(ext.)- 60o. Jan. 15 Holders of rec.
93
Dec.
7helaka! Nat__ 4,500 18,535 131,412 1,276 15,551
Common (payable In common stock). ix) Jan. 15 Holders of roe. Dec. 150
117,710 3,145
348
15a
im
Ex-Pac
Na
7.500 13,338 138,690 2,125 17,194
United Shoe Machinery, corn.
124,831
9,073
4,951
Holders
Jan.
of rec. Dec. 14
5
(quar.).-- 62340
gat Bk of Com_ 25.000 41,943 365,817
819 38,843
Preferred (quar.)
290,769 38,372 -3730 Jan. 5 Holders of rec. Deo. 14
7SatPh NB &
13,500 12.763 219,998 2,770 23,328
United Verde Extension Mining (quar.). 75c. Feb. 1 Holders of rec.
164,772 43,792 6,128
6
lanover Nat__ 5,000 26.003 118,055
497 13,262
U.S.Bobbin Sr Shuttle, pref.(quar.)... 1% Dec. 31 Holders of rec. Jan.
101,064
---- ---Dec. 8a
"Jorn Exchange_ 10,000 15,269 204,032 5,209 24,142
U. S. Distributing, preferred
174,156 30.986 ---3% Jan. I Holders of roe. Dec. 150
4ational
Park__
10,000
24,152
154,460
836 16,296
U.S. Gypsum,common (quar.)
124.352
6.518
3,513
40c. Dec. 31 Dec. 5 to Dec. 19
3owery & E R. 3,000 3,224
59,132 1,899 5,908
Common (extra)
40,646 18,405 1,489
e1.40 Dec. 31 Dec. 5 to Dec. 19
?fret National__ 10,000 74,875 297,938
738 26,038
Common (payable In common stock)-- (35
197.125 14,343 6,513
Dec. 31 Dee. 5 to Dec. 19
rving
Bk to Tr 22,000 19,949 292,549 3,147 34,602
Preferred (quar.)
258,315 31,491 ---1% Dec. 31 Dec. 5 to Dec.
)ontinental____ 1,000 1.269
7,913
128
U.S. Light & Heat, com (No. I)(qu.).. 50c. Jan. 3 Dec. 16 to Jan. 19
855
6,009
440 -3
Masa National_ 40,000 36,782 583,386 7,298 68,845 *531,003
Preferred A (guar.)
2,480
2% Jan. 3 Holders of rec. Dec. 20a
rush Avenue_ 600 2,985 25,289 839 3,191 24,560 43,861
U.8-Playing Card (quar.)
---- ---$2
Jan. 3 Holders of rec. Dec. 21
3onamonwealth.
800
740
13,745
587
17.8, Steel Corp., common
1,379
9,723 4,300 ---13( Dec. 30
Dec. 1
(guar.)
3arfield
Nat'l__
1,000
1,782
16,521
435 2,240
U.S. Tobacco, corn.(quar.)
15,468
470 -750. Jan. 3 Holders of rec. Dec. 13a
leaboard Nat'l_ 6,000 10,415 126,084
918 15,311
Preferred (guar.)
116.948 3,173
44
$1.75 Jan. 3 Holders of rec. Dec. 13a
lankers Trust_ 20,000 35,540 334,273 1,017 35,301 *290,828 43.673
Universal Picture Corp.. first pref.(qu.) 2
.....
Jan. 1 Holders of rec. Dec. 20
J
8
Mtge & Tr_ 3,000 4.965 62,369
814 7,944
Universal Pipe dr Radiator, pre/. (flu.)..
58.883 4,607 ---Febl'27 Holders of rec.Jan15'27a
7uaranty Trust 25,000 25,202 444,575 2,063 50,368 *433,149 61,221
--Preferred(guar.)
134 M'y2'27 Holders of rec.Apr15'27a
Pidellty Trust,.. 4,000 3,235
42,562
798 4,833
Preferred (quar.)
36,131 3,968 --- 15( Aug 1'27 Holders of rec.July15'270
iew York
10,000 21,813 171,612
620 18,555
Preferred (quar.)
137.098 21,693 --- 1% Nov1'27 Holders of rec.0ct.15'27a
rarmers
L
&
10,000
19,908
135,860
622
13.530
Utah Copper Co.(qua?.)
•102,204
$1.50 Dec. 31 Holders of rec. Dec. 15a
t;quitable 'ems 30,000 22,907 271,618 1,784 27.836 .296,748 18,284 --Vacuum 011 (qum.)
26,740 -- -boo. Dec. 20 Holders of rec. Nov.30
Extra
5oe. Dec. 20 Holders of rec. Nov.30
"otal
of
averages333,000535,2325,211,9
14
48,471
.26844,263,752581,515 25,565
Special extra
Dec. 20 Holders of rec. Nov.30
$1
Virginia Iron. Coal dr Coke, pref
234 Jan. 3 Holders of rec. Dec. 156
'otals, actual condition Dec. 11 5,193,670 50,110 586.460c4,269,485584,84225,43
Vivaudou (V.), Inc., com.(quar.)
75o. Jan. 15 Holders of rec. Doe. 316
'otals, actual condition Dec. 45,231,874 45,187530,274c4,294,575577,42325,5160
Preferred (quar.)
1% Feb. 1 Holders of rec. Jan.d15a
'orals. actual condition Nov.275,191,736 48,871 584,058c4,225.586579,87625.432
Vulcan Detinning, pref.(quar.)
1% Jan. 20 Holders of rec. Jan. 80
Preferred A (guar.)
1% Jan. 20 Holders of rec. Jan. 80
State Banks Not Members of Fed'I Res've Bank.
Preferred (account mourn.dividends). 52
Jan. 20 Holders of roe. Jan. 80
ireenwich Bank 1,000 2,645
24,664 2,128 1,990
Wabaaso Cotton (quar.)
22,849 2,662
$1 Jan. 2 Holders of rec. Dec. 150
tate
Bank__ 5,000 5,761 109,450 4,880 2,406
Bonus
40,354 64,236 ---50o. Jan. 2 Holders of roe. Dec. 15a
Wagner Electric Corp., pref.(War.)
Jan.
1%
Holders
1
--of rec. Dec. 21
'otal of averages 6,000 8,406 134,114 7.008 4,396
Waldorf System, corn.(guar.)
63,203 66,898 --3134c Jan. 3 Holders of rec. Dec. 200
Preferred(
(Nan)
200. Jan. 3 Holders of reo. Dec. 20
Natal& actual condition Dec. 11 134,622 6,917 4.147
Walworth Company. pref.(quar.)
63,257 66,954 ---75c. Dec. 31 Holders of rec. Dec. 310
'otals. actual condition Dec. 4 134,322 6,900 4,614
Wamsutta Mills(qua?.)
63,681 66,787 ---Dec. 15 Holders of rec. Nov. Sc
1
'ota'si stSual condition Nov.27 135,022 7,521 4,665
Ward Baking Corp.. class A (quar.)....,.. $2
64,605 67,393
Jan. 1 Holders of roe. Dec. 15a
Preferred (quar.)
I% Jan. 1 Holders of rec. Dec. 15a
Trust
nice
Comps
NotMem
rs
of
Fed 'I Res'ye Bank.
Warner-Quinlan Co.. com. (quer.)
50c. Jan. 3 Holders of rec. Dec. 150
'tie Guar &
10,000 19,506
Warren Bros., common (quar.)
64,281 1,820 3,979
38,507 1.328 -- -$1
Jan. 3 Holders of rec. Dec. 20a
awyers Trust_ 3,000 3.429
22,376
Common (extra)
949 1.811
17.713
818 -Holders
$1
Jan.
of
3
Dec.
rec.
200
First preferred (Ulm.)
75c. Jan. 3 Holders of rec. Dec. 20a
'oral of arerag
13,000 22,936
86,657 2,769 5.790
Second preferred (quar.)
56,220 2,146 ---8754c Jan. 3 Holders of rec. Dec. 200
Weber & Heilbroner, corn.(qua?.)
$1
Dec. 30 Holders of rec. Dec. 15a
'otals. actual condition Dec. 11
86.229 2.667 5,801
Preferred (guar.)
55,793 2,143 ---1% Mar. 1 Holders of rec. Feb. 15a
'otals, actual c. ndition Dec. 4 87,051 2,629 6,215
West Point Mfg.(guar.)
57,021 2,161 ---Jan. 3 Holders of rec. Dec. 15a
'otals.
&mai 0. Within Nov.27 89,723 2,884 8,256
Western Electric Co.(quar.)
60,013 2,139 --Dec. 31 *Holders of rec. Dec. 24
•$2.50
Western Exploration (guar.)
Sc Dec. 20 Dec. 16 to Doe. 19
led aggr.. arge.352,000566.5755,432,685 58,248587,454 4,383.175650.55925,565
Westinghouse Elec.& Mfg.,com.
Jan. 31 Holders of roe. Dec. 3Ia
(luer) $1
tomparlson w1 h prey week_ _ -12,482 +1,767-4.854 -37,342 +1,474 +42
Preferred (quar.)
$1
Jan. 15 Holders of rec. Doe. 310
Weston Electrical Instrument, M.
60o. Jan. 1 Holders of roe. Dec. 160
A(qu)
led
aggr., act' cond'n Dec. 11 5,414,521 69,694596,408 4,388,535653,93925,430
Wheeling Steel Corp.. pref. A (quar.)- Jan. 53 Holders of rec. Dec. 11
- 2
iomparlson wi h prey, week_ _ -38.726+4,978+65005 -26,742 +7.578 -86
Preferred A (account accum.dividend)
h60c. Jan. a3 Holders of rec. Dec. 11
Preferred B (quar.)
2% Jan. a3 Holders of rec. Dec. 11
r'd aggr., ariloond'n Dec. 45.453,247 54,716541,103 4,415,277646,361 25,516
Preferred B (account accum. div.)-875c. Jan. d3 Holders of rec. Dec. 11
r'd mgr.. ariloond'n Nov 215,416,481 59.276594.979 4,350.204649,408 25,432
White Eagle Oil 6: Refining (quar.)
•50c. Jan. 20 *Holders of rec. Dec. 31
r'd aggr.. milcond'n
Nov.205,351,173 54,796618,955 4.365,463628,340 25,444
j
White Motor Co (guar.)
$1
Dec. 31 Holders of rec. Dee. 15a
r'd agar.. asPloond'n Nov.136,345.490, 55.609596.168 4.363,683627,61925,530
Will dr Bauman Candle, Inc., pref.
(qu.) 2
Jan. 3 Holders of rec. Dec. 15
r'd aggr., act' cond'n Nov. 65,358.45i1 58.226583,488 4.309,068624,678 25.276
Willys-Overland Co., pref.(guar.)
1% Jan. 53 Holders of roe. Dec. 21a
r'd aggr., actl cond'n Oct. 305,396.750 56.876 598,539 4.384.710607,838 25,300
Wolverine Petroleum, corn.(No. 1)$2
Dec. 31 Holders of rec. Dec. 10
Woodley Petroleum (luer.)
15c. Dec. 31 Holders of roe. Dec. 15
Note.-U. S. deposits deducted from net demand deposits
Woolworth(F.W.) Co.,com.(In com.stk.
In the general totals
Feb. 1 Holders of rec. Jan. 100 above were as follows: Average total Dac. 11,
/50
Wrigley (Wm.)Jr. dr Co.(monthly)..
Actual totals Doe. 11,
. 250. Jan. 3 Holders of rec. Doe 200 $17,515,000; Dec. 4, $17,516,000; Nov. 27, $17,515,000.
Extra
917,516,000; Nov. 20, 917,861,000:
50c. Jan. 3 Holders of rec Dec 200 Nov. 13, 527,806,000; Nov.6, 532.717,000. Bills
Monthly
payable, rediscounts, acceptances
25c. Feb. I Holders of roe Jan 200 and other liabilities, average for week Dec. 11,
Monthly
$633,223,000: Dec. 4, $617,240,000:
250. Mar.
Holders of roe. Feb 200 Nov. 27, 3620,179,000; Nov. 20, $587,891,000; Nov.
Yale & Towne Manufacturing (guar.).13, 9590,712,000; Nov. 6,
$1
Jan. 3 Holders of roe. Dec. 10a 5601,084,000. Actual totals Dec. I I, 3618,572.000
Yates American Machine, part. pf.(qu.) 65c. Jan,
; Dec. 4, $582,048,000: Nov. 27.
2 Holders of rec. Dec. 200 $657,913,000; Nov. 20, $616,980,000; Nov. 13,
Yellow Truck & Coach. class B (guar.)._ 18
$597,811,000
; Nov.6, $624,541,000.
310 Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
* Includes deposits in foreign branches not included in total
13‘ Jan. I Holders of roe. Dec. 150
footings as follows:
Youngstown Sheet dt Tube, corn.(quar.) $1
National
Bank.
City
$162,884,000
; Chase National Bank, $11,811,000; Bankers
Dec. 31 Holders of rec. Dec. 150
Preferred (qua?.)
131 Dec. 31 Holders of rec. Dec. 150 Trust Co., $29,479,000: Guaranty Trust Co., $71,937,000; Farmers' Loan dr Trust
Zellerbach Corp., corn. (quar.)
Co., $3,234,000: Equitable Trust Co., $90,744,000. Balances
3734c Jan. 15 Holders of rec. Dec. 31
carried In bank in
foreign countries as reserve for such deposits were: National
•From unofficial sources. t The New York Stock Exchange has
City Bank,$23,040,000:
ruled that stock Chase National Bank, $2,013,000; Bankers Trust Co., 92,283,000;
will not be quoted ex-dividend on this &as and not until further
Guaranty Trust
Co., $2,748,000; Farmers' Loan dr, Trust Co.,
notice.
I
The
53,234,000: Equitable Trust CO.,
New York Curb Market Association has ruled that stock will not be
quoted ex- $6,665,000.
dividend on this date and not until further notice
c Deposits in foreign branches not included.
•Transfer books not closed for this dividend. 4 Correction. e Payable
in stock.
/Payable lu common stock. g Payable in scrip. S On account
of accumulated
The reserve position of the different groups of institutions
dividends se Payable In preferred stock.
aa British-American Tobacco dividends are one shilling and eight
on the basis of both the averages for the week and the
and ten pence interim. Transfers received In London up to Dec.8 pence regular actual
will be in time
condition at the end of the week is shown in the
for payment of dividend to transferrees.
following two tables:
bb Reo Motor dividend on Class A stock reported In previous issue an
error.
American Gas& Electric Co.stock dividend is 1-50 of a share of common stock.
I Lees 50 cents to cover third and fourth guar. installment of the 1925 income
tax. STATEMENT OF RESERVE POSITION OF CLEARING HOUSE RANEE
k Payable in cash on class A stock.
AND TRUST COMPANIES
I Declared $2 payable In quarterly Installments of 50 cents,
beginning
Jan.
with
3.
a Payable in part1c, pref stock at par, cash being paid In Ilene!' fractional
shares
o Less $2 per share to cover legal expenses of extending second mortgage
and
Averages.
third and fourth installments of 1925 Income tax.
p American Gas dr Electric regular stock dividend is 1-50th, and the special diviCash
Reserve
dend 4-10ths, for each share of new no par common stock.
Reserve
in
Total
Resent
Surging
o American Piano stock dividend Is at rate of one share for each one hundred shares.
On Vault. Depositaries Reserve.
Required.
Reserve.
r Electric Investor stock dividend is three-fiftieths of a share of common stock
for each share held.
Members Federal
$
$
I At rate of 8% per annum for period from May 1 to Dec. 31 1925
Reserve banks_ 577,268,000 577,268,000 571,733,210 5,534.790
Chemical National Bank stock dividend of $500.000. subject to ratification by State banks.
7,008,000 4,396.000 11,404,000
27,460
stockholders at meeting in January.
Trust companies.-- 2,769,000 5,790,000 8,559,000 11,376,540
8,433,000
126,000
u Payable in stock dividend certificates exchangeable May 1 1927 for $25 par value
eommon stock at the rate of two shares for each one hundred shares.
Total Dec.
9,777,000 587,454,000 597,231,000 591,542,750 5,688,250
oLess 75 cents per share to cover third and fourth Installments of 1925 Income tax.
Total Dec. 4--- 9,957,000 592,308,000 602.265,000 590,419,700
5,845,300
w In lieu of cash, dividends may be taken in stock as follows: on class A corn.,
Total Nov. 27.... 10,028,000 584.914.000 594.940,000 585,937,530
9.002,470
1-40 of a share of class A stock for each share; on class B at rate of $10 per share In
TotalNov.20_ - 9.102,000580,773,000 590,475.000
587.120.160 3.364,840
class B stock for each share of class B stock held.
S United Profit-Sharing stock dividend is one share com,stock for each 20 shares.
• Not members of Federal Reserve Bank.
g In lieu of cash dividends may be taken In stock at the rate 3 15-100 of a share
b This Is the reserve required on net demand deposits in the case
of State banks
of class A stock for each share of original series pref. stock andof
and trust companies. but In the case of members
55-100
share
of
a
of
of the Federal Reserve Bank
Class A stock for each share of 97 dividend series pref. stock.
also amount of reserve required on net time deposits, which was as follows:
H. M. Byliesby Sr Co. stock dividend is one-twenty-fifth of a share of class A includes
Dec. 11.517,445,450; Dec. 4,$17,388,630; Nov. 27, 316,953,480, Nov. 20,
616,775:
stock for each share of class A & B held.
430; Nov. 13. 818,675,290.
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_ _ _
State banks*
Trust companies*__ _
3153
THE CHRONICLE
DEC. 18 1926.]
a
Reserve
Required.
Total
Re-serve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
586,460,000 586,460,000 572,578,310 13,881,690
6,917,000 4,147,000 11,064,000 11,386,260 -322,260
99,050
2,667,000 5,801,000 8,468,000 8,368,950
9,584.000 596,408.000 605,992,000 592,333,520 13,658,480
Total Dec. 11__
9,529,000 541,103,000 550.632,000 595,633,170 -45,001,170
Total Deo. 4
10,405,000 594,979,000 605,384,000 587,353,310 18,030.690
Total Nov. 27.Total Nov.20.... 9,388,000 618,955.000 628,343,000 688,739,880 39,603,120
•Not members of Federal Reserve Bank.
a This Is the reserve reouired on net demand deposits in the case of State banks
inand trust companies, but in the case of members of the Federal ReserveasBank
follows:
chides also amount of reserve required on net time deposits, which was
$16,758,20.
Nov.
317,396,280;
Nov.27,
$17,322,690;
4,
Dec.
Dec. 11.317.545,260;
960; Nov. 13. 816,743,180.
Dec. 15
1926.
Change*from
Previous Week.
Dec.8
1926.
Dec. I
1926.
$
$
$
5
69,500,000
69,500,000
69.500,000 Unchanged
Capital
94,021,000
94,021.000
94,021,000 Unchanged
Surplus and profits
Loans, dIseta & invest.. 1,030,759.000 Inc. 1,330,000 1,029.429,000 1,038,162,000
691,518,000 Inc. 10,945,000 680.573,000 697.304.000
Individual depos1te
133,952,000 Dec. 3,591,000 137,543,000 134,519,000
Due to banks
237,659,000 Dec. 450,000 238,109,000 238,044,000
Time deposits
9,641,000
9,639,000
10,923,000 Inc. 1.284,000
United States deposits_
31,264,000
27,801,000
31,183,000 Inc. 3,382.000
Exchanges for Cl'g H'se
82,523,000
79,021,000
3,331,000
Inc.
82,352,000
Due from other banks81,713.000
80,634,000
264,000
80,898,000 Inc.
Reeve in legal deposles
11,350,000
663,000
11,450,000
12,113,000 Inc.
Cash in bank
814.006
391,000
27,000
Dec.
364.000
Redeye excees In F.R.Bk
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust comfor the week ending Dec. 11, with comparative figures
return
panies in New York City not in the Clearing House as follows:
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.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished bp Nato Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week.
Dec. 11.
$1,235,028,300 Dec. $9,100,300 is not a part of legal reserve. For trust companies not memLoans and investments
3,800
4,709,500 Inc.
Gold
is
150,200. bers of the Federal Reserve System the reserve required
25,579,000 Inc.
Currency notes
237,200
98,047,800 Dec.
Deposits with Federal Reserve Bank of New York
deposits and includes "Reserve with legal
demand
on
10%
Dec.
22,484.000
1,273,913,900
Total deposits
Deposits, eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y.City,exchange,and U.S.deposits 1,203,113,800 Dec. 17,448,600
169,662,200 Dec. 2,368,200
Reserve In deposits
Percentage of reserves, 20.2%.
RESERVE.
- -Trust Companies-State Banks
$85,512,100 14.97%
*$42.824,200 16.02%
Cash In vault
28,496,000 04.98%
Deposits In banks and trust cos_ _ _ _ 12,829,900 04.80%
3114,008,100 19.95%
$55,654,100 20.82%
Total
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 11 was $98,047,800.
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 EndedAug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
Loan, and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,574.966.900
6.544.607.200
6,538,084.700
6.588.168.500
6,593,206,900
6.625,391.700
8,616,162.700
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
60599,992,200
6.689,295.600
6.667.713.300
•
.1
5.700,305,900
5.437,978,000
5.522.021.300
5,512.541,300
5,M9,556,300
5. 17.019,600
5,578.966,700
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
5.5iu8 nag Ann
$
83,952.500
80.536.800
82.328.600
83,086.700
87.287,200
85,257.300
83,108,800
84.153,500
85.684,200
89,206.200
84,662.600
86,186.300
86,272.300
87,381.300
84,480,000
864,684,000
76.615,500
88 536500
$
712,571,100
709,242.000
708,699,500
105,865.300
713,794,700
725.144,400
718.452.500
733.798.400
730.174.601
719,799,100
722.780.700
717.062.806
723.552.601)
721.151.800
724,021,006
728,368.606
734,203,700
726.827.700
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.
Mated is Metssaads of dollars-that is, three ciphers 10001 omitted.)
Loans.
CLEARING
NON-MEMBERS Capital.
Week Ending
Dec. 11 1926.
Members of
Fed'.Res'ye Bank.
Grace Nat Bank__ _
Total
State Banks.
Not Members 01 the
Federal Reserve Bank.
Brink of Wash. Ilia_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr., Bayous
Net
COUW.
Profits. Investments,
dbc.
Cash
in
Vault.
Average. AMMO. Average. Average.
$
$
8.431
3,553
1,246
56
1.000
$
1.883
14,820
1.0001
1.883
14,820
56
1,246
8.431
3,553
4
1.2 I,
1,028, 9,973
3.305' 34,200
906
3,590
391
1,730
6,654
28,835
2,988
5,404
1.600
4,334
44,173
4,496
2.121
35.489
8,392
500
610
9,105
504
191
3,826
5,797
500
610
9,105
504
3.100
Grand aggregate_ _ _
Comparison with prey. week
6.828
68,098
+1,679
5,056
+154
Total
Reserve
Net
Net
with
Legal Demand Time
Deposi- Deposits. Deposits,
tortes.
3,826
5,797
3,51 a47,746
+14 +1,853
17,742
--97
191
4.902' 3,414, a45,893 17,839
6.828 66,419
3,100
Gr'd agar., Dec. 4
,396. a47,109 17.889
6,717 67,682
3,100
5,093
Gr'd neer.. Nov 27
4,891
6.717 67,806
3,100
3,519 a47,400 18,281
Or% aggr.. Nov. 20
3.412 a48.210 18,245
5.130
6.717 68.268
3,100
cr.d eggs.. Nov. 13
a United States deposits deducted, $11,000.
Bills payable, rediscounts. acceptances, and other liabilities, $3,485,000.
F.30083 reserve, $20,680 increase.
1
Week Ended Dec. 11 1928.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.Systern Companies
Capital
Surplus and profit,
Loans. dise'ts & Investm'ts
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal deposit's_
Reserve with F. R.Bank_.
Cash In vault*
Total reserve & cash held_ _
Reserve required
Excess res. & cash in vault
349,975,0
150,266,0
952,094,0
34,179,0
96,128,0
128,471,0
637,014,0
157.368.0
922,853.0
70,232,0
*13,010,0
83,242,0
69,757,0
13,485,0
1926
Total.
Noe. 27
1928.
Dec.4
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
12,968,0
85,199,0
74,068.0
11,131,0
$5,000,0 $54,975,0 $54,975,0
17,778,0 168,044,0 168,044,0
47,925,0 1000,119,0 1002.491,0
327.0 34.506,0 40.825,0
16.0 96,144,0 107.385,0
872,0 129,343.0 133,317.0
27,651,0 664,665,0 673.038,0
2,269,0 159,637,0 160,073.0
30,792.0 953,645,0 966,428,0
3.695.0
3,431,0
3,431,0
70,232.0 69,973,0
1,537,0 14,547.0 13,317.0
4,968,0 88,210,0 86,985.0
4.340,0 74,097,0 74,408,0
628.0 14,113,0 12,577,0
•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. 15 1926 in
comparison with the previous week and the corresponding
date last year:
Dec. 15 1926. Dec. 8 1926. Dec. 161925.
$
Resources323,155,000 238,312,000 380,109,000
Agent
Gold with Federal Reserve
14.913.000
10,876,060
13,200,000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively asst. F.R.notes 336,355,000
Gold settlement fund with F. R. Board_ 166,052,000
Gold and gold certificate, held by bank 450,142,000
253.225,000
265.249.000
429,921.000
390,985,000
186,168,000
337,044,000
Total gold reserves
Reserves other than gold
952,549.000
23,670,000
948.395,000
24.430,000
914,197,000
25,642,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bill, discounted
976,219,000
12,937,000
972.825.000
12.998.000
939,839,000
16,594,000
84,640,000
15,389,000
124,125,000
35,891,000
103,177,000
43,490,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedneas
100,029,000
109,189,000
160,016,000
123,665,000
146,667,000
17,908,000
1,322,000
9,588,000
202,685,000
10,972.000
22.108.000
37.315.000
16,419,000
32,286,000
91,182,000
Total U.S. Government securities__ 213,595,000
Foreign loans on gold
70,395,000
139,887,000
2,376,000
Total bills and securities (See Note)
422,813,000
354.076,000
306,838,000
Due from foreign bank,(See Note)
Uncollected items
Bank premises
All other resources
650,000
222,861,000
16,740,000
927,000
651,000
156.517,000
16,740.000
3.197.000
710,000
228,153,000
17.261,000
3,235,000
Total resources
1,653,147,000 1.517,004,000 1,512,630,000
LiabilitiesFern Reserve notes in actual circulation- 403,856,000
Deposits-Member bank, reserve acel... 946,457,000
933,000
Government
2,891.000
Foreign bank (See Note)
11,239,000
Other deposits
389.616.000
877,443,000
3.584,000
3.799,000
8.836.000
369,551,000
852,827,000
533,000
6,813,000
8,965,000
961,520,000
186,473,000
36,419,000
59.964,000
4,915,000
893.662,000
132,648,000
36.409.000
59.964.000
4.705,000
869,138,000
178,490,000
32,190,000
58,749,000
4,512.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
1,653,147,000 1.517,004,000 1.512,630,000
Ratio of total reserves to deposit and
75.9%
75.8%
71.5%
Fed'I Reeve note liabilities combined_
Contingent liability on bills purchased
13,454,000
19,340,000
15,107,000
for foreign correspondents
NOTE -Beginning with the statement of Oct. 7 1925. two new Items were added
In order to show separately the amount of 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 caption "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.
3154
THE CHRONICLE
[VOL. 123.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 16, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present
the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
ham week appears on page 3113, 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 15 1936.
Dec. 15 1926. Dec. 8 1926. Dec. 1 1926. Nov. 24 1926. Nov. 17 1926. Nov. 10 1926. Nov. 3 1926. Oct. 27 1926. Dec. 16 1925.
RESOURCES.
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve agents
1,435,352,000 1,348,339,000 1,342,346.000 1,395,138,000 1,397,938,000 1,387,666,000 1,337.772,000 1,411,623,000 1,394,759,000
Gold redemption fund with U. S. Treas54,844,000
59.599,000
56,229,000
58.314,000
68,396.000
54,570,000
61,931,000
62.770.000
54,130,000
Gold held exclusively agst. F.R. notes 1,491,581,000 1,406,653,000 1,401,945,000 1,449,982,000 1,456,334,000 1,450,436,000 1,399,703,000
1,465,763,000 1,449.329,000
Gold settlement fund with F.R.Board
622,656,000 731,402,000 739,979,000 696,966,000 709,237,000 744,647,000
664,899,000
Gold and gold certificates held by banks. 716,480,000 690.338,000 687,701,000 682.782,000 685.518,000 646,672,000 789,574,000 727.545,000
617,997,000 630,029.000 587.358,000
Total gold reserves
2,830,717,000 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 2,701,586,000
Reserves other than gold
121,331,000 121,060.000 126,526,000 128,201.000 133,623,000 128.129,000 127,411,000 130.750,000 108,358,000
Total reserves
2,952,048,000 2,949,453,000 2,956.151,000 2,957,931,000 2,984.712,000 2,969,884,000 2,934,685,000 2,954,077,000 2,809,944,000
Non-reserve cash
51,007,000
48,920,000
49,116,000
47,236,000
56,379.000
53.740,000
45,663,000
46,957,000
52,841,000
13111s discounted:
Secured by U. S. Govt. obligations__ 321,981,000 348,334,000 351,060,000 335.499.000
287,369,000
343.121,000
288.198,000
347,003,000
318.185.000
Other bills discounted
240.326.000 256,392,000 294,416,000 292.105,000 278.789,000 294,044.000 328,896.000 315,738,000 275,946,000
Total bills discounted
562,307,000 604,726,000 645,476,000 627,604,000 566,987,000 681,413.000 675,898,000 631,923.000 61.9,067,000
Bills bought in open market
384,125,000 390,989,000 368,163,000 340,629,000 347,882,000 339.901,000 332.098,000 307,541,000 352,692,000
U. S. Government securities:
Bonds
46,428,000
56,436,000
48,021,000
45,668,000
47,630,000
46,482.000
73,451,000
47.211.000
46,611,000
Treasury notes
82,216,000 118.214,000 112,912.000 112.583,000 113,544,000 113,003,000 138.416.000 135.901,000 153,740,000
Certificates of indebtedness
349,595,000 148,933.000 144,975,000 141,653.000 146.956,000 140,882,000 118,719,000 117,662,000 171,280,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
478,239,000
2,564,000
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
Total bills and securities (see note)._ 1,427,235,000 1,321,861.000 1,322,111,000 1,270,681,000 1,225,533,000 1.224,181,000 1,312,842,000
Due from foreign banks (see note)
650.000
651.000 . 652,000
651,000
651,000
650.000
650,000
Uncollected items
894,699,000 669,517,000 729,046,000 694,469.000 854,986.000 704,567.000 695,976.000
Bank premises
60,148,000
60.125,000
60.106,000
60.093.000
60,084,000
60.051,000
60,051.000
All other resources
13,919,000
15,710,000
15,339,000
14,924.000
14,772,000
14.161,000
13,961.000
Total resources
LIABILITIES.
F. It. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (ass no4e)
Other deposits
398,471,000
3,195,000
8,798,000
1,242,138,000 1,382,223,000
710,000
650,000
693,558,000 952,147,000
61,607,000
60.047.000
17,632,000
13,752,000
300,174,000
2,500,000
5,399,706.000 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 5.269,926,000
1,840,132,000 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 1,788,230,000
2,353,883,000 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 2,264,797,000
0,170,000
25.798,000
35,689,000
28,118,000
5,954,000
29.226,000
17,867,000
32.932,000
38,546,000
6.204,000
13,459,000
14,065,000
13,883.000
12,973,000
8.398,000
12.186,000
9,938,000
8.258,000
26,223.000
18.361,000
17.441.000
17.904,000
21.356,000
20,713.000
18,413.000
23.976.000
17.431,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
Ratio of gold reserves to deposit and
F. R. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
Enstribulion by Ma,,rities1-15 day bills 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. S. 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. S. certif. of indebtedness_
81-60 days municipal warrants
01-90 days bills bought in open market_
81-90 days bills discounted
01-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2,392,480.000 2.288,589.000 2.324.360.000 2,262.311,000 2,301.120.000 2.264,869,000
2,281.131,000 2,300,505,000
797,018,000 604.185,000 667,987,000 641,028.000 777.322.000 643,311.000 2.276.419,000
665,233,000 638,465,000 827,072,000
124,752,000 124,734,000 124.462.000 124.441.000
124,885.000 124,379,000 124,392.000 116.964.000
124.906.000
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
25,014,000
24,632,000
23.776,000
23,841,000
23,351,000
23,178,000
23.071.000
22,254,000
19.318,000
-5,399,706,000 5,066,237,000 5,132,521,000 6,045,985,000 5,197,117,000
5,027,234,000 5.065,122,000 5,017,063,000 5,269,926,000
66.9%
69.1%
69.1%
70.1%
70.4%
70.7%
69.6%
70.3%
66.1%
69.7%
72.1%
72.2%
73.3%
73.7%
74.0%
72.8%
73.6%
68.7%
50,491,000
48.837,000
48,889,000
48,887,000
40.177.000
46,093,000
40,344,000
40.945.000
50,967,000
$
142,583.000
446,962,000
183,000,000
$
150.949.000
483,009,000
32,041,000
$
141.706,000
515,094.000
45,494.000
3
114.422,000
494,608.000
500,000
S
118.081.000
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
100,223,000
483,252.000
92,730,000
77,340,000
39,153.000
72.986.000
37.705,000
65,051.000
40,005,000
59.899,000
41,032,000
49.217.000
57,686,000
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
70,338,000
40,275.000
97.685,000
42,924,000
105.149,000
48,069,000
•
103,995,000
53,000,000
101,734,000
55,231,000
96,883.000
57,044,000
90,048.000
55,466.000
48,921.000
84.738.000
61.189.000
44.084.000
63,000
54.301,000
26,172.000
64,000
47,883,000
28,088,000
84,092,000
61.099.000
44,103,000
99.096,000
49,247,000
64,000
50,468.000
26,096.000
1,000
44,000
54.270,000
27.454,000
34,000
63.310.000
25,867,000
69,254,000
26.544,000
64.329.000
32,864,000
67.887.000
33,131,000
45,000
67,039,000
35,871,000
7,049,000
7,182.000
161,594,000
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
15,996,000
10.422,000
78,550,000
s
$
$
$
F. R. notes received from Comptroller__ 2,994.086.000 2.953,343.000 2,939.409.000 2.942.033,000 2.953,990.000 2,940.133.000 2,936.126.000
2,945,963,000 2,945,883.000
F. R. notes held by F. It. Agent
805,711,000 795,801,000 824,007,000 851,260,000 866,761.000 856,221,000 875,780,000 877,685,000
831,719,000
Issued to Federal Reserve Banks
2,188,375,000 2,157,542.000 2,115.402,000 2,090,773.000 2,087,229,000 2,083,912,000 2,060,346,000 2,068,178,000 2,114,164,000
How SecuredBy gold and gold certificates
Dold redemption fund
Glold fund-Federal Reserve Board
By eligible paper
306,274,000
104.828,000
1,024,250.000
919.193,000
306,453,000
109.610.000
932,276,000
975,741.000
9 954. SAC AAA 9 995
nvn
306.453.000
101,627.000
934.266,000
988,404,000
306.452,000
101,684,000
987.002,000
939,544.000
AAA 9 590 7ml AM 9 724 R59
nnn
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
92,990.000
96,106.000
937,369,000 1,009,088,000
958.606,000 900.057,000
9 950 97A MA 9 979 5/19 Ann', 0115 990 Ann,,... non
303,851,000
108,101,000
982,807,000
919,180,000
MIS ^P 112
010 (1110
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separa ely the amount of balances
held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate
Bank debentures, was changed to
"Other securities." and the caption. "Total earning EISSete to -Total bills and securities." The latter Item was adopted as a Credit
more
description of the total of
accurate
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.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.15 192e"
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. bfintseap. Han.
Federal Reserve Bank ofCity Dallas. San Fran.
Total.
$
$
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 134,580,0 323,155,0 106,950,0 152,860,0 72.757,0 126,806,0 148,461,0 17,589.0 58,316,0 61,079,0 36,238,0
196,561,0 1,435,352,0
13,200,0 10,756.0 5,606,0 1,392,0 3,417,0 6,893,0 1,318.0 1,837,0
0014 red'n fund with U.S. Treas. 4,578,0
2,812.0 2.242,0 2,178,0
66,229.0
Gold held excl. eget. F.R. notes 139.158,0 336,355.0 117,706,0 158,466,0 74,149.0 130,223,0 155,354,0 18,907.0 60.153,0
38,480,0 198,739,0 1,491.581,0
Gold settle't fund with F.R.Board 42,975.0 166.052,0 38.276,0 53,671,0 30,099,0 23,317,0 144,279,0 19,760,0 20,024,0 63.891.0
28,358,0 25,009,0 30,836,0 622,656,0
Gold and gold certificates
35,988,0 450.142,0 28,703,0 47.316,0 10,881,0 4.326.0 65,091,0 13,171,0 6.893,0
6,057,0 8.620,0 39,292,0 716,480.0
Total gold reserves
218,121,0 952,549.0 184,685,0 259,453,0 115,129,0 157,866,0 364,724,0 61,838,0 87.070,0
98,306.0
268,867,0 2,830.717.0
Reserves other than gold
14.021,0
23,670,0 3.851,0 9,431.0 5,749.0 9,969,0 19,572,0 13.467,0 3,373,0 4,880,0 72,109,0
7,946,0 5,402,0 121,331.0
Total reserves
232,142,0 976.219,0 188,536,0 268,884,0 120.878,0 167,835.0 384,296,0 65.305.0 90,443.0
103,186,0 80.055,0$74.269,0 2,952,048,0
Non-reserve cash
12,937,0
7,357,0
779,0 3,905.0 2,618,0 3,631,0 8,948.0 3,178,0 1.034,0 2,289,0 1,646,0
51,007,0
2,685,0
Bills discounted:
Sec. by U. S. Govt. obligations 32,006,0
84.640,0 36,243.0 54.363,0 7,308,0 4,288,0 64,026.0 15.407,0
774,0 6.270,0 3.223,0 13.433,0 321,981,0
Other bills discounted
12,845,0
15,389,0 16,825,0 34,379,0 20,335,0 41,032,0 35,911,0 19,777,0 3.223,0 10,327.0
5,467.0 24,816.0 240.326,0
Total bills discounted
44,851.0 100,029,0 53,068.0 88.742,0 27,643.0 45.320,0 99,937.0 35.184,0 3,997,0 16.597,0 8,690,0 38,249,0 562.307,0
Bills bought in open market
35.436,0 109,189,0 25.233,0 35,354,0 12,252.0 25.324,0 51,146.0 12,849,0 12,969,0 19,467.0 14,346,0 30,560,0 384,125,0
U. S. Government securities:
Bonds
585,0 1,121,0 1,191,0
1,322,0
529.0
267,0 19,988,0 2,076,0 7,568,0 8,589.0 3,105,0
46,428,0
87,0
Treasury notes
1,893,0
9.587,0 15,265,0 17,939,0 1,108,0 1,543.0 5,431.0 6,632.0 1.620,0 3,694.0 3.355,0 14,149,0
82,216,0
Certificates of indebtedness
6,758,0 202.686,0 13,845,0 15.613,0 4,485,0
1,0 33,229.0 13.861,0 6.881,0 14,736.0 14,241.0 23.259,0 349,595,0
Total U. S. Govt. sororities_ -- 9.180.0 213.595.0 29.695.0 34,673.0 6.784,0 1,911,0 58,648.0 22,569,0 18.069.0
27.019.0 20.701.0 37.495.0 478,239.0
RESOURCES (Concluded)Two Ciphers (00) omitted.
Boston.
New York.
$
89,467,0
83,654,0
4,068,0
100.0
Phila.
Cleveland. Richmord Atlanta. Chicago. St. Louis. Minneap Kan.Clip
$
3
S
2,000,0
$
Other securities
Total bills and securities
)ue from foreign banks
Incollected items
lank premises
LII other resources
3155
. THE CHRONICLE
DEC. 18 1926.]
$
564,0
$
$
$
Total.
Dallas. San Fran.
$
$
$
$
2,564,0
422,813,0 109,996,0 158,769,0 46,679,0 72,455,0 209,731,0 70,602,0 33,599,0 63,083,0 43,737,0 106,304,0 1,427,235,0
650,0
650,0
222,861,0 84,488,0 86,272,0 73,221,0 36,466,0 110,194,0 43,735,0 17,974,0 49,827,0 32,907,0 53,100,0 894,699,0
60,148,0
3,523.0
4,111,0
2.940,0
4,668.0
1,793,0
16,740.0 1,605.0 7,409,0 2,364,0 2,992,0 7,935,0
13,919,0
621,0
394,0 2,755,0
710,0 3,013,0
349,0 1,029,0 2,645,0
348,0 1,028,0
927,0
416,788,0 1,653,147,0 385,752,0 526,267,0 246,109,0 284,408,0 723,749,0 187,641,0 149,003,0 223,674,0 160,532,0 442,636,0 5,399,706,0
Total resources
LIABILITIES.
188,355,0 1,840,132,0
F. R. notes In actual circulation_ 159,769,0 403,856,0 139,655,0 224,448,0 85,703,0 165,454,0 236,608,0 47,131,0 67,888,0 72.033,0 49,232,0
/Waits:
53,529,0
93,229,0
63,285,0
170,834,0 2,353,883,0
334,918,0
81,175,0
69,139,0
185,333,0
69,940,0
135,793,0
150,251,0
946,457,0
Member bank-reserve wet
197,0
6,170,0
102,0
411,0
506,0
811,0
418,0
334,0
338,0
560.0 1,311,0
933,0
249,0
Government
6,204,0
160,0
315,0
146,0
178,0
196,0
625,0
242,0
183,0
433,0
488,0
2,891,0
347,0
Foreign bank
122,0
6,188,0
26,223,0
243,0
537,0
483,0
5,304,0
244.0
210,0
1,408,0
129,0
11,239,0
116,0
Other deposits
150,976,0 961,520.0 136,680,0 187,789,0 71,737,0 69.866,0 341,658,0 82,272,0 54,718,0 94,061,0 63,669.0 177,534,0 2,392,480,0
Total deposits
79,020,0 186,473.0 75,165,0 75,114,0 69,172,0 33,625,0 94,431,0 41,914,0 14,447,0 43,137,0 34,587,0 49,933,0 797,018,0
)eferred availability items
8,800,0
36,419,0 12,605,0 13,618,0 6,098,0 5,031,0 16,685,0 5,302,0 3,074,0 4.185,0 4,302,0 8,633,0 124,752,0
)apital paid In
17,020,0
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
lurplus
25,014,0
1,127,0 3,110,0
1,203,0
4,915,0 1,183,0 2,404,0 1,480,0 1,732,0 3.754,0 1,452,0 1.375,0 1,279,0
111 other liabilities
416,788,0 1,653,147,0 385,752,0 526,267,0 246,109,0 284,408,0 723,749,0 187,641,0 149,003,0 223,674,0 160,532,0 442,636,0 5,399,706,0
Total liabilities
Memoranda.
69.7
75.0
70.9
62.1
73.8
50.5
66.5
71.3
65.2
76.8
68.2
71.5
74.7
teserve ratio (per cent)
lontingent liability on bills pur50,491,0
15,107,0 4.630,0 5,215,0 2,583,0 1,949,0 6,677,0 2,096,0 1,560,0 1,901,0 1.706,0 3,363,0
chased for foreign corresponets 3,704,0
r. R. notes on.hand (notes reed
from F. R. Agent less notes in
97,636,0 28,295,0 21,465,0 12,338,0 30,734,0 35,958,0 4,583,0 4,892,0 14,173,0 7,461,0 41,910,0 348,243,0
48,798,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 15 1936
Federal Reserve Agent at-
Total.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
$
5
$
$
5
5
$
$
5
5
5
$
786,812,0 202,750,0 283,653,0 125,920,0 258,543,0 452,483,0 72,234,0 88,423,0 115.416,0 74,120.0 277,265,0 2,994,086,0
285,320,0 34,800,0 37,740,0 27,879,0 62,355,0 179,917,0 20,520,0 15,643,0 29,210,0 17,427,0 47,000,0 805,711,0
Boston. New York.
(Two Ciphers (00) omitted.)
$
F.R.notee rec'd from Comptroller 256,467,0
F.R.not,ee held by F. R. Agent__ 47,900,0
F.R.notes issued to F. R. Bank 208.567,0
Collateral held as security for
F.R.notes Issued to F R.Bk.:
Gold and gold cert1ficates__ 35,300,0
10,280,0
Gold redemption fund
Gold fund-F.It. Board
89,000,0
Eligible paper
80,287,0
501,492,0 167,950,0 245,913,0 98,041,0 196,188,0 272,566,0 51,714,0 72,780,0 86,206,0 56,693,0 230,265,0 2,188,375,0
214,867,0
519,370,0 177,407,0 274,130,0 110,702,0 197.362,0 299,328,0 65,550,0 74,990,0 96,993,0 59.186,0 264,654,0 2,354.545.0
Total collateral
18,343,0
7,620,0 13,507,0
8,780,0 28,805,0 15,222,0
168,697,0
809.0 4,219,0 4,895,0
1,669.0
23,458,0 8,973,0 14,080,0 5,952,0 8,584,0 2,817,0
131,000,0 97,977,0 130,000.0 38,000,0 103,000,0 145,644,0 8,300,0 44,000,0 56,860,0 13,000,0
196,215,0 70.457,0 121,270,0 37,945,0 70,555,0 150,867,0 47,961,0 16,680,0 35,914.0 22,948,0
10,000,0 306,274,0
19,092,0 104,828,0
167,469,0 1,024,250,0
68,093,0 919,193.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the GCB 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 3113
1. Data for all reporting member banks in each Federal Reserve District at close of business DECENIBAR 8 1926
Boston. New York
Federal Reserve District.
Phila.
(Three ciphers (000) omitted.)
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan. City
Dallas. San Fran.
Total.
98
31
24
66
47
$
4,653
150,940
360,659
$
$
18,220
5,573
108,233 880,581
407,818 1,286,215
$
6,809
190,789
313,813
5
3,278
68,852
172,633
3
4,587
107.455
303,187
$
2,506
72,269
243,130
815,020 1,362,219
516,252
521,624 2,185,016
511,411
244,763
415,229
317,905 1,297,716 14,341,537
81,007
266,451
271,443
363,794
63,720
67,904
38,162
58,801
300,546
446,908
60,998
118,465
67,727
46,580
101,343
93,117
347,458
635,237
131,624
96,963
194,460
Total loans and Investments
1,393,759 7,304,515 1,162,478 1,997,456
83,740 124,510
Reserve balances with F. R.Bank
98,268 771,103
36,803
20,022
Cash In vault
85,137
23,410
Net demand deposits
904,387 5,533,966 777,685 1,019,082
Time deposits
428,399 1,347,493 244,343 806,554
5,699
9,480
Government deposits
9,066
21,488
Bills pay. dr teens. with F. R. Bk.:
38,577
7,860
16,675 106,988
Secured by U.S.Gov't obligations
25,051
7,239
11,171
All other
25.778
647,876
40,573
16,284
385,158
206,244
1,784
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and disccamt8
93
50
75
68
IS
$
8,298
45,295
348,780 2,175,077
644,946 2,931,986
$
10,739
426,727
377,554
5
21,460
551,961
788,798
38
1,002,024 5,152,358
Total loans and discounts
Investments:
U. S. Government securities__ _ 136,930 981,136
Other bonds, stocks and securities 254,805 1,171,021
391,735 2,152,157
Total investments
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank eltiee:
Due to banks
132,766
15,099
123,656 1,022,694
157,209
27,846
qd 52.1
un AAA
AQ 00.1
35
747,454
179,463
114,307
618,587 2,932,470
39,044 235,754
11,921
55,960
332,868 1,784,570
224,080 1.057,500
3,634
10,007
690,874
46,895
8,892
411,703
212,341
1,323
359,070 609.689
53,389
26,110
12,593
5,962
219,450 485,811
125,870 145,404
481
1,041
890
3
3
137,614
6,196
318,370 5,400,034
973,150 8,803,889
65
50,796
25,233
244,221 2,398,029
220,247 3,133,326
76.029
464,468 5,531,35.5
393,934 1,762,184 19,872,892
28,714 111,956 1,660,056
10.608
24,673
312,265
270,412 799,437 12,924,329
100,447 881,294 5,779,969
2,800
7,070
73,873
2,215
5,901
4,520
22,072
47.116
19,714
5,819
10,008
700
2,428
4,255
3.843
5,297
23,011
13,318
259,052
150,504
63,628
8,116
26,592
66,830
15,827
700
6,683
9,140
36,329
409,5.56
44,655
700
33,680
18,215
48,261
90004
94,654
33,494
11 099
342,166
100 101
81,627
17)0.1
41100
20451
90
27791
108,137 2,108,448
47848
527.890
3. Data of reporting member banks in New York City. Chicago. and for the whole country.
All Reporting Member Banks.
Dec. 8 1926,
Dec. 1 1926.
Reporting Member Bank,* in N. Y. City.
Reporting Member Banks In adman
Dec. 9 1925. Dec. 8 1926. Dec. 1 1926. Dec. 9 1925. Dec. 8 1926. Dec. 1 1926. Dec. 9 1925.
I
722
55
61
55
691
690
Number of reporting banks
$
3
3
$
$
3
Loans and discounts, grow:
175,892,000
42,451,000
45,512,000
59.630,000
Secured by U.S. Gov't obligations
143,086,000
137,614,000
5,400,034,000 5,422,360,000 5,440,124,000 1,885,282,000 1,915,545,000 2,130,033,000
Secured by stocks and bonds
8,803,889.000 8,810,038,000 8,435,708,000 2,553,545,000 2,584,031,000 2.309,009,000
All other loans and discounts
45
$
12,546,000
662.751,000
724.822,000
46
$
14,347,000
665,123,000
719,425,000
46
3
17,571,000
637,610,000
685,118,000
14,341,537,000 14,375,484,000 14.051.724,000 4,511,281,000 4,545,088,000 4,498,672,000 1,400,119,000 1,398,895,000 1.340,299,000
Total loans and discounts
Investments
2,398,029.000 2,396,864,000 2,492,598,000 885,153,000 880,832,000 909,932,000 157.860,000 157,228,000 173,277,000
U.S. Government securities
Other bonds, stocks and securities- 3.133,326,000 3,124,537,000 2,924,475,000 861,862,000 853,516,000 809,688,000 204,818,000 204.402,000 193,903,000
Total investment!
5,531,355,000 5,521,401.000 5,417,073,000 1.747,015,000 1,734,378,000 1,719,620,000
362,678,000
361,630,000
367,180,000
19,872,892.000 19.896.885,000 19,468,797,000 6,258.296,000 6,279,466,000 6,218-292,000 1,762,797,000 1.760,525,000 1,707,479,000
Total loans and Investments
1,660,056.000 1,677,634,000 1,683,188.000 714,186,000 724,586,000 724,911,000 164,596,000 175,021,000 168,604.000
Reserve balances with F.B. Banks
25.223.000
71,119,000
23,169.000
20,705,000
313.407,000
67,917,000
60,672,000
312,265,000
288,994,000
Cash in vault
12,924,329,000
.13043394000 13,154,207,000 4,973,816,000 5,085,327,000 5,166,027,000 1,218,736,000 1,215.079,000 1,188,504,000
deposits
Net demand
5,779.969,000 5,786,497,000 5,342,727.000 907,594,000 900,126,000 785,260,000 516,295.000 515,972,000 502,302,000
Time deposits
1,497,000
5,397,000
5,397.000
19,682,000
38,566,000
9,649,000
74,082,000
19,684,000
Government deposits
73,873,000
Bills payable and rediscounts with
po Federal Reserve Banks:
26,664,000
17,125,000
10,099,000
54,800,000
83,795,000
260,719,000
284,566.000
95,450,000
259,052,b00
Secured by U. S. Gov't obligations...
3,883,000
6,018,000
53,123,000
2,622.000
40,995,000
198,636,000
22,059,000
150,504,000
184,807,000
All other
Total borrowings from F. R. bke
409,556,000
445,526,000
483,202,000
117,509,000
95,795,000
LOAM to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
813,368,000 883,047,000
For own account
1,062,969,000 1,026.355,000
For account of out-of-town banks
762,191,000 737,251,000
For account of others
Total
On demand
On time
*Revised figures
2,638,528,000 2,646,653,000
1,956,124,000 1,960,274,000
682,404,000 686,379,000
136,918,000
12,721,000
32,682,000
21,008,000
3156
THE CHRONICLE
Vaulters'
[VOL. 123.
New York City Realty and Surety Companies.
IJi azettt.
AU prices dollars per
Bid. Ask.
Md.
Alliance R'Ity 48
53 Mtge Bond__ 145
Amer Surety_ 196
199 Nat Surety_ r238
Bond & M Cl_ 334 339 N Y Title &
Lawyers Mtge 1270 274
Mortgage,,,, 430
Lawyers Title
II 8 Casualty_ 815
& Guarantee 290 293
share.
Ask.
BM. Ass.
150 Realty Assoc.
(Bklyn)com 232 237
241
Wall Street, Friday Night, Dec. 17 1926.
1s0 pref___ as
92
Railroad and Miscellaneous Stocks.-The review of the
434
21 prof_
91
87
Westchester
825
Stock Market is given this week on page 3144.
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.
Int.
Int.
pages which follow:
Maturity.
Rate. Bid. Asked.
Maturity.
Asked.
Rate.
Bid.
Range Since Jan. 1.
XX 4
X
omu....1.t4txu
g1.811,784MS
•-• aOGOOO'
00WW..
,OWMWOW-
:Scr2cn wo>.—
gena.80''t.25
4W.
,
N
r=r
gx4 XXX
outpcytx..00uxuzux.o.t.u...mNuxxtun'txxO>0..to
D-Tuxut.T..t:Fmttn'Tt,
a8V4IPM1g88$'811.A4a1r481.1%'uOI:REFIMU.<OgNag g7.48Skgg
ag.a8.;
<"?.?-9
..10O10000bP.NCAPP.P,AMOOW00
=
XX XX
X
Industrial & ?disci.
Albany Perf'd Wrap Pa.
Preferred
100
200 100 Dec 14 102 Dec 14 9634 00
Amalgamated Leather.• 611 1634 Dec 16 1734 Dec 13 1434 Oc
Preferred
101 1,200 10534 Dec 1310634 Dec 14 102
July
Am Chicle, prior pref' 200 90 Dec 11 9034 Dec 1 88
De
Amer Type Found, pf100
100 108 Dec 16 108 Dec 16 10234 Aug
Autosales, pref
200 39 Dec 16 42 Dec 1 18
50
Jan
Barnet Leather
• 211 40 Dec 15 4034 Dec 11 40
May
Bayuk Bros, 1st pref.100
10010134 Dec 17 10134 Dec 17 98
May
Blumenthal, pref__ _ _100
100 4534 Dec 17 4534 Dec 17 43
Oc
Canada Dry Ginger Ale_ 4,900 3534 Dec 16 3734 Dec 16 3234 Oc
Central Alloy Steel_ __ _• 2,100 3034 Dec 11 31 Dec 11 2834 Oc
Central Leather M13_100
200 734 Dec 15 734 Dec 15 734 D
Preferred ctfs
111
500 5134 Dec 13 5234 Dec 17 50
Nov
City Investment Co__ __
100 125 Dec 17 125 Dec 17 125
Dec
Columbia Gas & El new,11,300 8734 Dec 15 8834 Dec 13 8534 Nov
Preferred new A__ _100 3,500 101 Dec 11 10154 Dec 14 9834 No
Rights
39,800 234 Dec 14 3 Deo 11 234 D,
Continental Baking cl A•53,000 63 Dec 17 72 Dec•Il 5054 Oc
Class B
•28,700 834 Dec 17 934 Dec 1
734 Oc
Preferred
100 10,800 9054 Dec 11 9454 Dec 1 87
Oc
Crown Will'Mtte Pape
1st preferred
*
400 9734 Dec 17 9834 Dec 14 9734 Dec
Detroit Edison rights._ 7,878 334 Dec 11 374 Dec 13 334 Nov
Devoe & Reyn 1st pf _100
10010334 Dec 1410334 Dec 14
Ma
Elk Horn Coal Corp• 400 1134 Dec 15 1154 Dec 15 99
834 Jun,
Emerson-Brant'm ctf 100 1,200
% Dec 13 134 Dec 13
H D
Preferred We
1i i
300 734 Dec 17 834 Dec 16 754 Dec
Engineers Pub ServIce_•
900 23 Dec 15 2334 Dec 14 1954 Oc
Preferred
• 600 9334 Dec 13 9434 Dec 1 9234 Nov
Erie Steam Shovel
5 7,900 2354 Dec 14 2434 Dec 16 213.4 Oc
Preferred
111
30010034 Dec 16 10134 Dec 15 100
Oct
Federal Motor Truck...* 15,100 26 Dec 13 2934 Dec 13 23
Oct
Franklin-Simon pref_11 I
100 109 Dec 15 109 Dec 1. 106
Jan
General Baking pref_-_
110 120 Dec 13 120 Dec 13 107 Jun.
Gen Gas & Elec class B_*
200 4174 Dec 14 42 Dec 14 38
Oct
Guantanamo Sug pf_100
100 9534 Dec 16 9534 Dec 16 90
Mar
Hartman Corp class 13.* 1,500 26 Dec 16 2634 Dec 1.
Aug
2554
Hayes Wheel pref. _111
100 103 Dec 14 103 Dec 14 100
Nov
Internet Comb Eng-rts__ 9, ii 1-32 Dec 15
% Dec 13 1-32 Dec
Kayser & Co 1st pref•
us 1113.4 Dec 151113.4 Dec 15 100
May
Kraft Cheese
2 3,400 5934 Dec 14 OH Dec 13 58
Oct
Liquid Carbonic ctis_* 1,300 53 Dec 16 54 Dee
11 4334 Oct
Louisiana 011 pref_110
700 96 Dec 14 98 Dec 15 93
D
McCrory Stores
• 1,000 7634 Dec 14 82 Dec 15 70.4 Oc
Preferred
is,
200 10934 Dec 15 110 Dec 1 105
Apr
Manati Sugar
Iii 1,200 4134 Dec 14 4354 Dec 13 27
Ap
Montana Power pref_ 100
200 11894 Dec 16 119 Dec 17 11234 Jan
Mullins Body pref__ _1 1 1
211 9034 Dec 14 93 Dec 14 83
Aug
Murray Body ctfs
*
251 534 Dec 13 53.4 Dec 13 534 D
Omnibus Corp pref__100
100 90 Dec 13 90 Dec 13
July
Peerless Motor Truck_ 19.800 2534 Dec 11 30 Dec 13 88
2334 Nov
Penn-DixieCement
,4,400 3834 Dec 15 41 Dec 17 38
Dec
Preferred
loOt 700 99 Dec 14 9934 Dec 16 99 Nov
Porto-Rican Am Tob 1001 800 85 Dec 17 85
Dec 17 60
Jan
Purity Bakeries cl A_251 700
4734 Dec 17 48 Dec 13 47
Oc
Class B
.-..---'I 900 43 Dec 14 4334 Dec 16 4134 Nov
Preferred
1001 200 10134 Dec 14 102 Dec 17 99
Oc
Real Silk Hosiery ctts_10 10,500 41 Dec 11 44 Dec
13 3734 Nov
Reid Ice Cream pref,,100I 200 98 Dec 13 9834 Dec
13 9554 Ma
Stand 011 of N.J rights_ _
111111Dec 11 23.4 Dec 13 134 Nov
Stand 011 of New York 2546,500 3234 Dec 15 333.4 Dec 11
3234 Dec
Texas Corp new
2561,600 56 Dec 11 5754 Dec 16 5334 Nov
Van Raalte
• 600 14 Dec 13 1434 Dec 14 1234 Apr
Va Coal & Coke preL 1001 100 85 Dec 13 85 Dec 13 70
July
Vivaudou rights
% Dec 17
% Dec 17
I 900
% Dec
White Sewing Mach pf..• 1,600 5434 Dee 11 553.4 Dec 17
4654 Oc
•No par value.
.
,NOC,10061WOVIWQ
$ per share. $ per share. $ Per
Par.Saar
share.
Railroads.
Alabama& Vicksb_ _1 1 i
Dec 1611634 Dec 15 10734 Mar
30011634
Atlantic Coast Line-rts_ _ 26,111
Dec 17 1734 Dec 15 1534 Dec
1634
Buffalo & Susq
111
101 4034 Dec 15 41
Dec 15 35
Oct
Preferred v t c
100
Iii 40 Dee 17 40 Dec 17140
Dec
COLIS RR of Cuba,1)1_100 4,711
7034 Dec 11 72 Dec 14 6834 No
Cuba RR, pref
101
200 82 Dec 11 8234 Dec 14 82
Ser.
Dul So Sh & Atl, pref.100
300 4 Dec 14 434 Dec 17 4
Dec
N Y & Harlem
50 44 17854 Dec 13 180 Dec 14 17034 Nov
N Y Rys Mrs 2d stmpd_s
147 145 Dec 11 146 Dec 17 108
July
Reading rights
12,800 1834 Dec 14 2034 Dec 171 1654 Ma
Southern By rIghta
44,6 I
54 Dec 11 1 Dec 11 1
54 Oct
New York City Banks and Trust Companies.
AU prices dollars per Mare.
.
America•___. 305
Amer Union,
,, 205
Bowery EsstR 390
Broadway Cem 345
Bronx Boroo. 1325
Bronx Nat_ __ 495
Bryant Park' 200
Capitol Nat__ 223
Cent Mercan_ 275
Central
145
/421
Chase
Math Phenix
Nat Bk & Tr 380
Chelsea Exch• 278
Chemical_
_ 875
Colonial*. _ 800
Commerce._ _ .r425
ComMwealth•/300
Continental__ 280
Corn Exch___ 1545
Cosmoplan.,, 275
Fifth Avenue.2150
First
2750
Franklin
160
Garfield
380
Globe Etch*. 220
Grace
350
Greenwich',,. 525
Hamilton,, -- 215
Hanover
1060
8111310,-N
Ask.
315
215
400
355
1400
510
225
228
282
152
423
384
283
885
1000
430
320
300
555
300
3300
2800
166
395
240
aio
Banks.
BM.
010
Manhattan •- /225
600
Mutual
,
National City /632
New Nerh'ds•.325
/505
Park
Penn Etch__ _ 130
Port Morris
350
560
Public
715
Seaboard _
163
Seventh
660
Standard _
1590
State,
165
Trade,
190
United
United States. 315
Wash'n Mao_ 640
137
Yorktown'
Brooklyn.
Coney Island 325
200
Dewey•
400
First
Mechanics",,. 304
Montauk' _ 350
Municipal 0- 305
380
Niaasau
675
People's
Queensboro s 185
,
221
•Banks marked (11') are State banks
Ex-rights.
Ask. Trust Co. BM. Ask.
620
New York.
228 Am.Exchange
Irving 'Fr
313 317
Eii Bank of N
332
& Trust Co. 685 695
510 Bankers Trust5665 669
150 Bronx Co Tr_ 310 330
Central Union 923 930
567 County
295 304
720 Empire
378 382
173 Equitable Tr_ 307 310
800 Farm L & Tr_ 547 555
610 Fidelity Trust 310 315
175 Fulton
450 470
205 Guaranty Tr_ /424 428
320 Interstate
177 182
750 Lawyers Trust
143 Manufacturer E55 542
Murray 11111- - 220 225
375 Mutual(Westchester) ___ 215
iio NY Trust_ _ _ 2558 565
308 Terminal Tr_ 175 185
Title Gu & Tr 700 710
iiE
Mtg & Tr. 430 440
390 United States.1775 1800
Weetches'r Tr 550
Brooklyn.
Brooklyn...-,, 815 830
Kings County 20 0 2150
Midwood.- _ _1 275 285
(I) New stook
Mar.15 I927__ _ 434% 100%
June 15 1927___ 33.4% 1013n
10Olts Sept. 15 1927_ _ s!.1% 100
10011:
10134 Dec. 15 1927-- 434% 101,1s 10134
LowestJ Highest.
XXXX
Highest.
X
Range for Week.
Lowest.
XXX
Sales
for
Week.
XX
STOCKS.
Week Ended Dec. 17.
(5) Ex-dlvidend.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Belou
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daffy Record of U. S. Bond Prices. Dec.11. Dec.13. Dec.14 Dec.15. Dec.16. Dec.17.
First Liberty Loon
IHigh j100"st 102"n 100"ss 100"te 100111n 100"si
334% bonded 1932-47_ Low_ 100"ts 10222:1 100"se 100"ts 100"st 100"si
(MA 3%s)
Close 100"ss 100"n 100"ss 100"te 1002on 100"si
Total sales in $1,000 mitt-1
298
32
12
62
58
Converted 4% bonds of1HIgli
.--- 1000n
1932-47 (First
Total sales in $1,000 wan__
Converted 4%% bondsrigli
-102",,n
102" 102",, 102",, 10-2-n7as 102",,
of 1932-47 (First Oiti) 1,011_ 102,43, 102"s: 102"sr 102"ss 102ns: 102"s:
Close 102":1 102"a: 102"ss 102"at 102"sg 102"s:
Total sates in $1,000 units__
36
39
25
4
26
30
Second Converted 4H% High
-_._
____
____
____
____ 102"st
bonds of 1932-47 (First Low_
__
_
___
____
____ 102"es
Second 454,
Total sales in $1,000 un-- - -1
- ---------Second Liberty Loan
{High
- --_ ill',,
---- 100"is
------4% bonds of 1927-42
Low_
- - -. 1004,1
--_- 100"ss
------(Second 4s)
Close
- - -_ 100ht
--- _ 100oss
----Total sales in $1,000 units___
1
___ _
-- -Converted 434% bondsrigb 100un 101
111111"82 100ne, 100",,i
101
of 1927-42 (second
Low_ 1003022 100"sr 1003,32 1003%, 1003%2 1003,82
454a)
Close 1001138 10010n 100 1n 1003%, 1003in 101
Total sales in $1,000 ontts___
183
1171
207
132
112
37
Third Liberty Loan
1111gb 101"ts 101138 10113te 1011sts 101"11 101"st
414% bonds of 1928
Low- 1011011 1011on 10110n 101"es 1011% 101"es
(Third 454a)
Close 101un 1011on 101liss 101iiss 101"ss 10111se
Total sales in $1,000 units_9
113
373
418
63
55
Fourth Liberty Loan
(High 10311,1 103",, 1038es 103h: 10391, 103",,st
45(% bonds of 1933-38_ Low. 10342 103141 1036se 1037,1 103,81 103,
es
(Fourth 434*)
Close 103% 103's: 103lss 103fia 103,ss 103"1:
Total sales in $1,000 unlit-69
142
608
466
476
103
Treasury
lligli 109",,110
109",, 109",, 109"ss 109"si
414*, 1947-52
Low_ 10931,2 109"n 109",, 109",, 109",, 109"::
(Close 109",, 110
109liss 109loss 109"ss 109"::
Tata sales in $1,000 units_
1
41
10
3
1
19
{High 106
106
106
105"ss 105"n 106
is, 1944-1954
Low. 106
105"ss 105",, 105"st 105"ss 105ns:
Close 106
105"ss 106
105"sr 105"st 106
Total sales in 51,000 min__
10
61
12
54
14
1
(High
-___ 103In 103
102"te 102"12 102"ss
334s, 1946-1956
Low_
__ 102"ss 102"ss 102"ss 102",, 102"::
close
____ 103
1022ses 102": 102"ss 102"st
Total salsa in S1.000 units
227
21
1
1
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
25 let 3378
5 1st 4Hs
7 2d 41is
10010,,10010,,to 10021 5 3d 4414,1019ss to 101us:
102"ss to 102"ss 22 4th Ofs
103lss to 103,11
100"n to 100"n
The Curb Market.-The review of the Curb Market is
given this week on page 3142.
A complete drecord of Curb Market transactions for the
week will be found on page 3172.
Foreign Exchange.-The week opened with sterling exchange dull, but on Tuesday good buying came into the
market and there was a sharp movement upwards, the high
point reached being 4 853
/i for cables. Later in the week
about half of this gain was lost, but the undertone remained
firm. The principal activities in the Continental exchanges
centred upon francs and lire; the former were less erratic
than recently, and displayed a strong undertone, while lire
made a net gain of 14 points.
To-day's (Friday's) actual rates for sterling exchange were 4 84
13-16@
484 11-16 for checks and 4 85 5-16(4)4 85 3-16 for cables. Commercial
on
banks, sight, 484 11-16@4 84 9-16, sixty days 48034 @48034, mlnety
days 4 79454 7834, and documents for payment (sixty days) 4
8054.
81454
Cotton for payment 4 84 11-1645484 9-16, and grain for payment
4 8411-16434 84 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.99
short bills. Amsterdam bankers guilders were 39.93 for short bills. for
The range for foreign exchange for the week follows:
Sterling ActualCheques.
Cables.
High for the week
48434
4 8534
Low for the week
4 84 7-16
4 84 15-16
Paris Bankers' FrancsHigh for the week
4.0036
4.0134
Low for the week
3.94
3.95
Germany Bankers' MarksHigh for the week
23.79
23.81
Low for the week
23.78
23.80
Amsterdam Bankers' GuildersHigh for the week
39.97
40.00
Low for the week
39.95
39.98
Domestic Exchange.-Chicago, par; St. Louis, 15@25c. par $1.000 discount; Boston, par; San Francisco. par; Montreal, % of 1% discount; Cincinnati, par.
CURRENT NOTICES.
-Clair F. Kinney, formerly with the National City Company, has become associated with the retail sales department of Howe, Snow & Beetles,
Inc.
-Joseph V. Bond has become associated with McCown & Co.,
120
Broadway, New York, in their bank and insurance stock department.
3157
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.
Dec. 11.
Monday,
Dec. 13.
Tuesday,
Dec. 14.
Wednesday. Thursday,
Dec. 15.
Dec. 16.
Friday.
Dec. 17.
Sales
for
the
Went.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share $ per share $ per share $ per share Shares.
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
5 Per share
Highest
PER SHARE
Range for Previous
Year 1925.
Highest
Lowest
$ per share 8 per share 5 per share
Railroads.
Par
15814 15938 15812 160/
1
4 160 16158 160/
16114 16518 100,700 Atoll Topeka & Santa Fe-100 122 Mar 30 16518 Dec 17 11614 Jan 1404 Dee
1
4 162/
1
4 159 162
*101 1014 *101 10118 101 10112 10112 10112 10112 10112 10118 10118 1,500 Preferred
100 9418Mar 5 10178 Dec 8 9211 Feb 98 Dm
5s
*58
54
34
58
12May 28 10 .Tan 2
53
34
53
34 3,900 Atlanta firm de Atlantio_100
34
34
34
/
4 Dee
3 Jan 111
20812 21012 210 212
209 21112 209 21012 20814 210 z20412 20734 10,300 Atlantic Coast Line RR
100 18112Mar 30 2624 Jan 2 14714 Jan 268 Dee
107/
1
4 10838 10712 10838 10714 108
10778 109
10738 10878 10712 10914 66,000 Baltimore ds Ohio
100 8312Mar 3 109348ept 7 71 Mar 9413 Dee
*73
7318 7314 734 *73
7314 73
100 6711 Jan 6 7378 Aug 20 6278 Apr 67/
800 Preferred
734
7318 7338 73
73
1
4 Nov
45
4514 4514 4512 24438 45
4413 4412 3,000 13 engor & Aroostook
4434 4434 4478 45
50 33 Mar 2 46 Feb 1 3514 Mar 564 Nov
103 103
10214 10214 *9834 10312 *10013 103 *101 103 *101 103
200 Preferred
100 9778Feb 8 103 Dee 11 89 June 100
Oci
7134 7412 75
72
72
7812 73
75
73
7414 7412 77
38.800 Bkln-Manh Trite v t o-No par 544 Mar 31 77 Dec 17 3518 Jan 64 Nom
8754 8734 8738 8778 8712 88% 8878 8912 89
fvo par 78 Mar 31 8913 Nov 23 7278 Jan 8334 Dec
8914 8914 8912 3,500 Preferred v to
*1414 15
15
15
14
1418 1578 16
813 Mar 4 1853 Nov 5
1518 1,500 Brunswick Term & By Eleo_100
1538 1538 15
3 Feb 1714 Nen
*8112 84
*8112 84
*8114 84
*80
84
*80
84
1
4 Mar 26 8734July 20 48 Apr 9258 May
Buffalo Rochester & Pitts-100 69/
*80
84
*5912 6014 60
*60
60
6014 6014 6014 *60
*60
63
100 58 Jan 15 61 June 14
56 Canada Southern
63
56
Jan 59 Mal
16434 16434 16418 16434 164 16514 165 166
16514 16512 16534 16614 4,700 Canadian Pacific
100 14612 Jan 9 16858Sept 7 1364 Mar 1521s Jaz
29434 29434 29414 29414 290 290
29014 29514 1,000 Central RR of New Jersey-100 240 Mar 30 305 Jan 11 265 Mar 321
293 293 *285 295
Jal
16212 16334 16378 16412 16358 165/
16218 163
100 112 Mar 2 17838Sept 24
1
4 1634 16438 16234 16438 49,400 Chesapeake ds Ohio
8914 Mar 13012 Del
*160- - - *162 _ __ *162 _ __ *16112 _
__ __
*____ _ _ *161
100 119 Jan 20 171 Sept 28 10514 Apr 130 Del
Preferred
518 -518
518 -538
518 1354 -538
4145ept 18 1158 Feb 20
8 *5
100
-112 *5 _-513 1,500 Chicago de Alton
358 Apr 1058 Fel
*812 834
618may 18 1814 Feb 13
100
812 834
814 838
8/
1
4 838
712 8
54 Apr 1913 Fel
*758 838 1,800 Preferred
13250 280 *250 280 *250 280 *250 280 *250 280 *250 280
C C C & St Louis
100 17314Mar 29 275 Aug 24 140 May 200 Del
*3014 32
*3012 32
*3018 31
*30
.30
31
32
Chic & East Illinois RR
100 304May 10 37 Feb 10
*30
31
2934 Mar 384 Am
46
4614 46
46
*4534 46
*45
100 3612 Mar 31 5134 Feb 10
*45
46
46
40 Mar 5714 Jai
600 Preferred
4512 4512
9
9
9
9
9
9
9 Jan
*814 9
15 Fel
734 Mar 31 1218Sept 9
100
878 873
878 914 2,500 Chicago Great Western
25
25'z 2434 2538 25
25
2478 2518 2434 2514 2458 2578 8,400 Preferred
1914 Mar 32/
1
4 Fet
120 1614 Mar 30 3158Sept 9
834 9
918 918
9
938 •834 911 *838 9
*9
91
314 Apr 1618 Jar
813 Nov 11 1412 Jan 6
2,400 Chicago Milw & St Paul_ 100
*834 914
9
938 *834 912
834 834
7 Sept 11 Nom
818 Apr 20 14 Jan 8
100
834 9
834 834 2,000 Certificates
*1914 1912 1878 1978 19
199 1418 Mar 31 24 Aug 24
1834 1912 7,100 Preferred
19
19
19
1958 19
7 Apr 2812 Jai
1812 1914 1834 1912 1812 1812 1818 1838 1812 1938 1878 19
1273 Oct 22 Noi
3,500 Preferred certificates
100 14 Apr 20 2338 Aug 24
8134 8214 804 82
83
8112 8238 8158 8258 82
81
47 Apr 808* Dal
8238 68,700 Chicago & North Western_100 6514 Mar 30 8334Sept 10
0122 125 *122 125 *122 124 *122 124
124 124 *124 125
100 11812 Jan 4 1264 Apr 30 10134 Apr 120 Del
100 Preferred
6858 6938 6834 6938 69
6934 6914 6934 69
4018 Mar 5878 Do
6912 6918 7012 26,800 Chicago Rock Isl & Pacific-100 4012Mar 8 71 Nov 28
104 10434 *104 105
10458 10458 *10414 10434 104 10412 --------600 77 Preferred
92 Jan 100 Dm
100 96 Mar 4 108 Dec 9
*94
96
9412 9412 95
9414 9514 2,600 6% preferred
95
95
9512 95
82 Mar 8912 Ma
95
100 8314 Mar 31 98 Nov 30
*82
87
82
*82
82
8258 83
84
8212 8212 83
4418 Jan 7013 Sere
83
100 52 Mar 3 964 OM 13
1,000 Colorado & Southern
72
72
72
72
370
72
*70
72
370
72
60 Mar 6834 Do
*70
72
100 62 Mar 2 74 Oct13
800 First preferred
*66
*67
70
70
68
68
*67
70
3437
70
*67
70
54 Jan 6212 Aui
300 Second preferred
100 59 Jan 11 72 Sept 27
17314 17412 174 17412 175 177
173 174
175 17678 7,800 Delaware & Hudson
17434 176
100 15014Mar 30 183129ept 2 13312 Mar 155 AU
14612 1461 14512 14784 14512 14512 146 14738 145 147
1461 14812 7,000 Delaware Lack de Western_ 50 129 Mar 30 15313 Jan 12 125 Mar 14734 JUIN
4414 4414 44
4414 44
345g Oct 60
4378 4378 4312 4414 1,200 Deny dr Rio Or West pref 100 3712May 19 47 Jan 2
*4314 44
44
Jai
3934 4014 40
3913 397
4038 40
1
4 41
4034 4014 4034 40/
2634 May 3958 Do
100 2212Mar 29 41 Dec 17
14,000 Erie
4834 49's 4834 50
4934 501
4978 53
5158 5338 68,200 First preferred
5114 53
35 June 4678 Jai
1
4 Dec 17
100 3334 Mar 30 53/
*4534 47
47
4612 47
48
47
49
48
4678 4934 48
34 June 4334 i11/
100 30 Mar 30 4934 Dec 15
5,200 Second preferred
83 8338 8234 837
8214 8312 8238 83
8158 82
60
Apr 8238 De
82
83
22,000 Great Northern preferred-100 6812Mar 30 844 Dec 9
1838 1838 1814 181
1818 1838 1818 1814 1814 1838 1838 1878 6,500 Iron Ore Properties.. No par 18 Dec 10 2714 Feb 15
25 Dec 40% Jai
*3712 38
*3712 38
3714 377k 3734 391
38
23 Mar 36/
3834 5,700 Gulf Mobile dr Northern-100 2518 Apr 20 41145ept 29
/
4 3812 39
1
4 See
10878 1087 *10814 10834 10834 109 x105 1061 *105 106 *105 106
8913 Mar 10914 Seto
1,000 Preferred
100 95 Mar 29 10912Sept 30
4918 40T
4058 4084 4078 4112 4138 4111 4018 4138 41
2134 Mar
4138 6,500 Hudson dr Manhattan
3838 Aui
100 3458 Jan 22 4112 Dec 14
*78
80
7934 80
*78
80
*78
*78
84
*78
84
84
6412 Feb 72 Jul:
200 Preferred
100 6734 Mar 31 80 Dec 14
12234 1223g 12238 12318 123 123
12312 12384 12212 12338 12234 12334 4,700 Illinola Central
100 11312Mar 3 131 Sept 7 111 Mar 12512 De
*122 1231 12318 1231 *122 125 *121 125 *122 126 *121 125
200 Preferred
100 11513Mar 30 12912Sept 7 11213 Apr 12514 De
7512 757
*7512 76
7578 7578 *7512 76
*7512 76
7558 7558
6814 Aug 7414 De
580 Railroad See Series A__1000 7114 Jan 6 77 June 23
*16
2512 24
24
*2312 2434 *24
251 *2334 251 324
18 Jan 3318 See
2434
100 Int Rys of Cent America....100 24 Dec 13 31 Feb 13
*5912 67
*62
641 *61
67
*6314 65
*6314 67
5913 Jan 664 Jul:
64
64
100 Preferred
100 62 Mar 30 66 June 24
*4612 47
4612 50
50
5234 50
5214 4934 50°4 51
5278 29,500 Interboro Rapid Tran v t 0-100 244 Jan 15 5278 Dec 17
134 Mar 344 Fel
sq
112 *1
11
lel
112 *1
11
*1
312 Ma
112 Jan
11
34 Jan 15
1 Aug 14
Iowa Central
100
*1
113
4314 4312 4318 44
437
4314 4314 434 4438 43
2858 Mar 51 De
43
44
10,200 KArusas City Southern
TOO 3414Mar 3 5138Sept 9
*65
66
*6514 66
66
*65
66
*6514 66
66
57 Jan 8314 De
66
100 6058 Mar 31 6838Sept 10
66
300 Preferred
104/
1
4 10538 103 105's 10314 1054 10518 1051 10512 10512 2102 1054 5,200 Lehigh Valley
69 Mar 8812 De
50 7512Mar 8 106 Dec 10
13112 133 *130 133
132 1334 1331* 1338* 133 134
Jan 148 De
100 118 Mar 30 144 Sept 3 106
134 13478 2,900 Louisville & NaahvIlle
•90
92
*90
92
*90
64 May 11914 Sep
*90
92
92
92
500 Manhattan Elevated guisr_100 84 Mar 3 9234 Apr 20
*90
92
100 8818 Jan ke 8178May 28
5214 5338 52 5534 5314 5434 524 5412 53
5078 51
3218 Mar 514 Fel
5434 12,700 Modified guaranty
6
*512 6
*5
6
6 Nov 12 Sep
558 6
*5
512 512
512
418Ju1y 31 10 Feb 9
300 Market Street Rallway_-100
'5
*20
20
Jan 4614 Ben
320
25 '
100 1913 Oct22 40 Feb 9
25
25
25
*25
28
100 Preferred
*24
*20
28
28
4214 Nov 654 Sea
44
44
100 3918June 21 5188 Feb 10
*4312 4434 4412 4434 45
46
4634 45
4512 4534 3,000 Prior preferred
15 Dec 354 See
1414 1414 *1212 16
1
4 0429 2218 Feb 10
100 11/
*14
15
*13
15
400 Second preferred
18
15
154 *14
4 Ma
214 Oct
378 Jan 11
114 Dec 9
158 158 •112 134 *112
112
158
900 Minneapolis & St Louls___100
112 112
113 112
11
/
4
3058 Apr 57 No
*3212 33
3214 3234 3258 3258 *31
32
700 Minn St Paul & El El Marie_100 3134 Dec 16 5212 Feb 3
32
3134 3134 *30
40 Mar 864 No
*54
100 51 Dec 17 79 Feb 3
57
51
534 534 51
*51
53
*51
*51
53
200 Preferred
53
5712 June 63 Fe
*5634 61
Leased lines
100 60 Oct 28 6678 Feb 24
*5512 60
*5513 60
*5634 61
*5512 60
*5578 60
3434 3434 3414 3614 3414 3478 3434 35/
2814 Jan 454 Sell
3412 35
34
6,400 Mo-Kan-Texas RE----No par 2913 Oct 20 4718 Feb 9
1
4 34
9578 9614 9618 9638 9614 96/
7434 Jan 9212 De
1
4 Dec 7
100 82 Mar 2 96/
1
4 9638 9638 9614 9638 9614 9638 4,300 Preferred
39
3918 3818 3918 38/
/
4 De
30/
1
4 Jan 411
100 27 Mar 3 45 Sept 1
38
40
3818 39
17.900 Missouri Pacific
1
4 3878 3812 39
9058 9034 8938 9078 90
71 Mar 9113 De
100 7112Mar 8 95 Sept 8
904 8912 9034 8934 9134 11,800 Preferred
904 90
314 De
14 June
834 Jan 7
*412 54
*412 514 *412 512 *412
414 Apr 10
1
Nat Rye of Mex let pref 100
'414 5
134 178 *134 2
314 De
112June
44 Jan 7
*178 2
*178 2
134 Oct 27
100
500 Second preferred
3178 2
134 134 '
*121 127 *121 128 *121 128 *121 128 *121 128 *121 128
New On Texas & Mexico_100 120 Mar 30 13212 Jan 9 11314 June 1374 De
13618 13678 136 13734 1374 13814 13712 13912 13734 13938 139 14314 141,200 New York Central
100 117 Mar 30 14712Sept 7 11314June 13712 De
191 192
19212 194
193 193
2,900 NY Chic & St Louis Co
19312 194
193 19312 19278 193
100 130 Mar 3 20412Sept 23 118 June 183 De
102 102 *10112 10212 10212 10212 103 10312 10312 10334 104 104
881s Jan 9878 No
100 93 Mar 11 106 July 8
1,300 Preferred
4358 4418 4314 4418 4338 4378 4338 44
28 Mar 47 De
4238 4358 4234 4413 56,000 NY N H & Hartford
1
4July 17
100 3058Mar 30 48/
*2414 2412 2418 2414 2312 2413 2312 2312 2378 2378 23iz 2458 7,300 N Y Ontario & Western_ 100 1934 Mar 30 2878 Feb 13
2058 Apr 3434 Au
19
1538 1512 16
17
1914 1718 18
5 Dec 12 J1111
1718 1734 1738 18
7,100 NY Railways pref cUs_No par
6 Jan 25 2014 Feb 5
1412 *13
*13
15
14
14
*13
21 Dec 38 Jul
*13
15
15
100 New York State Railways_100 13 Dec 8 2813 Jan 14
*1314 15
*37
38
38
*36
*37
38
38
39
2178 Apr 45 Set
3814 381 *3812 40
100 2778 Apr 15 4438Sept 2
700 Norfolk Southern
160 16014 15912 16014 160 16012 15912 16038 15812 16038 159 162
1
4 Mar 30 17078 Oct 2 12312 Mar 151 De
9,100 Norfolk & Western
100 139/
*84
86
85
*84
86
1384
*84
*84
86
7513 Jan 86 De
*84
86
86
Preferred
100 834 Nov 4 8538 Aug 11
8134 8078 8158 8012 8112 8012 8034 7914 8014 80
81
5814 Apr 7814 De
81
100 6534 Mar 30 8212 Aug 26
19,200 Northern Pacific
*15
20
*15
20
*15
20
*15
20
15
151 *15
20
20 Aug 404 De
100 15 Oct 19 48 Jan 6
700 Pacific Coast
56
66o8 56
5618 56
5614 56
564 5658 30,700 Pennsylvania
56/
4212 Apr 5538 De
1
4 5614 561
60 4858 Mar 30 5718 Oct 27
*19
21
21
*19
19
*19
21
2034 1,100 Peoria & Eastern
2014 2014 2014 20
1334 Apr 2158 De
100 1578 Oct 19 2634 Jan 14
11858 1204 z119 11914 11634 ll8lg 11634 11712 11,600 Pere Marquette
116 11714 11814 122
61/
1
4 June 8512 De
100 67 Mar 3 122 Dec 13
•
931 *____ 9214 9212 9212 *____ 93 el..... 93 *___- 9278
78 July 8934 De
100 79 Mar 1 96 July 7
100 Prior preferred
oiiefa 89
*8612 89
88
88
*8712 89
684 Apr 7958 De
8712 871 *8613 88
100 7034 Mar 29 9178July 17
300 Preferred
___ *148
'148__.... *148
_ *14812
_
__
14914 1491 *14812
3 Pitts Ft Wayne & Chia pref 100 14212 Jan 2 151 18 Dec 2 139 Jan 144 No
127 1-2-87127 1283 126 127
8 12812 12878
-- - *126 1281 12712 128
63 Mar 123 De
-2,900 Pittsburgh ds Went Va
100 85 Mar 30 130 Dec 10
96 4 977
9518 974 9538 9678 96
9634 9538 9614 9638 9978 72,800 Reading
6934 Mar 9114 Jun
50 79 Mar 30 100 July 9
411g *4014 411 54012 41
*4014 411 *40
41
41
3578 Mar 41 Jut
41
41
200 First preferred
50 3934 Dec 4 42 Apr 28
*4158 44
4214 4278 *43
*4234 44
3614 Mar 4438 Jut
44
*43
44
44
4412
900 Second preferred
40 40 Mar 30 45 Sept 24
50
*4712 50
48
48
50
42 Apr 6278 Ja
50
*49
5012
*49
51
50
100 42 Apr 8 0114 Aug 2
400 Rutland RR pref
10218 l02z 102 10234 102 10234 z10018 101
5712 Jan 10214 Au
10018 1003 100 10214 19,500 St Louis-San Francisco.....100 85 Mar 30 10314 Nov 26
95
95
953
95
95
95
Jan 9214 Jul
*95
96
76
9538 96'2 96
96
1.300 Preferred A
100 834 Apr 1 9612 Dec 15
64
6218 627e 6114 8211 6212 64
4334 June 6914 De
*6212 63
6458 4,900 St Louis Southwestern_100 571:Mar 19 74 Feb 9
644 63
*77
78
*74
78
*73
78
1
4 De
78
*75
7018 June 78/
*76
77
*7512 78
Preferred
100 72 Mar 19 8014 July27
*3214 3284 3278 3414 3312 3414 3314 33'2 3338 3418 34
3514 13,300 Seaboard Air Line
20/
1
4 Jan 544 NO
100 274 Mar 31 51 Dec 2
3913 38
39
38
5112
At
38
39
Mar
38
38
*38
35
3978 4,100 Preferred
3812 39
Feb
18
100 3112Mar 31 4838
Oct 10838 Is
10858 11078 79,200 Southern Pacific Co
10712 1078g 10758 109
10738 1071 10714 1077e 10758 108
96
100 9618 Mar 30 11078 Dec 17
1
4 11814 11834 121
118/
1
4 1188 11734 1185g 118 11878 117/
7758 Jan 12012 De
11978 12318 42,800 Southern Railway
100 10358Mar 30 13114Sept 3
94
94
94
94
*94
94
943
83 Jan 954 Sal
*94
94
9438 94
1
4 Aug 5
94/
1
4
800 Preferred
100 8713 Apr 6 95/
52
534 5134 5314 5112 5312 53
4314 Jan 59 De
5538 26,500 Texas & Pacific
5214 523g 5238 543
100 4218 Mar 30 6158 Jan 13
3778 39
3614 361 *3612 37*2 3758 3914 3812 39
712 Apr 1558 sec
37
38
100 1312 Jan 8 43 Apr 23
4,300 Third Avenue
58 Jan 7814 De
*63
1
4 Jan 4
5934 6134
*6134 64
65
.36312 661 +.6412_
500 Twin City Rapid Tmalt_100 5914 Oct 25 78/
*6134 66
16212.1631 16112 162*2 16118 162
16112 16312 20,900 Union Pacific,
161 162
1
4 Oct 1 13314 Apr 15314 Ja
16034 162
100 14112Mar 30 168/
8014 8014 8038 80/
8014 8014 80
80
80
72 Jan 774 Jul
80
1
4 Jan 6 814 Aug 28
1
4 8038 1,800 Preferred
80
100 74/
3412 *27 3413 *27
341 *27
18 Aug 3313 Ma
341 *27
*27
33
*26
33
United Railways Investml 100 1934 Mar 3 274 Apr 7
4812 Mar 8378 De
100 65 Mar 2 125 Nov 11
194 Mar 4714 Au
4012 4078 4038 1114278 io,566 Wabash
4 iii8 4214 i2
alit 11-14 4018 41
100 3378 Mar 30 52 Jan 12
1
4 Jan 7378 De
75/
1
4 7518 7534 7514 7534 7538 76
7518 75
55/
75
7434 75
100 68 Mar 311 7834 Jan 13
8.400 Preferred A
3812 Jan 6012 At
*60
61
68
*60
*60
*60
68
68
68
100 57 Mar 29 72 Jan 29
*60
68
*60
Preferred B
1
4 1278 1218 12/
11 Mar 18/
1
4 At
1
4 1214 1214 1212 13
100 11 Mar 3 1658 Jan 4
1211 1212 1212 1314 12/
6,200 Western Maryland
16 Mar 2614 Ja
1
4 2212 2212 2112 23
2134 2314 2238 22/
22
2314 5,100 Second preferred
100 1638 Mar 80 243sSept 25
22
22
1914 July 3912 DI
3134 3114 32
30
31
100 2934 Dec 17 394 Jan 2
30
3038 2934 3014 19,100 Western Pacific new
31/
1
4 3214 31
72 July 81 Do
1
4 8134 82
100 7712 Jan 15 8634Sept 11
81
1
4 8114 3,500 Preferred new
8112 814 81/
1
4 80/
814 8182 8114 82/
1034 Mar 32 Do
1
4 2658 2714 2658 2718 26
2658 264 2738 13,000 Wheeling & Lake Erie Ry_100 18 Mar 30 32 Jan 2
2618 2718 2678 27/
22 Apr 5378 D,
100 37 Mar 30 5013 Jan 4
4434 4512 4434 4538 4478 447
4512 4.800 Preferred
4478 4478 45
*4412 45
...
4
sib
571t
87
88/
1
4
88
88/
1
4
887. 911
/
4
91
•Bid and asked prices. x Ex dividend. a Ex-rights.
91
*87
89
Industrial & Miscellaneous.
3.500 Ahlt1h1 Power & Paper _No car
70/
1
4May 21
98 Sent 14
59
'nu
781. n
New York Stock Record-Continued-Page 2
3158
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 11.
Monday.
Dec. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1925
Tuesday,
Wednesday Thursday,
Friday,
Dec. 14.
Dec. 15.
Dec. 16.
Dec. 17.
Lowest
Highest
Lowest
Malta
$ per Share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscel.
(Con.) Par S per share $ per share $ per share $ per shard
*61
62
60
6014 6014 6014 *61
65
1,600 Abraham & Straus_ ___No par 43 May 20 63 Dec 17
61
63
62
62
___- ---- ---- ---*111 112
11112 112
112 112 *11218
__ *113
__ *113.
300 Preferred
100 10418 Mar 19 112 Dec 13 --__-- -- ---*2612 27
*2612 27
*2612 27
*2612 17
*2612 17
*2612 -2-7Albany Pert Wrap Fay_NO par 2612 Oct 6 2734June234.140 148 *140 145 *140 145 *141 145
14012 14012 14034 14034
200 All America Cables
100 131 Jan 6 155 July 24 119 Jan 13334 Oct
*128 129 *127 128
128 12934 *126 12812 *126 127
127 127
700 Adams Express
100 9978 Mar 18 136 Sept 22
90 Apr 11714 Oct
93 1038
1014 1014
912 1014
913 934
8
9
8
912 14,900 Advance Rumely
100
8 Dec 16 22 Sept 24
13 Apr 20
Oct
35
3534 331
/
4 3534 3312 3512 317 3312 28% 3018 2912 33
13,900 Preferred
100 2878 Dec 16 65348ept 24
58
47 Feb 6214 Oct
534
558 57
5% 534
558 578 2518 553 3,800 Ahumada Lead
558 558
1
434 Nov 22
918 Jan 4
718 Oct 1253 May
14012 141
14112 14458 14473 14634 14314 14534 13912 14312 141 14214 13,000 Air Reduction, Ine____No par
10714May 19 14634 Dec 14
8634 Jan 11753 Dec
712 758
712 734
77
712 73
1212 132,700 Ajax Rubber. Inc
9
108 11
853
No par
7/
1
4 Oct 20 16 Feb 10
9% Dec 1578 Jan
*153 112
112 112
13
112 15
14 112
112
700 Alaska Juneau Gold Min__ 10
13* *138
78 Oct 22
2 Jan 4
1
Jan
24 Oct
13914 13978 13834 14158 13912 14114 140 1427 13912 14238
14712
229,700
Ailled Chemical & Dye_No par 106 Mar 30 14712 Dec 17
14153
80 Mar 1165g Dee
*12214 123 *12214 12284 12258 12258 *12078 12134 12114 12114 12114
12114
300 Preferred
100 11834 Mar 20 12234 Dec 2 117
Jan 12114 Nov
8858 88% 8858 8912 8912 907
9012 87% .8914 8878 9014 7,100 Allis-Chalmers Mfg
89
5
100 7814 Mar 26 94 Jan 14
7112 Jan 974 Dec
*11012_ *111
_ _ 11112 11112 *11114
_ *11114
_ *11114
100 Preferred
_
100 105 Apr 7 11112 Dec 14 10314 Jan 109 Dec
31 2-112 3052 21-18 31
3138 31
-3-i
3112 --3212 32 --3234 21,600 Amerada Corp
No par 2414May 20 3278 Aug 9
1334 147
1473 147.3 1318 1453 1434 1578
1413 1458 1334 1414 5,800 Amer Agricultural Chem_100
9 Oct 14 3433 Jan 14
1312 Mar 297 Oct
4672 4912 48/
1
4 4878 488 5314 5214 5312 51
5134 17.500 Preferred
5214 51
100 351
/
4 Oct 30 9612 Jan 14
3612 Mar 8212 Dec
*42
43
4234 4278 4178 4212 24114 4134 41
42
41
2,400 Amer Bank Note, new
42
10 34% Mar 31
46 Oct28
3912 Dec 4434 Dec
5612 5612 57
57
51
57
*5714 5738 *5612 5734 *5612 5734
400 Preferred
50 55 Jan 16 5812 July 10
5312 Jan 5813 Sept
27
2714 2714 2714 *2634 2714 2718 2714 2712 2712 *26
2612 1,000 American Beet Sugar
100 2012Sept 13 3834 Feb 5
2958 Oct 43 Jan
61
61
62
6212 *61
62
6178 6178 *61
62
1,300 Preferred
61
61
100 55 Nov 5 83 Feb 24
78 Dec 8778 Juna
1738 1753 1758 1758 1712 18
1712 1734
1758 1734 4,700 Amer Bosch Magneto__No par 16 May 19 3453 Jan 4
1752 1778
2618
Mar 5412 Jan
146 14714 147 14712 141 146
140 14114 139 141
14134 143
4,200 Am Brake Shoe & F___No par 110 May 19 180 Feb 2
9014 Mar 158 Dec
•11712 120 *11712 120 511712 120 *11712 120 *11712 120 *11712 120
Preferred
100 11014Mar 24 12814 Feb 18 10712 Jan 11453 Dec
3912 395
3914 4018 39
4014 3834 3938 38
3918 38
3812 18,100 Amer Brown Boveri El_No par 3014Mar 29 60 Aug 9
478 Dec 53% Oct
*9612 9718 *9634 97
9634 97
*9812 96% 97
97
9718
*97
300 Preferred
100 8612 Mar 31 971
/
4 Jan 16
9018 Nov 98 Dec
5214 5278 5218 5234 5218 5312 5212 5338 5258 5378 53
5334 129,400 American Can WI
25 3878 Mar 30 6318 Aug 4
474
Dee 4984 Dec
*1274 128
128 12812 *128 130
130 13018 *128 12834 12812 12834
1.100 Preferred
100 121 Jan 4 13018 Dec 15 115 Jan 12173 Sept
*10412 105
10414 105
104% 105 210212 10212 10112 10212 10218 10212 3,400 American Car & Fdy___No par 9112 Mar 31 11478 Jan 12
9712 Apr 11534 Sept
12914 130 *12712_ *12712
__ *12534
- *126 130 *12634 130
200 Preferred
100 12012 Oct 1 3 130 Dec II 12034 Apr 128 July
2573 257
26 16
2512 2
-512 26 -21
2512 2512 *2512 26
500 American Chain, class A__ _.2.5 2314 Mar 30 2614July 20
2212 Oct 27 Feb
3714 374 3712 3712 3713 3812 x3858 3958 3912 4014 394 3912 2,800 American
Chicle
No par 31 Oct 11 51 Jan 4
37 Jan 62 Apr
•36
3712 *36
37
375 3738 53814 3814 3812 3914 *37
3812
500 Do certificates
par 28 Oct 13 4714 Jan 7
No
37
Jan 5812 Ape
97 10
*9% 10
934 10
973 973
93
978
958 934 2,900 Amer Druggists Synd1cate__10
414 Jan 5 1038 Aug 19
414 Dec
68 Jan
812713 129
1288* 129
129 131
12812 12812 *128 130 x129 13078 5,900 American Express
100 10578 Mar 3 140 Jan 6 125 Apr 166
Jan
19
19
18
19
18
1812 1834 7,200 Amer & For'n Pow new_No par 1414 Nov 3 4238 Jan 2
1814 1734 1814 1814 19
2714 Apr 5153 Sept
8812 8812 90
90
8958 90
90
90
*8812 8912 8973 8978
700 Preferred
NO
79
par
98
Oct
1
Feb 13
87 Jan 94 Feb
*812 9
*812 9
812 812
83
814
4
84
814
9
8
1,600 American Hide & Leather 100
7 May 10 1712 Feb 9
812 Mar 1432 Dee
4912 5112 5034 5034 *49
51
50
51
50
*50
52
51
2,300 Preferred
100 3312May 7 6714 Feb 9
5812 Sept 757g Jan
2812 2872 2878 29
29
2912 229
2958 29
2914 3,700 Amer Home Products_..No par 235 Oct 8 2978 Dec 3_29318 •29
129 12914 130 13134 132 13412 132 13312 13012 13234 131 13312 9.600 American Ice
100 109 Mar 31 136 June 8
83 Mar 139 Dec
83
83
*8214 837g *83
8378 *83
8373 833 8334 *8313 8373
200 Preferred
100 8112 Oct 18 8634June 1
7412 Mar 86 Jar
3934 40
3912 3934 3912 4018 40
4078 3934 4014 3912 3912 12,200 Amer International Corp_100 3134July 19 4634 Feb 16
3213 Mar 4672 Nov
•1158 1178 *1112 1178 1138 113
1134 1178
117 1178
115s 1158
1,000 American La France F E
10 1073 \0.. 18 1578 Jan 4
1114 Jan 20 Nov
3134 3134 3138 3153 31
3114 3114 33
32
3334 32
3212 5,600 American Linseed
100 2558 Oct 20 627s Jan 4
20 Mar 5914 Nov
7478 7479 *7214 7478 •74
76
761
/
4 7634 573
1,100 Preferred
748 74
76
100
67% Oct 19 87 Jan 4
53 Jan 89
Oct
11112 11214 10918 110
10912 111
1095s 1103 108 10934 1084 10912 14,200 American Locom new_ _No par 9014 Mar 31 1197s Jan 4 10412
Jan 14478 Mar
124 124 *12014 123
120 120
121 121 *120 121
120 12178
600 Preferred
100 116 Aug 9 12414 Dec 7 115 Aug 124 Feb
*7112 7212 718 72
*7112 72
72
72
*7112 72
72
72
600 Amer Machine & Fdy __No par 6514 Oct 11 8012 Aug16-12434 12434 *12114 12434 12118 12434 *12114 12434 12434 12434 12179 125
110 Preferred
100 114 July15 12434 Dec 11
4512 46
45
4512 45
4578 4434 4534 45
4578 4412 4514 4,500 Amer Metal Co Ltd___No par 4412 Dec 1 5738 Feb 16
453; Mar 5753 0.21
•112 115 *110 115 *110 115 *110 115 *112 115
112 114
Preferred
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
6134 6314 628 6334 63
6358 623 63
6134 6234 6112 62
101,00 Am Power & Light____No par 5034May 19 7212Sept 8
110 110
110 11118 11034 11112 211018 11014 10912 11034 110 110
2,100 American Radiator 25 101 1.May 19 12238 Aug 9
897
; Jan 12212 Nov
8814 8814 89
89
*89
92
*8712 89
*87
88
88
88
400 Amer Railway Express
100 773 Mar 31 90
Jan
276 Sept 84
•46
49
467 4678 4638 4634 *47
47
49
*47
49
4712 1,200 American Republics___No par 3978 Nov 9 74 Dec 10
Jan 798 Dec
Jar 5
48
5934 5934 59
5978 59
59
5934 6012 5912 5912 *58
5914
1,600 American Safety Razor
100 42 Apr 14 7034 Aug 17
Nov
357
8
Jan
76%
534 514
578 578
578 6
6
6
578 6
512 6
11,100 Amer Ship & Comm__ _No par
512 Jan 2 1173 Mar 12
518 Dec 1412 Feb
139 14038 140 14212 140 14158 140 14112 1391
/
4 14238 141 14618 157,800 Amer Smelting & Refining_100
9038 Mar 14412 Dec
10958 Apr 21 152 Aug 17
12014 121 *121 122
121 121 *121 123
12112 122
12112 12112 1,400 Preferred
8 Mar 31 122 Dec 16 10512 Jan 11514 Oct
100
1127
•125 130 *125 130
12514 1254 12514 12514 *12512 129 *12512 129
200 American Snuff
100 12134 Oct 6 1r5 Feb 9 13814 Apr 154 Nov
4458 4458 *4412 448 448 45
4458 45
4458 447
2,400 Amer Steel Foundriee_No par 40 May 11 47 Aug 3
448 45
3758 June 4712 Deo
*113 11418 113 113 *113 114146*11114 113 *111 113 *11114 113
100 Preferred
100 11014Sept 21 115 Feb 23 108
Jan 11313 Oct
8358 8433 8312 84
8312 85%1 84% 8472 83
84
8212 83 4 9.100 Amer Sugar Refining
100 6514 Apr 14 8714 Nov 26
4738 Jan 7763 Deo
*10914 110
10914 10914 10814 10914 *10814 10912 109 109
109 109
650 Preferred
100 100 June 19 11012 Nov 30
9114
Jan 10414 Nov
4012 4034 40
4014 3912 40
4014 4278 4218 4338 42
4258 20,100 Am Sum Tob new ctfe_No par 294 Aug 13 433 Dec 16
_ __
295_ ____
...
Option A ctfs
100 1412 Apr 28 26 Aug 19 __-__ ---- 2978 2978 *28
2934 *28
2958 *28
100 Amer Telegraph & Cable 100 2512July 6 41I3 Feb 10
8 *2712 29 *2712 29
373
;June 47 -Feb
1498 15018 14934 150
150 1501
/
4 150 15018 150 15014 15053 15012 6,700 Amer Wei)& Teleg
100 13953June 18 15034 Feb 15 13058 Jan 145 Dec
12018 12114 12114 12138 121 12112 12118 12234 12112 1227s 121 12234 6,700 American Tobacco
50 1113s Mar 31 12434Sept 8
85 Feb 12112 Oct
11078 1107 11012 11058 •110 11034 *110 11012 *HO 11012 11018 11013
600 Preferred
100 10618 Jan 4 113 May 26 1044 Jan 110 Nov
1197 120
11918 11934 11958 12018 11978 12178 12014 122
12012 12178 16,200 Common Class B
50 11018Mar 31 124 Sept 8
8412 Feb 11912 Oct
*11912 120
120 12014 *120 121
12018 12078 12078 126
130 13014 1.800 American Type Founders_100 114 Jan 22 135 Feb 13 103 Apr 13653 Nov
6412 6512 64
6553 6312 6412 64
6312 19,100 Am Water Works le Elec
6478 6212 6453 63
20 4334 Apr 13 74 Jan 4
3438 Jan 7614 Dec
*10634 1075 *10634 10758 10678 107 *19612 107
10612 10612 10612 10618
500 let preferred (7%)
100 10112Mar 3 10814 Jan 27
974 Aug 103 Feb
34
3412 3414 36
3412 3514 3418 3472 34
3412 34
3418 8.700 American Woolen
348 May 604 Jan
100 19 June 9 427 Jan 13
89
89
8812 89
9014 28814 8834 8834 8834 8812 8834 4,700 Preferred
90
100 66 Apr 30 91314 Dec 7
6911 May 9618 Jan
*1
114
114
114
1
1
1
*1
1
1
11
/
4
1
500 Amer Writing Paper pref_100
4 Aug 13
558 Jan 13
112 Dec
74 Jan
Preferred certificates
12 Aug 4
412 Jan 13
-100
13 Dec
4 Jan
812 815
10
1012
l 58 11
832 1012
778 873
853 87 11,000 Amer Zinc. Lead & Smelt-25
513May 19 1218 Feb 4
7 May 1212 Jan
5214 5314 503* 5178 4612 5112 47
4658 473
49
17,800 Preferred
47
47
25 20 May 19 541, Dec 10
2478 May 4478 Dec
484 4913 4918 494 4834 4953 48
4812 48
4812 13,900 Anaconda Copper MInIng_50 4112Mar 30 518 Aug 8
48
49
3514 Apr 5314 Nov
•40
41
4058 41
41
418
4134 4238 4212 4273 *42
4234 3,400 Archer, Dangs, Micli'd_No par 3473June 11 44% Jan 2
26
Jan 4612 Dec
•106 10612 .106 10612 1061z 10612
___ *106 10734 *106 108
200 Preferred
100 100 Mar 4 108 Oct 16
9012 Jan 105 Oct
893
9412 *9312 94
9312 9312 *106*9312 94
9312 9312 9353 9338
300 Armour & Co (Del) pref-100 9014May 21 9778 Jan 13
9013
Mar
100 Oct
1534 1634 18% 167s 1618 167
16
161
/
4 15% 1632 157 1614 10,100 Armour of Illinois Class A__25 131eMay 22 2512 Feb 13
20 Mar 2712 00i
918 018
9i8 9 4
838 9
838 838
4,400 Class 13
8% 858
853 9
25
534May 20 17 Jan 4
16 Dec 20% Oct
89
*84
84
84
89
*SO
*80
88
88
•82
100 Preferred
*80
88
100 80 Apr 30 93 Feb 11
90 Dec 9314 Nov
2412 2412 25
2434 2434 *2312 24
25
1,100 Are Cons Corp tern ctf NO par 18 Apr 12 3134 Jan 6
24
2233 23
24
8 Jan
17/
1
4 Oct
2312 *23
2318 23
2312 •23
•23
23
23
*2212 2318
23
300 Art Metal Construction____10 1918 Jan 2 2334 Oct 5
Jan 203.2 Nov
15
52
52
5212 5334 5334 5412 *52
*5214 5312
5418 5414 5512 2,800 Artloom
No par 41.345ept 23 6312 Jan 21
34 Dec
60
June
39
*112 115 *113 114 *113 114 *113 114
113 113 *112 114
100 Preferred
100 108 Mar 18 113 Dec 6 10112 Aug 110 Dec
4218 4212 42/
1
4 45
4534 4612 4512 4718 44
4614 4314 4434 51,700 Associated Dry 000ds
100 3714 Mar 30 5472 Jan 9
613
Aug
8 NOV
464
10138 102 *10134 102 *101 102 *101 102
10112 10112 *10112 102
700 1st preferred
100 96 Mar 25 10212 Jan 6
Oct
Jan 102
94
106 106
*104 106 *10412 106
10713 10712 *106 108 *106 108
200 2d preferred
100 102 May 19 108 Jan 28 101
10814 Feb
Jan
*49
*4914 51
*49
5012
*49
5012
52
*4914 5013 *4914 5012
Associated 011
25 1434 Jan 6 60 Mar 4
Dec
474
Mar
32
36
36
36% 388 3918 40
3958 4112 401z 4212 4018 4114 14,300 AB Gulf & WI El El Line-100 29 Oct 1 1 6833 Jan 6
Jan 77 Sept
20
3712 3934 38% 3934 3912 3912 393* 3912 2,700 Preferred
100 334 Oct 27 5614 Jan 30
3134 3614 3558 37
Jan 60 Sept
31
11312 11712 115 11614 36,000 Atlantic Refining
11014 11014 10934 11014 10914 11138 111 117
100 97 Mar 3 12838May 24
11712 Feb
Jan
954
1164 11614 11614 11614 *116111 11614
•11614 117 *11614 117 *11614 117
300 Preferred
100 11518 Oct 1 120 June 22 113 Sept 11724 Juno
*6212 63
*6212 63
*6212 63
*6212 63
*6212 73
*6212 63
Atlas Powder
No par 54 Mar 4 64 N,., 22
45 June 65 Dec
9712 *96
*96
*9714 9734 9738 9733 9714 9714
200 Preferred
9788 *9714 98
100 94 Jan 8 973 Dec 16
9012 Oct 94 Jan
5812 938 *812 938 *812 938 *812 Ps *812 934 *812 913
Atlas Tack
No par
8 Oct 2 I
1712 Jan 30
918 Feb 21 De*
1114 1114 1134 11
11
1114
1114 4,300 Austin, NIchols&Co vie No par
11
912 12
*912 10
7/
1
4 Oct 23 28 Jan 29
22 July 3213 Jan
65
*62
6412 1,500 Preferred
6412 *62
6934 63
59
64% 6514 65
59
100 54 N.., 3 93 Jan 6
8753 Jan 95 Anil
33
Auto
3,400
*14
38
12
Knitter Hosiery-Are Par
3/1
%
14
12
14
14
%
*14
14 Oct 9
12 Dec
21
/
4 Feb II
414 May
15812 15818 15618 15813 15638 16358 16234 16534 15758 16414 15918 1628s 159,400 Baldwin Locomotive Wks_100 927 Mar 31 1653 Dec 15 107 Mar 146 Feb
200 Preferred
*11512 116
116 116 *11512 11714 116 116 *11534 11614 *11534 116
100 105 Mar 31 11914 s.,, 24 107 Aug 116311 Jan
273
2512
4
2714
23
28
15,300
22712
Barnsdall Corp class A
28
2838
28
277s 2812 28
25 23125lay II 3312 Jan 2
18% Aug 334 Dec
26
26
2614 *2534 25%
1.800 Class B
2614 *2512 26
26
26
2534 253
25 2212 Oct 27 294 Jan 2
16 Aug 30 Dee
52
5234 507s 5253 5,200 Ba uk Cigars. Inc
61
51
5113 5112 5013 5134 5134 52
NO par 39 Mar 31 551 Nov 30
3814 Sept 5314 Feb
1,100 Beech Nut Packing
5918 58% 59
5812 5812 *5814 59
5914 5914 59
59
59
20 5214 Oct 1. 71 7s Feb 4
60 Mar 773 Aug
1,400 Beld.g Wway Co tern ctfNo par 27,
2812 28313 2834 2834 2838 2878 *2812 2858 2812 2838 2858 2878
8Sept 28 3934 Jan 4
37 Sept 4158 Dee
4678 474 4638 4714 47
4718 4778 4614 4712 4718 4814 40,000 Bethlehem Steel Corp
477
100 3714May 20 51 18Sept .10
37 June 5312 Jan
/
4 10434 10518 3,000 Preferred (7%)
*10334 104
10418 10518 104 10414 10412 105
1048 1051
100 99 June I 1051 4 Dec 2
June 102
9314
Jan
37
38
*36
378 5,200 Bloomingdale Bros____No par 28 June II 3,34 Dee 15
3612 361z 37
3712 3812 3814 3834 38
____
100 Preferred
_ __ •110
110 110 *109 . _ *109 _ __ *109 . _ *110
100 10414June 21 110 Dec 11 - - - --- -712 778 1,800 Booth Fisheries
No par
753 V% *74 -734
41
/
4 Mar 24
734 779
759 -73-4
,
4
74 -7
934 Jan II
-412 May
87s Oct
*45
49
*45
100
47
1st preferred
4814 47
*47
47
49
*47
50
100 3434 Oct 11 51 12 Jan 7
*46
25 June 52 Oct
Botany
3,800
3012
cone
mills
2912
class
8
2812 283
A__50 20 May 25 41 18 Jan 4
29
2514 2514 2512 2512 2638 2814 28
4038 Aug 46 July
2812 2914 2912 31912 29
2978 2834 2938 2712 2812 2758 2818 17,300 Briggs Manufacturing_No par 24 Oct 20 3712 Jan 4
Oct 4411 May
27
428
1
.12
434
1
1
200 British Empire Steel
•12
1
1
534
34
52
12:MaY 5
100
3 Jan 18
153 May
5 Oct
81012 1912 *1132 1912 *1 15, 1912 *1138 1912 *912 1912 *912 19
1st preferred
100
934June 29 27 Jan 28
22 July 36
Oct
24 preferred
100
112June 24 1018 Jan II
*214 314 *112 234 *112 234 *112 234 *112 234 *112 24
14
Oct
638 July
1,200
1543
15414
4
15534 15534 *155 156
1543
15412
4
Brooklyn Edison, Inc
15434 15578 155 155
100 133 Mar 31 163 Sept 8 1205, Jan 15612 NOV
9412 1,500 ilklyn Union Gas
94
*9412 9512 95
9514 95
No par 68 Mar 30 98 Dec I
9534 9518 9518 *9412 95
7318 Dec 10014 Nov
*33
600 Brown Shoe Inc
34
*3253 3312
33
*3212 34
33
3378 *33
33
34
No pa
2911June 1 4838 Jan 7
46 Dec 464 Dec
*109_ •109 115 *109 115 *109 115 *109 115 *109
100 107 June 5 111 Mar 10
Preferred
Oct
96
Mar 109
4.35 -3-6.
36
36
3614 3638 3578 3614 3518 3518 *35
1,300 Brunsw-Balke-Collan'r_No par 2438 Mnr 30 39% Sept 15
36
24 June 493* Jan
•12812 130 *128 130 *1284 130
12812 130 .128 132 *12812 12912
200 Burns Bros new clAcom NO Par 121 Mar 31 144 July 23
9212 Feb 136 Dee
*2912 31
*2912 31
200 New class B com____No par 26 2 Nov 4 44 Feb 13
29
*2912 31
*2912 30
2912 2912 29
17 Mar 39 Dee
*10178 104 *10112 104 *10112 104
*9938 101
*9938 102
Preferred
*9938 101
100 97 Mar 30 10312June 22
9112 July 99 0011
120 120
1901. 1901. 191 191 r120 120
119 119 *118 119
500 Burroughs Add Maeb_No par 7712 Apr 13 122 Dec 2
65 Jan 103 Bent
•Bin and asked prices; no sales on this day. z Es-dIvIdand
3159
New York Stock Record-Continued - Page 3
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. 11.
Monday,
Dec. 13.
Tuesday,
Dec. 14.
Wednesday, Thursday,
Dec. 18.
Dec. 15.
Friday,
Dec. 17.
Salse
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share tots
Lowest
-
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
mous
Per share $ per share $ Per 43orii
$ per share 5 per share $ per share S per share S per share $ Per share Shares. Indus. & MIscell.(Con.) Par $ Per share
1
4 June 26 Dee
14/
200 Bush Terminal new___.No par 1684 Mar 18 3414July 14
27
27
*25
27
*25
27
27
27
*26
27
27
*26
80 May 8978 June
93 Aug 2
100 86 Apr
100 Debenture
93
*92
119158 93
*91
9212 9214 9214 *9114 9212 *9158 92
Jan 103 Dee
9612
Nov
19
994
Jan
20
pref____100
104
Bldgs.
Bush
Term
*10212
____
_
*10414
*10414
*10414
____
*104
____
_
*103
8/
1
4 Jan
414 Mar
414 Dec 15
5
614 Feb 10
414 438 1,100 Butte Copper & Zinc
414 438
414 4/
1
4
434 434 *418 414
*414 _-434
17 May 2814 Jan
100 1714 Mar 3 71 Sept 15
300 Butterick Co
52/
1
4 5214
52
52
53
*52
*52
53
5312 53
53
*53
Jan
2414
May
Jan
11
10
618
1614
718May
18
Mining
Superior
Butte
&
3,200
1134 1034 1078
1234 ii
1213 1278 x12
13
13
1358 13
9,600 By-Products Coke_ _ _ _No par 53 June 30 00 Sept 27
/
4 7812 7858 7718 6812 7534 6914 72
7813 7812 7818 7814 761
8 Oct
23 Oct -4171,100 Byers & Co (A M)_ ---No Par 28 Mar 29 4478 Nov 16
3958 3958 3913 3912 *3914 40
4018 *3912 40
391
/
4 3918 40
/
4 705* 9,300 California Packing__ __No par 6614 Oct 18 17912 Feb 4 10018 Jan 364 Nov
7014 701
/
4 7014 7158 70
7012 7018 711
69
6934 70
2378 Jan 343s Dee
25 2914 Oct 11 3818 Feb 10
3112 3118 314 13,100 California Petroleum
3114 3034 3114 3034 3138 31
31
3114 31
414 Feb
112 Mar 26
11
/
4 Oct
2/
1
4 Jan 15
10
1,100 Callahan Zinc-Lead
15s
158
1s
158
134
112 158 *158
15*
112
15
8
158
45 Apr 6118 Dee
10 5512 Mar 29 7358 Aug 9
687a 6934 68I8 684 6812 694 6712 68/
*68
69
1
4 6818 6312 1,900,Calumet Arizona Mining
1214 May 1858 Jan
25 1338 Mar 31 181/ Aug 9
500 Calumet & Heels
*1512 1578 1512 1512
*1512 16
*1558 16
16
1618 *1512 16
24 Mar 6818 Dee
100 6212 Jan 4 176 Aug 6
4,900 Case Thresh Machine
150 153
151 151
15812 15912 15514 157
156' 15612 153 156
60 Mar 10712 Dee
100 96 Jan 5 1181/ Aug 10
6001 Preferred
11213 11212 *11212 11234 11212 1125* 113 11318
*112 114 *11014 114
7 Nov 11 201/ Jan 5
1414 Mar 2358 Oct
100
1,300 Central Leather
734 8
818
8
8
8
*758 8
1
4 8
*758 814 *7/
Oct
4914 Mar 71
100 4314 Apr 28 6834 Jan 5
524 5312 5238 5238 2,700 Preferred
523g 53
5112 5112 5112 5134 5158 52
1
4 Jan 8
3034 Sept 4711 Mar
1014 Oct 25 32/
*1218 13
/
4 2,300 Century Ribbon MIlls__No par
1134 1134 1113 131
12
12
124 12
124 13
Jan
21
25
94
Dec
90
83
May
98
/
1
4
100
Jan
Preferred
*7814
86
86
*7814 89
*7814
*7814 86
*7814 86
*7814 86
4312 Mar 6418 Nov
1
4 6,600 Cerro de Pasco Copper_No par 574 Jan 22 731/ Aug 9
64/
1
4 6514 6434 6514 26314 6378 6358 63/
6438 654 6434 65
491/
Jan
4014 Mar We Sept
5
1
4 4212 4214 4212 6,000 Certain-Teed Products_No par 3618May 20
43/
1
4 43/
24212 4284 42/
1
4 4312 433
4312 44
8912 Jan 110 Sept
100 100 May 22 10614 Nov 9
100 1st preferred
*105 10584 10534 1053 *105 10712 *____ 107 *104 107 *104 107
812 Nov 5 26 Feb 11
900 Chandler Cleveland MotNo par
8/
1
4 8/
1
4
*8/
1
4 914
91
9
9/
1
4 *9
913 91
*834 913
1
4 Feb 15
No par 2034 Dec 9 45/
*2334 2414 2314 2312 6,100 Preferred
2412 2478 2334 2514 2418 2414 2334 24
8014 Mar 128 Dee
11912 11912 2,000 Chicago Pneumatic Tool-100 941/ Apr 8 120 Jan 2
11758 1181 *11838 11878 118/
1
4 11812 11818 1181 11712 119
4978 Mar 7472 Oct
No par 4518May 19 6638 Jan 4
*5131g 5034 5058 5058 5018 5014 4913 50
1,700 Childs Co
4934 4934 49
4934
3012 Mar 375at Jan
25 30 Mar 3 3638 Jar 6
66,200 Chile Copper
3412 35
35/
1
4 361
3434 35
35
35
361
3512 3434 353
Nov
4
1
4 Feb
19 Apr 28/
26
Mar
3
16
5
Chino
Copper
*22
27
*22
27
27
*22
*22
*22
27
*22
27
27
6214 Dec 6412 Dec
1,100 Christie-Brown certifs_No par 2912 Oct 15 6314 Jan 4
3512 351
3512 3612 3518 355* *3514 36
*3612 371 *3613 37
4238 3912 4214 4018 42/
1
4 241
40
3858 397
1
4 475,400 Chrysler Corp new..._No par 2818 Mar 30 5478 Jan 9
4334 4234 44/
No Far 93 Mar 30 108 Jan 2 IOO's July fine Nov
700 Preferred
105 105
10512 10618 210434 10434 10414 10414 *101 10414
105 105
581
/
4 Mar 714 Jan
1,300 Cluett, Peabody & Co._ -100 6014 Mar 31 6812 Jan 7
6012 6034 607s 607
61
*6112 62
62
62
6078 6112 61
100 40314 Jan 1 116 Sept 17 10312 Jan 109 Sept
Preferred
*113
117
*113
117
117
*116 11678 *113 116 *113 117
*116
80
Jan 17714 Nov
1703
4
Dec
8
Mar
24
No pa 128
8,800 Coca Cola Co
169 16958 16818 169/
1
4 169 170 x168 16858 167 16818 168 168
64 Dec 16
3434May 2
No pa
37,200 Collins & Aikman
6112 63
60
6212 6214 64
59
5918 5912 60
5834 59
-127
Dec
17
4May
27
983
100
Preferred
4,100
11914 12412 12552 12618 126 127
11812 120
118 118 *115 118
4Apr 4814 Jan
1
4 Oct 2 -E1461 22.700 Colorado Fuel & Iron
100 2738 Mar 3 49/
/
4 4513 46
44
45
46
4514 4414 4538 4414 4534 441
45 Mar 6214 Dee
5558 Jan 26 7034 Dec 14
591 10,000 Columbian Carbon v to No pa
8978 69
6914 6913 7034 6978 7012 69
6812 6812 69
Oct
4514 Jan 86
par 631/Mar 29 9034 Dec 6
No 1oo
300 Col Gas & Eleo
89
89
89
*8958 90
*89
8912 *8612 8813 8818 8,818 89
11134Sept 13 11718 Nov 26 10414 Jan 11412 Dec
Preferred
/
4 119
__ *1161
*11614 118 *116 119 *11614 110 *11614 119 .11614
Dee
Sept
5518
3812
471/
Jan
14
1612
Nov
13
181
...No
pa
Commercial
Credit_
1,600
1813
18
18
1858 1878
19
18/
1
4 1878 19
1813 1858
2514 Sept 2712 Oct
2114 Nov 13 2614 Jan 13
2
Preferred
*22
23
23
*22
2312 *2213 24
*21
24
*2218 23/
1
4 *22
2614 Sept 2714 Dee
25 20 Nov 16 2734 Jan 11
100 Preferred B
24
231z 24
*22
231 *22
*22
24
•22
*22
24
24
_
100 8614 Dec 13 991/ Feb 26
200 1st preferred (634)
87
87
*87
89
*87
89
8614 8614 *8512 89
39
*85
50 Jan 8412 Nov
Comm Invest Trust_ .No par 55 Apr 12 72 Jan 11
*57
59
59
557
*57
59
558
59
*58
59
*5814 59
100 97 June 7 104 Jan 28 100 Nov 10712 Nov
7% preferred
___
*99 1024 *99 10158 *99
*9714 10158 *9714 10158 *9714 10158
100 89 May 7 100 Jan 13
Preferred (6k)
*911
/
4 94
*911
/
4 94
*9178 94
*93
95
*9312 95
*9312 95
Jan
76 May 189
12,800 Commercial Solvents B No par 11814 Jan 4 237 Nov 23
221 227
22512 229
22634 23034 22514 228'z 21713 226
225 228
1578 Nov 434 Jan
1
4 1918 22.900 Congoleum-Nairn Inc_ _No par 1212May 13 2938Sept 1
1912 18/
1912 1934 1834 1912 1878 1938 1878 1938 19
Nov
30
5612
17
5534
4012May
Cigar
No
par
/
4 10,900 Congress
1
4 5518 5512 561
5434 558 25334 548 54/
55
551g 55
May 17 Feb
12 Oct 8
1 Mar 12
84
512
Conley Tin Foil stpd_..No par
"8
34
"8
34
"8
3
*12
3
*38
34
261/ Jan 6314 Dee
No par 4514 Apr 15 8714 Dec 14
8534 8633 8578 8614 8513 87'4 x8518 8638 8312 8518 8234 841
/
4 25,100 Consolidated Cigar
100 91 Mar 31 10738July 28
200 Preferred
1395 10213 *97 1021 *97 1021 *9712 10233 9734 9734 *9812 1021
Feb
79
3% ja
Jan 99
618 Den
8% Jan 7
14 Aug 13
113
158 4,500 Consolidated Distrib'rs No par
134
158
134
112 158
134 134
134
113
158
7418 Mar 97 Dee
87 Mar 30 11538 Aug 6
110 1107 10914 11014 109 1101 26,200 Consolidated Gas(NY) No pa
1091
/
4 11058 11012 112
109/
1
4 110
514 Jan
284 June
414 Nov 22
114May 10
334 38
334 37
334 4
378 4
334 334 9,000 Consolidated Textile_ __No pa
334 3/
1
4
6012 Mar 934 Dee
70 Mar 30 9213 Jan 2
7434 75
7478 7512 75
6,000 Continental Can, Inc_.No pa
7518 7518 7538 7412 75
7534 76
Jan 140 Dee
14114 14114 14014 14178 140 140
141 141
1,500 Continental Insurance_ _ _ _ 25 122 Mar 31 14414 Jan 9 103
1391
/
4 140 *13913 141
1512 Oct
814 Jan
978May 17 13 Jan 5
1134 12
1134 12
1138 1113 1133 1134 1134 12
26,800 Cont'l Motors tern ctfs_No pa
1134 12
3212 May 4218 Dee
/
4 Dec 13
3558 Mar 30 511
5114 501$ 503 56,400 Corn Products Refin w 1.. 2
5038 511
/
4 5034 5138 5013 5138 5038 5034 50
100 12212 Jan 6 12918 Apr 28 11818 Jan 127 July
128 12834 *128 129 *12778 129
*127 129 *12712 129 *12712 129
500 Preferred
48 Augso': Dee
441/Mar 29 62 Dec 9
No pa
613
6178 *61
6134 61
6118 6034 6112 61
6178 6178 61
2,800 Coty, Inc
so/ Mar 8458 Nov
821 31,100 Crucible Steel of America__100 64 Apr 15 8234 Dec 11
8034 8134 7814 8173 81
8214 8234 8034 8234 8034 82
92 May 102 Dee
100 96 Mar 30 104 Dec 14
10212 1021
10234 10234 *102 10314 10378 104 *10034 102 *102 103
700 Preferred
44/
1
4 Dec 5412 Oct
2814 Oct 30 5336June 20
No pa
33
3312 3258 33/
331 17,700 Cuba Co
1
4 3214 3318 3134 3438 3234 3378 33
734 Oct 1418 Feb
858May 22 1118 Jan 29
No par
104 1012 1034 1073 1034 1078 1078 1078 1038 1034 1014 1014 4,000 Cuba Cane sugar
3718 Oct 6218 Feb
100 351/June 8 5038 Dec 11
Preferr
ash 5033 4914 50
49
4978 4818 4938 4714 488 4734 481 24,800 Preferred
20
Oct 3318 Mar
10 2014 Aug 10 3038 Jan 28
271/ 2778 2758 2818 2712 28
2858 35,800 Cuban-American Sugar
2712 2878 2734 2838 28
9378 Nov 101 Mae
100 9714 Jan 5 105 Nov 19
100 Preferred
*101 106
105 105 *10312 107 *10312 107 *10312 107 *10512 110
800 CubanDom'canSugnewNoyar 1548ept 24 2014June 7
1814 1814
18
1813 1834 1812 1815 1812 1812
*18
1834 18
50 511g Nov 19 55 Dec13
5314 5378 50,800 Cudahy Packing new
54
5314 5413 5414 55
5438 5458 5314 547e 53
Oct
82 Mar 104
r 7712Mar 1 10512t8ept 2
No
800 Cushman's Sons
100 100
101 101
100 100
*100 10114 10112 1021 100 100
44 Nov 59 May
par 32 Nov 26 51 Jan 14
3373 2,80 Cuyamel Fruit
334 334 *33
3312 3312 334 341
33
331
331/ 331
491
4
Jan
Apr
277
8
4
Feb
17
461
Oct
20
2318
par
c_No
N
o
Davison
Chemical
v
t
*2614 27 2632 261 2612 2612 2634 27 27 2712 2712 2712 3,60 Detroit Edison
100 12318 Mar 30 141 12 Dec 13 110 Jan 15912 Sept
4.100
138 14112 13734 138
137 140
13912 l39s 13834 13834 13853 139
904
Dee
Oct
53
Feb
10
10418
Oct
7
par
31
Reynolds
A-No
Devoe
&
2,800
3912
394
3914
3812 3812 3834 391
39
3914 3914 3938 3812
2114 June 4814 Nov
2534 26's 90,300 Dodge Bros Class A___No par 2114May 17 4714 Jan 2
2718 2738 2714 2734 28
2714 2838 2512 27
29
7313 May 9112 Oct
No par 7912May 17 90 July 20
8412 8478 8414 8458 5,700 Preferred certifs
8418 8514 8412 85
85
8512 8434 85
1214 Apr 1818 Nov
Mar
13
20
Oct
18
8
No
par
me
laa
Mp
i
n
ec
es
t
.
in
Ltd
o
ug
1158 1158 5,000 D
*1112 13
1138 1214 12
1214
ills 12
1134 12
14 Feb 2312 Aug
prefNo par 19 Mar 20 46 Nov 27
200
44
4512 *42
*44
4512 44
4412 *42
44
*42
44
44
Jan 11314 Dec
---100 11112 Mar 3 11634 Aug 10 105
900 Duquesne Light 1st
31614 11614 *11614 116 11512 11578 •11512 116 1157s 11578 *1155* 116
Jan
1041
4 July 118
1243
8
Nov
27
8Mar
30
1065
pa
2,700 Eastman Kodak Co...No
*121 12212 122 12212 12312 124
12234 12312 12258 12258 123 124
1012 Feb 3012 Dee
9,600 Eaton Axle & Spring___No par 23 Oct 20 3234 Feb 14
2414 2478 2458 2678 2618 267a 26
261a 2512 2614 *2512 26
15
1725
8
Dec
1543
4
Nov
4
new
_No
pa
de
Nem
17084
E
I
du
Pont
165 16812 16534 170
44,600
168
172
17014 17212 170/
1
4 17258 16638
Nov
94 Jan
100 10014 Apr 20 11018 Dec 10
110 110 *10818 110
700 6% non-vot deb
/
4 1091
109 10934 10914 10914 109 10914 1091
1014 Oct 11 204 Feb 1
2
12
1212 1212 1212 1234 *1212 1258 1218 1212 1214 1212 12
2,700 Elsenlohr & Bros
1
Feb
82
4Mar
31
641
4
613
No
pa
800 Electric Autollte
6612 6612 *6614 6612 6612 6612 *65
*6412
6612 6434 65
_
4 Mar 23 1234 Dec 7
No par
1112 1138 12
11
12
1214 1112 1238 1114 1178 1134 12'8 25,200 Electric Boat
1718 Apr 4018 July
15/
1
4 Oct 7 3418 Feb 10
1814 1812 1814 1812 1734 1812 17/
1738 1734 1714 171 14,500 Elea Pow & Lt Otis..._No pa
1
4 18
99/
1
4 Mar 30 115 Feb 11 100 Mar 110 June
105 105 210334 105 *104 10458 *104 105
800 40% pr pd
10412 10412 *10458 105
10212 Oct 5 1101/ Feb 26 10013 Mar 11014 June
_ *105
Pref full paid
•105
*104
-10312
____ *10312
8978 Aug 9414 Dee
8912Mar 24 9814 Sept 10
9715 9512 9638 *9534 9638
97
9734 98
- 97
*105- 8
1,400 Preferred carats
9634 967
x96
3338 Dec 9 781/June 23
RefrigeratIon__No
par
3614
381
37
37/
1
4 50,800 Electric
36
3684
37/
1
4 39/
1
4 3712 181s 3634 38
603* Mar 80 Dec
/
4 Mar 3 9418 Aug 19
8158 823s 8134 82
8134 82
81/
1
4 82
8114 8212 8238 8238 2,600 Elea Storage Battery_ _No par 711
118 May
533 July
4 Feb 1
1 May 20
*1
2
Emerson-Brantingham Co 100
*1
2
2
*1
2
2
*1
2
*1
8 May 2654 Aug
100
*812 11
*812 11
5 May 20 2434 Jan 29
Preferred
*7
11
*812 11
5712 11
*812 11
*6814 684 6812 69
6334 Apr 7478 Sept
6858 6884 68/
1,500 Endicott-Johnson Corp_ _ _ 50 651/Mar 31 7258 Feb 8
1
4 69
6878 691
/
4 *6712 69
100 114 Jan 7 120 Sept 15 111 May 11814 Oct
117 1171 •117 1183 *117 1183 *115 11834 2116 116
300 Preferred
*115 117
12312 12334 120 123 *120 123 *120 123
*12312 124 *12312 124
200 Equitable Office Bldg pfd_100 9978June 17 13214 July 28
5712 -13;0
4811 Nov
6634 6734 66
64/
1
4 6634 6714 681
56,200 Eureka Vacuum Clean_No par 43 May 19 6814 Dec 16
6814 6612 68
6778 66
1312 July 197g Jan
1518 151 *15
*1412 1514 *1412 151
300 Exchange Buffet Corp_No par 1434July 20 17 Apr 22
1514 154 154
1514 *15
434 Aug
*24 31
214 Mar
314Sept 11
.1212 4
2 Apr 16
*212 4
*212 4
*212 4
*212 4
25
Fairbanks Co
3214 Jan 5458 Oct
4258 4334 x4258 43
1
4 437
4418 42/
1
4 42/
1
4 5,000 Fairbanks Morse
44
42
4238 42/
No par 404 Oct 20 5934 Feb 10
*109 111 *109 111 •109 111 *109 111 *108 111 *108 111
100 10612 Nov 23 115 Feb 9 10612 June 11018 Nov
Preferred
9014 Feb ite14 July
11758 11834 11778 1181 118 11914 211418 11614 11318 11578 11314 11458 63,900 Famous Players-Lasky_No par 10318 Jan 19 1271/June 11
*123 12412 *1221/ 1231 12214 12214 *121 12212 12214 12214 *12018 122
100 115 Mar 31 12412 Dec 6 10372 Feb 120 July
200 Preferred (8%)
Oct 3714 Dee
28
44
46
4514 471
24134 4334 42
427s 45
15 28 Mar 31 474 Dec 13
4414 4134 4234 87,800 Federal Light & Tram
824 Sept 89 Dee
*90
93
92
Preferred
93
*91
*90
92
No par 86 June 18 9148ept 28
*91
93
*89
*91
93
1514 Mar 9512 Dee
*85
94
95
*88
95 .89
400 Federal Mining & SmelVg_100 41 May 22 11114 Jan 5
94
9434 9434 94
9334 94
4912 Mar 9472 Dee
105 Jan 6
7938 8012 7734 79
76
100 81 Mar
5,400 Preferred
7518 7612 75
7918 8034 8012 81
19512 19512 19534 19534 19534 19534 *190 19512
500 Fidel Phen Fire Ins of NY. 25 160 Apr 15 20014 Jan 23 14712 Jan 179 Des
195 195
*194 196
1714 July
12
Jan
14 Oct 14 2158 Feb 9
100 Fifth Ave Bus tern ctfs_No pa
*154 1612 *151/ 1612 1558 1538 *1512 1 612 *1512 1612 *1512 1612
_
100 100 *
*9912 100
100 First Nat'l Pio, 1st pref __ _100 96 May 18 107 Feb 13
101 *____ 101 •____ 101
*9914 100
3812 Dec "ici" "flee
28 Nov 27 4938 Feb 5
No pa
/
4 3114 3038 3034 3014 3014 30
311
29,4 2912 22834 2912 2,100 First Nat'l Stores
31
1012 Mar 2884 Otit
1614 1678
1414May 20 2614 Jan 13
1634 17
No pa
1638 17
1634 17
1658 17/
1
4 1634 1738 23,100 Fisk Rubber
1st preferred stamped__ _100 7878 Apr 19 8414 Mar 16
*7614 7978 7934 7934 7934 80 8014 80/
80
80
1
4 *7912 8012 1,200
9812 *96 98
9812 *96
1st preferred cony
9812 *96
100 94 June 3 107 Mar 1
*96 10134 *96 10134 *96
4814 4878 4712 4838 474 48
3214 Mar 29 5618 Feb 1
4714 48
17,600 Fleischman Co new____No pa
48/
1
4 4858 4812 49
Jan iiir; Nov
90
No pa
7712 7658 7734 7312 7658 7314 74
1
4 Dec 17 17914 Jan 29
17,000 Foundation Co
7714 77
73/
7612 7738 76
6812 Sept 85 Dee
71
5518 Mar 31 85 Jan 2
No pa
7112 19,600 Fox Film Class A
694 7012 70
7014 701
70/
1
4 7112 70
/
4
' 7134 71
8 Mar 2478 Oct
1958 Jan 13 36 Dec 3
3334 3412 3312 34
3312 34
33/
1
4 34
3214 3312 3234 3338 30,200 Freeport Tease Co_ _ _ _No pa
2872 Aug 3978 Nov
No pa
2558 Nov 11 42 Feb 11
8,000 Gabriel Snubber A
31
31
3114 3134 3112 3212 3114 3238 23014 3034 3014 31
1614 Mat
914 Jan 4
412 Jan
538 Nov 5
7
No pa
1,100 Gardner Motor
758 *7
8
778
8
714 714 *714 8
7,2 734
4412 Aug 60
Oct
471
100 39 Mar 29 5538 Jan 2
247
4873 4934 4858 49
9,500 Gen Amer Tank Car
4838 47
4934 50
4734 46
9334 Feb 104 Nov
109 109 x10814 10814 *108 110 *107 110
100 9942June 24 109 Dec 14
100 Preferred
*10812 110 *10812 110
4212 mar 70 Dee
100 50 Mar 3 9414 Aug 28
/
4 8534 8758 8314 87
8312 853 46,400 General Asphalt
8614 8738 8612 8738 8614 871
8618 Mar 109 Dee
1
4 Mar 3 14018 Aug 28
100 94/
900 Preferred
12934 130 *130 13178 13112 13112 13134 13134 *125 130 •I26 132
46 Mar 29 594 Feb 11
5418 5458 *54
543
1,600 General Cigar, Inc new_No pa
54
*54
55
5512 5438 55
541
*55
Jan 1115* Mar
100 109 Jan 11 118 Dec 8 105
*116
____ *116
100 Preferred (7)
116 116
____ •116
- *116
*115
Debenture preferred (7)-100 10914 Apr 12 11818 Feb 10 104 July 116 Dee
*11634 11712 *11512 11712 *11512 11712 *11512 11712 *11512 1174 *11512 1171
4518 Aug 5414 Sept
51 Mar 30 5838 Aug 4
561
1
4 56
56
2,700 Gen Outdoor Adv A...No pa
56
56
5538 5512 5538 5512 5512 5512 55/
2618 Aug 3418 Dee
2858 Mar 30 37 Dec 15
/
4 367 11,100 Trust certificates_ ___No pa
1
4 3538 3618 3618 37
3612 3634 361
35
3514 3518 35/
100 285 Apr 15 38612 Feb 19 22714 Feb 83714 Aug
General Electric
79 June 9 9512 Aug 14
NO pa
11 24 -861z 8514 8634 8518 861
4
/
4 31,900 New
-tWs 1E78 86 161
•Bid and asked prices; no sales on this day. s Itx-dlvidead. •Ex-rigiits.
3160
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,
PER SHARE
PER SHARE
NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1 1926
Range for Previous
for
NEW YORK STOCK
Monday,
On basis of 100-share tots
Tuesday, Wednesday, Thursday,
Year 1925
Friday,
She
EXCHAN
GE
Dec. 13.
Dec. 14.
Dec. 15.
Dec. 16.
Dec. 17.
Week.
Lowest
Highest
Lowest
Highest
$ per share
per share $ per share $ Per share
per share Shares. Indus. & Miceli. (Con.) Par
1138 1112 1132 1112 1112 1134 21138 1112 $ per share
11% 1112 1114 1112 12,800 General Electric special__10 $ per share $ per share $ per share 8 per share
4514 4814 4512 4612 45
11 Jan 5 1184 Dec 14
4534 24412 4412 43
1072 Oct 11% July
4414 3.4214 4334 1,400 General Gas di Elm ANo par 34
*9912 101
*9912 100 •9912 101
Mar 30 59 Jan 2
'9712 100
58% Dec 61% Dee
"98 100
•98 100
Preferred A (7)
•112
*112
No Par 95 May 11 100 Dec 9
*112
*112
99 Dec 100 Dee
"112
_ *112
Preferred A (8)
No
par
•9412 9534 •9412 9534 '9412 96
1054
Apr
8
113
Sept 9 110 Dec 110 Dec
*93 16 '93
96
•93 96 Preferred B (7)
No par 92%
f 14814 14738 14634 150
15012 15214 150 152
14714 15212 14814 15114 634,400 General Motors CorpNo par 11314 Apr 27 96 Jan 4
.312134 122
12134 12214 1214 122
Mar 29 22534 Aug 9
1214 121% 121% 12134 12112 1224 3,400 7% preferred
6458 Jan 14938 Nov
100
*104 ____ '104
11312
Jan
29
12214 Dec 13 102
•104 _
"104
Jan
"105
115 Dee
•104
6% preferred
100 9814 Apr 13 105 June 29
8812 Apr 994 Nov
General Petroleum
'jai* 111-- 83* 84
25 4912Mar 2 7012June 23
835*
84 -8-51-2 84
42 Jan 5912 Dee
85's 84 -14-5
; _ 9i:566 Gen Ry Signal new___ -1,
6012
*10212 ____ *10212 103 .310212 848 3.
75.
Mar 31 937g Aug 18
Par
68 Nov 8084 Oct
---- 10212
•10212 --- *10212
__
Preferred
*43
100 103 Apr 14 105
45
*43
45
43
43
4232 -4-2-32 *43
9012 July 10572 Nov
45
*43
45
200 General Refraetories___No par 36 May 27 49 Nov 16
454 4512 45
46
Jan 4
4334 4614 42
42
Oct 584 Jan
4412 43
4378 '
34314 44
12,300 Gimbel Bros
*10212 103 "10212 103
No par 4114 Nov 16 78% Jan 19
103 10312 10312 10312
47 Mar
'
103% 105
1034 10312
800 Preferred
100 100 Nov 10 11132 Jan 7 10214 Mar 83 Dee
1834 18% 1878 18% 18% 19
1912
11411 Nov
19
7,600 Glidden Co
No par 1532June 3 2534 Jan 4
4314 4312 4318 451z 4434 4534 45% 1978 x1858 1914 19
1212 Mar 2813 Dec
46% 45
45
4512 4512 5,800 Gold Dust Corp v t o No par 4112 Mar 31
4312 4334 4234 4334 43
58% Feb 3
4378 43
37 Mar 51
43% 43
Oct
97
97
9634 96% 9634 9634 "9514 9512 9512 4334 42% 4414 10,800 Goodrich Co (B F)__No par 3912 Nov 30 7034 Feb 9
3634 Jan
7434 Nov
9512 9.512 95% 1,100 Preferred
100 95 June 25 100
"9714 9712 9714 9714 9714 9712 97
92
Jan 102 Nov
97% 9612 9612 9612 97
1,100 Goodyear T & Rub pf v t e_100 9612 Dec 16 109% Feb 16
Aug
1
8612
Jan
*106 10712 *106 108 3.106 10712 •1033
114% Oat
4 10834 •1044 106 •10418 10512
Prior preferrea
100 10532 Jan 22 109 Sept 14 103
61% 62
8134 62
6134 61% 26112 6112 61% 6138 6118 6112 1,600 Gotham Silk Hoalery_
Apr 109 Dec
_No par 3314 Mar 30 6913 Nov 15
*62
6234 "62
6212 62
39 Dec 42 Dec
6318 "61
6112
614
"613
6112
4
800
6314
New
No par 4712July 12 6872 Nov 15
11114 11114 11114 11114 1114 1114 '11114
11134 •1114 112
11114 11114
400 Preferred
9% 912
100 98 Apr 6 125 Aug 17
94 912
9% 952
9911 Dec
9%
-15e;
2,300 Gould Coupler A
9% 934 *912 10
No par
8 Oct 30 2112 Jan 23
364 3614 3512 36% 354 3558 3518 9%
1878 Dec
23 Sept
35
35
35%
3
2
35%
3552 8,100 Granby Cons M Sm & Pr_100 1618 Mar 31 36% Dee 9
10714 11034 1104 1131g 1124 11312 2109
13 Mar 21% Dec
11112 10814 11072 10812 109
42,300
Great
Western
Sugar
ctf25
tern
89
Apr
*11714
14
_ •11812
11312
Dec 14
_ *11634 1185g 11814 11814 .311814
*1184
91
Jan 11312 June
100 Preferred
100 10812 Mar 30 11814July 22 107
3114 3172 3138 -3/14 33 143Apr 1154 Dec
4 331s 341s 3134 3312 334 1372 17,300 Greene Cananea Copper_ 100
10
101
9% Apr 3 34% Dec 14
10
1134 Mar 1914 Jan
1014
94 104
9% 912 10,800 Guantanamo Sugar__ __No par
9
9%
9% 934
Jan
54
5734 57% 57% 57% 57%
5 1078 Feb 1
3% Sept
84 Jan
5834 257
5712 56
57
5618 5634 4,900 Gulf States Steel
100 5138 Oct 25 9332 Jan 4
*56
58
58
59
674 Mar 9584 Nov
*5812 60
*5814
58
"56
59
500 Hanna let pref class A._ 100 45 June 18 59 Nov 1
•2614 2712 2612 2612 •264 2612 •2618 5912 58
4212 July 89 Feb
27
•2841
•2618
27
27
Hartman
100
Corp
class
A_No
par 26 Oct 20 2812 Nov 15
21
21% 22
22
22% 2334 22
23
22
22
no% 22
5,000 Hayes Wheel
No par
1914 Nov 26 46 Jan 14 I() Mar 161;
83% 8358 "78
83
80
80 '75
Nov
82
"75
81
"75
8014
200 Heime (G
25 69 Mar 29 88 Dec 7
23
23
*23
66 May 77% Jan
24
"2312 27
•2312 27
3
.2312
26
23
2312
Hoe
500
(R)
&
Co
tern etfs_No par 1712May 27 3512 Aug 11
"62
64
27 Dec 48% Jan
•62
64 "62
64
*62
64
*61
64
Homestake Mining
100
474
Jan
4
63
4.4412 45
Oct
9
O4412 45
43
Jan 50 Jan
*4434 45
z4412 4412 "4414 144 *4334 44
300 Houmh Prod,Inc.tem ettaropar 40 Mar 3 48% Jan 8
58
58
344 Jan 474 Nov
5838 5832 5812 58% 58% 58% 58% 61
60
6012 7,900 Houston Oil of Tel tern etf8100 5014 Mar 31 71 Jan 5
40
40
4014 4012 40
59 Apr 85
4112 41% 41% 404 4138 40% 4012 7,000 Howe Sound
Jan
No par 27 Jan 8 45 Sept 15
4712 48% 4712 4812 48% 4912 24734 483
1612 June 3113 Nov
4 4612 48% 46% 4734 86,000 Hudson Motor Car_ No par 4034 Oct 29 12314 Jan
2212 2214 2218 2234 22% 234 22
4
33% Jan 1394 Nov
23
2138 22% 22
223s 39,000 Hupp Motor Car Corp__ 10 17 Mar 2 2838 Jan 4
2958 301s 294 3014 30
14%
Mar
31 Nov
3112 3134 33
3118 33% 3134 32% 162,300 Independent 011 & Gas..No par 1953 Mar 30
34 Jan 2
1312 Jan 4184 June
•1534 16
*15% 16
*1534 16
•1534 16 '153 17
"1534 17
Indian Motocycle
No par
15 OM 29 24% Feb 4 .13 Mar 24 Aug
834 834
838 812 •832 834
81% 872
878 878
812
812
2,100 Indian Refining
10
7% Oct20 1334 Feb 13
*8
814
54 Jan
8
8
1414 Dee
81
78
81
*734 814
77
77
814
1,600 Certificates
10
712 Oct 20 1212 Feb 13
*95 107
*95 107
6 Sept 12% Del
*95 107
*95 107
"95 107 '95 107
Preferred
100 90 May 14 104 Jan 7
*9214 95
92% 93
77
Mar
*92
110
9412 "92
9412 '92
Dee
9412 *92
95
200 Ingersoll Rand new___ _No par 8014 Mar 31 104 Jan 6
•3812 4014 3.384 40
77 Nov 10711 Dee
39
40
40
4014 40
4038 40% 407
3,300 Inland Steel
No Par 3412May 11 4312 Jan 7
* __ 113 •____ 113
38% May .50 Feb
11014 11014
113 •____ Ill •____ 111
Preferred
100
100 10834 Mar 16 115 Feb 9 10412 Apr 112 Sept
2612 27
27
2714 2678 274 274, 274 22612 2634 26
2614 7,800 Inspiration Cone Copper
20 2034 Mar 30 284 Nov 10
14
14
3.1334 14
2214 Apr 32% Jan
14
1414 "13% 1412 1414 143 *14
1414
1,800 Intercont'l Rubber_No par 1312May 10 2134 Feb 11
9% 97
10
113
10% 1078 10% 10% 1012 104 10
10
Internat
4,900
Agricul
No par
94
6312 631
Dec
644 653
2614
8
Jan
22
7% Jan
64
65
6358 6512 63
Nov
64
64
64
2,500 Prior preferred
100 5638 Dec 6 95 Jan 27
56
561
55% 58
56
40 Apr 85 Nov
56
55% 56% 56
56% 557 5614 5,000 Int Business Machinee_No
par 63818 Mar 30 Ws Dec 15 110 Mar 17614 Nov
52
52
5152 5214 52
5218 "51
5112 '51
5112 "51
5112
1,500 International Cement__No par 4432 Oct 20 71%
1.10412 106 •10412 105
Jan
105 106 210334 10414 10318 1031g 1037g 10378
21
814
52
Jan
Sept
1,400 Preferred
4312 443
4414 45
45
46% 4514 4618 44
452
4414 4514 42,900 Inter Comb Eng Corp__No 100 1017s Oct 26 106 Jan 26 10212 Nov 107 Aug
15312 1561 153% 1561 15314 155% 155 15812 152 15634 154
par 334 Mar 30 6412 Jan 5
3184 Jan 6913 Dec
15714 548,100 International Harvester.,_ 100
11214
1274 1271 *12712 128
Mar
29
1584
Dec
127 12734 127 217
15
964 Mar 13814
12612 12612 12658 12658 4,0
6
900
0 Preferred
100 118 Jan 5 12734 Dec 14 114 Mar 121 Sept
7
7
718 71
714 714
714 75*
714 734
Nov
714
71
lot Mercantile Marine__ _ _100
38
6 Sept 21 12% Feb 17
381
384 383
38% 3918 39
74 June 14% Feb
4112 3914 4114 3912 4034 57,300 Preferred
100
624 621
27
Mar
30
6134 62% 6214 63
46% Feb 16
27 Aug 5234 Feb
63
63% 625 6338 6234 637
8,400
Internati
onal
Match
pref _ _35 5312 Mar 3 6638 Feb 23
37% 38
38
38
38
56% Dec 6078 Dec
3878 384 38% 238
3812 3734 3814 13,500 International Nickel (The)_25 32%
Mar 30 4614 Jan 5
•104
_ _ _ '10412
__
2414 Mar 4811 Nov
- - '104's---. 4.1044 ----'104's ____
Preferred
100 1014 Jan 29 10414 Apr 21
57% 581
58
601 "1041294
5958 6014
Jan 102 Nov
58% 5934 5714 59
5734 58 12,
- 16 nternational Paper
100 444 Apr 15 63% Aug 28
4814
Mar 76
Oct
9712 100
9714 971
9938 99% 9834 9878 '98
99
*98
9812 1,500 Preferred (7)
100 89 May 7 100 Dec 13
•18014 162
16014 162 *16014 162 *159 162 •159 162 '159 182
86
July
99% Oct
internatio
11834 11912 11912 1207 119% 1201 11918 12038 11712 119% 11778 11914 18,400 Internat nal Shoe__ _No par 135 May 6 175 Jan 11 108 Feb 199% July
Telep & Teleg_100 111 Mar 3 133 Jan 25
22
22
22
8712 Apr 144 Aug
22
2234 2234 2214 2214 22
2252 *2112 2212
900 Intertype Corp
No par 1812July 24 29 Jan 7
18 July 2983 Oct
46% 47 '46
47
4634 471
46% 47% 464 4712 .
47
3,100 Jewel Tea. Inc
4712
100 25 Jan 4 4778 De2 2
1612 July 26%
*124
_ _ •124
_ _ _ _ "124
_ *125 _ _ _ *125
•125
Preferred
__
100 11512 Jan 29 12712 Nov 12 10212 Jan 1154 Dec
9
9
9% 11
Dec
11
_1118
11
11
Ills '10
*1012 11
2,000 Jones Bros Tea, Inc,stpd_ _100
9 Dec 4 1912 Feb 5
1184 Dec 21% Feb
22
2312 2114 2214 22
2234 2214 2212 201s 22
1934 2014 15,300 Jordan Motor Car
No par
12 Nov 12 66 Feb 19
*14
32
35% Aug 85 Nov
*14
32
*14
3
2
14
14
Kansas
*14
32
14
Gulf
330
14 Mar 4
10
JaD 8
*109 11112 •110 11112 •11434 115 *113 11412 113 11314 •113 11412
11:June
I4 May
200 Kan City P&L lst pf A _No par 10714 Mar 29 115
27
99
Jan 109% Sept
4412 4412 441g 45% 4512 46% 45
461s 4512 4512 454 4634 10,700 Kayser (J) Co v t a_ _No par 3314May 20 47% Nov
Jan 14
18% Mar 424 Dee
912 912
914 914
9% 9%
94 1014 10
9% 9%
1014 8,800 Kelly-Springfield Tire
9 Oct 9 2112 Feb 8
25
1214 Mar
•45
48
•44
2183 July
48 '44
48
4512 4512 4512 4614 4512 46
900 8% preferred
100 4313 Oct20 74% Feb 6
41 Mar
"44
51
•45
74 July
53
*45
53
*44
*45
51
50
"45
53
6% preferred
100 45 Dec 1 7314 Feb 6
43
Mar
8234 8234 82% 83
72
8334 86
July
8714 90
356
87
6,300 Kelsey Wheel, Inc
8912 92
100 7434 Nov 26 126 Feb 4
87 Aug 124 Dec
634 6312 63
6314 63
6338 6332 6334 62% 634 623g 63
36,600 Kennecott Copper
No par 49% Mar 30 6414 Nov 16
*12
34
464
*12
Mar
52
5214
1
12
Nov
3
12
2
1,900
%
Keystone Tire & Rubb_No par
iiMay 11
21g Jan 2
4314 4314 *4313 4412 434 44'
1% Sept
34 July
451 46
4614 4614 "4712 5212
700 Kinney Co
No par 39 Nov 5 824 Jan 7
75 Mar 100
5534 5614 .5534 574 5614 574 25534 5614 5514 564, 5512 56
Oat
17,200 Kresge (8 8) Co new
10 4284 Mar 30 82 Jan 29
11214 11312 •11212 11338 *11212 11338 *11012 11212 *11012 1133* '110 11338
Preferred
100 1124 Nov 22 11434 Feb
•I812 2012 •19
20 '19
20
1914 20
20
20
3.1918 2012
600 Kresge Dept Stores_ No Par 1512 Mar 25 33% Jan 28 11014 Mar iii" Oct
14
*7712 80
2812 Dec
*7712 80 •78
80
*79
4584 Jan
8121
80
80 '78
90
200 Preferred
100 7014 Mar 26 9314 Feb 1
"187 190
88
188 188 •185 190 •185 190 "182 188 *185 189
Jan 97% June
100 Laclede Gas L (St Louls)_ _100 148 Mar 29 19614
Dec 8 11014 Jan 178 Mar
2034 2072 2078 2138 2118 211
2118 2l8 2158 2212 21% 217 22,100 Lago 011 & Transport_No par 1918May 14
2412June 14
8972. 7018 6912 691
6914 70
68% 6934 6858 89% 6712 683
5,500 Lambert Co
No par 3912May 7 72 Nov 5
6% 652 .0658 7
7
834 63
7
7
7% *7
3,700 Lee Rubber & Tire__-.NO par
71
6%
Dec
3
14 Jan 4
38
Feb "ii- 0*1
3914 3712 38% 37
3738 38
387
37% 37% 37
37% 13,200 Lehn di Fink
No Par 3034 Mar 30 414 Jan 2
37% Dec 444 Oct
2134 2212 2234 23% 23% 247 22414 25
2278 2412 2212 23
26,100 Life Savers
No par 1714May 4 25 Dec 15
*99 100 '984 100
_
99
98
99
981g 974 98% *97
1,400 Liggett & Myers Tob new _26 72% Mar 31 101
981
Nov 23
67 Mar 92 Dec
*126 128 *126 128 •126 128 •124 128 •124 128 •124 128
Preferred
100 1198 Jan 18 12934May 5
1612
*9814 99
Jan
984 98% 98
124 Del
97
98% 97% 987s 97% 97% 6,500 "B" new
981
25 71 Mar 24 10138 Nov 24
5512 Mar 89% Dec
6414 64% 6412 64% 65
6834 67% 6558 66% 6512 681 17,000 Llma Loc Wks
667
No par 5312 Mar
60 June 74% Jan
4734 48% 246
4512 4534 4414 4514 4414 447 24,900 Loew's Incorporated- No Par 3414 Mar 31 6934 Jan 4
46% 4512 481
2 4832 Dec 6
22 Feb 4434 Nov
612 612
61z 612
6% 6%
6% 6%
3,100 Loft Incorporated_,.. yoyar
6% 7
612 63
6 Oct 8 1114 Feb 10
"43
8 Jan
43% 4334 44
4238 4212 .34214 43
43
43
4214 421
94 Apr
800 Long Bell LumbeiA
NO Par 4214 Dec 17 504 Feb 3
16912 17112 17134 1761 17534 17712 •165 173
•166 170
14 Mar 43 Sept
168 1721
4,900 Loose-Wilee Biscuit
100 88 Mar 30 17712 Dec 15
77 Feb 14384 Dec
*165 172 '165 16978 172 175 '173 177 •165 175 •170 175
400 20 preferred
100
12014
Mar
30
175 Dec 14 104 Feb 148 Dec
*3114 3134 3114 31% 311z 317 23078 30% 3014 3012 3014 3114 3,000 Lorillard
25 2734 Oct 25 4214 Feb 3
3014 Jan
*11718 118 .311712 1184 "11712 1181 211734 11734 11634 11714 11734 11734
3934 Sept
500 Preferred
100 11118 Apr 5
1434 1484 1434 1514 1512 16% 1638 17
16% 1714
1612 174 66,100 Louisiana 011 temp ctfs- No par 12 Mar 3 120 Aug 31 10818 Feb 116 Aug
1972June 21
13% Aug 2384 Feb
24
24
24
2414 24
241s 2418 2414 *24
244 241g 2418 1,900 Louisville G & El A--No Par 2234 Mar 31
2618 Feb 10
23 Dec 28% July
*27
2734 2734 28
2412 2512 254 26
25% 27
4,000 Ludlum Steel
2538 26
No par 22% Oct 25 58% Feb 4
31% Feb 60 Dec
•12634 12814 •12634 12712 •12634 130 *12634 130 3.12634 130
12634 12634
100 Mackay Companies
100 122 Oct 26 138 Feb 9 114 Mar
141 Sept
*70% 7114 *7034 72
*7034 72 '70% 72
"7034 72
*7034 72
Preferred
100 68 Mar 19 734 Feb 9
66
9614 9814 9734 99
98% 10118 9912 10112 98% 101% 298
99% 78,800 Mack Trucks, Inc
No par 8952 Nov 4 159 Jan 4 117 Mar 7834 Feb
Jan
242
.311058 111 •11058 111 "11058 III •11052 111 •11058 III 210912 10912
Nov
100 1st preferred
100 10712 Nov 23 113 June 10 104 Jan
113 Aug
106 106 "104 106 *10412 106 •104 106 *104 106 "104 106
100 26 preferred
100 102 Oct 5 10834Sept 3
99
Jan
108% Aug
12414 12414 125 125
12512 12512 *12414 127
125 12534 126 128
2,200 Macy (R H)& Co,Ino-NO Par 864 Mar 29 128
Dec 15
694 Jan 112
Oct
"115 11618 "115 1161s "115 1161s -•115 116
Preferred
100 11484 Oct 20 11834 Jan 14 114% Jan
118 Aug
3614 3614 "3612 3634 383* 361
36
3618 --3614 2,000 Magma Copper
364 -56f,
_No par 34 Apr 19 4472 Feb 10
34 Mar 40 Nov
•1334 1434 1334 1334 1414 1414 143* 1438 "1412 1434 1412 1412
500 Mallinson (H It) ,t Co..No par 12% Nov 1 2818
Jan 5
2114 Dec 3712 Jan
70
70
7012 72
7412 75
72
74
72
1,500 Manati Sugar pref
72
*74
77
100 55 June 4 82 Feb I
79 July 8214 June
543 553
57
54
5418 557
525* 533
3,000 Manh Elea Supply..._NO par 44 Oct 16 87%July
54
535* 545* 55
19
32 Mar 59 Mar
•2514 2634 2614 2614 2512 262* 2612 26% 2612 264 264 2612 2,000 Manhattan Shirt
26 21% Oct20 327g Jan 4
2014 Mar 34% Nov
4134 4134 *39
41
"32
42
"40
*3814 42
100 Manila Electric Corp._No Par 274 Mar 20 453
44
*3812 40
14
284 Mar 4913 Apr
2034 21
2012 2012 2014 203
2012 20% 1972 20
21
3,300 Maracaibo 011 Expl___-No Par 1612 Oct 6 28 Sept
21
Feb 2
2032 Sept 3513 Jan
5514 5534 554 5612 5552 56
25534 57 100,600 Marland 011
5534 5612 5618 57
NO par 4914 Mar 30 6332June 17
3258 Mar 804 Dec
*2814 29
•2818 2812 28
2812 •2712 28
28 .328
200 Marlin-Rockwell
"2712 2812
NO par 244 Oct 21 33 Mar 11
1032 Mar 32% Oct
205 2058 208 208 208 2158 *2114 2134 2114 214 21
21
1.200 Martln-Parry Corp.N
17
May 20 23 June
- O par
19 Dec 374 Jan
8218 83% 8214 8312 82
821
8214 838 8232 82% x8112 8314 2,500 Mathleson Alkali Wkstens ctf50 6212May 12 10618 Jan 25
2
51
Jan 10714 Dee
13878 13872 13834 13834 13734 13852 13814 13814 1384 13934 13814 139
4,000 May Department Stores. 50 10672May 17 14514
Out 26 101 Mar 1394 Dee
•126 12612 *126 12612 *126 1261 "12412
*12412 12512 •12412 12514
Preferred
100 12232 Feb 2 126 Dee 8 11613 Mar 124 June
2253 225* 2238 2234 2252 223
2278 22% 2,200 Maytag Co
2278 -ii- 22% 23
par 19 Mar 3 2412Sept 8
2172 Nov 2638 Oct
•78
79
3.774 78
78% 85
8412 8612 8014 82
82
8214 7,200 McCrory Stores Class BNo
N parr 72 Mar 30 121 Jan 11
79 Mar 13934 Oct
•2412 25
25
25
*2415 25 •2412 25 •2412 25% 25 26
600 McIntyre Porcupine Mines...5 2214 Oct 14 30
Feb
15
16
Jan 2234 Oot
•2472 25
25
25
24% 24s 25
800 Metro-Goldwyn Pictures pf.27 22% Jan 8 254
25
"2434 25
24% 24%
Nov 24
18
Jan 2413 Nov
8
8
8
8
734 8
2,600 Mexican Seaboard 011 No par
8
814
7% 8
734 8
6 Feb 25 13%July 23
Dec
9
224 Jan
16
1618 181g 1634 1812 163
1634 1634 1658 164 1612 16% 4,100 Miami Copper
5 11 Mar 3 175g Oct 1
8 May 2384 Jan
3232 3212 3214 3234 317g 3234 3212 3334 3338 3418 33% 3514 89,000 Mid-Continent PetroN
o Par 2712July 22 37 Jan 2
25% Aug 33 Nov
•BM and asked Woes: no sake on We day I Ex-dividend. 41/22-r121812.
Saturday,
Dec. 11.
3161
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 11.
Monday,
Dec. 13.
Tuesday,
Dec. 14.
1Wednesday, Thursday,
Dec. 16.
Dec. 15.
Friday,
Dec. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share 3 per share Week. Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ Per share
100 90 Mar 30 103 Dec 15
8314 Apr 944 Oct
400 Mid-Coot Petrol pref
10214 10214 *102 103
*10214 1024 102 102 •10134 10212 10278 103
34 Nov 19
34
78
78
78
58 Apr
212 Jan 8
314 Juno
158 77,200 Middle States 011 Corp.__ AO
114
78
34
1,4
78
34
78
12 Oct 8
12
12
34
12
12
58
12
12
118 Jan 8
10
113 Feb
Certificates
14 Feb
12
12
34
1,8 9,500
96
117 117
1,000 Midland Steel Prod pref.. 100 107 Mar 30 13312 Feb 23
116 116
116 116
Jan 147 Aug
116 116 •11214 11234
115 115
3378 34,2 3412 3412 3478 36
*34
35
33
34
35
4,900 Miller Rubber ctfs____No par 30 Slay 17 4434 Feb 25
*34
100 6938 Mar 26 8612 Nov 11
-6-4- 8312 8312 8312 8238 8314 83
83
99-14 Aug
8234 8314 *8234 8312 1,200 Montana Power
*82
41 Mar 8414 Nov
6938 704 7058 724 7034 7238 7058 7134 6933 714 6912 7073 110,900 Montg Ward & Co III corp 10 56 May 19 82 Jan 2
934 Nov 23 3733 Feb 10
No par
2234 Mar 42 Deo
13
134 1414 134 1412 1414 15
14,4 11
1234 1134 1213 21,400 Moon Motors
418 438
74 Feb 8
4 Nov 19
414 438
414 4342
6 May
94 Jan
43
414 414
43
414 438 7,200 Mother Lode Coalltion_No par
•134 14
1214 Dec 1 2312June 3
1958 Dec 2012 Dec
•1313 1334 *1334 14
1338 1312 1314 13,3 1234 1338 2,600 Motion Picture
No bar
3612 37
3612 3738 z36
40 Nov
1
4 Feb 10
No par 3334islaY 19 63/
4478 Oct
3,200 Motor Meter A
3512 36
364 *3513 3634 *3513 36
2014 20
1918 Nov 27 3378 Feb 15
1978 2038 *20
18
No par
2014 2014 1914 2018
Apr 35 June
3,200 Motor Wheel
2014 20
20
9
4,858 10
918
8 Nov 13 1934 Feb 1
13 Aug 2113 Feb
*938 104 2,800 Mullins Body Corp__ No par
958 10
11
*84 10
10
•3634 37
*3634 37
No par 3434 Apr 6 3834July 6
3018 Apr 39 Des
354 37
*3512 37
300 Munslngwear Co
*3634 37
*3512 37
3 May 8 1573 Feb 20
No par
514 Dec 4212 Mar
500 Murray Body
612 612 *64 6,2 *134 612 *64 Ps
*614 612 *614 612
No par 52 Mar 24 6318 Dec 17 19312 Jan 488
6012 6238 6112 6238 6114 6178 6114 614 6218 65
6473 68,8 482,900 Nash Motors Co
Oct
512 512
*6
5 Nov 30 1278 Jan 9
612 *534 6,2
414 Mar 1258 Des
538 558
800 National Acme stem ped___100
558 8
*512 713
9812 98
984 98
99
9812 98
9734 99
25 74 Jan 8 101 Dec 17
98
65 Apr 79 Dec
22,200 National Biscuit
9814 101
•130
100 126 Jan 27 13112 Apr 28 12312 Star 12813 May
13012 130 130 *130 133
130 130 *13012 132
130 130
400
Preferred
4012 4078 40
4038 40
41
404 4014 4034 404 4034 10,000 Nat Cash Register A WI No par 3713 Oct 26 54 Jan 5
40
4912
100 18 Nov 3 57 Jan 2
2213 2338 21
2358 10,400 National Cloak & Sult
847k Oct
2034 2312 2434 2634 2313 2534 2312 24
69
8734 Dec 104
72
100 5813 Nov 19 9212 Jan 8
70
Preferred
6914 *70
6612 6814 71
*68
69
3,500
69
62
Jan
42
Jan 814 Nov
7014 7112 7018 71
714 7238 7112 7178 7158 72
7112 72
11,300 Nat Dairy Prod tern ctreNo par 53 Apr 14 80 Jan 2
3114 3034 31
3812 Jan 45 May
3014 3012 2734 2912 9,900 Nat Department Stores No par 24 Oct 25 4238 Jan 7
3034 3114 3113 3158 31
*9112
9412
96 Apr 102
9412
*9112 941 *91
•9112 9412 9134 9134 .9134 941,,
100 8934 Oct 15 97 Jan 19
100
1st preferred
Jan
19
1958 1913 1912 •1912 20
2958 Dec 4313 Oct
*1912 20
1,100 Nat Distill Prod ctfs_ __No par 1212May 18 34 Jan 4
1934 1934 1934 1934
4434 4334 44
4412 *4313 4412 43
4314 43,4 *43
5212 Jan 81
*44
Preferred temp ctf__No par 3712 Aug 2 7318 Jan 4
43
600
Oct
•26
25 Apr 4138 Dee
27
27
*26
26
2618 2618 •26
26
27
*26
27
200 Nat Enam & Stamping__ _100 2113July 14 4012 Jan 2
85
75 June 8934 Jan
*82
*82
85
•82
100 76 July 13 8934 Jan 4
85
*8012 84
*8012 85
*8013 84
Preferred
167 1721 16814 171
169 16914 168 17012 169 181
100 138 Apr 15 181 Dec 17 13812 Apr 17434 Nov
166 166
20,400 National Lead
*116 1173 *116 11734 *117 118 *116 117 •11714 1174 11714 1171
100 116 Jan 16 120 May 20 11412 Sept 1.7
Preferred
1_Sept
11
i
200
2038 1913 2014
1912 1973 194 20
1933 193 16,800 National Pr & Lt ctfs__No par 1634Mar 2 3833 Jan 21
2014 2038 20
s- Dec
28412 85
8414 9434 8334 84,2 8312 834 8258 833
9,400 National Supply
8714 88
50 5512 Jan 4 88 Dec 10 if8
jan
500 National Tea Co
•12014 125 *123 12512 *124 1261 212318 12318 *123 1261 •123 125
No par 11612 Nov 4 238 Jan 4 201 Dec 250 Dee
1618 16
114 Apr 1633 Jan
16
1614 Nov C.
Ms 31512 1534 1538 1558 1514 151 19,700 Nevada Consol Copper
154 16
5 1158June 1
3112 Oct 5612 Jan
4334 44
434 44
4312 4418 43
2,600 N Y Air Brake
*4312 44
No par 3812 Jan 2 4612Sept 7
4353 4312 435
3134 Mar 8113 Dec
2258 23
2234 2312 224 23
2258 2234 2053 2212 7,200 NY Canners temp ctfs_No pa
2018 Nov 24 844 Jan 29
2234 23
80
•76
80
80 .76
*76
79
4.76
7834 76
76 Dec 17 85 Apr 29
76
*76
No pa
100
Preferred
18 Mar -451-4 Nov
*3312 3414 3312 3358 33
3312 3334 3514 3412 35,2 7,700 New York Dock
*3334 34
100 32 Oct 2 4578 Feb 5
72
*71
*7012 72
*71
72
5213 Jan 76 Deo
*7012 72
72
75
1,100
7412 75
Preferred
100 69 May 13 75 Dec 17
2758 Oct 29
2834 2834 2878 2933 2914 29,4 294 2918 *2853 294
2933 Dec 14
*2838 29
1,000 Niagara Falls Power pf new_25 2758 Mar 31
JI113
4112 Jan 75
4778 484 47723 4812 4734 48,4 4734 4514 4758 4814 4758 48
15,800 North American Co
Oct
10 42 Mar 30 67 Jan 14
4658 Jan 5012 Sept
5034 5034 5034 503
511
5034 5034
51
1,600
5034 503
Preferred
5034 503
60 49 Jan 2 5214 Aug 31
961
961
964
9413 Dec 9613 Dec
9631 9612
*96
961
900 No Amer Edison pref_ _No par 9118 Mar 31 96788ept 18
9814 961 *9614 9612
9614
458 458
412, 44
1212 Sept 1814 Aug
438 43
458 44
44 434 1,900 Norwalk Tire & Rubber__ _1
412 458
418 Oct 20 1518 Jan 14
•1312 15
14
Jan
*1412 1514 •1412 151 •1314 14
14
*12
8
14
1712 Jan 7
10 Nunnally Co (The)____No par 1338 Mar 1
1812 Nov
31
*30
*31
31
3112 3113 3112 3112 3112 *3058 31
*30
3338 Dec 38 Nov
20 Oil Well 1311131/17
25 30 July 2 3632 Oct 19
1558 16
1812 151
1538 1512 1514 1534 3,80 Omnibus Corp
1512 1534 154 16
No par 12 Oct 16 2214 Feb 23
36
*36
36
3613 •36
1858 Jan 39 Dec
36
36
36
36
364 36
1,50 Onyx Hosiery
No par 3114 Feb 2 4512June 29
36
Preferred
100 95 Apr 17 116 Nov 4
7814 Mar 97 Nov
5712 -574 *5712 58-12 5812 5812 *5712 5•8.1-2I *5712 5812 5812 59,2
900 Oppenhelm Collins & CoNo par 47 Jan 12 6353Sept 29
4118 Sept 53 Dee
3112
3112
*3114 3112 3114 3112
3114 3114
3112 314 3134 32
1 2712Mar 25 3318 Nov 20
2534 Jan
3278 July
1,500 Orpheum Circuit, Inc
•102 105 *102 106 *10212 -- -105 105 *104
*104 105
Preferred
98
Jan 107 Sept
200
100 101 Jan 13 105 Apr 21
134 13413 133 134
13214 134
133 134
13334 13512 13413 138
8758 Feb 14012 Aug
10,000 Otis Elevator
50 106 May 20 136 Dec 13
*108 10912 •103 10912 *108 10912 *108 10913 •108 10914 •108 10912
100 10234 Jan 13 10912 Aug 30 101 Feb 112 July
Preferred
314 834 5,800 Otis Steel
818 838
814 813
8,4 814
8 Mar 1514 Aug
8,4 838
838 833
8 Oct 18 1412 Jan 19
No par
*69
71
*69
70
*6812 70
*65
*6514 7013 *7514 70
70
P11,1 ,,ref
100 63 Nov 3 74 Sept 22
8678 8838 8712 8912 8878 9034 86
7978 7778 7812 14,900 Owens Bottle
894 z77
4 Mar(ifise
25 5334 Mar 29 9034 Dec 14 ..423-Nov
*5012 5112 504 504 5014 5112 5133 5138 *51
52
4914 Nov 57 Nov
50,2 5218 1,300 Outlet Co
No par 44 May 19 6234 Dec 3
10612 10612 *105 107
*104 106 •105 106
10614 10614 4'10512 10612
98 Nov 10073 Deo
200
100 9712 Apr 1 10612 Dec 14
Preferred
*128 13038 •129 130 *129 130
12934 12934 130 130
130 130
300 Pacific Gas & Electric
100 118 Mar 31 13378Sept 21 10212 Jan 1374 Nov
173 2,4
158 14
134 21s
134 2
No par n1 May 13 8318 Feb 13
5158 Aug 7812 Dec
4
17 65,500 Pacific Oil
354 3538 3514 3612 37
33633 3714 3513 3658 3534 3638 64,300 Packard Motor Car
38
10 3l84Mar31 4514July 7
15
Jan 4812 Nov
1213 1218 1212 1258 13
12
1212 134 12
1212 10,600 Paige Det Motor Car __No par
1738 May 32
1278 12
9 Nov 19 2812 Jan 4
Oct
63
634 64
6334 64
63
634 6558 64,8 6658 6512 6512 3,500 Pan-Amer Petr & Trans__60 564 Mar 31
7612 Jan 2
5913 Sept 8374 Mar
6438 6334 6414 6373 6534 6414 667
63
7838 Jan 4
6234 63
6018 Aug 8412 Mar
60 5875 Mar 3
Class B
65
66 112,700
4014 364 38
30 Oct 13 46 Jan 2
34
3414 37
3618 37
34
374 Oct 4934 Dec
3618 373
37
34,200 Pan-Am West Petrol B_No pa
412 Jan 21 32 June 17
214 Aug
1512 151
1513 1534 1534 157
15
1513 15322
614 Dee
1534 1514 16
5,800 Panhandle Prod & Ref _No pa
100 51 Jan 19 9938June 18
Preferred
37
*68
Oct 6012 Dec
78
*6814 78
*6814 76
*6814 75
*6814 75
.6814 75
25 Sept 354 Jan
23
231
22
*2112 24
23
1853 Oct 23 2813 Jan 4
2312 233
22
22
2212 2212 2,000 Park & Tilford tern ctfs_No pa
518sept 30
1
812 Feb 5
61
6
*6
6
614 *6
*578 6,4
1,100 Park Utah C M
618 61
*6
6,4
32,4 Nov 30 83 Jan 7
70 Nov 904 Oct
4018 41
41
4238 4214 44
43
4638 4412 47
43
45,s 37,515 Pathe Exchange A___ _No pa
No pa
1678 Jan 28 24 Dec 1
17 Dec 28
Apr
22
224 2238 231
224 2338 z2258 224 *2214 2313 2212 23
5.100 Penick & Ford
7 Aug 6 19 Oct 26
50
1234 Apr 2638 Jan
13
13
*1134 14
*1034 14
*1058 13
*1134 13
12
14
200 Penn Coal & Coke
58 Oct 26
214 Jan 4
1
Aug
3
Jan
34 3,800 Penn-Seaboard St'l vtc No pa
34
53
34
38
34
3
53
58
34
58
34
Jan 123
Oct
12818 12914 •128 129
12858 12858 2,700 People's G L & C (Chic)-100 117 Jan 4 131 Dec 8 112
12812 12914 12913 12934 1284 130
5112 Mar 6714 Dee
88
90
9012 9034 91
*85
90
1,200 Philadelphia Co (Pitteb)._ _ 50 594 Mar 2 91 Dec 13
*85
*89
90
*89
90
5114 July 7
*4913 50
4512 Jun 49 July
*4912 50
*4912 50
100
*4912 50
50 4; Oct 11
87 preferred
4934 4934 *4912 50
4214 4314 4212 427
364 Apr 14 4838 Feb 13
3734 May 5213 Jan
4238 43
4214 4258 4218 4314 4238 4413 16,800 Phil(' & Read C & I__No pa
•42
3634June 14 4612 Jan 11
4312 4134 413 *42
38 July 6012 Jan
4114 4214
*42
43
43
•42
43
Certificates of int__ _No pa
300
45
45 Dec 11 554 Jan 29
4712 48
48
46
4912 49
51 Nov 9013 Jan
47
47
51
50
2,200 Phillips-Jones Corp__ _ No pa
*48
39
3978 39
393
3812 3834 37
3734
1234 Star 254 Sept
37 3714
9,300 Phillip Morris & Co, Ltd__ AO 16 Apr 3 41 Dec 6
3834 37
5613 5612 5612 573
5618 5673 z5512 56
40 Mar 30 574 Dec 13
3614 Mar 4718 June
55
5614 5538 554 99,200 Phillips Petroleum___ _No pa
4538 454 *4412 451 *4412 4512 4512 4512 45
31 Mar 30 4614 N., 29
4412 4412
45
18
Apr 4214 July
600 Phoenix Hosiery
*101 103 *101 103 •10114 103 *101 103 *101 103 *101 103
100 94 Mar 25 103 Oct 23
Preferred
84
Apr 99 Dec
2378 251
2412 2514 2414 247s 23 • 2412 23
2312 24
19 May 15 4318 Jan 9
2338 27,400 Pierce-Arrow Mot Car No pa
1078 Mar 4734 Oct
109 11058 3108 1084 10534 105341 3'10512 107
108 10818 *10834 110
3,500
100 76,3 Apr 15 12714 Aug 19
43 Mar 100 Nov
Preferred
12
12
13
48
38
513
12
1
178 Jan 30
2
114 Nov
34 10,900 Pierce Oil Corporation
84
'
12 Oct 1
58
34 Feb
13
17
16
17
1618 •1612 17
17
1312 1712 1712 1712 1712 2,300
100 1118 Nov 15 2718 Jan 30
2014 Dec 40 Feb
Preferred
3
318
3
338
313 314
318 338
3
314
34 314 6,800 Pierce Petrol'm tern ctfallo par
214 Aug 26
7 Jan 30
412 Dec
814 Feb
38
*35
435
*35
38
38
3734 3734 36
36
3712 37,3
400 Pittsburgh Coal of Pa
100 29 June 9 4212 Jan 6
3714 May 544 Jan
78
*75
*75
78
*75
78
78
*73
77
*75
77
*75
100 70 June 21 85 Jan 6
Preferred
80 May 99
Jan
100 100 *100 101
100 100 *100 102
200 Pittsburgh Steel pref
100 94 Mar 29 10o N...' 26
*100 101 *100 101
94 Mar 10212 Jan
44
42
42
*40
*40
44
43 .40
*41
*4113 43
44
100 39 Oct 5 6378 Jan 9
100 Pitts Term Coal
30 Apr 6314 Jan
*80
*80
86
88
*80
86
*80
86
*80
86
*80
86
Preferred
100 8013 Oct 7 9214 Feb 6
79 July 884 Nov
984 10012 9912 10012 9813 994 9834 10038 23,300 Post'm Cer Co Inc new_No par 751250ar 30 1244 Feb 3
9834 10014 9812 99
6458 Nov 121
Dee
*42
431:. *4213 4313 *4213 44
44
*43
42
4212 4112 42
600 Pressed Steel Car new
100 3418May 19 44 Nov 27
_
82
*80
82
*80
*80
82
82
•80
82
*80
*80
82
764 July 924 -Jab
Preferred
100 7812 Oct 21 9554 Jan 7
1814
1814 1834 1812 1914
18
18
1858 1912 *1712 1858 3,600 Producers dr Refiners Corp.50 11 Star 29 2034 Oct 29
18
1212 Aug 3253 Feb
4.37
39
*3812 3918 39
39
*384 39
39
39
•38
200
39
1134 Oct 29
!Feb
50 3034S1ay 11
Preferred
27 Sept _4_7_5
3214 3212 3214 3212 3214 3212 3214 3213 3238 3212 3214 321 11,300 Pu bServ Cor p of NJ new No par 3114 Oct 29 333,Nov
99
*99 10014 *99 10014 *99 1001
*99 10058 *99 10058 99
100
6% preferred
100 9613 Apr 7 101 Oct 1
109
*10814
1083
4
10912 10814 10814 10814 10814 *109 1091
10858 10858
900
99 JEW foo - Nor
100 1034 Jan 12 110 Nov 13
7% preferred
12412 12412 *12212 12412 •12213 125 *12212 12438 *12213 125,8 *12212 1243
100
Nov 17 10858 Apr 119
Oct
100 115 Mar 2 12
8% preferred
10238 1024 10238 10238 *10213 10314 10214 10258 *10134 10334 10258 1024
700 Pub Serv Elec & Gas pfd..100 97 Jan 22 104122 Sept 27
9212 Slay 1004 Dee
*11358 116 *11312 ____ *11312 116 *11334 116 *11334 116 *11334 116
Oat
Pub Service Elec Pr prat _100 108 Jan 18 114 Aug 5
99
Jan 108
188 18934 189 19034 19014 19212 18634 19034 183 19238 63,800 Pullman Company
18734 189
100 14514 Mar 31 19912Sept 16 129 Mar 17312 Sept
4612 4734 4714 4914 4818 4834 4634 4814 4534 47/
461
12,700 Punta Alegre Sugar
50 33 Apr 14 4914 Dec 13
1
4 *45
33 July 4714 Jan
264 2714 2714 2734 27
27
2758 2738 2813 2712 271 31,300 Pure Oil (The)
27
25 2514 Oct 20 31 Jan 4
2518 Aug 3334 Feb
11018 11018 *110 112 *110 112 .31. 1 1 112 •111 112
*110 112
100
100 106 Apr 14 11234June 25 10212 Jan 10812 Sept
8% preferred
58
60
58
5734 5934 5914 6014 6812 60
594 5813 59
89,300 Radio Corp of Amer_ _No pa
32 Mar 30 6158 Nov 19
3914 Nov 7778 Jan
5314 53
53
5218 5214 5214 5212 5238 534 53
53
53
1,700
50 4458 Star 31 534 Nov 24
Preferred
45 Dec 54 Feb
*3734 40
*3758 3918 3734 3734
*3734 40
100 Rand Mines, Ltd
No pa
3234 Apr 30 4134 Oct 1
334 Nov 3911 Au3
•1614 1613 1614 164 1614 1614 ;la- 16'16
•1534 161
700 Ray Consolidated Copper....10 1012Mar 3 1634 Nov 8
16
111
/
4 Apr 17/
1
4 Feb
41
41 41
*41
4112 41
41
•4058 42
400 Reld Ice Cream
4078 404 41
No pa
4032 Oct 18 58 Jan 4
43
Oct 6014 Dee
1038
938 10
834 104 10
94
9
838 812
5,600 Reis (Robt) & Co
No pa
712,1111y 24 1834 Feb 23
10 May 2814 July
834 9
113
116
113 113,2
•11212 115
114 11412 113 114.
115 115
1,800 Remington Ty pewrIter._ _ _100 8313 Apr 20 127 Feb 3
4634 Jan 1174 Dee
•10734 11712 *10734 117 *110 116 *109 116 *109 116 .109 116
Jan 10912 Get
100 106 Apr 21 118 Oct 1 100
7% 1s1 preferred
*110 114 *110 114 •110 114 4'109 114 *109 114 •I09 114
100 105 Apr 1 11614 Aug 27 103 Sept 11312 Apr
8% 2d preferred
1238 12
1178 12,4 12
12,8
11
No pa
1112 1214
1178 1113 12
16,300 Replogle Steel
8 Oct 27 1573 Jan 4
1258 June 2314 Jan
5678 564 57
57
*56
57
513
100 44 May 10 6358 Jan 7
5634 564 5833 5,100 Republic Iron & steel
421s Apr 8428 Jac
*5614 57
98
98
98
*9712 98
9812 29614 96,4 96,4 9614 9614 961
800
Jae
100 9114 Mar 30 99 Sept 15
8414 July 95
Preferred
5
518
458 458
458 453
5
5
No pa
414 Oct 29 1052 Jan 5
8 July
18
2,500 Reynolds Spring
5
514
Jan
5,4 51
7213 Mar 9514 Not
11912 1194 11912 11934 11912 11934 119 11934 11912 120 211878 11938 6,700 Reynolds (RJ) Tob Cillas B 2
90 Mar 30 12173 Nov PI
80
*75
80
•784 83
85
83
*78
79
*79
79
200 Russia Insurance Co
85 June 9712 Feb
25 78 Nov 29 100 Jan 20
83
4934 494 494 4973 4978 4978 5014 5034 3,300 Royal Dutch Co(N Y shares)
474 Oct 21 5733 Jan 9
48,4 Mar 57/
1
4 Jan
4934 4934 *4978 50
4078 4118 4034 404 404 4078 4078 4158 4078 41
41
5,600 St Joseph Lead
10 3653.May 11 4818 Feb 10
354 July 5213 Slay
40
53
5314 53
53
53
5253 524 524 5234 1,000 Safety Cable
5513 Nov 10
424 Mar 31
48 Dee 5013 Dee
No pa
•52
53
'
4 *52
70
6912 70
704 70
7018 72
71 12 *70
*7113 7212 1,200 Savage Arms Corporation_ 100 67,4 Nov 30 1024 Feb 10
4812 July 10558 Mat
•70
3
3
342
314
34 3,4
3
3
Vo pal
3
3
3 Dec 4 1014 Jan 4
9 Nov
13,050 Seneca Copper
II Nov
3
3
*60
604 6012 6058 60
6012 60
60
go
52 Mar 4 704July 28
514 Dec 5512 Dee
60
60,4 2.000 Shubert Theatre Corp-No Pa
80
4938 4812 49,4 4812 49,4 4834 49
4212 Mar 30 1384 Jail 23 10134 Sept13473 Dec
14,100 Schulte Retail Stores__ No pa
484 4834 4318 4834 48
100 11212 Jan 6 120 Sept 9 11% NovJan 1118884 Jr.!
100
*116'2 11353 11814 11814 *11814 120 •11614 12014 •I1614 120 •11614 120
Preferred
124 Star 3 1454 Mar 12
13
500 Seagrave Corn
No pa
1358 134 13)2 134 1352 1334 *131 2 1314 •l313 1334 1358 134
on
and
this
sated
day.
mica:
s
no
Wu
Ex-rights,
Er-dividend. a
is Ex-dividend one snare of Standard 00 of California new.
•Bid
-Dec
3162
New York Stock Record-Continued--Page 6
For gales during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 11.
Monday,
Dec. 13.
Tuesday,
Dec. 14.
Wednesday, Thursday,
Dec. 15.
Dec. 16.
Friday,
Dec. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On burls of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925
Lowest
Highett
$ per share
per share $ Per share $ per share
per share $ per share Shares. Indus. & MaceII.(Con.) Par
per share $ per share $ Per share
per 'Dare
553 5638 55
5412 5512 45,100 Sears,Roebuck & Co newNopar 4414 Mar 29 5838Sept 7
568 564 5678 5534 5634 5434 56
_
*6314 64
*63
64
64
Shatuck (F (3)
64
64
No par 47 Mar 30 69% Jan 4
634 634 6378 63% *63
4O's Mar -92 Aug
*43
434 *43
4314 *4318 4314 *43
4314 4314 4334 4378 43% 1,200 Shell Transport & Trading..£2 404July 26 48% Jan 4
3912
Sept 49 Dec
2914 2912 294 2934 2934 2912 2934 2912 2933 2912 2918 2912 22,500 Shell Union Oil
No par 24 Mar 3 31 Nov 23
21% Aug 2812 Dee
*108 10834 10814 10814 *1084 109
400 Preferred
109 109 *10814 109 *10814 10878
100 103 Mar 3 114 July 2
9912 Jan 10614 Nov
1912 1912 1912 1934
1914 15,500 Simms Petroleum
1933 19
1912 , 19
10 1518 Aug 18 28% Jan 2
1934 1934 z19
1734 Sept 2634 Jan
327 33
33
3,600 Simmons Co
33
32
33
z32
3212 33
No par 2838 Oct 15 5412 Jan 4
3212 3234 33
3114 Mar 54% Nov
*10612 10812 *10612 10812 *10612 10812 *10612 10812 *10612 10812 *10612 10812
Preferred
100 10512 Nov 10 109'2 July 2 10018 Jan 10618 Des
1834 187
1834 19
19
1914 19
1934 1912 2012 1934 204 53,600 Sinclair Cons 011 Corp_No par 1634 Oct 19 2478 Feb 23
17 Jan 2478 Feb
*97
9714 9714 9712 9812 984 9814 9834 9838 9833 9838 9812
900 Preferred
100 90 Mar 30 9912June 24
7834 Jan 9418 Feb
34
343
3334 3418 3418 347
344 3434 3434 3514 3458 3478 37,800 Skelly 011 Co
25 26% Mar 30 3718June 28
2134 Mar 3212 Nov
12812 129
2,900 Sloss-Sheffield Steel &Iron 100 103 Apr 12 14212 Aug 10
129 133
12812 12812 128 12812 12812 12834 128 129
8014 Mar 14312 Dee
163 165
16214 167
17,800 South Porto Rico Sugar_ __100 92 Apr 15 16912 Dec 14
161 163
167 16912 165 16812 16012 165
62
Jun 10912 Dee
*118 125
118 125 *119 125 *119 125 *119 125 *119 125
Preferred
100 110 Oct 8 12034 Nov 21
9934 Jan 11314 Dec
3034 313
3118 3118 3034 31
3034 3078 3034 3034 3,600 Southern Calif Edison
3034 31
25 3014 Oct 25 33 July 19
_
*4312 44
43
4334 4214 4278 6,800 Southern Dairies el A_No par 41 Oct 27 5512July 17
4312 42
4334 4338 4334 43
2012 2112 2012 21
9,200 Class B
2038 2038 2014 2038 1833 204 201 201
No par 1712 Oct 20 3534 Mar 11
*1014 14
Spear &Co
*1014 14
*1014 14
*1014 14
*1014 14
No par 10 Dec 2 1734 Feb 19 -11;
*1014 14
1 Dec 24 May
•76
*76
80
80
Preferred
*76
80
*76
*7614 80
*76
80
80
100 72 Apr 20 8212 Jan 13
784 Dec 92 May
*2318 2334 2318 237
No par 18% Apr 19 31% Feb 5
22% 234 2212 2212 2214 2214 3,000 Spicer Mfg Co
23
235
1512 Feb 3678 Sept
200 Preferred
*105 106 *10518 107 *10514 106
100 101 Jan 12 106 Dec 15
106 106 *10518 10714 *106 10734
92 Apr 108 July
5714 5778 36,500 Standard Gas &El Co_No par 51 Mar 2 69 Feb 8
58
557 56
55% 5714 57
5534 56
55% 56
Ooll
4014 Jan 61
4,
1 400 Preferred
57
57
5618 5618 564 5614 5614 5634 5634 57
57
57
50 5334 Mar 30 57% Feb 9
504 Mar 5612 Nov
74
7114 7134 72
27234 7234 1,000 Standard Milling
74
73
100 6718 Oct 20 9212 Feb 4
72
*7212 7312 73
62 May 88 Dec
400 Preferred
*87
88
*87
*87
88
89
88
100 80 Mar 2 90 Feb 5
8712 8712 88
*87
88
Jan 8634 Dee
81
5734 578 5778 584 577 584 58
5812 5814 5812 5814 5834 28.500 Standard 011 of Cal new.No Par 5258May 14 6338Sent 8
62,100 Standard Oil of New Jersey_25 37% Dec 10 46% Jan 2
3734 38
37% 38
3712 38
378 38
3734 38
'3734 38
3878 Mar 1712 Feb
100 115 Nov 29 11918May 18 11614 July 119 Feb
1154 1153 11514 11533 115%1153 11514 11538 11534 11534 11553 11512 17,200 Pref non-voting
334
4l
34 Nov 15 10% Feb 10
413 - 418
334 334 1,300 Stand Plate Glass Co__No par
Jan
4 34 *38
16
638 Aug
1,200 Sterling Products
92
92
No par 75 Mar 27 9614 Nov 29
9212 93
93
93
934 9312 29314 9312 93
93
6214 Mar 82 Dee
664 7,200 Stewart-Warn Sp Corp_No par 61 Nov 4 9278 Jan 2
6612 6612 6614 6612 6614 67
6634 6814 668 6778 66
55 Mar 9612 Dee
7
513
4
1,900
508
493
4
5218
Stromberg
52%
55
Carburetor_No par 49 Dec 6 7714 Jan 4
.5312 5312
54
54
55
61 Mar 89% Oat
5514 56
5512 5572 557 5612 55% 5812 5432 5614 5412 5514 50,300 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
41% Jan 68% Nov
500
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
*11814 1193 11934 11934 *11912 12012 120% 12012 •12012 123 *12012 122%
14,700
212
23
8
2%
212
Submarine Boat
234
24
234 272
112July 27
Na par
27
3
334 Feb 21
234
3 Oct 12 Mat
*31
32
31
31
900 Sun Oil
32
32
32
3214 *3112 32
32
32
No par 304 Mar 30 4138 Jan 4
3818 Nov 4374 Nov
434 478 50,000 Superior Oil
434 54
5
514
1 July 29
No par
434 514
514
618 Feb
514 Dec 11
5
2 Dec
48 514
27
2778
*25
28
600 Superior Steel
26
26
26
26
25
25
*2414 28
100 194 Apr 12 3472Sept 7
20 May 4114 Jan
900 Sweets Co of America
134 1334 *1312 1334
1412 14
14
1434 *14
838 Apr 13 1738Sept 13
50
1434 *1334 14
5% Mar 1512 Oct
55
558
5
514 4,600 Symington temp ctfa__No par
4 Nov 8 1412 Jan 4
518 534
*478 5
434 514
434 5
1012 Jan 20% Sept
600 Class A temp etts____No Par 10% Oct 20 2078 Feb 4
131232 1212 1212 13
134 1318 *1212 1312 *1212 1312 1212 13
19% Dec 2618 Sept
12
12
300 Telautograph Corp....No par 11 Apr 5 14% Jan 19
1112 1112 *1112 12
*1112 12
*1112 12
*1112 12
11 Aug
1614 Nov
1078 11
10% 11
4,100 Tenn Copp & C
1118 1114 1078 1114 10% 11
1078 11
NO par 10% Dec 10 16 Feb 5
7% Apr 16 Dec
5634 57% 5658 5712 10,400 Texas Company (The)
25 48 Mar 30 58 Aug 31
5614 5612 5634 568 5634 5734 57% 58
4234 Jan 55 Dec
49% 50
4812 4978 57,400 Texas Gulf Sulphur new No pa, 39 Oct 25 5238 Nov 29
4934 50
49% 50% 4934 5014 4978 50
1534 15
1512 19,800 Texas Pacific Coal & OIL_ _ _1
1434 1412 1412 1434 1412 1434 1438 1558 15
12 Oct 20 1913 Jan 7 -113-78Aug Ws; Feb
903 Texas Pacific Land Trust.100 510 Mar 19 1925 Dec 17 255
1280 1300 1320 1440 1350 1440 1410 1670 1705 1900 1850 1925
Apr 657 Dec
700 The Fair
2734 27% 2734 274 2712 2712 2712 2712
274 2712 *2734 28
No par 2718 Mar 31 34 Jan 14
3214 Sept 3914 3405
47
4712
*47
4718
4712
500 Thompson (J-11) Co
474
*47
4714
47
4712 47
*47
25 4214May 7 5012Sept 16
2834 1,100 Tide Water Oil
2812 2712 2778 *27
2812 2812 2812 2812 *2712 2812 *27
3014 Sept -157
100 27 Nov 29 3914 Jan 25
;-17/W3
90
*89
8934 8912 8912 90
2,000 Preferred
_
8834 8834 8934 894 8913 90
Oct
100 8714 Nov 4 103 Jan 25
99 Nov 101
79
7934 7912 8034 7912 8012 79% 7978 7834 7978 7834 7934 19,200 Timken Roller Bearing_No par 4478 Mar 3 8532 Nov 16
3734 Mar 59% Oct
1084 10978 10858 10912 18.600 Tcbacco Products Corp...100 9514 Apr 12 11658Sept 22
110 11118 11018 11034 10913 11012 10834 110
Jan 10134 NOV
70
115 115
11412 115
11478 115
2,200 Class A
11434 115
11514 11514 11438 115
100 103 Mar 3 11832Sept 21
931s Jan 110% Nov
334 3%
334 3% 5,300 Transet2 Oil temctf newNopar
334 3%
334 37
512July 9
3 Mar 4
334 38
5% May
312 Sept
38 38
1712 *16
1712 *16
200 Transue & Williams St'l No par 15 Aug 28 27 Jan 28
1712
*15
1712 *15
15
16
16
*15
Jan
2412 Sept 35
4612
47%
*46
47
47
4612
48
900 Underwriter Typewriter._..25 4314 Nov 12 63% Jan 7
484 4818 488 4834 48
3818 Mar 6514 Nov
44
44
44
44% 45
44
45
1,900 Union Bag &Paper Corp_ _100 35 May21 7114 Jan 5
438 4338 4334 4334 45
Oct
36
Apr 86
93% 94% 94358 9512 25,600 Union Carbide & Carb_No par 7712 Mar 29 97 Nov 23
9412 9514 94% 95
94
9414 9414 95
20,900 Union Oil California
5278 5312 5234 5338 5278 54% 53% 5412 534 54
528 53
33
Oct Ws; Feb
25 3714 Jan 20 5832Sept 23
117 117 *115 119 •115 119
400 Union Tank Car
11712 11712 *11712 119 *117 119
94 Dec 134 June
100 8414 Mar 31 120% Oct 1
-----Preferred
100 11314May 22 118 July 12 11314 June 11718 May
United Alloy
_ _ _No par 2512 Jan 21 3578July 15
24 May 3678 Mar
-5,-v-2 -9-6-- -15-,666 United Cigar Steel_
"65" 97 "ii" 98 -5514 "ii" -5L2 97 -58T8
Stores
25 8318 Feb 4 10934 Aug 17
6014 Jan 1154 Nov
------ Preferred
*123 12512 *123 12412 *123 12512 *12312 ---- *12312 ---- ;i2s22
100 11478 Mar 4 125 June 30 115 Dec 13314 Dee
166 16612 6,300 United Drug
100 134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
16614 16612 16512 16612 16614 16712 16614 167
165 167
600 1st Preferred
50 5512 Mar 5 59 July 8
588
*5814 5853 5814 5812 5812 5812 58% 5853 5812 5812 *58
Jan 5812 Nov
52
3,100 United Fruit new
No par 98 Apr 15 126 Nov 26
119 12112 119 1197 119 120
12014 122
12214 12214 122 122
-100 United Paperboard
100 1712 Oct 20 3812 Mar 2
*1712 18
18
18
*18
21
*1712 20
*1712 20
*1712 20
1814 Apr 3312 Dec
200 Universal Pictures 1st pfd 100 90 Mar 8 98 2 Dec 17
9812 9812
94% Dec 10312 Oct
*98 100
98
98
*9712 98
*98 100
*9712 98
Universal
Pipe & Rad__No par 1338 Mar 31 3214 Dec 14
26 Dec 507s Feb
304 3178 187,400
293 32
304 32
31
3214 307 32
2912 301
11,900 Preferred
100 52 Mar 30 9014 Dec 13
65 July 94 Feb
8512 8814 8553 87
88
8834 87
8512 9014 87
8434 85
35,200 U S Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 131% Am 250 Feb
229 233
232 23614 226 233
232 23434 229 236
233 235
91 July 113 Aug
100 1004 Mar 8 116 Dec 19
1,800 Preferred
11434 116
10918 11112 112 11214 11212 115
*108 110 *107 110
3018 Feb 6314 Dec
5512 5712 5534 5634 23,200 U S Distrib Corp tem at No par 39 Mar 30 6112 Feb 13
5614 577
5734 5834 5712 5853 5714 58
23
Jan 494 Oct
2,100 US Hoff Mach Corp vteNo par 45% Jan 2 59% Feb 4
5738 5634 5634 5634 57
57
5773 57
564 5678 5612 567
7014 Dec 98
62,900 U S Industrial Alcohol_..100 45% Mar 30 8412 Dec 8
Oct
80
7918 8112 7914 804 7834 8014 784 7953 7718 78% 78
100 9914 Apr 22 11478 Nov 8 102 Dec 115 June
200 Preferred
110 110 *10914 11012 *10934 11012 110 110
010878 110 *10878 110
6378 20,000 US Realty & Impt new.No par 4818 Mar 29 7178 Jan 4
6338 6434 63
644 65
6438 65
624 6234 6212 64
100 5014May 19 8814 Jan 23 -3-31; .1171iti 974 Nov
5814 5914 5838 594 5938 614 5934 6078 5934 6114 6038 6178 59,600 nited States Rubber
92% Mar 10872 Nov
100 10112 Mar 30 109 Jan 19
600 1st Preferred
10712 10712 10712 10734
10714 1074 *10714 108
10714 10714 *10712 108
4,600 U S Smelting, Ref & Min_ _ _50 30 Oct 23 49% Jan 2
30 Feb 51 Dec
37
37
37
37
3614 374 3614 3634 3612 37
357 36
50 42 Oct 26 50 Jan 4
44
1,000 Preferred
Apr 4914 Dec
464 4614 1614 4614 4614
4614 4614 *46
*4512 46
46
46
151 15214 15012 15178 15153 15314 15314 15514 15318 /574 15814 V012 1479200 United States Steel Corp__100 117 Apr 15 16012 Dec 17 112% Mar 13914 Nov
100 12412Mar 3 1304June 11 12212 May 12638 Jan
12834 12834 12834 12914 1287 12914 12918 12912 12912 12912 129 r2914 2,800 Preferred
No par 564 Jan 4 66 Nov 15
200 1:1 S Tobacco
*6412 6612
65
6112 Mar 5914 Nov
6478 6478 65
*63
65
*634 65
' *64
65
100 112 Mar 19 123 Dec 2 105% Apr 114 Sept
Preferred
121
____ •121
____ *121
*121
____ •11914 ____ *121
10 93 Apr 1 116 Nov 13
100 Utah Copper
111 111 *11112 115
*110 115 *113 115 *113 115 31112 115
82 Mar 111 Nov
600 Utilities Pow & Lt A___No par 2814 Mar 31 37 Feb 15
30 Aug 38 Aug
*2914 2912 2918 294 294 2918 2918 2918 *2918 2912 *2918 2912
No par 29 Mar 3 43 Aug 16
4018 3934 40
3934 404 3914 3934 2,200 Vanadium Corp
255s May 34% July
4018 4018 4014 4038 40
No par 4314 July 21 52 Aug 6
600 Vick Chemical
463
468
4612
4612
*4612
464
47
47
47
47
*47
4734
38 Feb 26
No par
Virginia-Caro Chem
1% Jan 16
111 Sept --8-3; July
No par
9 Oct 20 2512 Feb 3
1778 Dec 21% Dee
"lois 'If" "iois -1-67i "iiiEs 114 -ii- -5-1-1-4 "i6T2 167-2 "Rif,' 1114 -- -5-.5615 New
No par
34July 2
478 July
132 Jan 8
72 Aug
100 31% Oct 14 69 Jan 4
-55" -4-0- -55- -19-1-2 ;552 -3-i1-2 -37- 3734 1,565 6% pref w 1
5614 Nov 6378 Dec
[ "55" -31" *3834
83
954
100
Dee
Oct
7%
pref
w
1
1,300
15
8714
8712
*8714
Ea%
87%
984
Jan
88
Nov
6
8712
*8714
9214
87%
88
8712
874
•
Virginia Iron Coal & Coke.100 40 May 15 6012 Nov 11
*47
54
*47
50
*48
52
55
*48
30 June 46 Dee
*48
55
*48
55
3412 3412 3512 10,600 Vivaudou (V) new.__.Nopar 26 Mar 30 36 Deo 8
3412 3438 34
714 Jan 28% Dee
3412 3434 3412 3434 3412 35
100 9434 Jan 29 110 Dec 8
100 Preferred
04
112 109
108% 10834 *104 109 *104 109 *12
10514 10912 *10514 110
NO par 17 Jan 12 2212 Dec 2 -1-41; Aug -117 -;4;2
.
1
21'2 1,400 Waldorf System
2214 2112 2112 2112 2112
*2214 2212 *2214 2212 21
No
par 1214June 2 2314 Jan 27
2,100
Ws
163
164
Walworth
Co
4
163
4
17
15%
16
214 Dec 2414 Dee
15
3
4
253
4
153
4
1534
*1414 1534
250 Ward Baking Class A No par 99 June 30 195 Jan 2 116 Apr 198 Dee
*98 120
*98 120
*106 112 *100 112 *108 112 z10912 110
No par 2114 Oct 20 8532 Feb 1
31
3212 14,700 Class B
3338 3412 3314 33% 3138 33
3714 Mar 9512 Oat
3334 3478 3418 35
No par 884 Oct 7 11012 Jan 16
900 Preferred (100)
90% 90%
*90
92
92
944 Feb 112 Dee
9214 9212 9212 9212 9212 9234 *90
374 3312 367/3 3512 39 133,100 Warner Bros Pictures A---10 12 June 11 6914Sept 15
2% Oct
1714 Dec
3612 3978 35
4214 4378 3938 42
No par 4378 Apr 15 65 2 Dec 14
6312 4,600 Warren Bros
43 June 504 July
64% 6512 6412 6512 624 6378 63
63
6314 6312 64
3,700 Weber dr Hellbr, new c_No par 53 Apr 20 8512 Jan 13
59
x59
6012 5912 6112 59
Apr 1004 Dec
51
6012 61
62
61
6112 62
1,000 Western Union Telegraph-100 13412 Mar 30 15778 Sept 8 1164 Jan 144% Sept
147 147
14614 147
14614 14812 *145 147 *146 147
14514 146
26,400 Westinghouse Air Brake---50 10514 Mar 31 145 Dec 17
141 14212 14114 144% 142% 145
97 Apr 144 Aug
142 143
13912 14012 13912 143
6878 6934 684 694 6,600 Westinghouse Eleo dr Mfg--50 65 May 19 7912 Feb 10
6614 Mar 84
68% 697
Jan
68% 69
69% 684 89
69
1,900 Weston Eleo Instrument
13%May 10 1912July 28
154 16
1534 16
16
16
914 Apr 2012 Aug
1618 1614 1618 164
2714
300
31
Jan
Class
A
31
231
31
4
32
2872
Dec
Mar
3212
Oct
7
*3112
1953
•3112
32
4.3112"•32
32
32
(cz ggil3
300 West Penn Eleo cl A vtf No in
2 1an
y 18 964 Oct 28 ---- ---- ---- ---9812 9812 9812
9812 897
9812 9812 9812 *95
984 9812 *97
300 Preferred
____
____ 101
__ *101
7 10212 Dec 14
102 10212 *101
101 102
*101 102
108
Power
pref.100
100
11312
Mar
25 115 Sept 21 10-4 - -Jan iff- Kii
West
Penn
11312
*1134
116
116
*1133
11312 116 *11312 116
*11312 116
No pz 25:8
8 Ap 20 2934 Feb 10
3,200 White E
Eagle 011
2534 26
26
26
2512 Aug 3134 Feb
2512 25% 2538 26
26
254 2618 26
7
57
5733 55,200 White Motor
51 Apr 15 90 Feb 11
5718 Mar 10412 Aug57
5712 5718 6012 5914 6014 25712 534 5618 57
26
2712 1,101) White Rock Min SP ctf-No par 22 Oct 22 3853 Feb 3
3312 Dec 493 Aug
2778 2778 2734 2734 2712 2712 2712 284 *2712 28
38
38 1,400 WIckwire Spencer Steel nil
Jo
g
5
2 Dec
78
*%
53s May
334 Jan 8
34
%
%
1
78
1
%
73
34 Jan 4
918 Jan 34% Nov
2412 2314 2438 2234 2378 2278 2312 153,300 Willye-Overland (The)
2238 2238 2234 23
22
93
500 Preferred
*92
99 Feb 4
724 Jan 12372 Dec
9134 9134 9218 924 9134 92
9114 9114 *9112 93
3
25
2;2
800 Wc
ilelos
ans&
ACo. Inc. new.No
1314 1338 1212 1312 1212 13
1438 Dec 13
---1172 1332 1314 1434 1312 1438
par 11 Z11:14?
78
04
7
27
7:8
2 2
2934 2812 3058 2712 2878 2714 2834 2612 2818 7
27
100 42 May 19 T113%
11,400 Preferred
86
1)
::
7814 76% 784
79
8132 7714 798 76
7734 81
25 13514May 19 222 Jan 4 11-21;-it-ti; 2i
:--4E);3
-1
11912 19212 18938 19214 18814 19118 40,000 Woolworth Co (F W)
19134 19338 19114 19212 171 193
100 19 Nov 22 4434 Jan 6
AP & M
?
igg Worthington
e,
eti
3514 Aug 79% Jan
22
2214 *2112 2212 224 2214 2112 2112
22
22
22
22
100 44 Nov 26 80 Feb 2
49
76 Nov 88
Jan
4812 4812 *48
49
*48
49
49
49
49
49
49
100 3714 Nov 23 65 Feb 24
900 Preferred B
*4038 4112
58 Augr 5
774
4 Feb
o
4012 4912 4012 4012 4034 4034 4114 4114 4012 41
par
1,400 Wright Aeronautical.-2958
Mar 3238 July
Jr)16
30
30
294 2934 2912 30
30
•30
3012 30
l
A
g
r
°
o
ar
Apr
l
(Win
3152%
5212
Feb
a
r
3
3
li
Wrigley
5212
*52
5312
*52
*52
5212
5312
*5218 5312 *52
n Sept!!
25 6012 Mar 4 7212 Aug 26
72
700 Yale & Towne
7014 July
72 301?
ox's ma
72
*70
72
72
72
72
72
*72
7212 72
2278 Oct 404 Oet
Aapyr 21 igrig= g
o NM
liroew
ferTred
ruck & Coach-10
1:3
200 Yep
2734 2814 2778 2878 2814 2938 22734 284 2738 2853 3712 2838 52
19
0
0
9,1
e
t
r
993
4
m
oa
993
4
4
g.2
*99
993
994
29934
994 *100 102
9918 9918 99
Nov
°
9038 23,600 Youngstown Sheet & T_No par 69 May 14 95% Aug 9
88% z8714 8734 864 8814 88
8812 88
884 8938 88
Ex-dividend.
-dividend
and
ex-rights.
z
•Bid and asked prices: no sales on this day. 2 Ex-dlvidend. 9E3
4.231:.iDcyct
13
241''
3r844.'
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3163
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and trilerest"-ezeept for income
and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17.
ft
Price
Friday,
Dec. 17. I
Week's
Range or
Lase Sole
't
'4zz'
U. S. Government,
Bid
Ask LOW
High No.
hat Liberty LoanJ D 1002132 Sale 10022.2100.:2 463
33.4% of 1932-1947
J D 100.32 - - - - 100,22 100122
Cony 4% of 1932-47
3
J D 101.032 Sale 1001421021'42 160
Cony 434% of 1932-47
J D 1021.21 Sale 1021,421021022
% of 1932-47
2d cony
1
nd Liberty LoanMN 100122
15. of 1927-1942
100122 1001022
5
MN 101
Cony 434% of 1927-1942
Sale 100,122101
1842
bird Liberty LoanMS 1011122 Sale 101,022101 11n 1153
434% 01 1928
ourth Liberty LoanAO 10310,, Sale 103122 1031122 1864
434% of 1933-1938
ry 414s
1947-1952 AO 1091122 Sale 109,122110
75
reasurY 45
1944-1954 J D 106
Sale 105,122106
172
remury 3340
1946-1956 MS 1022122 Sale 1022122103'22 251
State and City Securities.
Y City-4'2s Corp stock_1960 MS 10012
1004
10058
5
1964 MS 10214 10212 1024
(iMe Corporate stock
10218 26
434s Corporate stock
1966 AO 10214 10212 1017g Oct'26
4)4s Corporate stock
AO
1972
10238 1024 1014 Oct'26
43.45 Corporate stock
1971 J D 1064
10634 Oct'26
4345 Corporate stock_July1967 J J 10618
10638 Oct'26
045 Corporate stock
1965 ID 10618 1064 10612 Dec'26
43,45 Corporate stock
1963 MS 106 10638 106 Dec'26
4% Corporate stock
1959 MN
9834 Sale 9858
3
9834
4% Corporate stock
1958 MN 9834 - -- 9834 Sept'26
4% Corporate stock
1957 MN 9834 Sale 9834
9834 13
M
N
d% Corporate stock
1956
_
9812.Nov'26
6% Corporate stock
1955 M N
97% Oct'26
4% Corporate stock
1936 MN
99 Mar'26
tH % Corporate stock.. _1957 MN 10558 10612 106 Dec'26
434% Corporate stock.. _1957 MN 10558 10618 105%
4
106
834% Corporate stk_May 1954 MN 8912 90
89 Aug'26
334% Corporate stk_Nov 1954 MN 8912
8912 Oct'26
IDS5 Corporate stock
1955 MN
89 Apr'26
ow York State Canal Im 43.1961 J J
10212 Oct'26
its Canal
1960
102% Aug'26
‘e
1962
102 May'26
1942 3 -5
ts Canal
10258 Mar'25
430 Canal impt
1964• J
102 Apr'26
Highway
impt
48
reglard-1958
10178 Mar'26
Highway improv't 434e._ _1963
Ill
Dec'26
irginla 2-39
1991 J J
7612 Feb!25
ensign Gov't and Municipal's
rgentine Govt Pub Wks 60_1960 AO 9814 Sale 9779
9838 160
rgentine (Nat Govt of) 78_1927 FA 10018 Sale 100% 10
014 59
Sink fund 65 of June 1925_1959 J D 9818 Sale 9758
9812 97
Exti a f fis of Oct 1925._ _1959 AO 9814 Sale 97%
9812 93
fund
(is
Series
51
S
Sink
A__
1957
9818 Sale 9818
9812 83
External 1321 series B. Dee 1958 J o 98% Sale 9818
9812 42
Extls 1(ls of May'26 temp 1960 MN 98 Sale 98
9812 51
rgentine Treasury 522 ..1945 MS 8934 Sale 89
8934 11
manilla 30-yr 5s_._July 15 1955 J J 9714 Sale 97
9712 211
J
D
ustrian (Govt) s t 78
1943
10112 Sale 10114
10134 60
avaria (Free State) 63.4s__ _1945 FA
9778 Sale 9734
9834 91
elgIum 25-yr ext Sf 75416-1945• D 111 Sale 11034 11134 58
-year
FA
e f 85
20
1941
108 Sale 10758 108
105
25-year external 6345
1949 MS 9658 Sale 9614
232
97
External 5 f 68
1955 J J 9134 Sale 9134
9214 434
External 30-year s f 7s
1955 J D 10112 Sale 10018
10134 493
Stabilization loan 78
1956 51 N 10014 Sale 9934 10012 701
ergen (Norway) 5 f 85
1945 MN 11212 11278 11218
7
11212
25-year sinking fund 6s
1949 AO 9934 10014 98
9934 93
erlin (Germany) 634s
1950 AO 9734 Sale 97
9834 134
ogota (City) ext'l sf 8s._ _1945 AO 103 Sale 10212 103
48
livia (Republic of) 8s. _ _.1947 MN 10418 Sale 1034 10414 82
ordeaux (City of) 15-yr 0_1934 M N 9334 Sale 93
9334 119
run(US of) external 8.1_ _ _1941 J D 10434 Sale 10412 105
140
External of 634e of 1928..1957 AO 8912 Sale 894
8912 269
7s (Central Railway)
1952 J D 9512 Sale 9434
334
96
734s (coffee occur) (flat) _1952 AO 105 Sale 105
2
105
remen (State of) ext'l 7s_.1935 MN 102 Sale 102
10258 132
uenos Aires(City) extl 63.451955 J J 9972 Sale 9912 100
37
aides Dept of(Colombia)73.s'46 J J 98 Sale 98
984 57
anada(Dominion of) 158_ 193I AO 101 Sale 101
1011
30
10-year 53,58
1929 FA 10134 Sale 1014 1014 48
5e
MN
10412 10434 10414
1952
1044 26
43.is
9734 Sale 9734
1936 FA
981g 35
ariabad (City) s f 8a
1954• J 10314 104 104
2
104
Idle (Republic) ext'l of 8e_ _1941 FA 108 Sale 108
10814 29
20-year external 75
1942 MN 10014 Sale 10014 101
80
25-year sinking fund tis
1946 M N 1075s Sale 10712 108
40
External sinking fund (3.2_ _1960 AO 9314 Sale 93
9332 146
bile Mtge 101 °34s June 30 1957 J D 9612 Sale 9638
60
963
S f Ms of 1926_ _June 30 1961 ID 9734 Sale 9712
136
98
hinese(Hukuang fly) 58._1951 • D 2512 Sale 2334
32
26
bristiania (Oslo) 30-yr sf651954 M S 10012 10134 100
5
1001
logos(City) Germany6)41.1950 M
97% Sale 97
107
983
lombla (Republic)6)4s
1927 AO 100 Sale 100
10014 23
Dept of Antioquia 75 A_ _ _1945 J J 95 Sale 9334
145
95
External s 78 ser B...._1945 J J 95 Sale
951
91
9334
penhagen 25-years f 53.45_1944 J J 99
9914 9918
67
991
rdoba (Prov) Argentina 781942 J J 97
9714 9712
6
971
uba 58 of 1904
1944 M S 101 101% 10114 Dec'26
External 58 of 1914 ear A.1949 F A 10112 Sale 10112 10158
2
1949 F A 9258 95
External loan 434e
94% Dec'26
Sinking fund 5.1413
1953 J J 10212 Sale 10212 1023
62
sechoslovakia(Rep of) 8s...1951 A 0 10512 Sale 105
32
1051
Sinking guild 89 ear 13_1952 A 0 10414 105 1044
1051
50
External e f 7)4s serfes A 1945 A 0 10412 Sale 10412 105
43
animal Cons Munich)80 A 1946 F A 110 Sale 1094 1101
58
Serial 13 s f 822
1946 F A 110 Sale 110
1101
11
enmark 20-year 65
1942 J J 104 Sale 10334 1041
20
ominican Rep Con Adm of 513'58 F A 101 10234 10214
_
Custom Administen 53,0_1942 M S 99 Sale 98% Oct'2
997
39
reeden (City) external 78_1945 M N 10114 Sale 10032 1011
49
utch East Indies ext165._1947 J J 10314 Sale 10338 1033
33
40-year 65
1962 M S 10314 Sale 10338 1033
46
80-year external 53.45
1953 M S 10112 Sale 10112 10158 47
1953 M N 10118 10112 10112 1011
30-year external 153,48
11
I Salvador (Repub) 85
1948 J J 107% Sale 10758 1077
8
and (Republic) eft'68_1945 M S 9212 Sale 92%
9258 41
External sink fund 7s_ _..1950 M S 101 Sale 100
101
71
Externals f 6 As
1956 MS 95% Sale 9512
963 185
innish Mun Loan 654s A 1954 A 0 9538 Sale 9558
961
18
External 6 Ms series
_ _1954 A 0 9532 9534 9618
963
6
nab Repub 25-yr ext'l 85_1945 M S 108 Sale 10714 1081 270
20-year external loan 7345_1941 J D 10412 Sale 1024 1041 324
Paternal 75 of 1924
1949 J D 9914 Sale 974
991 1711
erman Republic ext'l 72._ _1949 A 0 10658 Sale 10614
1074 355
n Cent Agri° Bank 75_1950 MS 101 Sale 10012 1011
91
no (Municipality) 812
1954 MN 10012 10212 10034 101
5
t Brit & Irel(UK of) 590_1937 F A 10478 Sale 10412 1047
69
Registered
F A
10458 Nov'26
1929 F A 11758 Sale 117%
10-year cony 5345
1171
22
reater Prague(City)734e__1952 MN 104 Sale 104
1041
31
1964 M N 9258 Sale 9114
reek Government 7s
9258 23
1952 A 0 9914 Sale 9914
MU (Republic) 5 f 138
991
36
Melberg (Germany)ext 73,4850 J .1 103 Sale 103
10312 20
ungarlan Munic Loan 73.4s.1945 J J 9714 Sale 9714
97158 112
ungarY (Kingd 01)81 73,48_1944 F A 10014 Sale 100
10058 24
d Bank of Japan 6% notes.1927 F A 100 Sale 100
10014 133
ly (Kingdom of) ext'l 75_1951 J D 9332 Sale 9178
935g 3729
1931 J J 90 Sale 90
pauses Govt £ loan 48
9014 104
1954 F A 100 Sale 9934.1 100
f 6)45
465
Oriental Development 68_19531M S 9414 Sale 93781
9458 222
$5=-E.
(tange
Since
Jan, 1
Low
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 17.
'az
Price
Friday,
Dec. 17.
Week's
Range or
Last Sale
High
Bid
Ark Low
High No,
Leipzig (Germany)5 f 7s____1947 F A 100 Sale 100
63
101
9993,011.32 Lyons (City of) 15-year 6s_ _1934 M N
9314 Sale 93
9358 130
99.132011.32 Marseilles(City of) 15-yr 68_1934 M N
93% Sale 93
9334 125
1011.3202.53s Mexican Irrigation 4948____1943 M N
30 Mar'26
10142 021121
Assenting of 4 As_ _ _ _ _ _ -1943
3314 Sale 3314
1
3314
Mexico(U S) exti 55 of 1899 £'45 Q J
_
5113 Oct'26
9911n 00"s2
Assenting 58 of 1899
405
1945 ---8 Sale 405
4112 50
100'122 101
Assenting 55 large
41% Dec'26
Assenting 5s small
100"1201"22
Gold deb 45 01 1904
1954 J D
34
713 M
JI
Y:26
5
Assenting 4s of 1904
2614
9
2612
1012.3203"n
Assenting 48 of 1904 large
27 Dec'26
106.32 110
Assenting 4s of 1904 small
255s Sept'26
102,1220642
Assenting 48 of 1910
J J 26
2612 2558 Aug'25
1001,22034x
Assenting 45 of 1910 large.........
2614
12
27
Assenting 45 of 1910 small
2334 Sale 2314
102
24
100 101
Treas 65 of'31 assent (large)'33 I-5 4012 427 42 Dec'26
10012 10214
Small
4018 23
3912 Sale 3912
10012 10238 Montevideo 75
1952.1 D 10134 Sale 10132 10178 31
10034 102
Netherlands 68 (flat prices) 1972 M
10712 Sale 107
10712 21
10512 10624
30-year external 13s(11Q-1954 A 0 10378 Sale 10312 10378 60
10478 1064 Norway 20-year extl (is
1943 F A 10112 10178 10112 10134 21
1044 10634
20-year external 68
1944 F A 10112 Sale 10138 10212 80
10412 10658
30-year external 68
1952 A 0 1014 10112 10172 102
12
9734 99
40-year s f 5Ms temp
1965J D 99 Sale 985s
9914 93
9714 99
Oslo(City)30-year ef6s
1955 M N 101 Sale 10014
15
101
9778 99
Panama (Rep) extl 534s.__1953.
1 D 10214 1027 10238
5
10212
974 9824 Peru (Rep of) external 8s..1944 A 0 10334 104 10312 10414
8
9714 97%
Esti sink Id 73,422 temp_ _ 1940 MN 10038 Sale 10038 10034 25
99
98
Poland (Rep of) gold 68
1940 A 0 771 Sale 757
7713 299
1044 106
Esti sink fd g 8s
1950.1 J 9418 Sale 9334
9412 492
10414 106
Porto Alegre(City of) 88_ _ _1961 J D 10314 10312 10314
10312 10
8734 8912 Queensland (State)extl s f 78 1941 A 0 11114 Sale 112
2
112
8814 8912 • 25-year external 68
1947 F A 10412 Sale 10412 105
33
8834 89
Rio Grande do Sul extl f 813_1946 A 0 10312 Sale 1034
10418
3
10158 10212 Rio de Janeiro 25-yr Of 8s_ 1946 A 0 103 Sale 10214
29
103
10212 10212
25-yr eat' 85
1947 A 0 10212 Sale 10214
103
58
10134 102
Rotterdam (City) extl 65__A964 M N 104 10412 10334
104
15
Sao Paulo(City) 818s
1952 M N 108 Sale 10734
8
10812
102 11014 San Paulo (State) eat 51 85_1938 J J 10518 Sale 10414
10512 55
1014 1014
External 8188int recta_ 1950 J .1 9812 9834 105
10514 31
11014 111
External water loan 78_ _ _ _1956 M S 9918 Sale 984
9912 67
948
Santa Fe (Prov Arg Rep) 75_1942 M S 9412 Sale 9414
35
971 Sale 9514
Seine (France) ext.' 70
193
1942 .1 J
98
97% 9858 Serbs. Croats & Slovenes 85_1962 M N
97 Sale 97
9814 185
1004 1024 Soissons(City) extl 138
1936 M N 91 Sale 9058
9118 55
96
9972 Sweden 213-year 621
1939 J D
.
s
103
1058 10234 1033844 24
954 100
External loan 5948
19
1954 M N 10234
103
9614 101
Swiss Confed'n 20-yr of 85_1940 J .1 11338 Sale 11312 11334 34
9534 9934 Switzerland Govt ext 590_1948 A 0 10212 Sale 10234
49
10314
97% 99% Tokyo City 5s loan of 1912 1952 M S 7534 Sale 7514
7534 20
85
9314 Trondhjem (City) extl 03,4s.1944.9 .1 9934 Sale 9934
10014 12
9618 9912 Upper Austria (Prov) 78
1945 J D 94 Sale 9312
64
95
100 103
Uruguay (Republic)extl 88..1946 F A 109 Sale 109
10914 13
94% 99
External 8105
9512 129
9532 Sale 9518
1960 M N
105 11134 Yokohama (City) extl 14_1961 J D 9312 Sale 93
933 371
105% 108%
Railroad
88
97
Ala Gt Sou lst cons A 5s
1943 J D 103 10312 103 Nov'26
8112 9214 Ala Mid 1st guar gold 5s
1928 51 N 10012 102 10012 Sept'26 -9158 10134 Alb & Susq cony 394s
1946 A 0 8634 87
8634 Dec'26
9414 100,2 Alleg & West tel e
8418 Nov'26 --gu 44
1998 A 0 8434
11112 115
Alleg Val gen guar g 48
1942 M S 9434 Sale 9458
9434
3
98 10212 Ann Arbor 1st g 48
July 1995 Q .
7934 Sale 79%
5
79%
11
8518 9834 Atch Top & S Fe-Gen g 42_1995 A 0 9278 Sale 92%
93
102
96% 104
Registered
A 0
9112
91%
2
98% 10414
Adjustment gold do..July 1995 Nov 8758 88
8712
4
8712
8114 9334
Registered
Nov 8414 _ _
8412 Sept'26 -- _
100% 105
July 1995 M N 8814 Sale 8758
Stamped
8838 22
87% 90
M N 8412 _ _ 85 Sept'26
Registered
_
894 9612
Cony gold 4s 1909
1955 J D 88 Sale 88
1
88
1034 108
1955 J D 8734 Sale 8734
Cony 45 1905
8734
8
924 10234
Cony g 45 issue of 1910._ -1960 J D 86
8778 86
5
8712
9714 10114
East Okla Div 1st g 45_ __ _1928 M S 99
9912 9918 Dec'26
9512 99
Rocky Mtn Div lst 4s_ _1965 J J
_ _ 8878 Dec'26
_
10034 103%
9012 91- 91
Trans-Con Short L 1st 45_1958 .9 .1 8991% 11
10118 103%
Cal-Arta bat dz ref 4)4s A _ _1962 M 'S
98
98
5
102 105% AtI Knoxv & Nor 151 g 513_1948 J D 10434 -- 10312 Apr'26
9718 99
Atl & Charl A L ist A 448-1944 J .1 9778
9778
98
20
101% 105
let 30-year 52. series B._ 19443 .1 1033
_ 10334 10334
4
107% 10934 Atlantic City 1st cons 45___ _1951 J .1 8518
4-90
8634 Dec'26
100 10212 Atl Coast Line 1st cons 48 July '52 M 13 9412 Sale 9418
9412 40
107 10958
1930 M N 10412 Sale 104
10-year secured 75
10434 19
9312
93
General unified 43.45
1964 .1 D 9838 Sale 9814
984 20
9434 9812
L & N coil gold 4s__ __Oct 1952 MN 9078 Sale 9078
13
91
9658 9912 Atl & Deny lst g 413
1948.9
80 Sale 80
8014 13
2312 48%
2d48
1948.9 .1 73 Sale 7212
73
7
10212
99
Atl & Yad 1st g guar 48--1949 A 0 8212 Sale 8212
8212
2
9378 Austin & N W 1st gu 58
91
1941 J .1 102
____ 10212 Nov'26
99% 101
95
93
Balt& Ohio let g
9334 95
_July 1948 A 0 9334 Sale 932
9234 9514
Registered
July 1948 Q J 917 ____ 91
921
2
38% 101
20-year cony 43,48
1933 M S 97 Sale 9678
9714 207
9534 9914
Registered
M
9638 Nov'26
_
98 102
Re
iatfu
gu
nd & gen be serial A__1995 J D 100T8 gale 9934
1003, 166
98 10214
1948 A 0 10512 Sale 10414
1051 104
8814 1011g
10-year 138
1929 J .1 10212 Sale 10238
10234 87
10012 103
Ref & gen 6s series C
1955J D 108 Sale 10734
109
41
9934 10512
PLE&W Va Sys ref 412_1941 MN 93 Sale 9234
93
45
99% 10512
Southw Div 1st 58
1950.9 .1 10238 Sale 10114
10238 69
9572 105
Tol& Cln Div 1st ref 4a A.1959 J .1 82 Sale 8178
823* 52
Ref dr gen 58 series D...2000 M
10014 209
10018
100
10812 11214 Battle Crk & Slur let gu 3s 1989 J D 63 Sale
65
6212
Oct'26
10812 112
Beech Creek 1st gu g 48_ _ _1938 J .1 95
9618 9434 Dec'26
102 10434
Registered
.1 D 9412 9512 94 Aug'26
10112 10512 Beech Crk Ext 1irt g 390___1951 A 0 82
__ 83 Nov'26
9378 9978 Big Sandy 1,1 45
1944.1 D 9118 Sale 9118
911
5
9214 10112 Bost & N Y Air Line 1st 45 1955 F A
80 Sale 785
80
8
102 106% Brutus & W let gu gold 4e__ _1938 J J 9558 9838 9558
955s
2
103 10612 Buffalo R & P gen gold 5s
1937
S 10212 _
10234 Oct'2 -10112 1041/
Consol 4348
1957 M N
9414 -1412 9312
0414 68
10112 10514
Registered
MN
90 Dec'26._
103 10914 Burl C R & Nor 1st 55
1934 A 0 ioi"
__ 10112 1011
5
9484 93
Canada Sou cone gu A Se__ _ _1962 A 0 10434 10518
10434
1
lO47s
944 101
Canadian Nat 43,4e-Sept 15 1954 M S 9512 9558 954
9558 37
94
97
5-year gold 4145__Feb 15 1930 F A 99 Sale 9878
991
23
8914 9614 Canadian North deb of 76_1940 J D 115 Sale 11518
11558 21
8914 981a
20-year s f deb 6345
1940.9 .1 11712 Sale 11712 1171
3
5812 10814
10-yr gold 4 He_ _ _ _Feb 15 1935 F A 9712 974 9734
9784
1
9212 10412 Canadian Pac Ry 4% deb stock__ J J 8438 Sale 8418
85
36
864 9912 Carb & Shaw let gold 48_ __ _1932 M 8 9512 ____ 9414 July'2
1011s 10712 Caro Cent lot cons g 45
1949 J D 8418_
8418
841
2
94 10112 Caro Clinch &0 1st 3-yr 58-1938
D 10252 1037
-8
- 10258
10252
3
961a 101
lst & con g 65 series A
1952 J D 10734 10812 10734
108
12
10314 10612 Cart & Ad lat gu 48
D 893
1981
___ 8858 Nov'26
104% 105% Cent Branch 1.1 P
g 45. _1948 J D 8414
8-85
8512 Dec'26
11718 119
Central of Ga lot g 58..Nov 1945 F A 10412 Sale 10412 10412
1
9278 10412
Consol gold 524
1945 M N 10334 Sale 10334
104
2
9252
84
Registered
M N 100 102 10158 Feb'2
9534 9934
10-year secured 68__June 1929 J D 10218 10214 1024
10224 27
9615 10414
Ref & gen 590 series 13___1959 A 0 10518 Sale 10518
1051g
2
84% 100
Chatt Div pur money g 48_1951 J D 87% 8818 88 Dec'2
9312 102
Mao dr Nor Div Ist g 5e-1946
.1 100
____ 10214 Dec'26
99% 10078
Mobile Division 58
1946 J J 10218 ____ 10214
1021
8
88% 9434 Cent New Eng 1st 1311 41
773g 23
-1991 3 '
1 7714 Sale 7658
8133% 9012 Central Ohio reorg 4148-1930
M S 9058 ____ 99
Oct'26
9212 10012 Central RR of Ga coll g 5819
1001k 37
98
37 Q
M N
j 10012 10114 10014
85
9450 Central of N J gen gold 58
112 Sale 112
1987
112
12
Registered
11058 115 111
111
5
Range
Since
Jan. 1
Low
High
95 101
8115 934
814 9314
30
31
28% 40
42% 55
5011
3418
38
4814
272
2014
27
2538
34
374
27
251s
235k 347k
22
3112
38
52%
37% 531/
96 10218
10612 110
1034 10412
9914 10214
100 10212
100 10214
95
9812
9812 1024
100I 103
10112 105
97 101114
61
77
821s 9412
984 105
110 11414
1044 108
9818 105
974 104
97 103
103 107
10012 10912
1024 10612
1014 106
944 994
93
96
84
98
8712 9814
9112
81
10234 1064
1014 10518
113 11714
10212 106
67
77
994 1014
90
95
10712 111
9412 97
93
94
101% 10312
100% 102
841s 87
8234 864
9212 96
7572 824
8915 94
8814 9I7s
8434 8834
841x 8415
841s 89
8314 85
8434 897s
8412 8971
8312 87%
9814 100
86% 9012
88
92
94% 994
1034 1034
9614 984
1024 10414
8612 86%
92
9478
104 107
9314 9858
90
9434
76
82111
65
7812
7614 83
100% 10318
88%
89
14 92
93%12
88
9434 9%
4
9312 100.12
54
102
0231
14 104
104 109
89% 93%
98 102%
6
1I8
977414
93
94
80
89%
9
734
272
16
003885
2:8
2
9571
94
83
9114
9
85
323
101% 1034
874 90
9553
98
1
1199V8
14
327817
:2
4: 1999314714951
11674 11814
9612 9814
8018 87
94
944
81% 8458
10112 103
.
1
10614 1094
8114 90
10
73
9118
2 10
86
612
10218 104114
10112 10112
10
02
112: 103
064
72
864 3313
100 10314
10138 10212
68
7712
9812 99%
9812 10114
10814 113
10838 111%
3164
New York Bond Record —Continued --Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17.
Price
Friday,
Dec. 17.
Week's
Range OT
Last Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17,
Pries
Friday,
Dec. 17,
Week's
Range OT
Last Sale
High
Bid
Ask Low
High No,
High No. Low
Bid
Ask Low
40
8878 92,4 Day & Mich Mt cons4 46_1931
92
917 Sale 9178
J 9812 9834 984 Nov'26
Del & Hudson let & ref 46___1943 MN 94
90
90
4
8914
94
9414 94
- 90 Sept'26
30-year cony 58
1935 AO 118 Sale 11614
9734 Sale 97,
96% 9-34
4
9734 24
11858 237
9018
6
9034
15-year 5145
87
1937 MN 104% 10412 10414
9018 9078 90
8
10412
974 102
10-year secured 7e
10112 Sale 101N
1930 3D 107 Sale 10658
10134 60
30
107
11812 11812 D RR & 13dge let gu 4s g1936 FA 9412
11812 Oct'26
118
94 Apr'26
1 1004 10134 Den & R 0-1st cons g 46 1936
914 45
J
10058
100N 1-003-4 10088
9118 dile- 91
Cot:tool gold 4345
10238 105%
1938'3 94N 9518 94%
10312
1035 10312 10314
9434 13
ImproVement gold be_ _1928 3D 995 99,4 9912
10114 10314
_
10212 Oct'26
9934 27
92
9734 Den & R0 West gen be_Aug 1955 MN 7518 Sale 754
9718 23
97 Sale 9634
7678 410
93% 948 Des M & Ft D 1st gu 4s
39 Sept'26
1935'3 34
41
0488 Oct'26
Temporary ctfs of deposit_ _ _ _
9778 99%
9914 95
9914 Sale 99
34N Dec'26
3412 36
10018 10214 Des Plaines Val let 414e..,1947 MS 9378
9634 Aug'26
1003
--- 10012 Sept'26
Det dr Mack—let lien g 40_1995 3D 7014 7312 7212 Dec'26
88
83
82 4-87
8618 Aug'26
1
Gold 4:2
8534 8858
1995 3D 65
87N
8734 Sale 8734
6778 65 Nov'26
1
82% 874 Detroit River Tunnel 4548_1961 MN 9634 97
85%
875s 8812 85%
5
97
97'
Dul Missabe ds Nor gen 56_1941'3 1023
9834 102
9912 Nov'26
9934 _
_ _ 10334 Dec'26
65
7178 Dul & Iron Range let 58
1937 AO 10212
4 11
71,
1
410338 10212 10212
7114 -71-78 7114
70
64
Dul Sou Shore & All g 511_1937'3 76
82 Dec'26
80
7114 __-- 6814 Oct'26
51% 62
6155 39
613s Sale 6114
5934 East Ry Minn Nor Div let 48248 CO 9114 ____ 9212 Dec'26 -51
5918 Dec'26
5914 60
2
East T Va & Ga Diva 5e
1930.3' 10118 Sale 10118
8334 87
10118
86%
3
868* 8712 8658
Cons 1st gold 58
1956 MN 106 Sale 106
8412 8434
8412 Feb'26
106
7
9
9138 9458 Elgin Joliet & East let g be....1941 MN 10218 10412 1021s Nov'26 -9412
945* 9478 9438
9634 100,4 El Paso & W lst be
1965 AO 104, ___ 10434 Nov'26
9978 19
9938 997s 9958
9912 9912 Erie 1st consol gold 75 ext1930 MS 107 49912 Nov'26
9878
10714 107
10818
5
1st cons g 45 prior
1996 J J 8112 Sale 8012
90% 9334
9338
93% 29
9334 94
8216 60
Registered
9118 92%
1997 33 76
9218 Mar'26
9078
778 Oct'26 _ _
80
let consol gen lien g 4/3.__1996 33 7418 Sale 7278
10634 34 102% 10712
10614 Sale 1064
7412 631
Registered
103% 10712
1996 33 72 Sale 71
10614 10712 10512 Oct'26
7214 107
7318 8134
Penn coil trust gold 4s
1951 FA 9814 Sale 9814
8114 243
8114 Sale 8012
9814 54
50-year cony 48 series A 1953 CO 785e 7934 7812
6 10158 107
10612 10634 10612 10658
79
78
Series B
69% 88
1953 AO 784 79
6418 70%
6934 Sale 69%
7812
7914 127
Gen cony 4s series D
1953 AO 85 Sale 83
8514 1787
110% 11312
Erie& Jersey let s f 6s
1955 J
11134 Sale 11134 112
14
Chic Ind dr Loulev—Ref 66_1947 J .1 11312 115 11312 Nov'26
101 10,14
Genesee River let s f 58..1957 J J 11112 112 11134
1947 J 3 10314 10378 10314 Dec'26
Refunding gold be
104
112
1
90%
7958 9038 Erie & Pitts gu g 334s B
1940 J J 8814 ____ 8812 Nov'26 -_ _ _ 9038
Refunding 45 Series C._ 1947 J J 903
5
92 100
100
Series C 31413
1940 J J 8814
99%
1968 M N 9978 100
General be A
88% Sept'26 -5 10314 10834 Est RR extl 5 f 78
107%
1954 MN 95 Sale 9418
May 1966 J .1 10714 109 10714
General 85 B
9514 376
8312 92
___ 9014 Aug'26
Chic Ind es Sou 50-year 4s__1956 J .1
Fla
Nov'26
Cent & Penn 1st ext g 56_1930 33 10012 1_0_0_5! 100
95
9718
9858 10012 9718
D 92114
2 Noiv
0.1232
61 _.,i
Chic L & East let 4 a._ __1969
Consul gold be
1943'3 10114
47
56
5534 Dec'26 -0 M & Puget Sd lst fru 4s___1949 .1 .1 554 56
5614 14
45% 5614 Florida East Coast let 4 48_1959 in 9818 9814 9818
5534
5514 56
2
9814!
U S Tr certlfs of deposit
1974 MS 99% Sale 9912
8614 19
1st & ref be series A
8138 87
9978' 167
Ch M & St P gen g 413 Ser A_e1989 .1 J 86 Sale 8534
81
Fonda Johns & Glov 446
1952 MN 6312 6412 64
81
8514 81 Sept'26
Q .1 83
65
Registered
9
7618
76
76
64
Fort
St
U
D
Co
1st
446_1941
7014
8__
Be1989
J
J
755
.1
.1
a
94 :2: 9014 Dee'25
General gold 346 eer
90% 9638 Ft W & Den C 1st g 546_1961 3D 10516
9688 10
10634 Sept'26
Gen 44e Series C___May 1989 .1 .7 9512 6;12 9518
91
0234 Ft Worth dr Rio Or 1st g 45 1928 3, 035 98
9234
9234
5
Registered
9838 Dec'26 -2014
58
58
57
58
AO
16
_Jan
484 5t•34 Frem Elk es Mo Val let 68....1933 AO 10712 ____ 10712 Nov'26
Gen & ref ser A 4
5718 Sale 57
5712 19
474 5,454
Guar Tr certife of deposit__.
5618 13
4712 56% GH&SAM&P let 58_1931
1
100 10012 10014
Gen ref cony ser B 5s_Jan 2014 FA 55% Sale 5534
10014
55N Sale 5512
1931
47
5612 28
2d extens 5s guar
5714
1
10012 10034 100
Guar Tr certifs of deposit_
100
10412 26 102 10:
1934 33 10414 Sale 10414
Galv llous & Hend let be__.1933 A
9f12 Sale 9718
17
98
let OM 68
5678 33
1932 3D 5612 Sale 5612
47
5754 Ga & Ala Ry 1st cone be_Oct 1945
Debenture 44e
9
9734
97
,
4 9812 9734
57
5634 Sale 5614
69
46% 57% Oa Caro & Nor let gu g 5e 1929
Bankers Tr certife of deposit
997s 100
5
0934
9934
57
1925 -15 5534 574 5614
9
1946
45% 5734 Georgia Midland let 35
Debenture 48
724 7314 7218 Nov'26
56
5634 57
56
57
1941
Gr R & ext 1st gu g4148
467s 54
9638 ____ 9658
U S Mtge & Tr etfs of dep.6
9658
1934 JJ 555 57
5612
5612 10
4712 57
Grand Trunk of Can deb 75_1940 AO 11514 Sale 115
25-year debenture 48
11512 10
555 57
56
5638 42
15-year s f 6s
47
57%
1936 MS 10718 Sale 107
Farm L & Tr et fs of den_ _
10714 18
9912 June'26
1926.13
1947 3D 9478 __
9812 9978 Grays Point Term 1st 5e
Chic & MoRiv Div 5a
9512 Oct'26
771 78
14
7738
777s
74% 79
J 11334 Sale 11334
Great Nor gen 72: series A.__1930
Chic dr N'nest gen a 3348—.1987 MN
103
114
7612 7412 July'26 _
Q F 75
7412 7412
Registered
Registered
J J
_
1135* Nov'26
1987 MN
9012 16
9012 Sale 8912
let & ref 434e series A__1961 J J -5614 97,4 98,2
8558 9012
General 4e
9718 16,
87 Aug'26 _
8814 87
General 6,
1,
,e series B
1952 33 10712 Sale 10714
Q F
Registered
96
108
_
85% 8914
General 58 series C
1973'.3 10214 Sale 10214
10212
Stpd 4e non-p Fed In tax '87 MN 893s 9012 8834 Nov'26
9
10312 104
_
36 10114 104
General 44s series D
1976 33 93% Sale 937
Gen 4 yie stpd Fed Inc tax. 1987 MN 104
9418 242
103 109
Green Bay dc West deb etre A____ Feb 83
General be stamped__ .1987 MN 108 1-09 109 Dec'26
Oct'26
84
1879-1929 AO 102s Sale 103 Nov'26
3 10112 10578
Debentures ale B
Feb 2218 E-11;1-e- 22
Sinking fund (Ss
2212 16
10234 103% Greenbrier Ry 1st eu 46..—A940 MN 92
10234 Sept'26
AO 10214
Registered
11
92
92
1004 103:8 Gulf Mob dr Nor let 5 45...1950 A0 104%
1879-1929 AO 10112
10114 Nov'26
Sinking fund be
10434 10514 38
10012 101
Gulf dr S I 1st ref & ter g Si _61952 .1 .1 106 109 107
Oct'26
1879-1929 AO 101 191-12 101
Registered
5
10712
1933 MN 101 10278 10112
1 100 10212
10112
Sinking fund deb be
1
10114 10114 Hocking Val let cons g 4 40-1999 3, 98
10114 Aug'26
15
98
987s 9772
MN
Registered
1999 J J
Registered
90 May'26
10612 15 10618 10818
1930 3D 10612 10684 10618
10-year secured 786
_l937
MN
By
cons
g
58.
Housatonic
11414
9811
11114
1,
1113
4
5
1113
4
112
MS
1117a
16-year secured 6521112
1936
1937 .1 J ion
98
1'2 Nov'26
!
_1 10
101% _9_9
99% 10414 13 & T C lst g int guar
let & ref g be__ __ _May 2037 JD 10312 10384 10312 10334 29
N 10134
1930
Waco & N W let fie
10134 Mar'26
88
85
8714 34
8714 Sale 8718
Chic R I dr P—Railway gen 421988
99
9934 11,
Houston Belt & Term let 56_1937 J J
1
86
86
8334 86
.1 .1
Registered
10014 Oct'26
8712 9214 Houston E & W Tel let 858.1933 MN inoTB
1934 AO 9216 Sale 92
9214 351
Refunding gold 45
MN
1933
101
914
Nov'26
guar
be
red
1st
8814
9112
Dec'26
AO
Registered
9812 iiti
__
86,
4 90,2 Bud dr Slanhat 58 series A 1957 FA 9812 Sale 9814
Ch St L & N 0 Mem Div 48_1951 3D 8914- 8912 Nov'26
FA
Registered
101 102
- 10112 Dec'26
St L & P 1st cons g 5e____1932 AO 1014 1-0112
97
44 A98
Adjustment income be Feb 1957 AO .1;15-8 61-e- 8
'
8
42 38
4 305
Chic St PM & 0 cons 6e_1930 in 10312 104 10312 10388 106 1027 10412
944 95
Cons 65 reduced to 34e_ _1930 3D 9412 9512 95 Nov'26 _ _
9334 Oct'26
Illinois Central let gold 4e......1951'3 934
984 101
9934
1930 MS 9912 1004 9934
1
Debenture Ea
1951
91
93 Mar'26
Registered
93
Oct'26 _
9812 1004
9912 9934 99
Stamped
1951'3 855s
854 Nov'26
0134
let gold 314e
77
9414 87
Chic T H& So East let 58._1960 3D 9418 Sale 9378
33 84 10- 8234 Jan'25
Registered
78% 8814
8778 90
Dec 1 1960 MS 8734 Sale 87
Inc gu 56
Extended 1st gold 3Sis__ _1951 CO 8518 87
87 Sept'26
98
11
9418 98%
Chic Un Sta'n let gu 44ie A..1963 JO 9712 Sale 9712
1951 M
j 104% 10518 104
70
80
1963
72 Nov'26
1st gold 38 sterling
10434
2 101 10578
let 158 serien13
Collateral trust gold 46.._1952 CO 904 Sale 89%
1944 JO 10138 102 10112 102
2 100 1014
90% 19
Guaranteed g 511
CO 844
Registered
1963 ii 11818 11834 11818
5 1157s 11914
8034 Nov'25
11888
let 6 he series C
1955 MN 9312 Sale 93,2
9912 10612
let refunding 46
10514
1
Chic dr West Ind gen g 66__91932 QM 10514 Sale 10514
9414 56
lines
31411
1952
J J 8114 Sale 8312
Purchased
1952 J J 8638 Sale 8638
81
8714
8634 86
Consol 50-year 4e
8555 16
J j
Registered
1962 MS 10434 Sale 10312 10434 121 1004 105
8412 July'25
lst ref 5556 eer A
Collateral trust gold 4e-1953 MN 88N 89
10238 10414
16
8814
89
Choc Okla & Gulf cons be__ _1952 MN 10418 10518 104 Nov'26
MN 8534
Registered
96
9834
__ 9714 Dec'26
8512 Oct'26
Cln H dr D 2d gold 4SO.__ _1937 j .1 9738
Refunding be
1955 MN 1073 - - - 10758 10756
95%
6
4s___Aug 1938 Q F 9434 -9512 9534 Nov'26
93
0 St L&C
1934
15-year secured 5148
21
934 9314
9314 July'26 _
Aug 1936 Q F 9212
102N Sale 102N
103
Registered
1936
1942 MN 8958 91
15-year secured 6345 g
Oct'26
8912 91
91
3
11314
1134 Sale 11314
CIE Leb & Nor gu 48 g
Aug 1 196'
A 9612 Sale 9614
1928 J J 100
40-year 4-14s
10088 Nov'26
_ 100 10112
Cm S& Cl cons let g 58
96% 476
Cairn Bridge gold 45
1950
85
89
1
89% 29
92% Sale 9238
9256
Cleve Cin Ch & St L gen 48_1993 JO 88% Sale 88%
Litchfield Div 1st gold 35-1951
1931'3 9834 Sale 9834
20
974 11 012
99
• 7534 77
76 Dec'26
20-year deb 4 46
Loulsv Div dr Term g 3148.1953
108
1993 3D 105 Sale 108
5 102 108
5
8212
8214 8312 8212
General bs Series B
1025*
1929 J' 10212 10234 10212
6 101% 103% * Registered
814 Aug'26
Ref & impt 66 series A
Omaha Div let gold 3e.. 1951
1941'3 107 10712 10612 10612
A
3 105 108
_
7512
_ _ 7618 Dec'26
6e aeries C
9934 104
10334 19
1983 J J 10334 Sale 10338
St Louis Div & Term 838.1951
_
Oct'26
7512
_ _ 75
58 series D
1951
9334
Gold 3 145
91
935* Dec'26 —
9312
8414 86
8512 Nov'26
Cairo Div let gold 46. _ _1939 J J
Springfield Div let g 350-1951
8134 88
86
1
84 Sept'26
Cin W & M Div 1st g 4s 1991 .1 .1 86 -86-12 86
Western Lines 1st g U.__ _1951
8212 8814
A 9014 ____ 90 Nov'26
8734 Dec'26
8778
St L Div let coil tr g g 48._1950 MN
Registered
1951
A
8314 8314
8314 Feb'26 _
85
MN
84 Aug'25
Registered
914 Ill Central dr Chic St L & N 0—
89
Spr & Col Div 1st g 48_ _1940 MS 91,4 _,- 9112 Oct'26
8112 90
Joint let ref fa serial A_1963 J
8112 May'26
10314 Sale 103
10312 66
W W Val Div let g 46---1940ii 9012 -94
1951 J D 10512 Sale 10512 10512
4 10418 10734
Gold 513
10612
1
CCC&I gen cons g 6s____1934'3 10612 Sale 10614
Registered
10158
1 10114 10234
3D 10314
_ 10214 Apr'26
Clear Lor & W con let g 58_1933 AO 10158 10212 10158
334s
1951
3D
Gold
99%
99%
995
8
Sept'26
—
___
J
J
5e—_1938
Feb'26
995
7812
795
8
_
Val
g
Mahon
Cleve &
9638 983, Ind Bloom & West let ext 46_1940 CO 9212
9858 Dec'26
8-99
934
0338
1935 MN 9812
Cl & Mar 1st gu g 44e
1954.1 J J 9112
8612
994 9918 Ind Ill & Iona let g 46
99% Aug'26
_
8512
2
Cleve & P gen gu 494s ger B_1942 AO 99
10112
10112
10117 Ind & Louisville let gu 48- —1956'3 86
Mar'26
99
33
1942
8612 Dec'26
87
Series 4148
gen
be
ser A_1965
834 86
J 102%
8514 Oct'26 _ _
10234
Ind Union Ry
1948 MN 8618
10234
Series C 31413
8458 854
1965'3 102% — - - 10212 Sept'26
Gen & ref 58 series B
8488 Sept'26 _
845s
1950 FA
SeriesD314s
2
9734 10112 Int & Gil Nor let 68 ger A..1952 J J 10618 Sale 106
101
10678 53
Cleve Sher Line let gal 4101_1961 AO 101 10112 101
Adjustment 6s ser A July 1952 Aprl 8512 Sale 84
5 10.513 198 2
1972 AO 10812 10834 10812 10812
8538 188
Cleve Union Term 4s
10034 105
51
Stamped
105
Aprl
10312
8112 31
Sale
104
Sale
79
8112
AO
1973
let s f 56 ser B
8834 88% flit Rye Cent Amer 1st 58._.1972 MN
_
8838 July'26
7512 27
7412 Sale 744
Coal River icy let eu 4e._ 1945 in 8812
1941 MN
23
987
let eoll tr 6% notes
9814 9912
9514 18
95 Sale 95
Colorado & South lst g 46._1929 FA 98% 9912 9838
1938 3D 53
9538 9712 Iowa Central let gold 58_
9634 25
5438 55% Dec'26
9612 Sale 9612
Refunding dr exten 4 lis 1935 MN
Certificates of deposit......
8718 9212
5312
5418 14
54
53
1948 A0 9114 9212 8912 Nov'26
Col & Fl V 1st ext g 48
Refunding gold 4e
1951 MS 1634 Sale 1834
8718 90
4
17
8934 Nov'26
9012
1955 FA
Col & Tol let ext 45
_
81
88
James Frank & Clear 1st 48_1959 3D 9114
88 Nov'26
9138 Nov'26
Conn dr Paesum Riv let 48.._1943 CO 86
1
0258
7512 9312
0258
1930 Ft 9234
COXIDOi Ry deb 46
KaA&ORIstgugbe
1938J J 10212 105 10,
8512 73
71
1
8512
1Ap
Dec
r:26
8 ____
70 -/1-112 71
1954 J J
Non-cony 4e
1990 A 0 83% ____
70
Kan & M 1st gu g 4s
70
70 Sept'26
13
Registered
5e
1927
6512
Oct'26
.1
J
2d
20-year
75
Nov'26
72
j
10018
10014
j
71
73
_195.5
4s__
-debenture
Non-cony
6512 74
1928 M N 10112 1013.1 1018*
1
K C Ft 8 & M C0128 g 138
1015*
69 Nov'26 _ _
74
Non-eon, debenture 48__1956'3 71
35
8834 9612 K C Ft S & M Ry ref g 40_,1936 A 43 9214 9212 9214
7
9212
95
Cuba RR 1st 50-year be g___1952 J J 94% 9512 944
&
B
1st
gu
2
R
58_1929
105
A
0
&
M
110
4
2
De7
e
'
3
2
7
6
8
9912
997
8
K
C
7
9
3
9
3
1
1083
4
1083
4
10814
10834
3D
1936
1st ref 74e
Kansas City Sou 1st gold 36_1950 A 0 7312 73%
974 100
9914 10
9912 99
1936 3D 99
let lien & ref 65 eer B
9978 104
924 99
48
Apr 1950 J .1 9912 Sale gg
99
Ref & ilLIPt be
1966 3' 99 Sale 9812
Cuba Northern Ry 1st 6s
Cent Pao let ref gu a 4e____1949 F A
F A
Registered
Mtge guar gold 3146__Aug 1929 J D
Through St L 1st gu 48_1954 A 0
Guaranteed g be
1960 F A
Charleston & Savannah 56_1936 J J
Ches & Ohio fund & inapt 1.4.1929 J J
let consol gold be
1939 M N
Registered
1939 MN
General gold 44e
1992 MS
Registered
1992 M
20-year cony 415e
1930 F A
Craig Valley let g 58
1946 J J
Potts Creek Branch let 45_1948 J J
R & A Div let con g 48.._ _1989 J J
2d consol gold 48
1989 J J
Warm Springs V let g be_ _1941 MS
Chic & Alton RR ref g 38_ _1949 A 0
Ctf dep And Apr 1926 Int__
Railway first lien 34s__ A950
Ctfe dep Jan '23 & sub coup
Chic Burl & Q—Ill Div 349_1949 J J
Registered
J J
Illinois Divialon 48
1949 .1 J
Nebraska Extension 48._1927 M N
M N
Registered
General 4e
1958 M
M S
Registered
1971F A
lst&ref5aeerleeA
1934 A 0
Chicago & East III let 6e
C & III Ry (new co) gen 58_1951 M N
1982 M N
Chic & Erie let gold Ss
Chicago Great West let 45._1959 M S
b Due Feb
e Due
May.
y Due Dec
Rang.
Bina
Jan. 1
Low
Hie
9772 981
905s 95
1084 1221i
09511
2
:
:
74 1006
199
054
1065s 1104
85N 9111
95
89
767
62
477
96471
3631,22
939
70
65
9434
10312
10118
80
75
63
981
1045
1031
901
91
1003s
100%
10
02
118
58
924
10134
10634
10
05
47
12
10534 10812
7412 8218
7772 7771.
7941
64
6976:: 798
79
21
87
651, 7
734 851
104 112
10414 112
21
113 95
8
86
894
88
98
9814
9588
97
584
1001
102
99
1001
68
103" 11)7
98
96
107 108
974 1014
100 101
9312 99
96 100
994 1001
73
63
955s 977s
113 1164
106% 108
9512 95,
10934 11412
11214 11336
9112 9836
102N 108
9714 10312
9014 9516
85
78
1312 21,4
883s 92
101 106
1034 10734
91N
90
9512
100
10188
9612
10018
100
924
97
7514
98
90
9912
102,
4
101,
4
100
1014
1014
981
97
8472
9114 9771
93
93
8314 91
831e 8)
72
71
8012 92
- 14
907 4
815s 8653
85
8512
105
10134
1114
9576
9032
74
8034
783s
734
7334
8114
8212
8934
895*
854
1084
10414
11334
962
9272
7612
83
8212
761s
75
81U
85
904
9912
10314
10214
784
Si
8S'2
7936
10038
10076
103
66
884
7412
9412
54
534
15
885s
10318
1051
10214
781
9392
881
104
103,1
1074
8
85,
8112
81
98
655s
85
231
9188
101 101
87
83
9934 1011
10018 103
894 93
7281
4 10
9
78
2
,
938* 997
3165
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17.
13
'0 t
r,
Price
Friday.
Dec. 17.
Week's
Range or
Last Sale
04,2
Range
Since
Jan. 1
High
Ask Lain, High No. Low
Bid
85
88/
1
4
8812 55
Kansas City Term 1st 4s___1960 J J 8812 Sale 8814
92
2
88
8758
/
4 8812 8758
Kentucky Central gold 48_ _1987 J .1 871
81
91,2
85 Nov'26 ---8518 90
Kentucky & Ind Term 4 Me_1961 J
8534 90,4
9212 8014 Nov'26 -1961 J J 87
Stamped
3 100 103
10238
10214
Lake Erie & West 1st g 5s 1937• j 10214 __
9838 101
100 Dec'26 -1941 J J 100,4
2d gold 58
10
7858 8214
82
82
817g
Lake Shr & Mich S g 3Me 1997• D 81
80
77
80 Dec'26
Registered
1997 J D
9838 9934
18
99
9834
1928 1)1 S 9834 99
Debenture gold 45
pm 71
9614 9784
1931 M N 9734 Sale 9713
25-year gold 4s
96 Dec'25 1931 M N
Registered
3 102 105
1954 F A 10438 10434 10434 105
Leh Val Harbor Term 5a
90
99
9838 Sale 98%
98%
1
Leh Val NY 1st gu g 4las 1940 i J
82/
1
4 8714
864 18
Lehigh Val (Pa) cons g 413_2003 M N 8614 Sale 8614
83
M N
80
8012 May'26
Registered
92
99
9714 10
2003 MN 9714 Sale 9614
General cons 43(s
2 100% 10534
_ 10478 10478
Lehigh Val RR gen 52; series.2003 MN
10212 1033
-- 4 10212 Dec'26 --- - 102 105
Leh V Term Ry 1st gu g 5s_ _1941 A 0 106141
904
85
8912
89
90
8912
Leh& NY 1st guar gold 4s._1945 m
7 10512 110
_ _ 10978 10978
Lox & East 1st 50-yr 581101- A965 A 0 1093
844 8712
4-8812
- 8612 Oct'26
1952 MN 8612
Little Miami 45
109 10934
109
Oct'26
Long Dock consol g 6a
1935 AO
10018 101
Long Ield 1st con gold 6sJulv1931 Q J 10034 ____ 10034 Nov'26
9412 9712
1st consol gold 4s_ ___2u13 1931 Q J 9518 ____ 9712 Aug'26
4
9038 9314
9314
9314
General gold 48
1938 ID 9314
97
97
_ 97 July'26
Gold 4e
1932 J D
3
8914
844 9138
94384 8912
- - 8914
Unified gold 4s
1949 MS 883
5
9738 100
9934
Debenture gold Es
1934• D 9912 Sale 9912
2
94 100
984
9834
20-year p m deb 56
1937 MN 9734 98
2
85
9038
8914
Guar refunding gold 4s___1949 MS 8914 Sale 8914
3
991g 10034
9978
Nor Sh B 18t con gu 5s_ Oct '32 Q J 9912 10034 9978
9978 10118
10034 10118 10078 10118 21
Louisiana & Ark 1st g 5,3-__1927 M
20
8638 9011
90
Lou & Jeff Bdge Co gu g 4s_ _1945 MS 90 Sale 8912
10212 10534
Louisville & Nashville 513_1937 MN 10378 105 10518 Dec'26
9314 9612
9578 Sale 9534
9614 21
Unified gold 48
1940 J
100% 104
Collateral trust gold 5,3
1931 MN 101 10212 10118 Nov'26
5
105
10912
MN
106
106
10618
106
10-year secured 7s
1930
23 10538 11014
1st refund 5968 series A_ _2003 A0 108 Sale 10738 108
10612 28 101 10814
1st & ref 58 series B
2003 AG 111612 Sale 156
96 10014
1st & ref 43-s series C
2003 AO 10018 Sale 9934 10018 29
193/
1
4 107
N 0& M lst gold 6s
1930 J J 10378 107 10378 Nov'26
10312 104
2d gold (is
1930 J J 10312 10412 10334 Oct'26
4
9138 93,4
9314
Paducah & Mem Div 48...1946 FA 9312 ____ 9278
6513 68
8734
6
8712
38 Nov'26
St Louis Div 2d gold 38_ _1980 MS 6712
98/
1
4 9958
Mob & Monte 1st g 4 Ma_ _1945 MS 100 ____ 9834 Aug'26
23
8518 89
South Ry Joint Monon 48_1952 J J
90
9414
0414 68
All Knoxv & Cin Div 4s.1955 MN -22E2 -94.14 9312
13
9914 100
Lousy Cm & Lox Div g 4)0'3 MN 9978 10012 9978 100
10134 103
_ _ 103 Dec'26
Mahon Coal RR 1st 55
1934 J
7
6012 87
6514 67- 6512
6614
Manila RR (South Lines) 48_1939 MN 1035
62/
1
4 7618
7514
1st 4s
1959 MN 7514 Sale 7112
100 101
Manitoba SW Coloniza'n 58 1934 in 10018-- _ 16012 Dec'26
8512 87- 8312 Oct'26
8312 85
ManGB &NW 1,43,46_1941 J J
10078 102
/
4 Nov'26
Mich Cent Det & Bay City 5s'31 S M 10158 102 1011
9958 101
M
101 Dec'26
Registered
9258 9612
Mich Air Line 413
1940 J J 9518 ____ 9612 Dec'26
92
92
92 Nov'26
Registered
8038
79
___ 79 Mar'26
J L & list gold 399e
1951 MS 833
6
86
83
4-86% 8558
8538
1st gold 3.X0
1952 MN 8512
5
93/
1
4 98/
1
4
9838
213-year debenture 45
1929 AO 9814 9812 983
9012 96
06
96
Mid of N J lst ext 58
1940 AO 9512 96
1001
/
4 1011
/
4
Mew LB & West imp g 55..1929 FA 10078_ 10038 Dec'26
9.- 9412 Dec'25 _
Me & Nor 1st eat 4 Ma(blue)1934 in 9512 -612
-9352
9512 Dec'26
Cons ext 4 8 (br
!'-n)_ __1934 in 9512 96
,
3
917g
89
93
Mil Spar & N W 1st gu 45_1947 MS 9178 Sale 9134
Dec'25
J
J
813
8
83
,
4
---Mew & State L lot gu 3946_1941
2
9934 101
9812
9812
9814 106 100 Nov'26 _
56
57
561
: Dec'26
2
5414 5512 55
55,2
7
1812
18 Sale 18
1
13
1312 1312
1312
89
8938 89
8914 53
9858 11
9812 9838 98
9914 9814
9838 17
98
102 Sale 10134 10'2,8 20
6
101 Sale 111012 101
22
92
9014 Sale 90
-- _ 93 Mar'26
9512 96% 9478 Nov'26
9621
87
8634 Sale 8612
10138 Sale 10114 10134 121
33
86
8518
Sale
86
3
10238 10278 10238 10234
968 357
9638 Sale 9614
Minn & St Louie 1st 75
1927 in
1)
1st guar g 7s
1927
let consol gold 58
1939 MN
MN
Temp ate of deposit
let & refunding gold 46_1949 MS
Ref & ext 50-yr 58 ser A_ _1962 Q F
J
M St P & S S M con g 40 lot gu'38
1st cons 58
1938 J J
J
J
1st COM 5s gu as to int__ 1938
10-year roll trust Ms. A93I M S
1st & ref Os aeries A
1946 J J
26-year 5-.6s
1949 MS
lot Chicago Term s f 4s.... _1941 MN
Mississippi Central lot 5s__ _1949 J
tole Kan & Tex—ist gold 45_1990 in
Sio-K-T RR—Pr 115a set A_ _1962 J J
40-year 4s series B
1962• J
10-year 65 series C
1932 J J
Corn adjust Esser A Jan 1967 AO
Missouri Pacific
let & refunding 58 ser A 1965 FA
let & refunding es ser D 1949 FA
1st & refund es ser E__ _ _1955 MN
General 48
1975 MS
Mo Pac 3d 7s ext at 4% July 1938 MN
9918 Sale
10634 Sale
10658 Sale
7678 Sale
9278 ____
Mob & Bir prior Hen g 5e___1945 J J
1945.1
Mortgage gold 48
Small
1945 J J
Mobile & Ohio new gold es_ A927 J O
1st extended gold es__ J ulv1927 Q J
1938 31 5
General gold 48
Montgomery Div 1st g 68_1947 FA
1927 J D
St Louis Division 5s
Mob & Mar 1st gu gold 45 1991 MS
1937 J J
Moot C 1st gu g 138
J J
Registered
1937 J J
1st guar gold Es
Morrie & Essex 1st gu 3 Ms_ _2000 J O
Neatly Chatt A, St L 1st 5s 1928 AO
1937 FA
N Fla & 1st gu g 5,3
Nat Ry of Mex pr lien 4 Ma._1957 S i
_
July 1914 coupon on
Assent cash war rot No 3 on
-years 1 45
1977 AO
Guar 70
AO
April 1914 coupon off
Assent cash war rot No 3 on
Itat RR Mex prior lien 4 84s 1926 1-3
J
July 1914 coupon on
Assent cash war rct No Son.
AT
1951
cense!
48
1st
AO
April 1914 coupon on
Assent cash war rct No Son.
100i8 _
99 Sept'25
8612 -873-4 8614
8614
8578 7834 Sept'26
10114 Sale 10034 10114
10038 101112 10012 Dec'26
925 95
9318
9318
100 10114 100
100
9978 100 100 Nov'26
___ 90
90
1023
4 105 11134 Nov'26
90_ 111914 Oct'26
1111 11112 10314 Dec'26
795 Sale 7912
80
10038 10034 10038 10038
102 Sale 102
102
30 Sept'24
19 Apr'25
"1412 15 15
1518
8712 Aug'25
-8712 Aug'26
5- -1114 15
15
3812 July'25
24 Sept'25
25- 147e 3014 Nov'26
28 Apr'25
1812 June'26
1212 TA-1 1412 Nov'26
1945 ii
New England cons 55
1945 J J
ConsoL guar 48
J June RR guar 1st 4s_ __ A986 FA
NO& NE 1st ref&imp 43o A'52• J
New Orleans Term let 4s_ _ _1953 J J
NO Texas & Mex n-c Inc 58_1935 AO
1959 A 0
lot 5e series 18
1951 A 0
let 5 Me series A
N & C Ildge gen guar 4 Me_ _1945 J J
NYB&SiBlstcongSo..1935A 0
N
N Y Cent RR cony deb 613...1935 1111
M N
Regletered
1998 F A
Consol 45 series A
2013 A 0
Ref & !met 4 Me • A"
2013 A 0
Ref & impt Ss series C
A 0
Registered
9778 101
9718 Dec'26
_
8638 Nov'26
863
84348 87
8938 Sept'26
9618 9612 96
96
2
87
8734 864
8634
2
9978 100
9978
9978
100 Sale 997k
10014 54
22
10478 105 10434 105
3
964 ____ 964
96%
_ 10114 Nov'26
16
1
10034107 10712
- - 107
107 4
_ 10612 May'26
9038
9058 Sale 8958
9814 Sale 9712
9814 29
10512 Sale 10538 1054 191
10334 Oct'26
98/
1
4
19612
10612
7538
9234
99'4 47
10678 57
10658 96
649
76
1
9234
2
_
3
3
8
1
5
9
--aa
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17,
Price
Friday,
Dec. 17,
H
Bid
N Y Central & Hudson River—
1997 S i
Mortgage 3 tls
1997 ii
Registered
1934 MN
Debenture gold 48
MN
Registered
J J
debenture
48
1942
30-year
Registered
Lake Shore coll gold 33.45_1998 F
1998 FA
Registered
Mich Cent coil gold 3Me1998 FA
Registered
1998 FA
N Y Chic & St L lot g 45._ 1937 AO
1937 A0
Registered
1931 MN
25-year debenture 45
1931 MN
2d 68 series A B C
Refunding 53.4e series A __1974 A0
Refunding 5 Me series B __1975 ii
NY Connect 1st gu 43.65 A__1953 FA
let guar 58 series B
1953 FA
N Y & Erie lot ext gold 4,3_1947 MN
1933 MS
3d ext gold 43.45
1930 A0
4th ext gold 55
1928 in
5th ext gold 45
NY & Greenw L gu g Es_1946 MN
N Y & Harlem gold 3Me__2000 MN
Rang.
Since
Jan. 1
Week's
Range or
Last Sale
Ask Low
High No, Low
82
8112
79 Nov'26
-9512 13;1-e- 9534
9634
94/
1
4 Dec'26
9514 Dec'26
94/
1
4 96
93 Feb'25
79%
8014
7818
7818
83
-813-4 83
783 Sept'26
95le
95 Sale 95
9314 Mar'26
_
9614 9612 9614
9612
10258
10214 Sale 10214
10478
10434 Sale 104
10414 10434 104
10414
9638
9658 Sale 9638
/
4 105
10338 Sale 1031
9134 Oct'26
98 Sept'26
10038 Mar'26
10014
9814 ____ 935 Mar'26
101
101
9912
1
4
8118
8118 Sale 80/
8112 Sale
2
16
6
1
8
15
22
78
44
17
16
1
18
80 July'25
NY Lack & W let & ref 6e1973 MN
12
102
1973 MN 102- Sale 10118
First & ref 4365
106 Nov'26
1930 MS 106't _
NYLE&W 1st 78 ext
FA
10012
Dec'26
looll
1932
1063-4
N Y & Jersey 1st 55
90 Dec'26
92
N Y & Long Branch gen g 481941 MS 90
9138 Oct'26
NY&NE Bost Term 4s1939 A0
1
MS
78
- 78
7634
1947
NYNH&H n-c deb 4s
MS
60 June'25
Registered
7014
6834 Dec'26
Non-cony debenture 330_1947 M
6838 11
Non-cony debenture 3391_1954 A0 6838 Ele-le 67
77
77/
1
4 10
Non-cony debenture 48___1955 S i 7712 78
17
MN
761
/
4
78
Sale
78
Non-cony debenture 48.__1956
6818 21
6812 Sale 6714
1956
Cony debenture 3 Ms
10534 145
1948 1 J 105 Sale 10514
Cony debenture 613
1031g Dec'26
J J
_
Registered
1940 A 0 10314 gale 10212 10312 -25
Collateral trust es
7012 58
M N 6914 Sale 6834
1957
Debenture 48
7
89
1
4 8912 89
Harlem R & Pt Chen 1st 481954 M N 88/
1
4 Nov'26
1
4 ____ 99/
N Y& Northern lat g Es_ _1927 A 0 99/
48
7614
7712
Sale
NY 0& W ref let g 4s_June 1992 m S 77
7112 69
7114 Sale 7012
General 98
1955
3
8612
1
4 _
8812
N Y Providence & Boston 48.1942 A 0 88/
1
8938
N Y & Putnam 1st con gu 4a 1993 A 0 8914 -8958 89'38
9934 ____ 9934 No '26
1927 M
N Y & R B 1st gold 55
8
86
N Y Susq & West lot ref 53_1937 J J 86 Sale 85,4
1937 F A
72
73/
1
4 7114 0 t'26
2d gold 43.4s •
7158 24
1940 F A 6718 67% 6934
General gold 58
99 July'26
1943 M N 98
Terminal 1st gold 56
1
4
7912 24
7834 Sale 78/
N Y W'ehes & B let ser I 410'46 J J
Nord Ry ext'l a f 8 Ma
1950 A0
Norfolk South let & ref A 56_1961 FA
Norfolk & South 1st gold 59_1941 MN
Norfolk & Wst gen gold 68_1931 MN
Improvement & ext 83_1934 FA
New River 1st gold 6s__ _ _1932 AG
N & W Ry lat cense 4e
1996 AO
Registered
1996 AC
DWI 1st lien & gen g 48.1944 S i
1929 • S
10-yr cony. Os
Pocah C & C Joint 4s_1941 S D
North Cent gen & ref 58 A 1974 MS
1945 AO
North Ohio let guar g 5s
1997 Q J
North Pacific prior lien 4a
1997 Q
Registered
Gen'l lien gold 3s__ __Jan 2047 Q F
Jan2047 Q F
Registered
Ref & impt 4Me seriee A__2047 J J
ii
Registered
Ref & impt es series 13____2047 ii
S i
Registered
Ref & Impt 58 series C ___2047 J
Ref & impt Es series D___2047 Si
Nor Pac Term Co 1st g 68_1933 iJ
1938 A0
Nor of Calif guar g 58
1930 22
North Wisconsin 1st es
98
9812
100 100
56'2 64
55
6334
1734 23
12
1614
8578 9112
9712 9934
9712 9934
1011
/
4 106
10038 105
88/
1
4 9712
93
93
93 10112
845s 88
9614 103
8012 8612 og & L Chem lot gu 4s g......1948 is
10138 10414 Ohio Connecting Ry 1st 4a 1943 MS
1936 in
9012 97
Ohio River RR 1st g Se
1937 AO
General gold Se
8914 100
Oregon & Cal lot guar g 59_1927 ii
1011
/
4 10714 Oregon RR & Nay con g 45_1946 J D
10154 10714 Ore Shore Line 1st cone g 58_1946 Ji
65
76
1946 iJ
Guar cons 5,3
88
93
Guar refunding 4e
1929 J O
Oregon-Wash lot & ref 4s_1961 iJ
1946 J D
Pacific Coast Co lst g 5a_
798 907 Pac RR of Mo 1st esti g 4s 1938 FA
7834 87
2d extended gold 58
1938 J .1
10034 10356 Paducah & Ills let s f 4 Me 1955 S i
moil 10614 Paris-Lyons-Med RR 6a__1958 FA
90
9318
Sinking fund external 78....1958 MS
98/
1
4 101
Paris-Orleans RR s 1 78
1954 MS
9912 10011 Paulista Railway 78
1942 MS
87
98/
1
4 Pennsylvania RR cons g4s 1943 MN
10958 1121s
Conaol gold 48
1948 MN
10914 10914
48 sterl stpd dollar_May 11948 MN
1011
/
4 10334
1960 P A
Consolidated 4345
7734 8158
General 4 -Is series A_ _ _ _ 1965 in
100/
1
4 1011
/
4
General 58 series B
1968 J O
10034 10318
10-year secured Te
1930 AO
15-year secured 636s
1936 FA
FA
Registered
15
2212 40-year gold Se
1964 MN
Pa Co gu 3 Ms coil tr A reg 1937 MS
Guar 33.68 coil trust ser B_1941 FA
-5 27
Guar 3840 trust etfe C
1942 J O
Guar 3 Ms trust etre D.
1944 J O
Guar 15-25-year gold 4e
1931 A0
23
3512
Guar 45 series E
1952 MN
1818 21
Peoria & Eastern 1st cone 4,3_1940 A0
13
2058
Income 48
1990 Apr.
Peoria & Pekin Un 1st 53.45_1974 AG
95/
1
4 10018 Pere Marquette let ser A 50_1956 S i
81
87
1st 4s series B
1956 S i
N
893s 8514 Phila Bait & Wash 1st g 4.9...1943
9234 9758
General 58 series B
1974 FA
84
8814 Philippine Ry 1st 30-yr 81 4s 1937 ii
96/
1
4 10034 Pine Creek registered 6s
1932
96 10078 P CC &St Lgu 4,48A
1940 A0
10218 10512
Series B 4385 guar
1942 A0
9412 97
1942 MN
Series C 4385 guar
9934 102
1945 MN
Series D 48 guar
10438 109
Series E 33.48 guar gold
1949 FA
10612 10612
1953 J O
Series F 4s guar gold
MN
8534 9058
1957
Series 13 48 guar
9214 9812
1011
/
4 106
10318 10354
212
91
9058 Sale 8912
218
91
9034 Sale 8914
10014 1001 10012 lOOlz 51
3
10514 10612 10612 106'z
/
4 Nov'26
10834 ___ 1081
___ 10718 Dec'26 -107
9314 29
9318 Sale 93
9012 Oct'26
93/
1
4 48
9334 Sale 9318
162
1
16012 Sale 162
3
93
93
931i 93
10518 ___ 10514 Dee'28
9412
6
94 Sale 94
911
/
4 41
9112 Sale 91
90/
1
4 Sale 90/
1
4
9078 25
6534 Sale 6534
661
/
4 86
1
65 Sale 65
65
9538 47
96 Sale 9534
9114 ____ 11238 Apr'25
11312 114
113 Sale 113
11014 Mar'26
10312
10312 Sale 10314
7
103 10334 1031a
10314
109/
1
4 110 10934
10934 36
____ 10934 May'26
105
1
4 Oct'26
102/
1
4 ____ 102/
811
/
4 27
8138 8134 8118
9034 Dec'25
9214_
- 10158 Oct'26
102 10212
10118 10212 10114 Nov'26
10018
4
100 10014 100
3
9218 Sale 9218
9218
2
9218 9214 107
107
4
10714 10734 107/
1
4 108
9812 47
9812 Sale 98
8714 Sale 87
93
88
9214 93
9314 Dec'26
_
9334 941
/
4 93
931g 25
le 108
92%4
1
10
08
214
g
10
98
2/
1
44
1
Sale
1
342
85 Sale 8412
86
95 Sale 94
9518 296
9934 Sale 9418
95
151
23
102
102 10212 10134
____ 9534 Nov'26
95
951g
9
95 Sale 9412
1
05__-. 95
95
11
10178 10 12 10134 102
155
10
99
73'4 Sale 10
96
91
1
10
97
9378
4 68
10658 Sale 10614
10634 81
112 Sale 112
11238 74
11114 Oct'26
102/
1
4 136
1E1214 Sale 10218
___ 87
Oct'26
87 Nov'26
858512 89
84/
1
4 ___ 8418 Aug'26
85 Nov'26
8412 -85
9734 Sale 971
9738 117
8838 ____ 8834
8834 13
8538 85% 8514
41 Sale 4012
103%
- 10318
10334 Sale 10312
10338 105
89
9478 9514 9434
110 11034 110
42
42
43
106% 10714 10612
9912
99%
9912
9938
9912
100
9412
9512
9512 ____ 9512
9512
9734
9512 ____ 95
8512
1
10318
10378
89
9434
Dec'26
4212
Dec'26
Nov'26
Nov'26
Dec'26
Nov'26
Nov'26
Dec'26
Nov'26
9
21
2
65
2
3
7611
764
£144
9416
9214
Htok
82
8056
9634
9454
97
757 -}161,
76
781s
84
78
80
77
92/
1
4 9534
92
9314
9312 9754
10214 105
984 105
984 10531i
92
96%
1004 105
8911 9114
98
98
1001s 1001s
9815 99
94 101
7914 8118
-9938 1-62106 10614
10038 101/
1
4
90
9034
88
915,
7012 78
6212 76
611
/
4 7014
6634 7778
674 78 ,
61
74
9734 1034
96 10312
9612 10312
58
7012
8434 8914
994 10016
674 774
6212 711
/
4
86 2 88,4
8616 894
9934 1003,
774 894
73
64
744
63
9756 99
6936 797s
7714 91
77/
1
4 91
98 101
10514 108
108/
1
4 110
10678 10711
90/
1
4 9338
89
924
904 9411
138 167
9412
91
10018 10514
88
9714
861s 9118
86
9078
6114 661z
60
6514
87
9634
551-4 nil;
11014 11014
9814 104
9814 103/
1
4
10934 11014
1011
/
4 105/
1
4
10212 10314
73
82
10013 1021*
10036 1024
100 10114
8914 9211
1044 108
1054 108
964 9871
8334 86
9151 951s
911
/
4 95
100 1024
964 984
734 86
82
944
94
82
1004 1034
9314 9534
914 994
9114 9814
9874 102
9414 100
102/
1
4 10734
10614 10838
11138 113/
1
4
1111
/
4 112/
1
4
1
4
9838 102/
87
87
83
87
841,
84
85
82
964 97/
1
4
881
/
4 89/
1
4
794 8716
35
42
1004 104
10118 10418
8535 89
933
, 9514
10641111,
4011 45
1061s 106/
1
4
9674 10014
9658 9915
9714 100
934 98
9214 954
9274 9734
93
974
3166
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 17.
New York Bond Record-Continued - Page 4
F.3
:
e2
Price
Friday.
Dec. 17.
Bid
Range
Since
Jan, 1
Feet's
Range or
Laat Sale
Ask Low
High No. Low
Pitts Cin Chic & St L (Concluded)
BerieeH4s
1960 F A
Series I cons guar 4%ii
1963 F A
Sales J 4%s
1964 M N
General M 58 series A1970J D
Registered
J D
Gen mtge 5s series B
1975 A 0
Pitts & L Erie 2d g 5s_ Jan 1928 A 0
Pitts McK & Y 1st gu 6s
1932 3 3
Pitts Sh 63 L E 1st g 515
1940 A 0
1st consol gold 58
1943 3 3
Pitts Va & Char lat 43
1943 MN
Pitts Y & Ash Ist cons 5a
1927 MN
1st gen 45 series A
1948 .1 D
1st gen bs series B
1982 F A
Providence Secur deb 4s
1957 M N
Providence Term let 45
1956 M 13
9712 Nov'26
9812 Dec'26 -97 Nov'26
64
107
10678
102
Oct'26
10714 Sale 10634
10714 128
10012 100 Nov'26
10.583 10714 106 Oct'26
102
_
102 Dec'26
10112 _
10134 June'26
9114 May'25 _
10014 --- 10014 Nov'26 - -1
93
93
93
1044
- 105 Nov'26
6512 70
6812 Aug'26 - - -83% - - - 8458 Aug'26 --
Reading Co gen gold 48
1997 J J
Registered
J J
Jersey Central coil g 4s___1951 A 0
Gen & ref 4%s series A__ _1997 J J
Etichm & Danv deb 58 stmpd 1927 A 0
Rich & Meek 1st g 4s
1948 MN
Richm Term Ry 1st gu 5&_.J952 J J
Rio Grande June let gu 5s 1939 J D
Rio Grande Sou 1st gold 45_ _1940 J J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West 1st gold 48_1939 .1 J
Mtge & coil trust 4s A
1949 A 0
RI Ark & Louis 1st 4
_1934 M S
Rat-Canada let gu g 4s__A949J J
Rutland 1st con g 4
1941 3 J
St Joe & Grand Isl 1st g 46_1947 J
Lawr Adlr 1st g 5a
19963 J
2d gold 68
1996 A 0
St L & Cairo guar g 4s
19313 J
JUJU Mt & Sgencon g59_1931 A 0
Stamped guar 52
1931 A 0
Unified & ref gold 48
1929 J J
Registered
J J
Rlv & Div lat g 48
1933 M N
St L M Bridge Ter gu g ba_1930 A 0
St L & San Fran (reorg co)451950 J J
Registered
J J
Prior lien series B ba
1950 J J
Prior lien series C 58
1928 3 .1
Prior lien 5315 series D _1942 J J
Cum adjust ser A 6s__July 1955 A 0
Income series A 6s_ _July 1960 Oct.
BS Loule & San Fr Ry gen 68_1931 J J
General gold ba
19311 J
St L Peor & N W lst gu 56_1948 J
St Louis Sou 1st gu g 4s_ _ 1931 MS
St L 8 W lat g 413 bond et's_ _1989 MN
2d g 4s Inc bond ctfs.Nov 10893 J
Consol gold 48
1932 J D
let terminal & unifying 58_1952 .1 J
St Paul & K C Sh L 1st 4%11_1941 F A
St Paul & Duluth lat 5s
1931Q F
let consol gold 4s
1988 J D
St Paul E Or Trunk 4%a_ _1947 J J
St Paul Minn & Man con 48_1933 J D
Registered
J D
lat consol g 4a
19333 D
Registered
.1 J
So reduced to gold 433s___1933 J J
Registered
1933 J J
Mont ext 1st gold 48
1937 J D
Registered
J D
Pacific ext guar 48 (sterling)'40 J J
SS Paul Union Depot 5s____1972 3 J
2
10012 10012
4478 May'25
7
93
93 Sale 9212
9818 29
9734 Sale 9734
9978 100 100 Nov'26
7914 80
7912 Oct'26
103
_ 10212 Dec'26 -10038 20
101 101-14 10058
7
Oct'26
6
_ _
6
12
6 May'25 - 9134 12
9112
9158 93
8438 12
8334 Sale 8334
9478 23
9458 Sale 9438
81
7978 Dec'26 -80
9038 9114 9012 Nov'26
10
87
8714 -- 8634
99 Nov'26
9734
1
10518
10518 Sale 10518
1
9612
9612
9618 97
10034 17
10034 Sale 10014
10038 Sept'26 _ _
9712 47
9738 Sale 9738
__
93 Sept'25
9312 45
9314 Sale 9314
__
9978 10014 100 Dec'26
8434 179
84% Sale 8438
8214 Oct'26 _ _ _ _
100
9958 Sale 9958
89
11
10138 10134 10184
102
10234 30
102 10218 102
9914 158
9878 Sale 9878
9634 332
9558 Sale 95'z
10578 Sale 10534 10578
2
10012 10112 10012 Nov'26
_
10338 10512 10312 Oct'26
__
95
97
9438 Oct'26
__
863s 8634 8658
8653
5
8034 Sale 8034
8184
8
9418 Sale 9418
39
95
9612 Sale 9612
9638 83
9338 Sale 9278
9338 25
10114 Sept'26
10112
91 9212 91 Nov'26 _
9278 Oct'26
94
98
9634 98
9634
964
5
9212 July'25
_
10734 10834 108 Dec'26
_
_
108 Aug'26
9934 10018 9934 Dec'26
9712 Aug'26 -1
9518
9518
9518 96
9412 Nov'26
9034
_ _ 9014 Oct'26
10512 Sale 10512 10558 30
BA & Ar Pass 1st gu g 413_ _1943 J J
Santa Fe Pres & Phen bs_1942 M S
Bay Fla & Won lat g 8s
1934 A 0
let gold bs
1934 A 0
Scioto V & N E lat gu g 43_1989 M N
Seaboard Air Line g 4s
1960 A 0
Gold 45 stamped
1950 A 0
Adjustment bs
pct 1949 F A
Refunding 45
1959 A 0
1st & eons 6s series A
1945M S
Atl & Birm 30-yr 1st g 4s_d1933 M S
Seaboard All Fla 1st gu 6s A..1935 F A
Seaboard & Roan be extd
1931 J J
So Car & Ga 1st ext
_1929 MN
S&NAlaconsgugba
1936 F A
Gen cons guar 50-yr &L....1963 A 0
So Pac coil 49(Cent Pao coil) V49 J 13
Registered
J 13
20-year cony 46
June 1929 M S
20-year cony ba
19343 13
1944 M N
20-year gold 58
San Fran Terml let 4s__ _1950 A 0
Registered
A 0
So Pee of Cal-Gu g 5a
1937 M N
J
So Pac Coaat 1st gtt g
195113 3
So Pac RR 1st ref 48
887s
8838 Sale 8812
10212 Dec'26
102
1084 -- 108 Sept'26
10258 1-04 10234 Oct'26
9012 9212 9034 Dec'26
81
81
81
80
8018 8078 8012
8012
83
8234 Sale 82
73314
7318 Sale 73
9718
97 Sale 9612
9012 91
9038
9012
9612 Sale 9538
9678
100 10012 10018 Oct'26
101 10158 10134 Dec'26
10312 Nov'26
10312
11014
11014
111
8814 Sale 8812
8878
8418 Nov'26
844 86
9858
984 Sale 9814
10114
10114 Sale 1014
10012 10114 10034 Nov'26
9012
9014 Sale 90
86
86
_ 10312 Oct'26
9412
_ _ 9514 Nov'26
934
935s Sale 9338
Southern-let cons g 158__ _1994 J J
J D
Registered
Devel & gen 4s series A._ _1958 A 0
1958 A 0
Develop & gen 138
1958 A 0
Devel & gen 63113
Mem Div 1st g 43(11-58. _1996 J J
1951 J J
St Louis Div let g 40
East Tenn reorg lien g 513- -1938 M 8
Mob & Ohio coil tr 48_ _1938 M S
Spokane Internat let g 58-1955 J J
Superior Short Line 1st 5a....e1930 M S
Term Assn of St L lat g 4%8_1939 A 0
1944 F A
1st cons gold 5s
1953 .1 J
Gen refund of g 4s
Texarkana&FtSist53eA1950F A
1943J J
Tex & N 0con gold ba
Texas & Pac let gold ba_ _2000 .1 D
La Div B L let g ba
1931 J J
Tex Par-Mo Pac Ter 538_1964 M S
Tol & Ohio Cent let gu 5&_.1935 J J
Western Div 1st g be
1935 A 0
General gold 55
1935 J D
Toledo Peoria & West 4s_1917 J J
1950 A 0
Tol St L & W 50-yr g 48
.1
1931
T01WV&Ogu431sA
.1
1933
Series B 4%a
1942 M S
Baden C 48
Tor Ham & Buff
g 4s._ 1948 J D
Sale 107
10714
--- 10512 Nov'26
8638
8614 Sale 86
113 Sale 11278
11314
11934
119/
1
4 Sale 11834
10658 Sale 10612 Dec'26
90
9058 9034
9034
101 10212 10018 Nov'26
9212
9212 94
9212
8412 Dec'26
8414
993
-- 10012 Sept'26
98388 9878
- 9858 Dec'26
10214-.- 10238 Dec'26
88
8714 8833 88
10418 Sale 10334 10334
10418
9934
- 104
10618
106 Sale 106
100 10014 100 Nov'26
10334
10378 10414 10334
101 -- 10118 Nov'26
10012
- 101 Nov'26
10014 1014 10034 Nov'26
20
Oct'26
20
15
90
9012 90 Dec'26
9938 98 Alar'28
99
9658 Dec'26
Oct'25
93
-- 93
9018 90% 90 Dec'26
9513
9918
9912
107 10714
-
--
10018
107
1928 3D 6514 Sale
Ulster & Del 1st cons g 5s
let refunding g 4s
1952 AO 4214 Sale
Union Pacific let g 45
1947 J J 9434 Sale
J J 9358 9434
Registered
20-year cony 45
1927 J J 9934 Sale
33
Registered
1st & refunding 48_June 2008 M S 9118 Sale
1st lien & ref 5s
June 2008 MS 10818 Sale
10-year perm secured 88_1928 3.3 10218 Sale
4 Due May. k Due Aug.
6514
6614
4214
4214
9412
9478
9334 Nov'26
100
9934
9414
9414
9078
9134
10818
10814
10134
10218
High
9714 9712
9514 9812
9814
96
100 108
102 102
9912 108
100 101
100 106
10078 10314
10134 10134
-554 foil,
93
91
10212 105
6212 6834
845s 845s
954 10012
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 17.
r.
E3
Price
Friday,
Dec. 17,
Teek's
Range or
Last Sale
Bid
Ask Low
High No, Low
High
U NJ RR & Can gen 49__1944 MS 9414
9212 Dec'25
Utah & Nor 1st ext 45
13 9634 -9-83-4 96
951: 96
Oct'26
Vandalia cons g 48 series A 19
19
95
3
55
3
7 FA
88
9012 Nov'26
904
Consol 45 series B
MN
9012 Oct'26
881s 9034
Vera Cruz at 1. lat gu 431s._ _1934
J
20 Sept'25
July 1914 coupon on
J, -5613 WI, 24 Apr'26
.
24 11
Assenting let 43(8
1934
24 Nov'26
22
38
Virginia Mid 58 series F__193
1936
1 3,
101 Sept'26
101 101
_-_-General 58
MN 106E210232 112
02 10238 Nov'26
101 102118
Va & Southw'n 1st gu 58_2003'3 102 1027g 102
0912 103
1
102
let cons 60-year be
1958 AO 9614 Sale 9614
4
9612
9084 97
Virginian let 58 series A_ _19
939
62 MN 103 10312 10312
9934 1034
10312 54
Wabash let gold 58
N 10312 Sale 10272 10332
2 101 104
26 gold 59
1939 FA 10114 10112 10114
9812 102
10134 19
Ref at 53(5 series A
1975 MS 10334 104 10334 10418 47
9812 106
Debenture B138 registered. 1939 M
8314 Feb'25
let lien 50-yr g term 40.._ _1954 J J 8484 --- 8412 Aug'26
84 13-61-1
Det & Chi ext 1st g 5s
1941 J J 10312 _ _ 10238 Nov'26
101 10253
Des Moines Div 1st g 48_1939'3 8834
8414 90
90 Dec'26
Om Div let g 33(e
1941 AO 8312 Sale
3
7718 8312
312
8312
Tol & Ch 131v g 40
1941 MS
905s
87
9058 10
904
Warren let ref go g 3
FA 7734_ 8012 Sept'26
81
80
Wash Cent 1st gold 45
1948 Q
8513 16 8518 Nov'26
84
86
Wash Term let gu 3
1945 FA 8512 8534 8512 Dec'26
83
88%
let 40-year guar 45____ _ _1945 FA 9212
85
83
9114
Oct'26
90
95
944 9858
9934 10012
80
78
10012 10234
9512 10114
514 7
W M1n W & NW let gu 58_1930 FA 98 100
9858 Nov'26
West Maryland lst g 4a
1952 A0 7512 Sale 75
7538 217
-9/
78
- West N Y & Pa lat g ba
1937 .1 3 10134 Sale 10112 10134 12
744 85
7
Cine,
en oel9
d
1943 AO
2
88
88
9478
89
Apr 1 1943 Nov
45 Feb'25
75% 83% Western Pac let ser A 5a-11994466 MS 9934 Sale 99,2
9978 75
92
87
let gold 1313 series B
MS 10334 Sale 10312 104
11
7814 87
West Shore 1st 4s guar
2381 ii 8614 Sale 8614
8612 21
9713 9912
Registered
2361'.3 8538 Sale 8558
8534 30
105 1054 Wheeling & Lake Erie
95
9612
Wheeling Div 1st gold 53_1928 3' 9912 10012 9912 Oct'26
100 101
Ext'n & impt gold 58
1930 FA 100
100 Nov'26
10014 100%
Refunding 4
series A1966 M S 9012 Sale 9018
6
8812
9554 9754
RR let consol 45
1949 MS 8714 8834 8714
8812 17
Wilk & East 1st gu g 5s
1942 3D 7212 7338 72
7314 20
Will & S F 1st gold 58
1938 3D 10212 10412 103 No '26
9984 10078 Winston-Salem
wa cet 50_yr Slaygunlet 48
44
: 196
40
0 3, 8658 8812 87
1
87
7753 85
I, 8212 Sale 8238
20
83
84
80
Sup & Dul div & term let 4s'36 MN 8914 Sale 8914
7
8914
93 100
Wor & Con East let 4Sis_ -1943
87
Jan'26
10138 103
9914 10318
INDUSTRIALS
9214 9972 Adams Express coil tr g 4s_ _1948 M
8934 Sale 8934
9018 44
8458 91334 Ajax Rubber 1st 15-yr s f 88_1938 J
10578 Sale 10514
26
106
101 10618 Alaska Gold M deb 68 A_ 1925 M
3
4
1
4
4
10018 10112
3
Cony deb 65 series B
4
1926 M
4
Oct'26
10212 104
Alpine-Montan Steel
9134 Sale 91
M
9184 -109
944 9788 Am Agric Chem let 58
10418 10414 103
1928 A
_
091.'28
8418 88
1st ref s I 7310 g
10414 Sale 104
1941 F
10432 56
75
82
Amer Beet Sug cony deb 130_1935 F
9414 9512 9518
4
0514
9188 95
American Chain deb s S 65..1933 A
101 10134 10118
10
8912 9712 Am Cot Oil debenture 511_1931 M N 96 Sale 9412 10112
33
96
9312 Am Dock & Impt gu 6s
86
19361 J 10512 _
10512 Nov'26
10114 10114 Amer Ice deb 7s___July 15 1939
_
5
130
130
91
87
Am Mach & Fdy s f 69
1939 A--0
1-64-4 104 Dec'26
9018 927g Am Republic Corp deb 68_1937 A 0 99 Sale
7
99
9914
954 9754 Am Elm & R 1st 30-yr fei ser A '47 A 0 10058 Sale 10018 101
62
lat M 8s series B
1947 A 0 108 Sale 10758
34
108
10788 10954 Amer Sugar Ref 15-yr 88_1937 J J 10434 Bale 10412 105
81
107 108
Am Telep & Teleg coil tr 48.1929 J J 9838 Sale 9838
9812 125
99 10018
Convertible 45
1938 M S 9334 9412 9438 Dec'26
9712 99
20-year cony 43(s
1933 M S
101
2
9834
9834
93
95%
30-year coil tr 58
1948 J D 103 Sale 10212 10314 84
9214 9412
Registered
103 June'26
8918 9014
35-yr s f deb 5s
1960 3 J lair., gale 101
10132 -195
10178 10584
20-yearef534s
1943 M N 1054 Sale 10552 10572 133
Am Type Found deb 68
1940 A 0 103 104 10312 10372 19
26
89
84
Am Wat Wks & Elec ba
1934 A 0 9814 Sale 9814
9912 47
10012 10234 Am Writ Paper s f 7-8s
9
1939 J J 5938 Sale 5834
5932
108 110
Temp interchangeable ctfs dep- _- 5913 Sale 5712
5934 54
10234 10234
877e 9034 Anaconda Cori Min let 88-1953 FA 10434 Sale 104
10434 218
1
7814 82
Registered
10434 Dec'26
6 7814 82 .15-year cony deb 78
1938 FA 109 Sale 10712 109
335
260
78
8778 Andes Cop Min cony deb 76_1943 j jr 109 Sale 10712 109
152
39
6914 76
Anglo-Chilean Nitrate 7aww1945 MN 8614 8678 97 Nov'26
510
91
974
89 Sale 8458
Without warrants
89 -324
10
8812 94
9458 Sale 91
Antilla(Comp(Amic) 7.(e..1939 j
24
95
250
9214 9854 Ark & Mem Bridge & Ter 56_1964 MS 10014 Sale 100
10014 11
9972 10012 Armour dc Co 1st real eel 43(5'39 3D 92
9212 9212
9234 149
101 102
Armour & Cool Del 534s...._1943 J J 9478 Sale 9412
0518 146
10214 10414 Associated Oil 634 gold notes 1935 MS 10278 Sale 1023.1 103
19
3 10534 11014 Atlanta Gas L 1st ba
1947 3D 10138
9958 Mar'25
59
8512 9058 Atlantic Fruit 75 etre dep_--1934 JO 1778 /4
1552 Dec'26
844 8512
1558
Stamped ctts of deposit....... _
2018 Jan'26
88
9678 98% All Gulf & W I SS L col tr 53-1959 3 3 6938 Sale 6818
6912 43
1 100 10234 Atlantic Reg deb 34
-1937 I j 101 Sale 101
10114 20
9954 10178
36
91
87
Baldw Loco Works let 58-_1940 MN 10614 107 107
107
2
86
85
Baragua(Comp As) 7Sis _1937 J J 106
_ _ 106
10614
100% 104% Barnsdall Corp deb 135
1940 3D 994 Sale 9914
9978 321
9414 9514 Belding-HemIngway 65
1936
J 9714 Sale 9714
9712 20
100
90
93% Bell Telephone of Pa 58
1948'I 10314 Sale 10258 10312 14
1st & ref 5s series C
1960 AO 10312 Sale 10318
10312 77
38 104 108
Beth Steel 1st & ref ba guar A '42 MN 9912 Salo 9912 101
33
10154 10613
30-yr pm & imp at 5s_ _ _ _1936 I, 9818 Sale 9712
9812 32
71
8114 8778
Cons 30-year 68 series A _ _1948 FA 10138 Sale 10114
10112 83
26 10718 11378
Cons 30 year 53(s series B_1953 FA 9634 Sale 96's
77
963
90 112 11934 Bing & Bing deb 63(e
1950 MS 94
9478 93
10134 10634 Booth Fisheries deb 13158-A926 A0 9812 10334 100 Nov'26
Nov'26
1
91
86
Botany Cons Mills 6Sis__ 1934 AO 9214 Sale 89
9214 94
997s 101
Brier Hill Steel 1st 53(8.-1942 AO 10334 Sale 10334
10414 47
13
8712 93
B'way & 7th Av 1st e g 56.-1943 JO 7312 7412 7318
4
7334
87114
81
Ctts of dep strepd June '26 int
7158 Sale 7138
7158 13
9913 10012 Brooklyn City RR 54
1941
i 95
6
96
9514 994 Bklyn Edison Inc gen 55 A..1949"3 10418 9512 95
Salo 10418 10412 29
101 106
General 6s aeries B
1930'3 10412 Sale 10358 10412 16
3
84% 8814 Bklyn-Man K T see 6s
1968 ii 9914 Sale 9852
0914 791
5 1013a 105
Bklyn Qu Co & Sub con gtd 58 41 MN 6372 Sale 62
6378 23
17
9838 10214
let Ss
1941 3' 754 ---- 79 Nov'26
78 103 10712 Brooklyn R Tr let cony g 4s-2002 J
8812 Aug'26
9934 101
3-yr 7% secured notes
1921 I,
13612 Nov'25
3
9914 105
Ctfs of deposit stamped
12812 Mar'25
1004 10178 Bklyn Un El let g 4-611
1950 FA 94 Sale 9312
2
94
10012 10118
Stamped guar 4-58
1950 FA 94
9412 9312
5
94
9752 10218 Bklyn Un Gas 1st cone g 58..1945 MN 10358 Salo 103
4
1035
8
20
3714
let lien & ref 69 series A 1947 MN 11312 115 11412 11412
5
8714 905e
Cony deb 531s
1936'3 163 165 163
16412 135
9758 98
Buff & Susci Iron s I ba
1932 3D 924 9212 9214 Dec'26
Bush Terminal let 45
1912 AO 9058 9114 924 Dec'26
Consol 58
1955 J J 9512 Sale 9512
9612 26
8718 9014 Bush Term Bldgs ba gu tax-ex 'CO AO 10158 Sale 10014 10158 25
11
3
40
_
50
1
95
59
55
6011 80
3612 48
924 9512
834 9384
994 100
9414 9912
86
9134
10814 10912
10134 103%
Range
Sines
Jan. 1
Cal G & E Corp unit & ref 511-1937 MN
Cal Petroleum s I g 63(3-.1933 AO
Cony deb s f 558
1938 MN
Camaguey Bug let elg 75-1942 AO
Cent Dist Tel 1st 30-yr 5s--1943 3D
Cent Foundry Islet
s f6s.May1931 FA
Cent Leather let lien s f 65-1945'3
10138 102
10334 Sale
10058 Salo
99 Sale
103 Sale
97
98
10134 Sale
10138
10358
100
99
1027s
98
10134
10134 49
104
6
10034 208
9912 17
6
103
1
98
45
102
9853 9858
66% 75%
10054 1024
83% 8814
"95e
10084 1064
8358 874
83
8658
9912 10213
95 100
8078 9011
8914
81
644 7434
10288 103
8514 8814
8012 87
8612 90%
7614 864
85 100
10113 106
4
6
313 44
894 9184
102% 1044
10312 106
guts 10112
9814 102
9313 97,4
10512 10653
118 134Is
10014 104
98 100%
99 10184
106 109
102 1054
96% 9884
9558
92
9714 10212
10018 1034
102% 103
9758 102
10253 106%
10014 105
954 994
42
6212
4112 62%
10114 10434
10238 10434
10214 109
9672 109
9212 1004
84
89
8412 95
9412 100,4
904 92%
92
9818
102 1034
181g2015 2012
854 714
99% 10284
10214 110
103 10614
96 101
9454 1004
1004 1034
100 103%
9558 10212
93
9812
9513 10158
8712 9778
9012 95
70 100
gm: 9514
101 105
704 7883
6812 73
934 96
10252 10534
10352 1064
9214 9985
6454
60
79
72
8812 884
881k 9738
884 954
100% 10484
110 11414
126 168
91
9214
gm 9214
9814
90
gga, 10114
10014 1024
10324 10541
994 1004
9014 99%
10112 1034
9314 WA.
100 103
•
New York Bond Record-Continued--Page 5
r,
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17.
E3
gil
Price
Friday.
Dec. 17.
Range
Since
Jan. 1
Week's
Range or
Last Sale
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 17.
E3
Price
Friday.
Dec. 17.
3167
Veek'r
Range or
Last Sale
Range
Since
Jan. 1
Davison Chemical deb 6546_1931 1 J
Deny City Tramw 1st con 501033 A 0
Den Gas & E L 1st & ref e f g be'51 MN
Stamped as to Pa tax
MN
Dery Corp (I) G) lets! 78_ _1942 M 5
Detroit Edison 1st coll tr 50_1933 J J
let & ref be series A_July 1940 M S
Gen & ref be series A
1949 A 0
let & ref 6s series 13_ _July 1940 M S
Gen & ref be ser B
1955 J D
Det United 1st eons g 43.4s_ _1932 1 J
Dodge Bros deb 6e
1940 M N
Dold (Jacob) Pack let 6s
1942 M N
Dominion Iron & Steel 55_1939 M S
Donner Steel 1st ref 78
1942 J .1
Duquesne Lt 1st & coil 65_ .1949 J .1
lot coil trust 534e series 13_1949 J J
High
High No. Low
High No. Low
Bid
Ask Low
High
Ask Low
10 11514 123% Kings County Elec lat g 48_ _1949 F A 8114 Sale 8114
7
7714 8212
8112
120 120
120
77% 89
1949 F A 8114 Sale 8034
8112 40
28
Stamped guar 4s
444 56
Sale
98% 103
1 10112 103
11
Kings County Lighting 513_1954 J J 10012 Sale 10012 103
10212 102
505
102
1
1954J J 11034 1107 Ill
First & ref Oils
1117s
4 106 112
Sale 7112
7378 330
6534 81
2 10112 107
10514
Sale 110
11058 1667 10458 11052 Kinney(GR)& Co 734% notes'36 J D 10514 Sale 10514
1 10158 10312 Kresge Found'n coll tr 6s
1936 J D 10214 Sale 10218
10212 65 100 10212
10314 1025s 10258
9614 100
42
100
Sale 104
10412 14 10214 10512 Lackawanna Steel let be A 1950 M S 100 Sale 9834
10112 23 100 10314
Sale 9718
9812 174
9434 9812 Lac Gas L of St L ref&ext 58_1934 A 0 10114 10112 10118
1953 F A 10414 Sale 10418
Coll & ref 5545 series C
8218
82 May'26 --....„
82
10458 21 10258 105
_
9914 Nov'26 ---974 10012
9638 ____ 9612
9014 9612 Lehigh C & Nay of 4316 A 1954 J J
9612 100
991013-4 101 Nov'26 ---- 1004 10134
9
Lehigh Valley Coal let g 58_1933 J J 10118
9234 Sale 9312
94
831 I'4
953 97
944 95
95
Oct'26 ---1st 40-yr 611 lot red to 4% _1933 J J
9978 10014 9978
9914 10114
997
5
1934 F A
1st At ref s f Us
9934 100 10112 Nov'26 ____ 10112 10118
9978 100
9978 18
9978
994 101
1944 F A 101
____ 101
1st & ref s f 5s
Dec'26 ---- 101 101
--------10
Oct'25 -- -____ 10012
1954 F A 100
10112 ---9914 101
1st & ref 8 f be
1964 F A _9
________
_9
_ 1_4 _ 78 99993344
9934 99
97
97 10034
1st & ref 58
99
,
4
34
9712 9714
9734 10
1974 F A
Dec'26
1st & ref s 1 55
8112 82
82
83
2
75
8234
4012 Feb'26 - --9338 947 93
93 10018 Lax Ave & P F let gu g 58-1093 M S
3972 126-_ 4012
94% 11
12158
a
122
49 118
9018 91
9018 9934 Liggett & Myers Tobacco 78_1944 A 0 iiii8 gJe
904
9078
7
A 0 11712 ___ 12012 May'26 ____ 12012 122
10412 Sale 10412 1047
29 104
2% 106
512
58Registered
F A 10114 1-02 101
10112 15
9934 103%
10412 105 10412 10434
3 1O4' 106
F A 9818 ____ 9918 Sept'26 ____
9918 100
9412
9434 96
9314 Nov'26 --- Registered
90
10534 66
98 107
9434 9512 95
2
95 . Liquid Carbonic Corp 68_1941 F A 105 Sale 105
95
90
102
196
9872 102
10012 Sale 100
10012 221
9712 1013s Loew's Inc deb 65 with warr_1941 A 0 101 Sale 101
1944 A 0 11758 Sale 11614
7 11512 1214
Lorillard (P) Co 78
83 Sale 83
25
11758
84
7812 86
A 0 114
_ _ 11812 June'26 ___
11812 11812_
1057s Sale 10558
55 10414 106
106
Registered
753
10012 16
1951 F A 100 10018 100
19
be
9858 102/
1
4
737 82
758 Sale 75
F A 9414
9614 Oct'25 _ __ _
10118 ____ 10158
10152
6
9814 10234Registered
7
10014 22
1025 Sale 10134
Louisville Gas & Elec (Ky) be 52 M N 10018 Sale 99
1027 102
971 103
9458 19 -15
94
7;9
if8
2 1-9
99% 100 100
1
ouisville Ry 1st cons 5s..__1930 J J 9414 95
9-i8
99 101
L
100
10112 10318 10212 Nov'26 - - -- 10012 10334 Lower Austrian Hydro Elec Pow59
90
8212 90
1944 F A 8918 894 8858
94 Sale 93
24
94
1st a f 63451
8234 9578
9934 Sale 9912 100
.50
99 100
10512 82
1942 A 0 10418 Sale 104
93/
1
4 10
08
51
:
1
9558 Sale 958
96% 59
88
9632 Manati Sugar 1st s f 734s
6814 71
5914 6912
Manhat Ry(NY)cons g 46_1990 A 0 6734 Sale 67
993 Sale 9918
9912 148
92 100
D
6258
Sale
623
8
6238
1
53
63
2013
J
10912
2d
48
10734 Sale 10758
10612
10734 14
9 26 __9
5_
9512 9634 Nov'26
8
093
54
12 99
812
Manila Elec Ry & Lt of bs_ _1953 M 5 93
9934 Sale 99
100
21
9114 100
10134 Sale 1018
1018 12 1004 10258 Market St Ry 713 ser A Apri11940 Q J 9634 Sale 96
11 104
9514
9514 9534 9514
6
9354 9752 Metr Ed 1st & ref g 6s ser B_1952 F A 10734 Sale 10758 108
101
39
1953.0 J 10014 ____ 10038
.)611
9014
21
10
01
014
let & ref be series C
6 102% 10614
9212 Sale 92
92
97
Metropolitan Power 1st 6s A1953 J D 10512 Sale 10532 10512
9212 18
737 75
7112 7458
--------9218 Aug'25
7355 Nov'26 ____
Metr Wes, Side El(Chic) 48.1938 F A
9834 Sale 988
51 108 Mid-Cont Petrol let 67414_ _ _1940 M S 10434 Sale 10434 1048 46 10114 10514
988 42 -797
117
9234 98
98% 99
9814
Midvale Steel &0cony sf 58 1936 M S 97 Sale 9612
99
7
9312 99
9652 99
Mllw Elec Ry&Lt ref&ext 4%8'31 J J 9818 9814 9834 Dec'26....;.
7712 Sale 7312
91
7712 55
65
9818 10112
9834 24
1951 .7 D 9934 9978 9812
10112 Sale 1013s
General & ref 58 A
10134 11 10078 1037
9812 53
1st dc ref 55 B
1961 J I) 98 Sale 98
10212 10278 10258 10278 39 10058 108
9934
7
99
9958
10278 Sale 10258
10238 26 100 10458 Milwaukee Gas Light let 48_1927 M N 9912 9934 9912
997 105
_ __ 10178
102
37
I943 J .1
10712 Sale 10712 10734 38 106 10834 Montana Power 1st be A
9838 99
9812
9812
6
9612 9834
10252 10278 10212 10278 20 10018 104
Montreal Tram 1st & ref be_ A941 J J 1029212 94
9418 947 9434
90
9712
Gen & ref s 1 55 series AI955 A 0 9418 ____ 94 Dec'26 ____
97
39
8634 35
84
88
9534 Sale 9512
9534 325
9212 9734 Morris & Co 1st s I 4%s_ _ _1939 J J 8658 Sale 8614
81
81
8
81
80
8912 Sale 8452
6934 8812 Mortgage-Bond Co 48 ser 2_1968 A 0 81
8812 54
964
J
J
864
87
6234
10-25-year
series
3
1932
5718 Sale 53
19
34
55
5758
9638
--- 1934.0 D 9534 Sale 9534 Dec'26
9
83
81
1 98
714
96 Sale 96
9278 98
Murray Body 1st 6545
9612
9
10112
3
9618 103
106 Sale 10534
Mutual Fuel Gas 1st fal g 58-1947 M N 10112 10212 10112
10614 67 10434 107
____ 10134 Nov'26 --- 100 10214
10478 10514 10478
2 10434 10658 Mut Un Tel gtd b ext 4% .1941 MN 102
104%
East Cuba Sug 15-yr 51 g 730'37 M 5
Ed El III Ilkn 1st con g 4s
1939 J J
Ed Elec III let cons g be_ .....l995 J J
Elec Pow Corp (Germany)65421'50 M S
Elk Horn Coal 1st & ref 630.1931 J D
Deb 7% notes (with warr'ts'31 J D
Empire Gas & Fuel 7348--1937 M N
1st & ref 6318(with warete)'41 A 0
Equip Gas Light let con 513_1932 M 5
Federal Light & Tr 1st be_ _1942 M S
1st lien s f 5s stamped_ _ _ _1942 M S
1st lien 68 stamped
1942 M 13
30-year deb 6s ser B
1954.0 D
Federated Metals 13 f 7i3
1939 .1 D
Fisk Rubber let s f 8f3
1941 M S
Ft Smith Lt & Tr let g 55_ _ _1936 M S
Frameric Ind dr Dev 20-yr 7%8'42 1 J
Francisco Sugar 1st et 73473_1942 M N
French Nat Mall SS Lines 7s 1949 J D
10714 Sale 10714
10778
95
9514 95
95
10718 ____ 107 Nov'26
9714 Sale 9714
98
9812 98% 9858
99
96
9753 9714
971
10512 Sale 105
10512
9978 Sale 9914
100
9934 10012 9934 Nov'26
9512 Sale 9558
9614
96 Sale 9512
96
10314 Sale 10318
10314
97
9812 9712
9712
894 9172 90
90
11614 11634 116
11614
89 Sale 8614
89
9958 Sale 9918
9934
106 Sale 10534 10614
9414
94 Sale 9314
Gas& El a I3erg Co cons g bal949 J D
Gen Asphalt cony 68
1939 A 0
Gen Electric deb g 33 s........1942 F A
Gen Elec(Germany) 76 Jan 15'45.0 J
El f deb (3348 with war
1940.0 D
Without warr'ts attach'd '40.0 D
Genl Petrol 1st s f be
1940 F A
Gen Refr 1st s f g (Seger A_ 1952 F A
Good Hope Steel & I sec 75_ _1946 A 0
Goodrich (B F) Co 1st 654a1947.0 J
Goodyear Tire & Rub let 88_1941 MN
10-year of deb g 8e_May 1931 F A
Gould Coupler let s 1 6s_ _ _1940 F A
Granby Cons MS & Peon 66 A'28 M N
Stamped
1928 M N
Cony deb 75
1930 M N
Gt Cons El Power(Japan)78_1944 F A
Great Falls Power 1st et bs_ _1940 MN
10134 103 10234 Sept'26
7
10812
108 10812 108
9
9134 91
91
91
10414 21
10414 Sale 10312
114
27
111% Sale 111
16
100
100 Sale 984
9934 _
10112 10134 113
1
10212
10212 ____ 10212
9934 175
9934 Sale 984
106
27
10534 Sale 10558
12132 51
121 Sale 12078
11012 49
11018 Sale 110
2
86 Sale 85
86
100 102 100
Oct'26 --- 100 102 10034
1004
3
14214 Sale 141
14212 35
91
98 Sale 98
99
10358 1047s 10478
1047s
5
Central Steel let get 8s____1941 MN
Chic City & Conn Rye beJan1927 A 0
Ch(3 L & Coke let gu g 5s_1937 J J
Chicago Rye let be
1927 F A
Chile Copper cony fis ser A...1932 A 0
Mein Gas & Elec let & ref be'56 A 0
531e ser B due
Jan 1 1961 A 0
Cities Serv Pow & L s f6s___1944 M N
Clearfield Bit Coal 1st 4s___1940 1 J
Colo F & I Co gen of 5s_ _ __1943 F A
Col Indus 1st & coll be gu__ _1934 F A
Columbia 0& E let bs
1927 J J
1927 .1 J
Stamped
Col & 9th Av let gu g be__ 1993 M 5
Bid
11934
51
10214
7318
11012
10258
10412
9812
Columbus Gas 1st gold 5s._ _1932 J .1
Commercial Cable let g 4s.2397 Q J
Commercial Credit e f 6s
1934 51 N
Col tr e f 575% notes
1935 J J
Commonwealt111Power 613_1947 M N
Computing-Ta-Rec s f 6s..1941 J J
Conn Ry& List & ref g 434s 1951 J J
Stamped guar 474e
1951 .1 J
Consolidated Cigar s f 6s
1936 A 0
Cons Coal of Md 1st & ref bs_1950 J D
Consol Gas(N Y)deb 5545_ _1945 F A
Cont Pap & Bag Mills6%s_ _1944 F A
Consumers Gas of Chic gu 581936 J D
Consumers Power let be__ _ _1952 M N
Copenhagen Telep eat 6s_ _ _1950 A 0
Corn Prod Refg 1st 25-yr 8150'34 M N
Crown Cork & Seal 1st s f 66_1942 F A
Crown-Willamette Pap 6s_ _ _1951 J J
Cuba Cane Sugar cony 7s_ 1930 1 J
Cony deben stamped 8%A930 1 J
Cuban Am Sugar lot coil 88_1931 M S
Cuban Dom Bug 1st 7%s
1944 M N
Cumb T & T let & gen 5s
1937 1 J
Cuyamel Fruit 1st s165 A _ _1940 A 0
76
3
41
9
8
107
293
___ _
25
12
4
12
1
4
7
188
9
410
Hackensack Water let 4.5_ _1952 J .1 86
5
8714 86
86
Hartford St Ry 1st 481930 M S 92
90
Oct'26 ---Havana Elea consol g 58
1952 F A
9434 9534 9512 Dec'26 --Hershey Choc 1st & coil 554131940 .1 1 10134 Sale 10134 102
24
Hoe(R)& Co ist6 345 ser A_1934 A 0 98
8
98
9812 98
Holland-Amer Line 68 (flat).1947 M N 90
9034 90
9014
9
Hudson Co Gas let g be_ _1940 M N 10212 10234 10212 10212
4
Humble Oil& Refining 5346_1932 .7 1 10212 Sale 10218
10212 71
Illinois Bell Telephone 58_1956 J D 1035 Sale 10314
10353 82
Illinois Steel deb 434s
1940 A 0 9758 9734 9712
9712
5
Ilseder SteelCorp s f:9
1946 A 0 9934 100 100
10012 28
Ind Nat Gas & Oil 58
1936 M N 98
9812 9734 Nov'26 -- Indiana Steel let be
1952 M N 104 Sale 104
10414 23
Ingersoll-Rand 1st 513 Dec 311931.0 J 10018 101
9934 Dec'25 --Inland Steel deb 5716
1945 M N 10112 Sale 1013
10134 31
Inspiration Con CopPer 6%8.11331 M 81 10134 Sale 10112 10134
5
Interboro Metrop coll 431s.._ 11 56 A 0
8
20
11
Apr'25 ---Guaranty Tr Co cgs dep ______ -- _ _
13 Mar'26 -- -CU dep stpd asstd l67, sub- -1012 May'25 -- , - -Interboro Rap Tran 1st 53_1966 .3J
-.- -797 Sale
---- 7834
8058 522
J J 79% Sale 7834
Stamped
8014 1572
10-year 6s
1932 A 0 8314 Sale
243
10-year cony 7% notes_.1932 M S 987 Sale 8238
9834
1
1 9713 171
let Agrie Corp 1st 20-yr bs_ _1932 M N 90
5
9212 91
91
Stamped extended to 1942_ __ _ M N 79
4
80
70
80
Inter Mercan Marine of 65,1941 A 0 9512 Sale 9534
9714 870
International Paper be
1947 J .1 9714 Sale 964
9734 66
1955 M S 9912 Sale 9934
Ref s f Os ser A
@FedFRASER